Milliman Variable Insurance Trust NPORT-P Milliman - Capital Group Hedged U.S. Income and Growth Fund (Mar 2024 report)

Milliman

-

Capital

Group

Hedged

U.S.

Income

and

Growth

Fund

Schedule

of

Investments

March

31,

2024

(Unaudited)

1

Shares

Value

COMMON

STOCKS

-

100.75%

Communication

Services

-

7.39%

Alphabet,

Inc.

-

Class

A

(a)

...........................................................................................

521

$

78,635

Comcast

Corp.

-

Class

A

..............................................................................................

2,537

109,978

Meta

Platforms,

Inc.

-

Class

A

.......................................................................................

112

54,385

242,998

Consumer

Discretionary

-

8.66%

Darden

Restaurants,

Inc.

............................................................................................

303

50,646

General

Motors

Co.

....................................................................................................

860

39,001

Home

Depot,

Inc.

.......................................................................................................

281

107,792

Lennar

Corp.

-

Class

A

.................................................................................................

248

42,651

Yum!

Brands,

Inc.

.......................................................................................................

322

44,645

284,735

Consumer

Staples

-

4.43%

Keurig

Dr

Pepper,

Inc.

.................................................................................................

1,069

32,786

Philip

Morris

International,

Inc.

.....................................................................................

890

81,542

Target

Corp.

..............................................................................................................

176

31,189

145,517

Energy

-

5.46%

Baker

Hughes

Co.

......................................................................................................

844

28,274

Chevron

Corp.

...........................................................................................................

284

44,798

ConocoPhillips

...........................................................................................................

359

45,693

EOG

Resources,

Inc.

...................................................................................................

252

32,216

Pioneer

Natural

Resources

Co.

.....................................................................................

108

28,350

179,331

Financials

-

14.60%

BlackRock,

Inc.

..........................................................................................................

72

60,026

Capital

One

Financial

Corp.

.........................................................................................

254

37,818

CME

Group,

Inc.

.........................................................................................................

286

61,573

Discover

Financial

Services

.........................................................................................

249

32,641

Intercontinental

Exchange,

Inc.

....................................................................................

204

28,036

JPMorgan

Chase

&

Co.

................................................................................................

543

108,763

KKR

&

Co.,

Inc.

..........................................................................................................

389

39,126

Marsh

&

McLennan

Cos.,

Inc.

......................................................................................

543

111,847

479,830

Health

Care

-

18.56%

Abbott

Laboratories

....................................................................................................

287

32,620

AbbVie,

Inc.

...............................................................................................................

352

64,099

CVS

Health

Corp.

.......................................................................................................

699

55,752

Danaher

Corp.

...........................................................................................................

177

44,200

Elevance

Health,

Inc.

..................................................................................................

70

36,298

Eli

Lilly

&

Co.

.............................................................................................................

133

103,469

Gilead

Sciences,

Inc.

..................................................................................................

608

44,536

Johnson

&

Johnson

....................................................................................................

392

62,010

Pfizer,

Inc.

.................................................................................................................

1,452

40,293

UnitedHealth

Group,

Inc.

.............................................................................................

256

126,644

609,921

Industrials

-

10.80%

Boeing

Co.

(a)

............................................................................................................

145

27,984

Caterpillar,

Inc.

..........................................................................................................

173

63,392

CSX

Corp.

.................................................................................................................

1,298

48,117

Honeywell

International,

Inc.

........................................................................................

144

29,556

L3Harris

Technologies,

Inc.

..........................................................................................

138

29,408

Lockheed

Martin

Corp.

...............................................................................................

72

32,751

Northrop

Grumman

Corp.

............................................................................................

140

67,012

RTX

Corp.

.................................................................................................................

583

56,860

355,080

Milliman

-

Capital

Group

Hedged

U.S.

Income

and

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

2

Shares

Value

Information

Technology

-

22.69%

Apple,

Inc.

................................................................................................................

358

$

61,390

Applied

Materials,

Inc.

................................................................................................

264

54,445

Broadcom,

Inc.

..........................................................................................................

205

271,709

Intel

Corp.

.................................................................................................................

1,282

56,626

Microsoft

Corp.

..........................................................................................................

717

301,656

745,826

Materials

-

3.91%

Celanese

Corp.

..........................................................................................................

274

47,090

Linde

PLC

.................................................................................................................

106

49,218

LyondellBasell

Industries

NV

-

Class

A

...........................................................................

315

32,218

128,526

Real

Estate

-

1.14%

Extra

Space

Storage,

Inc.

............................................................................................

256

37,632

Utilities

-

3.11%

Constellation

Energy

Corp.

