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

Milliman

-

Capital

Group

Hedged

U.S.

Growth

Fund

Schedule

of

Investments

March

31,

2024

(Unaudited)

1

Shares

Value

COMMON

STOCKS

-

100.02%

Communication

Services

-

8.70%

Alphabet,

Inc.

-

Class

C

(a)

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

920

$

140,078

Meta

Platforms,

Inc.

-

Class

A

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

189

91,775

Netflix,

Inc.

(a)

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

75

45,550

Take-Two

Interactive

Software,

Inc.

(a)

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

116

17,225

294,628

Consumer

Discretionary

-

19.35%

Airbnb,

Inc.

-

Class

A

(a)

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

174

28,703

Amazon.com,

Inc.

(a)

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

689

124,281

Burlington

Stores,

Inc.

(a)

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

229

53,171

Caesars

Entertainment,

Inc.

(a)

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

582

25,457

Churchill

Downs,

Inc.

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

333

41,209

Darden

Restaurants,

Inc.

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

151

25,240

DoorDash,

Inc.

-

Class

A

(a)

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

244

33,604

DR

Horton,

Inc.

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

216

35,543

Floor

&

Decor

Holdings,

Inc.

-

Class

A

(a)

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

256

33,183

Hilton

Worldwide

Holdings,

Inc.

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

411

87,669

Marriott

International,

Inc.

-

Class

A

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

147

37,090

NIKE,

Inc.

-

Class

B

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

250

23,495

Tesla,

Inc.

(a)

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

73

12,833

TopBuild

Corp.

(a)

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

106

46,717

Williams-Sonoma,

Inc.

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

105

33,341

YETI

Holdings,

Inc.

(a)

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

358

13,801

655,337

Consumer

Staples

-

4.01%

Costco

Wholesale

Corp.

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

36

26,375

Dollar

Tree,

Inc.

(a)

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

145

19,307

Monster

Beverage

Corp.

(a)

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

451

26,735

Philip

Morris

International,

Inc.

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

691

63,309

135,726

Energy

-

1.20%

EOG

Resources,

Inc.

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

318

40,653

Financials

-

3.09%

Affirm

Holdings,

Inc.

(a)

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

313

11,662

First

Republic

Bank

(a)

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

303

12

LPL

Financial

Holdings,

Inc.

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

72

19,022

MSCI,

Inc.

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

73

40,913

S&P

Global,

Inc.

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

78

33,185

104,794

Health

Care

-

17.76%

Abbott

Laboratories

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

842

95,701

agilon

health,

Inc.

(a)

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

688

4,197

Alnylam

Pharmaceuticals,

Inc.

(a)

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

208

31,086

BioMarin

Pharmaceutical,

Inc.

(a)

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

343

29,958

Dexcom,

Inc.

(a)

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

164

22,747

Eli

Lilly

&

Co.

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

101

78,574

Insulet

Corp.

(a)

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

119

20,397

IQVIA

Holdings,

Inc.

(a)

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

114

28,829

Penumbra,

Inc.

(a)

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

71

15,846

Revvity,

Inc.

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

311

32,655

Stryker

Corp.

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

139

49,744

Thermo

Fisher

Scientific,

Inc.

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

113

65,677

UnitedHealth

Group,

Inc.

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

180

89,045

Zoetis,

Inc.

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

217

36,719

601,175

Milliman

-

Capital

Group

Hedged

U.S.

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

2

Shares

Value

Industrials

-

15.44%

AMETEK,

Inc.

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

146

$

26,703

Carrier

Global

Corp.

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

846

49,178

Copart,

Inc.

(a)

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

1,099

63,654

Dayforce,

Inc.

(a)

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

408

27,014

Old

Dominion

Freight

Line,

Inc.

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

140

30,703

RTX

Corp.

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

558

54,422

Saia,

Inc.

(a)

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

30

17,550

TransDigm

Group,

Inc.

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

112

137,940

United

Rentals,

Inc.

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

74

53,362

Woodward,

Inc.

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

229

35,293

XPO,

Inc.

(a)

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

222

27,091

522,910

Information

Technology

-

28.00%

(b)

Adobe,

Inc.

(a)

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

77

38,854

Apple,

Inc.

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

239

40,984

Applied

Materials,

Inc.

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

188

38,771

Autodesk,

Inc.

(a)

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

109

28,386

Broadcom,

Inc.

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

111

147,121

EPAM

Systems,

Inc.

(a)

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

77

21,264

First

Solar,

Inc.

(a)

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

105

17,724

Marvell

Technology,

Inc.

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

520

36,858

Micron

Technology,

Inc.

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

611

72,031

Microsoft

Corp.

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

674

283,565

NVIDIA

Corp.

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

65

58,731

Palo

Alto

Networks,

Inc.

(a)

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

137

38,926

Salesforce,

Inc.

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

224

67,464

ServiceNow,

Inc.

(a)

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

75

57,180

947,859

Materials

-

1.59%

Albemarle

Corp.

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

149

19,629

Linde

PLC

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

74

34,360

53,989

Real

Estate

-

0.88%

Equinix,

Inc.

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

36

29,712

TOTAL

COMMON

STOCKS

(Cost

$2,611,241)

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

3,386,783

Contracts

Notional

Amount

PURCHASED

OPTIONS

-

0.20%

(c)

OVER-THE-COUNTER

PUT

OPTIONS

-

0.20%

Milliman

-

Capital

Group

Growth

Basket,

Counterparty:

Bank

of

America,

Expires

5/10/2024,

Strike

Price

$9,500.00

(d)

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

326

$

3,375,903

6,683

TOTAL

PURCHASED

OPTIONS

(Cost

$16,300)

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

6,683

Total

Investments

(Cost

$2,627,541)

-

100.22%

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

3,393,466

Liabilities

in

Excess

of

Other

Assets

-

(0.22)%

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

(7,528)

TOTAL

NET

ASSETS

-  100.00%

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

$

3,385,938

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.

