# EDGAR Filing Document

**Accession Number:** 0001844255
**File Stem:** 0000894189-23-001884
**Filing Date:** 2023-3
**Character Count:** 1416452
**Document Hash:** 384aa754bd5b9c3a2391cab7ea59d80c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-23-001884.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0000894189-23-001884

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 87

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230309

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Milliman Variable Insurance Trust
- **CENTRAL INDEX KEY:** 0001844255
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23710
- **FILM NUMBER:** 23718497

**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 Money Market Fund (Series ID: S000073298)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230115 | Class 3      |  |

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov (Series ID: S000073299)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230116 | Class 3      |  |

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec (Series ID: S000073300)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230117 | Class 3      |  |

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul (Series ID: S000073301)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230118 | Class 3      |  |

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug (Series ID: S000073302)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230119 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May (Series ID: S000073303)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230120 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun (Series ID: S000073304)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230121 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul (Series ID: S000073305)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230122 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug (Series ID: S000073306)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230123 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan (Series ID: S000073307)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230124 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb (Series ID: S000073308)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230125 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep (Series ID: S000073309)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230126 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar (Series ID: S000073310)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230127 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr (Series ID: S000073311)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230128 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May (Series ID: S000073312)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230129 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun (Series ID: S000073313)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230130 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul (Series ID: S000073314)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230131 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug (Series ID: S000073315)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230132 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan (Series ID: S000073316)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230133 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb (Series ID: S000073317)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230134 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar (Series ID: S000073318)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230135 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr (Series ID: S000073319)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230136 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct (Series ID: S000073320)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230137 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May (Series ID: S000073321)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230138 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun (Series ID: S000073322)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230139 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul (Series ID: S000073323)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230140 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug (Series ID: S000073324)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230141 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan (Series ID: S000073325)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230142 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb (Series ID: S000073326)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230143 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar (Series ID: S000073327)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230144 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr (Series ID: S000073328)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230145 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May (Series ID: S000073329)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230146 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun (Series ID: S000073330)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230147 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov (Series ID: S000073331)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230148 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul (Series ID: S000073332)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230149 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug (Series ID: S000073333)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230150 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan (Series ID: S000073334)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230151 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb (Series ID: S000073335)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230152 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar (Series ID: S000073336)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230153 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr (Series ID: S000073337)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230154 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May (Series ID: S000073338)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230155 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun (Series ID: S000073339)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230156 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul (Series ID: S000073340)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230157 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug (Series ID: S000073341)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230158 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec (Series ID: S000073342)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230159 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan (Series ID: S000073343)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230160 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb (Series ID: S000073344)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230161 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar (Series ID: S000073345)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230162 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr (Series ID: S000073346)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230163 | Class 3      |  |

### Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I) (Series ID: S000073347)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230164 | Class 3      |  |

### Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I) (Series ID: S000073348)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230165 | Class 3      |  |

### Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I) (Series ID: S000073349)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230166 | Class 3      |  |

### Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I) (Series ID: S000073350)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230167 | Class 3      |  |

### Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I) (Series ID: S000073351)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230168 | Class 3      |  |

### Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I) (Series ID: S000073352)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230169 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul (Series ID: S000073353)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230170 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug (Series ID: S000073354)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230171 | Class 3      |  |

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep (Series ID: S000073355)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230172 | Class 3      |  |

### Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct (Series ID: S000073356)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000230173 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec (Series ID: S000077007)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237146 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov (Series ID: S000077008)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237147 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct (Series ID: S000077009)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237148 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep (Series ID: S000077010)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237149 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec (Series ID: S000077011)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237150 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov (Series ID: S000077012)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237151 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct (Series ID: S000077013)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237152 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep (Series ID: S000077014)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237153 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec (Series ID: S000077015)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237154 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov (Series ID: S000077016)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237155 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct (Series ID: S000077017)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237156 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov (Series ID: S000077018)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237157 | Class 3      |  |

### Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep (Series ID: S000077019)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237158 | Class 3      |  |

### Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I) (Series ID: S000077020)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237159 | Class 3      |  |

### Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I) (Series ID: S000077021)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237160 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct (Series ID: S000077022)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237161 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep (Series ID: S000077023)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237162 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec (Series ID: S000077024)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237163 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov (Series ID: S000077025)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237164 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct (Series ID: S000077026)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237165 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep (Series ID: S000077027)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237166 | Class 3      |  |

### Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec (Series ID: S000077028)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237167 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct (Series ID: S000077035)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237174 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec (Series ID: S000077038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237177 | Class 3      |  |

### Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov (Series ID: S000077040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000237179 | Class 3      |  |

------

UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> 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>**<br> (Exact name of Registrant as specified in charter)

#### 71 South Wacker Drive, 31 <sup>st</sup> Floor
**<u>Chicago, IL 60606</u>**<br> (Address of principal executive offices) (Zip code)

#### Ehsan Sheikh

#### 71 South Wacker Drive, 31 <sup>st</sup> Floor
**<u>Chicago, IL 60606</u>**<br> (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, 2022</u>**

Date of reporting period: **<u>December 31, 2022</u>**

****

<br> ------

#### Item 1. Reports to Stockholders.

(a)<br>

![](msoncsr001.jpg)

**Milliman Variable Insurance Trust**

**Structured Outcome Funds**

**Annual Report**

**December 31, 2022**

------

The following series of Milliman Variable Insurance Trust are presented in this annual report:

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov

Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov

Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jun/Dec

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jan

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Feb

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Mar

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Apr

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – May

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jun

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jul

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Aug

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Sep

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Oct

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Nov

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Dec

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jan

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Feb

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Mar

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Apr

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – May

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jun

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jul

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Aug

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Sep

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Oct

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Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Nov

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Dec

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jan

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Feb

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Mar

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Apr

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – May

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jun

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jul

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Aug

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Sep

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Oct

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Nov

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Dec

Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)

Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)

Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)

Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)

Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)

Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)

Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)

Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)

Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct

Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov

Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Management Discussion of Fund Performance](#mmmfncsrc001) | 1 |
| &nbsp;&nbsp;&nbsp;[About the Milliman Structured Outcome Funds](#mmmfncsrc002) | 1 |
| &nbsp;&nbsp;&nbsp;[Market Environment](#mmmfncsrc003) | 2 |
| &nbsp;&nbsp;&nbsp;[Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund Series](#mmmfncsrc004) | 3 |
| &nbsp;&nbsp;&nbsp;[Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund Series](#mmmfncsrc005) | 6 |
| &nbsp;&nbsp;&nbsp;[Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund Series](#mmmfncsrc006) | 9 |
| &nbsp;&nbsp;&nbsp;[Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund Series](#mmmfncsrc007) | 11 |
| &nbsp;&nbsp;&nbsp;[Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund Series](#mmmfncsrc008) | 14 |
| &nbsp;&nbsp;&nbsp;[Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund Series](#mmmfncsrc009) | 17 |
| &nbsp;&nbsp;&nbsp;[Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund Series](#mmmfncsrc010) | 21 |
| &nbsp;&nbsp;&nbsp;[Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund Series](#mmmfncsrc011) | 24 |
| &nbsp;&nbsp;&nbsp;[Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund Series](#mmmfncsrc012) | 25 |
| &nbsp;&nbsp;&nbsp;[Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund Series](#mmmfncsrc013) | 26 |
| &nbsp;&nbsp;&nbsp;[Fund Performance](#mmmfncsrc014) | 28 |
| [Expense Example](#mmmfncsrc015) | 144 |
| [Schedules of Investments](#mmmfncsrc016) | 150 |
| [Statements of Assets and Liabilities](#mmmfncsrc017) | 316 |
| [Statements of Operations](#mmmfncsrc018) | 337 |
| [Statements of Changes in Net Assets](#mmmfncsrc019) | 358 |
| [Financial Highlights](#mmmfncsrc020) | 379 |
| [Notes to Financial Statements](#mmmfncsrc021) | 386 |
| [Report of Independent Registered Public Accounting Firm](#mmmfncsrc022) | 406 |
| [Additional Information](#mmmfncsrc023) | 409 |
| [Trustees and Officers](#mmmfncsrc024) | 410 |
| [Board Considerations Regarding Approval of Investment Management Agreements](#mmmfncsrc025) | 412 |

---

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**About the Milliman Structured Outcome Funds**

The Milliman Variable Insurance Trust ("MVIT") has a suite of structured outcome Funds that seek to provide exposure to the S&P 500 Price Index ("S&P 500") prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a fund's portfolio, while providing a combination of two options strategies, as described in a fund's prospectus, which are designed to produce certain pre-determined outcomes over a six-month, one-year or six-year period, as specified in a fund's name. This annual report relates only to the series of MVIT specified above (each, a "Fund," and collectively, the "Funds").

Each Fund currently offers only Class 3 shares, and only to insurance company separate accounts Funding variable annuity contracts and variable life insurance policies and other qualified investors. There are a variety of strategies that are offered in the MVIT. Strategies and Funds are listed below, accompanied by more detail on the attributes pertaining to each specific Fund strategy.

**Glossary of Terms**

**S&P 500 Price Index** – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges.

**Nasdaq 100 Price Index ("Nasdaq")** – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange.

**Russell 2000 Price Index ("Russell")** – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks.

**MSCI EAFE Price Index ("EAFE")** – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia.

**Buffer Strategy** – Designed to provide a cushion against a specified percentage of losses in the Fund's S&P 500 Price Index exposure (the "Buffer") if the S&P 500 Price Index experiences losses during the Outcome Period.

**Floor Strategy** – Designed to limit losses in the Fund's S&P 500 Price Index exposure to a specified percentage (the "Floor") if the S&P 500 Price Index experiences losses during the Outcome Period.

**Par Up Strategy** – Designed to provide participation in the gains of the S&P 500 Price Index at a declared participation rate (the "Par Up Rate") if the S&P 500 Price Index experiences gains during the Outcome Period.

**Par Down Strategy** – Designed to limit losses in the Fund's S&P 500 Price Index exposure at a declared participation rate (the "Par Down Rate") if the S&P 500 Price Index experiences losses during the Outcome Period.

**Spread Strategy** – Designed to provide participation in the gains of the S&P 500 Price Index if the S&P 500 Price Index experiences gains during the Outcome Period that exceed a declared spread (the "Spread").

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Stacker Cap Strategy** – Designed to provide participation in the gains of the S&P 500 Price Index up to a declared cap (the "Cap") if the S&P 500 Price Index experiences gains during the Outcome Period plus additional gains equal to any upside market performance of a secondary market Index up to a declared cap if that secondary market Index experiences gains during the Outcome Period. The Cap is expressed as a combined number for both the S&P 500 Price Index and the secondary index and is split evenly between them.

**Trigger Strategy** – Designed to produce a fixed rate of return that is only "triggered" (i.e., paid to the Fund) if the value of the S&P 500 Price Index or a corresponding exchange-traded Fund ("ETF") is unchanged or increases over the Outcome Period (the "Trigger Rate").

**Outcome Period** – The outcome period begins on the day Milliman transacts in the FLEX Options and ends on the day those FLEX Options expire.

**Collateral Portfolio** – A portfolio comprised of fixed income securities, including money market funds and other interest-bearing instruments, cash, ETFs that primarily invest in any of the foregoing instruments, and options on ETFs and options box spreads, as described in a Fund's prospectus.

**Market Environment**

2022 was a challenging year for investors, as markets factored in the increasing likelihood of a global recession. The uncertain environment led to a rise in volatility and pushed stocks down for most of the year, but also created a repeating zig-zag pattern of bear-market rallies followed by further declines, as investors navigated the cycles of economic data and interest rate decisions. Inflation reached 40-year highs, causing central banks to raise rates to their highest levels in decades. The Federal Reserve raised the Fed Funds Rate by 425 basis points (bps), the largest net calendar increase since 1972. Meanwhile, the conflict in Ukraine and China's zero COVID policy put stress on supply chains, further exacerbating inflation and volatility. Stocks and bonds declined together for the first time in decades.

Growth stocks were disproportionally affected by the rate increases and the Nasdaq was one of the worst performers for the year amongst the most commonly followed equity benchmarks, down over 32%. Small cap stocks also underperformed large cap stocks during 2022 – Russell fell 21.56% for the year, a larger loss than the S&P 500's -19.44% (both are expressed as changes in price, excluding dividends). Developed international markets outperformed domestic indices, as the EAFE declined only 16.79% for the year (also on a price return basis). This was due in large part to the UK's outperformance through an evolving political landscape that ultimately led markets to regained confidence in the final quarter.

The combination of low treasury yields and the steep rate change over 2022 caused fixed income markets to experience declines, especially bonds with long durations. The iShares iBoxx $ Investment Grade Corporate Bond ETF ("LQD") with a medium-term duration, decreased by 18.01%, while the ultra-long iShares 20+ Year Treasury Bond ETF ("TLT") saw a decrease of 31.41% (both in total return terms). Over the course of 2022, the Bloomberg US Aggregate Bond Index suffered a total return loss of 13.01%, completing its worst calendar year on record since its inception in 1976 and marking only the fifth time ever that the index experienced a negative calendar year return.

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund Series**

**Strategy and Benchmark Composition**

The 6-Month Buffered S&P 500 with Par Up Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 10% of losses associated with S&P 500 performance and participating in S&P 500 gains at a declared Par Up Rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a six-month period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Par" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A "Below Buffer Range" strategy zone indicates the Fund is beyond the protection of the Buffer, and targets 1:1 downside exposure to the S&P 500 beyond the 10% buffered loss. A "Within Buffer" strategy zone has a target outcome of 0%. An "Upside Participation" strategy zone targets upside exposure to the S&P 500 at the Par Up Rate declared at the start of an Outcome Period.

**Fund Performance**

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul**

The Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul returned -21.60% from its inception on January 10, 2022 to the end of the year, compared to the S&P 500's 17.79% decline in price during the period.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul's completed Outcome Period was from January 10, 2022, to July 11, 2022. During this period, the Fund was down 16.00% compared to the S&P 500, which was down 17.47%. A breakdown of the Fund performance attributes equity performance of -7.96% and fixed income performance of -8.04%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 71.43%. The Outcome Period ended in the "Below Buffer Range" strategy zone.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul commenced a new Outcome Period, which started on July 11, 2022. As of December 31, 2022, the Fund was down 6.67% compared to the S&P 500, which was down 0.39%. A breakdown of the Fund performance attributes equity performance of 0.23% and fixed income performance of -6.89%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 71.43% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug**

The Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug returned -18.00% from its inception on February 10, 2022 to the end of the year, compared to the S&P 500's 14.76% decline in price during the period.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug's completed Outcome Period was from February 10, 2022, to August 10, 2022. During this period, the Fund was down 8.30% compared to the S&P 500, which was down 6.52%. A breakdown of the Fund performance

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

attributes equity performance of -0.49% and fixed income performance of -7.81%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 77.27%. The Outcome Period ended in the "Within Buffer" strategy zone.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug commenced a new Outcome Period, which started on August 10, 2022. As of December 31, 2022, the Fund was down 10.58% compared to the S&P 500, which was down 8.81%. A breakdown of the Fund performance attributes equity performance of -2.67% and fixed income performance of -7.91%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 75.68% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep**

The Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep returned -13.59% from its inception on March 10, 2022 to the end of the year, compared to the S&P 500's 9.86% decline in price during the period.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep's completed Outcome Period was from March 10, 2022, to September 12, 2022. During this period, the Fund was down 8.20% compared to the S&P 500, which was down 3.50%. A breakdown of the Fund performance attributes equity performance of -0.50% and fixed income performance of -7.70%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 79.17%. The Outcome Period ended in the "Within Buffer" strategy zone.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep commenced a new Outcome Period, which started on September 12, 2022. As of December 31, 2022, the Fund was down 5.87% compared to the S&P 500, which was down 6.59%. A breakdown of the Fund performance attributes equity performance of -2.39% and fixed income performance of -3.49%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 80.00% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct**

The Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct returned -11.91% from its inception on April 11, 2022 to the end of the year, compared to the S&P 500's 12.99% decline in price during the period.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct's completed Outcome Period was from April 11, 2022, to October 11, 2022. During this period, the Fund was down 16.80% compared to the S&P 500, which was down 18.67%. A breakdown of the Fund performance attributes equity performance of -9.18% and fixed income performance of -7.62%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 77.27%. The Outcome Period ended in the "Below Buffer Range" strategy zone.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct's commenced a new Outcome Period, which started on October 11, 2022. As of December 31, 2022, the Fund was up 5.88% compared to the S&P 500, which was up 6.98%. A breakdown of the Fund performance

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

attributes equity performance of 5.64% and fixed income performance of 0.24%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 75.86% and the Fund's strategy zone was "Upside Participation".

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov**

The Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov returned -8.95% from its inception on May 10, 2022 to the end of the year, compared to the S&P 500's 4.04% decline in price during the period.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov's completed Outcome Period was from May 10, 2022, to November 10, 2022. During this period, the Fund was down 8.30% compared to the S&P 500, which was down 1.12%. A breakdown of the Fund performance attributes equity performance of -0.50% and fixed income performance of -7.80%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 76.67%. The Outcome Period ended in the "Within Buffer" strategy zone.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov commenced a new Outcome Period, which started on November 10, 2022. As of December 31, 2022, the Fund was down 0.70% compared to the S&P 500, which was down 2.95%. A breakdown of the Fund performance attributes equity performance of -0.59% and fixed income performance of -0.11%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a small detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 81.48% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec**

The Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec returned -4.29% from its inception on June 10, 2022 to the end of the year, compared to the S&P 500's 1.57% decline in price during the period.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec's completed Outcome Period was from June 10, 2022, to December 12, 2022. During this period, the Fund was down 2.40% compared to the S&P 500, which was up 2.30%. A breakdown of the Fund performance attributes equity performance of 1.16% and fixed income performance of -3.56%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 72.00%. The Outcome Period ended in the "Upside Participation" strategy zone.

During the reporting period, the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec commenced a new Outcome Period, which started on December 12, 2022. As of December 31, 2022, the Fund was down 1.93% compared to the S&P 500, which was down 3.79%. A breakdown of the Fund performance attributes equity performance of -1.44% and fixed income performance of -0.49%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 82.14% and the Fund's strategy zone was "Within Buffer".

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund Series**

**Strategy and Benchmark Composition**

The 6-Month Parred Down S&P 500 with Par Up Outcome Strategy seeks to provide exposure to the S&P 500, while limiting losses to 50% of the losses associated with S&P 500 performance and participating in S&P 500 gains at a declared Par Up Rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a six-month period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Par-Par" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A "Downside Participation" strategy zone indicates the Fund targets 50% downside exposure to the S&P 500. An "Upside Participation" strategy zone targets upside exposure to the S&P 500 at the Par Up Rate declared at the start of the Outcome Period.

**Fund Performance**

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul**

The Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul returned -23.00% from its inception on January 10, 2022 to the end of the year, compared to the S&P 500's 17.79% decline in price during the period.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul's completed Outcome Period was from January 10, 2022, to July 11, 2022. During this period, the Fund was down 16.90% compared to the S&P 500, which was down 17.47%. A breakdown of the Fund performance attributes equity performance of -9.23% and fixed income performance of -7.67%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 66.67%. The Outcome Period ended in the "Downside Participation" strategy zone.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul commenced a new Outcome Period, which started on July 11, 2022. As of December 31, 2022, the Fund was down 7.34% compared to the S&P 500, which was down 0.39%. A breakdown of the Fund performance attributes equity performance of -0.45% and fixed income performance of -6.89%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 70.00% and the Fund's strategy zone was "Downside Participation".

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug**

The Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug returned -22.46% from its inception on February 10, 2022 to the end of the year, compared to the S&P 500's 14.76% decline in price during the period.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug's completed Outcome Period was from February 10, 2022, to August 10, 2022. During this period, the Fund was down 11.10% compared to the S&P 500, which was down 6.52%. A breakdown of the Fund performance

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

attributes equity performance of -3.75% and fixed income performance of -7.35%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 72.73%. The Outcome Period ended in the "Downside Participation" strategy zone.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug commenced a new Outcome Period, which started on August 10, 2022. As of December 31, 2022, the Fund was down 12.77% compared to the S&P 500, which was down 8.81%. A breakdown of the Fund performance attributes equity performance of -5.00% and fixed income performance of -7.77%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 75.00% and the Fund's strategy zone was "Downside Participation".

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep**

The Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep returned -16.40% from its inception on March 10, 2022 to the end of the year, compared to the S&P 500's 9.86% decline in price during the period.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep's completed Outcome Period was from March 10, 2022, to September 12, 2022. During this period, the Fund was down 9.80% compared to the S&P 500, which was down 3.50%. A breakdown of the Fund performance attributes equity performance of -2.25% and fixed income performance of -7.55%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 72.73%. The Outcome Period ended in the "Downside Participation" strategy zone.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep commenced a new Outcome Period, which started on September 12, 2022. As of December 31, 2022, the Fund was down 7.32% compared to the S&P 500, which was down 6.59%. A breakdown of the Fund performance attributes equity performance of -3.77% and fixed income performance of -3.54%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 77.27% and the Fund's strategy zone was "Downside Participation".

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct**

The Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct returned -13.14% from its inception on April 11, 2022 to the end of the year, compared to the S&P 500's 12.99% decline in price during the period.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct's completed Outcome Period was from April 11, 2022, to October 11, 2022. During this period, the Fund was down 17.30% compared to the S&P 500, which was down 18.67%. A breakdown of the Fund performance attributes equity performance of -9.85% and fixed income performance of -7.45%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 72.73%. The Outcome Period ended in the "Downside Participation" strategy zone.

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance** 

**December 31, 2022 (Unaudited)**

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct commenced a new Outcome Period, which started on October 11, 2022. As of December 31, 2022, the Fund was up 5.03% compared to the S&P 500, which was up 6.98%. A breakdown of the Fund performance attributes equity performance of 4.88% and fixed income performance of 0.14%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 72.73% and the Fund's strategy zone was "Upside Participation".

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov**

The Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov returned -9.80% from its inception on May 10, 2022 to the end of the year, compared to the S&P 500's 4.04% decline in price during the period.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov's completed Outcome Period was from May 10, 2022, to November 10, 2022. During this period, the Fund was down 8.90% compared to the S&P 500, which was down 1.12%. A breakdown of the Fund performance attributes equity performance of -1.06% and fixed income performance of -7.84%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 70.83%. The Outcome Period ended in the "Downside Participation" strategy zone.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov commenced a new Outcome Period, which started on November 10, 2022. As of December 31, 2022, the Fund was down 0.99% compared to the S&P 500, which was down 2.95%. A breakdown of the Fund performance attributes equity performance of -1.06% and fixed income performance of 0.07%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 81.82% and the Fund's strategy zone was "Downside Participation".

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec**

The Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec returned -4.53% from its inception on June 10, 2022 to the end of the year, compared to the S&P 500's 1.57% decline in price during the period.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec's completed Outcome Period was from June 10, 2022, to December 12, 2022. During this period, the Fund was down 2.50% compared to the S&P 500, which was up 2.30%. A breakdown of the Fund performance attributes equity performance of 1.13% and fixed income performance of -3.63%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. The Par Up Rate for this Outcome Period was 70.83%. The Outcome Period ended in the "Upside Participation" strategy zone.

During the reporting period, the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec commenced a new Outcome Period, which started on December 12, 2022. As of December 31, 2022, the Fund was down 2.08% compared to the S&P 500, which was down 3.79%. A breakdown of the Fund performance attributes equity performance of -1.65% and fixed income performance of -0.43%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 79.17% and the Fund's strategy zone was

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

"Downside Participation".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund Series**

**Strategy and Benchmark Composition**

The 1-Year Buffered S&P 500 with Spread Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 10% of losses associated with S&P 500 performance and participating in S&P 500 gains that exceed a declared Spread, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a one-year period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Spread" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A "Below Buffer Range" strategy zone indicates the Fund is beyond the protection of the Buffer and targets 1:1 downside exposure to the S&P 500 beyond the 10% buffered loss. A "Within Buffer" strategy zone has a target outcome of 0%. A "Partial Spread Remaining" strategy zone indicates the Fund has to overcome the spread before participating in S&P 500 gains. An "Upside Above Spread" strategy zone targets 1:1 upside exposure to the S&P 500 beyond the Spread declared at the start of the Outcome Period.

**Fund Performance**

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan**

During the reporting period, the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan's Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 15.90% compared to the S&P 500, which was down 17.79%. A breakdown of the Fund performance attributes equity performance of -8.73% and fixed income performance of -7.17%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 1.83% and the Fund's strategy zone was "Below Buffer Range".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb**

During the reporting period, the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb's current Outcome Period start date was February 10, 2022. As of December 31, 2022, the Fund was down 12.80% compared to the S&P 500, which was down 14.76%. A breakdown of the Fund performance attributes equity performance of -6.09% and fixed income performance of -6.71%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 2.65% and the Fund's strategy zone was "Below Buffer Range".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar's current Outcome Period start date was March 10, 2022. As of December 31, 2022, the Fund was down 11.70% compared to the S&P 500, which was down 9.86%. A breakdown of the Fund performance attributes equity performance of -4.09% and fixed income performance of -7.61%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 1.86% and the Fund's strategy zone was "Within Buffer".

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr's current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 12.53% compared to the S&P 500, which was down 12.99%. A breakdown of the Fund performance attributes equity performance of -6.30% and fixed income performance of -6.23%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 1.90% and the Fund's strategy zone was "Below Buffer Range".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May's current Outcome Period start date was May 10, 2022. As of December 31, 2022, the Fund was down 6.37% compared to the S&P 500, which was down 4.04%. A breakdown of the Fund performance attributes equity performance of -1.70% and fixed income performance of -4.67%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 2.12% and the Fund's strategy zone was "Within Buffer".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun's current Outcome Period start date was June 10, 2022. As of December 31, 2022, the Fund was down 4.23% compared to the S&P 500, which was down 1.57%. A breakdown of the Fund performance attributes equity performance of -0.10% and fixed income performance of -4.13%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 2.30% and the Fund's strategy zone was "Within Buffer".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul's current Outcome Period start date was July 11, 2022. As of December 31, 2022, the Fund was down 2.98% compared to the S&P 500, which was down 0.39%. A breakdown of the Fund performance attributes equity performance of 0.86% and fixed income performance of -3.84%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 2.31% and the Fund's strategy zone was "Within Buffer".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug's current Outcome Period start date was August 10, 2022. As of December 31, 2022, the Fund was down 9.72% compared to the S&P 500, which was down 8.81%. A breakdown of the Fund performance attributes equity performance of -5.49% and fixed income performance of -4.22%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 2.25% and the Fund's strategy zone was "Within Buffer".

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep's current Outcome Period start date was September 12, 2022. As of December 31, 2022, the Fund was down 6.51% compared to the S&P 500, which was down 6.59%. A breakdown of the Fund performance attributes equity performance of -4.48% and fixed income performance of -2.03%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Spread for this Outcome Period was 2.84% and the Fund's strategy zone was "Within Buffer".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct's current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 6.27% compared to the S&P 500, which was up 6.29%. A breakdown of the Fund performance attributes equity performance of 5.66% and fixed income performance of 0.61%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Spread for this Outcome Period was 2.75% and the Fund's strategy zone was "Upside Above Spread".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov's current Outcome Period start date was November 10, 2022. As of December 31, 2022, the Fund was down 1.82% compared to the S&P 500, which was down 2.95%. A breakdown of the Fund performance attributes equity performance of -2.20% and fixed income performance of 0.39%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Spread for this Outcome Period was 2.96% and the Fund's strategy zone was "Within Buffer".

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec**

The Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec's current Outcome Period start date was December 12, 2022. As of December 31, 2022, the Fund was down 3.21% compared to the S&P 500, which was down 3.79%. A breakdown of the Fund performance attributes equity performance of -3.20% and fixed income performance of -0.01%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a small detraction. As of December 31, 2022, the Spread for this Outcome Period was 3.20% and the Fund's strategy zone was "Within Buffer".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund Series**

**Strategy and Benchmark Composition**

The 1-Year Floored S&P 500 with Par Up Strategy seeks to provide exposure to the S&P 500, while limiting losses associated with S&P 500 performance to 10% and participating in S&P 500 gains at a Par Up Rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a one-year period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Floor-Par"

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A "Floor Reached" strategy zone indicates the Fund has reached the Floor and has a target outcome of -10%. A "Downside Before Floor" strategy zone targets 1:1 downside exposure to the S&P 500 up to the Floor. An "Upside Participation" strategy zone targets upside exposure to the S&P 500 at the Par Up Rate declared at the start of the Outcome Period.

**Fund Performance**

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan**

During the reporting period, the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan's Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 18.10% compared to the S&P 500, which was down 17.79%. A breakdown of the Fund performance attributes equity performance of -10.97% and fixed income performance of -7.13%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 52.38% and the Fund's strategy zone was "Floor Reached".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb**

During the reporting period, the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb's Outcome Period start date was February 10, 2022. As of December 31, 2022, the Fund was down 17.00% compared to the S&P 500, which was down 14.76%. A breakdown of the Fund performance attributes equity performance of -10.28% and fixed income performance of -6.72%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 59.09% and the Fund's strategy zone was "Floor Reached".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar's current Outcome Period start date was March 10, 2022. As of December 31, 2022, the Fund was down 14.90% compared to the S&P 500, which was down 9.86%. A breakdown of the Fund performance attributes equity performance of -7.44% and fixed income performance of -7.46%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 60.87% and the Fund's strategy zone was "Downside before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr's current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 14.80% compared to the S&P 500, which was down 12.99%. A breakdown of the Fund performance attributes equity performance of -8.55% and fixed income performance of -6.25%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 58.33% and the Fund's strategy zone was "Floor Reached".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May's current Outcome Period start date

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

was May 10, 2022. As of December 31, 2022, the Fund was down 8.16% compared to the S&P 500, which was down 4.04%. A breakdown of the Fund performance attributes equity performance of -3.29% and fixed income performance of -4.87%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 60.00% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun's current Outcome Period start date was June 10, 2022. As of December 31, 2022, the Fund was down 5.62% compared to the S&P 500, which was down 1.57%. A breakdown of the Fund performance attributes equity performance of -1.80% and fixed income performance of -3.81%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 60.00% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul's current Outcome Period start date was July 11, 2022 As of December 31, 2022, the Fund was down 4.81% compared to the S&P 500, which was down 0.39%. A breakdown of the Fund performance attributes equity performance of -0.77% and fixed income performance of -4.04%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 60.00% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug's current Outcome Period start date was August 10, 2022. As of December 31, 2022, the Fund was down 9.31% compared to the S&P 500, which was down 8.81%. A breakdown of the Fund performance attributes equity performance of -5.22% and fixed income performance of -4.09%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 65.22% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep's current Outcome Period start date was September 12, 2022. As of December 31, 2022, the Fund was down 5.80% compared to the S&P 500, which was down 6.59%. A breakdown of the Fund performance attributes equity performance of -3.68% and fixed income performance of -2.12%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 66.67% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct's current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 3.52% compared to the S&P 500, which was up 6.29%. A breakdown of the Fund performance attributes equity performance of 2.98% and fixed income performance of 0.53%, which includes Fund fees and expenses. Equity performance was within expectation and

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 62.96% and the Fund's strategy zone was "Upside Participation".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov's current Outcome Period start date was November 10, 2022. As of December 31, 2022, the Fund was down 0.92% compared to the S&P 500, which was down 2.95%. A breakdown of the Fund performance attributes equity performance of -1.18% and fixed income performance of 0.26%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 76.00% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec**

The Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov's current Outcome Period start date was December 12, 2022. As of December 31, 2022, the Fund was down 1.81% compared to the S&P 500, which was down 3.79% A breakdown of the Fund performance attributes equity performance of -1.71% and fixed income performance of -0.09%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a small detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 74.19% and the Fund's strategy zone was "Downside Before Floor".

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund Series**

**Strategy and Benchmark Composition**

The 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 10% of losses associated with S&P 500 performance and participating in S&P 500 gains up to a declared Cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a one-year period. The 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Strategy also seeks to provide upside exposure to the Nasdaq up to a declared Cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over the same period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Stacker" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A combination of a primary and secondary zone indicates the target outcome of the Fund. A "Below Buffer Range" primary strategy zone indicates the Fund is beyond the protection of the Buffer and targets 1:1 downside exposure to the S&P 500 beyond the 10% buffered loss. A "Within Buffer" primary strategy zone has a target outcome of 0%. An "Upside Below Cap" primary strategy zone targets 1:1 upside exposure to the S&P 500 up to the declared Cap determined at the start of the Outcome Period. The "Capped Upside" primary strategy zone indicates the S&P 500 has reached its declared Cap. A "Below Contribution Range" secondary strategy zone is declared if the Nasdaq is experiencing negative returns. An "Upside Below Cap" secondary strategy zone targets upside 1:1 exposure to the Nasdaq up to the declared Cap. Lastly, a "Capped Upside" secondary strategy zone indicates the Nasdaq has reached the declared Cap.

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Fund Performance**

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan**

During the reporting period, the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan's Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 15.70% compared to the S&P 500, which was down 17.79% and the Nasdaq, which was down 29.94%. A breakdown of the Fund performance attributes equity performance of -8.73% and fixed income performance of -6.97%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 11.34%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb**

During the reporting period, the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb's Outcome Period start date was February 10, 2022. As of December 31, 2022, the Fund was down 12.80% compared to the S&P 500, which was down 14.76% and the Nasdaq, which was down 25.61%. A breakdown of the Fund performance attributes equity performance of -6.03% and fixed income performance of -6.77%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 12.20%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar's current Outcome Period start date was March 10, 2022. As of December 31, 2022, the Fund was down 11.70% compared to the S&P 500, which was down 9.86% and the Nasdaq, which was down 19.51%. A breakdown of the Fund performance attributes equity performance of -3.83% and fixed income performance of -7.87%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 15.40%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr's current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 12.82% compared to the S&P 500, which was down 12.99% and the Nasdaq, which was down 21.80%. A breakdown of the Fund performance attributes equity performance of -6.18% and fixed income performance of -6.64%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 14.00%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May's current Outcome Period start date was May 10, 2022. As of December 31, 2022, the Fund was down 5.16% compared to the S&P 500, which was down 4.04% and the Nasdaq, which was down 11.39%. A breakdown of the Fund performance attributes equity performance of -0.25% and fixed income performance of -4.92%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.00%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun's current Outcome Period start date was June 10, 2022. As of December 31, 2022, the Fund was down 2.62% compared to the S&P 500, which was down 1.57% and the Nasdaq, which was down 7.55%. A breakdown of the Fund performance attributes equity performance of 1.83% and fixed income performance of -4.45%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.24%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul's current Outcome Period start date was July 11, 2022. As of December 31, 2022, the Fund was down 2.62% compared to the S&P 500, which was down 0.39% and the Nasdaq, which was down 7.76%. A breakdown of the Fund performance attributes equity performance of 1.70% and fixed income performance of -4.32%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.90%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug's current Outcome Period start date was August 10, 2022. As of December 31, 2022, the Fund was down 9.81% compared to the S&P 500, which was down 8.81% and the Nasdaq, which was down 18.23%. A breakdown of the Fund performance attributes equity performance of -4.70% and fixed income performance of -5.11%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.02%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep's current Outcome Period

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

start date was September 12, 2022. As of December 31, 2022, the Fund was down 5.91% compared to the S&P 500, which was down 6.59% and the Nasdaq, which was down 14.13%. A breakdown of the Fund performance attributes equity performance of -3.11% and fixed income performance of -2.80%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.78%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct's current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 5.09% compared to the S&P 500, which was up 6.29% and the Nasdaq, which was up 0.12%. A breakdown of the Fund performance attributes equity performance of 4.62% and fixed income performance of 0.47%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Cap for this Outcome Period was 20.42%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were both "Upside Below Cap".

