Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec

C000237177 Fund Overview

Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec is a US mutual fund managed by Milliman Variable Insurance Trust, categorised as Developed ex-US Large Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Milliman Variable Insurance Trust
• Category: Developed ex-US Large Cap Blend / Core Equity
• Assets under management: $1.08M
• SEC CIK: 0001844255
• SEC series ID: S000077038
• Share class ID: C000237177

C000237177 Investment Objective and Strategy

Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Milliman Variable Insurance Trust.

Investment objective

The Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and also producing a fixed rate of return if the value of the S&P 500 Index is unchanged or increases, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Funds portfolio, over a six-month period.

Principal investment strategy

The Fund seeks to achieve its investment objective by transacting in options contracts, which may include binary options (also known as digital options) ( Binary Options ) and/or FLexible EXchange Options ( FLEX Options ), and by separately maintaining a collateral portfolio (the Collateral Portfolio ). The Collateral Portfolio is designed primarily to serve as margin or collateral for the Funds options positions and secondarily to enhance the Funds upside S&P 500 Index options exposure ( i.e. , by utilizing anticipated income to measure the ability to purchase additional options contracts). In general, an options contract is an agreement between a buyer and seller that gives the purchaser of the option the right to buy or sell a particular asset at a specified future date at an agreed upon price, commonly known as the strike price.

FLEX Options are exchange-traded options contracts with uniquely customizable terms. The Binary Options in which the Fund may transact are currently traded and privately negotiated in the over-the-counter ( OTC ) market. Unlike conventional options contracts, the payout on a Binary Option will depend entirely on the outcome of a specified event, which typically relates to whether the value of a particular asset that underlies the Binary Option on the expiration date rises above or falls below a specified value ( i.e. , the strike price). Binary Options are considered binary because there are only two possible outcomes upon their expiration: either the option holder receives a pre-determined, fixed amount of cash or nothing at all. The reference assets for the Funds options positions will include the S&P 500 Index, which is a large-capitalization, market-weighted, U.S.

equities index that tracks the price (excluding dividends) of 500 leading companies in leading industries of the U.S. economy, and certain exchange-traded funds ( ETFs ), including those that seek to track the performance of the S&P 500 Index (a corresponding ETF ), as described further below. The Collateral Portfolio may be invested in short-term fixed-income securities, including corporate bonds and other corporate debt securities, asset-backed securities ( ABS ), securities issued by the U.S. Government or its agencies and instrumentalities, securities issued by non-U.S. governments or their agencies and instrumentalities, money market securities and funds, other interest-bearing instruments, cash, ETFs that primarily invest in any of the foregoing instruments, options on ETFs and options box spreads.

An options box spread is the combination of different options trades that have offsetting spreads ( e.g. , purchases and sales on the same underlying instrument, such as an index or an ETF, but with different strike prices and/or expiration dates) for the purpose of generating income. The Fund may invest in short-term fixed income securities or other instruments, including through ETFs, of any maturity and credit quality. The Fund may invest up to 35% of its net assets in one or more ETFs that provide exposure to investment grade corporate bonds. Due to the unique mechanics of the Funds strategy, the return an investor can expect to receive from an investment in the Fund has characteristics that are distinct from the returns of many other investment vehicles. It is important that an investor understand these characteristics before making an investment in the Fund.

In seeking to achieve its investment objective, the Fund seeks to produce pre-determined outcomes (the Outcomes ) that are based upon the performance of the S&P 500 Index over a six-month period (the Outcome Period ). The initial Outcome Period for the Fund commenced on December 12, 2022. Each subsequent Outcome Period will be a six-month period commencing upon the expiration of the prior Outcome Period. The Fund seeks to achieve the Outcomes by purchasing and writing (selling) options contracts to create layers within the Funds portfolio. One layer, which utilizes either FLEX Options or Binary Options, is designed to produce a fixed rate of return that is only triggered ( i.e. , paid to the Fund) if the value of the S&P 500 Index or a corresponding ETF is unchanged or increases over the Outcome Period (the Trigger Rate ), as described below.

