# EDGAR Filing Document

**Accession Number:** 0001844255
**File Stem:** 0001133228-25-009499
**Filing Date:** 2025-9
**Character Count:** 105535
**Document Hash:** 29f7590d63fd54c82c150041a9a95c3a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-009499.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001133228-25-009499

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Milliman Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001844255

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23710
- **FILM NUMBER:** 251296109

**BUSINESS ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE
- **STREET 2:** 31ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** (312) 726-0677

**MAIL ADDRESS:**
- **STREET 1:** 71 S. WACKER DRIVE
- **STREET 2:** 31ST FLOOR
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

## Series and Classes Contracts Data

### Milliman - Capital Group Hedged U.S. Growth Fund (Series ID: S000077239)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237468 | Class 3      |  |

### Milliman - Capital Group Hedged U.S. Income and Growth Fund (Series ID: S000077242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237471 | Class 3      |  |

?xml version='1.0' encoding='ASCII'? 2025-07-03197189_Milliman-CapitalGroupHedgedUSGrowthFund_Class3_TSRSemiAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number **<u>811-23710</u>**

**<u>Milliman Variable Insurance Trust</u>**

(Exact name of registrant as specified in charter)

**<u>71 South Wacker Drive, 31<sup>st</sup> Floor</u>**

**<u>Chicago, IL 60606</u>**

(Address of principal executive offices) (Zip code)

**<u>Ehsan Sheikh</u>**

**<u>71 South Wacker Drive, 31<sup>st</sup> Floor</u>**

**<u>Chicago, IL 60606</u>**

(Name and address of agent for service)

**<u>(312) 726-0677</u>**

Registrant's telephone number, including area code

Date of fiscal year end: **<u>December 31, 2025</u>**

Date of reporting period: **<u>June 30, 2025</u>**

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img62652_202407111929780.jpg) | **Milliman - Capital Group Hedged U.S.** **Growth Fund**  | ![image](img62651_202412301755443.jpg) |
| ![image](img62652_202407111929780.jpg) | Class 3  | ![image](img62651_202412301755443.jpg) |
| ![image](img62652_202407111929780.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62651_202412301755443.jpg) |

---

This semi-annual shareholder report contains important information about the Milliman - Capital Group Hedged U.S. Growth Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://millimanfunds.com/capgroup/resources. You can also request this information by contacting us at 1-855-700-7959.

***This report describes changes to the Fund that occurred since the beginning of the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class 3 | $55 | 1.09% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3617741 |
| **Number of Holdings** | 73 |
| **Portfolio Turnover** | 17% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 32.2% |
|  Industrials  | 15.9% |
|  Communication Services  | 14.9% |
|  Health Care  | 14.9% |
|  Consumer Discretionary  | 13.0% |
|  Financials  | 5.4% |
|  Consumer Staples  | 4.4% |
|  Materials  | 2.2% |
|  Real Estate  | 0.6% |
|  Cash & Other  | -3.5% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Microsoft Corp.  | 8.9% |
|  Broadcom, Inc.  | 7.0% |
|  Alphabet, Inc.  | 6.1% |
|  Amazon.com, Inc.  | 5.5% |
|  NVIDIA Corp.  | 5.4% |
|  TransDigm Group, Inc.  | 5.0% |
|  Meta Platforms, Inc.  | 4.5% |
|  Eli Lilly & Co.  | 4.2% |
|  Apple, Inc.  | 3.0% |
|  Netflix, Inc.  | 2.7% |

---

\* Percents 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. ("MSCI") 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. Bank Global Fund Services.

Milliman - Capital Group Hedged U.S. Growth Fund PAGE 1 TSR-SAR-600833719

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at no cost by calling 1-855-700-7959.

**Changes to Fund's Portfolio Management Team:**

As of April 1, 2025, Jordan Rosenfeld is no longer a portfolio manager of the Funds.

**Other Material Fund Changes:**

Effective upon close of business on August 15, 2025, the Funds ceased operations and shares of the Funds were no longer available for purchase, including from new insurance company accounts or other qualified investors and additional purchases from existing insurance company separate accounts or other qualified investors.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millimanfunds.com/capgroup/resources.

Milliman - Capital Group Hedged U.S. Growth Fund PAGE 2 TSR-SAR-600833719

------

---

| | | |
|:---|:---|:---|
| ![image](img62652_202407111929780.jpg) | **Milliman - Capital Group Hedged U.S.** **Income and Growth Fund**  | ![image](img62651_202412301755443.jpg) |
| ![image](img62652_202407111929780.jpg) | Class 3  | ![image](img62651_202412301755443.jpg) |
| ![image](img62652_202407111929780.jpg) | Semi-Annual Shareholder Report \| June 30, 2025  | ![image](img62651_202412301755443.jpg) |

---

This semi-annual shareholder report contains important information about the Milliman - Capital Group Hedged U.S. Income and Growth Fund (the "Fund") for the period of January 1, 2025, to June 30, 2025. You can find additional information about the Fund at https://millimanfunds.com/capgroup/resources. You can also request this information by contacting us at 1-855-700-7959.

***This report describes changes to the Fund that occurred since the beginning of the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| Class 3 | $55 | 1.09% |

---

\* Annualized

**KEY FUND STATISTICS** (as of June 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $3580558 |
| **Number of Holdings** | 54 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of June 30, 2025)\*

---

| | |
|:---|:---|
| **Top Sectors** **\*\*** | **(%)** |
|  Information Technology  | 22.9% |
|  Health Care  | 16.9% |
|  Financials  | 16.1% |
|  Industrials  | 11.9% |
|  Consumer Staples  | 8.9% |
|  Consumer Discretionary  | 7.9% |
|  Communication Services  | 6.8% |
|  Utilities  | 3.9% |
|  Energy  | 3.3% |
|  Cash & Other  | 1.4% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(%)** |
|  Broadcom, Inc.  | 9.0% |
|  Microsoft Corp.  | 7.7% |
|  Philip Morris International, Inc.  | 5.8% |
|  Eli Lilly & Co.  | 3.6% |
|  Marsh & McLennan Cos., Inc.  | 3.2% |
|  JPMorgan Chase & Co.  | 3.2% |
|  Apple, Inc.  | 3.0% |
|  Capital One Financial Corp.  | 2.7% |
|  General Electric Co.  | 2.5% |
|  Meta Platforms, Inc.  | 2.4% |

---

\* Percents 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. ("MSCI") 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. Bank Global Fund Services.

Milliman - Capital Group Hedged U.S. Income and Growth Fund PAGE 1 TSR-SAR-600833693

------

**HOW HAS THE FUND CHANGED?**

This is a summary of certain changes to the Fund since January 1, 2025. For more complete information, you may review the Fund's prospectus, which is available at no cost by calling 1-855-700-7959.

**Changes to Fund's Portfolio Management Team:**

As of April 1, 2025, Jordan Rosenfeld is no longer a portfolio manager of the Funds.

**Other Material Fund Changes:**

Effective upon close of business on August 15, 2025, the Funds ceased operations and shares of the Funds were no longer available for purchase, including from new insurance company accounts or other qualified investors and additional purchases from existing insurance company separate accounts or other qualified investors.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://millimanfunds.com/capgroup/resources.

Milliman - Capital Group Hedged U.S. Income and Growth Fund PAGE 2 TSR-SAR-600833693

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

Not applicable for semi-annual reports.

**<u>Item 3. Audit Committee Financial Expert.</u>**

Not applicable for semi-annual reports.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

Not applicable for semi-annual reports.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

**<u>Item 6. Investments.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments
 is included within the financial statements filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

(a) ![](millimanlogo.jpg)