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov's current Outcome Period start date was November 10, 2022. As of December 31, 2022, the Fund was down 1.22% compared to the S&P 500, which was down 2.95% and the Nasdaq, which was down 5.74%. A breakdown of the Fund performance attributes equity performance of -0.79% and fixed income performance of -0.43%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.96%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec**

The Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec's current Outcome Period start date was December 12, 2022. As of December 31, 2022, the Fund was down 2.71% compared to the S&P 500, which was down 3.79% and the Nasdaq, which was down 6.55%. A breakdown of the Fund performance attributes equity performance of -1.83% and fixed income performance of -0.87%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.78%, evenly split between S&P 500 and Nasdaq, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund Series**

**Strategy and Benchmark Composition**

The 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 10% of losses associated with S&P 500 performance and participating in S&P 500 gains up to a declared Cap, prior to taking into account any fees or expenses or

------

**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

the performance of any fixed income exposure included in a Fund's portfolio, over a one-year period. The 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy also seeks to provide upside exposure to the Russell up to a declared Cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over the same period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Stacker" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A combination of a primary and secondary zone indicates the target outcome of the Fund. A "Below Buffer Range" primary strategy zone indicates the Fund is beyond the protection of the Buffer and targets 1:1 downside exposure to the S&P 500 beyond the 10% buffered loss. A "Within Buffer" primary strategy zone has a target outcome of 0%. An "Upside Below Cap" primary strategy zone targets 1:1 upside exposure to the S&P 500 up to the declared Cap determined at the start of the Outcome Period. The "Capped Upside" primary strategy zone indicates the S&P 500 has reached its declared Cap. A "Below Contribution Range" secondary strategy zone is declared if the Russell is experiencing negative returns. An "Upside Below Cap" secondary strategy zone targets 1:1 upside exposure to the Russell up to the declared Cap. Lastly, a "Capped Upside" secondary strategy zone indicates the Russell has reached the declared Cap.

**Fund Performance**

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan**

During the reporting period, the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan's Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 15.80% compared to the S&P 500, which was down 17.79% and the Russell, which was down 18.88%. A breakdown of the Fund performance attributes equity performance of -8.73% and fixed income performance of -7.07%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 11.88%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb**

During the reporting period, the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb's Outcome Period start date was February 10, 2022. As of December 31, 2022, the Fund was down 12.80% compared to the S&P 500, which was down 14.76% and the Russell, which was down 14.13%. A breakdown of the Fund performance attributes equity performance of -5.99% and fixed income performance of -6.81%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 12.00%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar's current Outcome Period start date was March 10, 2022. As of December 31, 2022, the Fund was down 11.50% compared to the S&P 500, which was down 9.86% and the Russell, which was down 12.45%. A breakdown of the Fund performance attributes equity performance of -3.56% and fixed income performance of -7.94%, which includes

------

**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 15.41%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr's current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 12.09% compared to the S&P 500, which was down 12.99% and the Russell, which was down 11.06%. A breakdown of the Fund performance attributes equity performance of -5.41% and fixed income performance of -6.68%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 14.16%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May's current Outcome Period start date was May 10, 2022. As of December 31, 2022, the Fund was down 2.56% compared to the S&P 500, which was down 4.04% and the Russell, which was down 0.03%. A breakdown of the Fund performance attributes equity performance of 2.33% and fixed income performance of -4.90%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.72%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun's current Outcome Period start date was June 10, 2022. As of December 31, 2022, the Fund was down 1.62% compared to the S&P 500, which was down 1.57% and the Russell, which was down 2.17%. A breakdown of the Fund performance attributes equity performance of 2.88% and fixed income performance of -4.50%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.22%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul's current Outcome Period start date was July 11, 2022. As of December 31, 2022, the Fund was down 1.12% compared to the S&P 500, which was down 0.39% and the Russell, which was up 1.69%. A breakdown of the Fund performance attributes equity performance of 3.31% and fixed income performance of -4.43%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.90%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Upside Below Cap", respectively.

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug's current Outcome Period start date was August 10, 2022. As of December 31, 2022, the Fund was down 8.61% compared to the S&P 500, which was down 8.81% and the Russell, which was down 10.56%. A breakdown of the Fund performance attributes equity performance of -3.57% and fixed income performance of -5.03%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.00%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep's current Outcome Period start date was September 12, 2022. As of December 31, 2022, the Fund was down 4.91% compared to the S&P 500, which was down 6.59% and the Russell, which was down 7.60%. A breakdown of the Fund performance attributes equity performance of -2.07% and fixed income performance of -2.84%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.80%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct's current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 5.59% compared to the S&P 500, which was up 6.29% and the Russell, which was up 4.10%. A breakdown of the Fund performance attributes equity performance of 5.18% and fixed income performance of 0.41%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Cap for this Outcome Period was 20.40%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were both "Upside Below Cap".

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov's current Outcome Period start date was November 10, 2022. As of December 31, 2022, the Fund was down 1.11% compared to the S&P 500, which was down 2.95% and the Russell, which was down 5.71%. A breakdown of the Fund performance attributes equity performance of -0.66% and fixed income performance of -0.45%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 18.56%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec**

The Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec's current Outcome Period start date was December 12, 2022. As of December 31, 2022, the Fund was down 2.41% compared to the S&P 500, which was down 3.79% and the Russell, which was down 3.15%. A breakdown of the Fund

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

performance attributes equity performance of -1.46% and fixed income performance of -0.95%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.80%, evenly split between S&P 500 and Russell, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund Series**

**Strategy and Benchmark Composition**

The 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 10% of losses associated with S&P 500 performance and participating in S&P 500 gains up to a declared Cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a one-year period. The 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Strategy also seeks to provide upside exposure to the EAFE up to a declared Cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over the same period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Stacker" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A combination of a primary and secondary zone indicates the target outcome of the Fund. A "Below Buffer Range" primary strategy zone indicates the Fund is beyond the protection of the Buffer and targets 1:1 downside exposure to the S&P 500 beyond the 10% buffered loss. A "Within Buffer" primary strategy zone has a target outcome of 0%. An "Upside Below Cap" primary strategy zone targets 1:1 upside exposure to the S&P 500 up to the declared Cap determined at the start of the Outcome Period. The "Capped Upside" primary strategy zone indicates the S&P 500 has reached its declared Cap. A "Below Contribution Range" secondary strategy zone is declared if the EAFE is experiencing negative returns. An "Upside Below Cap" secondary strategy zone targets 1:1 upside exposure to the EAFE up to the declared Cap. Lastly, a "Capped Upside" secondary strategy zone indicates the EAFE has reached the declared Cap.

**Fund Performance**

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan**

During the reporting period, the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan's Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 15.80% compared to the S&P 500, which was down 17.79% and the EAFE, which was down 15.70%. A breakdown of the Fund performance attributes equity performance of -8.73% and fixed income performance of -7.07%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 12.46%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb**

During the reporting period, the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb's Outcome Period start date was February 10, 2022. As of December 31, 2022,

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

the Fund was down 12.80% compared to the S&P 500, which was down 14.76% and the EAFE, which was down 15.43%. A breakdown of the Fund performance attributes equity performance of -5.88% and fixed income performance of -6.92%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 12.00%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar's current Outcome Period start date was March 10, 2022. As of December 31, 2022, the Fund was down 11.00% compared to the S&P 500, which was down 9.86% and the EAFE, which was down 5.35%. A breakdown of the Fund performance attributes equity performance of -3.14% and fixed income performance of -7.86%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 14.94%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr's current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 12.72% compared to the S&P 500, which was down 12.99% and the EAFE, which was down 8.60%. A breakdown of the Fund performance attributes equity performance of -5.88% and fixed income performance of -6.84%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 13.60%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Below Buffer Range" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May's current Outcome Period start date was May 10, 2022. As of December 31, 2022, the Fund was down 2.66% compared to the S&P 500, which was down 4.04% and the EAFE, which was up 1.31%. A breakdown of the Fund performance attributes equity performance of 2.32% and fixed income performance of -4.99%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 15.84%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Upside Below Cap", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun's current Outcome Period start date was June 10, 2022. As of December 31, 2022, the Fund was down 1.32% compared to the S&P 500, which was down 1.57% and the EAFE, which was up 0.50%. A breakdown of the Fund performance attributes equity performance of 3.26% and fixed income performance of -4.58%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 15.50%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Upside Below Cap", respectively.

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul's current Outcome Period start date was July 11, 2022. As of December 31, 2022, the Fund was down 0.81% compared to the S&P 500, which was down 0.39% and the EAFE, which was up 6.27%. A breakdown of the Fund performance attributes equity performance of 3.68% and fixed income performance of -4.49%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.34%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Upside Below Cap", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug's current Outcome Period start date was August 10, 2022. As of December 31, 2022, the Fund was down 7.01% compared to the S&P 500, which was down 8.81% and the EAFE, which was down 1.25%. A breakdown of the Fund performance attributes equity performance of -1.89% and fixed income performance of -5.12%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 15.34%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep's current Outcome Period start date was September 12, 2022. As of December 31, 2022, the Fund was down 2.91% compared to the S&P 500, which was down 6.59% and the EAFE, which was up 3.60%. A breakdown of the Fund performance attributes equity performance of -0.09% and fixed income performance of -2.82%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 16.82%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Upside Below Cap", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct's current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 5.58% compared to the S&P 500, which was up 6.29% and the EAFE, which was up 16.25%. A breakdown of the Fund performance attributes equity performance of 5.17% and fixed income performance of 0.41%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Cap for this Outcome Period was 19.30%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Upside Below Cap and "Capped Upside", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov's current Outcome Period start date is November 10, 2022. As of December 31, 2022, the Fund was up 1.29% compared to the S&P 500, which was down 2.95% and the EAFE, which was up 3.87%. A breakdown of the Fund performance attributes equity performance of 1.79% and fixed income performance of -0.50%, which includes Fund fees

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.84%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Upside Below Cap", respectively.

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec**

The Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec's current Outcome Period start date was December 12, 2022. As of December 31, 2022, the Fund was down 1.81% compared to the S&P 500, which was down 3.79% and the EAFE, which was down 1.03%. A breakdown of the Fund performance attributes equity performance of -0.84% and fixed income performance of -0.97%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Cap for this Outcome Period was 17.12%, evenly split between S&P 500 and EAFE, and the Fund's primary and secondary strategy zones were "Within Buffer" and "Below Contribution Range", respectively.

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund Series**

**Strategy and Benchmark Composition**

The 6-Year Buffered S&P 500 with Par Up Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 20% of losses associated with S&P 500 performance and participating in S&P 500 gains at a declared Par Up Rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a six-year period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Par" Strategy targets the following outcome return profiles depending on the market environment of the period: A "Below Buffer Range" strategy zone indicates the Fund is beyond the protection of the Buffer and targets 1:1 downside exposure to the S&P 500 beyond the 20% buffered loss. A "Within Buffer" strategy zone has a target outcome of 0%. An "Upside Participation" strategy zone targets upside exposure to the S&P 500 at the Par Up Rate declared at the start of the Outcome Period.

**Fund Performance**

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)**

The Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)'s current Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 17.81% compared to the S&P 500, which was down 17.79%. A breakdown of the Fund performance attributes equity performance of -6.98% and fixed income performance of -10.83%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 109.52% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)**

The Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)'s current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 11.25% compared to the S&P 500, which was down 12.99%. A breakdown of the Fund performance attributes equity performance of -6.19% and fixed income performance of -5.05%, which includes Fund fees and expenses. Equity performance was within expectation and

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**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 125.00% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)**

The Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)'s current Outcome Period start date was July 11, 2022. As of December 31, 2022, the Fund was down 0.52% compared to the S&P 500, which was down 0.39%. A breakdown of the Fund performance attributes equity performance of 3.33% and fixed income performance of -3.85%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 119.23% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I)**

The Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I)'s current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 0.69% compared to the S&P 500, which was up 6.29%. A breakdown of the Fund performance attributes equity performance of -0.85% and fixed income performance of 1.54%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 100.00% and the Fund's strategy zone was "Upside Participation".

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund Series**

**Strategy and Benchmark Composition**

The 6-Year Parred Down S&P 500 with Par Up Outcome Strategy seeks to provide exposure to the S&P 500, while limiting losses to 50% of the losses associated with S&P 500 performance and participating in S&P 500 gains at a declared Par Up Rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a six-year period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Par-Par" Strategy targets the following outcome return profiles depending on the market environment over the Outcome Period: A "Downside Participation" strategy zone indicates the Fund targets 50% downside exposure to the S&P 500. An "Upside Participation" strategy zone targets upside exposure to the S&P 500 at the Par Up Rate declared at the start of the Outcome Period.

**Fund Performance**

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I)**

The Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I)'s current Outcome Period start date was January 10, 2022. As of December 31, 2022, the Fund was down 17.51% compared to the S&P 500, which was down 17.79%. A breakdown of the Fund performance attributes equity performance of -7.03% and fixed income performance of -10.48%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 100.00% and the Fund's strategy zone was "Downside Participation".

------

**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I)**

The Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I)'s current Outcome Period start date was April 11, 2022. As of December 31, 2022, the Fund was down 11.94% compared to the S&P 500, which was down 12.99%. A breakdown of the Fund performance attributes equity performance of -6.99% and fixed income performance of -4.95%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 109.09% and the Fund's strategy zone was "Downside Participation".

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I)**

The Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I)'s current Outcome Period start date was July 11, 2022. As of December 31, 2022, the Fund was slightly down 0.77% compared to the S&P 500, which was down 0.39%. A breakdown of the Fund performance attributes equity performance of 2.56% and fixed income performance of -3.33%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Par Up Rate for this Outcome Period was 112.50% and the Fund's strategy zone was "Downside Participation".

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I)**

The Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I)'s current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 0.53% compared to the S&P 500, which was up 6.29%. A breakdown of the Fund performance attributes equity performance of -1.06% and fixed income performance of 1.59%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Par Up Rate for this Outcome Period was 96.15% and the Fund's strategy zone was "Upside Participation".

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund Series**

**Strategy and Benchmark Composition**

The 6-Month Buffered S&P 500 with Trigger Outcome Strategy seeks to provide exposure to the S&P 500, while providing a Buffer against the first 10% of losses associated with S&P 500 performance and also producing a fixed rate of return if the value of the S&P 500 is unchanged or increases, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in a Fund's portfolio, over a six-month period.

Prior to taking into account any fees or expenses or the performance of the Collateral Portfolio, a "Buffer-Trigger" Strategy targets the following outcome return profiles depending on the market environment of the period: A "Below Buffer Range" strategy zone indicates the Fund is beyond the protection of the Buffer and targets 1:1 downside exposure to the S&P 500 beyond the 10% buffered loss. A "Within Buffer" strategy zone has a target outcome of 0%. A "Defined Return" strategy zone targets the Trigger Rate declared at the start of the Outcome Period.

------

**Milliman Variable Insurance Trust**

**Management Discussion of Fund Performance**

**December 31, 2022 (Unaudited)**

**Fund Performance**

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct**

The Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct's current Outcome Period start date was October 10, 2022. As of December 31, 2022, the Fund was up 5.23% compared to the S&P 500, which was up 6.29%. A breakdown of the Fund performance attributes equity performance of 3.65% and fixed income performance of 1.57%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a positive contribution. As of December 31, 2022, the Trigger Rate for this Outcome Period was 9.59% and the Fund's strategy zone was "Defined Return".

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov**

The Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov's current Outcome Period start date was November 10, 2022. As of December 31, 2022, the Fund was up 0.44% compared to the S&P 500, which was down 2.95%. A breakdown of the Fund performance attributes equity performance of 1.24% and fixed income performance of -0.80%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Trigger Rate for this Outcome Period was 8.84% and the Fund's strategy zone was "Within Buffer".

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec**

The Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec's current Outcome Period start date was December 12, 2022. As of December 31, 2022, the Fund was down 1.30% compared to the S&P 500, which was down 3.79%. A breakdown of the Fund performance attributes equity performance of 0.20% and fixed income performance of -1.50%, which includes Fund fees and expenses. Equity performance was within expectation and the Collateral Portfolio was a detraction. As of December 31, 2022, the Trigger Rate for this Outcome Period was 8.52% and the Fund's strategy zone was "Within Buffer".

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr002.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | -21.60% |
| S&P 500 Price Index | -17.79% |

---

 

<sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr003.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug | -18.00% |
| S&P 500 Price Index | -14.76% |

---

 

<sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr004.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | -13.59% |
| S&P 500 Price Index | -9.86% |

---

 

<sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr005.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | -11.91% |
| S&P 500 Price Index | -12.99% |

---

 

<sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr006.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | -8.95% |
| S&P 500 Price Index | -4.04% |

---

 

<sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr007.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | -4.29% |
| S&P 500 Price Index | -1.57% |

---

 

<sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr008.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul | -23.00% |
| S&P 500 Price Index | -17.79% |

---

<sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note than an investor cannot invest directly in an index.

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr009.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | <br> **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | -22.46% |
| S&P 500 Price Index | -14.76% |

---

 

<br> <sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr010.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep | -16.40% |
| S&P 500 Price Index | -9.86% |

---

 

<sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr011.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | -13.14% |
| S&P 500 Price Index | -12.99% |

---

 

<sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr012.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | -9.80% |
| S&P 500 Price Index | -4.04% |

---

<sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr013.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | -4.53% |
| S&P 500 Price Index | -1.57% |

---

 

<sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr014.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan | -15.90% |
| S&P 500 Price Index | -17.79% |

---

 

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr015.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb | -12.80% |
| S&P 500 Price Index | -14.76% |

---

 

<sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr016.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar | -11.70% |
| S&P 500 Price Index | -9.86% |

---

<sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr017.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | -12.53% |
| S&P 500 Price Index | -12.99% |

---

 

<sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1--Year Buffered S&P 500 with Spread Outcome Fund - May**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr018.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | -6.37% |
| S&P 500 Price Index | -4.04% |

---

 

<sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr019.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | -4.23% |
| S&P 500 Price Index | -1.57% |

---

 

<sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr020.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | -2.98% |
| S&P 500 Price Index | -0.39% |

---

<sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on August 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr021.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | -9.72% |
| S&P 500 Price Index | -8.81% |

---

 

<sup>(a)</sup> Inception date is August 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on September 12, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr022.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | -6.51% |
| S&P 500 Price Index | -6.59% |

---

 

<sup>(a)</sup> Inception date is September 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr023.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 6.27% |
| S&P 500 Price Index | 6.29% |

---

 

<sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on November 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr024.jpg)

---

| | |
|:---|:---|
|  | **Total Returns**<br> **as of December**<br> **31, 2022** |
|  | **Since**<br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | -1.82% |
| S&P 500 Price Index | -2.95% |

---

 

<sup>(a)</sup> Inception date is November 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec**

**Fund Performance**

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | -3.21% |
| S&P 500 Price Index | -3.79% |

---

 

<sup>(a)</sup> Inception date is December 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr025.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan | -18.10% |
| S&P 500 Price Index | -17.79% |

---

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr026.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb | -17.00% |
| S&P 500 Price Index | -14.76% |

---

<br> <sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr027.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar | -14.90% |
| S&P 500 Price Index | -9.86% |

---

<br> <sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr028.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | -14.80% |
| S&P 500 Price Index | -12.99% |

---

<br> <sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr029.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | -8.16% |
| S&P 500 Price Index | -4.04% |

---

<br> <sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr030.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | -5.62% |
| S&P 500 Price Index | -1.57% |

---

<br> <sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr031.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | -4.81% |
| S&P 500 Price Index | -0.39% |

---

<br> <sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug**

**Fund Performance**

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on August 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr032.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | -9.31% |
| S&P 500 Price Index | -8.81% |

---

<br> <sup>(a)</sup> Inception date is August 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on September 12, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr033.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | -5.80% |
| S&P 500 Price Index | -6.59% |

---

<br> <sup>(a)</sup> Inception date is September 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022** 

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 3.52% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on November 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr035.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | -0.92% |
| S&P 500 Price Index | -2.95% |

---

<br> <sup>(a)</sup> Inception date is November 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | -1.81% |
| S&P 500 Price Index | -3.79% |

---

<br> <sup>(a)</sup> Inception date is December 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr036.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan | -15.70% |
| Nasdaq 100 Price Index | -29.94% |
| S&P 500 Price Index | -17.79% |

---

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr037.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb | -12.80% |
| Nasdaq 100 Price Index | -25.61% |
| S&P 500 Price Index | -14.76% |

---

<br> <sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr038.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar | -11.70% |
| Nasdaq 100 Price Index | -19.51% |
| S&P 500 Price Index | -9.86% |

---

<br> <sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr039.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr | -12.82% |
| Nasdaq 100 Price Index | -21.80% |
| S&P 500 Price Index | -12.99% |

---

<br> <sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr040.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May | -5.16% |
| Nasdaq 100 Price Index | -11.39% |
| S&P 500 Price Index | -4.04% |

---

<br> <sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr041.jpg)<br>

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun | -2.62% |
| Nasdaq 100 Price Index | -7.55% |
| S&P 500 Price Index | -1.57% |

---

<br> <sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr042.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul | -2.62% |
| Nasdaq 100 Price Index | -7.76% |
| S&P 500 Price Index | -0.39% |

---

<br> <sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on August 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr043.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug | -9.81% |
| Nasdaq 100 Price Index | -18.23% |
| S&P 500 Price Index | -8.81% |

---

<br> <sup>(a)</sup> Inception date is August 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on September 12, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr044.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep | -5.91% |
| Nasdaq 100 Price Index | -14.13% |
| S&P 500 Price Index | -6.59% |

---

<br> <sup>(a)</sup> Inception date is September 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr045.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct | 5.09% |
| Nasdaq 100 Price Index | 0.12% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on November 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov compared to the Nasdaq 100 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr046.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov | -1.22% |
| Nasdaq 100 Price Index | -5.74% |
| S&P 500 Price Index | -2.95% |

---

<br> <sup>(a)</sup> Inception date is November 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec | -2.71% |
| Nasdaq 100 Price Index | -6.55% |
| S&P 500 Price Index | -3.79% |

---

<br> <sup>(a)</sup> Inception date is December 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Nasdaq 100 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 100 of the largest non-financial companies listed on the Nasdaq stock exchange. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr047.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan | -15.80% |
| Russell 2000 Price Index | -18.88% |
| S&P 500 Price Index | -17.79% |

---

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr048.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb | -12.80% |
| Russell 2000 Price Index | -14.13% |
| S&P 500 Price Index | -14.76% |

---

<br> <sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar | -11.50% |
| Russell 2000 Price Index | -12.45% |
| S&P 500 Price Index | -9.86% |

---

<br> <sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr compared to the Russell 2000 Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr050.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr | -12.09% |
| Russell 2000 Price Index | -11.06% |
| S&P 500 Price Index | -12.99% |

---

<br> <sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr051.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May | -2.56% |
| Russell 2000 Price Index | -0.03% |
| S&P 500 Price Index | -4.04% |

---

<br> <sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr052.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | -1.62% |
| Russell 2000 Price Index | -2.17% |
| S&P 500 Price Index | -1.57% |

---

<br> <sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment**

**at December 31, 2022**

![](msoncsr053.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul | -1.12% |
| Russell 2000 Price Index | 1.69% |
| S&P 500 Price Index | -0.39% |

---

<br> <sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on August 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr054.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug | -8.61% |
| Russell 2000 Price Index | -10.56% |
| S&P 500 Price Index | -8.81% |

---

<br> <sup>(a)</sup> Inception date is August 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on September 12, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr055.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep | -4.91% |
| Russell 2000 Price Index | -7.60% |
| S&P 500 Price Index | -6.59% |

---

<br> <sup>(a)</sup> Inception date is September 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr056.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct | 5.59% |
| Russell 2000 Price Index | 4.10% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on November 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov compared to the Russell 2000 Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr057.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov | -1.11% |
| Russell 2000 Price Index | -5.71% |
| S&P 500 Price Index | -2.95% |

---

<br> <sup>(a)</sup> Inception date is November 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** 

**Fund Performance** 

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec | -2.41% |
| Russell 2000 Price Index | -3.15% |
| S&P 500 Price Index | -3.79% |

---

<br> <sup>(a)</sup> Inception date is December 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

Russell 2000 Price Index – A market capitalization weighted benchmark index which tracks the price performance of the 2000 smallest companies listed on the Russell 3000 index (tracks performance of the 3000 largest U.S. listed stocks). The Russell 2000 is widely accepted as a benchmark index for small-mid capitalization stocks. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1- Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan | -15.80% |
| MSCI EAFE Price Index | -15.70% |
| S&P 500 Price Index | -17.79% |

---

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on February 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1- Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr059.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb | -12.80% |
| MSCI EAFE Price Index | -15.43% |
| S&P 500 Price Index | -14.76% |

---

<br> <sup>(a)</sup> Inception date is February 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on March 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar | -11.00% |
| MSCI EAFE Price Index | -5.35% |
| S&P 500 Price Index | -9.86% |

---

<br> <sup>(a)</sup> Inception date is March 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar**

**Fund Performance**

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr061.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr | -12.72% |
| MSCI EAFE Price Index | -8.60% |
| S&P 500 Price Index | -12.99% |

---

<br> <sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on May 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr062.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May | -2.66% |
| MSCI EAFE Price Index | 1.31% |
| S&P 500 Price Index | -4.04% |

---

<br> <sup>(a)</sup> Inception date is May 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on June 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun compared to the MSCI EAFE Price Index and S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr063.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun | -1.32% |
| MSCI EAFE Price Index | 0.50% |
| S&P 500 Price Index | -1.57% |

---

<br> <sup>(a)</sup> Inception date is June 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul | -0.81% |
| MSCI EAFE Price Index | 6.27% |
| S&P 500 Price Index | -0.39% |

---

<br> <sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index – A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on August 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr065.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug | -7.01% |
| MSCI EAFE Price Index | -1.25% |
| S&P 500 Price Index | -8.81% |

---

<br> <sup>(a)</sup> Inception date is August 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on September 12, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr066.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep | -2.91% |
| MSCI EAFE Price Index | 3.60% |
| S&P 500 Price Index | -6.59% |

---

<br> <sup>(a)</sup> Inception date is September 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr067.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct | 5.58% |
| MSCI EAFE Price Index | 16.25% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on November 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov compared to the MSCI EAFE Price Index and the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr068.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov | 1.29% |
| MSCI EAFE Price Index | 3.87% |
| S&P 500 Price Index | -2.95% |

---

<br> <sup>(a)</sup> Inception date is November 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec | -1.81% |
| MSCI EAFE Price Index | -1.03% |
| S&P 500 Price Index | -3.79% |

---

<br> <sup>(a)</sup> Inception date is December 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

MSCI EAFE Price Index – A market capitalization weighted benchmark index which tracks the price performance of the international developed equity market (excluding U.S. and Canada). The Index is focused on companies in Europe, Australia, the Middle East, and Asia. Please note that an investor cannot invest directly in an index.

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr069.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | -17.81% |
| S&P 500 Price Index | -17.79% |

---

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr070.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | -11.25% |
| S&P 500 Price Index | -12.99% |

---

<br> <sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr071.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | -0.52% |
| S&P 500 Price Index | -0.39% |

---

<br> <sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr072.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 0.69% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index– A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on January 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr073.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | -17.51% |
| S&P 500 Price Index | -17.79% |

---

<br> <sup>(a)</sup> Inception date is January 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on April 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | -11.94% |
| S&P 500 Price Index | -12.99% |

---

<br> <sup>(a)</sup> Inception date is April 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on July 11, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr075.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | -0.77% |
| S&P 500 Price Index | -0.39% |

---

<br> <sup>(a)</sup> Inception date is July 11, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I)**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr076.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 0.53% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on October 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr077.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct | 5.23% |
| S&P 500 Price Index | 6.29% |

---

<br> <sup>(a)</sup> Inception date is October 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

The following graph illustrates the value, as of December 31, 2022, of a hypothetical $10,000 investment made on November 10, 2022 (commencement of operations) in Class 3 Shares of the Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov compared to the S&P 500 Price Index.

**Growth of a Hypothetical $10,000 Investment** 

**at December 31, 2022**

![](msoncsr078.jpg)

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | 0.44% |
| S&P 500 Price Index | -2.95% |

---

<br> <sup>(a)</sup> Inception date is November 10, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec**

**Fund Performance** 

**December 31, 2022 (Unaudited)**

---

| | |
|:---|:---|
|  | **Total Returns** <br> **as of December** <br> **31, 2022** |
|  | **Since** <br> **Inception <sup>(a)</sup>** |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | -1.30% |
| S&P 500 Price Index | -3.79% |

---

<br> <sup>(a)</sup> Inception date is December 12, 2022.

Performance data quoted represents past performance, which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. The total return shown assumes the reinvestment of all distributions. Earnings from variable annuity contracts and variable life insurance policies compound tax-free until withdrawn, so no adjustments were made for income taxes. Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and, in their absence, performance would have been lower. The performance information does not include insurance company separate account fees and variable annuity or variable life contract charges and if these fees and charges were included, then performance would have been lower. Current performance may be lower or higher than the performance shown above. For the most recent performance, please visit www.millimanfunds.com.

S&P 500 Price Index - A market capitalization weighted benchmark index which tracks the price performance of 500 of the largest publicly traded stocks listed on U.S. exchanges. Please note that an investor cannot invest directly in an index.

------

**Milliman Variable Insurance Trust**

**Expense Example For the Period Ended<br> December 31, 2022 (Unaudited)**

Each Fund sells its shares to insurance company separate accounts funding variable annuity contracts and variable life insurance policies and other qualified investors. The tables below do not include any fees or sales charges imposed by your variable product.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service ("12b-1") fees; and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses**

The following table provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the applicable line under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account**<br> **Value** | **Ending**<br> **Account**<br> **Value** | **Annualized**<br> **Expense**<br> **Ratio\*** | **Actual**<br> **Expenses**<br> **Paid**<br> **During the**<br> **Period(a)** |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul | $1000.00 | $952.60 | 0.97% | $4.77 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug | $1000.00 | $965.80 | 0.97% | $4.81 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep | $1000.00 | $976.40 | 0.97% | $4.83 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct | $1000.00 | $992.00 | 0.97% | $4.87 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov | $1000.00 | $952.40 | 0.97% | $4.77 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec | $1000.00 | $976.70 | 0.97% | $4.83 |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul | $1000.00 | $935.60 | 0.97% | $4.73 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug | $1000.00 | $922.00 | 0.97% | $4.70 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep | $1000.00 | $957.60 | 0.97% | $4.79 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct | $1000.00 | $982.50 | 0.97% | $4.85 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov | $1000.00 | $944.50 | 0.97% | $4.75 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | $1000.00 | $972.20 | 0.97% | $4.82 |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan | $1000.00 | $1026.90 | 0.97% | $4.96 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb | $1000.00 | $1029.50 | 0.97% | $4.96 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar | $1000.00 | $1004.60 | 0.97% | $4.90 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr | $1000.00 | $997.40 | 0.97% | $4.88 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May | $1000.00 | $986.60 | 0.97% | $4.86 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun | $1000.00 | $979.30 | 0.97% | $4.84 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | $1000.00 | $970.20 | 0.97% | $4.53(b) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug | $1000.00 | $902.80 | 0.97% | $3.62(c) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep | $1000.00 | $934.90 | 0.97% | $2.83(d) |

---

------

**Milliman Variable Insurance Trust**

**Expense Example For the Period Ended<br> December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account**<br> **Value** | **Ending**<br> **Account**<br> **Value** | **Annualized**<br> **Expense**<br> **Ratio\*** | **Actual**<br> **Expenses**<br> **Paid**<br> **During the**<br> **Period(a)** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct | $1000.00 | $1062.70 | 0.97% | $2.25(e) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | $1000.00 | $981.80 | 0.97% | $1.34(f) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec | $1000.00 | $967.90 | 0.97% | $0.50(g) |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan | $1000.00 | $972.70 | 0.97% | $4.82 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb | $1000.00 | $957.30 | 0.97% | $4.79 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar | $1000.00 | $948.70 | 0.97% | $4.76 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr | $1000.00 | $947.70 | 0.97% | $4.76 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May | $1000.00 | $961.60 | 0.97% | $4.80 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun | $1000.00 | $963.10 | 0.97% | $4.80 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | $1000.00 | $951.90 | 0.97% | $4.49(b) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | $1000.00 | $906.90 | 0.97% | $3.62(c) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | $1000.00 | $942.00 | 0.97% | $2.84(d) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | $1000.00 | $1035.20 | 0.97% | $2.22(e) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | $1000.00 | $990.80 | 0.97% | $1.35(f) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | $1000.00 | $981.90 | 0.97% | $0.50(g) |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan | $1000.00 | $1028.00 | 0.97% | $4.96 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb | $1000.00 | $1024.70 | 0.97% | $4.95 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar | $1000.00 | $989.90 | 0.97% | $4.87 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr | $1000.00 | $987.40 | 0.97% | $4.86 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May | $1000.00 | $987.90 | 0.97% | $4.86 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun | $1000.00 | $988.60 | 0.97% | $4.86 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jul | $1000.00 | $973.80 | 0.97% | $4.54(b) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Aug | $1000.00 | $901.90 | 0.97% | $3.61(c) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Sep | $1000.00 | $940.90 | 0.97% | $2.84(d) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Oct | $1000.00 | $1050.90 | 0.97% | $2.23(e) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Nov | $1000.00 | $987.80 | 0.97% | $1.35(f) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Dec | $1000.00 | $972.90 | 0.97% | $0.50(g) |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan | $1000.00 | $1026.80 | 0.97% | $4.96 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb | $1000.00 | $1021.10 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar | $1000.00 | $995.50 | 0.97% | $4.88 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr | $1000.00 | $990.00 | 0.97% | $4.87 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May | $1000.00 | $1007.60 | 0.97% | $4.91 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | $1000.00 | $1001.80 | 0.97% | $4.89 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jul | $1000.00 | $988.80 | 0.97% | $4.57(b) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Aug | $1000.00 | $913.90 | 0.97% | $3.64(c) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Sep | $1000.00 | $950.90 | 0.97% | $2.85(d) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Oct | $1000.00 | $1055.90 | 0.97% | $2.24(e) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Nov | $1000.00 | $988.90 | 0.97% | $1.35(f) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec | $1000.00 | $975.90 | 0.97% | $0.50(g) |

---

------

**Milliman Variable Insurance Trust**

**Expense Example For the Period Ended<br> December 31, 2022 (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account**<br> **Value** | **Ending**<br> **Account**<br> **Value** | **Annualized**<br> **Expense**<br> **Ratio\*** | **Actual**<br> **Expenses**<br> **Paid**<br> **During the**<br> **Period(a)** |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan | $1000.00 | $1028.10 | 0.97% | $4.96 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb | $1000.00 | $1006.90 | 0.97% | $4.91 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar | $1000.00 | $998.90 | 0.97% | $4.89 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr | $1000.00 | $1003.20 | 0.97% | $4.90 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May | $1000.00 | $1007.60 | 0.97% | $4.91 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun | $1000.00 | $1010.00 | 0.97% | $4.91 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jul | $1000.00 | $991.90 | 0.97% | $4.58(b) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Aug | $1000.00 | $929.90 | 0.97% | $3.67(c) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Sep | $1000.00 | $970.90 | 0.97% | $2.88(d) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Oct | $1000.00 | $1055.80 | 0.97% | $2.24(e) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Nov | $1000.00 | $1012.90 | 0.97% | $1.36(f) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec | $1000.00 | $981.90 | 0.97% | $0.50(g) |
| **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I) | $1000.00 | $1026.10 | 0.93% | $4.75 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I) | $1000.00 | $1036.80 | 0.93% | $4.77 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I) | $1000.00 | $994.80 | 0.94% | $4.44(b) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I) | $1000.00 | $1006.90 | 0.94% | $2.12(e) |
| **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I) | $1000.00 | $1018.40 | 0.92% | $4.68 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I) | $1000.00 | $1022.80 | 0.93% | $4.74 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I) | $1000.00 | $992.30 | 0.93% | $4.39(b) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I) | $1000.00 | $1005.30 | 0.94% | $2.12(e) |
| **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Strategy#** |  |  |  |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct | $1000.00 | $1052.30 | 0.97% | $2.24(e) |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov | $1000.00 | $1004.40 | 0.97% | $1.36(f) |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec | $1000.00 | $987.00 | 0.97% | $0.50(g) |

---

<br> # Class 3 shares

<br> \* Expense ratio does not reflect the indirect expenses of underlying funds in which the Funds invest.

