Milliman Variable Insurance Trust N-1A/A

Exhibit 99.(d)(ii)

FEE WAIVER AGREEMENT

Milliman Variable Insurance Trust

This Agreement (“Agreement”) is made by Milliman Financial Risk Management LLC (the “Adviser”), investment adviser to the series of Milliman Variable Insurance Trust (the “Trust”) identified on Appendix A (each, a “Fund,” and collectively, the “Funds”), effective as of December 3, 2021.

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management company of the series type, and each Fund is a separate series of the Trust; and

WHEREAS, the Trust and the Adviser have entered into an Investment Advisory Agreement (the “Advisory Agreement”), pursuant to which the Adviser provides investment advisory services to each Fund for compensation based on the value of the average daily net assets of that Fund; and

WHEREAS, the Adviser has determined that it is appropriate and in the best interests of each Fund and its shareholders to waive a portion of the Adviser’s management fee in an amount equal to a Fund’s acquired fund fees and expenses.

NOW, THEREFORE, by execution of this Agreement, intending to be legally bound hereby, the Adviser agrees as follows:

1.Fee Waiver.

With respect to each Fund, the Adviser hereby agrees to waive a portion of the Fund’s management fee in an amount equal to the Fund’s acquired fund fees and expenses for a period to commence on December 3, 2021 and continue through December 31, 2022.

2.Termination of Agreement.

(a)       This Agreement may be terminated during the term of the Agreement by the Adviser or the Trust, without payment of any penalty, upon ninety (90) days prior written notice to the other at its principal place of business; provided that, in the case of termination by the Trust, such action shall be authorized by resolution of a majority of the Board of Trustees of the Trust (the “Board”) and a majority of the Trustees of the Trust who (i) are not “interested persons” of the Trust or any other party to this Agreement, as defined in the 1940 Act, and (ii) have no direct or indirect financial interest in the operation of this Agreement, or by a vote of a majority of the outstanding voting securities of the Trust. Any termination pursuant to this paragraph 2(a) shall become effective on the date as specifically agreed upon by the Adviser and the Trust.

(b)       Notwithstanding Section 2(a) of this Agreement, the Adviser may not terminate or modify this Agreement without requesting and receiving approval of the Board.

IN WITNESS WHEREOF, the Adviser has caused this Agreement to be effective as of the day and year first above written.

Milliman Financial Risk Management LLC

By: /s/ Adam Schenck                 

       Adam Schenck, Trustee

ACCEPTED BY:

Milliman Variable Insurance Trust,

on behalf of each Fund

By: /s/ Maria Schiopu                

       Maria Schiopu, Principal & Senior Director

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APPENDIX A

Funds

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Strategy

1. Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul

2. Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug

3. Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep

4. Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct

5. Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov

6. Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Strategy

7. Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul

8. Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug

9. Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep

10. Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct

11. Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov

12. Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec

Milliman 1-Year Buffered S&P 500 with Spread Outcome Strategy

13. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan

14. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb

15. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar

16. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr

17. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May

18. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun

19. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul

20. Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug

Milliman 1-Year Floored S&P 500 with Par Up Outcome Strategy

21. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan

22. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb

23. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar

24. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr

25. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May

26. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun

27. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul

28. Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Strategy

29. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan

30. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb

31. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar

32. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr

33. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May

34. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun

35. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul

36. Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug

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Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy

37. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan

38. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb

39. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar

40. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr

41. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May

42. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun

43. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul

44. Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Strategy

45. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan

46. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb

47. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar

48. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr

49. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May

50. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun

51. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul

52. Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug

Milliman 6-Year Buffered S&P 500 with Par Up Outcome Strategy

53. Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)

54. Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)

55. Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)

Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Strategy

56. Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I)

57. Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I)

58. Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I)

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