**Milliman - Capital Group Hedged U.S. Growth Fund**

**Milliman - Capital Group Hedged U.S. Income and** 

**Growth Fund** 

Core Financial Statements

June 30, 2025

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments](#soi_001)<br>|  |
| &nbsp;&nbsp;&nbsp; [Milliman - Capital Group Hedged U.S. Growth Fund](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [Milliman - Capital Group Hedged U.S. Income and Growth Fund](#soi2) | [6](#soi2) |
| [Statements of Assets and Liabilities](#sal) | [11](#sal) |
| [Statements of Operations](#sop) | [12](#sop) |
| [Statements of Changes in Net Assets](#scna) | [13](#scna) |
| [Financial Highlights](#fihi) | [14](#fihi) |
| [Notes to Financial Statements](#notes) | [15](#notes) |
|  [Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.](#item8) | [24](#item8) |
| [Item 9. Proxy Disclosures for Open-End Management Investment Companies.](#item9) | [24](#item9) |
|  [Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.](#item10) | [24](#item10) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 103.7%**<br>|  |  |
| **Communication Services - 14.9%**<br>|  |  |
| Alphabet, Inc. - Class C<sup>(a)</sup> | 1247 | $221205  |
| Charter Communications, Inc. - Class A<sup>(b)</sup> | 71 | 29025  |
| Meta Platforms, Inc. - Class A | 223 | 164594  |
| Netflix, Inc.<sup>(b)</sup> | 74 | 99096  |
| Take-Two Interactive Software, Inc.<sup>(b)</sup> | 109 | 26471  |
|  |  | 540391  |
| **Consumer Discretionary - 13.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)(b)</sup> | 899 | 197232  |
| Burlington Stores, Inc.<sup>(b)</sup> | 118 | 27452  |
| Caesars Entertainment, Inc.<sup>(b)</sup> | 786 | 22315  |
| Carvana Co.<sup>(b)</sup> | 42 | 14152  |
| DoorDash, Inc. - Class A<sup>(b)</sup> | 184 | 45358  |
| Floor & Decor Holdings, Inc. - Class A<sup>(b)</sup> | 221 | 16787  |
| Flutter Entertainment PLC<sup>(b)</sup> | 145 | 41435  |
| Royal Caribbean Cruises Ltd. | 131 | 41021  |
| Tesla, Inc.<sup>(b)</sup> | 65 | 20648  |
| TopBuild Corp.<sup>(b)</sup> | 137 | 44352  |
|  |  | 470752  |
| **Consumer Staples - 4.4%**<br>|  |  |
| Costco Wholesale Corp. | 46 | 45537  |
| Dollar Tree, Inc.<sup>(b)</sup> | 138 | 13667  |
| Monster Beverage Corp.<sup>(b)</sup> | 431 | 26998  |
| Philip Morris International, Inc. | 404 | 73581  |
|  |  | 159783  |
| **Energy - 0.2%**<br>|  |  |
| EOG Resources, Inc. | 46 | 5502  |
| **Financials - 5.4%**<br>|  |  |
| Affirm Holdings, Inc.<sup>(b)</sup> | 317 | 21917  |
| Apollo Global Management, Inc. | 136 | 19294  |
| Blue Owl Capital, Inc. - Class A | 931 | 17885  |
| First Republic Bank<sup>(b)</sup> | 303 | 3  |
| MSCI, Inc. | 46 | 26530  |
| PNC Financial Services Group, Inc. | 133 | 24794  |
| Progressive Corp. | 192 | 51237  |
| S&P Global, Inc. | 47 | 24783  |
| Toast, Inc. - Class A<sup>(b)</sup> | 180 | 7972  |
|  |  | 194415  |
| **Health Care - 14.9%**<br>|  |  |
| Abbott Laboratories | 467 | 63517  |
| Alnylam Pharmaceuticals, Inc.<sup>(b)</sup> | 143 | 46631  |
| Danaher Corp. | 144 | 28446  |
| Dexcom, Inc.<sup>(b)</sup> | 250 | 21823  |
| Eli Lilly & Co. | 197 | 153567  |

---

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **Health Care - (Continued)** | **Health Care - (Continued)** | **Health Care - (Continued)** |
| Insulet Corp.<sup>(b)</sup> | 57 | $17908  |
| IQVIA Holdings, Inc.<sup>(b)</sup> | 111 | 17492  |
| Molina Healthcare, Inc.<sup>(b)</sup> | 73 | 21747  |
| Regeneron Pharmaceuticals, Inc. | 49 | 25725  |
| Sarepta Therapeutics, Inc.<sup>(b)</sup> | 207 | 3540  |
| Thermo Fisher Scientific, Inc. | 111 | 45006  |
| UnitedHealth Group, Inc. | 121 | 37748  |
| Vertex Pharmaceuticals, Inc.<sup>(b)</sup> | 126 | 56095  |
|  |  | 539245  |
| **Industrials - 15.9%**<br>|  |  |
| Carrier Global Corp. | 688 | 50355  |
| Copart, Inc.<sup>(b)</sup> | 678 | 33269  |
| Dayforce, Inc.<sup>(b)</sup> | 407 | 22544  |
| Delta Air Lines, Inc. | 156 | 7672  |
| FTAI Aviation Ltd. | 153 | 17601  |
| General Electric Co. | 199 | 51221  |
| Howmet Aerospace, Inc. | 144 | 26803  |
| Ingersoll Rand, Inc. | 538 | 44751  |
| Saia, Inc.<sup>(b)</sup> | 40 | 10959  |
| TransDigm Group, Inc. | 118 | 179435  |
| Uber Technologies, Inc.<sup>(b)</sup> | 654 | 61018  |
| United Rentals, Inc. | 64 | 48218  |
| XPO, Inc.<sup>(b)</sup> | 165 | 20838  |
|  |  | 574684  |
| **Information Technology - 32.2%<sup>(c)</sup>**<br>|  |  |
| ANSYS, Inc.<sup>(b)</sup> | 66 | 23180  |
| Apple, Inc.<sup>(a)</sup> | 529 | 108535  |
| Applied Materials, Inc. | 159 | 29108  |
| Broadcom, Inc.<sup>(a)</sup> | 922 | 254149  |
| Micron Technology, Inc. | 260 | 32045  |
| Microsoft Corp. | 648 | 322322  |
| NVIDIA Corp. | 1235 | 195118  |
| Palo Alto Networks, Inc.<sup>(b)</sup> | 214 | 43793  |
| Salesforce, Inc. | 354 | 96532  |
| ServiceNow, Inc.<sup>(b)</sup> | 45 | 46264  |
| Texas Instruments, Inc. | 63 | 13080  |
|  |  | 1164126  |
| **Materials - 2.2%**<br>|  |  |
| ATI, Inc.<sup>(b)</sup> | 157 | 13556  |
| Ecolab, Inc. | 119 | 32063  |
| Linde PLC | 73 | 34250  |
|  |  | 79869  |

---

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Real Estate - 0.6%**<br>|  |  |  |
| CoStar Group, Inc.<sup>(b)</sup> |  | 284 | $22834  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,753,625)** |  |  | 3751601  |
|  | **Notional Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.3%<sup>(b)</sup>**<br>|  |  |  |
| **Over-the-Counter Put Options - 0.3%**<br>|  |  |  |
|  Milliman - Capital Group Growth Basket, Counterparty: Bank of America, Expiration: 08/11/2025; Exercise Price: $9,500.00<sup>(d)</sup> | $3737316 | 348 | 10447  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $45,240)** |  |  | 10447  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 104.0%** <br>**(Cost $2,798,865)** |  |  | $3762048  |
| Liabilities in Excess of Other Assets - (4.0)% |  |  | (144307)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $3617741 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> All or a portion of security has been pledged as collateral for written options. The fair value of assets committed as collateral as of June 30, 2025 is $179,931.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Amount represents investments in a particular sector. No industry within this sector represented more than 25% of the Fund's total assets at the time of investment. To the extent that the Fund vests more heavily in a particular sector of the economy, its performance will be especially sensitive to developments that significantly affect that sector. 

<sup>(d)</sup> Comprised of a proprietary basket of securities. The underlying components of the basket as of June 30, 2025 are shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Security Name** | **Number of** <br>**Shares** | **Notional** <br>**Amount** | **% of Total** <br>**Notional Amount**  |
| Microsoft Corp. | &nbsp;&nbsp; 644 | $320580 | &nbsp;&nbsp;&nbsp;&nbsp; 8.58%  |
| Broadcom, Inc. | &nbsp;&nbsp; 915 | 252316 | &nbsp;&nbsp;&nbsp;&nbsp; 6.74%  |
| Alphabet, Inc. - Class C | &nbsp;&nbsp; 1245 | 220802 | &nbsp;&nbsp;&nbsp;&nbsp; 5.91%  |
| Amazon.com, Inc. | &nbsp;&nbsp; 895 | 196301 | &nbsp;&nbsp;&nbsp;&nbsp; 5.25%  |
| NVIDIA Corp. | &nbsp;&nbsp; 1229 | 194219 | &nbsp;&nbsp;&nbsp;&nbsp; 5.20%  |
| TransDigm Group, Inc. | &nbsp;&nbsp; 118 | 179786 | &nbsp;&nbsp;&nbsp;&nbsp; 4.81%  |
| Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 222 | 163663 | &nbsp;&nbsp;&nbsp;&nbsp; 4.38%  |
| Eli Lilly & Co. | &nbsp;&nbsp; 197 | 153517 | &nbsp;&nbsp;&nbsp;&nbsp;4.11%  |
| Apple, Inc. | &nbsp;&nbsp; 527 | 108160 | &nbsp;&nbsp;&nbsp;&nbsp; 2.89%  |
| Netflix, Inc. | &nbsp;&nbsp; 73 | 98317 | &nbsp;&nbsp;&nbsp;&nbsp; 2.63%  |
| Salesforce, Inc. | &nbsp;&nbsp; 352 | 95865 | &nbsp;&nbsp;&nbsp;&nbsp; 2.57%  |
| Philip Morris International, Inc. | &nbsp;&nbsp; 403 | 73451 | &nbsp;&nbsp;&nbsp;&nbsp; 1.97%  |
| Abbott Laboratories | &nbsp;&nbsp; 467 | 63496 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70%  |
| Uber Technologies, Inc. | &nbsp;&nbsp; 652 | 60818 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63%  |
| Vertex Pharmaceuticals, Inc. | &nbsp;&nbsp; 126 | 56214 | &nbsp;&nbsp;&nbsp;&nbsp; 1.50%  |