<br> (a) Unless otherwise noted, actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365) to reflect the period from July 1, 2022 to December 31, 2022.

<br> (b) Actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (173) divided by the number of days in the fiscal year (365) to reflect the period from July 11, 2022 (commencement of operations) to December 31, 2022.

<br> (c) Actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (143) divided by the number of days in the fiscal year (365) to reflect the period from August 10, 2022 (commencement of operations) to December 31, 2022.

<br> (d) Actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (110) divided by the number of days in the fiscal year (365) to reflect the period from September 12, 2022 (commencement of operations) to December 31, 2022.

------

**Milliman Variable Insurance Trust**

**Expense Example For the Period Ended**<br> **December 31, 2022 (Unaudited)**

<br> (e) Actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (82) divided by the number of days in the fiscal year (365) to reflect the period from October 10, 2022 (commencement of operations) to December 31, 2022.

<br> (f) Actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (51) divided by the number of days in the fiscal year (365) to reflect the period from November 10, 2022 (commencement of operations) to December 31, 2022.

<br> (g) Actual expense is equal to the Fund's annualized expense ratio, multiplied by the number of days in the period (19) divided by the number of days in the fiscal year (365) to reflect the period from December 12, 2022 (commencement of operations) to December 31, 2022.

**Hypothetical Example for Comparison Purposes**

The following table provides information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only. The Funds do not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table below is useful in comparing the ongoing costs only and will not help you determine the relative total costs of owning different funds. The Funds' expenses shown in the tables reflect fee waivers and reimbursements in effect.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account**<br> **Value** | **Ending**<br> **Account**<br> **Value** | **Annualized**<br> **Expense**<br> **Ratio\*** | **Hypothetical**<br> **Expenses**<br> **Paid**<br> **During the**<br> **Period(a)** |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun | $1000.00 | $1020.32 | 0.97% | $4.94 |

---

------

**Milliman Variable Insurance Trust**

**Expense Example For the Period Ended**<br> **December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account**<br> **Value** | **Ending**<br> **Account**<br> **Value** | **Annualized**<br> **Expense**<br> **Ratio\*** | **Hypothetical**<br> **Expenses**<br> **Paid**<br> **During the**<br> **Period(a)** |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Strategy#** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |

---

------

**Milliman Variable Insurance Trust**

**Expense Example For the Period Ended**<br> **December 31, 2022 (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning**<br> **Account**<br> **Value** | **Ending**<br> **Account**<br> **Value** | **Annualized**<br> **Expense**<br> **Ratio\*** | **Hypothetical**<br> **Expenses**<br> **Paid**<br> **During the**<br> **Period(a)** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Strategy#** |  |  |  |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jul | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Aug | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Sep | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |
| **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I) | $1000.00 | $1020.52 | 0.93% | $4.74 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I) | $1000.00 | $1020.52 | 0.93% | $4.74 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I) | $1000.00 | $1020.47 | 0.94% | $4.79 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I) | $1000.00 | $1020.47 | 0.94% | $4.79 |
| **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Strategy#** |  |  |  |  |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I) | $1000.00 | $1020.57 | 0.92% | $4.69 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I) | $1000.00 | $1020.52 | 0.93% | $4.74 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I) | $1000.00 | $1020.52 | 0.93% | $4.74 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I) | $1000.00 | $1020.47 | 0.94% | $4.79 |
| **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Strategy#** |  |  |  |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov | $1000.00 | $1020.32 | 0.97% | $4.94 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec | $1000.00 | $1020.32 | 0.97% | $4.94 |

---

<br> # Class 3 shares

<br> \* Expense ratio does not reflect the indirect expenses of underlying funds in which the Funds invest.

<br> \*\* Expenses are equal to the Funds' annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.87%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 996 | $99739 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2014 | 97155 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1682 | 48593 |
| Vanguard Short-Term Treasury ETF (a) | 1683 | 97311 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $353,488) |  | 342798 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 117.44% (b)(c)** |  |  |  |
| **CALL OPTIONS - 108.08%** |  |  |  |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $385.45 | 19 | $729505 | 8366 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $0.39 | 26 | 998270 | 996588 |
|  |  |  | 1004954 |
| **PUT OPTIONS - 9.36%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $108.68 | 88 | 876128 | 79144 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price $105.45 | 90 | 948870 | 7904 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $154.57 | 26 | 998270 | – |
|  |  |  | 87048 |
| TOTAL PURCHASED OPTIONS (Cost $1,111,898) |  |  | 1092002 |
| **Total Investments (Cost $1,465,386) - 154.31%** |  |  | 1434800 |
| **Liabilities in Excess of Other Assets - (54.31)%** |  |  | (504951) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $929849 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $342,798.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 1/10/2023 | $154.57 | 26 | $(998270) | $(596217) |
|  |  |  |  |  | (596217) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $114.40 | 88 | (876128) | (129338) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1/10/2023 | $111.00 | 90 | (948870) | (49051) |
| S&P 500® Mini Index | 1/10/2023 | $346.91 | 26 | (998270) | (201) |
|  |  |  |  |  | (178590) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $727,763)** | **TOTAL OPTIONS WRITTEN (Premiums Received $727,763)** | **TOTAL OPTIONS WRITTEN (Premiums Received $727,763)** | **TOTAL OPTIONS WRITTEN (Premiums Received $727,763)** |  | $**(774807)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1092002 | $– | $1092002 |
| Exchange Traded Funds | 342798 | – | – | 342798 |
| **Total Assets** | $342798 | $1092002 | $– | $1434800 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $774807 | $– | $774807 |
| **Total Liabilities** | $– | $774807 | $– | $774807 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1004954 | $87048 | $1092002 |
| Liabilities - Written options | Options written, at value | $596418 | $178389 | $774807 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(207080) | $194126 | $(12954) |
| Written options | Written Options | 121637 | (258458) | (136821) |
|  |  | $(85443) | $(64332) | $(149775) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(49812) | $29915 | $(19897) |
| Written options | Written Options | 39491 | (86535) | (47044) |
|  |  | $(10321) | $(56620) | $(66941) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 36.87% |
| Purchased Options | 117.44 |
| **Total Investments** | 154.31 |
| Written Options | (83.33) |
| Assets in Excess of Other Liabilities | 29.02 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE TRADED FUNDS - 38.45%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1578 | $158021 |
| Schwab Short-Term U.S. Treasury ETF (a) | 3203 | 154513 |
| SPDR Portfolio Short Term Treasury ETF (a) | 2674 | 77252 |
| Vanguard Short-Term Treasury ETF (a) | 2676 | 154726 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $559,619) |  | 544512 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 117.62% (b)(c)** |  |  |  |
| **CALL OPTIONS - 103.03%** |  |  |  |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $421.01 | 29 | $1113455 | 2528 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $0.42 | 38 | 1459010 | 1456743 |
|  |  |  | 1459271 |
| **PUT OPTIONS - 14.59%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $111.55 | 136 | 1354016 | 160980 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price $108.15 | 140 | 1476020 | 45660 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $168.83 | 38 | 1459010 | 24 |
|  |  |  | 206664 |
| TOTAL PURCHASED OPTIONS (Cost $1,739,819) |  |  | 1665935 |
| **Total Investments (Cost $2,299,438) - 156.07%** |  |  | 2210447 |
| **Liabilities in Excess of Other Assets - (56.07)%** |  |  | (794118) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1416329 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $544,512.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 2/10/2023 | $168.83 | 38 | $(1459010) | $(820088) |
|  |  |  |  |  | (820088) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $117.42 | 136 | (1354016) | (248034) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 2/10/2023 | $113.84 | 140 | (1476020) | (118620) |
| S&P 500® Mini Index | 2/10/2023 | $378.91 | 38 | (1459010) | (30864) |
|  |  |  |  |  | (397518) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $1,127,401)** |  |  |  |  | $**(1217606)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1665935 | $– | $1665935 |
| Exchange Traded Funds | 544512 | – | – | 544512 |
| **Total Assets** | $544512 | $1665935 | $– | $2210447 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $1217606 | $– | $1217606 |
| **Total Liabilities** | $– | $1217606 | $– | $1217606 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1459295 | $206640 | $1665935 |
| Liabilities - Written options | Options written, at value | $850952 | $366654 | $1217606 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(134142) | $141951 | $7809 |
| Written options | Written Options | 133336 | (251314) | (117978) |
|  |  | $(806) | $(109363) | $(110169) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(208313) | $134429 | $(73884) |
| Written options | Written Options | 150919 | (241124) | (90205) |
|  |  | $(57394) | $(106695) | $(164089) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 38.45% |
| Purchased Options | 117.62 |
| **Total Investments** | 156.07 |
| Written Options | (85.97) |
| Assets in Excess of Other Liabilities | 29.90 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.69%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 1039 | $104045 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2121 | 102317 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1770 | 51135 |
| Vanguard Short-Term Treasury ETF (a) | 1772 | 102457 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $368,808) |  | 359954 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 104.99% (b)(c)** |  |  |  |
| **CALL OPTIONS - 98.37%** |  |  |  |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $411.04 | 20 | $767900 | 8824 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $0.62 | 25 | 959875 | 956148 |
|  |  |  | 964972 |
| **PUT OPTIONS - 6.62%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $102.90 | 97 | 965732 | 51887 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $103.15 | 97 | 1022671 | 12974 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $165.03 | 25 | 959875 | 64 |
|  |  |  | 64925 |
| TOTAL PURCHASED OPTIONS (Cost $1,122,783) |  |  | 1029897 |
| **Total Investments (Cost $1,491,591) - 141.68%** |  |  | 1389851 |
| **Liabilities in Excess of Other Assets - (41.68)%** |  |  | (408898) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $980953 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $359,954.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 3/10/2023 | $165.03 | 25 | $(959875) | $(548647) |
|  |  |  |  |  | (548647) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $108.32 | 97 | (965732) | (89945) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 3/10/2023 | $108.58 | 97 | (1022671) | (37804) |
| S&P 500® Mini Index | 3/10/2023 | $369.94 | 25 | (959875) | (21248) |
|  |  |  |  |  | (148997) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $730,117)** |  |  |  |  | $**(697644)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1029897 | $– | $1029897 |
| Exchange Traded Funds | 359954 | – | – | 359954 |
| **Total Assets** | $359954 | $1029897 | $– | $1389851 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $697644 | $– | $697644 |
| **Total Liabilities** | $– | $697644 | $– | $697644 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $965036 | $64861 | $1029897 |
| Liabilities - Written options | Options written, at value | $569895 | $127749 | $697644 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(99676) | $164222 | $64546 |
| Written options | Written Options | 81620 | (234450) | (152830) |
|  |  | $(18056) | $(70228) | $(88284) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(101826) | $8940 | $(92886) |
| Written options | Written Options | 69092 | (36619) | 32473 |
|  |  | $(32734) | $(27679) | $(60413) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 36.69% |
| Purchased Options | 104.99 |
| **Total Investments** | 141.68 |
| Written Options | (71.12) |
| Assets in Excess of Other Liabilities | 29.44 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.36%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 707 | $70799 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 508 | 53558 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3313 | 105453 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1372 | 106344 |
| Vanguard Short-Term Treasury ETF (a) | 406 | 23475 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $358,194) |  | 359629 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 23.47%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $279100 | 260839 |
| TOTAL U.S. TREASURY NOTE (Cost $261,513) |  | 260839 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 107.02% (b)(c)** | | | |
| **CALL OPTIONS - 107.01%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $358.87 | 22 | $844690 | 80789 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $0.54 | 29 | 1113455 | 1108727 |
|  |  |  | 1189516 |
| **PUT OPTIONS - 0.01%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $144.09 | 29 | 1113455 | 150 |
|  |  |  | 150 |
| TOTAL PURCHASED OPTIONS (Cost $1,090,116) |  |  | 1189666 |
| **Total Investments (Cost $1,709,823) - 162.85%** |  |  | 1810134 |
| **Liabilities in Excess of Other Assets - (62.85)%** |  |  | (698679) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1111455 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $620,468.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $144.09 | 29 | $(1113455) | $(697592) |
|  |  |  |  |  | (697592) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $322.98 | 29 | (1113455) | (7476) |
|  |  |  |  |  | (7476) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $658,517)** | **TOTAL OPTIONS WRITTEN (Premiums Received $658,517)** | **TOTAL OPTIONS WRITTEN (Premiums Received $658,517)** | **TOTAL OPTIONS WRITTEN (Premiums Received $658,517)** |  | $**(705068)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1189666 | $– | $1189666 |
| Exchange Traded Funds | 359629 |  |  | 359629 |
| U.S. Treasury Note | – | 260839 | – | 260839 |
| **Total Assets** | $359629 | $1450505 | $– | $1810134 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $705068 | $– | $705068 |
| **Total Liabilities** | $– | $705068 | $– | $705068 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1189666 | $– $| 1189666 |
| Liabilities - Written options | Options written, at value | $705068 | $– $| 705068 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(287774) | $194617 | $(93157) |
| Written options | Written Options | 161184 | (274049) | (112865) |
|  |  | $(126590) | $(79432) | $(206022) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $99550 | $– | $99550 |
| Written options | Written Options | (46551) | – | (46551) |
|  |  | $52999 | $– | $52999 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 32.36% |
| Purchased Options | 107.02 |
| U.S. Treasury Note | 23.47 |
| **Total Investments** | 162.85 |
| Written Options | (63.43) |
| Assets in Excess of Other Liabilities | 0.58 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.56%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1038 | $103945 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 732 | 77175 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 4821 | 153453 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1983 | 153702 |
| Vanguard Short-Term Treasury ETF (a) | 597 | 34519 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $523,864) |  | 522794 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.68%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $411400 | 384482 |
| TOTAL U.S. TREASURY NOTE (Cost $384,891) |  | 384482 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 101.54% (b)(c)** | | | |
| **CALL OPTIONS - 101.50%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $395.64 | 32 | $1228640 | 53270 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $0.59 | 40 | 1535800 | 1527971 |
|  |  |  | 1581241 |
| **PUT OPTIONS - 0.04%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $158.85 | 40 | 1535800 | 577 |
|  |  |  | 577 |
| TOTAL PURCHASED OPTIONS (Cost $1,650,480) |  |  | 1581818 |
| **Total Investments (Cost $2,559,235) - 159.78%** |  |  | 2489094 |
| **Liabilities in Excess of Other Assets - (59.78)%** |  |  | (931293) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1557801 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $907,276.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $158.85 | 40 | $(1535800) | $(905258) |
|  |  |  |  |  | (905258) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $356.07 | 40 | (1535800) | (38685) |
|  |  |  |  |  | (38685) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $987,579)** |  |  |  |  | $**(943943)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1581818 | $– | $1581818 |
| Exchange Traded Funds | 522794 |  |  | 522794 |
| U.S. Treasury Note | – | 384482 | – | 384482 |
| **Total Assets** | $522794 | $1966300 | $– | $2489094 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $943943 | $– | $943943 |
| **Total Liabilities** | $– | $943943 | $– | $943943 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1581818 | $– $| 1581818 |
| Liabilities - Written options | Options written, at value | $943943 | $– $| 943943 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(78092) | $74755 | $(3337) |
| Written options | Written Options | 59025 | (150687) | (91662) |
|  |  | $(19067) | $(75932) | $(94999) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(68662) | $– | $(68662) |
| Written options | Written Options | 43636 | – | 43636 |
|  |  | $(25026) | $– | $(25026) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.56% |
| Purchased Options | 101.54 |
| U.S. Treasury Note | 24.68 |
| **Total Investments** | 159.78 |
| Written Options | (60.59) |
| Assets in Excess of Other Liabilities | 0.81 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.90%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 736 | $73703 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 500 | 52715 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3383 | 107681 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1379 | 106886 |
| Vanguard Short-Term Treasury ETF (a) | 424 | 24516 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $370,328) |  | 365501 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 25.21%** | | |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $282600 | 271718 |
| TOTAL U.S. TREASURY NOTE (Cost $271,769) |  | 271718 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 103.01% (b)(c)** | | | |
| **CALL OPTIONS - 102.94%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $399.06 | 23 | $883085 | 41540 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $0.60 | 28 | 1075060 | 1068237 |
|  |  |  | 1109777 |
| **PUT OPTIONS - 0.07%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $160.22 | 28 | 1075060 | 718 |
|  |  |  | 718 |
| TOTAL PURCHASED OPTIONS (Cost $1,152,320) |  |  | 1110495 |
| **Total Investments (Cost $1,794,417) - 162.12%** |  |  | 1747714 |
| **Liabilities in Excess of Other Assets - (62.12)%** |  |  | (669682) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1078032 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $637,219.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $160.22 | 28 | $(1075060) | $(630192) |
|  |  |  |  |  | (630192) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $359.15 | 28 | (1075060) | (34851) |
|  |  |  |  |  | (34851) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $690,243)** | **TOTAL OPTIONS WRITTEN (Premiums Received $690,243)** | **TOTAL OPTIONS WRITTEN (Premiums Received $690,243)** |  |  | $**(665043)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1110495 | $– | $1110495 |
| Exchange Traded Funds | 365501 |  |  | 365501 |
| U.S. Treasury Note | – | 271718 | – | 271718 |
| **Total Assets** | $365501 | $1382213 | $– | $1747714 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $665043 | $– | $665043 |
| **Total Liabilities** | $– | $665043 | $– | $665043 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1110495 | $– $| 1110495 |
| Liabilities - Written options | Options written, at value | $665043 | $– $| 665043 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $493 | $(56932) | $(56439) |
| Written options | Written Options | 6068 | 29677 | 35745 |
|  |  | $6561 | $(27255) | $(20694) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(41825) | $– | $(41825) |
| Written options | Written Options | 25200 | – | 25200 |
|  |  | $(16625) | $– | $(16625) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.90% |
| Purchased Options | 103.01 |
| U.S. Treasury Note | 25.21 |
| **Total Investments** | 162.12 |
| Written Options | (61.69) |
| Liabilities in Excess of Other Assets | (0.43) |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.86%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 824 | $82515 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1666 | 80368 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1391 | 40186 |
| Vanguard Short-Term Treasury ETF (a) | 1392 | 80486 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $293,492) |  | 283555 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 119.71% (b)(c)** |  |  |  |
| **CALL OPTIONS - 110.43%** |  |  |  |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $385.47 | 15 | $575925 | 6590 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $0.40 | 22 | 844690 | 843245 |
|  |  |  | 849835 |
| **PUT OPTIONS - 9.28%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $108.70 | 72 | 716832 | 64897 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price $105.47 | 74 | 780182 | 6559 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $154.58 | 22 | 844690 | – |
|  |  |  | 71456 |
| TOTAL PURCHASED OPTIONS (Cost $940,210) |  |  | 921291 |
| **Total Investments (Cost $1,233,702) - 156.57%** |  |  | 1204846 |
| **Liabilities in Excess of Other Assets - (56.57)%** |  |  | (435310) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $769536 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $283,555.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 1/10/2023 | $154.58 | 22 | $(844690) | $(504469) |
|  |  |  |  |  | (504469) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $114.42 | 72 | (716832) | (105966) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 1/10/2023 | $111.02 | 74 | (780182) | (40477) |
| S&P 500® Mini Index | 1/10/2023 | $385.47 | 11 | (422345) | (5706) |
|  |  |  |  |  | (152149) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $616,988)** |  |  |  |  | $**(656618)** |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $921291 | $– | $921291 |
| Exchange Traded Funds | 283555 | – | – | 283555 |
| **Total Assets** | $283555 | $921291 | $– | $1204846 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $656618 | $– | $656618 |
| **Total Liabilities** | $– | $656618 | $– | $656618 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $849834 | $71457 | $921291 |
| Liabilities - Written options | Options written, at value | $510175 | $146443 | $656618 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | | | |
|  | **Location** | <br>**Equity Risk** | <br>**Interest Rate<br> Risk** | <br>**Total** |
| Purchased options | Investments | $(199569) | $194196 | $(5373) |
| Written options | Written Options | 105087 | (258458) | (153371) |
|  |  | $(94482) | $(64262) | $(158744) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(41823) | $22906 | $(18917) |
| Written options | Written Options | 28380 | (68010) | (39630) |
|  |  | $(13443) | $(45104) | $(58547) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 36.86% |
| Purchased Options | 119.71 |
| **Total Investments** | 156.57 |
| Written Options | (85.32) |
| Assets in Excess of Other Liabilities | 28.75 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 39.43%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1344 | $134588 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2727 | 131550 |
| SPDR Portfolio Short Term Treasury ETF (a) | 2276 | 65754 |
| Vanguard Short-Term Treasury ETF (a) | 2278 | 131714 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $474,524) |  | 463606 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional Amount</u>** | |
| **PURCHASED OPTIONS - 119.42% (b)(c)** | | | |
| **CALL OPTIONS - 104.50%** |  |  |  |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $421.03 | 24 | $921480 | 2089 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $0.44 | 32 | 1228640 | 1226669 |
|  |  |  | 1228758 |
| **PUT OPTIONS - 14.92%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $111.57 | 115 | 1144940 | 136356 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price $108.17 | 119 | 1254617 | 38995 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $168.85 | 32 | 1228640 | 20 |
|  |  |  | 175371 |
| TOTAL PURCHASED OPTIONS (Cost $1,465,852) |  |  | 1404129 |
| **Total Investments (Cost $1,940,376) - 158.85%** |  |  | 1867735 |
| **Liabilities in Excess of Other Assets - (58.85)%** |  |  | (691866) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1175869 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $463,606.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 2/10/2023 | $168.85 | 32 | $(1228640) | $(690536) |
|  |  |  |  |  | (690536) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $117.44 | 115 | (1144940) | (210001) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 2/10/2023 | $113.86 | 119 | (1254617) | (101068) |
| S&P 500® Mini Index | 2/10/2023 | $421.03 | 16 | (614320) | (57418) |
|  |  |  |  |  | (368487) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $950,640)** |  |  |  |  | $**(1059023)** |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1404129 | $– | $1404129 |
| Exchange Traded Funds | 463606 | – | – | 463606 |
| **Total Assets** | $463606 | $1404129 | $– | $1867735 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $1059023 | $– | $1059023 |
| **Total Liabilities** | $– | $1059023 | $– | $1059023 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1228778 | $175351 | $1404129 |
| Liabilities - Written options | Options written, at value | $747954 | $311069 | $1059023 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(94391) | $85639 | $(8752) |
| Written options | Written Options | 52643 | (147672) | (95029) |
|  |  | $(41748) | $(62033) | $(103781) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(175784) | $114061 | $(61723) |
| Written options | Written Options | 96314 | (204697) | (108383) |
|  |  | $(79470) | $(90636) | $(170106) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 39.43% |
| Purchased Options | 119.42 |
| **Total Investments** | 158.85 |
| Written Options | (90.07) |
| Assets in Excess of Other Liabilities | 31.22 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 37.51%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 905 | $90627 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1847 | 89099 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1542 | 44548 |
| Vanguard Short-Term Treasury ETF (a) | 1543 | 89217 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $321,459) |  | 313491 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 108.32% (b)(c)** |  |  |  |
| **CALL OPTIONS - 101.57%** |  |  |  |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $411.06 | 17 | $652715 | 7492 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $0.64 | 22 | 844690 | 841365 |
|  |  |  | 848857 |
| **PUT OPTIONS - 6.75%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $102.92 | 84 | 836304 | 45045 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $103.17 | 84 | 885612 | 11292 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $165.05 | 22 | 844690 | 56 |
|  |  |  | 56393 |
| TOTAL PURCHASED OPTIONS (Cost $986,312) |  |  | 905250 |
| **Total Investments (Cost $1,307,771) - 145.83%** |  |  | 1218741 |
| **Liabilities in Excess of Other Assets - (45.83)%** |  |  | (383006) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $835735 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $313,491.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 3/10/2023 | $165.05 | 22 | $(844690) | $(482766) |
|  |  |  |  |  | (482766) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $108.34 | 84 | (836304) | (78019) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 3/10/2023 | $108.60 | 84 | (885612) | (32862) |
| S&P 500® Mini Index | 3/10/2023 | $411.06 | 11 | (422345) | (31591) |
|  |  |  |  |  | (142472) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $641,974)** |  |  |  |  | $**(625238)** |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $905250 | $– | $905250 |
| Exchange Traded Funds | 313491 | – | – | 313491 |
| **Total Assets** | $313491 | $905250 | $– | $1218741 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $625238 | $– | $625238 |
| **Total Liabilities** | $– | $625238 | $– | $625238 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $848913 | $56337 | $905250 |
| Liabilities - Written options | Options written, at value | $514357 | $110881 | $625238 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(78459) | $144766 | $66307 |
| Written options | Written Options | 48540 | (206118) | (157578) |
|  |  | $(29919) | $(61352) | $(91271) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(88889) | $7827 | $(81062) |
| Written options | Written Options | 48533 | (31797) | 16736 |
|  |  | $(40356) | $(23970) | $(64326) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 37.51% |
| Purchased Options | 108.32 |
| **Total Investments** | 145.83 |
| Written Options | (74.82) |
| Assets in Excess of Other Liabilities | 28.99 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.46%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 554 | $55478 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 398 | 41961 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2596 | 82631 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1075 | 83322 |
| Vanguard Short-Term Treasury ETF (a) | 318 | 18387 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $280,570) |  | 281779 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 23.54%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $218700 | 204391 |
| TOTAL U.S. TREASURY NOTE (Cost $204,919) |  | 204391 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 103.66% (b)(c)** |  |  |  |
| **CALL OPTIONS - 103.65%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $358.89 | 16 | $614320 | 58732 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $0.56 | 22 | 844690 | 841060 |
|  |  |  | 899792 |
| **PUT OPTIONS - 0.01%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $144.11 | 22 | 844690 | 114 |
|  |  |  | 114 |
| TOTAL PURCHASED OPTIONS (Cost $824,973) |  |  | 899906 |
| **Total Investments (Cost $1,310,462) - 159.66%** |  |  | 1386076 |
| **Liabilities in Excess of Other Assets - (59.66)%** |  |  | (517924) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $868152 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $486,170.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $144.11 | 22 | $(844690) | $(529164) |
|  |  |  |  |  | (529164) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $358.89 | 11 | (422345) | (8991) |
|  |  |  |  |  | (8991) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $497,329)** |  |  |  |  | $**(538155)** |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $899906 | $– | $899906 |
| Exchange Traded Funds | 281779 |  |  | 281779 |
| U.S. Treasury Note | – | 204391 | – | 204391 |
| **Total Assets** | $281779 | $1104297 | $– | $1386076 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $538155 | $– | $538155 |
| **Total Liabilities** | $– | $538155 | $– | $538155 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $899906 | $– $| 899906 |
| Liabilities - Written options | Options written, at value | $538155 | $– $| 538155 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended

December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(226210) | $156677 | $(69533) |
| Written options | Written Options | 122899 | (220228) | (97329) |
|  |  | $(103311) | $(63551) | $(166862) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $74934 | $– | $74934 |
| Written options | Written Options | (40826) | – | (40826) |
|  |  | $34108 | $– | $34108 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 32.46% |
| Purchased Options | 103.66 |
| U.S. Treasury Note | 23.54 |
| **Total Investments** | 159.66 |
| Written Options | (61.99) |
| Assets in Excess of Other Liabilities | 2.33 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.52%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 600 | $60084 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 424 | 44702 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2785 | 88647 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1147 | 88904 |
| Vanguard Short-Term Treasury ETF (a) | 345 | 19948 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $302,241) |  | 302285 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.64%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $237800 | 222241 |
| TOTAL U.S. TREASURY NOTE (Cost $222,671) |  | 222241 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 96.54% (b)(c)** |  |  |  |
| **CALL OPTIONS - 96.50%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $395.66 | 18 | $691110 | 29946 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $0.61 | 22 | 844690 | 840340 |
|  |  |  | 870286 |
| **PUT OPTIONS - 0.04%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $158.87 | 22 | 844690 | 318 |
|  |  |  | 318 |
| TOTAL PURCHASED OPTIONS (Cost $895,542) |  |  | 870604 |
| **Total Investments (Cost $1,420,454) - 154.70%** |  |  | 1395130 |
| **Liabilities in Excess of Other Assets - (54.70)%** |  |  | (493346) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $901784 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $524,526.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $158.87 | 22 | $(844690) | $(497849) |
|  |  |  |  |  | (497849) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $395.66 | 11 | (422345) | (25828) |
|  |  |  |  |  | (25828) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $536,875)** |  |  |  |  | $**(523677)** |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $870604 | $– | $870604 |
| Exchange Traded Funds | 302285 |  |  | 302285 |
| U.S. Treasury Note | – | 222241 | – | 222241 |
| **Total Assets** | $302285 | $1092845 | $– | $1395130 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $523677 | $– | $523677 |
| **Total Liabilities** | $– | $523677 | $– | $523677 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $870604 | $– $| 870604 |
| Liabilities - Written options | Options written, at value | $523677 | $– $| 523677 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(62372) | $62563 | $191 |
| Written options | Written Options | 40643 | (125693) | (85050) |
|  |  | $(21729) | $(63130) | $(84859) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(24938) | $– | $(24938) |
| Written options | Written Options | 13198 | – | 13198 |
|  |  | $(11740) | $– | $(11740) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.52% |
| Purchased Options | 96.54 |
| U.S. Treasury Note | 24.64 |
| **Total Investments** | 154.70 |
| Written Options | (58.07) |
| Assets in Excess of Other Liabilities | 3.37 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.78%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 630 | $63088 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 428 | 45124 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2894 | 92116 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1180 | 91462 |
| Vanguard Short-Term Treasury ETF (a) | 363 | 20989 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $316,941) |  | 312779 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.36%** | | |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $241800 | 232489 |
| TOTAL U.S. TREASURY NOTE (Cost $232,533) |  | 232489 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 99.60% (b)(c)** |  |  |  |
| **CALL OPTIONS - 99.54%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $399.08 | 19 | $729505 | 34297 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $0.62 | 24 | 921480 | 915584 |
|  |  |  | 949881 |
| **PUT OPTIONS - 0.06%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $160.24 | 24 | 921480 | 616 |
|  |  |  | 616 |
| TOTAL PURCHASED OPTIONS (Cost $985,895) |  |  | 950497 |
| **Total Investments (Cost $1,535,369) - 156.74%** |  |  | 1495765 |
| **Liabilities in Excess of Other Assets - (56.74)%** |  |  | (541487) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $954278 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $545,268.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $160.24 | 24 | $(921480) | $(540117) |
|  |  |  |  |  | (540117) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $399.08 | 12 | (460740) | (32459) |
|  |  |  |  |  | (32459) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $591,825)** |  |  |  |  | $**(572576)** |