A separate layer, which utilizes FLEX Options, is designed to produce returns that correlate to those of the S&P 500 Index for the Outcome Period that are buffered up to 10% if the S&P 500 Index experiences losses during that time (the Buffer ). There is no guarantee that the Fund will be successful in its attempt to produce the Trigger Rate or produce buffered returns against the Funds S&P 500 Index exposure. Milliman Financial Risk Management LLC ( Milliman ), the investment adviser of the Fund, seeks to establish the Buffer by writing one put FLEX Option on the S&P 500 Index or a corresponding ETF with a strike price of such option that is 10% lower than the value of the S&P 500 Index or corresponding ETF at the beginning of the Outcome Period. Milliman seeks to establish the Trigger Rate by transacting in options under one of two scenarios: (1) if using FLEX Options, utilizing a call spread strategy (the Call Spread Strategy ) whereby Milliman sells a call with a strike price equal to the current value of the S&P 500 Index or corresponding ETF and buys a call with a strike price lower than the current value of the S&P 500 Index or corresponding ETF, each at the beginning of the Outcome Period; or (2) if using Binary Options, by purchasing Binary Options on the S&P 500 Index or a corresponding ETF with a strike price of such options approximately equal to the current value of the S&P 500 Index or corresponding ETF at the beginning of the Outcome Period.

Milliman currently intends to use the Call Spread Strategy to establish the Trigger Rate for the initial Outcome Period. Pursuant to the Call Spread Strategy, Milliman will purchase a call with a strike price lower than the current value of the S&P 500 Index or corresponding ETF at the beginning of the Outcome Period; accordingly, at the end of the Outcome Period, if the value of the S&P 500 Index or corresponding ETF finishes within the strike prices of the call spread established in the Call Spread Strategy, investors will be eligible to receive a portion of the Trigger Rate. Milliman purchases these options contracts with a portion of the Funds net assets plus (i) the cash received from writing the put FLEX Option designed to create the Buffer, (ii) additional cash received by utilizing FLEX Options to create a put spread (the Put Spread Strategy ) on fixed income securities and/or one or more ETFs that provide exposure to fixed income securities, and (iii) yield expected to be received from the Collateral Portfolio.

Milliman seeks to achieve the Put Spread Strategy for the Fund by writing a put FLEX Option on an underlying asset at a strike price at or lower than the underlying assets market price or current value at the beginning of the Outcome Period, and buying a put FLEX Option on the same underlying asset at a lower strike price than the written put FLEX Option. The Trigger Rate is a fixed rate of return that will be paid to the Fund if the value of the S&P 500 Index or corresponding ETF at the end of the Outcome Period is equal to or greater than the strike price of the options contracts purchased by Milliman on the first day of the Outcome Period (such strike price being equal to the approximate value of the S&P 500 Index or corresponding ETF on that date). Milliman calculates the Trigger Rate based upon (i) its evaluation of prevailing market conditions on the first day of the Outcome Period and (ii) the total number of options contracts on the S&P 500 Index or corresponding ETF that it is able to purchase at that time.

The Trigger Rate as of December 12, 2022 (both gross and net of Fund fees and expenses) is provided below. Any fees or expenses imposed by your variable product, and any other expenses incurred by the Fund, will have the effect of further reducing the Trigger Rate. Once calculated, the Trigger Rate for a particular Outcome Period will not change during that Outcome Period; however, in certain market conditions, the performance of the Collateral Portfolio and the Put Spread Strategy could cause the Fund to underperform relative to the Trigger Rate . Share Class Trigger Rate (As of December 12, 2022) Prior to Taking into Account Fund Fees and Expenses After Taking into Account Fund Fees and Expenses Class 3 8.52% 7.98% The Buffer is only operative against the first 10% of losses in the Funds S&P 500 Index exposure for the Outcome Period.