Milliman

-

Capital

Group

Hedged

U.S.

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

3

(b)

Amount

represents

investments

in

a

particular

sector.

No

industry

within

this

sector

represetnted

more

than

25%

of

the

Fund's

total

assets

at

the

time

of

investment.

(c)

Purchased

option

contracts

are

held

in

connection

with

corresponding

written

option

contracts.

Milliman

-

Capital

Group

Hedged

U.S.

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

4

Security

Name

Number

of

Shares

Notional

Amount

%

of

Total

Notional

Amount

Microsoft

Corp.

673

$

283,079

8.39%

Broadcom,

Inc.

110

146,236

4.33%

Alphabet,

Inc.

919

139,953

4.15%

TransDigm

Group,

Inc.

111

136,831

4.05%

Amazon.com,

Inc.

686

123,660

3.66%

Abbott

Laboratories

837

95,109

2.82%

Meta

Platforms,

Inc.

189

91,626

2.71%

UnitedHealth

Group,

Inc.

179

88,767

2.63%

Hilton

Worldwide

Holdings,

Inc.

409

87,253

2.58%

Eli

Lilly

&

Co.

100

77,828

2.31%

Micron

Technology,

Inc.

612

72,146

2.13%

Salesforce,

Inc.

224

67,370

1.99%

Thermo

Fisher

Scientific,

Inc.

113

65,705

1.95%

Copart,

Inc.

1,095

63,416

1.87%

Philip

Morris

International,

Inc.

688

63,050

1.87%

NVIDIA

Corp.

65

58,765

1.74%

ServiceNow,

Inc.

75

56,910

1.69%

RTX

Corp.

557

54,311

1.61%

United

Rentals,

Inc.

74

53,234

1.58%

Burlington

Stores,

Inc.

228

52,986

1.57%

Stryker

Corp.

138

49,497

1.47%

Carrier

Global

Corp.

841

48,896

1.45%

TopBuild

Corp.

105

46,483

1.38%

Netflix,

Inc.

75

45,745

1.36%

Churchill

Downs,

Inc.

333

41,222

1.22%

MSCI,

Inc.

73

40,973

1.21%

Apple,

Inc.

238

40,846

1.21%

EOG

Resources,

Inc.

317

40,519

1.20%

Adobe,

Inc.

77

38,969

1.15%

Palo

Alto

Networks,

Inc.

136

38,652

1.15%

Applied

Materials,

Inc.

187

38,501

1.14%

Marvell

Technology,

Inc.

523

37,063

1.10%

Marriott

International,

Inc.

146

36,954

1.10%

Zoetis,

Inc.

216

36,569

1.08%

DR

Horton,

Inc.

215

35,347

1.05%

Woodward,

Inc.

229

35,298

1.05%

Linde

PLC

73

34,038

1.01%

DoorDash,

Inc.

243

33,491

1.00%

Williams-Sonoma,

Inc.

105

33,266

0.99%

S&P

Global,

Inc.

78

33,265

0.99%

Floor

&

Decor

Holdings,

Inc.

257

33,257

0.99%

Revvity,

Inc.

309

32,451

0.96%

Alnylam

Pharmaceuticals,

Inc.

205

30,670

0.91%

Old

Dominion

Freight

Line,

Inc.

139

30,519

0.90%

BioMarin

Pharmaceutical,

Inc.

342

29,833

0.88%

Equinix,

Inc.

36

29,466

0.87%

IQVIA

Holdings,

Inc.

114

28,755

0.85%

Airbnb,

Inc.

174

28,752

0.85%

Autodesk,

Inc.

109

28,400

0.84%

Ceridian

HCM

Holding,

Inc.

408

27,005

0.80%

Top

50

Holdings

2,962,937

87.79

%

Other

Securities

412,966

12.21%

Total

Underlying

Positions

$3,375,903

100.00%

(d)

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.

Growth

Fund

Schedule

of

Investments

(Continued)

March

31,

2024

(Unaudited)

5

SCHEDULE

OF

OPTIONS

WRITTEN

March

31,

2024

(Unaudited)

  Description

Expiration

Strike

Price

Contracts

Notional

Amount

Value

Over-the-Counter

Call

Options

Milliman

-

Capital

Group

Growth

Basket,

Counterparty:

Bank

of

America

(a)

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

5/10/2024

$

10,460.00

326

$

(3,375,903)

$

(47,195)

Over-the-Counter

Put

Options

Milliman

-

Capital

Group

Growth

Basket,

Counterparty:

Bank

of

America

(a)

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

5/10/2024

8,000.00

326

(3,375,903)

(329)

TOTAL

OPTIONS

WRITTEN

(Premiums

Received

$16,300)

$

(47,524)

(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.

Growth

Fund

Schedule

of

Investments

(Concluded)

March

31,

2024

(Unaudited)

6

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

$

3,386,783

$

–

$

–

$

3,386,783

Purchased

Options

–

6,683

–

6,683

Total

Assets

$

3,386,783

$

6,683

$

–

$

3,393,466

Liabilities

Options

Written

$

–

$

47,524

$

–

$

47,524

Total

Liabilities

$

–

$

47,524

$

–

$

47,524