---

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

------

**Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $950497 | $– | $950497 |
| Exchange Traded Funds | 312779 |  |  | 312779 |
| U.S. Treasury Note | – | 232489 | – | 232489 |
| **Total Assets** | $312779 | $1182986 | $– | $1495765 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $572576 | $– | $572576 |
| **Total Liabilities** | $– | $572576 | $– | $572576 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $950497 | $– $| 950497 |
| Liabilities - Written options | Options written, at value | $572576 | $– $| 572576 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(11332) | $(48347) | $(59679) |
| Written options | Written Options | 10607 | 24813 | 35420 |
|  |  | $(725) | $(23534) | $(24259) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(35399) | $– | $(35399) |
| Written options | Written Options | 19249 | – | 19249 |
|  |  | $(16150) | $– | $(16150) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 32.78% |
| Purchased Options | 99.60 |
| U.S. Treasury Note | 24.36 |
| **Total Investments** | 156.74 |
| Written Options | (60.00) |
| Assets in Excess of Other Liabilities | 3.26 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 40.15%** | **<u>Shares</u>** | **<u>Value</u>** |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1968 | 94936 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1646 | 47553 |
| Vanguard Short-Term Treasury ETF (a) | 1645 | 95114 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,485) |  | 337743 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 145.17% (b)(c)** | | | |
| **CALL OPTIONS - 100.23%** |  |  |  |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $475.58 | 22 | $844690 | 5 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $0.48 | 22 | 844690 | 843069 |
|  |  |  | 843074 |
| **PUT OPTIONS - 44.94%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $134.71 | 70 | 696920 | 244875 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price $122.88 | 77 | 811811 | 133186 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $187.29 | 22 | 844690 | 5 |
|  |  |  | 378066 |
| TOTAL PURCHASED OPTIONS (Cost $1,154,745) |  |  | 1221140 |
| **Total Investments (Cost $1,504,230) - 185.32%** |  |  | 1558883 |
| **Liabilities in Excess of Other Assets - (85.32)%** |  |  | (717680) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $841203 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,743.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 1/10/2023 | $187.29 | 22 | $(844690) | $(432597) |
|  |  |  |  |  | (432597) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $141.80 | 70 | (696920) | (294443) |
| iShares iBoxx $Investment Grade Corporate |  |  |  |  |  |
| Bond ETF | 1/10/2023 | $129.35 | 77 | (811811) | (182942) |
| S&P 500® Mini Index | 1/10/2023 | $420.34 | 22 | (844690) | (79477) |
|  |  |  |  |  | (556862) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $777,373)** | **TOTAL OPTIONS WRITTEN (Premiums Received $777,373)** |  |  |  | $**(989459)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1221140 | $– | $1221140 |
| Exchange Traded Funds | 337743 | – | – | 337743 |
| **Total Assets** | $337743 | $1221140 | $– | $1558883 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $989459 | $– | $989459 |
| **Total Liabilities** | $– | $989459 | $– | $989459 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $843079 | $378061 | $1221140 |
| Liabilities - Written options | Options written, at value | $512074 | $477385 | $989459 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(236328) | $302723 | $66395 |
| Written options | Written Options | 147871 | (359957) | (212086) |
|  |  | $(88457) | $(57234) | $(145691) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 40.15% |
| Purchased Options | 145.17 |
| **Total Investments** | 185.32 |
| Written Options | (117.63) |
| Assets in Excess of Other Liabilities | 32.31 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.99%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1988 | 95901 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1663 | 48044 |
| Vanguard Short-Term Treasury ETF (a) | 1661 | 96039 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,476) |  | 340124 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 134.22% (b)(c)** |  |  |  |
| **CALL OPTIONS - 96.68%** |  |  |  |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $462.34 | 22 | $844690 | 72 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $0.46 | 22 | 844690 | 843291 |
|  |  |  | 843363 |
| **PUT OPTIONS - 37.54%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $129.92 | 73 | 726788 | 223700 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price $118.37 | 80 | 843440 | 103704 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $180.62 | 22 | 844690 | 17 |
|  |  |  | 327421 |
| TOTAL PURCHASED OPTIONS (Cost $1,122,304) |  |  | 1170784 |
| **Total Investments (Cost $1,471,780) - 173.21%** |  |  | 1510908 |
| **Liabilities in Excess of Other Assets - (73.21)%** |  |  | (638648) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $872260 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $340,124.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 2/10/2023 | $180.62 | 22 | $(844690) | $(448983) |
|  |  |  |  |  | (448983) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $136.76 | 73 | (726788) | (270842) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 2/10/2023 | $124.60 | 80 | (843440) | (152471) |
| S&P 500® Mini Index | 2/10/2023 | $405.38 | 22 | (844690) | (49824) |
|  |  |  |  |  | (473137) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $755,813)** |  |  |  |  | $**(922120)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1170784 | $– | $1170784 |
| Exchange Traded Funds | 340124 | – | – | 340124 |
| **Total Assets** | $340124 | $1170784 | $– | $1510908 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $922120 | $– | $922120 |
| **Total Liabilities** | $– | $922120 | $– | $922120 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $843380 | $327404 | $1170784 |
| Liabilities - Written options | Options written, at value | $498807 | $423313 | $922120 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(204419) | $252899 | $48480 |
| Written options | Written Options | 141074 | (307381) | (166307) |
|  |  | $(63345) | $(54482) | $(117827) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 38.99% |
| Purchased Options | 134.22 |
| **Total Investments** | 173.21 |
| Written Options | (105.71) |
| Assets in Excess of Other Liabilities | 32.50 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.21%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 998 | $99940 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1966 | 94840 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1642 | 47437 |
| Vanguard Short-Term Treasury ETF (a) | 1643 | 94998 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $345,695) |  | 337215 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 134.93% (b)(c)** |  |  |  |
| **CALL OPTIONS - 104.30%** |  |  |  |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $433.86 | 24 | $921480 | 2396 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $0.45 | 24 | 921480 | 918306 |
|  |  |  | 920702 |
| **PUT OPTIONS - 30.63%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $127.54 | 74 | 736744 | 200783 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $114.11 | 83 | 875069 | 69473 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $170.82 | 24 | 921480 | 78 |
|  |  |  | 270334 |
| TOTAL PURCHASED OPTIONS (Cost $1,182,035) |  |  | 1191036 |
| **Total Investments (Cost $1,527,730) - 173.14%** |  |  | 1528251 |
| **Liabilities in Excess of Other Assets - (73.14)%** |  |  | (645577) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $882674 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,215.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 3/10/2023 | $170.82 | 24 | $(921480) | $(512924) |
|  |  |  |  |  | (512924) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $134.25 | 74 | (736744) | (250647) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 3/10/2023 | $120.12 | 83 | (875069) | (120234) |
| S&P 500® Mini Index | 3/10/2023 | $383.37 | 24 | (921480) | (31530) |
|  |  |  |  |  | (402411) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $797,283)** |  |  |  |  | $**(915335)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1191036 | $– | $1191036 |
| Exchange Traded Funds | 337215 | – | – | 337215 |
| **Total Assets** | $337215 | $1191036 | $– | $1528251 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $915335 | $– | $915335 |
| **Total Liabilities** | $– | $915335 | $– | $915335 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| **Assets - Purchased options** | Investments, at value | $920780 | $270256 | $1191036 |
| Liabilities - Written options | Options written, at value | $544454 | $370881 | $915335 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(175040) | $184042 | $9002 |
| Written options | Written Options | 125412 | (243464) | (118052) |
|  |  | $(49628) | $(59422) | $(109050) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 38.21% |
| Purchased Options | 134.93 |
| **Total Investments** | 173.14 |
| Written Options | (103.70) |
| Assets in Excess of Other Liabilities | 30.56 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.44%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1020 | $102143 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2025 | 97686 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1691 | 48853 |
| Vanguard Short-Term Treasury ETF (a) | 1693 | 97889 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $352,067) |  | 346571 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 119.17% (b)(c)** |  |  |  |
| **CALL OPTIONS - 97.76%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $449.67 | 23 | $883085 | 1959 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $0.46 | 23 | 883085 | 879517 |
|  |  |  | 881476 |
| **PUT OPTIONS - 21.41%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 4/10/2023, Strike Price $117.28 | 83 | 826348 | 144189 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 4/10/2023, Strike Price $110.49 | 88 | 927784 | 48630 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $176.97 | 23 | 883085 | 258 |
|  |  |  | 193077 |
| TOTAL PURCHASED OPTIONS (Cost $1,177,038) |  |  | 1074553 |
| **Total Investments (Cost $1,529,105) - 157.61%** |  |  | 1421124 |
| **Liabilities in Excess of Other Assets - (57.61)%** |  |  | (519471) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $901653 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $346,571.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $176.97 | 23 | $(883085) | $(478551) |
|  |  |  |  |  | (478551) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 4/10/2023 | $123.45 | 83 | (826348) | (190424) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 4/10/2023 | $116.30 | 88 | (927784) | (93405) |
| S&P 500® Mini Index | 4/10/2023 | $397.17 | 23 | (883085) | (51061) |
|  |  |  |  |  | (334890) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $792,213)** |  |  |  |  | $**(813441)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1074553 | $– | $1074553 |
| Exchange Traded Funds | 346571 | – | – | 346571 |
| **Total Assets** | $346571 | $1074553 | $– | $1421124 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $813441 | $– | $813441 |
| **Total Liabilities** | $– | $813441 | $– | $813441 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $881735 | $192818 | $1074553 |
| Liabilities - Written options | Options written, at value | $529612 | $283829 | $813441 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(201821) | $99336 | $(102485) |
| Written options | Written Options | 130167 | (151395) | (21228) |
|  |  | $(71654) | $(52059) | $(123713) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 38.44% |
| Purchased Options | 119.17 |
| **Total Investments** | 157.61 |
| Written Options | (90.21) |
| Assets in Excess of Other Liabilities | 32.60 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.10%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 994 | $99539 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1975 | 95274 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1650 | 95403 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,183) |  | 337885 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 118.87% (b)(c)** | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **CALL OPTIONS - 104.97%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $408.59 | 25 | $959875 | 26999 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $0.42 | 25 | 959875 | 955400 |
|  |  |  | 982399 |
| **PUT OPTIONS - 13.90%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 5/10/2023, Strike Price $110.62 | 85 | 846260 | 100365 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 5/10/2023, Strike Price $106.30 | 89 | 938327 | 29428 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $160.46 | 25 | 959875 | 374 |
|  |  |  | 130167 |
| TOTAL PURCHASED OPTIONS (Cost $1,176,052) |  |  | 1112566 |
| **Total Investments (Cost $1,519,235) - 154.97%** |  |  | 1450451 |
| **Liabilities in Excess of Other Assets - (54.97)%** |  |  | (514539) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $935912 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,885.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $160.46 | 25 | $(959875) | $(561833) |
|  |  |  |  |  | (561833) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 5/10/2023 | $116.44 | 85 | (846260) | (140520) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 5/10/2023 | $111.89 | 89 | (938327) | (60721) |
| S&P 500® Mini Index | 5/10/2023 | $360.12 | 25 | (959875) | (26720) |
|  |  |  |  |  | (227961) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $792,821)** | **TOTAL OPTIONS WRITTEN (Premiums Received $792,821)** |  |  |  | $**(789794**) |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - May**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1112566 | $– | $1112566 |
| Exchange Traded Funds | 337885 | – | – | 337885 |
| **Total Assets** | $337885 | $1112566 | $– | $1450451 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $789794 | $– | $789794 |
| **Total Liabilities** | $– | $789794 | $– | $789794 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate**<br> **Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $982773 | $129793 | $1112566 |
| Liabilities - Written options | Options written, at value | $588553 | $201241 | $789794 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(98257) | $34772 | $(63485) |
| Written options | Written Options | 71135 | (68108) | 3027 |
|  |  | $(27122) | $(33336) | $(60458) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 36.10% |
| Purchased Options | 118.87 |
| **Total Investments** | 154.97 |
| Written Options | (84.38) |
| Assets in Excess of Other Liabilities | 29.41 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.31%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 990 | $99139 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1982 | 95612 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1656 | 95749 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $342,304) |  | 338342 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 120.57% (b)(c)** | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **CALL OPTIONS - 108.49%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $399.05 | 26 | $998270 | 46971 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $0.41 | 26 | 998270 | 992419 |
|  |  |  | 1039390 |
| **PUT OPTIONS - 12.08%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 6/12/2023, Strike Price $107.83 | 88 | 876128 | 88549 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 6/12/2023, Strike Price $104.79 | 90 | 948870 | 26624 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $156.44 | 26 | 998270 | 613 |
|  |  |  | 115786 |
| TOTAL PURCHASED OPTIONS (Cost $1,181,351) |  |  | 1155176 |
| **Total Investments (Cost $1,523,655) - 155.88%** |  |  | 1493518 |
| **Liabilities in Excess of Other Assets - (55.88)%** |  |  | (535409) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $958109 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,342.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $156.44 | 26 | $(998270) | $(595058) |
|  |  |  |  |  | (595058) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 6/12/2023 | $113.51 | 88 | (876128) | (126280) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 6/12/2023 | $110.30 | 90 | (948870) | (54228) |
| S&P 500® Mini Index | 6/12/2023 | $351.09 | 26 | (998270) | (27127) |
|  |  |  |  |  | (207635) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $788,831)** | **TOTAL OPTIONS WRITTEN (Premiums Received $788,831)** |  |  |  | $**(802693**) |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1155176 | $– | $1155176 |
| Exchange Traded Funds | 338342 | – | – | 338342 |
| **Total Assets** | $338342 | $1155176 | $– | $1493518 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $802693 | $– | $802693 |
| **Total Liabilities** | $– | $802693 | $– | $802693 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate**<br> **Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1040003 | $115173 | $1155176 |
| Liabilities - Written options | Options written, at value | $622185 | $180508 | $802693 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(57588) | $31414 | $(26174) |
| Written options | Written Options | 44732 | (58594) | (13862) |
|  |  | $(12856) | $(27180) | $(40036) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 35.31% |
| Purchased Options | 120.57 |
| **Total Investments** | 155.88 |
| Written Options | (83.77) |
| Assets in Excess of Other Liabilities | 27.89 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.52%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 985 | $98638 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95460 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $341,258) |  | 337089 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 120.96% (b)(c)** | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **CALL OPTIONS - 107.75%** | | | |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $394.35 | 26 | $998270 | 59915 |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $0.40 | 26 | 998270 | 992259 |
|  |  |  | 1052174 |
| **PUT OPTIONS - 13.21%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 7/10/2023, Strike Price $108.70 | 87 | 866172 | 94792 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 7/10/2023, Strike Price $105.47 | 90 | 948870 | 33404 |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $154.58 | 26 | 998270 | 827 |
|  |  |  | 129023 |
| TOTAL PURCHASED OPTIONS (Cost $1,175,621) |  |  | 1181197 |
| **Total Investments (Cost $1,516,879) - 155.48%** |  |  | 1518286 |
| **Liabilities in Excess of Other Assets - (55.48)%** |  |  | (541729) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $976557 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,089.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** | | | | | |
| S&P 500® Mini Index | 7/10/2023 | $154.58 | 26 | $(998270) | $(600698) |
|  |  |  |  |  | (600698) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 7/10/2023 | $114.42 | 87 | (866172) | (131798) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7/10/2023 | $111.02 | 90 | (948870) | (59960) |
| S&P 500® Mini Index | 7/10/2023 | $346.92 | 26 | (998270) | (28284) |
|  |  |  |  |  | (220042) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $787,421)** | **TOTAL OPTIONS WRITTEN (Premiums Received $787,421)** |  |  |  | $**(820740**) |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1181197 | $– | $1181197 |
| Exchange Traded Funds | 337089 | – | – | 337089 |
| **Total Assets** | $337089 | $1181197 | $– | $1518286 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $820740 | $– | $820740 |
| **Total Liabilities** | $– | $820740 | $– | $820740 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate**<br> **Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1053001 | $128196 | $1181197 |
| Liabilities - Written options | Options written, at value | $628982 | $191758 | $820740 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(30037) | $35613 | $5576 |
| Written options | Written Options | 28477 | (61796) | (33319) |
|  |  | $(1560) | $(26183) | $(27743) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 34.52% |
| Purchased Options | 120.96 |
| **Total Investments** | 155.48 |
| Written Options | (84.05) |
| Assets in Excess of Other Liabilities | 28.57 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 37.21%** | **<u>Shares</u>** | **<u>Value</u>** |
| iShares 0-3 Month Treasury Bond ETF (a) | 983 | $98438 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1987 | 95853 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1659 | 47929 |
| Vanguard Short-Term Treasury ETF (a) | 1660 | 95980 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $342,394) |  | 338200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 120.71% (b)(c)** | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **CALL OPTIONS - 103.29%** | | | |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $430.48 | 24 | $921480 | 23644 |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $0.44 | 24 | 921480 | 914880 |
|  |  |  | 938524 |
| **PUT OPTIONS - 17.42%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 8/10/2023, Strike Price $111.57 | 85 | 846260 | 113366 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 8/10/2023, Strike Price $108.17 | 88 | 927784 | 43638 |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $168.85 | 24 | 921480 | 1311 |
|  |  |  | 158315 |
| TOTAL PURCHASED OPTIONS (Cost $1,161,714) |  |  | 1096839 |
| **Total Investments (Cost $1,504,108) - 157.92%** |  |  | 1435039 |
| **Liabilities in Excess of Other Assets - (57.92)%** |  |  | (526332) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $908707 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,200.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** | | | | | |
| S&P 500® Mini Index | 8/10/2023 | $168.85 | 24 | $(921480) | $(521562) |
|  |  |  |  |  | (521562) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 8/10/2023 | $117.44 | 85 | (846260) | (151332) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8/10/2023 | $113.86 | 88 | (927784) | (75110) |
| S&P 500® Mini Index | 8/10/2023 | $378.93 | 24 | (921480) | (52164) |
|  |  |  |  |  | (278606) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $769,764)** | **TOTAL OPTIONS WRITTEN (Premiums Received $769,764)** |  |  |  | $**(800168**) |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1096839 | $– | $1096839 |
| Exchange Traded Funds | 338200 | – | – | 338200 |
| **Total Assets** | $338200 | $1096839 | $– | $1435039 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $800168 | $– | $800168 |
| **Total Liabilities** | $– | $800168 | $– | $800168 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate**<br> **Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $939835 | $157004 | $1096839 |
| Liabilities - Written options | Options written, at value | $573726 | $226442 | $800168 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(143280) | $78404 | $(64876) |
| Written options | Written Options | 81855 | (112259) | (30404) |
|  |  | $(61425) | $(33855) | $(95280) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 37.21% |
| Purchased Options | 120.71 |
| **Total Investments** | 157.92 |
| Written Options | (88.06) |
| Assets in Excess of Other Liabilities | 30.14 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.07%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 976 | $97737 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1983 | 95660 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1657 | 95807 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $339,659) |  | 337046 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 112.51% (b)(c)** | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **CALL OPTIONS - 101.59%** | | | |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $422.74 | 24 | $921480 | 35210 |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $0.45 | 24 | 921480 | 914140 |
|  |  |  | 949350 |
| **PUT OPTIONS - 10.92%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 9/11/2023, Strike Price $102.92 | 92 | 915952 | 72375 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 9/11/2023, Strike Price $103.17 | 92 | 969956 | 28228 |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $164.88 | 24 | 921480 | 1529 |
|  |  |  | 102132 |
| TOTAL PURCHASED OPTIONS (Cost $1,144,560) |  |  | 1051482 |
| **Total Investments (Cost $1,484,219) - 148.58%** |  |  | 1388528 |
| **Liabilities in Excess of Other Assets - (48.58)%** |  |  | (453962) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $934566 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,046.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** | | | | | |
| S&P 500® Mini Index | 9/11/2023 | $164.88 | 24 | $(921480) | $(532522) |
|  |  |  |  |  | (532522) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 9/11/2023 | $108.34 | 92 | (915952) | (102864) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9/11/2023 | $108.60 | 92 | (969956) | (48744) |
| S&P 500® Mini Index | 9/11/2023 | $370.00 | 24 | (921480) | (48435) |
|  |  |  |  |  | (200043) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $760,576)** | **TOTAL OPTIONS WRITTEN (Premiums Received $760,576)** |  |  |  | $**(732565**) |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1051482 | $– | $1051482 |
| Exchange Traded Funds | 337046 | – | – | 337046 |
| **Total Assets** | $337046 | $1051482 | $– | $1388528 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $732565 | $– | $732565 |
| **Total Liabilities** | $– | $732565 | $– | $732565 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate**<br> **Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $950879 | $100603 | $1051482 |
| Liabilities - Written options | Options written, at value | $580956 | $151609 | $732565 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(108534) | $15456 | $(93078) |
| Written options | Written Options | 59424 | (31413) | 28011 |
|  |  | $(49110) | $(15957) | $(65067) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 36.07% |
| Purchased Options | 112.51 |
| **Total Investments** | 148.58 |
| Written Options | (78.39) |
| Assets in Excess of Other Liabilities | 29.81 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 31.09%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 437 | $43761 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 465 | 49025 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3036 | 96636 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1260 | 97663 |
| Vanguard Short-Term Treasury ETF (a) | 748 | 43249 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $323,208) |  | 330334 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u><br> <u>Amount</u>** | |
| **U.S. TREASURY NOTE - 22.60%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256900 | 240091 |
| TOTAL U.S. TREASURY NOTE (Cost $240,676) |  | 240091 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 108.22% (b)(c)** |  |  |  |
| **CALL OPTIONS - 108.08%** |  |  |  |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $371.18 | 27 | $1036665 | 119991 |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $0.38 | 27 | 1036665 | 1028239 |
|  |  |  | 1148230 |
| **PUT OPTIONS - 0.14%** |  |  |  |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $144.88 | 27 | 1036665 | 1464 |
|  |  |  | 1464 |
| TOTAL PURCHASED OPTIONS (Cost $1,062,943) |  |  | 1149694 |
| **Total Investments (Cost $1,626,827) - 161.91%** |  |  | 1720119 |
| **Liabilities in Excess of Other Assets - (61.91)%** |  |  | (657632) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1062487 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $570,425.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 10/10/2023 | $144.88 | 27 | $(1036665) | $(651363) |
|  |  |  |  |  | (651363) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 10/10/2023 | $325.14 | 27 | (1036665) | (27912) |
|  |  |  |  |  | (27912) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $645,557)** | **TOTAL OPTIONS WRITTEN (Premiums Received $645,557)** |  |  |  | $**(679275**) |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1149694 | $– | $1149694 |
| Exchange Traded Funds | 330334 |  |  | 330334 |
| U.S. Treasury Note | – | 240091 | – | 240091 |
| **Total Assets** | $330334 | $1389785 | $– | $1720119 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $679275 | $– | $679275 |
| **Total Liabilities** | $– | $679275 | $– | $679275 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1149694 | $– $| 1149694 |
| Liabilities - Written options | Options written, at value | $679275 | $– $| 679275 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $86750 | $– | $86750 |
| Written options | Written Options | (33718) | – | (33718) |
|  |  | $53032 | $– | $53032 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 31.09% |
| Purchased Options | 108.22 |
| U.S. Treasury Note | 22.60 |
| **Total Investments** | 161.91 |
| Written Options | (63.94) |
| Assets in Excess of Other Liabilities | 2.03 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.10%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 433 | $43361 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 455 | 47970 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2990 | 95172 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1231 | 95415 |
| Vanguard Short-Term Treasury ETF (a) | 746 | 43134 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $322,981) |  | 325052 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u> <br> <u>Amount</u>** | |
| **U.S. TREASURY NOTE - 24.43%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256700 | 239904 |
| TOTAL U.S. TREASURY NOTE (Cost $240,367) |  | 239904 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 103.64% (b)(c)** |  |  |  |
| **CALL OPTIONS - 103.45%** |  |  |  |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $407.30 | 25 | $959875 | 64760 |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $0.42 | 25 | 959875 | 951172 |
|  |  |  | 1015932 |
| **PUT OPTIONS - 0.19%** |  |  |  |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $158.65 | 25 | 959875 | 1909 |
|  |  |  | 1909 |
| TOTAL PURCHASED OPTIONS (Cost $1,069,780) |  |  | 1017841 |
| **Total Investments (Cost $1,633,128) - 161.17%** |  |  | 1582797 |
| **Liabilities in Excess of Other Assets - (61.17)%** |  |  | (600768) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $982029 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $564,956.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN** 

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 11/10/2023 | $158.65 | 25 | $(959875) | $(570476) |
|  |  |  |  |  | (570476) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 11/10/2023 | $356.05 | 25 | (959875) | (45994) |
|  |  |  |  |  | (45994) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $646,863)** | **TOTAL OPTIONS WRITTEN (Premiums Received $646,863)** |  |  |  | $**(616470)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | |  |
| Purchased Options | $– | $1017841 | $– | $1017841 |
| Exchange Traded Funds | 325052 |  |  | 325052 |
| U.S. Treasury Note | – | 239904 | – | 239904 |
| **Total Assets** | $325052 | $1257745 | $– | $1582797 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $616470 | $– | $616470 |
| **Total Liabilities** | $– | $616470 | $– | $616470 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1017841 | $– $| 1017841 |
| Liabilities - Written options | Options written, at value | $616470 | $– $| 616470 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(51939) | $– | $(51939) |
| Written options | Written Options | 30393 | – | 30393 |
|  |  | $(21546) | $– | $(21546) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.10% |
| Purchased Options | 103.64 |
| U.S. Treasury Note | 24.43 |
| **Total Investments** | 161.17 |
| Written Options | (62.77) |
| Assets in Excess of Other Liabilities | 1.60 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.06%** | |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 432 | $43260 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 438 | 46179 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2957 | 94121 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1206 | 93477 |
| Vanguard Short-Term Treasury ETF (a) | 745 | 43076 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $324,157) |  | 320113 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal <br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.59%** | | |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $247600 | 238066 |
| TOTAL U.S. TREASURY NOTE (Cost $238,110) |  | 238066 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 104.94% (b)(c)** |  |  |  |
| **CALL OPTIONS - 104.72%** |  |  |  |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $411.83 | 25 | $959875 | 64046 |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $0.42 | 25 | 959875 | 949934 |
|  |  |  | 1013980 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $160.04 | 25 | 959875 | 2175 |
|  |  |  | 2175 |
| TOTAL PURCHASED OPTIONS (Cost $1,077,506) |  |  | 1016155 |
| **Total Investments (Cost $1,639,773) - 162.59%** |  |  | 1574334 |
| **Liabilities in Excess of Other Assets - (62.59)%** |  |  | (606088) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $968246 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $558,179.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN** 

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 12/11/2023 | $160.04 | 25 | $(959875) | $(567320) |
|  |  |  |  |  | (567320) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 12/11/2023 | $359.17 | 25 | (959875) | (50835) |
|  |  |  |  |  | (50835) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $650,763)** | **TOTAL OPTIONS WRITTEN (Premiums Received $650,763)** | **TOTAL OPTIONS WRITTEN (Premiums Received $650,763)** |  |  | $**(618155)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | |  |
| Purchased Options | $– | $1016155 | $– | $1016155 |
| Exchange Traded Funds | 320113 |  |  | 320113 |
| U.S. Treasury Note | – | 238066 | – | 238066 |
| **Total Assets** | $320113 | $1254221 | $– | $1574334 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $618155 | $– | $618155 |
| **Total Liabilities** | $– | $618155 | $– | $618155 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1016155 | $– $| 1016155 |
| Liabilities - Written options | Options written, at value | $618155 | $– $| 618155 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statements of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(61351) | $– | $(61351) |
| Written options | Written Options | 32608 | – | 32608 |
|  |  | $(28743) | $– | $(28743) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 33.06% |
| Purchased Options | 104.94 |
| U.S. Treasury Note | 24.59 |
| **Total Investments** | 162.59 |
| Written Options | (63.84) |
| Assets in Excess of Other Liabilities | 1.25 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 41.25%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1968 | 94936 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1646 | 47553 |
| Vanguard Short-Term Treasury ETF (a) | 1645 | 95115 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,486) |  | 337744 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 158.85% (b)(c)** |  |  |  |
| **CALL OPTIONS - 102.99%** |  |  |  |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $467.03 | 11 | $422345 | 2 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $0.47 | 22 | 844690 | 843091 |
|  |  |  | 843093 |
| **PUT OPTIONS - 55.86%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $134.70 | 70 | 696920 | 244805 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price |  |  |  |
| &nbsp;&nbsp;&nbsp;$122.87 | 77 | 811811 | 133109 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $420.33 | 22 | 844690 | 79455 |
| S&P 500® Mini Index, Expires 1/10/2023, Strike Price $187.28 | 22 | 844690 | 5 |
|  |  |  | 457374 |
| TOTAL PURCHASED OPTIONS (Cost $1,183,953) |  |  | 1300467 |
| **Total Investments (Cost $1,533,439) - 200.10%** |  |  | 1638211 |
| **Liabilities in Excess of Other Assets - (100.10)%** |  |  | (819493) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $818718 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,744.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 1/10/2023 | $187.28 | 22 | $(844690) | $(432619) |
|  |  |  |  |  | (432619) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $141.79 | 70 | (696920) | (294373) |
| iShares iBoxx $ Investment Grade Corporate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bond ETF | 1/10/2023 | $129.34 | 77 | (811811) | (182866) |
| S&P 500® Mini Index | 1/10/2023 | $467.03 | 22 | (844690) | (182067) |
|  |  |  |  |  | (659306) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $807,165)** | **TOTAL OPTIONS WRITTEN (Premiums Received $807,165)** | **TOTAL OPTIONS WRITTEN (Premiums Received $807,165)** |  |  | $**(1091925)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1300467 | $– | $1300467 |
| Exchange Traded Funds | 337744 | – | – | 337744 |
| **Total Assets** | $337744 | $1300467 | $– | $1638211 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $1091925 | $– | $1091925 |
| **Total Liabilities** | $– | $1091925 | $– | $1091925 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $922553 | $377914 | $1300467 |
| Liabilities - Written options | Options written, at value | $614686 | $477239 | $1091925 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(186208) | $302723 | $116515 |
| Written options | Written Options | 75050 | (359810) | (284760) |
|  |  | $(111158) | $(57087) | $(168245) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 41.25% |
| Purchased Options | 158.85 |
| **Total Investments** | 200.10 |
| Written Options | (133.38) |
| Assets in Excess of Other Liabilities | 33.28 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 40.96%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1988 | 95901 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1663 | 48044 |
| Vanguard Short-Term Treasury ETF (a) | 1662 | 96097 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,536) |  | 340182 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 146.95% (b)(c)** |  |  |  |
| **CALL OPTIONS - 101.54%** |  |  |  |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $450.41 | 13 | $499135 | 107 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $0.45 | 22 | 844690 | 843312 |
|  |  |  | 843419 |
| **PUT OPTIONS - 45.41%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $129.91 | 73 | 726788 | 223634 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price |  |  |  |
| &nbsp;&nbsp;&nbsp;$118.36 | 80 | 843440 | 103624 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $405.37 | 22 | 844690 | 49807 |
| S&P 500® Mini Index, Expires 2/10/2023, Strike Price $180.61 | 22 | 844690 | 17 |
|  |  |  | 377082 |
| TOTAL PURCHASED OPTIONS (Cost $1,145,206) |  |  | 1220501 |
| **Total Investments (Cost $1,494,742) - 187.91%** |  |  | 1560683 |
| **Liabilities in Excess of Other Assets - (87.91)%** |  |  | (730184) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $830499 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $340,182.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN** 