If the S&P 500 Index decreases in value by more than 10% during the Outcome Period, the Fund (and therefore investors in Shares) will experience all subsequent losses in the Funds S&P 500 Index exposure on a one-to-one basis for the Outcome Period. The Fund seeks to produce buffered returns against its S&P 500 Index exposure prior to taking into account any fees or expenses or the performance of the Collateral Portfolio or the Put Spread Strategy. The Buffer is not operative against losses in the Collateral Portfolio or the Put Spread Strategy. If the Collateral Portfolio and/or the Put Spread Strategy experiences losses, it could have the effect of reducing the impact of, or completely eliminating, the Buffer on the Funds S&P 500 Index exposure. In certain market conditions, the performance of the Collateral Portfolio and/or the Put Spread Strategy could cause the Fund to significantly underperform the S&P 500 Index .

The following table reflects the Buffer both gross and net of Fund fees and expenses: Share Class Buffer Prior to Taking into Account Fund Fees and Expenses After Taking into Account Fund Fees and Expenses Class 3 10% 9.51 % The definitive Trigger Rate and Buffer will be set forth on the Funds website. The Funds website will also provide information relating to the Outcomes on a daily basis, including the Funds position relative to the Trigger Rate and the Buffer. You may also contact your insurance company or other financial intermediary for more information. Additionally, the Funds net asset value ( NAV ) will not increase or decrease at the same rate as the S&P 500 Index because the Funds performance will vary with fluctuations in the performance of the Collateral Portfolio and the Put Spread Strategy, in addition to the value of the Funds options positions on the S&P 500 Index or corresponding ETF.

The Fund also incurs fees and expenses when transacting in options contracts. While Milliman anticipates that the Funds NAV will generally move in the same direction as the S&P 500 Index (meaning that the Funds NAV will generally increase if the S&P 500 Index experiences gains or decrease if the S&P 500 Index experiences losses), the Funds NAV may not decrease at the same rate as the S&P 500 Index (especially when factoring in the performance of the Collateral Portfolio and the Put Spread Strategy) and will not increase at the same rate as the S&P 500 Index (especially when factoring in the Trigger Rate and the performance of the Collateral Portfolio and the Put Spread Strategy). Similarly, the amount of time remaining until the end of the Outcome Period also affects the impact of the Buffer on the Funds NAV, because the Buffer may not be in full effect prior to the end of the Outcome Period.

The options contracts utilized in the Funds portfolio are each set to expire on the last day of the Outcome Period. The customizable nature of options contracts will allow Milliman to select the strike price at which each options contract used to establish the Trigger Rate will payout and each FLEX Option will be exercised at the expiration of each options term.

C000237177 Costs and Fees

C000237177 costs about $99 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.99%
• Gross expense ratio: 1.26%
• Portfolio turnover: 0%
• Brokerage commissions: 9.77 bps of average net assets (SEC N-CEN)

C000237177 Cashflows

Over the 12 months to 2023-09, Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec had net inflows of $1.00M, from monthly SEC N-PORT filings.

C000237177 Debt Constituents

No individual debt constituents are reported in Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec's latest SEC N-PORT filing.

C000237177 Prospectus and SEC Filings

Official Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2023-04-14
• Prospectus (485BPOS) — filed 2022-08-09
• Prospectus supplement (497) — filed 2022-09-15
• Portfolio holdings (N-PORT) — filed 2023-11-27
• Portfolio holdings (N-PORT) — filed 2023-08-22
• Portfolio holdings (N-PORT) — filed 2023-05-26
• Annual census (N-CEN) — filed 2023-03-16

Related Funds

Other Developed ex-US Large Cap Blend / Core Equity funds tracked on ABC INVEST:

• Vanguard Total International Stock Index Fund (VGTSX)
• Vanguard Developed Markets Index Fund (VTMGX)
• Vanguard FTSE All-World Ex-US Index Fund (VEU)
• Fidelity Series Global Ex U.S. Index Fund (FSGEX)
• Dodge & Cox International Stock Fund (DODFX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.