Milliman Funds Trust Amends Registration, Details Advisory & Fee Waivers

TL;DR

**Milliman Funds Trust just updated its fund docs, showing new advisory and fee agreements.**

AI Summary

Milliman Funds Trust filed an N-1A/A amendment on March 23, 2026, updating its registration statement for open-end management investment companies. This filing includes key agreements like an Investment Advisory Agreement, Distribution Agreement, and a Fee Waiver Agreement, along with a Seed Capital Purchase Agreement. This matters to potential investors as it outlines the operational structure, fee arrangements, and initial funding mechanisms for the fund, providing transparency on how the fund is managed and its costs.

Why It Matters

This filing provides crucial details about the fund's management, fees, and initial capital, directly impacting its operational efficiency and potential returns for investors.

Risk Assessment

Risk Level: medium — The filing itself is administrative, but the underlying fund's investment strategy, not detailed here, would determine the actual investment risk.

Analyst Insight

Investors considering Milliman Funds Trust should review the detailed agreements within this N-1A/A filing, particularly the Investment Advisory Agreement and Fee Waiver Agreement, to understand the fund's cost structure and management terms before making an investment decision.

Key Players & Entities

• Milliman Funds Trust (company) — the filer of the N-1A/A amendment
• Cohen & Company, Ltd. (company) — provided consent as part of the filing
• March 23, 2026 (date) — filing date of the N-1A/A

FAQ

Key Financial Figures

• $10,000 — s. This example assumes that you invest $10,000 in the Fund for the time periods indica
• $56 — umptions, would be: 1 Year 3 Years $56 $183 Portfolio Turnover The Fund p
• $183 — ons, would be: 1 Year 3 Years $56 $183 Portfolio Turnover The Fund pays tr

Filing Documents

• mhig-n1aa_032326.htm (N-1A/A) — 1347KB
• ex99-di.htm (EX-99.(D)(I)) — 71KB
• ex99-ei.htm (EX-99.(E)(I)) — 80KB
• ex99-hii.htm (EX-99.(H)(II)) — 17KB
• ex99-ii.htm (EX-99.(I)(I)) — 16KB
• ex99-ji.htm (EX-99.(J)(I)) — 5KB
• ex99-li.htm (EX-99.(L)(I)) — 10KB
• ex99-mi.htm (EX-99.(M)(I)) — 27KB
• cclogo1.jpg (GRAPHIC) — 5KB
• cclogo2.jpg (GRAPHIC) — 2KB
• cclogo3.jpg (GRAPHIC) — 7KB
• ex99ii001.jpg (GRAPHIC) — 3KB
• ex99ji001.jpg (GRAPHIC) — 14KB
• ex99ji002.jpg (GRAPHIC) — 9KB
• ex99ji003.jpg (GRAPHIC) — 19KB
• mhigcover001.jpg (GRAPHIC) — 3KB
• mhign1a002.jpg (GRAPHIC) — 10KB
• mhign1aa001.jpg (GRAPHIC) — 24KB
• mhignn1a001.jpg (GRAPHIC) — 18KB
• 0001999371-26-006731.txt ( ) — 1731KB
• S000101078
• C000271016 (MHIG)
• S000101079
• C000271017 (MHIP)

From the Filing

As filed with the Securities and Exchange Commission on March 23, 2026 File Nos. 333-291555 811-24138 UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-1A REGISTRATION Pre-Effective Amendment No. 1 Post-Effective Amendment No. and/or REGISTRATION Amendment No. 1 MILLIMAN FUNDS TRUST (Exact Name of Registrant as Specified in Charter) 71 S. Wacker Dr., 31 st Floor Chicago, IL 60606 (Address of Principal Executive Offices) (Zip Code) (312) 726-0677 (Registrant's Telephone Number, Including Area Code) Ehsan Sheikh 71 South Wacker Drive, 31st Floor Chicago, IL 60606 (Name and Address of Agent for Service of Process) With Copies to: Alan P. Goldberg Stradley Ronon Stevens & Young, LLP Joel D. Corriero Stradley Ronon Stevens & Young, LLP 100 Park Avenue Suite 2000 New York, NY 10017 191 North Wacker Drive Suite 1601 Chicago, IL 60606 2005 Market Street, Suite 2600 Philadelphia, PA 19103 Approximate Date of Proposed Public Offering: As soon as practicable following the effective date of this registration statement. The Registrant hereby amends this Registration Statement on such dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to such Section 8(a), may determine. PROSPECTUS April 1, 2026 Milliman Healthcare Inflation Guard ETF (Ticker: MHIG) Milliman Healthcare Inflation Plus ETF (Ticker: MHIP) Each of the Milliman Healthcare Inflation Guard ETF and Milliman Healthcare Inflation Plus ETF (each, a “Fund,” and together, the “Funds” ) is an exchange-traded fund ( “ETF” ). Shares of the Funds (“ Shares ”) are listed on NYSE Arca, Inc. (the “Exchange” ) and trade at market prices. The market price for the Shares may be different from the net asset value (“ NAV ”) per share. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Prospectus. Any representation to the contrary is a criminal offense. Table of Contents P age Fund Summaries 1 Milliman Healthcare Inflation Guard ETF 1 Milliman Healthcare Inflation Plus ETF 8 Additional Information About the Funds and the Risks of Investing 14 Disclosure of Portfolio Holdings 19 Management and Organization 20 Additional Information About the Shares 21 Distribution and Servicing of Shares 22 Taxes 23 Financial Highlights 26 ii Fund Summary: Milliman Healthcare Inflation Guard ETF Investment Objective The Fund’s investment objective is to seek to generate returns (before Fund fees and expenses) that are generally equivalent to the U.S. healthcare cost inflation rate. Fees and Expenses of the Fund This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund (“ Shares ”). You may incur customary brokerage commissions, and may pay other fees to financial intermediaries, when buying or selling Shares, which are not reflected in the table or example set forth below. Shareholder Fees (fees paid directly from your investment) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees (1) 0.55% Distribution and Service (12b-1) Fees 0.00% Other Expenses (2) 0.00% Acquired Fund Fees and Expenses (2) 0.03% Total Annual Fund Operating Expenses 0.58% Fee Waiver and/or Expense Reimbursement (3) (0.03)% Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement 0.55% (1) The management fee is structured as a “unified fee,” out of which the Fund’s investment adviser, Milliman Financial Risk Management LLC (“ Milliman ”), pays all of the ordinary operating expenses of the Fund, except for the following expenses, each of which is paid by the Fund: the Fund’s management fee; payments under any Rule 12b-1 plan; taxes and other governmental fees; brokerage fees, commissions and other transaction expenses; interest and other costs of borrowing; litigation or arbitration expenses; acquired fund fees and expenses; and extraordinary or other non-routine expenses of the Fund. (2) “Other Expenses” and “Acquired Fund Fees and Expenses” are based on estimated amounts for the current fiscal year. (3) Milliman has contractually agreed to waive its advisory fees in an amount equal to the Fund’s acquired fund fees and expenses until at least April 30, 2027 (the “ Fee Waiver ”). This contract cannot be terminated or modified without the consent

View Full Filing

View this N-1A/A filing on SEC EDGAR