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 2/10/2023 | $180.61 | 22 | $(844690) | $(449005) |
|  |  |  |  |  | (449005) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $136.75 | 73 | (726788) | (270771) |
| iShares iBoxx $ Investment Grade Corporate |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Bond ETF | 2/10/2023 | $124.59 | 80 | (843440) | (152379) |
| S&P 500® Mini Index | 2/10/2023 | $450.41 | 22 | (844690) | (141547) |
|  |  |  |  |  | (564697) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $778,826)** | **TOTAL OPTIONS WRITTEN (Premiums Received $778,826)** | **TOTAL OPTIONS WRITTEN (Premiums Received $778,826)** |  |  | $**(1013702**) |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1220501 | $– | $1220501 |
| Exchange Traded Funds | 340182 | – | – | 340182 |
| **Total Assets** | $340182 | $1220501 | $– | $1560683 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $1013702 | $– | $1013702 |
| **Total Liabilities** | $– | $1013702 | $– | $1013702 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $893243 | $327258 | $1220501 |
| Liabilities - Written options | Options written, at value | $590552 | $423150 | $1013702 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(177458) | $252753 | $75295 |
| Written options | Written Options | 72495 | (307371) | (234876) |
|  |  | $(104963) | $(54618) | $(159581) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 40.96% |
| Purchased Options | 146.95 |
| **Total Investments** | 187.91 |
| Written Options | (122.05) |
| Assets in Excess of Other Liabilities | 34.14 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 39.63%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 998 | $99940 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1966 | 94840 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1642 | 47437 |
| Vanguard Short-Term Treasury ETF (a) | 1643 | 94998 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $345,696) |  | 337215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 143.66% (b)(c)** | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **CALL OPTIONS - 108.22%** |  |  |  |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $425.94 | 14 | $537530 | 2404 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $0.43 | 24 | 921480 | 918353 |
|  |  |  | 920757 |
| **PUT OPTIONS - 35.44%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $127.52 | 74 | 736744 | 200634 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $114.09 | 83 | 875069 | 69356 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $383.35 | 24 | 921480 | 31510 |
| S&P 500® Mini Index, Expires 3/10/2023, Strike Price $170.80 | 24 | 921480 | 78 |
|  |  |  | 301578 |
| TOTAL PURCHASED OPTIONS (Cost $1,205,061) |  |  | 1222335 |
| **Total Investments (Cost $1,550,757) - 183.29%** |  |  | 1559550 |
| **Liabilities in Excess of Other Assets - (83.29)%** |  |  | (708724) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $850826 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,215.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 3/10/2023 | $170.80 | 24 | $(921480) | $(512972) |
|  |  |  |  |  | (512972) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $134.23 | 74 | (736744) | (250493) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3/10/2023 | $120.10 | 83 | (875069) | (120063) |
| S&P 500® Mini Index | 3/10/2023 | $425.94 | 24 | (921480) | (98074) |
|  |  |  |  |  | (468630) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $823,401)** | **TOTAL OPTIONS WRITTEN (Premiums Received $823,401)** | **TOTAL OPTIONS WRITTEN (Premiums Received $823,401)** |  |  | $**(981602**) |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1222335 | $– | $1222335 |
| Exchange Traded Funds | 337215 | – | – | 337215 |
| **Total Assets** | $337215 | $1222335 | $- | $1559550 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $981602 | $– | $981602 |
| **Total Liabilities** | $– | $981602 | $– | $981602 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $952345 | $269990 | $1222335 |
| Liabilities - Written options | Options written, at value | $611046 | $370556 | $981602 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(166659) | $183933 | $17274 |
| Written options | Written Options | 85095 | (243296) | (158201) |
|  |  | $(81564) | $(59363) | $(140927) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net**<br> **Assets** |
| Exchange Traded Funds | 39.63% |
| Purchased Options | 143.66 |
| **Total Investments** | 183.29 |
| Written Options | (115.37) |
| Assets in Excess of Other Liabilities | 32.08 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 39.75%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1059 | $106048 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2099 | 101256 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1753 | 50644 |
| Vanguard Short-Term Treasury ETF (a) | 1754 | 101416 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $365,066) |  | 359364 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 129.71% (b)(c)** | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **CALL OPTIONS - 101.73%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $441.28 | 14 | $537530 | 1981 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $0.44 | 24 | 921480 | 917805 |
|  |  |  | 919786 |
| **PUT OPTIONS - 27.98%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 4/10/2023, Strike Price $117.26 | 86 | 856216 | 149223 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 4/10/2023, Strike Price $110.47 | 91 | 959413 | 50150 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $397.15 | 24 | 921480 | 53257 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $176.95 | 24 | 921480 | 269 |
|  |  |  | 252899 |
| TOTAL PURCHASED OPTIONS (Cost $1,260,532) |  |  | 1172685 |
| **Total Investments (Cost $1,625,598) - 169.46%** |  |  | 1532049 |
| **Liabilities in Excess of Other Assets - (69.46)%** |  |  | (628001) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $904048 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $359,364.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $176.95 | 24 | $(921480) | $(499405) |
|  |  |  |  |  | (499405) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 4/10/2023 | $123.43 | 86 | (856216) | (197124) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 4/10/2023 | $116.28 | 91 | (959413) | (96419) |
| S&P 500® Mini Index | 4/10/2023 | $441.28 | 24 | (921480) | (130192) |
|  |  |  |  |  | (423735) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $857,660)** | **TOTAL OPTIONS WRITTEN (Premiums Received $857,660)** | **TOTAL OPTIONS WRITTEN (Premiums Received $857,660)** |  |  | $**(923140)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1172685 | $– | $1172685 |
| Exchange Traded Funds | 359364 | – | – | 359364 |
| **Total Assets** | $359364 | $1172685 | $– | $1532049 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $923140 | $– | $923140 |
| **Total Liabilities** | $– | $923140 | $– | $923140 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $973312 | $199373 | $1172685 |
| Liabilities - Written options | Options written, at value | $629597 | $293543 | $923140 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(190993) | $103146 | $(87847) |
| Written options | Written Options | 91470 | (156950) | (65480) |
|  |  | $(99523**)** | $(53804**)** | $(153327**)** |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net Assets** |
| Exchange Traded Funds | 39.75% |
| Purchased Options | 129.71 |
| **Total Investments** | 169.46 |
| Written Options | (102.11) |
| Assets in Excess of Other Liabilities | 32.65 |
| **Net Assets** | 100.00**%** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.78%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 994 | $99539 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1975 | 95274 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1650 | 95402 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,183) |  | 337884 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 123.39% (b)(c)** |  |  |  |
| **CALL OPTIONS - 106.34%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $400.11 | 15 | $575925 | 21687 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $0.40 | 25 | 959875 | 955450 |
|  |  |  | 977137 |
| **PUT OPTIONS - 17.05%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 5/10/2023, Strike Price $110.60 | 85 | 846260 | 100242 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 5/10/2023, Strike Price $106.28 | 89 | 938327 | 29314 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $360.10 | 25 | 959875 | 26706 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $160.44 | 25 | 959875 | 374 |
|  |  |  | 156636 |
| TOTAL PURCHASED OPTIONS (Cost $1,205,001) |  |  | 1133773 |
| **Total Investments (Cost $1,548,184) - 160.17%** |  |  | 1471657 |
| **Liabilities in Excess of Other Assets - (60.17)%** |  |  | (552850) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $918807 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,884.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $160.44 | 25 | $(959875) | $(561882) |
|  |  |  |  |  | (561882) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 5/10/2023 | $116.42 | 85 | (846260) | (140375) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 5/10/2023 | $111.87 | 89 | (938327) | (60573) |
| S&P 500® Mini Index | 5/10/2023 | $400.11 | 25 | (959875) | (64141) |
|  |  |  |  |  | (265089) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $820,579)** | **TOTAL OPTIONS WRITTEN (Premiums Received $820,579)** | **TOTAL OPTIONS WRITTEN (Premiums Received $820,579)** |  |  | $**(826971)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1133773 | $– | $1133773 |
| Exchange Traded Funds | 337884 | – | – | 337884 |
| **Total Assets** | $337884 | $1133773 | $– | $1471657 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $826971 | $– | $826971 |
| **Total Liabilities** | $– | $826971 | $– | $826971 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1004217 | $129556 | $1133773 |
| Liabilities - Written options | Options written, at value | $626023 | $200948 | $826971 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(110980) | $39752 | $(71228) |
| Written options | Written Options | 66240 | (72632) | (6392) |
|  |  | $(44740**)** | $(32880**)** | $(77620**)** |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net**<br> **Assets** |
| Exchange Traded Funds | 36.78% |
| Purchased Options | 123.39 |
| **Total Investments** | 160.17 |
| Written Options | (90.00) |
| Assets in Excess of Other Liabilities | 29.83 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.83%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 990 | $99139 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1982 | 95612 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1656 | 95749 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $342,304) |  | 338342 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 123.84% (b)(c)** | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **CALL OPTIONS - 108.73%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $390.08 | 15 | $575925 | 34190 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $0.39 | 26 | 998270 | 992470 |
|  |  |  | 1026660 |
| **PUT OPTIONS - 15.11%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 6/12/2023, Strike Price $107.82 | 88 | 876128 | 88489 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 6/12/2023, Strike Price $104.77 | 90 | 948870 | 26538 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $351.07 | 26 | 998270 | 27116 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $156.42 | 26 | 998270 | 612 |
|  |  |  | 142755 |
| TOTAL PURCHASED OPTIONS (Cost $1,209,266) |  |  | 1169415 |
| **Total Investments (Cost $1,551,570) - 159.67%** |  |  | 1507757 |
| **Liabilities in Excess of Other Assets - (59.67)%** |  |  | (563469) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $944288 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,342.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $156.42 | 26 | $(998270) | $(595109) |
|  |  |  |  |  | (595109) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 6/12/2023 | $113.49 | 88 | (876128) | (126147) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 6/12/2023 | $110.28 | 90 | (948870) | (54073) |
| S&P 500® Mini Index | 6/12/2023 | $390.08 | 26 | (998270) | (59752) |
|  |  |  |  |  | (239972) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $820,944)** | **TOTAL OPTIONS WRITTEN (Premiums Received $820,944)** | **TOTAL OPTIONS WRITTEN (Premiums Received $820,944)** |  |  | $**(835081)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1169415 | $– | $1169415 |
| Exchange Traded Funds | 338342 | – | – | 338342 |
| **Total Assets** | $338342 | $1169415 | $– | $1507757 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $835081 | $– | $835081 |
| **Total Liabilities** | $– | $835081 | $– | $835081 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1054388 | $115027 | $1169415 |
| Liabilities - Written options | Options written, at value | $654861 | $180220 | $835081 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest<br> Rate Risk** | **Total** |
| Purchased options | Investments | $(71208) | $31358 | $(39850) |
| Written options | Written Options | 44437 | (58574) | (14137) |
|  |  | $(26771) | $(27216) | $(53987) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net**<br> **Assets** |
| Exchange Traded Funds | 35.83% |
| Purchased Options | 123.84 |
| **Total Investments** | 159.67 |
| Written Options | (88.43) |
| Assets in Excess of Other Liabilities | 28.76 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.40%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 985 | $98638 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95460 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $341,259) |  | 337089 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 125.43% (b)(c)** |  |  |  |
| **CALL OPTIONS - 108.93%** |  |  |  |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $385.45 | 16 | $614320 | 44953 |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $0.39 | 26 | 998270 | 992284 |
|  |  |  | 1037237 |
| **PUT OPTIONS - 16.50%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 7/10/2023, Strike Price $108.68 | 87 | 866172 | 94674 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 7/10/2023, Strike Price $105.45 | 90 | 948870 | 33316 |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $346.91 | 26 | 998270 | 28278 |
| S&P 500® Mini Index, Expires 7/10/2023, Strike Price $154.57 | 26 | 998270 | 827 |
| TOTAL PURCHASED OPTIONS (Cost $1,207,515) |  |  | 157095 |
|  |  |  | 1194332 |
| **Total Investments (Cost $1,548,774) - 160.83%** |  |  | 1531421 |
| **Liabilities in Excess of Other Assets - (60.83)%** |  |  | (579245) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $952176 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,089.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 7/10/2023 | $154.57 | 26 | $(998270) | $(600723) |
|  |  |  |  |  | (600723) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 7/10/2023 | $114.40 | 87 | (866172) | (131643) |
| iShares iBoxx $Investment Grade Corporate |  |  |  |  |  |
| Bond ETF | 7/10/2023 | $111.00 | 90 | (948870) | (59815) |
| S&P 500® Mini Index | 7/10/2023 | $385.45 | 26 | (998270) | (58565) |
|  |  |  |  |  | (250023) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $818,010)** | **TOTAL OPTIONS WRITTEN (Premiums Received $818,010)** | **TOTAL OPTIONS WRITTEN (Premiums Received $818,010)** |  |  | $**(850746)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1194332 | $– | $1194332 |
| Exchange Traded Funds | 337089 | – | – | 337089 |
| **Total Assets** | $337089 | $1194332 | $– | $1531421 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $850746 | $– | $850746 |
| **Total Liabilities** | $– | $850746 | $– | $850746 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1066342 | $127990 | $1194332 |
| Liabilities - Written options | Options written, at value | $659288 | $191458 | $850746 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate**<br> **Risk**  | **Total** |
| Purchased options | Investments | $(48767) | $35584 | $(13183) |
| Written options | Written Options | 28937 | (61673) | (32736) |
|  |  | $(19830) | $(26089) | $(45919) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net**<br> **Assets** |
| Exchange Traded Funds | 35.40% |
| Purchased Options | 125.43 |
| **Total Investments** | 160.83 |
| Written Options | (89.35) |
| Assets in Excess of Other Liabilities | 28.52 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 37.07%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 977 | $97837 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1649 | 47640 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95461 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $340,430) |  | 336260 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 126.16% (b)(c)** |  |  |  |
| **CALL OPTIONS - 103.04%** |  |  |  |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $421.01 | 15 | $575925 | 19810 |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $0.42 | 24 | 921480 | 914926 |
|  |  |  | 934736 |
| **PUT OPTIONS - 23.12%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 8/10/2023, Strike Price $111.55 | 85 | 846260 | 113187 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 8/10/2023, Strike Price $108.15 | 87 | 917241 | 43059 |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $378.91 | 24 | 921480 | 52147 |
| S&P 500® Mini Index, Expires 8/10/2023, Strike Price $168.83 | 24 | 921480 | 1310 |
|  |  |  | 209703 |
| TOTAL PURCHASED OPTIONS (Cost $1,189,141) |  |  | 1144439 |
| **Total Investments (Cost $1,529,571) - 163.23%** |  |  | 1480699 |
| **Liabilities in Excess of Other Assets - (63.23)%** |  |  | (573544) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $907155 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $336,260.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 8/10/2023 | $168.83 | 24 | $(921480) | $(521608) |
|  |  |  |  |  | (521608) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 8/10/2023 | $117.42 | 85 | (846260) | (151202) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8/10/2023 | $113.84 | 87 | (917241) | (74185) |
| S&P 500® Mini Index | 8/10/2023 | $421.01 | 24 | (921480) | (98698) |
|  |  |  |  |  | (324085) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $799,436)** | **TOTAL OPTIONS WRITTEN (Premiums Received $799,436)** |  |  |  | $**(845693)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1144439 | $– | $1144439 |
| Exchange Traded Funds | 336260 | – | – | 336260 |
| **Total Assets** | $336260 | $1144439 | $– | $1480699 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $845693 | $– | $845693 |
| **Total Liabilities** | $– | $845693 | $– | $845693 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $988193 | $156246 | $1144439 |
| Liabilities - Written options | Options written, at value | $620307 | $225386 | $845693 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate** <br> **Risk** | **Total** |
| Purchased options | Investments | $(122781) | $78079 | $(44702) |
| Written options | Written Options | 65652 | (111909) | (46257) |
|  |  | $(57129) | $(33830) | $(90959) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 37.07% |
| Purchased Options | 126.16 |
| **Total Investments** | 163.23 |
| Written Options | (93.23) |
| Assets in Excess of Other Liabilities | 30.00 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.79%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 976 | $97737 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1983 | 95660 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1657 | 95807 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $339,657) |  | 337046 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 116.40% (b)(c)** | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **CALL OPTIONS - 100.44%** |  |  |  |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $411.04 | 16 | $614320 | 31527 |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $0.41 | 24 | 921480 | 914234 |
|  |  |  | 945761 |
| **PUT OPTIONS - 15.96%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 9/11/2023, Strike Price $102.90 | 92 | 915952 | 72272 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 9/11/2023, Strike Price $103.15 | 92 | 969956 | 28154 |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $369.94 | 24 | 921480 | 48389 |
| S&P 500® Mini Index, Expires 9/11/2023, Strike Price $164.83 | 24 | 921480 | 1528 |
|  |  |  | 150343 |
| TOTAL PURCHASED OPTIONS (Cost $1,169,387) |  |  | 1096104 |
| **Total Investments (Cost $1,509,044) - 152.19%** |  |  | 1433150 |
| **Liabilities in Excess of Other Assets - (52.19)%** |  |  | (491469) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $941681 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $337,046.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 9/11/2023 | $164.83 | 24 | $(921480) | $(532636) |
|  |  |  |  |  | (532636) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 9/11/2023 | $108.32 | 92 | (915952) | (102737) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9/11/2023 | $108.58 | 92 | (969956) | (48654) |
| S&P 500® Mini Index | 9/11/2023 | $411.04 | 24 | (921480) | (88270) |
|  |  |  |  |  | (239661) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $787,511)** | **TOTAL OPTIONS WRITTEN (Premiums Received $787,511)** |  |  |  | $**(772297)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1096104 | $– | $1096104 |
| Exchange Traded Funds | 337046 | – | – | 337046 |
| **Total Assets** | $337046 | $1096104 | $– | $1433150 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $772297 | $– | $772297 |
| **Total Liabilities** | $– | $772297 | $– | $772297 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $995678 | $100426 | $1096104 |
| Liabilities - Written options | Options written, at value | $620906 | $151391 | $772297 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(88747) | $15464 | $(73283) |
| Written options | Written Options | 46594 | (31380) | 15214 |
|  |  | $(42153) | $(15916) | $(58069) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 35.79% |
| Purchased Options | 116.40 |
| **Total Investments** | 152.19 |
| Written Options | (82.01) |
| Assets in Excess of Other Liabilities | 29.82 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 31.91%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 437 | $43761 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 465 | 49025 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3036 | 96636 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1260 | 97663 |
| Vanguard Short-Term Treasury ETF (a) | 748 | 43249 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $323,208) |  | 330334 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 23.19%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256900 | 240091 |
| TOTAL U.S. TREASURY NOTE (Cost $240,676) |  | 240091 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 110.52% (b)(c)** | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **CALL OPTIONS - 107.69%** |  |  |  |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $361.24 | 17 | $652715 | 86608 |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $0.36 | 27 | 1036665 | 1028290 |
|  |  |  | 1114898 |
| **PUT OPTIONS - 2.83%** |  |  |  |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $325.12 | 27 | 1036665 | 27903 |
| S&P 500® Mini Index, Expires 10/10/2023, Strike Price $144.86 | 27 | 1036665 | 1464 |
|  |  |  | 29367 |
| TOTAL PURCHASED OPTIONS (Cost $1,092,878) |  |  | 1144265 |
| **Total Investments (Cost $1,656,762) - 165.62%** |  |  | 1714690 |
| **Liabilities in Excess of Other Assets - (65.62)%** |  |  | (679324) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1035366 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $570,425.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 10/10/2023 | $144.86 | 27 | $(1036665) | $(651415) |
|  |  |  |  |  | (651415) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 10/10/2023 | $361.24 | 27 | (1036665) | (50708) |
|  |  |  |  |  | (50708) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $676,580)** |  |  |  |  | $**(702123)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1144265 | $– | $1144265 |
| Exchange Traded Funds | 330334 |  |  | 330334 |
| U.S. Treasury Note | – | 240091 | – | 240091 |
| **Total Assets** | $330334 | $1384356 | $– | $1714690 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $702123 | $– | $702123 |
| **Total Liabilities** | $– | $702123 | $– | $702123 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1144265 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $1144265 |
| Liabilities - Written options | Options written, at value | $702123 | $– | $702123 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate** <br> **Risk** | **Total** |
| Purchased options | Investments | $51387 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $51387 |
| Written options | Written Options | (25543) | – | (25543) |
|  |  | $25844 | $– | $25844 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 31.91% |
| Purchased Options | 110.52 |
| U.S. Treasury Note | 23.19 |
| **Total Investments** | 165.62 |
| Written Options | (67.82) |
| Assets in Excess of Other Liabilities | 2.20 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 32.81%** | **<u>Shares</u>** | **<u>Value</u>** |
| iShares 0-3 Month Treasury Bond ETF (a) | 433 | $43361 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 455 | 47970 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2990 | 95172 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1231 | 95415 |
| Vanguard Short-Term Treasury ETF (a) | 746 | 43134 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $322,981) |  | 325052 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal <br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.22%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256700 | 239904 |
| TOTAL U.S. TREASURY NOTE (Cost $240,368) |  | 239904 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 107.00% (b)(c)** |  |  |  |
| **CALL OPTIONS - 102.17%** |  |  |  |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $395.64 | 19 | $729505 | 60918 |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $0.40 | 25 | 959875 | 951220 |
|  |  |  | 1012138 |
| **PUT OPTIONS - 4.83%** |  |  |  |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $356.07 | 25 | 959875 | 46007 |
| S&P 500® Mini Index, Expires 11/10/2023, Strike Price $158.63 | 25 | 959875 | 1909 |
|  |  |  | 47916 |
| TOTAL PURCHASED OPTIONS (Cost $1,090,428) |  |  | 1060054 |
| **Total Investments (Cost $1,653,777) - 164.03%** |  |  | 1625010 |
| **Liabilities in Excess of Other Assets - (64.03)%** |  |  | (634297) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $990713 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $564,956.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 11/10/2023 | $158.63 | 25 | $(959875) | $(570525) |
|  |  |  |  |  | (570525) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 11/10/2023 | $395.64 | 25 | (959875) | (79598) |
|  |  |  |  |  | (79598) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $667,881)** |  |  |  |  | $**(650123)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1060054 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1060054 |
| Exchange Traded Funds | 325052 |  |  | 325052 |
| U.S. Treasury Note | – | 239904 | – | 239904 |
| **Total Assets** | $325052 | $1299958 | $– | $1625010 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $650123 | $– | $650123 |
| **Total Liabilities** | $– | $650123 | $– | $650123 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1060054 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $1060054 |
| Liabilities - Written options | Options written, at value | $650123 | $– | $650123 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(119) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $(119) |
| Written options | Written Options | (119) | – | (119) |
|  |  | $(238) | $– | $(238) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(30374) | $&nbsp;&nbsp;&nbsp;&nbsp;– | $(30374) |
| Written options | Written Options | 17758 | – | 17758 |
|  |  | $(12616) | $– | $(12616) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 32.81% |
| Purchased Options | 107.00 |
| U.S. Treasury Note | 24.22 |
| **Total Investments** | 164.03 |
| Written Options | (65.62) |
| Assets in Excess of Other Liabilities | 1.59 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.61%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 540 | $54076 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 547 | 57670 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3697 | 117675 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1507 | 116808 |
| Vanguard Short-Term Treasury ETF (a) | 931 | 53830 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $405,113) |  | 400059 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.26%** | | |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $309600 | 297678 |
| TOTAL U.S. TREASURY NOTE (Cost $297,734) |  | 297678 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 107.42% (b)(c)** |  |  |  |
| **CALL OPTIONS - 102.06%** |  |  |  |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $399.06 | 23 | $883085 | 73989 |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $0.40 | 31 | 1190245 | 1177978 |
|  |  |  | 1251967 |
| **PUT OPTIONS - 5.36%** |  |  |  |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $359.15 | 31 | 1190245 | 63018 |
| S&P 500® Mini Index, Expires 12/11/2023, Strike Price $160.02 | 31 | 1190245 | 2696 |
|  |  |  | 65714 |
| TOTAL PURCHASED OPTIONS (Cost $1,360,415) |  |  | 1317681 |
| **Total Investments (Cost $2,063,262) - 164.29%** |  |  | 2015418 |
| **Liabilities in Excess of Other Assets - (64.29)%** |  |  | (788597) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1226821 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $697,737.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 12/11/2023 | $160.02 | 31 | $(1190245) | $(703535) |
|  |  |  |  |  | (703535) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 12/11/2023 | $399.06 | 31 | (1190245) | (106333) |
|  |  |  |  |  | (106333) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $833,141)** | **TOTAL OPTIONS WRITTEN (Premiums Received $833,141)** |  |  |  | $**(809868)** |

---

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

------

**Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1317681 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1317681 |
| Exchange Traded Funds | 400059 |  |  | 400059 |
| U.S. Treasury Note | – | 297678 | – | 297678 |
| **Total Assets** | $400059 | $1615359 | $– | $2015418 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $809868 | $– | $809868 |
| **Total Liabilities** | $– | $809868 | $– | $809868 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1317681 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $1317681 |
| Liabilities - Written options | Options written, at value | $809868 | $– | $809868 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(42734) | $&nbsp;&nbsp;&nbsp;&nbsp;– | $(42734) |
| Written options | Written Options | 23273 | – | 23273 |
|  |  | $(19461) | $– | $(19461) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 32.61% |
| Purchased Options | 107.42 |
| U.S. Treasury Note | 24.26 |
| **Total Investments** | 164.29 |
| Written Options | (66.02) |
| Assets in Excess of Other Liabilities | 1.73 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 40.09%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1968 | 94936 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1646 | 47553 |
| Vanguard Short-Term Treasury ETF (a) | 1645 | 95114 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,485) |  | 337743 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 144.56% (b)(c)** |  |  |  |
| **CALL OPTIONS - 99.73%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 1/10/2023, Strike Price $380.11 | 26 | $692328 | 35 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $465.51 | 22 | 841346 | 13 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $0.47 | 22 | 841346 | 840313 |
|  |  |  | 840361 |
| **PUT OPTIONS - 44.83%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $134.69 | 70 | 696920 | 244735 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price $122.86 | 77 | 811811 | 133032 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $186.67 | 22 | 841346 | – |
|  |  |  | 377767 |
| TOTAL PURCHASED OPTIONS (Cost $1,263,062) |  |  | 1218128 |
| **Total Investments (Cost $1,612,547) - 184.65%** |  |  | 1555871 |
| **Liabilities in Excess of Other Assets - (84.65)%** |  |  | (713210) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $842661 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $337,743.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 1/10/2023 | $401.66 | 26 | $(692328) | $– |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $491.90 | 22 | (841346) |  |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $186.67 | 22 | (841346) | (431182) |
|  |  |  |  |  | (431182) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $141.78 | 70 | (696920) | (294303) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1/10/2023 | $129.33 | 77 | (811811) | (182789) |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $418.96 | 22 | (841346) | (79222) |
|  |  |  |  |  | (556314) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $888,160)** |  |  |  |  | $**(987496)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1218128 | $– | $1218128 |
| Exchange Traded Funds | 337743 | – | – | 337743 |
| **Total Assets** | $337743 | $1218128 | $– | $1555871 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $987496 | $– | $987496 |
| **Total Liabilities** | $– | $987496 | $– | $987496 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate**<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $840361 | $377767 | $1218128 |
| Liabilities - Written options | Options written, at value | $510404 | $477092 | $987496 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate** <br> **Risk** | **Total** |
| Purchased options | Investments | $(347511) | $302576 | $(44935) |
| Written options | Written Options | 260475 | (359811) | (99336) |
|  |  | $(87036) | $(57235) | $(144271) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 40.09% |
| Purchased Options | 144.56 |
| **Total Investments** | 184.65 |
| Written Options | (117.19) |
| Assets in Excess of Other Liabilities | 32.54 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 39.02%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1988 | 95901 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1663 | 48044 |
| Vanguard Short-Term Treasury ETF (a) | 1661 | 96039 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,476) |  | 340124 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 133.96% (b)(c)** |  |  |  |
| **CALL OPTIONS - 96.43%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 2/10/2023, Strike Price $358.43 | 28 | $745584 | 52 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $449.32 | 22 | 841346 | 157 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $0.45 | 22 | 841346 | 840361 |
|  |  |  | 840570 |
| **PUT OPTIONS - 37.53%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $129.90 | 73 | 726788 | 223568 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price $118.35 | 80 | 843440 | 103543 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $180.18 | 22 | 841346 | 31 |
|  |  |  | 327142 |
| TOTAL PURCHASED OPTIONS (Cost $1,239,364) |  |  | 1167712 |
| **Total Investments (Cost $1,588,840) - 172.98%** |  |  | 1507836 |
| **Liabilities in Excess of Other Assets - (72.98)%** |  |  | (636140) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $871696 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $340,124.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 2/10/2023 | $380.29 | 28 | $(745584) | $(17) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $476.73 | 22 | (841346) | (30) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $180.18 | 22 | (841346) | (448170) |
|  |  |  |  |  | (448217) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $136.74 | 73 | (726788) | (270700) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 2/10/2023 | $124.58 | 80 | (843440) | (152287) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $404.39 | 22 | (841346) | (49251) |
|  |  |  |  |  | (472238) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $873,688)** |  |  |  |  | $**(920455)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1167712 | $– | $1167712 |
| Exchange Traded Funds | 340124 | – | – | 340124 |
| **Total Assets** | $340124 | $1167712 | $– | $1507836 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $920455 | $– | $920455 |
| **Total Liabilities** | $– | $920455 | $– | $920455 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $840601 | $327111 | $1167712 |
| Liabilities - Written options | Options written, at value | $497468 | $422987 | $920455 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(324412) | $252759 | $(71653) |
| Written options | Written Options | 260442 | (307209) | (46767) |
|  |  | $(63970) | $(54450) | $(118420) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 39.02% |
| Purchased Options | 133.96 |
| **Total Investments** | 172.98 |
| Written Options | (105.60) |
| Assets in Excess of Other Liabilities | 32.62 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.19%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 998 | $99940 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1966 | 94840 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1642 | 47437 |
| Vanguard Short-Term Treasury ETF (a) | 1643 | 94999 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $345,696) |  | 337216 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 134.98% (b)(c)** |  |  |  |
| **CALL OPTIONS - 104.41%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 3/10/2023, Strike Price $331.27 | 30 | $798840 | 654 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $425.48 | 24 | 917832 | 4521 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $0.43 | 24 | 917832 | 916809 |
|  |  |  | 921984 |
| **PUT OPTIONS - 30.57%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $127.50 | 74 | 736744 | 200485 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $114.08 | 83 | 875069 | 69297 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $170.62 | 24 | 917832 | 82 |
|  |  |  | 269864 |
| TOTAL PURCHASED OPTIONS (Cost $1,308,023) |  |  | 1191848 |
| **Total Investments (Cost $1,653,719) - 173.17%** |  |  | 1529064 |
| **Liabilities in Excess of Other Assets - (73.17)%** |  |  | (646081) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $882983 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $337,216.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 3/10/2023 | $356.78 | 30 | $(798840) | $(129) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $458.24 | 24 | (917832) | (521) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $170.62 | 24 | (917832) | (515292) |
|  |  |  |  |  | (515942) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $134.21 | 74 | (736744) | (250339) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3/10/2023 | $120.08 | 83 | (875069) | (119890) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $382.93 | 24 | (917832) | (31144) |
|  |  |  |  |  | (401373) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $924,669)** |  |  |  |  | $**(917315)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1191848 | $– | $1191848 |
| Exchange Traded Funds | 337216 | – | – | 337216 |
| **Total Assets** | $337216 | $1191848 | $– | $1529064 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $917315 | $– | $917315 |
| **Total Liabilities** | $– | $917315 | $– | $917315 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $922066 | $269782 | $1191848 |
| Liabilities - Written options | Options written, at value | $547086 | $370229 | $917315 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate** <br> **Risk** | **Total** |
| Purchased options | Investments | $(299974) | $183799 | $(116175) |
| Written options | Written Options | 250480 | (243126) | 7354 |
|  |  | $(49494) | $(59327) | $(108821) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 38.19% |
| Purchased Options | 134.98 |
| **Total Investments** | 173.17 |
| Written Options | (103.89) |
| Assets in Excess of Other Liabilities | 30.72 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 38.71%** | **<u>Shares</u>** | **<u>Value</u>** |
| iShares 0-3 Month Treasury Bond ETF (a) | 1029 | $103044 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2042 | 98506 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1706 | 49286 |
| Vanguard Short-Term Treasury ETF (a) | 1707 | 98699 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $355,075) |  | 349535 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 118.74% (b)(c)** |  |  |  |
| **CALL OPTIONS - 97.36%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 4/10/2023, Strike Price $340.89 | 30 | $798840 | 898 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $439.92 | 23 | 879589 | 3176 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $0.44 | 23 | 879589 | 875096 |
|  |  |  | 879170 |
| **PUT OPTIONS - 21.38%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 4/10/2023, Strike Price $117.24 | 83 | 826348 | 143847 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 4/10/2023, Strike Price $110.45 | 89 | 938327 | 48913 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $176.41 | 23 | 879589 | 272 |
| TOTAL PURCHASED OPTIONS (Cost $1,302,322) |  |  | 193032 |
|  |  |  | 1072202 |
| **Total Investments (Cost $1,657,397) - 157.45%** |  |  | 1421737 |
| **Liabilities in Excess of Other Assets - (57.45)%** |  |  | (518645) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $903092 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $349,535.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 4/10/2023 | $364.75 | 30 | $(798840) | $(264) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $470.71 | 23 | (879589) | (524) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $176.41 | 23 | (879589) | (479594) |
|  |  |  |  |  | (480382) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 4/10/2023 | $123.41 | 83 | (826348) | (190071) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4/10/2023 | $116.26 | 89 | (938327) | (94132) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $395.93 | 23 | (879589) | (51170) |
|  |  |  |  |  | (335373) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $918,562)** |  |  |  |  | $**(815755)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1072202 | $– | $1072202 |
| Exchange Traded Funds | 349535 | – | – | 349535 |
| **Total Assets** | $349535 | $1072202 | $– | $1421737 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $815755 | $– | $815755 |
| **Total Liabilities** | $– | $815755 | $– | $815755 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $879442 | $192760 | $1072202 |
| Liabilities - Written options | Options written, at value | $531552 | $284203 | $815755 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate** <br> **Risk** | **Total** |
| Purchased options | Investments | $(329083) | $98962 | $(230121) |
| Written options | Written Options | 254236 | (151429) | 102807 |
|  |  | $(74847) | $(52467) | $(127314) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 38.71% |
| Purchased Options | 118.74 |
| **Total Investments** | 157.45 |
| Written Options | (90.34) |
| Assets in Excess of Other Liabilities | 32.89 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.62%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 994 | $99539 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1975 | 95274 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1650 | 95403 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,183) |  | 337885 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 119.86% (b)(c)** |  |  |  |
| **CALL OPTIONS - 106.19%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 5/10/2023, Strike Price $300.76 | 33 | $878724 | 18693 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $399.09 | 25 | 956075 | 37416 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $0.40 | 25 | 956075 | 951282 |
|  |  |  | 1007391 |
| **PUT OPTIONS - 13.67%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 5/10/2023, Strike Price $110.58 | 85 | 846260 | 100119 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 5/10/2023, Strike Price $106.26 | 89 | 938327 | 29200 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $160.04 | 25 | 956075 | 389 |
|  |  |  | 129708 |
| TOTAL PURCHASED OPTIONS (Cost $1,307,874) |  |  | 1137099 |
| **Total Investments (Cost $1,651,057) - 155.48%** |  |  | 1474984 |
| **Liabilities in Excess of Other Assets - (55.48)%** |  |  | (526324) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $948660 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for
 written options is $337,885.

(b) Exchange-Traded.

(c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 5/10/2023 | $324.82 | 33 | $(878724) | $(5269) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $431.02 | 25 | (956075) | (10377) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $160.04 | 25 | (956075) | (561929) |
|  |  |  |  |  | (577575) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 5/10/2023 | $116.40 | 85 | (846260) | (140229) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 5/10/2023 | $111.85 | 89 | (938327) | (60425) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $359.18 | 25 | (956075) | (26175) |
|  |  |  |  |  | (226829) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $927,412)** | **TOTAL OPTIONS WRITTEN (Premiums Received $927,412)** |  |  |  | $**(804404)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1137099 | $– | $1137099 |
| Exchange Traded Funds | 337885 | – | – | 337885 |
| **Total Assets** | $337885 | $1137099 | $– | $1474984 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $804404 | $– | $804404 |
| **Total Liabilities** | $– | $804404 | $– | $804404 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1007780 | $129319 | $1137099 |
| Liabilities - Written options | Options written, at value | $603750 | $200654 | $804404 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(205336) | $34561 | $(170775) |
| Written options | Written Options | 190877 | (67869) | 123008 |
|  |  | $(14459) | $(33308) | $(47767) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net <br> Assets** |
| Exchange Traded Funds | 35.62% |
| Purchased Options | 119.86 |
| **Total Investments** | 155.48 |
| Written Options | (84.79) |
| Assets in Excess of Other Liabilities | 29.31 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun**

**Schedule of Investments** 

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.76%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 990 | $99139 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1982 | 95612 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1656 | 95749 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $342,304) |  | 338342 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 124.18% (b)(c)** |  |  |  |
| **CALL OPTIONS - 112.32%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 6/12/2023, Strike Price $288.84 | 35 | $931980 | 42026 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $389.80 | 26 | 994318 | 61877 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $0.39 | 26 | 994318 | 989363 |
|  |  |  | 1093266 |
| **PUT OPTIONS - 11.86%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 6/12/2023, Strike Price $107.80 | 88 | 876128 | 88369 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 6/12/2023, Strike Price $104.75 | 90 | 948870 | 26454 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $156.31 | 26 | 994318 | 590 |
|  |  |  | 115413 |
| TOTAL PURCHASED OPTIONS (Cost $1,321,691) |  |  | 1208679 |
| **Total Investments (Cost $1,663,995) - 158.94%** |  |  | 1547021 |
| **Liabilities in Excess of Other Assets - (58.94)%** |  |  | (573707) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $973314 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,342.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 6/12/2023 | $313.74 | 35 | $(931980) | $(15602) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $423.40 | 26 | (994318) | (22275) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $156.31 | 26 | (994318) | (597943) |
|  |  |  |  |  | (635820) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 6/12/2023 | $113.47 | 88 | (876128) | (126014) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 6/12/2023 | $110.26 | 90 | (948870) | (53917) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $350.82 | 26 | (994318) | (26554) |
|  |  |  |  |  | (206485) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $930,432)** |  |  |  |  | $**(842305)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1208679 | $– | $1208679 |
| Exchange Traded Funds | 338342 | – | – | 338342 |
| **Total Assets** | $338342 | $1208679 | $– | $1547021 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $842305 | $– | $842305 |
| **Total Liabilities** | $– | $842305 | $– | $842305 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $1093857 | $114822 | $1208679 |
| Liabilities - Written options | Options written, at value | $662374 | $179931 | $842305 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(144343) | $31332 | $(113011) |
| Written options | Written Options | 146591 | (58464) | 88127 |
|  |  | $2248 | $(27132) | $(24884) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 34.76% |
| Purchased Options | 124.18 |
| **Total Investments** | 158.94 |
| Written Options | (86.54) |
| Assets in Excess of Other Liabilities | 27.60 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.52%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 985 | $98638 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95460 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $341,258) |  | 337089 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 126.16% (b)(c)** |  |  |  |
| **CALL OPTIONS - 113.00%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 7/10/2023, Strike Price $289.04 | 34 | $905352 | 45716 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $384.23 | 26 | 994318 | 72883 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $0.38 | 26 | 994318 | 984985 |
|  |  |  | 1103584 |
| **PUT OPTIONS - 13.16%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 7/10/2023, Strike Price $108.66 | 87 | 866172 | 94556 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 7/10/2023, Strike Price $105.43 | 90 | 948870 | 33228 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $154.08 | 26 | 994318 | 820 |
|  |  |  | 128604 |
| TOTAL PURCHASED OPTIONS (Cost $1,304,329) |  |  | 1232188 |
| **Total Investments (Cost $1,645,587) - 160.68%** |  |  | 1569277 |
| **Liabilities in Excess of Other Assets - (60.68)%** |  |  | (592646) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $976631 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,089.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 7/10/2023 | $313.46 | 34 | $(905352) | $(19064) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $416.71 | 26 | (994318) | (31301) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $154.08 | 26 | (994318) | (602466) |
|  |  |  |  |  | (652831) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 7/10/2023 | $114.38 | 87 | (866172) | (131488) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7/10/2023 | $110.98 | 90 | (948870) | (59670) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $345.81 | 26 | (994318) | (28243) |
|  |  |  |  |  | (219401) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $919,804)** |  |  |  |  | $**(872232)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1232188 | $– | $1232188 |
| Exchange Traded Funds | 337089 | – | – | 337089 |
| **Total Assets** | $337089 | $1232188 | $– | $1569277 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $872232 | $– | $872232 |
| **Total Liabilities** | $– | $872232 | $– | $872232 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $1104404 | $127784 | $1232188 |
| Liabilities - Written options | Options written, at value | $681074 | $191158 | $872232 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(107607) | $35468 | $(72139) |
| Written options | Written Options | 109122 | (61550) | 47572 |
|  |  | $1515 | $(26082) | $(24567) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 34.52% |
| Purchased Options | 126.16 |
| **Total Investments** | 160.68 |
| Written Options | (89.30) |
| Assets in Excess of Other Liabilities | 28.62 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 37.29%** | **** | **** |
| iShares 0-3 Month Treasury Bond ETF (a) | 980 | $98137 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1980 | 95515 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1653 | 47755 |
| Vanguard Short-Term Treasury ETF (a) | 1654 | 95635 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $341,221) |  | 337042 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 123.17% (b)(c)** |  |  |  |
| **CALL OPTIONS - 105.72%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 8/10/2023, Strike Price $325.93 | 31 | $825468 | 13843 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $419.99 | 24 | 917832 | 32409 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $0.42 | 24 | 917832 | 909125 |
|  |  |  | 955377 |
| **PUT OPTIONS - 17.45%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 8/10/2023, Strike Price $111.53 | 85 | 846260 | 113008 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 8/10/2023, Strike Price $108.13 | 88 | 927784 | 43471 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $168.42 | 24 | 917832 | 1295 |
|  |  |  | 157774 |
| TOTAL PURCHASED OPTIONS (Cost $1,294,323) |  |  | 1113151 |
| **Total Investments (Cost $1,635,544) - 160.46%** |  |  | 1450193 |
| **Liabilities in Excess of Other Assets - (60.46)%** |  |  | (546407) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $903786 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,042.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| &nbsp;&nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 8/10/2023 | $352.04 | 31 | $(825468) | $(4687) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $453.63 | 24 | (917832) | (10054) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $168.42 | 24 | (917832) | (525332) |
|  |  |  |  |  | (540073) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 8/10/2023 | $117.40 | 85 | (846260) | (151071) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8/10/2023 | $113.82 | 88 | (927784) | (74965) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $377.99 | 24 | (917832) | (51337) |
|  |  |  |  |  | (277373) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $901,952)** |  |  |  |  | $**(817446)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1113151 | $– | $1113151 |
| Exchange Traded Funds | 337042 | – | – | 337042 |
| **Total Assets** | $337042 | $1113151 | $– | $1450193 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $817446 | $– | $817446 |
| **Total Liabilities** | $– | $817446 | $– | $817446 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $956672 | $156479 | $1113151 |
| Liabilities - Written options | Options written, at value | $591410 | $226036 | $817446 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  |  |  | **Interest Rate** | **** |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(259224) | $78052 | $(181172) |
| Written options | Written Options | 196705 | (112199) | 84506 |
|  |  | $(62519) | $(34147) | $(96666) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 37.29% |
| Purchased Options | 123.17 |
| **Total Investments** | 160.46 |
| Written Options | (90.45) |
| Assets in Excess of Other Liabilities | 29.99 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.83%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 977 | $97837 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1984 | 95708 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1658 | 95866 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $339,865) |  | 337253 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 115.73% (b)(c)** |  |  |  |
| **CALL OPTIONS - 104.92%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 9/11/2023, Strike Price $310.74 | 31 | $825468 | 29750 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $410.97 | 24 | 917832 | 48802 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $0.41 | 24 | 917832 | 909152 |
|  |  |  | 987704 |
| **PUT OPTIONS - 10.81%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 9/11/2023, Strike Price $102.88 | 92 | 915952 | 72169 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 9/11/2023, Strike Price $103.13 | 92 | 969956 | 28084 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $164.80 | 24 | 917832 | 1501 |
|  |  |  | 101754 |
| TOTAL PURCHASED OPTIONS (Cost $1,280,578) |  |  | 1089458 |
| **Total Investments (Cost $1,620,443) - 151.56%** |  |  | 1426711 |
| **Liabilities in Excess of Other Assets - (51.56)%** |  |  | (485415) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $941296 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,253.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 9/11/2023 | $336.81 | 31 | $(825468) | $(12165) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $445.45 | 24 | (917832) | (18333) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $164.80 | 24 | (917832) | (534230) |
|  |  |  |  |  | (564728) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 9/11/2023 | $108.30 | 92 | (915952) | (102609) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9/11/2023 | $108.56 | 92 | (969956) | (48563) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $369.87 | 24 | (917832) | (47674) |
|  |  |  |  |  | (198846) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $896,303)** |  |  |  |  | $**(763574)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1089458 | $– | $1089458 |
| Exchange Traded Funds | 337253 | – | – | 337253 |
| **Total Assets** | $337253 | $1089458 | $– | $1426711 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $763574 | $– | $763574 |
| **Total Liabilities** | $– | $763574 | $– | $763574 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $989205 | $100253 | $1089458 |
| Liabilities - Written options | Options written, at value | $612402 | $151172 | $763574 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(206502) | $15383 | $(191119) |
| Written options | Written Options | 163982 | (31253) | 132729 |
|  |  | $(42520) | $(15870) | $(58390) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 35.83% |
| Purchased Options | 115.73 |
| **Total Investments** | 151.56 |
| Written Options | (81.11) |
| Assets in Excess of Other Liabilities | 29.55 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 31.43%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 437 | $43761 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 465 | 49025 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3036 | 96636 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1260 | 97663 |
| Vanguard Short-Term Treasury ETF (a) | 748 | 43249 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $323,208) |  | 330334 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>** | |
|  | **<u>Amount</u>** | |
| **U.S. TREASURY NOTE - 22.84%** |  |  |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256900 | 240091 |
| TOTAL U.S. TREASURY NOTE (Cost $240,676) |  | 240091 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 120.72% (b)(c)** |  |  |  |
| **CALL OPTIONS - 120.50%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 10/10/2023, Strike Price $266.41 | 36 | $958608 | 110491 |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $360.02 | 27 | 1032561 | 137686 |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $0.36 | 27 | 1032561 | 1018175 |
|  |  |  | 1266352 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $144.37 | 27 | 1032561 | 2274 |
|  |  |  | 2274 |
| TOTAL PURCHASED OPTIONS (Cost $1,210,165) |  |  | 1268626 |
| **Total Investments (Cost $1,774,049) - 174.99%** |  |  | 1839051 |
| **Liabilities in Excess of Other Assets - (74.99)%** |  |  | (788070) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1050981 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $570,425.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 10/10/2023 | $293.61 | 36 | $(958608) | $(61751) |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $396.78 | 27 | (1032561) | (77227) |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $144.37 | 27 | (1032561) | (644308) |
|  |  |  |  |  | (783286) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $324.02 | 27 | (1032561) | (27643) |
|  |  |  |  |  | (27643) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $793,928)** |  |  |  |  | $**(810929)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1268626 | $– | $1268626 |
| Exchange Traded Funds | 330334 |  |  | 330334 |
| U.S. Treasury Note | – | 240091 | – | 240091 |
| **Total Assets** | $330334 | $1508717 | $– | $1839051 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $810929 | $– | $810929 |
| **Total Liabilities** | $– | $810929 | $– | $810929 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** | ****<br>**Total** |
| Assets - Purchased options | Investments, at value | $1268626 | $– | $1268626 |
| Liabilities - Written options | Options written, at value | $810929 | $– | $810929 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  |  |  | **Interest Rate** | **** |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $58461 | $– | $58461 |
| Written options | Written Options | (17001) | – | (17001) |
|  |  | $41460 | $– | $41460 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 31.43% |
| Purchased Options | 120.72 |
| U.S. Treasury Note | 22.84 |
| **Total Investments** | 174.99 |
| Written Options | (77.16) |
| Assets in Excess of Other Liabilities | 2.17 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.89%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 433 | $43361 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 455 | 47970 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2990 | 95172 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1231 | 95415 |
| Vanguard Short-Term Treasury ETF (a) | 746 | 43134 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $322,982) |  | 325052 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>** | |
|  | **<u>Amount</u>** | |
| **U.S. TREASURY NOTE - 24.28%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256800 | 239998 |
| TOTAL U.S. TREASURY NOTE (Cost $240,462) |  | 239998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 112.32% (b)(c)** |  |  |  |
| **CALL OPTIONS - 112.13%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 11/10/2023, Strike Price $282.75 | 35 | $931980 | 83948 |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $394.69 | 25 | 956075 | 81455 |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $0.39 | 25 | 956075 | 942684 |
|  |  |  | 1108087 |
| **PUT OPTIONS - 0.19%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $158.27 | 25 | 956075 | 1886 |
|  |  |  | 1886 |
| TOTAL PURCHASED OPTIONS (Cost $1,215,386) |  |  | 1109973 |
| **Total Investments (Cost $1,778,830) - 169.49%** |  |  | 1675023 |
| **Liabilities in Excess of Other Assets - (69.49)%** |  |  | (686763) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $988260 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $565,050.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 11/10/2023 | $308.14 | 35 | $(931980) | $(47061) |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $430.13 | 25 | (956075) | (39592) |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $158.27 | 25 | (956075) | (570777) |
|  |  |  |  |  | (657430) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $355.22 | 25 | (956075) | (45532) |
|  |  |  |  |  | (45532) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $793,055)** |  |  |  |  | $**(702962)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov**