---

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Name** | **Number of** <br>**Shares** | **Notional** <br>**Amount** | **% of Total** <br>**Notional Amount**  |
| General Electric Co. | &nbsp;&nbsp; 199 | 51169 | &nbsp;&nbsp;&nbsp;&nbsp; 1.37%  |
| Progressive Corp. | &nbsp;&nbsp; 192 | $51127 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36%  |
| Carrier Global Corp. | &nbsp;&nbsp; 686 | 50244 | &nbsp;&nbsp;&nbsp;&nbsp; 1.34%  |
| United Rentals, Inc. | &nbsp;&nbsp; 64 | 48353 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29%  |
| Alnylam Pharmaceuticals, Inc. | &nbsp;&nbsp; 141 | 46073 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23%  |
| Costco Wholesale Corp. | &nbsp;&nbsp; 46 | 45800 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22%  |
| ServiceNow, Inc. | &nbsp;&nbsp; 44 | 45701 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22%  |
| DoorDash, Inc. - Class A | &nbsp;&nbsp; 183 | 45046 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21%  |
| Ingersoll Rand, Inc. | &nbsp;&nbsp; 538 | 44711 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| Thermo Fisher Scientific, Inc. | &nbsp;&nbsp; 110 | 44531 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19%  |
| TopBuild Corp. | &nbsp;&nbsp; 136 | 44161 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18%  |
| Palo Alto Networks, Inc. | &nbsp;&nbsp; 213 | 43620 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17%  |
| Flutter Entertainment PLC | &nbsp;&nbsp; 145 | 41486 | &nbsp;&nbsp;&nbsp;&nbsp;1.11%  |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 131 | 40883 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09%  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 121 | 37869 | &nbsp;&nbsp;&nbsp;&nbsp; 1.01%  |
| Linde PLC | &nbsp;&nbsp; 73 | 34359 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92%  |
| Copart, Inc. | &nbsp;&nbsp; 676 | 33149 | &nbsp;&nbsp;&nbsp;&nbsp; 0.89%  |
| Micron Technology, Inc. | &nbsp;&nbsp; 260 | 32029 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86%  |
| Ecolab, Inc. | &nbsp;&nbsp; 119 | 32028 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86%  |
| Applied Materials, Inc. | &nbsp;&nbsp; 159 | 29031 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78%  |
| Charter Communications, Inc. - Class A | &nbsp;&nbsp; 71 | 28952 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77%  |
| Danaher Corp. | &nbsp;&nbsp; 143 | 28162 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75%  |
| Burlington Stores, Inc. | &nbsp;&nbsp; 117 | 27227 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73%  |
| Monster Beverage Corp. | &nbsp;&nbsp; 429 | 26856 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Howmet Aerospace, Inc. | &nbsp;&nbsp; 144 | 26768 | &nbsp;&nbsp;&nbsp;&nbsp; 0.72%  |
| Take-Two Interactive Software, Inc. | &nbsp;&nbsp; 109 | 26456 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71%  |
| MSCI, Inc. | &nbsp;&nbsp; 46 | 26330 | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp; 49 | 25810 | &nbsp;&nbsp;&nbsp;&nbsp; 0.69%  |
| S&P Global, Inc. | &nbsp;&nbsp; 47 | 24777 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66%  |
| PNC Financial Services Group, Inc. | &nbsp;&nbsp; 132 | 24665 | &nbsp;&nbsp;&nbsp;&nbsp; 0.66%  |
| ANSYS, Inc. | &nbsp;&nbsp; 66 | 23205 | &nbsp;&nbsp;&nbsp;&nbsp; 0.62%  |
| CoStar Group, Inc. | &nbsp;&nbsp; 282 | 22704 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61%  |
| Dayforce, Inc. | &nbsp;&nbsp; 404 | 22367 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Caesars Entertainment, Inc. | &nbsp;&nbsp; 784 | 22245 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60%  |
| Dexcom, Inc. | &nbsp;&nbsp; 249 | 21762 | &nbsp;&nbsp;&nbsp;&nbsp;0.58%  |
| **Top 50 Holdings** |  | $3457161 | &nbsp;&nbsp;&nbsp;&nbsp; 92.49% |
| Other Securities |  | 280155 | &nbsp;&nbsp;&nbsp;&nbsp;7.51% |
| **Total Underlying Positions** |  | $3737316 | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Growth Fund** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.5)%**<br>|  |  |  |
| **Over-the-Counter Call Options - (4.4)%**<br>|  |  |  |
|  Milliman - Capital Group Growth Basket, Counterparty: Bank of America; Expiration: 08/11/2025; Exercise Price: $10,450.00<sup>(a)</sup> | $(3737316) | &nbsp;&nbsp;&nbsp;&nbsp;(348) | $(160487)  |
| **Over-the-Counter Put Options - (0.1)%**<br>|  |  |  |
|  Milliman - Capital Group Growth Basket, Counterparty: Bank of America; Expiration: 08/11/2025; Exercise Price: $8,000.00<sup>(a)</sup> | (3737316) | &nbsp;&nbsp;&nbsp;&nbsp;(348) | (2405)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $45,240)** |  |  | $(162892) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Comprised of a proprietary basket of securities. The underlying components of the basket as of June 30, 2025 are shown in the Schedule of Investments.

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3751601 | $— | $— | $3751601  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 10447 |  | 10447  |
| **Total Investments** | $3751601 | $10447 | $— | $3762048  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(162892) | $— | $(162892)  |
| **Total Investments**<br>| $— | $(162892) | $— | $(162892) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

5<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Income and Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 103.2%**<br>|  |  |
| **Communication Services - 6.8%**<br>|  |  |
| Alphabet, Inc. - Class A | 453 | $79832  |
| Comcast Corp. - Class A | 2141 | 76412  |
| Meta Platforms, Inc. - Class A | 118 | 87095  |
|  |  | 243339  |
| **Consumer Discretionary - 7.9%**<br>|  |  |
| Darden Restaurants, Inc. | 284 | 61903  |
| Home Depot, Inc. | 170 | 62329  |
| Royal Caribbean Cruises Ltd. | 182 | 56991  |
| Starbucks Corp. | 427 | 39126  |
| Yum! Brands, Inc. | 431 | 63866  |
|  |  | 284215  |
| **Consumer Staples - 8.9%**<br>|  |  |
| Constellation Brands, Inc. - Class A | 208 | 33838  |
| Keurig Dr Pepper, Inc. | 1847 | 61062  |
| Philip Morris International, Inc. | 1141 | 207810  |
| Target Corp. | 168 | 16573  |
|  |  | 319283  |
| **Energy - 3.3%**<br>|  |  |
| EOG Resources, Inc. | 511 | 61121  |
| Exxon Mobil Corp. | 339 | 36544  |
| Halliburton Co. | 1022 | 20828  |
|  |  | 118493  |
| **Financials - 16.1%**<br>|  |  |
| Blackrock, Inc. | 67 | 70300  |
| Blackstone, Inc. | 277 | 41434  |
| Capital One Financial Corp. | 449 | 95529  |
| Intercontinental Exchange, Inc. | 202 | 37061  |
| JPMorgan Chase & Co. | 397 | 115094  |
| KKR & Co., Inc. | 377 | 50152  |
| Marsh & McLennan Cos., Inc. | 529 | 115661  |
| Wells Fargo & Co. | 635 | 50876  |
|  |  | 576107  |
| **Health Care - 16.9%**<br>|  |  |
| Abbott Laboratories | 524 | 71269  |
| AbbVie, Inc. | 394 | 73134  |
| Amgen, Inc. | 258 | 72036  |
| CVS Health Corp. | 743 | 51252  |
| Danaher Corp. | 171 | 33780  |
| Elevance Health, Inc. | 70 | 27227  |
| Eli Lilly & Co. | 167 | 130182  |
| Gilead Sciences, Inc. | 580 | 64305  |
| UnitedHealth Group, Inc. | 269 | 83920  |
|  |  | 607105  |

---

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Income and Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Industrials - 11.9%**<br>|  |  |  |
| Boeing Co.<sup>(a)</sup> |  | 131 | $27449  |
| Caterpillar, Inc. |  | 97 | 37656  |
| CSX Corp. |  | 1172 | 38242  |
| General Electric Co. |  | 351 | 90344  |
| L3Harris Technologies, Inc. |  | 137 | 34365  |
| Northrop Grumman Corp. |  | 141 | 70497  |
| Paychex, Inc. |  | 339 | 49311  |
| RTX Corp. |  | 539 | 78705  |
|  |  |  | 426569  |
| **Information Technology - 22.9%**<br>|  |  |  |
| Apple, Inc. |  | 521 | 106894  |
| Applied Materials, Inc. |  | 220 | 40275  |
| Broadcom, Inc. |  | 1167 | 321684  |
| Microsoft Corp. |  | 555 | 276063  |
| NVIDIA Corp. |  | 466 | 73623  |
|  |  |  | 818539  |
| **Materials - 1.4%**<br>|  |  |  |
| Linde PLC |  | 106 | 49733  |
| **Real Estate - 3.2%**<br>|  |  |  |
| Extra Space Storage, Inc. |  | 243 | 35828  |
| Welltower, Inc. |  | 513 | 78863  |
|  |  |  | 114691  |
| **Utilities - 3.9%**<br>|  |  |  |
| Constellation Energy Corp. |  | 136 | 43895  |
| Sempra |  | 544 | 41219  |
| Southern Co. |  | 585 | 53721  |
|  |  |  | 138835  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $2,820,415)** |  |  | 3696909  |
|  | **Notional**<br>**Amount** | **Contracts**  |  |
| **PURCHASED OPTIONS - 0.2%<sup>(a)</sup>**<br>|  |  |  |
| **Over-the-Counter Put Options - 0.2%**<br>|  |  |  |
|  Milliman - Capital Group Income and Growth Basket, Counterparty: Bank of America, Expiration: 08/11/2025; Exercise Price: $9,500.00<sup>(b)</sup> | $3678335 | 345 | 5737  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $23,115)** |  |  | 5737  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 103.4%** <br>**(Cost $2,843,530)** |  |  | $3702646  |
| Liabilities in Excess of Other Assets - (3.4)% |  |  | (122088)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $3580558 |

---

The accompanying notes are an integral part of these financial statements.