...........................................................................................

330

61,001

Sempra

....................................................................................................................

576

41,374

102,375

TOTAL

COMMON

STOCKS

(Cost

$2,686,547)

..................................................................

3,311,771

Contracts

Notional

Amount

PURCHASED

OPTIONS

-

0.10%

(b)

OVER-THE-COUNTER

PUT

OPTIONS

-

0.10%

Milliman

-

Capital

Group

Income

and

Growth

Basket,

Counterparty:

Bank

of

America,

Expires

5/10/2024,

Strike

Price

$9,500.00

(c)

......................................................................

315

$

3,299,569

3,002

TOTAL

PURCHASED

OPTIONS

(Cost

$8,820)

...................................................................

3,002

Total

Investments

(Cost

$2,695,367)

-

100.85%

...........................................................

3,314,773

Liabilities

in

Excess

of

Other

Assets

-

(0.85)%

...............................................................

(27,839)

TOTAL

NET

ASSETS

-  100.00%

....................................................................................

$

3,286,934

Percentages

are

stated

as

a

percent

of

net

assets.

The

Global

Industry

Classification

Standard

(GICS®)

was

developed

by

and/or

is

the

exclusive

property

of

MSCI,

Inc.

and

Standard

&

Poor’s

Financial

Services

LLC

("S&P").

GICS

is

a

service

mark

of

MSCI

and

S&P

and

has

been

licensed

for

use

by

U.S.

Bancorp

Fund

Services,

LLC.

(a)

Non-income

producing

security.

(b)

Purchased

option

contracts

are

held

in

connection

with

corresponding

written

option

contracts.

Milliman

-

Capital

Group

Hedged

U.S.

Income

and

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

3

Security

Name

Number

of

Shares

Notional

Amount

%

of

Total

Notional

Amount

Microsoft

Corp.

715

$

300,965

9.12%

Broadcom,

Inc.

204

270,582

8.20%

UnitedHealth

Group,

Inc.

255

126,084

3.82%

Marsh

&

McLennan

Cos.,

Inc.

540

111,286

3.36%

Comcast

Corp.

2,540

110,107

3.34%

JPMorgan

Chase

&

Co.

542

108,482

3.29%

Home

Depot,

Inc.

281

107,676

3.27%

Eli

Lilly

&

Co.

132

102,360

3.11%

Philip

Morris

International,

Inc.

885

81,103

2.46%

Alphabet,

Inc.

520

78,451

2.38%

Northrop

Grumman

Corp.

140

67,230

2.04%

AbbVie,

Inc.

350

63,806

1.93%

Caterpillar,

Inc.

172

63,024

1.91%

Johnson

&

Johnson

390

61,638

1.87%

CME

Group,

Inc.

285

61,291

1.86%

Apple,

Inc.

356

61,101

1.85%

Constellation

Energy

Corp.

328

60,635

1.84%

BlackRock,

Inc.

71

59,579

1.81%

RTX

Corp.

581

56,695

1.72%

Intel

Corp.

1,283

56,649

1.72%

CVS

Health

Corp.

699

55,787

1.69%

Meta

Platforms,

Inc.

112

54,158

1.64%

Applied

Materials,

Inc.

262

54,091

1.64%

Darden

Restaurants,

Inc.

302

50,431

1.52%

Linde

PLC

106

49,114

1.49%

CSX

Corp.

1,293

47,916

1.45%

Celanese

Corp.

273

46,995

1.42%

ConocoPhillips

358

45,574

1.38%

Chevron

Corp.

283

44,619

1.35%

Yum!

Brands,

Inc.

320

44,418

1.35%

Gilead

Sciences,

Inc.

603

44,200

1.34%

Danaher

Corp.

176

43,922

1.33%

Lennar

Corp.

246

42,307

1.28%

Sempra

573

41,190

1.25%

Pfizer,

Inc.

1,441

39,982

1.21%

KKR

&

Co.,

Inc.

389

39,134

1.19%

General

Motors

Co.

858

38,910

1.18%

Capital

One

Financial

Corp.

253

37,629

1.14%

Extra

Space

Storage,

Inc.

256

37,564

1.14%

Elevance

Health,

Inc.

70

36,324

1.10%

Discover

Financial

Services

249

32,600

0.99%

Keurig

Dr.

Pepper,

Inc.

1,062

32,580

0.99%

Lockheed

Martin

Corp.

71

32,487

0.98%

Abbott

Laboratories

284

32,333

0.98%

LyondellBasell

Industries

NV

315

32,213

0.98%

EOG

Resources,

Inc.