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1109973 | $– | $1109973 |
| Exchange Traded Funds | 325052 |  |  | 325052 |
| U.S. Treasury Note | – | 239998 | – | 239998 |
| **Total Assets** | $325052 | $1349971 | $– | $1675023 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $702962 | $– | $702962 |
| **Total Liabilities** | $– | $702962 | $– | $702962 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $1109973 | $– | $1109973 |
| Liabilities - Written options | Options written, at value | $702962 | $– | $702962 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(105413) | $– | $(105413) |
| Written options | Written Options | 90093 | – | 90093 |
|  |  | $(15320) | $– | $(15320) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 32.89% |
| Purchased Options | 112.32 |
| U.S. Treasury Note | 24.28 |
| **Total Investments** | 169.49 |
| Written Options | (71.13) |
| Assets in Excess of Other Liabilities | 1.64 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.90%** | **** | **** |
| iShares 0-3 Month Treasury Bond ETF (a) | 432 | $43260 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 438 | 46179 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2957 | 94121 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1206 | 93477 |
| Vanguard Short-Term Treasury ETF (a) | 745 | 43076 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $324,157) |  | 320113 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>** | |
|  | **<u>Amount</u>** | |
| **U.S. TREASURY NOTE - 24.47%** |  |  |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $247600 | 238065 |
| TOTAL U.S. TREASURY NOTE (Cost $238,110) |  | 238065 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 114.20% (b)(c)** |  |  |  |
| **CALL OPTIONS - 113.98%** |  |  |  |
| Invesco QQQ Trust Series 1, Expires 12/11/2023, Strike Price $285.58 | 34 | $905352 | 83018 |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $398.95 | 25 | 956075 | 83256 |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $0.40 | 25 | 956075 | 942665 |
|  |  |  | 1108939 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $159.98 | 25 | 956075 | 2124 |
|  |  |  | 2124 |
| TOTAL PURCHASED OPTIONS (Cost $1,222,710) |  |  | 1111063 |
| **Total Investments (Cost $1,784,977) - 171.57%** |  |  | 1669241 |
| **Liabilities in Excess of Other Assets - (71.57)%** |  |  | (696400) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $972841 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $558,178.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| Invesco QQQ Trust Series 1 | 12/11/2023 | $310.97 | 34 | $(905352) | $(47892) |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $434.42 | 25 | (956075) | (41072) |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $159.98 | 25 | (956075) | (569143) |
|  |  |  |  |  | (658107) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $359.06 | 25 | (956075) | (50120) |
|  |  |  |  |  | (50120) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $795,728)** |  |  |  |  | $**(708227)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1111063 | $– | $1111063 |
| Exchange Traded Funds | 320113 |  |  | 320113 |
| U.S. Treasury Note | – | 238065 | – | 238065 |
| **Total Assets** | $320113 | $1349128 | $– | $1669241 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $708227 | $– | $708227 |
| **Total Liabilities** | $– | $708227 | $– | $708227 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $1111063 | $– | $1111063 |
| Liabilities - Written options | Options written, at value | $708227 | $– | $708227 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(111647) | $– | $(111647) |
| Written options | Written Options | 87501 | – | 87501 |
|  |  | $(24146) | $– | $(24146) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 32.90% |
| Purchased Options | 114.20 |
| U.S. Treasury Note | 24.47 |
| **Total Investments** | 171.57 |
| Written Options | (72.79) |
| Assets in Excess of Other Liabilities | 1.22 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 40.12%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1968 | 94936 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1646 | 47553 |
| Vanguard Short-Term Treasury ETF (a) | 1645 | 95114 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,485) |  | 337743 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 144.75% (b)(c)** |  |  |  |
| **CALL OPTIONS - 99.82%** |  |  |  |
| iShares Russell 2000 ETF, Expires 1/10/2023, Strike Price $215.32 | 46 | $802056 | 22 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $465.52 | 22 | 841346 | 13 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $0.48 | 22 | 841346 | 840291 |
|  |  |  | 840326 |
| **PUT OPTIONS - 44.93%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $134.72 | 70 | 696920 | 244945 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price $122.89 | 77 | 811811 | 133263 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $186.68 | 22 | 841346 | – |
|  |  |  | 378208 |
| TOTAL PURCHASED OPTIONS (Cost $1,254,656) |  |  | 1218534 |
| **Total Investments (Cost $1,604,141) - 184.87%** |  |  | 1556277 |
| **Liabilities in Excess of Other Assets - (84.87)%** |  |  | (714522) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $841755 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,743.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 1/10/2023 | $228.11 | 46 | $(802056) | $(22) |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $493.16 | 22 | (841346) |  |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $186.68 | 22 | (841346) | (431160) |
|  |  |  |  |  | (431182) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $141.81 | 70 | (696920) | (294513) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1/10/2023 | $129.36 | 77 | (811811) | (183020) |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $418.97 | 22 | (841346) | (79244) |
|  |  |  |  |  | (556777) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $879,431)** |  |  |  |  | $**(987959)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1218534 | $– | $1218534 |
| Exchange Traded Funds | 337743 | – | – | 337743 |
| **Total Assets** | $337743 | $1218534 | $– | $1556277 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $987959 | $– | $987959 |
| **Total Liabilities** | $– | $987959 | $– | $987959 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $840326 | $378208 | $1218534 |
| Liabilities - Written options | Options written, at value | $510426 | $477533 | $987959 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(1589) | $– | $(1589) |
| Written options | Written Options | 1031 | – | 1031 |
|  |  | $(558) | $– | $(558) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(338992) | $302870 | $(36122) |
| Written options | Written Options | 251430 | (359958) | (108528) |
|  |  | $(87562) | $(57088) | $(144650) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 40.12% |
| Purchased Options | 144.75 |
| **Total Investments** | 184.87 |
| Written Options | (117.36) |
| Assets in Excess of Other Liabilities | 32.49 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 39.00%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1988 | 95901 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1663 | 48044 |
| Vanguard Short-Term Treasury ETF (a) | 1661 | 96039 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,475) |  | 340124 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 133.99% (b)(c)** |  |  |  |
| **CALL OPTIONS - 96.43%** |  |  |  |
| iShares Russell 2000 ETF, Expires 2/10/2023, Strike Price $203.44 | 49 | $854364 | 613 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $449.33 | 22 | 841346 | 157 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $0.46 | 22 | 841346 | 840339 |
|  |  |  | 841109 |
| **PUT OPTIONS - 37.56%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $129.93 | 73 | 726788 | 223766 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price $118.38 | 80 | 843440 | 103785 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $180.19 | 22 | 841346 | 31 |
|  |  |  | 327582 |
| TOTAL PURCHASED OPTIONS (Cost $1,232,413) |  |  | 1168691 |
| **Total Investments (Cost $1,581,888) - 172.99%** |  |  | 1508815 |
| **Liabilities in Excess of Other Assets - (72.99)%** |  |  | (636674) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $872141 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $340,124.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** |<br><br>**Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 2/10/2023 | $215.65 | 49 | $(854364) | $(169) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $476.29 | 22 | (841346) | (30) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $180.19 | 22 | (841346) | (448149) |
|  |  |  |  |  | (448348) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $136.77 | 73 | (726788) | (270912) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 2/10/2023 | $124.61 | 80 | (843440) | (152563) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $404.40 | 22 | (841346) | (49267) |
|  |  |  |  |  | (472742) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $866,719)** |  |  |  |  | $**(921090)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1168691 | $– | $1168691 |
| Exchange Traded Funds | 340124 | – | – | 340124 |
| **Total Assets** | $340124 | $1168691 | $– | $1508815 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $921090 | $– | $921090 |
| **Total Liabilities** | $– | $921090 | $– | $921090 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The value and location of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $841141 | $327550 | $1168691 |
| Liabilities - Written options | Options written, at value | $497615 | $423475 | $921090 |

---

The effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in**<br> **Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(316767) | $253046 | $(63721) |
| Written options | Written Options | 253171 | (307542) | (54371) |
|  |  | $(63596) | $(54496) | $(118092) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 39.00% |
| Purchased Options | 133.99 |
| **Total Investments** | 172.99 |
| Written Options | (105.60) |
| Assets in Excess of Other Liabilities | 32.61 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.10%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 998 | $99940 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1966 | 94840 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1642 | 47437 |
| Vanguard Short-Term Treasury ETF (a) | 1643 | 94998 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $345,695) |  | 337215 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 135.08% (b)(c)** |  |  |  |
| **CALL OPTIONS - 104.51%** |  |  |  |
| iShares Russell 2000 ETF, Expires 3/10/2023, Strike Price $199.92 | 50 | $871800 | 3788 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $425.50 | 24 | 917832 | 4515 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $0.45 | 24 | 917832 | 916761 |
|  |  |  | 925064 |
| **PUT OPTIONS - 30.57%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $127.56 | 74 | 736744 | 200932 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $114.13 | 83 | 875069 | 69590 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $170.64 | 24 | 917832 | 82 |
|  |  |  | 270604 |
| TOTAL PURCHASED OPTIONS (Cost $1,302,194) |  |  | 1195668 |
| **Total Investments (Cost $1,647,889) - 173.18%** |  |  | 1532883 |
| **Liabilities in Excess of Other Assets - (73.18)%** |  |  | (647726) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $885157 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,215.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | **SCHEDULE OF OPTIONS WRITTEN** | |
| **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | **December 31, 2022** | |
|  |  | |  | **Notional** | |
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Amount** |<br><br>**Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 3/10/2023 | $215.32 | 50 | $(871800) | $(520) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $458.25 | 24 | (917832) | (521) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $170.64 | 24 | (917832) | (515244) |
|  |  |  |  |  | (516285) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $134.27 | 74 | (736744) | (250802) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3/10/2023 | $120.14 | 83 | (875069) | (120403) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $382.95 | 24 | (917832) | (31163) |
|  |  |  |  |  | (402368) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $918,469)** |  |  |  |  | $**(918653)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1195668 | $– | $1195668 |
| Exchange Traded Funds | 337215 | – | – | 337215 |
| **Total Assets** | $337215 | $1195668 | $– | $1532883 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $918653 | $– | $918653 |
| **Total Liabilities** | $– | $918653 | $– | $918653 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $925146 | $270522 | $1195668 |
| Liabilities - Written options | Options written, at value | $547448 | $371205 | $918653 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(290677) | $184151 | $(106526) |
| Written options | Written Options | 243521 | (243705) | (184) |
|  |  | $(47156) | $(59554) | $(106710) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 38.10% |
| Purchased Options | 135.08 |
| **Total Investments** | 173.18 |
| Written Options | (103.78) |
| Assets in Excess of Other Liabilities | 30.60 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr**

**Schedule of Investments<br> December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.49%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 997 | $99839 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95460 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,658) |  | 338290 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PURCHASED OPTIONS - 122.58% (b)(c)** | **<u>Contracts</u>** | **<u>Notional</u> <br> <u>Amount</u>** | |
| **CALL OPTIONS - 101.10%** |  |  |  |
| iShares Russell 2000 ETF, Expires 4/10/2023, Strike Price $196.54 | 50 | $871800 | 10628 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $439.94 | 23 | 879589 | 3173 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $0.46 | 23 | 879589 | 875051 |
|  |  |  | 888852 |
| **PUT OPTIONS - 21.48%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 4/10/2023, Strike Price $117.30 | 81 | 806436 | 140881 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 4/10/2023, Strike Price $110.51 | 86 | 906698 | 47654 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $176.43 | 23 | 879589 | 272 |
|  |  |  | 188807 |
| TOTAL PURCHASED OPTIONS (Cost $1,282,949) |  |  | 1077659 |
| **Total Investments (Cost $1,626,607) - 161.07%** |  |  | 1415949 |
| **Liabilities in Excess of Other Assets - (61.07)%** |  |  | (536869) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $879080 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,290.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN<br> December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 4/10/2023 | $210.46 | 50 | $(871800) | $(2549) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $471.07 | 23 | (879589) | (520) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $176.43 | 23 | (879589) | (479548) |
|  |  |  |  |  | (482617) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 4/10/2023 | $123.47 | 81 | (806436) | (186008) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4/10/2023 | $116.32 | 86 | (906698) | (91444) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $395.95 | 23 | (879589) | (51195) |
|  |  |  |  |  | (328647) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $900,087)** | **TOTAL OPTIONS WRITTEN (Premiums Received $900,087)** | **TOTAL OPTIONS WRITTEN (Premiums Received $900,087)** | **TOTAL OPTIONS WRITTEN (Premiums Received $900,087)** |  | $**(811264)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1077659 | $– | $1077659 |
| Exchange Traded Funds | 338290 | – | – | 338290 |
| **Total Assets** | $338290 | $1077659 | $– | $1415949 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $811264 | $– | $811264 |
| **Total Liabilities** | $– | $811264 | $– | $811264 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $889124 | $188535 | $1077659 |
| Liabilities - Written options | Options written, at value | $533812 | $277452 | $811264 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(562) | $- | $(562) |
| Written options | Written Options | 455 | - | 455 |
|  |  | $(107) | $- | $(107) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Purchased options | Investments | $(302831) | $97542 | $(205289) |
| Written options | Written Options | 237116 | (148293) | 88823 |
|  |  | $(65715) | $(50751) | $(116466) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net** <br> **Assets** |
| Exchange Traded Funds | 38.49% |
| Purchased Options | 122.58 |
| **Total Investments** | 161.07 |
| Written Options | (92.28) |
| Assets in Excess of Other Liabilities | 31.21 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.69%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 994 | $99539 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1975 | 95274 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1650 | 95403 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,183) |  | 337885 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 121.88% (b)(c)** |  |  |  |
| **CALL OPTIONS - 108.49%** |  |  |  |
| iShares Russell 2000 ETF, Expires 5/10/2023, Strike Price $174.95 | 57 | $993852 | 68076 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $399.11 | 25 | 956075 | 37392 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $0.42 | 25 | 956075 | 951234 |
|  |  |  | 1056702 |
| **PUT OPTIONS - 13.39%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 5/10/2023, Strike Price $110.64 | 85 | 846260 | 100489 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 5/10/2023, Strike Price $106.32 | 89 | 938327 | 29543 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $160.06 | 25 | 956075 | 389 |
|  |  |  | 130421 |
| TOTAL PURCHASED OPTIONS (Cost $1,290,761) |  |  | 1187123 |
| **Total Investments (Cost $1,633,944) - 156.57%** |  |  | 1525008 |
| **Liabilities in Excess of Other Assets - (56.57)%** |  |  | (550965) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $974043 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,885.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 5/10/2023 | $189.58 | 57 | $(993852) | $(29771) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $432.45 | 25 | (956075) | (9651) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $160.06 | 25 | (956075) | (561880) |
|  |  |  |  |  | (601302) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 5/10/2023 | $116.46 | 85 | (846260) | (140665) |
| iShares iBoxx $Investment Grade Corporate Bond ETF | 5/10/2023 | $111.91 | 89 | (938327) | (60867) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $359.20 | 25 | (956075) | (26188) |
|  |  |  |  |  | (227720) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $910,257)** |  |  |  |  | $**(829022)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1187123 | $– | $1187123 |
| Exchange Traded Funds | 337885 | – | – | 337885 |
| **Total Assets** | $337885 | $1187123 | $– | $1525008 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $829022 | $– | $829022 |
| **Total Liabilities** | $– | $829022 | $– | $829022 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest <br> Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1057091 | $130032 | $1187123 |
| Liabilities - Written options | Options written, at value | $627490 | $201532 | $829022 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | Interest<br> Rate **Risk** | **Total** |
| Purchased options | Investments | $(143519) | $39880 | $(103639) |
| Written options | Written Options | 154188 | (72953) | 81235 |
|  |  | $10669 | $(33073) | $(22404) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net**<br> **Assets** |
| Exchange Traded Funds | 34.69% |
| Purchased Options | 121.88 |
| **Total Investments** | 156.57 |
| Written Options | (85.12) |
| Assets in Excess of Other Liabilities | 28.55 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
| **EXCHANGE TRADED FUNDS - 34.38%** | **<u>Shares</u>** | **<u>Value</u>** |
| iShares 0-3 Month Treasury Bond ETF (a) | 990 | $99139 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1982 | 95612 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1656 | 95749 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $342,304) |  | 338342 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 125.09% (b)(c)** |  |  |  |
| **CALL OPTIONS - 113.45%** |  |  |  |
| iShares Russell 2000 ETF, Expires 6/12/2023, Strike Price $178.59 | 56 | $976416 | 65394 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $389.82 | 26 | 994318 | 61848 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $0.41 | 26 | 994318 | 989312 |
|  |  |  | 1116554 |
| **PUT OPTIONS - 11.64%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 6/12/2023, Strike Price $107.66 | 88 | 876128 | 87534 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 6/12/2023, Strike Price $104.76 | 90 | 948870 | 26496 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $156.33 | 26 | 994318 | 590 |
|  |  |  | 114620 |
| TOTAL PURCHASED OPTIONS (Cost $1,306,967) |  |  | 1231174 |
| **Total Investments (Cost $1,649,271) - 159.47%** |  |  | 1569516 |
| **Liabilities in Excess of Other Assets - (59.47)%** |  |  | (585294) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $984222 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,342.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 6/12/2023 | $193.97 | 56 | $(976416) | $(28904) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $423.36 | 26 | (994318) | (22308) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $156.33 | 26 | (994318) | (597893) |
|  |  |  |  |  | (649105) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 6/12/2023 | $113.32 | 88 | (876128) | (125017) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 6/12/2023 | $110.27 | 90 | (948870) | (53995) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $350.84 | 26 | (994318) | (26566) |
|  |  |  |  |  | (205578) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $916,472)** | **TOTAL OPTIONS WRITTEN (Premiums Received $916,472)** | **TOTAL OPTIONS WRITTEN (Premiums Received $916,472)** | **TOTAL OPTIONS WRITTEN (Premiums Received $916,472)** |  | $**(854683)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1231174 | $– | $1231174 |
| Exchange Traded Funds | 338342 | – | – | 338342 |
| **Total Assets** | $338342 | $1231174 | $– | $1569516 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $854683 | $– | $854683 |
| **Total Liabilities** | $– | $854683 | $– | $854683 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1117144 | $114030 | $1231174 |
| Liabilities - Written options | Options written, at value | $675671 | $179012 | $854683 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(106681) | $30889 | $(75792) |
| Written options | Written Options | 119860 | (58071) | 61789 |
|  |  | $13179 | $(27182) | $(14003) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 34.38% |
| Purchased Options | 125.09 |
| **Total Investments** | 159.47 |
| Written Options | (86.84) |
| Assets in Excess of Other Liabilities | 27.37 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.09%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 985 | $98638 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95460 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $341,259) |  | 337089 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 129.43% (b)(c)** |  |  |  |
| **CALL OPTIONS - 116.36%** |  |  |  |
| iShares Russell 2000 ETF, Expires 7/10/2023, Strike Price $172.06 | 57 | $993852 | 92850 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $384.25 | 26 | 994318 | 72852 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $0.40 | 26 | 994318 | 984934 |
|  |  |  | 1150636 |
| **PUT OPTIONS - 13.07%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 7/10/2023, Strike Price $108.72 | 87 | 866172 | 94911 |
| iShares iBoxx $Investment Grade Corporate Bond ETF, Expires 7/10/2023, Strike Price $105.49 | 90 | 948870 | 33492 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $154.10 | 26 | 994318 | 821 |
|  |  |  | 129224 |
| TOTAL PURCHASED OPTIONS (Cost $1,292,314) |  |  | 1279860 |
| **Total Investments (Cost $1,633,573) - 163.52%** |  |  | 1616949 |
| **Liabilities in Excess of Other Assets - (63.52)%** |  |  | (628048) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $988901 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,089.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 7/10/2023 | $186.60 | 57 | $(993852) | $(50157) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $416.70 | 26 | (994318) | (31311) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $154.10 | 26 | (994318) | (602417) |
|  |  |  |  |  | (683885) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 7/10/2023 | $114.44 | 87 | (866172) | (131954) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7/10/2023 | $111.04 | 90 | (948870) | (60106) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $345.83 | 26 | (994318) | (28256) |
|  |  |  |  |  | (220316) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $907,518)** |  |  |  |  | $**(904201)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1279860 | $– | $1279860 |
| Exchange Traded Funds | 337089 | – | – | 337089 |
| **Total Assets** | $337089 | $1279860 | $– | $1616949 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $904201 | $– | $904201 |
| **Total Liabilities** | $– | $904201 | $– | $904201 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1151457 | $128403 | $1279860 |
| Liabilities - Written options | Options written, at value | $712141 | $192060 | $904201 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(48186) | $35733 | $(12453) |
| Written options | Written Options | 65237 | (61920) | 3317 |
|  |  | $17051 | $(26187) | $(9136) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 34.09% |
| Purchased Options | 129.43 |
| **Total Investments** | 163.52 |
| Written Options | (91.44) |
| Assets in Excess of Other Liabilities | 27.92 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.79%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 977 | $97837 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1649 | 47640 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95461 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $340,430) |  | 336260 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional Amount</u>** | |
| **PURCHASED OPTIONS - 124.04% (b)(c)** |  |  |  |
| **CALL OPTIONS - 106.74%** |  |  |  |
| iShares Russell 2000 ETF, Expires 8/10/2023, Strike Price $195.62 | 51 | $889236 | 33880 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $420.01 | 24 | 917832 | 32390 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $0.44 | 24 | 917832 | 909079 |
|  |  |  | 975349 |
| **PUT OPTIONS - 17.30%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 8/10/2023, Strike Price $111.59 | 85 | 846260 | 113544 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 8/10/2023, Strike Price $108.19 | 87 | 917241 | 43226 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $168.44 | 24 | 917832 | 1296 |
|  |  |  | 158066 |
| TOTAL PURCHASED OPTIONS (Cost $1,280,620) |  |  | 1133415 |
| **Total Investments (Cost $1,621,050) - 160.83%** |  |  | 1469675 |
| **Liabilities in Excess of Other Assets - (60.83)%** |  |  | (555922) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $913753 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $336,260.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 8/10/2023 | $211.27 | 51 | $(889236) | $(13921) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $453.59 | 24 | (917832) | (10070) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $168.44 | 24 | (917832) | (525286) |
|  |  |  |  |  | (549277) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 8/10/2023 | $117.46 | 85 | (846260) | (151463) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8/10/2023 | $113.88 | 87 | (917241) | (74331) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $378.01 | 24 | (917832) | (51354) |
|  |  |  |  |  | (277148) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $889,292)** |  |  |  |  | $**(826425)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1133415 | $– | $1133415 |
| Exchange Traded Funds | 336260 | – | – | 336260 |
| **Total Assets** | $336260 | $1133415 | $– | $1469675 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $826425 | $– | $826425 |
| **Total Liabilities** | $– | $826425 | $– | $826425 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $976645 | $156770 | $1133415 |
| Liabilities - Written options | Options written, at value | $600631 | $225794 | $826425 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(225637) | $78432 | $(147205) |
| Written options | Written Options | 174840 | (111973) | 62867 |
|  |  | $(50797) | $(33541) | $(84338) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net <br> Assets** |
| Exchange Traded Funds | 36.79% |
| Purchased Options | 124.04 |
| **Total Investments** | 160.83 |
| Written Options | (90.44) |
| Assets in Excess of Other Liabilities | 29.61 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 35.44%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 976 | $97736 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1983 | 95660 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1655 | 47813 |
| Vanguard Short-Term Treasury ETF (a) | 1657 | 95808 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $339,629) |  | 337017 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 116.95% (b)(c)** | | | |
| **CALL OPTIONS - 106.19%** |  |  |  |
| iShares Russell 2000 ETF, Expires 9/11/2023, Strike Price $189.67 | 52 | $906672 | 52173 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $410.99 | 24 | 917832 | 48779 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $0.43 | 24 | 917832 | 909106 |
|  |  |  | 1010058 |
| **PUT OPTIONS - 10.76%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 9/11/2023, Strike Price $102.94 | 92 | 915952 | 72478 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 9/11/2023, Strike Price $103.19 | 92 | 969956 | 28303 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $164.82 | 24 | 917832 | 1501 |
|  |  |  | 102282 |
| TOTAL PURCHASED OPTIONS (Cost $1,272,014) |  |  | 1112340 |
| **Total Investments (Cost $1,611,643) - 152.39%** |  |  | 1449357 |
| **Liabilities in Excess of Other Assets - (52.39)%** |  |  | (498220) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $951137 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,017.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 9/11/2023 | $205.60 | 52 | $(906672) | $(24541) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $445.49 | 24 | (917832) | (18309) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $164.82 | 24 | (917832) | (534185) |
|  |  |  |  |  | (577035) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 9/11/2023 | $108.36 | 92 | (915952) | (102992) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9/11/2023 | $108.62 | 92 | (969956) | (48833) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $369.89 | 24 | (917832) | (47689) |
|  |  |  |  |  | (199514) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $887,669)** | **TOTAL OPTIONS WRITTEN (Premiums Received $887,669)** | **TOTAL OPTIONS WRITTEN (Premiums Received $887,669)** | **TOTAL OPTIONS WRITTEN (Premiums Received $887,669)** |  | $**(776549)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1112340 | $– | $1112340 |
| Exchange Traded Funds | 337017 | – | – | 337017 |
| **Total Assets** | $337017 | $1112340 | $– | $1449357 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $776549 | $– | $776549 |
| **Total Liabilities** | $– | $776549 | $– | $776549 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1011559 | $100781 | $1112340 |
| Liabilities - Written options | Options written, at value | $624724 | $151825 | $776549 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(175217) | $15543 | $(159674) |
| Written options | Written Options | 142565 | (31445) | 111120 |
|  |  | $(32652) | $(15902) | $(48554) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 35.44% |
| Purchased Options | 116.95 |
| **Total Investments** | 152.39 |
| Written Options | (81.65) |
| Assets in Excess of Other Liabilities | 29.26 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 31.28%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 437 | $43761 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 465 | 49025 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3036 | 96636 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1260 | 97663 |
| Vanguard Short-Term Treasury ETF (a) | 748 | 43249 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $323,208) |  | 330334 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal <br> Amount</u>** | |
| **U.S. TREASURY NOTE - 22.72%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256800 | 239998 |
| TOTAL U.S. TREASURY NOTE (Cost $240,582) |  | 239998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 121.96% (b)(c)** |  |  |  |
| **CALL OPTIONS - 121.74%** |  |  |  |
| iShares Russell 2000 ETF, Expires 10/10/2023, Strike Price $167.67 | 57 | $993852 | 130047 |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $360.04 | 27 | 1032561 | 137650 |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $0.38 | 27 | 1032561 | 1018122 |
|  |  |  | 1285819 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $144.39 | 27 | 1032561 | 2275 |
|  |  |  | 2275 |
| TOTAL PURCHASED OPTIONS (Cost $1,197,995) |  |  | 1288094 |
| **Total Investments (Cost $1,761,785) - 175.96%** |  |  | 1858426 |
| **Liabilities in Excess of Other Assets - (75.96)%** |  |  | (802241) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1056185 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $570,332.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 10/10/2023 | $184.77 | 57 | $(993852) | $(75918) |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $396.74 | 27 | (1032561) | (77284) |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $144.39 | 27 | (1032561) | (644257) |
|  |  |  |  |  | (797459) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $324.04 | 27 | (1032561) | (27654) |
|  |  |  |  |  | (27654) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $781,679)** |  |  |  |  | $**(825113)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1288094 | $– | $1288094 |
| Exchange Traded Funds | 330334 |  |  | 330334 |
| U.S. Treasury Note | – | 239998 | – | 239998 |
| **Total Assets** | $330334 | $1528092 | $– | $1858426 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $825113 | $– | $825113 |
| **Total Liabilities** | $– | $825113 | $– | $825113 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1288094 | $– $| 1288094 |
| Liabilities - Written options | Options written, at value | $825113 | $– $| 825113 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $90099 | $– | $90099 |
| Written options | Written Options | (43434) | – | (43434) |
|  |  | $46665 | $– | $46665 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 31.28% |
| Purchased Options | 121.96 |
| U.S. Treasury Note | 22.72 |
| **Total Investments** | 175.96 |
| Written Options | (78.13) |
| Assets in Excess of Other Liabilities | 2.17 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov**