7<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Income and Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Comprised of a proprietary basket of securities. The underlying components of the basket as of June 30, 2025 are shown below:

---

| | | | |
|:---|:---|:---|:---|
| **Security Name** | **Number of** <br>**Shares** | **Notional** <br>**Amount** | **% of Total** <br>**Notional Amount**  |
| Broadcom, Inc. | &nbsp;&nbsp; 1155 | $318503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.66%  |
| Microsoft Corp. | &nbsp;&nbsp; 551 | 273941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.45%  |
| Philip Morris International, Inc. | &nbsp;&nbsp; 1135 | 206802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.62%  |
| Eli Lilly & Co. | &nbsp;&nbsp; 167 | 130173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.54%  |
| Marsh & McLennan Cos., Inc. | &nbsp;&nbsp; 525 | 114880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%  |
| JPMorgan Chase & Co. | &nbsp;&nbsp; 396 | 114741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12%  |
| Apple, Inc. | &nbsp;&nbsp; 517 | 106099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88%  |
| Capital One Financial Corp. | &nbsp;&nbsp; 446 | 94997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.58%  |
| General Electric Co. | &nbsp;&nbsp; 350 | 89992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.45%  |
| Meta Platforms, Inc. - Class A | &nbsp;&nbsp; 118 | 86793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.36%  |
| UnitedHealth Group, Inc. | &nbsp;&nbsp; 268 | 83589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.27%  |
| Alphabet, Inc. - Class A | &nbsp;&nbsp; 451 | 79485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.16%  |
| Welltower, Inc. | &nbsp;&nbsp; 512 | 78655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14%  |
| RTX Corp. | &nbsp;&nbsp; 536 | 78322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.13%  |
| Comcast Corp. - Class A | &nbsp;&nbsp; 2125 | 75852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06%  |
| AbbVie, Inc. | &nbsp;&nbsp; 395 | 73236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%  |
| NVIDIA Corp. | &nbsp;&nbsp; 463 | 73091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.99%  |
| Amgen, Inc. | &nbsp;&nbsp; 257 | 71895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95%  |
| Abbott Laboratories | &nbsp;&nbsp; 522 | 71008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.93%  |
| Blackrock, Inc. | &nbsp;&nbsp; 67 | 70255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91%  |
| Northrop Grumman Corp. | &nbsp;&nbsp; 140 | 69982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.91%  |
| Gilead Sciences, Inc. | &nbsp;&nbsp; 578 | 64058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%  |
| Yum! Brands, Inc. | &nbsp;&nbsp; 429 | 63538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.73%  |
| Darden Restaurants, Inc. | &nbsp;&nbsp; 285 | 62172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.69%  |
| Home Depot, Inc. | &nbsp;&nbsp; 169 | 61907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68%  |
| EOG Resources, Inc. | &nbsp;&nbsp; 510 | 61057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.66%  |
| Keurig Dr Pepper, Inc. | &nbsp;&nbsp; 1833 | 60601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65%  |
| Royal Caribbean Cruises Ltd. | &nbsp;&nbsp; 181 | 56606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.54%  |
| Southern Co. | &nbsp;&nbsp; 584 | 53668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.46%  |
| CVS Health Corp. | &nbsp;&nbsp; 734 | 50641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%  |
| Wells Fargo & Co. | &nbsp;&nbsp; 632 | 50610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.38%  |
| KKR & Co., Inc. | &nbsp;&nbsp; 375 | 49867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35%  |
| Linde PLC | &nbsp;&nbsp; 105 | 49332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34%  |
| Paychex, Inc. | &nbsp;&nbsp; 338 | 49156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34%  |
| Constellation Energy Corp. | &nbsp;&nbsp; 137 | 44098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.20%  |
| Blackstone, Inc. | &nbsp;&nbsp; 275 | 41177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.12%  |
| Sempra | &nbsp;&nbsp; 541 | 40991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11%  |
| Applied Materials, Inc. | &nbsp;&nbsp; 218 | 39989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09%  |
| Starbucks Corp. | &nbsp;&nbsp; 425 | 38906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06%  |
| CSX Corp. | &nbsp;&nbsp; 1166 | 38039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.03%  |
| Caterpillar, Inc. | &nbsp;&nbsp; 97 | 37641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02%  |

---

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Income and Growth Fund** 

**Schedule of Investments** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Security Name** | **Number of** <br>**Shares** | **Notional** <br>**Amount** | **% of Total** <br>**Notional Amount**  |
| Intercontinental Exchange, Inc. | &nbsp;&nbsp; 201 | $36870 | &nbsp;&nbsp;&nbsp;&nbsp; 1.00%  |
| Exxon Mobil Corp. | &nbsp;&nbsp; 338 | 36396 | &nbsp;&nbsp;&nbsp;&nbsp; 0.99%  |
| Extra Space Storage, Inc. | &nbsp;&nbsp; 242 | 35625 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97%  |
| L3Harris Technologies, Inc. | &nbsp;&nbsp; 136 | 34153 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93%  |
| Constellation Brands, Inc. - Class A | &nbsp;&nbsp; 207 | 33732 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92%  |
| Danaher Corp. | &nbsp;&nbsp; 169 | 33418 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91%  |
| Boeing Co. | &nbsp;&nbsp; 130 | 27199 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| Elevance Health, Inc. | &nbsp;&nbsp; 70 | 27119 | &nbsp;&nbsp;&nbsp;&nbsp; 0.74%  |
| Halliburton Co. | &nbsp;&nbsp; 1019 | 20763 | &nbsp;&nbsp;&nbsp;&nbsp;0.56%  |
| **Top 50 Holdings** |  | $3661620 | &nbsp;&nbsp;&nbsp;&nbsp;99.55% |
| Other Securities |  | 16715 | &nbsp;&nbsp;&nbsp;&nbsp;0.45% |
| **Total Underlying Positions** |  | $3678335 | &nbsp;&nbsp;&nbsp;&nbsp;100.00% |

---

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Milliman - Capital Group Hedged U.S. Income and Growth Fund** 

**Schedule of Written Options** 

**June 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.2)%**<br>|  |  |  |
| **Over-the-Counter Call Options - (4.2)%**<br>|  |  |  |
|  Milliman - Capital Group Income and Growth Basket, Counterparty: Bank of America; Expiration: 08/11/2025; Exercise Price: $10,330.00<sup>(a)</sup> | &nbsp;&nbsp; $(3678335) | &nbsp;&nbsp;&nbsp;&nbsp;(345) | $(150882)  |
| **Over-the-Counter Put Options - (0.0)%<sup>(b)</sup>**<br>|  |  |  |
|  Milliman - Capital Group Income and Growth Basket, Counterparty: Bank of America; Expiration: 08/11/2025; Exercise Price: $8,000.00<sup>(a)</sup> | &nbsp;&nbsp; (3678335) | &nbsp;&nbsp;&nbsp;&nbsp;(345) | (1232)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $23,115)** |  |  | $(152114) |

---

Percentages are stated as a percentof net assets.

<sup>(a)</sup> Comprised of a proprietary basket of securities. The underlying components of the basket as of June 30, 2025 are shown in the Schedule of Investments.

<sup>(b)</sup> Represents less than 0.05% of net assets. 

The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $3696909 | $— | $— | $3696909  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 5737 |  | 5737  |
| **Total Investments** | $3696909 | $5737 | $— | $3702646  |
| **Liabilities:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(152114) | $— | $(152114)  |
| **Total Investments** | $— | $(152114) | $— | $(152114) |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

The accompanying notes are an integral part of these financial statements.