251

32,067

0.97%

Target

Corp.

176

31,144

0.94%

Honeywell

International,

Inc.

143

29,365

0.89%

L3Harris

Technologies,

Inc.

138

29,351

0.88%

Pioneer

Natural

Resources

Co.

108

28,365

0.86%

Top

50

Holdings

3,215,514

97.45%

Other

Securities

84,055

2.55%

Total

Underlying

Positions

$3,299,569

100.00%

(c)

Comprised

of

a

proprietary

basket

of

securities.

The

underlying

components

of

the

basket

as

of

March

31,

2024

are

shown

below:

Milliman

-

Capital

Group

Hedged

U.S.

Income

and

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

4

SCHEDULE

OF

OPTIONS

WRITTEN

March

31,

2024

(Unaudited)

  Description

Expiration

Strike

Price

Contracts

Notional

Amount

Value

Over-the-Counter

Call

Options

Milliman

-

Capital

Group

Income

and

Growth

Basket,

Counterparty:

Bank

of

America

(a)

...

5/10/2024

$

10,350.00

315

$

(3,299,569)

$

(76,217)

Over-the-Counter

Put

Options

Milliman

-

Capital

Group

Income

and

Growth

Basket,

Counterparty:

Bank

of

America

(a)

...

5/10/2024

8,000.00

315

(3,299,569)

(181)

TOTAL

OPTIONS

WRITTEN

(Premiums

Received

$8,820)

$

(76,398)

(a)

Comprised

of

a

proprietary

basket

of

securities.

The

underlying

components

of

the

basket

as

of

March

31,

2024

are

shown

in

the

Schedule

of

Investments.

Milliman

-

Capital

Group

Hedged

U.S.

Income

and

Growth

Fund

Schedule

of

Investments

(Concluded)

March

31,

2024

(Unaudited)

5

Fair

Valuation

Measurement:

The

Financial

Accounting

Standards

Board

established

a

framework

for

measuring

fair

value

in

accordance

with

U.S.

generally

accepted

accounting

principles.

Under

ASC

Topic

820,

Fair

Value

Measurement

(“ASC

820”),

various

inputs

are

used

in

determining

the

value

of

the

Fund’s

investments.

The

inputs

or

methodology

used

for

valuing

securities

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

those

securities.

The

three

Levels

of

inputs

of

the

fair

value

hierarchy

are

defined

as

follows:

The

availability

of

observable

inputs

can

vary

from

security

to

security

and

is

affected

by

a

wide

variety

of

factors,

including,

for

example,

the

type

of

security,

whether

the

security

is

new

and

not

yet

established

in

the

marketplace,

the

liquidity

of

markets,

and

other

characteristics

particular

to

the

security.

To

the

extent

that

valuation

is

based

on

models

or

inputs

that

are

less

observable

or

unobservable

in

the

market,

the

determination

of

fair

value

requires

more

judgement.

Accordingly,

the

degree

of

judgement

exercised

in

determining

fair

value

is

greatest

for

instruments

categorized

in

Level

3.

The

inputs

used

to

measure

fair

value

may

fall

into

different

levels

of

the

fair

value

hierarchy.

In

such

cases,

for

disclosure

purposes,

the

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

falls

in

its

entirety,

is

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

following

table

summarizes

valuation

of

the

Fund’s

investments

under

the

fair

value

hierarchy

levels

as

of

March

31,

2024:

Level

1

-

Unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

that

the

Fund

has

the

ability

to

access.

Level

2

-

Observable

inputs

other

than

quoted

prices

included

in

Level

1

that

are

observable

for

the

asset

or

liability,

either

directly

or

indirectly.

These

inputs

may

include

quoted

prices

for

the

identical

instrument

on

an

inactive

market,

prices

for

similar

instruments,

interest

rates,

prepayment

speeds,

credit

risk,

yield

curves,

default

rates

and

similar

data.

Level

3

-

Unobservable

inputs

for

the

asset

or

liability,

to

the

extent

relevant

observable

inputs

are

not

available,

representing

the

Fund’s

own

assumptions

about

the

assumptions

a

market

participant

would

use

in

valuing

the

asset

or

liability,

and

would

be

based

on

the

best

information

available.

Level

1

Level

2

Level

3

Total

Assets

Common

Stocks

$

3,311,771

$

–

$

–

$

3,311,771

Purchased

Options

–

3,002

–

3,002

Total

Assets

$

3,311,771

$

3,002

$

–

$

3,314,773

Liabilities

Options

Written

$

–

$

76,398

$

–

$

76,398

Total

Liabilities

$

–

$

76,398

$

–

$

76,398