**Schedule of Investments<br> December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.87%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 433 | $43360 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 455 | 47970 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2990 | 95172 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1231 | 95415 |
| Vanguard Short-Term Treasury ETF (a) | 746 | 43134 |
| TOTAL EXCHANGE TRADED FUNDS(Cost $322,981) |  | 325051 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.27%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256800 | 239998 |
| TOTAL U.S. TREASURY NOTE (Cost $240,462) |  | 239998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 111.34% (b)(c)** |  |  |  |
| **CALL OPTIONS - 111.15%** |  |  |  |
| iShares Russell 2000 ETF, Expires 11/10/2023, Strike Price $185.38 | 53 | $924108 | 75219 |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $394.71 | 25 | 956075 | 81429 |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $0.41 | 25 | 956075 | 942637 |
|  |  |  | 1099285 |
| **PUT OPTIONS - 0.19%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $158.29 | 25 | 956075 | 1886 |
|  |  |  | 1886 |
| TOTAL PURCHASED OPTIONS (Cost $1,203,951) |  |  | 1101171 |
| **Total Investments (Cost $1,767,394) - 168.48%** |  |  | 1666220 |
| **Liabilities in Excess of Other Assets - (68.48)%** |  |  | (677214) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $989006 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $565,049.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 11/10/2023 | $202.58 | 53 | $(924108) | $(38820) |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $431.32 | 25 | (956075) | (38461) |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $158.29 | 25 | (956075) | (570731) |
|  |  |  |  |  | (648012) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $355.24 | 25 | (956075) | (45545) |
|  |  |  |  |  | (45545) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $781,761)** |  |  |  |  | $**(693557)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1101171 | $– | $1101171 |
| Exchange Traded Funds | 325051 |  |  | 325051 |
| U.S. Treasury Note | – | 239998 | – | 239998 |
| **Total Assets** | $325051 | $1341169 | $– | $1666220 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $693557 | $– | $693557 |
| **Total Liabilities** | $– | $693557 | $– | $693557 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate <br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1101171 | $– $| 1101171 |
| Liabilities - Written options | Options written, at value | $693557 | $– $| 693557 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(102780) | $– | $(102780) |
| Written options | Written Options | 88204 | – | 88204 |
|  |  | $(14576) | $– | $(14576) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 32.87% |
| Purchased Options | 111.34 |
| U.S. Treasury Note | 24.27 |
| **Total Investments** | 168.48 |
| Written Options | (70.14) |
| Assets in Excess of Other Liabilities | 1.66 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.79%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 432 | $43260 |
| iShares iBoxx $Investment Grade Corporate Bond ETF (a) | 438 | 46179 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2957 | 94121 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1206 | 93477 |
| Vanguard Short-Term Treasury ETF (a) | 745 | 43076 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $324,157) |  | 320113 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.38%** | | |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $247600 | 238065 |
| TOTAL U.S. TREASURY NOTE (Cost $238,111) |  | 238065 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 114.87% (b)(c)** |  |  |  |
| **CALL OPTIONS - 114.65%** |  |  |  |
| iShares Russell 2000 ETF, Expires 12/11/2023, Strike Price $180.72 | 54 | $941544 | 93600 |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $398.97 | 25 | 956075 | 83230 |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $0.42 | 25 | 956075 | 942617 |
|  |  |  | 1119447 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $160.00 | 25 | 956075 | 2125 |
|  |  |  | 2125 |
| TOTAL PURCHASED OPTIONS (Cost $1,209,954) |  |  | 1121572 |
| **Total Investments (Cost $1,772,222) - 172.04%** |  |  | 1679750 |
| **Liabilities in Excess of Other Assets - (72.04)%** |  |  | (703407) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $976343 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $558,178.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares Russell 2000 ETF | 12/11/2023 | $196.80 | 54 | $(941544) | $(55155) |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $434.46 | 25 | (956075) | (41033) |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $160.00 | 25 | (956075) | (569097) |
|  |  |  |  |  | (665285) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $359.07 | 25 | (956075) | (50127) |
|  |  |  |  |  | (50127) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $783,151)** |  |  |  |  | $**(715412)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1121572 | $– | $1121572 |
| Exchange Traded Funds | 320113 |  |  | 320113 |
| U.S. Treasury Note | – | 238065 | – | 238065 |
| **Total Assets** | $320113 | $1359637 | $– | $1679750 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $715412 | $– | $715412 |
| **Total Liabilities** | $– | $715412 | $– | $715412 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1121572 | $– $| 1121572 |
| Liabilities - Written options | Options written, at value | $715412 | $– $| 715412 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(88382) | $– | $(88382) |
| Written options | Written Options | 67739 | – | 67739 |
|  |  | $(20643) | $– | $(20643) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 32.79% |
| Purchased Options | 114.87 |
| U.S. Treasury Note | 24.38 |
| **Total Investments** | 172.04 |
| Written Options | (73.27) |
| Assets in Excess of Other Liabilities | 1.23 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 40.11%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1000 | $100140 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1968 | 94936 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1646 | 47553 |
| Vanguard Short-Term Treasury ETF (a) | 1645 | 95114 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $349,485) |  | 337743 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional <br> Amount</u>** | |
| **PURCHASED OPTIONS - 140.10% (b)(c)** |  |  |  |
| **CALL OPTIONS - 95.26%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 1/10/2023, Strike Price $78.04 | 128 | $840192 | 0 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $465.50 | 21 | 803103 | 13 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $0.46 | 21 | 803103 | 802138 |
|  |  |  | 802151 |
| **PUT OPTIONS - 44.84%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 1/10/2023, Strike Price $134.68 | 70 | 696920 | 244665 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 1/10/2023, Strike Price $122.85 | 77 | 811811 | 132955 |
| SPDR S&P 500® Trust ETF, Expires 1/10/2023, Strike Price $186.66 | 21 | 803103 | – |
|  |  |  | 377620 |
| TOTAL PURCHASED OPTIONS (Cost $1,179,919) |  |  | 1179771 |
| **Total Investments (Cost $1,529,404) - 180.21%** |  |  | 1517514 |
| **Liabilities in Excess of Other Assets - (80.21)%** |  |  | (675396) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $842118 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,743.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 1/10/2023 | $82.90 | 128 | $(840192) | $– |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $494.51 | 21 | (803103) |  |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $186.66 | 21 | (803103) | (411603) |
|  |  |  |  |  | (411603) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 1/10/2023 | $141.77 | 70 | (696920) | (294233) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 1/10/2023 | $129.32 | 77 | (811811) | (182712) |
| SPDR S&P 500® Trust ETF | 1/10/2023 | $418.95 | 21 | (803103) | (75601) |
|  |  |  |  |  | (552546) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $819,465)** |  |  |  |  | $**(964149)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1179771 | $– | $1179771 |
| Exchange Traded Funds | 337743 | – | – | 337743 |
| **Total Assets** | $337743 | $1179771 | $– | $1517514 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $964149 | $– | $964149 |
| **Total Liabilities** | $– | $964149 | $– | $964149 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $802151 | $377620 | $1179771 |
| Liabilities - Written options | Options written, at value | $487204 | $476945 | $964149 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate Risk** | **Total** |
| Purchased options | Investments | $(302577) | $302429 | $(148) |
| Written options | Written Options | 214980 | (359664) | (144684) |
|  |  | $(87597) | $(57235) | $(144832) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | % **of Net<br> Assets** |
| Exchange Traded Funds | 40.11% |
| Purchased Options | 140.10 |
| **Total Investments** | 180.21 |
| Written Options | (114.50) |
| Assets in Excess of Other Liabilities | 34.29 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 39.30%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 1036 | $103745 |
| Schwab Short-Term U.S. Treasury ETF (a) | 2064 | 99567 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1725 | 49835 |
| Vanguard Short-Term Treasury ETF (a) | 1726 | 99798 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $362,651) |  | 352945 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **<u>Notional</u>** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 136.85% (b)(c)** |  |  |  |
| **CALL OPTIONS - 98.84%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 2/10/2023, Strike Price $76.84 | 134 | $879576 | 9042 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $449.31 | 23 | 879589 | 164 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $0.44 | 23 | 879589 | 878582 |
|  |  |  | 887788 |
| **PUT OPTIONS - 38.01%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 2/10/2023, Strike Price $129.89 | 76 | 756656 | 232687 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 2/10/2023, Strike Price $118.34 | 84 | 885612 | 108636 |
| SPDR S&P 500® Trust ETF, Expires 2/10/2023, Strike Price $180.17 | 23 | 879589 | 33 |
|  |  |  | 341356 |
| TOTAL PURCHASED OPTIONS (Cost $1,238,310) |  |  | 1229144 |
| **Total Investments (Cost $1,600,961) - 176.15%** |  |  | 1582089 |
| **Liabilities in Excess of Other Assets - (76.15)%** |  |  | (683911) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $898178 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $352,945.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional <br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 2/10/2023 | $81.45 | 134 | $(879576) | $(7456) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $476.28 | 23 | (879589) | (32) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $180.17 | 23 | (879589) | (468565) |
|  |  |  |  |  | (476053) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 2/10/2023 | $136.73 | 76 | (756656) | (281752) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 2/10/2023 | $124.57 | 84 | (885612) | (159804) |
| SPDR S&P 500® Trust ETF | 2/10/2023 | $404.38 | 23 | (879589) | (51472) |
|  |  |  |  |  | (493028) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $856,633)** | **TOTAL OPTIONS WRITTEN (Premiums Received $856,633)** | **TOTAL OPTIONS WRITTEN (Premiums Received $856,633)** |  |  | $**(969081)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** 

**Schedule of Investments (Concluded)** 

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1229144 | $– | $1229144 |
| Exchange Traded Funds | 352945 | – | – | 352945 |
| **Total Assets** | $352945 | $1229144 | $– | $1582089 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $969081 | $– | $969081 |
| **Total Liabilities** | $– | $969081 | $– | $969081 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $887821 | $341323 | $1229144 |
| Liabilities - Written options | Options written, at value | $527525 | $441556 | $969081 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** |
|  | **Income** | **Income** | **Income** | **Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(272537) | $263371 | $(9166) |
| Written options | Written Options | 208143 | (320591) | (112448) |
|  |  | $(64394) | $(57220) | $(121614) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 39.30% |
| Purchased Options | 136.85 |
| **Total Investments** | 176.15 |
| Written Options | (107.90) |
| Assets in Excess of Other Liabilities | 31.75 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 37.91%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 998 | $99940 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1966 | 94840 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1642 | 47437 |
| Vanguard Short-Term Treasury ETF (a) | 1643 | 94998 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $345,696) |  | 337215 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 135.37% (b)(c)** |  |  |  |
| **CALL OPTIONS - 105.06%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 3/10/2023, Strike Price $69.40 | 144 | $945216 | 13240 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $425.46 | 24 | 917832 | 4528 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $0.40 | 24 | 917832 | 916879 |
|  |  |  | 934647 |
| **PUT OPTIONS - 30.31%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 3/10/2023, Strike Price $127.48 | 74 | 736744 | 200336 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 3/10/2023, Strike Price $114.06 | 83 | 875069 | 69180 |
| SPDR S&P 500® Trust ETF, Expires 3/10/2023, Strike Price $170.60 | 24 | 917832 | 82 |
|  |  |  | 269598 |
| TOTAL PURCHASED OPTIONS (Cost $1,279,144) |  |  | 1204245 |
| **Total Investments (Cost $1,624,840) - 173.28%** |  |  | 1541460 |
| **Liabilities in Excess of Other Assets - (73.28)%** |  |  | (651876) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $889584 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,215.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN** 

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Expiration** |<br>**Strike Price** |<br>**Contracts** | **Notional**<br>**Amount** |<br>**Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 3/10/2023 | $74.58 | 144 | $(945216) | $(5943) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $457.26 | 24 | (917832) | (552) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $170.60 | 24 | (917832) | (515340) |
|  |  |  |  |  | (521835) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 3/10/2023 | $134.19 | 74 | (736744) | (250185) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 3/10/2023 | $120.06 | 83 | (875069) | (119715) |
| SPDR S&P 500® Trust ETF | 3/10/2023 | $382.91 | 24 | (917832) | (31124) |
|  |  |  |  |  | (401024) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $895,495)** |  |  |  |  | $**(922859)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1204245 | $– | $1204245 |
| Exchange Traded Funds | 337215 | – | – | 337215 |
| **Total Assets** | $337215 | $1204245 | $– | $1541460 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $922859 | $– | $922859 |
| **Total Liabilities** | $– | $922859 | $– | $922859 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $934729 | $269516 | $1204245 |
| Liabilities - Written options | Options written, at value | $552959 | $369900 | $922859 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(258590) | $183690 | $(74900) |
| Written options | Written Options | 215591 | (242955) | (27364) |
|  |  | $(42999) | $(59265) | $(102264) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 37.91% |
| Purchased Options | 135.37 |
| **Total Investments** | 173.28 |
| Written Options | (103.74) |
| Assets in Excess of Other Liabilities | 30.46 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 38.74%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 997 | $99840 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95460 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,658) |  | 338291 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 123.13% (b)(c)** |  |  |  |
| **CALL OPTIONS - 101.64%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 4/10/2023, Strike Price $72.12 | 138 | $905832 | 8961 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $439.90 | 23 | 879589 | 3179 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $0.42 | 23 | 879589 | 875141 |
|  |  |  | 887281 |
| **PUT OPTIONS - 21.49%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 4/10/2023, Strike Price $117.22 | 81 | 806436 | 140215 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 4/10/2023, Strike Price $110.43 | 86 | 906698 | 47133 |
| SPDR S&P 500® Trust ETF, Expires 4/10/2023, Strike Price $176.39 | 23 | 879589 | 272 |
|  |  |  | 187620 |
| TOTAL PURCHASED OPTIONS (Cost $1,248,547) |  |  | 1074901 |
| **Total Investments (Cost $1,592,205) - 161.87%** |  |  | 1413192 |
| **Liabilities in Excess of Other Assets - (61.87)%** |  |  | (540199) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $872993 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,291.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Expiration** |<br>**Strike Price** |<br>**Contracts** | **Notional**<br>**Amount** |<br>**Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 4/10/2023 | $77.02 | 138 | $(905832) | $(5595) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $469.83 | 23 | (879589) | (541) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $176.39 | 23 | (879589) | (479640) |
|  |  |  |  |  | (485776) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 4/10/2023 | $123.39 | 81 | (806436) | (185318) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4/10/2023 | $116.24 | 86 | (906698) | (90797) |
| SPDR S&P 500® Trust ETF | 4/10/2023 | $395.91 | 23 | (879589) | (51144) |
|  |  |  |  |  | (327259) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $864,310)** |  |  |  |  | $**(813035)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1074901 | $– | $1074901 |
| Exchange Traded Funds | 338291 | – | – | 338291 |
| **Total Assets** | $338291 | $1074901 | $– | $1413192 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $813035 | $– | $813035 |
| **Total Liabilities** | $– | $813035 | $– | $813035 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $887553 | $187348 | $1074901 |
| Liabilities - Written options | Options written, at value | $536920 | $276115 | $813035 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | |
|  |  |  | **Interest Rate** | |
|  | **Location** | **Equity Risk** | **Risk** | <br>**Total** |
| Purchased options | Investments | $(422) | $– | $(422) |
| Written options | Written Options | 196 | – | 196 |
|  |  | $(226) | $– | $(226) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(270415) | $96770 | $(173645) |
| Written options | Written Options | 198899 | (147624) | 51275 |
|  |  | $(71516) | $(50854) | $(122370) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 38.74% |
| Purchased Options | 123.13 |
| **Total Investments** | 161.87 |
| Written Options | (93.13) |
| Assets in Excess of Other Liabilities | 31.26 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.71%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 994 | $99539 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1975 | 95274 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1650 | 95403 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $343,183) |  | 337885 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 121.10% (b)(c)** |  |  |  |
| **CALL OPTIONS - 107.80%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 5/10/2023, Strike Price $65.73 | 152 | $997728 | 60440 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $399.07 | 25 | 956075 | 37439 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $0.38 | 25 | 956075 | 951332 |
|  |  |  | 1049211 |
| **PUT OPTIONS - 13.30%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 5/10/2023, Strike Price $110.56 | 85 | 846260 | 99996 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 5/10/2023, Strike Price $106.24 | 89 | 938327 | 29087 |
| SPDR S&P 500® Trust ETF, Expires 5/10/2023, Strike Price $160.02 | 25 | 956075 | 388 |
|  |  |  | 129471 |
| TOTAL PURCHASED OPTIONS (Cost $1,267,412) |  |  | 1178682 |
| **Total Investments (Cost $1,610,595) - 155.81%** |  |  | 1516567 |
| **Liabilities in Excess of Other Assets - (55.81)%** |  |  | (543252) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $973315 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,885.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Expiration** |<br>**Strike Price** |<br>**Contracts** | **Notional**<br>**Amount** |<br>**Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 5/10/2023 | $70.94 | 152 | $(997728) | $(21457) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $430.70 | 25 | (956075) | (10531) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $160.02 | 25 | (956075) | (561978) |
|  |  |  |  |  | (593966) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 5/10/2023 | $116.38 | 85 | (846260) | (140084) |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares iBoxx $ Investment Grade Corporate Bond ETF | 5/10/2023 | $111.83 | 89 | (938327) | (60275) |
| SPDR S&P 500® Trust ETF | 5/10/2023 | $359.16 | 25 | (956075) | (26162) |
|  |  |  |  |  | (226521) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $886,103)** | **TOTAL OPTIONS WRITTEN (Premiums Received $886,103)** | **TOTAL OPTIONS WRITTEN (Premiums Received $886,103)** |  |  | $**(820487)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Ma** **y**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1178682 | $– | $1178682 |
| Exchange Traded Funds | 337885 | – | – | 337885 |
| **Total Assets** | $337885 | $1178682 | $– | $1516567 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $820487 | $– | $820487 |
| **Total Liabilities** | $– | $820487 | $– | $820487 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $1049599 | $129083 | $1178682 |
| Liabilities - Written options | Options written, at value | $620128 | $200359 | $820487 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** |
|  | **Income** | **Income** | **Income** | **Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(123139) | $34410 | $(88729) |
| Written options | Written Options | 133365 | (67749) | 65616 |
|  |  | $10226 | $(33339) | $(23113) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 34.71% |
| Purchased Options | 121.10 |
| **Total Investments** | 155.81 |
| Written Options | (84.29) |
| Assets in Excess of Other Liabilities | 28.48 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.28%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 990 | $99139 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1982 | 95612 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1656 | 95749 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $342,304) |  | 338342 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | | **Notional** | |
|  | **<u>Contracts</u>** | **<u>Amount</u>** | |
| **PURCHASED OPTIONS - 126.92% (b)(c)** |  |  |  |
| **CALL OPTIONS - 115.25%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 6/12/2023, Strike Price $64.69 | 155 | $1017420 | 86245 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $389.78 | 26 | 994318 | 61906 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $0.37 | 26 | 994318 | 989415 |
|  |  |  | 1137566 |
| **PUT OPTIONS - 11.67%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 6/12/2023, Strike Price $107.78 | 88 | 876128 | 88249 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 6/12/2023, Strike Price $104.73 | 90 | 948870 | 26370 |
| SPDR S&P 500® Trust ETF, Expires 6/12/2023, Strike Price $156.29 | 26 | 994318 | 590 |
|  |  |  | 115209 |
| TOTAL PURCHASED OPTIONS (Cost $1,277,958) |  |  | 1252775 |
| **Total Investments (Cost $1,620,262) - 161.20%** |  |  | 1591117 |
| **Liabilities in Excess of Other Assets - (61.20)%** |  |  | (603983) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $987134 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $338,342.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Description** |<br>**Expiration** |<br>**Strike Price** |<br>**Contracts** | **Notional**<br>**Amount** |<br>**Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 6/12/2023 | $69.70 | 155 | $(1017420) | $(43414) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $420.01 | 26 | (994318) | (25229) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $156.29 | 26 | (994318) | (597994) |
|  |  |  |  |  | (666637) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 6/12/2023 | $113.45 | 88 | (876128) | (125882) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 6/12/2023 | $110.24 | 90 | (948870) | (53760) |
| SPDR S&P 500® Trust ETF | 6/12/2023 | $350.80 | 26 | (994318) | (26542) |
|  |  |  |  |  | (206184) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $886,940)** |  |  |  |  | $**(872821)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1252775 | $– | $1252775 |
| Exchange Traded Funds | 338342 | – | – | 338342 |
| **Total Assets** | $338342 | $1252775 | $– | $1591117 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $872821 | $– | $872821 |
| **Total Liabilities** | $– | $872821 | $– | $872821 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Location** |<br>**Equity Risk** | **Interest Rate**<br>**Risk** |<br>**Total** |
| Assets - Purchased options | Investments, at value | $1138156 | $114619 | $1252775 |
| Liabilities - Written options | Options written, at value | $693179 | $179642 | $872821 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in** |
|  | **Income** | **Income** | **Income** | **Income** |
|  |  |  | **Interest Rate** |  |
|  | **Location** | **Equity Risk** | **Risk** | **Total** |
| Purchased options | Investments | $(56398) | $31216 | $(25182) |
| Written options | Written Options | 72471 | (58352) | 14119 |
|  |  | $16073 | $(27136) | $(11063) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 34.28% |
| Purchased Options | 126.92 |
| **Total Investments** | 161.20 |
| Written Options | (88.43) |
| Assets in Excess of Other Liabilities | 27.23 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.97%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 985 | $98638 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1650 | 47669 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95461 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $341,259) |  | 337090 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 131.07% (b)(c)** |  |  |  |
| **CALL OPTIONS - 118.13%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 7/10/2023, Strike Price $61.34 | 156 | $1023984 | 114286 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $384.21 | 26 | 994318 | 72914 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $0.37 | 26 | 994318 | 985009 |
|  |  |  | 1172209 |
| **PUT OPTIONS - 12.94%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 7/10/2023, Strike Price $108.64 | 87 | 866172 | 94438 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 7/10/2023, Strike Price $105.41 | 90 | 948870 | 33139 |
| SPDR S&P 500® Trust ETF, Expires 7/10/2023, Strike Price $154.06 | 26 | 994318 | 820 |
|  |  |  | 128397 |
| TOTAL PURCHASED OPTIONS (Cost $1,259,949) |  |  | 1300606 |
| **Total Investments (Cost $1,601,208) - 165.04%** |  |  | 1637696 |
| **Liabilities in Excess of Other Assets - (65.04)%** |  |  | (645403) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $992293 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,090.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 7/10/2023 | $66.35 | 156 | $(1023984) | $(68494) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $415.62 | 26 | (994318) | (32403) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $154.06 | 26 | (994318) | (602516) |
|  |  |  |  |  | (703413) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 7/10/2023 | $114.36 | 87 | (866172) | (131333) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7/10/2023 | $110.96 | 90 | (948870) | (59528) |
| SPDR S&P 500® Trust ETF | 7/10/2023 | $345.79 | 26 | (994318) | (28230) |
|  |  |  |  |  | (219091) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $876,037)** | **TOTAL OPTIONS WRITTEN (Premiums Received $876,037)** |  |  |  | $**(922504)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1300606 | $– | $1300606 |
| Exchange Traded Funds | 337090 | – | – | 337090 |
| **Total Assets** | $337090 | $1300606 | $– | $1637696 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $922504 | $– | $922504 |
| **Total Liabilities** | $– | $922504 | $– | $922504 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1173029 | $127577 | $1300606 |
| Liabilities - Written options | Options written, at value | $731643 | $190861 | $922504 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $5220 | $35438 | $40658 |
| Written options | Written Options | 14962 | (61429) | (46467) |
|  |  | $20182 | $(25991) | $(5809) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.97% |
| Purchased Options | 131.07 |
| **Total Investments** | 165.04 |
| Written Options | (92.97) |
| Assets in Excess of Other Liabilities | 27.93 |
| **Net Assets** | 100.00**%** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 36.16%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 977 | $97837 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1976 | 95322 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1649 | 47639 |
| Vanguard Short-Term Treasury ETF (a) | 1651 | 95461 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $340,430) |  | 336259 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 125.68% (b)(c)** | | | |
| **CALL OPTIONS - 108.80%** | | | |
| iShares MSCI EAFE ETF, Expires 8/10/2023, Strike Price $66.27 | 150 | $984600 | 70079 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $419.97 | 24 | 917832 | 32427 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $0.40 | 24 | 917832 | 909173 |
|  |  |  | 1011679 |
| **PUT OPTIONS - 16.88%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 8/10/2023, Strike Price $111.51 | 85 | 846260 | 112827 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 8/10/2023, Strike Price $108.11 | 87 | 917241 | 42895 |
| SPDR S&P 500® Trust ETF, Expires 8/10/2023, Strike Price $168.39 | 24 | 917832 | 1295 |
|  |  |  | 157017 |
| TOTAL PURCHASED OPTIONS (Cost $1,254,031) |  |  | 1168696 |
| **Total Investments (Cost $1,594,461) - 161.84%** |  |  | 1504955 |
| **Liabilities in Excess of Other Assets - (61.84)%** |  |  | (575108) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $929847 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $336,259.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **CALL OPTIONS** |  | | | | |
| iShares MSCI EAFE ETF | 8/10/2023 | $71.35 | 150 | $(984600) | $(33172) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $452.20 | 24 | (917832) | (10626) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $168.39 | 24 | (917832) | (525399) |
|  |  |  |  |  | (569197) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 8/10/2023 | $117.38 | 85 | (846260) | (150941) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8/10/2023 | $113.80 | 87 | (917241) | (74045) |
| SPDR S&P 500® Trust ETF | 8/10/2023 | $377.97 | 24 | (917832) | (51319) |
|  |  |  |  |  | (276305) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $862,616)** | **TOTAL OPTIONS WRITTEN (Premiums Received $862,616)** |  |  |  | $**(845502)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1168696 | $– | $1168696 |
| Exchange Traded Funds | 336259 | – | – | 336259 |
| **Total Assets** | $336259 | $1168696 | $– | $1504955 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $845502 | $– | $845502 |
| **Total Liabilities** | $– | $845502 | $– | $845502 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1012973 | $155723 | $1168696 |
| Liabilities - Written options | Options written, at value | $620516 | $224986 | $845502 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(163149) | $77812 | $(85337) |
| Written options | Written Options | 128966 | (111852) | 17114 |
|  |  | $(34183**)** | $(34040**)** | $(68223**)** |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 36.16% |
| Purchased Options | 125.68 |
| **Total Investments** | 161.84 |
| Written Options | (90.92) |
| Assets in Excess of Other Liabilities | 29.08 |
| **Net Assets** | 100.00**%** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 34.74%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 977 | $97837 |
| Schwab Short-Term U.S. Treasury ETF (a) | 1984 | 95708 |
| SPDR Portfolio Short Term Treasury ETF (a) | 1656 | 47842 |
| Vanguard Short-Term Treasury ETF (a) | 1658 | 95865 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $339,865) |  | 337252 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 120.51% (b)(c)** | | | |
| **CALL OPTIONS - 110.05%** | | | |
| iShares MSCI EAFE ETF, Expires 9/11/2023, Strike Price $63.31 | 155 | $1017420 | 110362 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $410.95 | 24 | 917832 | 48825 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $0.39 | 24 | 917832 | 909199 |
|  |  |  | 1068386 |
| **PUT OPTIONS - 10.46%** |  |  |  |
| iShares 20+ Year Treasury Bond ETF, Expires 9/11/2023, Strike Price $102.86 | 92 | 915952 | 72067 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF, Expires 9/11/2023, Strike Price $103.11 | 92 | 969956 | 28016 |
| SPDR S&P 500® Trust ETF, Expires 9/11/2023, Strike Price $164.78 | 24 | 917832 | 1500 |
|  |  |  | 101583 |
| TOTAL PURCHASED OPTIONS (Cost $1,243,953) |  |  | 1169969 |
| **Total Investments (Cost $1,583,818) - 155.25%** |  |  | 1507221 |
| **Liabilities in Excess of Other Assets - (55.25)%** |  |  | (536380) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $970841 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $337,252.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **CALL OPTIONS** |  | | | | |
| iShares MSCI EAFE ETF | 9/11/2023 | $68.63 | 155 | $(1017420) | $(64560) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $445.53 | 24 | (917832) | (18285) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $164.78 | 24 | (917832) | (534276) |
|  |  |  |  |  | (617121) |
| **PUT OPTIONS** |  |  |  |  |  |
| iShares 20+ Year Treasury Bond ETF | 9/11/2023 | $108.28 | 92 | (915952) | (102480) |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 9/11/2023 | $108.54 | 92 | (969956) | (48473) |
| SPDR S&P 500® Trust ETF | 9/11/2023 | $369.85 | 24 | (917832) | (47659) |
|  |  |  |  |  | (198612) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $860,891)** | **TOTAL OPTIONS WRITTEN (Premiums Received $860,891)** |  |  |  | $**(815733)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** | | | | |
| Purchased Options | $– | $1169969 | $– | $1169969 |
| Exchange Traded Funds | 337252 | – | – | 337252 |
| **Total Assets** | $337252 | $1169969 | $– | $1507221 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $815733 | $– | $815733 |
| **Total Liabilities** | $– | $815733 | $– | $815733 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1069886 | $100083 | $1169969 |
| Liabilities - Written options | Options written, at value | $664780 | $150953 | $815733 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(89288) | $15305 | $(73983) |
| Written options | Written Options | 76376 | (31218) | 45158 |
|  |  | $(12912**)** | $(15913**)** | $(28825**)** |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 34.74% |
| Purchased Options | 120.51 |
| **Total Investments** | 155.25 |
| Written Options | (84.02) |
| Assets in Excess of Other Liabilities | 28.77 |
| **Net Assets** | 100.00**%** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 31.29%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 437 | $43761 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 465 | 49025 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3036 | 96636 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1260 | 97663 |
| Vanguard Short-Term Treasury ETF (a) | 748 | 43249 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $323,208) |  | 330334 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u>**<br> **<u>Amount</u>** |  |
| **U.S. TREASURY NOTE - 22.74%** |  |  |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256900 | 240091 |
| TOTAL U.S. TREASURY NOTE (Cost $240,676) |  | 240091 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 129.64% (b)(c)** | | | |
| **CALL OPTIONS - 129.42%** | | | |
| iShares MSCI EAFE ETF, Expires 10/10/2023, Strike Price $56.51 | 172 | $1129008 | 210114 |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $360.00 | 27 | 1032561 | 137723 |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $0.34 | 27 | 1032561 | 1018226 |
|  |  |  | 1366063 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 10/10/2023, Strike Price $144.35 | 27 | 1032561 | 2274 |
|  |  |  | 2274 |
| TOTAL PURCHASED OPTIONS (Cost $1,169,887) |  |  | 1368337 |
| **Total Investments (Cost $1,733,771) - 183.67%** |  |  | 1938762 |
| **Liabilities in Excess of Other Assets - (83.67)%** |  |  | (883123) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1055639 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $570,425.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **CALL OPTIONS** | | | | | |
| iShares MSCI EAFE ETF | 10/10/2023 | $61.96 | 172 | $(1129008) | $(153125) |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $394.76 | 27 | (1032561) | (80143) |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $144.35 | 27 | (1032561) | (644360) |
|  |  |  |  |  | (877628) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 10/10/2023 | $324.00 | 27 | (1032561) | (27633) |
|  |  |  |  |  | (27633) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $752,937)** | **TOTAL OPTIONS WRITTEN (Premiums Received $752,937)** |  |  |  | $**(905261)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1368337 | $– | $1368337 |
| Exchange Traded Funds | 330334 |  |  | 330334 |
| U.S. Treasury Note | – | 240091 | – | 240091 |
| **Total Assets** | $330334 | $1608428 | $– | $1938762 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $905261 | $– | $905261 |
| **Total Liabilities** | $– | $905261 | $– | $905261 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1368337 | $– $| 1368337 |
| Liabilities - Written options | Options written, at value | $905261 | $– $| 905261 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $198450 | $– | $198450 |
| Written options | Written Options | (152324) | – | (152324) |
|  |  | $46126 | $– | $46126 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 31.29% |
| Purchased Options | 129.64 |
| U.S. Treasury Note | 22.74 |
| **Total Investments** | 183.67 |
| Written Options | (85.76) |
| Assets in Excess of Other Liabilities | 2.09 |
| **Net Assets** | 100.00**%** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.09%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 433 | $43361 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 455 | 47970 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2990 | 95172 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1231 | 95415 |
| Vanguard Short-Term Treasury ETF (a) | 746 | 43134 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $322,981) |  | 325052 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal</u><br> <u>Amount</u>** | |
| **U.S. TREASURY NOTE - 23.69%** | | |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $256800 | 239998 |
| TOTAL U.S. TREASURY NOTE (Cost $240,462) |  | 239998 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional</u><br> <u>Amount</u>** | |
| **PURCHASED OPTIONS - 111.85% (b)(c)** | | | |
| **CALL OPTIONS - 111.66%** | | | |
| iShares MSCI EAFE ETF, Expires 11/10/2023, Strike Price $64.18 | 153 | $1004292 | 106956 |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $394.67 | 25 | 956075 | 81482 |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $0.37 | 25 | 956075 | 942732 |
|  |  |  | 1131170 |
| **PUT OPTIONS - 0.19%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 11/10/2023, Strike Price $158.25 | 25 | 956075 | 1885 |
|  |  |  | 1885 |
| TOTAL PURCHASED OPTIONS (Cost $1,179,970) |  |  | 1133055 |
| **Total Investments (Cost $1,743,413) - 167.63%** |  |  | 1698105 |
| **Liabilities in Excess of Other Assets - (67.63)%** |  |  | (685127) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1012978 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $565,050.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional**<br> **Amount** | **Value** |
| **CALL OPTIONS** | | | | | |
| iShares MSCI EAFE ETF | 11/10/2023 | $69.90 | 153 | $(1004292) | $(44564) |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $429.90 | 25 | (956075) | (39811) |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $158.25 | 25 | (956075) | (570824) |
|  |  |  |  |  | (655199) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 11/10/2023 | $355.20 | 25 | (956075) | (45519) |
|  |  |  |  |  | (45519) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $757,032)** | **TOTAL OPTIONS WRITTEN (Premiums Received $757,032)** |  |  |  | $**(700718)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1133055 | $– | $1133055 |
| Exchange Traded Funds | 325052 |  |  | 325052 |
| U.S. Treasury Note | – | 239998 | – | 239998 |
| **Total Assets** | $325052 | $1373053 | $– | $1698105 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $700718 | $– | $700718 |
| **Total Liabilities** | $– | $700718 | $– | $700718 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1133055 | $– $| 1133055 |
| Liabilities - Written options | Options written, at value | $700718 | $– $| 700718 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in<br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(46915) | $– | $(46915) |
| Written options | Written Options | 56314 | – | 56314 |
|  |  | $9399 | $– | $9399 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| <br>**Asset Type** | **% of Net**<br>**Assets** |
| Exchange Traded Funds | 32.09% |
| Purchased Options | 111.85 |
| U.S. Treasury Note | 23.69 |
| **Total Investments** | 167.63 |
| Written Options | (69.17) |
| Assets in Excess of Other Liabilities | 1.54 |
| **Net Assets** | 100.00**%** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.60%** | | |
| iShares 0-3 Month Treasury Bond ETF (a) | 432 | $43260 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 438 | 46179 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 2957 | 94121 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1206 | 93477 |
| Vanguard Short-Term Treasury ETF (a) | 745 | 43076 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $324,157) |  | 320113 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.24%** | | |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $247600 | 238065 |
| TOTAL U.S. TREASURY NOTE (Cost $238,110) |  | 238065 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 113.05% (b)(c)** |  |  |  |
| **CALL OPTIONS - 112.83%** |  |  |  |
| iShares MSCI EAFE ETF, Expires 12/11/2023, Strike Price $67.11 | 148 | $971472 | 82050 |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $398.93 | 25 | 956075 | 83281 |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $0.38 | 25 | 956075 | 942712 |
|  |  |  | 1108043 |
| **PUT OPTIONS - 0.22%** |  |  |  |
| SPDR S&P 500® Trust ETF, Expires 12/11/2023, Strike Price $159.96 | 25 | 956075 | 2124 |
|  |  |  | 2124 |
| TOTAL PURCHASED OPTIONS (Cost $1,191,912) |  |  | 1110167 |
| **Total Investments (Cost $1,754,179) - 169.89%** |  |  | 1668345 |
| **Liabilities in Excess of Other Assets - (69.89)%** |  |  | (686352) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $981993 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $558,178.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| iShares MSCI EAFE ETF | 12/11/2023 | $72.85 | 148 | $(971472) | $(36036) |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $433.10 | 25 | (956075) | (42376) |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $159.96 | 25 | (956075) | (569189) |
|  |  |  |  |  | (647601) |
| **PUT OPTIONS** |  |  |  |  |  |
| SPDR S&P 500® Trust ETF | 12/11/2023 | $359.04 | 25 | (956075) | (50105) |
|  |  |  |  |  | (50105) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $764,454)** |  |  |  |  | $**(697706)** |

