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2022-12-05
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<p id="xdx_A8A_err--SupplementToProspectusTextBlock_zR0JBcOGlfJb" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"> </span></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"> </span></p>
<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"><span id="xdx_90E_edei--EntityRegistrantName_c20221205__20221205_zxguRf8nj3sa">Milliman
Variable Insurance Trust</span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"><b>(the “Trust”)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"><b>Supplement
dated <span id="xdx_904_edei--DocumentCreationDate_c20221205__20221205_zsB92R4F1Bse">December 5, 2022</span> to the Prospectus dated <span id="xdx_909_err--ProspectusDate_c20221205__20221205_zdzvpLnb098h">August 10, 2022 </span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><span style="font-variant: small-caps"><b>for the following
series of the Trust: </b></span></p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Milliman 6-Month Buffered S&P 500 with Trigger
Outcome Fund - June/Dec</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(the “Fund”)</p>
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 8pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span><i>Capitalized
terms and certain other terms used in this supplement, unless otherwise defined in this supplement, have the meanings assigned to them
in the Funds’ Prospectus.</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><i> </i></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span>The Fund’s
initial Outcome Period will commence on December 12, 2022. As of December 5, 2022, the estimated ranges of the Fund’s Trigger Rate
for the initial Outcome Period are available on the Funds’ website at <span style="text-decoration: underline">https://millimanfunds.com/trending-rates</span>, and will
be updated on a daily basis. <b><span style="text-decoration: underline">Milliman Financial Risk Management LLC, the Funds’ investment adviser (“<i>Milliman</i>”),
will not calculate the definitive Trigger Rate applicable to the Fund’s Outcome Period until the commencement of the Fund’s
Outcome Period (the “actual rate”)</span></b>, which will be based on (i) evaluation by Milliman of prevailing market conditions
on the first day of the Outcome Period, and (ii) the strike price (for the Spread) of long call options contracts on the S&P 500 Index
and corresponding ETF(s) that Milliman is able to purchase at that time (the number of which will depend, in part, upon the expected income
from the Collateral Portfolio and the Put Spread Strategy). <b><span style="text-decoration: underline">Accordingly, there is no guarantee that any actual rate will fall within
the estimated ranges posted on the Funds’ website on any given day.</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"><span><b>Investors
should retain this supplement for future reference.</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: center; text-indent: -0.25in"> </p>
Milliman Variable Insurance Trust
2022-12-05
2022-08-10