10<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Milliman Variable Insurance Trust** 

**Statements of Assets and Liabilities** 

**June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Milliman -** <br>**Capital Group** <br>**Hedged U.S.** <br>**Growth Fund** | **Milliman -** <br>**Capital Group** <br>**Hedged U.S.** <br>**Income and** <br>**Growth Fund**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $3762048 | $3702646  |
| Cash - interest bearing deposit account | 48564 | 58328  |
| Cash held as collateral | 127 | —  |
| Receivable from Adviser | 16216 | 16157  |
| Dividends receivable | 974 | 2512  |
| Interest receivable | 116 | 140  |
| Prepaid expenses and other assets | 11033 | 11033  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 3839078 | 3790816  |
| **LIABILITIES:**<br>|  |  |
| Written option contracts, at value | 162892 | 152114  |
| Payable for legal fees | 30999 | 30999  |
| Payable for distribution and shareholder servicing fees | 2184 | 2166  |
| Payable for expenses and other liabilities | 25262 | 24979  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 221337 | 210258  |
| **NET ASSETS** | $3617741 | $3580558  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $2995552 | $3067565  |
| Total distributable earnings | 622189 | 512993  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $3617741 | $3580558  |
| **Class 3**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net assets | $3617741 | $3580558  |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup> | 300001 | 306310  |
| &nbsp;&nbsp;&nbsp; Net asset value per share | $12.06 | $11.69  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $2798865 | $2843530  |
| **Proceeds:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $45240 | $23115 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Milliman Variable Insurance Trust** 

**Statements of Operations** 

**For the Period Ended June 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Milliman -** <br>**Capital Group** <br>**Hedged U.S.** <br>**Growth Fund** | **Milliman -** <br>**Capital Group** <br>**Hedged U.S.** <br>**Income and** <br>**Growth Fund**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp; $5297 | &nbsp;&nbsp; $32244  |
| Interest income | &nbsp;&nbsp; 609 | &nbsp;&nbsp; 740  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 5906 | &nbsp;&nbsp; 32984  |
| **EXPENSES:**<br>|  |  |
| Professional fees and expenses | &nbsp;&nbsp; 52137 | &nbsp;&nbsp; 52137  |
| Fund administration and accounting fees | &nbsp;&nbsp; 28406 | &nbsp;&nbsp; 28050  |
| Trustees' fees | &nbsp;&nbsp; 18040 | &nbsp;&nbsp; 18039  |
| Investment advisory fee | &nbsp;&nbsp; 13532 | &nbsp;&nbsp; 13365  |
| Distribution expenses - Class 3 | &nbsp;&nbsp; 4394 | &nbsp;&nbsp; 4339  |
| Transfer agent fees | &nbsp;&nbsp; 2988 | &nbsp;&nbsp; 2988  |
| Reports to shareholders | &nbsp;&nbsp; 2316 | &nbsp;&nbsp; 2292  |
| Custodian fees | &nbsp;&nbsp; 1478 | &nbsp;&nbsp; 1372  |
| Compliance fees | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 496  |
| Other expenses and fees | &nbsp;&nbsp; 16345 | &nbsp;&nbsp; 16346  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 140132 | &nbsp;&nbsp; 139424  |
| &nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser | &nbsp;&nbsp; (120976) | &nbsp;&nbsp; (120505)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 19156 | &nbsp;&nbsp; 18919  |
| **NET INVESTMENT INCOME/(LOSS)** | &nbsp;&nbsp; (13250) | &nbsp;&nbsp; 14065  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 65553 | &nbsp;&nbsp; 92929  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; 65593 | &nbsp;&nbsp; 25783  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 131146 | &nbsp;&nbsp; 118712  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 84957 | &nbsp;&nbsp; 127022  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (129526) | &nbsp;&nbsp; (134258)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (44569) | &nbsp;&nbsp; (7236)  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 86577 | &nbsp;&nbsp; 111476  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $73327 | &nbsp;&nbsp; $125541 |

---

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**Milliman Variable Insurance Trust** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman - Capital Group** <br>**Hedged U.S. Growth Fund** | **Milliman - Capital Group** <br>**Hedged U.S. Growth Fund** | **Milliman - Capital Group Hedged** <br>**U.S. Income and Growth Fund**  | **Milliman - Capital Group Hedged** <br>**U.S. Income and Growth Fund**  |
|  | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024** | **Period Ended** <br>**June 30, 2025** <br>(Unaudited) | **Year Ended** <br>**December 31, 2024**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $(13250) | &nbsp;&nbsp;&nbsp; $(2754) | $14065 | &nbsp;&nbsp;&nbsp; $30972  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 131146 | &nbsp;&nbsp;&nbsp; (307791) | 118712 | &nbsp;&nbsp;&nbsp; (226881)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (44569) | &nbsp;&nbsp;&nbsp; 575036 | (7236) | &nbsp;&nbsp;&nbsp; 474359  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 73327 | &nbsp;&nbsp;&nbsp; 264491 | 125541 | &nbsp;&nbsp;&nbsp; 278450  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Class 3 |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (30973)  |
| &nbsp;&nbsp;&nbsp; Return of Capital |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (196)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; (31165)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class 3 |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 31165  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 31165  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 73327 | &nbsp;&nbsp;&nbsp; 264491 | 125541 | &nbsp;&nbsp;&nbsp; 278450  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 3544414 | &nbsp;&nbsp;&nbsp; 3279923 | 3455017 | &nbsp;&nbsp;&nbsp; 3176567  |
| &nbsp;&nbsp;&nbsp; End of the period | $3617741 | &nbsp;&nbsp;&nbsp; $3544414 | $3580558 | &nbsp;&nbsp;&nbsp; $3455017  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions - Class 3 |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2783  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares** <br>**outstanding** |  | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 2783 |

---

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**Milliman Variable Insurance Trust** 

**Financial Highlights** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** | **LESS Distributions FROM:** | **LESS Distributions FROM:** | | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  | **SUPPLEMENTAL DATA AND RATIOS:**  |
| <br>**For the** <br>**period** <br>**ended** | <br>**Net asset** <br>**value,** <br>**beginning** <br>**of period** | **Net** <br>**investment** <br>**income** <br>(loss)<sup>(a)</sup> | **Net** <br>**realized** <br>**and** <br>**unrealized** <br>**gain (loss)** <br>**on** <br>**investments<sup>(b)</sup>** | **Total** <br>**from** <br>**investment** <br>**operations** | **Net** <br>**investment** <br>**income** | **Total** <br>**distributions** | <br>**Net** <br>**asset** <br>**value,** <br>**end of** <br>**period** | **Total** <br>**return<sup>(c)</sup>** | **Net assets,** <br>**end of** <br>**period** <br>**(in** <br>**thousands)** | **Ratio of** <br>**expenses to** <br>**average net** <br>**assets before** <br>**expense** <br>**reimbursement/** <br>**recoupment<sup>(d)</sup>** | **Ratio of** <br>**expenses** <br>**to average** <br>**net assets** <br>**after** <br>**expense** <br>**reimbursement/** <br>**recoupment<sup>(d)</sup>** | **Ratio of** <br>**net** <br>**investment** <br>**income** <br>(loss) <br>**to** <br>**average** <br>**net** <br>**assets<sup>(d)</sup>** | **Portfolio** <br>**turnover** <br>**rate<sup>(c)</sup>**  |
| **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Growth Fund - Class 3**  |
| 6/30/2025<sup>(e)</sup> | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | $12.06 | &nbsp;&nbsp; 2.12% | &nbsp;&nbsp; $3618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.97% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; (0.75)% | &nbsp;&nbsp;&nbsp; 17%  |
| 12/31/2024 | &nbsp;&nbsp; $10.93 | &nbsp;&nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | $11.81 | &nbsp;&nbsp; 8.05% | &nbsp;&nbsp; $3544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.45% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp; 33%  |
| 12/31/2023<sup>(f)</sup> | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp; (0.00)<sup>(g)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | $10.93 | &nbsp;&nbsp; 9.30% | &nbsp;&nbsp; $3280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.24% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; (0.02)% | &nbsp;&nbsp;&nbsp; 32%  |
| **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  | **Milliman - Capital Group Hedged U.S. Income and Growth Fund - Class 3**  |
| 6/30/2025<sup>(e)</sup> | &nbsp;&nbsp; $11.28 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | $11.69 | &nbsp;&nbsp; 3.63% | &nbsp;&nbsp; $3581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.03% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 0.81% | &nbsp;&nbsp;&nbsp; 13%  |
| 12/31/2024 | &nbsp;&nbsp; $10.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.10)<sup>(h)</sup> | $11.28 | &nbsp;&nbsp; 8.72% | &nbsp;&nbsp; $3455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.60% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 0.92% | &nbsp;&nbsp;&nbsp; 28%  |
| 12/31/2023<sup>(f)</sup> | &nbsp;&nbsp; $10.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (0.12)<sup>(h)</sup> | $10.47 | &nbsp;&nbsp; 5.93% | &nbsp;&nbsp; $3177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.30% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09% | &nbsp;&nbsp;&nbsp; 1.38% | &nbsp;&nbsp;&nbsp; 22% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> Not annualized for periods less than one year.

<sup>(d)</sup> Annualized for periods less than one year.

<sup>(e)</sup> Unaudited.

<sup>(f)</sup> Inception date of the Fund was February 10, 2023.

<sup>(g)</sup> Amount represents less than $0.005 per share.

<sup>(h)</sup> A portion of total distributions amounting to less than $0.005 per share is return of capital. 

The accompanying notes are an integral part of these financial statements.

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**[**TABLE OF CONTENTS**](#TOC)**

**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)** 

1. ORGANIZATION

Milliman Variable Insurance Trust (the "Trust") was organized under the laws of the state of Delaware as a Delaware statutory trust on November 2, 2020, and is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of June 30, 2025, the Trust consisted of 2 operational series (each, a "Fund" and together, the "Funds"). Each of the Funds is classified as non-diversified under the 1940 Act. Each Fund offers shares only to insurance company separate accounts funding variable annuity contracts and variable life insurance policies and other qualified investors. All shares of the Funds have equal rights and privileges. As of June 30, 2025, only Class 3 shares were offered, which have no front-end sales load, deferred sales charge, or redemption fee.

The Funds and their respective commencement dates are as follows:

---

| | |
|:---|:---|
| **Name** | **Commencement of** <br>**Operations** |
| Milliman - Capital Group Hedged U.S. Growth Fund  | February 10, 2023  |
| Milliman - Capital Group Hedged U.S. Income and Growth Fund  | February 10, 2023 |

---

The Milliman - Capital Group Hedged U.S. Growth Fund's investment objective is to provide long-term growth of capital, while also seeking to provide a hedge against downside equity exposure.

The Milliman - Capital Group Hedged U.S. Income and Growth Fund's investment objective is to produce income and provide long-term growth of capital, while also seeking to provide a hedge against downside equity exposure.

Each Fund seeks to achieve its investment objective by primarily investing its assets in a combination of common stocks (to provide long equity exposure) and derivatives (to create a hedge against the Fund's downside equity exposure).

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with U.S. generally accepted accounting principles ("GAAP"). The Trust is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, *Financial Services – Investment Companies*.

Use of Estimates – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

Computation of Net Asset Value – The net asset values ("NAV") of the Funds are determined as of the close of regular trading on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. ET) on each business day the NYSE is open for regular trading. If the NYSE closes early on a valuation day, the Funds shall determine NAV as of that time.

Valuation – The Board of Trustees of the Trust (the "Board") has adopted Pricing and Valuation Procedures ("Valuation Procedures") to be used for valuing all securities and other assets held by the Funds, including those for which market quotations are not readily available or are deemed not be reliable. The Board has designated Milliman Financial Risk Management LLC ("Milliman") as the valuation designee, which has established a pricing committee comprised of representatives of Milliman (the "Pricing Committee") to provide input to Milliman in making fair value determinations in accordance with the Valuation Procedures.

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**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Equity securities, including shares of exchange-traded funds ("ETFs"), listed on any national or foreign exchange (excluding the Nasdaq National Market ("Nasdaq") and the London Stock Exchange Alternative Investment Market ("AIM")) will be valued at the last sale price on the exchange on which they are principally traded, or, for Nasdaq and AIM securities, the official closing price. Securities traded on more than one securities exchange are valued at the last sale price or official closing price, as applicable, at the close of the exchange representing the principal market for such securities.

Exchange-traded options, including FLexible EXchange<sup>®</sup> Options ("FLEX Options"), are valued at a market-based price provided by the exchange on which the options contract is traded at the official close of that exchange's trading date. If the exchange on which the options contract is traded is unable to provide a market price, exchange-traded options prices will be provided by a model-pricing provider. Over-the-counter options ("OTC Options"), including certain binary options, are valued at the mean of the most recent bid and asked price, if available, or otherwise at their closing bid price. Custom basket options are valued using the prices of the underlying components of the basket. Otherwise, the value of an options contract will be determined by the Pricing Committee in accordance with the Valuation Procedures.

Fixed income securities will generally be valued using a third-party pricing service vendor (a "Pricing Service"). Fixed income securities having a remaining maturity of 60 days or less when purchased will be valued at cost adjusted for amortization of premiums and accretion of discounts, provided the Pricing Committee has determined that the use of amortized cost is an appropriate reflection of fair value given market and issuer specific conditions existing at the time of the determination.

Open-end investment companies, with the exception of ETFs, are valued at their respective NAVs.

The Funds' accounting agent may obtain all market quotations used in valuing securities from a Pricing Service. If no quotation can be obtained from a Pricing Service, then the Funds' accounting agent will contact the Pricing Committee. The Pricing Committee will then attempt to obtain one or more broker quotes for the security or other asset daily and will value the security or other asset accordingly. If no quotation is available from either a Pricing Service, or one or more brokers, or if the Pricing Committee has reason to question the reliability or accuracy of a quotation supplied or the use of amortized cost, the value of any portfolio security or other asset held by a Fund for which reliable market quotations are not readily available will be determined by Milliman in a manner that most appropriately reflects fair market value of the security or other asset on the valuation date.

The Trust follows the authoritative guidance (GAAP) for fair value measurements, which established a framework for measuring fair value and a hierarchy for inputs and techniques used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs and techniques by requiring that the most observable inputs be used when available. The guidance established three tiers of inputs that may be used to measure fair value as follows:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

---

| | |
|:---|:---|
| Level 2 –<br>| 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 –<br>| Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' 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.  |

---

The inputs used to value the Funds' investments at June 30, 2025, are summarized at the end of each Fund's Schedule of Investments. The inputs or techniques used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Cash and cash equivalents – Cash and cash equivalents include amounts held in interest-bearing demand deposit accounts with the Funds' custodian. The rate on the demand deposit account was 4.11% as of June 30, 2025.

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**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Offering Costs – Offering costs directly attributable to a series of the Trust are charged to that series, such as certain registration fees, while expenses which are attributable to more than one series are allocated among the respective series on a pro rata basis.

Offering costs are recorded as a deferred asset and amortized on a straight-line basis for a period of twelve months upon commencement of operations of each Fund. Offering costs include legal fees pertaining to the preparation, review and filing of each Fund's initial registration statement with the SEC, and printing, mailing or other distribution charges related to each Fund's prospectus and statement of additional information. Offering costs are subject to the Funds' Expense Limitation Agreement (See Note 5).

Investment Transactions, Investment Income and Expenses – Investment transactions are accounted for on a trade date basis for financial reporting purposes. Realized gains and losses from investment transactions are recorded on an identified cost basis. Dividend income is recognized on the ex-dividend date. Interest income, including accretion of discounts and amortization of premiums, is recognized on an accrual basis using the effective yield method.

Expenses are accrued daily. Expenses of the Trust, which are directly identifiable to a specific series, are applied to that series. Expenses which are not identifiable to a specific series are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense.

Distributions to Shareholders – Distributions to shareholders are recorded on the ex-dividend date. The Funds intend to pay out dividends from their net investment income, if any, annually. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Funds. The Funds may periodically make reclassifications among certain of its capital accounts as a result of the recognition and characterization of certain income and capital gain distributions determined annually in accordance with federal tax regulations which may differ from GAAP. Distributions that exceed earnings and profits for tax purposes are reported as a return of capital.

3. DERIVATIVES

Disclosures about derivative instruments are intended to improve financial reporting for derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity's results of operations and financial position.

In seeking to create a hedge against a Fund's downside equity exposure, Milliman primarily intends to purchase and sell either OTC options and/or FLEX Options on common stocks and/or indices or ETFs representing those common stocks. OTC options are traded and privately negotiated in the OTC market and are subject to counterparty risk of the writer of the options contract. Many counterparties to OTC options are financial institutions, such as banks and broker-dealers, and their creditworthiness (and ability to pay or perform) may be negatively impacted by factors affecting financial institutions generally. FLEX Options are options contracts that trade on an exchange but provide an investor with the ability to customize key contract terms like strike price, style and expiration date, while achieving price discovery (i.e., determining market prices) in competitive, transparent auctions markets and avoiding the counterparty exposure of OTC options positions. Like traditional exchange-traded options, FLEX Options are guaranteed for settlement by the Options Clearing Corporation ("OCC"), a market clearinghouse that guarantees performance by counterparties to certain derivatives contracts. Milliman is not restricted in its use of OTC or exchange-traded options and may use either type to achieve the Funds' principal investment strategies.

The Funds will purchase and sell call and put options. In general, put options give the holder (i.e., the buyer) the right to sell an asset (or deliver the cash value of the underlying asset) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the underlying asset) at a certain defined price. Call options give the holder (i.e., the buyer) the right to buy an asset (or receive cash value of the underlying asset) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the underlying asset) at a certain defined price.

When a Fund purchases an option, an amount equal to the premium paid by the Fund is recorded as an investment and is subsequently adjusted to the current value of the option purchased. If an option expires on the stipulated expiration date or if the Fund enters into a closing sale transaction, a gain or loss is realized. If a call option is exercised, the cost of the security acquired is increased by the premium paid for the call or, if cash-settled, a gain or loss is realized. If a put option is exercised, a gain or loss is realized from the sale of the underlying security, or the transfer of the relative cash amount if cash-settled, and the proceeds are decreased by the premium originally paid.

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**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gain from written options. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option written by the Fund is exercised, the premium received is added to the proceeds from the sale of the underlying security, or the transfer of the relevant cash amount if cash-settled, in determining whether the Fund has a realized a gain or loss. If a put option written by the Fund is exercised, the premium received reduces the cost basis of the securities purchased by the Fund if physical delivery is required, or the corresponding cash amount if cash-settled. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the asset underlying the written option. Risk of loss on written options may exceed amounts recognized on the Statements of Assets and Liabilities.

The following tables summarize derivatives held by the Fund and their impact on the Funds' results of operations.

The location and value of derivative instruments on the Statements of Assets and Liabilities as of June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Total**  |
| **Milliman - Capital Group Hedged U.S. Growth Fund**<br>|  |  |  |
| Assets - Purchased options | Investments, at value | $10447 | $10447  |
| Liabilities - Written options | Options written, at value | $162892 | $162892  |
|  **Milliman - Capital Group Hedged U.S. Income and Growth Fund**<br>|  |  |  |
| Assets - Purchased options | Investments, at value | $5737 | $5737  |
| Liabilities - Written options | Options written, at value | $152114 | $152114 |

---

The location and effect of derivative instruments on the Statements of Operations for the period ended June 30, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives** <br>**Recognized in Income**  | **Realized Gain/(Loss) on Derivatives** <br>**Recognized in Income**  | **Realized Gain/(Loss) on Derivatives** <br>**Recognized in Income**  |
|  | **Location** | **Equity Risk** | **Total**  |
| **Milliman - Capital Group Hedged U.S. Growth Fund**<br>|  |  |  |
| Purchased options | Investments | $(65593) | $(65593)  |
| Written options | Written Options | 65593 | 65593  |
|  |  | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Total**  |
|  **Milliman - Capital Group Hedged U.S. Income and Growth Fund**<br>|  |  |  |
| Purchased options | Investments | $(25783) | $(25783)  |
| Written options | Written Options | 25783 | 25783  |
|  |  | $— | $— |

---

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**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation)** <br>**on Derivatives Recognized in Income**  | **Change in Unrealized Appreciation/(Depreciation)** <br>**on Derivatives Recognized in Income**  | **Change in Unrealized Appreciation/(Depreciation)** <br>**on Derivatives Recognized in Income**  |
|  | **Location** | **Equity Risk** | **Total**  |
| **Milliman - Capital Group Hedged U.S. Growth Fund**<br>|  |  |  |
| Purchased options | Investments | $(51543) | $(51543)  |
| Written options | Written Options | (129526) | (129526)  |
|  |  | $(181069) | $(181069) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Total**  |
|  **Milliman - Capital Group Hedged U.S. Income and Growth Fund**<br>|  |  |  |
| Purchased options | Investments | $(34001) | $(34001)  |
| Written options | Written Options | (134258) | (134258)  |
|  |  | $(168259) | $(168259) |

---

The notional amounts of derivative instruments outstanding relative to each Fund's net assets as of period end and the amounts of net realized gain (loss) and net change in unrealized appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

Because OTC options are not guaranteed for settlement by a clearing broker, they are generally considered to have greater counterparty risk than exchange-traded options, such as FLEX Options, which are issued and guaranteed for settlement by the OCC and their clearing houses ("clearing members") rather than a bank or a broker. To the extent the Fund uses FLEX Options, although clearing members guarantee performance of their clients' obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member's bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member's customers for the relevant account class. The use of certain derivatives involves leverage, which can cause the Fund's portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund's losses and reducing the Fund's opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested.

In order to better define its contractual rights and to secure rights to help the Funds mitigate their counterparty risk, the Funds may enter into International Swaps and Derivatives Association, Inc. Master Agreements ("ISDA Master Agreements") or similar agreement with derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and a counterparty that governs over-the-counter derivatives and foreign currency exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default or termination event. Under an ISDA Master Agreement, the Fund may, under certain circumstances, offset with the counterparty certain derivative financial instrument payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of an ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

19<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

At June 30, 2025, derivative assets and liabilities subject to offsetting provisions were as follows:

**Milliman - Capital Group Hedged U.S. Growth Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative** <br>**Assets** | **Derivatives** <br>**Available for** <br>**Offset<sup>(1)</sup>** | **Non-Cash** <br>**Collateral** <br>**Received<sup>(1)</sup>** | **Cash Collateral** <br>**Received<sup>(1)</sup>** | **Net Exposure of** <br>**Derivative** <br>**Assets<sup>(2)</sup>**  |
| Bank of America | &nbsp;&nbsp; $10447 | $(10447) | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative** <br>**Liabilities** | **Derivatives** <br>**Available for** <br>**Offset<sup>(1)</sup>** | **Non-Cash** <br>**Collateral** <br>**Pledged<sup>(1)</sup>** | **Cash Collateral** <br>**Pledged<sup>(1)</sup>** | **Net Exposure of** <br>**Derivative** <br>**Liabilities<sup>(2)</sup>**  |
| Bank of America | &nbsp;&nbsp; $162892 | $(10447) | $(152318) | &nbsp;&nbsp;&nbsp;&nbsp; $(127) | &nbsp;&nbsp;&nbsp; $— |

---

**Milliman - Capital Group Hedged U.S. Income and Growth Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative** <br>**Assets** | **Derivatives** <br>**Available for** <br>**Offset<sup>(1)</sup>** | **Non-Cash** <br>**Collateral** <br>**Received<sup>(1)</sup>** | **Cash Collateral** <br>**Received<sup>(1)</sup>** | **Net Exposure of** <br>**Derivative** <br>**Assets<sup>(2)</sup>**  |
| Bank of America | &nbsp;&nbsp; $5737 | $(5737) | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Gross Value of** <br>**Derivative** <br>**Liabilities** | **Derivatives** <br>**Available for** <br>**Offset<sup>(1)</sup>** | **Non-Cash** <br>**Collateral** <br>**Pledged<sup>(1)</sup>** | **Cash Collateral** <br>**Pledged<sup>(1)</sup>** | **Net Exposure of** <br>**Derivative** <br>**Liabilities<sup>(2)</sup>**  |
| Bank of America | &nbsp;&nbsp; $152114 | $(5737) | $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $146377 |

---

<sup>(1)</sup> Excess of collateral is not shown for financial reporting purposes.

<sup>(2)</sup> Net exposure represents the receivable due from or payable due to the counterparty in the event of default.

4. FEDERAL TAX INFORMATION

No provision for federal income taxes has been made, as it is each Fund's policy to comply with the Subchapter M provision of the Internal Revenue Code of 1986, as amended, and to distribute to shareholders each year, all of its taxable income and realized gains.

Each Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the tax returns are filed. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statements of Operations. The Funds do not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Funds did not incur any interest or penalties for the period ended June 30, 2025.

The amount and character of tax-basis distributions and composition of distributable earnings are finalized at fiscal year-end. Accordingly, tax-basis balances have not been determined as of the date of this report.

At June 30, 2025, the cost of investments, including derivatives, and unrealized appreciation/depreciation for federal income tax purposes for each Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of** <br>**Investments** | **Gross** <br>**Unrealized** <br>**Appreciation** | **Gross** <br>**Unrealized** <br>**Depreciation** | **Net** <br>**Unrealized** <br>**Appreciation/**<br>(Depreciation)  |
| Milliman - Capital Group Hedged U.S. Growth Fund | $2753625 | $997976 | $(152445) | &nbsp;&nbsp; $845531  |
|  Milliman - Capital Group Hedged U.S. Income and Growth Fund | 2820415 | 876.494 | (146377) | &nbsp;&nbsp; 730117 |

---

20<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

5. ADVISORY FEES AND OTHER AGREEMENTS

The Trust has an Investment Advisory Agreement with Milliman to furnish investment advisory services to the Funds. Pursuant to the Investment Advisory Agreement, Milliman is entitled to receive an annual fee, payable monthly, equal to 0.77% of each Fund's average daily net assets.

Capital International, Inc. (the "Sub-Adviser") serves as investment sub-adviser to each Fund. Under the Investment Sub-Advisory Agreement (the "Sub-Advisory Agreement") with Milliman, the Sub-Adviser provides to Milliman a list of securities that comprise a Fund's Investable Universe. That list is comprised of a portfolio of securities representing the Sub-Adviser's recommendations to Milliman as to the common stocks and/or cash or cash equivalents on which Milliman could purchase for a Fund. The Sub-Adviser does not have responsibility for the day-to-day management of the Funds' portfolios nor review and oversight of the Funds' investment strategies. Rather, Milliman will make determinations on which common stocks to purchase and derivatives to transact based upon industry weightings, market capitalizations, and other financial characteristics of the common stocks contained in the Investable Universe. Milliman will also make determinations on which common stocks to purchase and derivatives to transact based on Milliman's evaluation of the market liquidity of those common stocks and derivatives. Pursuant to the terms of the Sub-Advisory Agreement, the Sub-Adviser may remove stocks from, and/or add stocks to, the list, which may result in Milliman selling stocks that have been removed or purchasing stocks that have been added to the list, as well as resetting some of the derivatives positions. For services provided under the Sub-Advisory Agreement, Milliman pays the Sub-Adviser a fee out of the advisory fee Milliman receives from each Fund.

Milliman has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit each Fund's total annual Fund operating expenses (which include any offering and organizational expenses, but exclude taxes, interest, brokerage fees and commissions, Rule 12b-1 fees, acquired fund fees and expenses, short-sale dividend expenses, and extraordinary or non-routine expenses not incurred in the ordinary course of each Fund's business) to 0.84% of each Fund's average daily net assets (the "Expense Limitation Agreement") until at least April 30, 2026. During its term, the Expense Limitation Agreement cannot be terminated or amended to increase the applicable limit without approval of the Board. Milliman may recoup from each Fund any advisory fees waived or expenses reimbursed pursuant to the applicable Expense Limitation Agreement for a period of three years from the date on which such waiver or reimbursement occurred; provided, however, that such recoupment shall not be made if it would cause the Fund's total annual Fund operating expenses to exceed the lesser of (a) the expense limitation in effect at the time of the reimbursement, or (b) the expense limitation in effect at the time of recoupment, if any. No amounts were recouped during the Period ended June 30, 2025. As of June 30, 2025, the amounts eligible for recoupment and the year of expiration are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Recovery Expiring in:**  | **Recovery Expiring in:**  | **Recovery Expiring in:**  | **Recovery Expiring in:**  |
|  | **2028**  | **2027** | **2026** | **Total**  |
| Milliman - Capital Group Hedged U.S. Growth Fund | $120976  | $286830 | $140414 | $547770  |
| Milliman - Capital Group Hedged U.S. Income and Growth Fund | 120505  | 285554 | 138199 | 544258 |

---

U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, a subsidiary of U.S. Bancorp, serves as each Fund's fund accountant, administrator, and transfer agent pursuant to certain fund accounting servicing, fund administration servicing and transfer agent servicing agreements. U.S. Bank National Association, a subsidiary of U.S. Bancorp, serves as the Funds' custodian pursuant to a custody agreement. Foreside Fund Services, LLC (the "Distributor") serves as the Funds' distributor pursuant to a distribution agreement.

The Trust has adopted a Distribution Plan under Rule 12b-1 ("Rule 12b-1 Plan") of the 1940 Act with respect to each Fund's Class 3 shares. The Rule 12b-1 Plan permits each Fund to pay the Distributor, as the Funds' principal underwriter, for expenses associated with the distribution of Class 3 shares of the Funds. Under the Rule 12b-1 Plan, the Distributor is paid an annual fee of 0.25% of the average daily net assets of Class 3 shares. All Rule 12b-1 Plan payments received by the Distributor shall be used solely for distribution-related expenses and shall not be retained as profit by the Distributor. Accordingly, no compensation is payable by the Funds to the Distributor for such distribution services. However, Milliman has entered into an agreement with the Distributor under which it makes payments to the Distributor in consideration for its services under the distribution agreement. The payments made by Milliman to the Distributor do not represent an additional expense to the Funds or their shareholders.

21<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

Certain Trustees and Officers of the Trust are also Officers or employees of Milliman and, during their terms of office, receive no compensation from the Funds.

6. INVESTMENT TRANSACTIONS

Purchases and sales of investments, excluding short-term obligations and U.S. Government Securities, for the period ended June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Milliman - Capital Group Hedged U.S. Growth Fund | $591658 | $606702  |
| Milliman - Capital Group Hedged U.S. Income and Growth Fund | 446579 | 439735 |

---

7. BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates a presumption of control of that Fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, American General Life Insurance Company directly owned 100% of the outstanding shares of each Fund.

8. RISKS

The Funds could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. Assets may decline in value due to factors affecting financial markets generally or particular asset classes or industries represented in the markets. The value of options or other assets may also decline due to general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or due to factors that affect a particular issuer, country, region, market, industry, sector or asset class.

The principal risks of investing in the Funds are described more fully in the Funds' prospectus.

9. GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred.

10. SEGMENT REPORTING

Each Fund included herein is deemed to be an individual reporting segment and is not part of a consolidated reporting entity. The objective and strategy of each Fund is used by Milliman to make investment decisions, and the results of the operations, as shown in the statements of operations and the financial highlights for each Fund is the information utilized for the day-to-day management of the Funds. Each Fund is party to the expense agreements as disclosed in the notes to the financial statements and resources are not allocated to a fund based on performance measurements. Due to the significance of oversight and their role, Milliman is deemed to be the Chief Operating Decision Maker.

11. SUBSEQUENT EVENTS

On August 1, 2025, the following Fund paid income distributions in the amount shown in the table:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Per Share** <br>**Amount**  |
| Milliman - Capital Group Hedged U.S. Income and Growth Fund | $15915 | $0.0519572 |

---

22<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**MILLIMAN VARIABLE INSURANCE TRUST** 

**NOTES TO FINANCIAL STATEMENTS** 

**June 30, 2025 (Unaudited)(Continued)** 

On August 1, 2025, the Funds paid long-term capital gain distributions in the amount shown in the table:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Per Share** <br>**Amount**  |
| Milliman - Capital Group Hedged U.S. Growth Fund | $663083 | $2.21027  |
| Milliman - Capital Group Hedged U.S. Income and Growth Fund | 508012 | 1.65849 |

---

Effective upon close of business on August 15, 2025, the Funds ceased operations and share of the Funds were no longer available for purchase, including from new insurance company accounts or other qualified investors and additional purchases from existing insurance company separate accounts or other qualified investors.

Management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

23<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

There were no changes in or disagreements with accountants during the period covered by this report.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

There were no matters submitted to a vote of shareholders during the period covered by this report.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

For the six-month period ended June 30, 2025, the aggregate remuneration the Registrant paid the directors, all members of any advisory board and any officers are disclosed in the Financial Statements.

24<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights
 are included within the financial statements filed under Item 7 of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

There were no changes in or disagreements with accountants during the period covered by this report.

 **<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

There were no matters submitted to a vote of shareholders during the period covered by this report.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

See Item 7(a).

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Not applicable

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

**<u>Item 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's
 President/Principal Executive Officer and Treasurer/Principal Financial Officer have reviewed the Registrant's disclosure controls and
 procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act") (17 CFR 270.30a-3(c)) as
 of a date within 90 days of the filing of this report. Based on their evaluation of these controls and procedures as required by Rule 30a-3(b)
 under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, such officers have
 concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report
 is appropriately recorded, processed, summarized and reported within the time periods specified in the Commission's rules and forms and
 that the controls are designed to ensure that information required to be disclosed by an investment company in the reports that it files
 on Form N-CSR is accumulated and communicated to them to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no
 changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))
 that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* (1) *Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit.* Not applicable for semi-annual reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) *A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](mvit-efp17262_ex99cert.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308).Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate toevents occurring during the reporting period. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [*Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](mvit-efp17262_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) Milliman
 Variable Insurance Trust

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Adam Schenck |
|  | Adam Schenck, President and Principal Executive Officer |

---

Date <u>9/4/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Adam Schenck |
|  | Adam Schenck, President and Principal Executive Officer |

---

Date <u>9/4/2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Blake Graves |
|  | Blake Graves, Treasurer and Principal Financial Officer |

---

Date <u>9/4/2025</u>

*\* Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATIONS</u>**

I, Adam Schenck, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Milliman Variable Insurance Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/4/2025 | /s/ Adam Schenck |
|  |  | Adam Schenck |
|  |  | President and Principal Executive Officer |

---

**<u>CERTIFICATIONS</u>**

I, Blake Graves, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Milliman Variable Insurance Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based
 on my knowledge, this report does not contain any untrue statement of a material fact or
 omit to state a material fact necessary to make the statements made, in light of the circumstances
 under which such statements were made, not misleading with respect to the period covered
 by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based
 on my knowledge, the financial statements, and other financial information included in this
 report, fairly present in all material respects the financial condition, results of operations,
 changes in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented in this
 report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 registrant's other certifying officer(s) and I are responsible for establishing and
 maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to the
 registrant, including its consolidated subsidiaries, is made known to us by others within
 those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance regarding
 the reliability of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and procedures,
 as of a date within 90 days prior to the filing date of this report based on such evaluation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected, or is
 reasonably likely to materially affect, the registrant's internal control over financial
 reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 registrant's other certifying officer(s) and I have disclosed to the registrant's
 auditors and the audit committee of the registrant's board of directors (or persons
 performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant's
 ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have a significant
 role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/4/2025 | /s/ Blake Graves |
|  |  | Blake Graves |
|  |  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Milliman Variable Insurance Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the Milliman Variable Insurance Trust for the period ended June 30, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Milliman Variable Insurance Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Adam Schenck | /s/ Blake Graves |
| Adam Schenck | Blake Graves |
| President and Principal Executive Officer | Treasurer and Principal Financial Officer |
| Milliman Variable Insurance Trust | Milliman Variable Insurance Trust |

---

Dated: <u>9/4/2025</u> Dated: <u>9/4/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Milliman Variable Insurance Trust for purposes of Section 18 of the Securities Exchange Act of 1934.