---

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

------

**Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1110167 | $– | $1110167 |
| Exchange Traded Funds | 320113 |  |  | 320113 |
| U.S. Treasury Note | – | 238065 | – | 238065 |
| **Total Assets** | $320113 | $1348232 | $– | $1668345 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $697706 | $– | $697706 |
| **Total Liabilities** | $– | $697706 | $– | $697706 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1110167 | $– $| 1110167 |
| Liabilities - Written options | Options written, at value | $697705 | $– $| 697705 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(81745) | $– | $(81745) |
| Written options | Written Options | 66748 | – | 66748 |
|  |  | $(14997) | $– | $(14997) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 32.60% |
| Purchased Options | 113.05 |
| U.S. Treasury Note | 24.24 |
| **Total Investments** | 169.89 |
| Written Options | (71.05) |
| Assets in Excess of Other Liabilities | 1.16 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 69.64%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 3974 | $77950 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 11780 | 209389 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 3186 | 77388 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 9356 | 207423 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $660,975) |  | 572150 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 23.98%** |  |  |
| United States Treasury Note, 0.750%, 1/31/2028 (a) | $231200 | 197008 |
| TOTAL U.S. TREASURY NOTE (Cost $220,794) |  | 197008 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 16.94% (b)(c)** | | | |
| **CALL OPTIONS - 16.94%** |  |  |  |
| S&P 500® Mini Index, Expires 1/10/2028, Strike Price $467.03 | 23 | $883085 | 139132 |
|  |  |  | 139132 |
| TOTAL PURCHASED OPTIONS (Cost $207,500) |  |  | 139132 |
| **Total Investments (Cost $1,089,269) - 110.56%** |  |  | 908290 |
| **Liabilities in Excess of Other Assets - (10.56)%** |  |  | (86776) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $821514 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $769,158.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 1/10/2028 | $373.62 | 21 | $(806295) | $(96758) |
|  |  |  |  |  | (96758) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $86,357)** |  |  |  |  | $**(96758)** |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $139132 | $– | $139132 |
| Exchange Traded Funds | 572150 |  |  | 572150 |
| U.S. Treasury Note | – | 197008 | – | 197008 |
| **Total Assets** | $572150 | $336140 | $– | $908290 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $96758 | $– | $96758 |
| **Total Liabilities** | $– | $96758 | $– | $96758 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $139132 | $– $| 139132 |
| Liabilities - Written options | Options written, at value | $96758 | $– $| 96758 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(68367) | $– | $(68367) |
| Written options | Written Options | (10401) | – | (10401) |
|  |  | $(78768) | $– | $(78768) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 69.64% |
| Purchased Options | 16.94 |
| U.S. Treasury Note | 23.98 |
| **Total Investments** | 110.56 |
| Written Options | (11.78) |
| Assets in Excess of Other Liabilities | 1.22 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 63.56%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 6641 | $130263 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 21357 | 379621 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 5318 | 129174 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 16950 | 375782 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,062,856) |  | 1014840 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 21.77%** |  |  |
| United States Treasury Note, 1.250%, 4/30/2028 (a) | $399800 | 347654 |
| TOTAL U.S. TREASURY NOTE (Cost $365,651) |  | 347654 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 23.10% (b)(c)** |  |  |  |
| **CALL OPTIONS - 23.10%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2028, Strike Price $441.28 | 50 | $1919750 | 368913 |
|  |  |  | 368913 |
| TOTAL PURCHASED OPTIONS (Cost $440,407) |  |  | 368913 |
| **Total Investments (Cost $1,868,914) - 108.43%** |  |  | 1731407 |
| **Liabilities in Excess of Other Assets - (8.43)%** |  |  | (134654) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1596753 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $1,362,494.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2028 | $353.03 | 40 | $(1535800) | $(162140) |
|  |  |  |  |  | (162140) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $147,666)** |  |  |  |  | $**(162140)** |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $368913 | $– | $368913 |
| Exchange Traded Funds | 1014840 |  |  | 1014840 |
| U.S. Treasury Note | – | 347654 | – | 347654 |
| **Total Assets** | $1014840 | $716567 | $– | $1731407 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $162140 | $– | $162140 |
| **Total Liabilities** | $– | $162140 | $– | $162140 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $368913 | $– $| 368913 |
| Liabilities - Written options | Options written, at value | $162140 | $– $| 162140 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** | **Realized Gain/(Loss) on Derivatives Recognized in Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(45101) | $– | $(45101) |
| Written options | Written Options | (21294) | – | (21294) |
|  |  | $(66395) | $– | $(66395) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(71494) | $– | $(71494) |
| Written options | Written Options | (14474) | – | (14474) |
|  |  | $(85968) | $– | $(85968) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 63.56% |
| Purchased Options | 23.10 |
| U.S. Treasury Note | 21.77 |
| **Total Investments** | 108.43 |
| Written Options | (10.15) |
| Assets in Excess of Other Liabilities | 1.72 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 55.31%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 9557 | $187461 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 30868 | 548679 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 7686 | 186693 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 24590 | 545160 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $1,506,334) |  | 1467993 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 19.01%** | | |
| United States Treasury Note, 1.000%, 7/31/2028 (a) | $592200 | 504480 |
| TOTAL U.S. TREASURY NOTE (Cost $525,067) |  | 504480 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 31.54% (b)(c)** |  |  |  |
| **CALL OPTIONS - 31.54%** |  |  |  |
| S&P 500® Mini Index, Expires 7/10/2028, Strike Price $385.44 | 82 | $3148390 | 837132 |
|  |  |  | 837132 |
| TOTAL PURCHASED OPTIONS (Cost $857,722) |  |  | 837132 |
| **Total Investments (Cost $2,889,123) - 105.86%** |  |  | 2809605 |
| **Liabilities in Excess of Other Assets - (5.86)%** |  |  | (155494) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $2654111 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $1,972,473.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 7/10/2028 | $308.35 | 69 | $(2649255) | $(203605) |
|  |  |  |  |  | (203605) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $187,123)** |  |  |  |  | $**(203605)** |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $837132 | $– | $837132 |
| Exchange Traded Funds | 1467993 |  |  | 1467993 |
| U.S. Treasury Note | – | 504480 | – | 504480 |
| **Total Assets** | $1467993 | $1341612 | $– | $2809605 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $203605 | $– | $203605 |
| **Total Liabilities** | $– | $203605 | $– | $203605 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $837132 | $– $| 837132 |
| Liabilities - Written options | Options written, at value | $203605 | $– $| 203605 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(20590) | $– | $(20590) |
| Written options | Written Options | (16482) | – | (16482) |
|  |  | $(37072) | $– | $(37072) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 55.31% |
| Purchased Options | 31.54 |
| U.S. Treasury Note | 19.01 |
| **Total Investments** | 105.86 |
| Written Options | (7.67) |
| Assets in Excess of Other Liabilities | 1.81 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 54.72%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 10492 | $205802 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 3941 | 70051 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 8486 | 206125 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 3138 | 69569 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $536,065) |  | 551547 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 18.80%** |  |  |
| United States Treasury Note, 1.375%, 10/31/2028 (a) | $219000 | 189469 |
| TOTAL U.S. TREASURY NOTE (Cost $187,913) |  | 189469 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 31.22% (b)(c)** |  |  |  |
| **CALL OPTIONS - 31.22%** |  |  |  |
| S&P 500® Mini Index, Expires 10/10/2028, Strike Price $361.24 | 27 | $1036665 | 314721 |
|  |  |  | 314721 |
| TOTAL PURCHASED OPTIONS (Cost $337,629) |  |  | 314721 |
| **Total Investments (Cost $1,061,607) - 104.74%** |  |  | 1055737 |
| **Liabilities in Excess of Other Assets - (4.74)%** |  |  | (47846) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1007891 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $741,016.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 10/10/2028 | $289.00 | 27 | $(1036665) | $(69682) |
|  |  |  |  |  | (69682) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $77,470)** |  |  |  |  | $**(69682)** |

---

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

------

**Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $314721 | $– | $314721 |
| Exchange Traded Funds | 551547 |  |  | 551547 |
| U.S. Treasury Note | – | 189469 | – | 189469 |
| **Total Assets** | $551547 | $504190 | $– | $1055737 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $69682 | $– | $69682 |
| **Total Liabilities** | $– | $69682 | $– | $69682 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $314721 | $– $| 314721 |
| Liabilities - Written options | Options written, at value | $69682 | $– $| 69682 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(22907) | $– | $(22907) |
| Written options | Written Options | 7788 | – | 7788 |
|  |  | $(15119) | $– | $(15119) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 54.72% |
| Purchased Options | 31.22 |
| U.S. Treasury Note | 18.80 |
| **Total Investments** | 104.74 |
| Written Options | (6.91) |
| Assets in Excess of Other Liabilities | 2.17 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 69.51%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 3982 | $78107 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 11805 | 209833 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 3193 | 77558 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 9376 | 207866 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $662,237) |  | 573364 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 23.93%** |  |  |
| United States Treasury Note, 0.750%, 1/31/2028 (a) | $231700 | 197434 |
| TOTAL U.S. TREASURY NOTE (Cost $221,236) |  | 197434 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 14.67% (b)(c)** |  |  |  |
| **CALL OPTIONS - 14.67%** |  |  |  |
| S&P 500® Mini Index, Expires 1/10/2028, Strike Price $467.04 | 20 | $767900 | 120977 |
|  |  |  | 120977 |
| TOTAL PURCHASED OPTIONS (Cost $182,995) |  |  | 120977 |
| **Total Investments (Cost $1,066,468) - 108.11%** |  |  | 891775 |
| **Liabilities in Excess of Other Assets - (8.11)%** |  |  | (66897) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $824878 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $770,798.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 1/10/2028 | $467.04 | 10 | $(383950) | $(81074) |
|  |  |  |  |  | (81074) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $67,662)** |  |  |  |  | $**(81074)** |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $120977 | $– | $120977 |
| Exchange Traded Funds | 573364 |  |  | 573364 |
| U.S. Treasury Note | – | 197434 | – | 197434 |
| **Total Assets** | $573364 | $318411 | $– | $891775 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $81074 | $– | $81074 |
| **Total Liabilities** | $– | $81074 | $– | $81074 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $120977 | $– $| 120977 |
| Liabilities - Written options | Options written, at value | $81074 | $– $| 81074 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(62018) | $– | $(62018) |
| Written options | Written Options | (13412) | – | (13412) |
|  |  | $(75430) | $– | $(75430) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 69.51% |
| Purchased Options | 14.67 |
| U.S. Treasury Note | 23.93 |
| **Total Investments** | 108.11 |
| Written Options | (9.83) |
| Assets in Excess of Other Liabilities | 1.72 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 64.73%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 3809 | $74714 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 12249 | 217726 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 3050 | 74085 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 9721 | 215514 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $619,422) |  | 582039 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 22.18%** |  |  |
| United States Treasury Note, 1.250%, 4/30/2028 (a) | $229300 | 199392 |
| TOTAL U.S. TREASURY NOTE (Cost $211,317) |  | 199392 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 20.51% (b)(c)** |  |  |  |
| **CALL OPTIONS - 20.51%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2028, Strike Price $441.30 | 25 | $959875 | 184435 |
|  |  |  | 184435 |
| TOTAL PURCHASED OPTIONS (Cost $258,855) |  |  | 184435 |
| **Total Investments (Cost $1,089,594) - 107.42%** |  |  | 965866 |
| **Liabilities in Excess of Other Assets - (7.42)%** |  |  | (66749) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $899117 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $781,431.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2028 | $441.30 | 11 | $(422345) | $(77722) |
|  |  |  |  |  | (77722) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $68,775)** |  |  |  |  | $**(77722)** |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $184435 | $– | $184435 |
| Exchange Traded Funds | 582039 |  |  | 582039 |
| U.S. Treasury Note | – | 199392 | – | 199392 |
| **Total Assets** | $582039 | $383827 | $– | $965866 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $77722 | $– | $77722 |
| **Total Liabilities** | $– | $77722 | $– | $77722 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $184435 | $– $| 184435 |
| Liabilities - Written options | Options written, at value | $77722 | $– $| 77722 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(74420) | $– | $(74420) |
| Written options | Written Options | (8947) | – | (8947) |
|  |  | $(83367) | $– | $(83367) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 64.73% |
| Purchased Options | 20.51 |
| U.S. Treasury Note | 22.18 |
| **Total Investments** | 107.42 |
| Written Options | (8.64) |
| Assets in Excess of Other Liabilities | 1.22 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 56.27%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 4350 | $85325 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 14051 | 249757 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 3489 | 84748 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 11160 | 247417 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $686,272) |  | 667247 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 19.37%** |  |  |
| United States Treasury Note, 1.000%, 7/31/2028 (a) | $269600 | 229666 |
| TOTAL U.S. TREASURY NOTE (Cost $240,235) |  | 229666 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 29.28% (b)(c)** | | | |
| **CALL OPTIONS - 29.28%** |  |  |  |
| S&P 500® Mini Index, Expires 7/10/2028, Strike Price $385.46 | 34 | $1305430 | 347069 |
|  |  |  | 347069 |
| TOTAL PURCHASED OPTIONS (Cost $338,198) |  |  | 347069 |
| **Total Investments (Cost $1,264,705) - 104.92%** |  |  | 1243982 |
| **Liabilities in Excess of Other Assets - (4.92)%** |  |  | (58355) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1185627 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $896,913.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 7/10/2028 | $385.46 | 16 | $(614320) | $(81870) |
|  |  |  |  |  | (81870) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $78,708)** |  |  |  |  | $**(81870)** |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $347069 | $– | $347069 |
| Exchange Traded Funds | 667247 |  |  | 667247 |
| U.S. Treasury Note | – | 229666 | – | 229666 |
| **Total Assets** | $667247 | $576735 | $– | $1243982 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $81870 | $– | $81870 |
| **Total Liabilities** | $– | $81870 | $– | $81870 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $347069 | $– $| 347069 |
| Liabilities - Written options | Options written, at value | $81870 | $– $| 81870 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $8871 | $– | $8871 |
| Written options | Written Options | (3162) | – | (3162) |
|  |  | $5709 | $– | $5709 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 56.27% |
| Purchased Options | 29.28 |
| U.S. Treasury Note | 19.37 |
| **Total Investments** | 104.92 |
| Written Options | (6.91) |
| Assets in Excess of Other Liabilities | 1.99 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I)**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 54.85%** |  |  |
| Invesco BulletShares 2028 Corporate Bond ETF (a) | 10492 | $205801 |
| Invesco BulletShares 2029 Corporate Bond ETF (a) | 3941 | 70051 |
| iShares iBonds Dec 2028 Term Corporate ETF (a) | 8486 | 206125 |
| iShares iBonds Dec 2029 Term Corporate ETF (a) | 3138 | 69569 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $536,065) |  | 551546 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 18.84%** |  |  |
| United States Treasury Note, 1.375%, 10/31/2028 (a) | $218900 | 189383 |
| TOTAL U.S. TREASURY NOTE (Cost $187,827) |  | 189383 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 28.98% (b)(c)** |  |  |  |
| **CALL OPTIONS - 28.98%** |  |  |  |
| S&P 500® Mini Index, Expires 10/10/2028, Strike Price $361.26 | 25 | $959875 | 291383 |
|  |  |  | 291383 |
| TOTAL PURCHASED OPTIONS (Cost $313,394) |  |  | 291383 |
| **Total Investments (Cost $1,037,286) - 102.67%** |  |  | 1032312 |
| **Liabilities in Excess of Other Assets - (2.67)%** |  |  | (26856) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1005456 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $740,929.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 10/10/2028 | $361.26 | 13 | $(499135) | $(57400) |
|  |  |  |  |  | (57400) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $62,897)** |  |  |  |  | $**(57400)** |

---

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

------

**Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I)**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $291383 | $– | $291383 |
| Exchange Traded Funds | 551546 |  |  | 551546 |
| U.S. Treasury Note | – | 189383 | – | 189383 |
| **Total Assets** | $551546 | $480766 | $– | $1032312 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $57400 | $– | $57400 |
| **Total Liabilities** | $– | $57400 | $– | $57400 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $291383 | $– $| 291383 |
| Liabilities - Written options | Options written, at value | $57400 | $– $| 57400 |

---

<br> The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(22011) | $– | $(22011) |
| Written options | Written Options | 5497 | – | 5497 |
|  |  | $(16514) | $– | $(16514) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 54.85% |
| Purchased Options | 28.98 |
| U.S. Treasury Note | 18.84 |
| **Total Investments** | 102.67 |
| Written Options | (5.71) |
| Assets in Excess of Other Liabilities | 3.04 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 32.21%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 665 | $66593 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 479 | 50501 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3123 | 99405 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1296 | 100453 |
| Vanguard Short-Term Treasury ETF (a) | 382 | 22087 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $331,785) |  | 339039 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 23.28%** |  |  |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $262200 | 245044 |
| TOTAL U.S. TREASURY NOTE (Cost $245,641) |  | 245044 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 190.77% (b)(c)** | | | |
| **CALL OPTIONS - 190.76%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $357.61 | 259 | $9944305 | 975375 |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $0.52 | 27 | 1036665 | 1032318 |
|  |  |  | 2007693 |
| **PUT OPTIONS - 0.01%** |  |  |  |
| S&P 500® Mini Index, Expires 4/10/2023, Strike Price $145.02 | 27 | 1036665 | 143 |
|  |  |  | 143 |
| TOTAL PURCHASED OPTIONS (Cost $1,791,790) |  |  | 2007836 |
| **Total Investments (Cost $2,369,216) - 246.26%** |  |  | 2591919 |
| **Liabilities in Excess of Other Assets - (146.26)%** |  |  | (1539397) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1052522 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $584,083.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $361.23 | 259 | $(9944305) | $(905760) |
| S&P 500® Mini Index | 4/10/2023 | $145.02 | 27 | (1036665) | (647004) |
|  |  |  |  |  | (1552764) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 4/10/2023 | $325.10 | 27 | (1036665) | (7458) |
|  |  |  |  |  | (7458) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $1,386,856)** |  |  |  |  | $**(1560222)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $2007836 | $– | $2007836 |
| Exchange Traded Funds | 339039 |  |  | 339039 |
| U.S. Treasury Note | – | 245044 | – | 245044 |
| **Total Assets** | $339039 | $2252880 | $– | $2591919 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $1560222 | $– | $1560222 |
| **Total Liabilities** | $– | $1560222 | $– | $1560222 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $2007836 | $– $| 2007836 |
| Liabilities - Written options | Options written, at value | $1560222 | $– $| 1560222 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $216046 | $– | $216046 |
| Written options | Written Options | (173366) | – | (173366) |
|  |  | $42680 | $– | $42680 |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 32.21% |
| Purchased Options | 190.77 |
| U.S. Treasury Note | 23.28 |
| **Total Investments** | 246.26 |
| Written Options | (148.24) |
| Assets in Excess of Other Liabilities | 1.98 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.19%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 974 | $97537 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 687 | 72430 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 4525 | 144031 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1861 | 144246 |
| Vanguard Short-Term Treasury ETF (a) | 561 | 32437 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $489,699) |  | 490681 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.40%** |  |  |
| United States Treasury Note, 0.625%, 10/15/2024 (a) | $386100 | 360838 |
| TOTAL U.S. TREASURY NOTE (Cost $361,198) |  | 360838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 137.30% (b)(c)** | | | |
| **CALL OPTIONS - 137.26%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $391.66 | 329 | $12631955 | 616043 |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $0.57 | 37 | 1420615 | 1413446 |
|  |  |  | 2029489 |
| **PUT OPTIONS - 0.04%** |  |  |  |
| S&P 500® Mini Index, Expires 5/10/2023, Strike Price $158.83 | 37 | 1420615 | 533 |
|  |  |  | 533 |
| TOTAL PURCHASED OPTIONS (Cost $2,423,607) |  |  | 2030022 |
| **Total Investments (Cost $3,274,504) - 194.89%** |  |  | 2881541 |
| **Liabilities in Excess of Other Assets - (94.89)%** |  |  | (1402989) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $1478552 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $851,519.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $395.62 | 329 | $(12631955) | $(548017) |
| S&P 500® Mini Index | 5/10/2023 | $158.83 | 37 | (1420615) | (837220) |
|  |  |  |  |  | (1385237) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 5/10/2023 | $356.05 | 37 | (1420615) | (35766) |
|  |  |  |  |  | (35766) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $1,808,335)** |  |  |  |  | $**(1421003)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $2030022 | $– | $2030022 |
| Exchange Traded Funds | 490681 |  |  | 490681 |
| U.S. Treasury Note | – | 360838 | – | 360838 |
| **Total Assets** | $490681 | $2390860 | $– | $2881541 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $1421003 | $– | $1421003 |
| **Total Liabilities** | $– | $1421003 | $– | $1421003 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $2030022 | $– $| 2030022 |
| Liabilities - Written options | Options written, at value | $1421003 | $– $| 1421003 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(393584) | $– | $(393584) |
| Written options | Written Options | 387332 | – | 387332 |
|  |  | $(6252) | $– | $(6252) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.19% |
| Purchased Options | 137.30 |
| U.S. Treasury Note | 24.40 |
| **Total Investments** | 194.89 |
| Written Options | (96.10) |
| Assets in Excess of Other Liabilities | 1.21 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec**

**Schedule of Investments**

**December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **<u>Shares</u>** | **<u>Value</u>** |
| **EXCHANGE TRADED FUNDS - 33.22%** |  |  |
| iShares 0-3 Month Treasury Bond ETF (a) | 660 | $66092 |
| iShares iBoxx $ Investment Grade Corporate Bond ETF (a) | 448 | 47233 |
| SPDR Portfolio Intermediate Term Corporate Bond ETF (a) | 3034 | 96573 |
| Vanguard Intermediate-Term Corporate Bond ETF (a) | 1237 | 95880 |
| Vanguard Short-Term Treasury ETF (a) | 381 | 22029 |
| TOTAL EXCHANGE TRADED FUNDS (Cost $331,959) |  | 327807 |

---

---

| | | |
|:---|:---|:---|
|  | **<u>Principal<br> Amount</u>** | |
| **U.S. TREASURY NOTE - 24.70%** |  |  |
| United States Treasury Note, 0.750%, 12/31/2023 (a) | $253500 | 243738 |
| TOTAL U.S. TREASURY NOTE (Cost $243,784) |  | 243738 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>Contracts</u>** | **<u>Notional<br> Amount</u>** | |
| **PURCHASED OPTIONS - 140.11% (b)(c)** |  |  |  |
| **CALL OPTIONS - 140.05%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $395.05 | 213 | $8178135 | 428230 |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $0.58 | 25 | 959875 | 953832 |
|  |  |  | 1382062 |
| **PUT OPTIONS - 0.06%** |  |  |  |
| S&P 500® Mini Index, Expires 6/12/2023, Strike Price $160.20 | 25 | 959875 | 641 |
|  |  |  | 641 |
| TOTAL PURCHASED OPTIONS (Cost $1,579,450) |  |  | 1382703 |
| **Total Investments (Cost $2,155,193) - 198.03%** |  |  | 1954248 |
| **Liabilities in Excess of Other Assets - (98.03)%** |  |  | (967428) |
| **TOTAL NET ASSETS - 100.00%** |  |  | $986820 |

---

Percentages are stated as a percent of net assets.

(a) All or a portion of each of these securities is segregated as collateral for written options. The aggregate value of the securities segregated as collateral for written options is $571,545.

<br> (b) Exchange-Traded.

<br> (c) Purchased option contracts are held in connection with corresponding written option contracts.

**SCHEDULE OF OPTIONS WRITTEN**<br> **December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Description** | **Expiration** | **Strike Price** | **Contracts** | **Notional<br> Amount** | **Value** |
| **CALL OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $399.04 | 213 | $(8178135) | $(384910) |
| S&P 500® Mini Index | 6/12/2023 | $160.20 | 25 | (959875) | (562720) |
|  |  |  |  |  | (947630) |
| **PUT OPTIONS** |  |  |  |  |  |
| S&P 500® Mini Index | 6/12/2023 | $359.13 | 25 | (959875) | (31103) |
|  |  |  |  |  | (31103) |
| **TOTAL OPTIONS WRITTEN (Premiums Received $1,165,270)** |  |  |  |  | $**(978733)** |

---

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

------

**Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec**

**Schedule of Investments (Concluded)**

**December 31, 2022**

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities (see Note 2 in Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Purchased Options | $– | $1382703 | $– | $1382703 |
| Exchange Traded Funds | 327807 |  |  | 327807 |
| U.S. Treasury Note | – | 243738 | – | 243738 |
| **Total Assets** | $327807 | $1626441 | $– | $1954248 |
| **Liabilities** |  |  |  |  |
| Options Written | $– | $978733 | $– | $978733 |
| **Total Liabilities** | $– | $978733 | $– | $978733 |

---

The following tables summarize derivatives held by the Fund and their impact on the Fund's results of operations (see Note 3 in Notes to Financial Statements).

The location and value of derivative instruments (categorized by risk exposure) on the Statement of Assets and Liabilities as of December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Assets - Purchased options | Investments, at value | $1382703 | $– $| 1382703 |
| Liabilities - Written options | Options written, at value | $978733 | $– $| 978733 |

---

The location and effect of derivative instruments (categorized by risk exposure) on the Statement of Operations for the period ended December 31, 2022, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** | **Change in Unrealized Appreciation/(Depreciation) on Derivatives Recognized in <br> Income** |
|  | **Location** | **Equity Risk** | **Interest Rate<br> Risk** | **Total** |
| Purchased options | Investments | $(196748) | $– | $(196748) |
| Written options | Written Options | 186537 | – | 186537 |
|  |  | $(10211) | $– | $(10211) |

---

**Portfolio Holdings Summary**

---

| | |
|:---|:---|
| **Asset Type** | **% of Net<br> Assets** |
| Exchange Traded Funds | 33.22% |
| Purchased Options | 140.11 |
| U.S. Treasury Note | 24.70 |
| **Total Investments** | 198.03 |
| Written Options | (99.17) |
| Assets in Excess of Other Liabilities | 1.14 |
| **Net Assets** | 100.00% |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**y<br> **Outcome Fund**<br> **– Jan/Jul** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Feb/Aug** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Mar/Sep** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Apr/Oct** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1434800 | $2210447 | $1389851 | $1810134 |
|  | Cash and cash equivalents | 287461 | 444815 | 311501 | 30208 |
|  | Dividends and interest receivable | 898 | 1366 | 956 | 460 |
|  | Due from Advisor | 3192 | 4236 | 3343 | 2637 |
|  | Deposits at broker for written options | 6537 |  | 79 |  |
|  | Deferred offering costs | 519 | 2100 | 1368 | 2237 |
|  | Total Assets | 1733407 | 2662964 | 1707098 | 1845676 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 774807 | 1217606 | 697644 | 705068 |
|  | Payable for fund shares redeemed | 5 | 21 | 4 | 8 |
|  | Distribution fees payable | 597 | 897 | 617 | 699 |
|  | Payable to Trustees | 450 | 316 | 380 | 407 |
|  | Other liabilities | 27699 | 27795 | 27500 | 28039 |
|  | Total Liabilities | 803558 | 1246635 | 726145 | 734221 |
|  | **Net Assets** | $929849 | $1416329 | $980953 | $1111455 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1158376 | $1705821 | $1138542 | $1265320 |
|  | Total distributable earnings/(accumulated deficit) | (228527 | (289492 | (157589 | (153865 |
|  | **Net Assets** | $929849 | $1416329 | $980953 | $1111455 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $929849 | $1416329 | $980953 | $1111455 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 118534 | 172769 | 113507 | 126413 |
|  | Net asset value, offering price and redemption price per share | $7.84 | $8.20 | $8.64 | $8.79 |
| (a) | Cost of investments | $1465386 | $2299438 | $1491591 | $1709823 |
| (b) | remiums received | 727763 | 1127401 | 730117 | 658517 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– May/Nov** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jun/Dec** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Jan/Jul** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Feb/Aug** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $2489094 | $1747714 | $1204846 | $1867735 |
|  | Cash and cash equivalents | 35767 | 18559 | 155217 | 389572 |
|  | Dividends and interest receivable | 1049 | 394 | 516 | 1195 |
|  | Due from Advisor | 3342 | 3121 | 3352 | 4576 |
|  | Deposits at broker for written options |  |  | 89653 |  |
|  | Deferred offering costs | 2852 | 3276 | 519 | 2099 |
|  | Total Assets | 2532104 | 1773064 | 1454103 | 2265177 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 943943 | 665043 | 656618 | 1059023 |
|  | Payable for fund shares redeemed | 22 | 4 |  | 14 |
|  | Distribution fees payable | 811 | 672 | 494 | 755 |
|  | Payable to Trustees | 382 | 311 | 224 | 357 |
|  | Other liabilities | 29145 | 29002 | 27231 | 29159 |
|  | Total Liabilities | 974303 | 695032 | 684567 | 1089308 |
|  | **Net Assets** | $1557801 | $1078032 | $769536 | $1175869 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1683266 | $1126706 | $997961 | $1460185 |
|  | Total distributable earnings/(accumulated deficit) | (125465 | (48674 | (228425 | (284316 |
|  | **Net Assets** | $1557801 | $1078032 | $769536 | $1175869 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $1557801 | $1078032 | $769536 | $1175869 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 171519 | 113214 | 100001 | 151750 |
|  | Net asset value, offering price and redemption price per share | $9.08 | $9.52 | $7.70 | $7.75 |
| (a) | Cost of investments | $2559235 | $1794417 | $1233702 | $1940376 |
| (b) | Premiums received | 987579 | 690243 | 616988 | 950640 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Mar/Sep** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Apr/Oct** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– May/Nov** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **- Jun/Dec** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1218741 | $1386076 | $1395130 | $1495765 |
|  | Cash and cash equivalents | 204780 | 41952 | 51915 | 52495 |
|  | Dividends and interest receivable | 659 | 416 | 470 | 403 |
|  | Due from Advisor | 3678 | 2773 | 3685 | 3359 |
|  | Deposits at broker for written options | 59273 | 170 | 110 | 79 |
|  | Deferred offering costs | 1368 | 2237 | 2902 | 3262 |
|  | Total Assets | 1488499 | 1433624 | 1454212 | 1555363 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 625238 | 538155 | 523677 | 572576 |
|  | Distribution fees payable | 531 | 547 | 570 | 592 |
|  | Payable to Trustees | 193 | 153 | 150 | 206 |
|  | Other liabilities | 26802 | 26617 | 28031 | 27711 |
|  | Total Liabilities | 652764 | 565472 | 552428 | 601085 |
|  | **Net Assets** | $835735 | $868152 | $901784 | $954278 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $999711 | $1001580 | $1001990 | $1002395 |
|  | Total distributable earnings/(accumulated deficit) | (163976 | (133428 | (100206 | (48117 |
|  | **Net Assets** | $835735 | $868152 | $901784 | $954278 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $835735 | $868152 | $901784 | $954278 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100001 | 100182 | 100221 | 100289 |
|  | Net asset value, offering price and redemption price per share | $8.36 | $8.67 | $9.00 | $9.52 |
| (a) | Cost of investments | $1307771 | $1310462 | $1420454 | $1535369 |
| (b) | Premiums received | 641974 | 497329 | 536875 | 591825 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Apr** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1558883 | $1510908 | $1528251 | $1421124 |
|  | Cash and cash equivalents | 198138 | 221220 | 239861 | 251226 |
|  | Dividends and interest receivable | 627 | 693 | 746 | 800 |
|  | Due from Advisor | 3024 | 3367 | 4146 | 3604 |
|  | Deposits at broker for written options | 97339 | 83870 | 51319 | 64295 |
|  | Deferred offering costs | 486 | 1991 | 1253 | 1953 |
|  | Total Assets | 1858497 | 1822049 | 1825576 | 1743002 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 989459 | 922120 | 915335 | 813441 |
|  | Payable for fund shares redeemed |  |  |  | 1 |
|  | Distribution fees payable | 528 | 542 | 553 | 564 |
|  | Payable to Trustees | 171 | 171 | 128 | 183 |
|  | Other liabilities | 27136 | 26956 | 26886 | 27160 |
|  | Total Liabilities | 1017294 | 949789 | 942902 | 841349 |
|  | **Net Assets** | $841203 | $872260 | $882674 | $901653 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $998636 | $999439 | $1000011 | $1030521 |
|  | Total distributable earnings/(accumulated deficit) | (157433 | (127179 | (117337 | (128868 |
|  | **Net Assets** | $841203 | $872260 | $882674 | $901653 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $841203 | $872260 | $882674 | $901653 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100001 | 100001 | 100001 | 103130 |
|  | Net asset value, offering price and redemption price per share | $8.41 | $8.72 | $8.83 | $8.74 |
| (a) | Cost of investments | $1504230 | $1471780 | $1527730 | $1529105 |
| (b) | Premiums received | 777373 | 755813 | 797283 | 792213 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Aug** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1450451 | $1493518 | $1518286 | $1435039 |
|  | Cash and cash equivalents | 290560 | 287970 | 297968 | 256021 |
|  | Dividends and interest receivable | 903 | 883 | 913 | 813 |
|  | Due from Advisor | 4133 | 4054 | 4464 | 4645 |
|  | Deposits at broker for written options | 5904 | 133 | 134 | 34385 |
|  | Deferred offering costs | 2631 | 2852 | 3747 | 4242 |
|  | Total Assets | 1754582 | 1789410 | 1825512 | 1735145 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 789794 | 802693 | 820740 | 800168 |
|  | Distribution fees payable | 592 | 608 | 617 | 573 |
|  | Payable to Trustees | 140 | 144 | 168 | 208 |
|  | Other liabilities | 28144 | 27856 | 27430 | 25489 |
|  | Total Liabilities | 818670 | 831301 | 848955 | 826438 |
|  | **Net Assets** | $935912 | $958109 | $976557 | $908707 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001316 | $1001747 | $1014605 | $1007845 |
|  | Total distributable earnings/(accumulated deficit) | (65404 | (43638 | (38048 | (99138 |
|  | **Net Assets** | $935912 | $958109 | $976557 | $908707 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $935912 | $958109 | $976557 | $908707 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100140 | 100181 | 101462 | 100804 |
|  | Net asset value, offering price and redemption price per share | $9.35 | $9.56 | $9.62 | $9.01 |
| (a) | Cost of investments | $1519235 | $1523655 | $1516879 | $1504108 |
| (b) | Premiums received | 792821 | 788831 | 787421 | 769764 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Dec** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1388528 | $1720119 | $1582797 | $1574334 |
|  | Cash and cash equivalents | 285334 | 35510 | 22420 | 12405 |
|  | Dividends and interest receivable | 893 | 437 | 400 | 44 |
|  | Due from Advisor |  | 1505 | 3784 | 5733 |
|  | Deposits at broker for written options | 12117 | 54 | 70 | 85 |
|  | Deferred offering costs | 3441 | 4278 | 4429 | 5032 |
|  | Total Assets | 1690313 | 1761903 | 1613900 | 1597633 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 732565 | 679275 | 616470 | 618155 |
|  | Payable to Adviser | 602 |  |  |  |
|  | Distribution fees payable | 590 | 592 | 344 | 120 |
|  | Payable to Trustees | 234 | 212 | 139 | 69 |
|  | Other liabilities | 21756 | 19337 | 14918 | 11043 |
|  | Total Liabilities | 755747 | 699416 | 631871 | 629387 |
|  | **Net Assets** | $934566 | $1062487 | $982029 | $968246 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001895 | $1065502 | $1001851 | $1000928 |
|  | Total distributable earnings/(accumulated deficit) | (67329 | (3015 | (19822 | (32682 |
|  | **Net Assets** | $934566 | $1062487 | $982029 | $968246 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $934566 | $1062487 | $982029 | $968246 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100202 | 106590 | 100189 | 100096 |
|  | Net asset value, offering price and redemption price per share | $9.33 | $9.97 | $9.80 | $9.67 |
| (a) | Cost of investments | $1484219 | $1626827 | $1633128 | $1639773 |
| (b) | Premiums received | 760576 | 645557 | 646863 | 650763 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jan** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Feb** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Mar** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Apr** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1638211 | $1560683 | $1559550 | $1532049 |
|  | Cash and cash equivalents | 173747 | 179436 | 209027 | 247522 |
|  | Dividends and interest receivable | 547 | 576 | 692 | 798 |
|  | Due from Advisor | 3102 | 3427 | 4159 | 3819 |
|  | Deposits at broker for written options | 122560 | 125884 | 85571 | 69527 |
|  | Deferred offering costs | 486 | 1990 | 1253 | 1953 |
|  | Total Assets | 1938653 | 1871996 | 1860252 | 1855668 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 1091925 | 1013702 | 981602 | 923140 |
|  | Payable for fund shares redeemed |  |  |  | 2 |
|  | Distribution fees payable | 518 | 529 | 546 | 577 |
|  | Payable to Trustees | 169 | 168 | 138 | 158 |
|  | Other liabilities | 27323 | 27098 | 27140 | 27743 |
|  | Total Liabilities | 1119935 | 1041497 | 1009426 | 951620 |
|  | **Net Assets** | $818718 | $830499 | $850826 | $904048 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $998706 | $999434 | $1000010 | $1062731 |
|  | Total distributable earnings/(accumulated deficit) | (179988 | (168935 | (149184 | (158683 |
|  | **Net Assets** | $818718 | $830499 | $850826 | $904048 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $818718 | $830499 | $850826 | $904048 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100001 | 100001 | 100001 | 106282 |
|  | Net asset value, offering price and redemption price per share | $8.19 | $8.30 | $8.51 | $8.51 |
| (a) | Cost of investments | $1533439 | $1494742 | $1550757 | $1625598 |
| (b) | Premiums received | 807165 | 778826 | 823401 | 857660 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– May** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jun** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jul** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Aug** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1471657 | $1507757 | $1531421 | $1480699 |
|  | Cash and cash equivalents | 273699 | 292413 | 290605 | 255756 |
|  | Dividends and interest receivable | 876 | 896 | 890 | 814 |
|  | Due from Advisor | 4172 | 4115 | 4458 | 4686 |
|  | Deposits at broker for written options | 21855 | 133 | 136 | 33090 |
|  | Deferred offering costs | 2631 | 2852 | 3747 | 4236 |
|  | Total Assets | 1774890 | 1808166 | 1831257 | 1779281 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 826971 | 835081 | 850746 | 845693 |
|  | Distribution fees payable | 585 | 601 | 604 | 576 |
|  | Payable to Trustees | 149 | 150 | 175 | 208 |
|  | Other liabilities | 28378 | 28046 | 27556 | 25649 |
|  | Total Liabilities | 856083 | 863878 | 879081 | 872126 |
|  | **Net Assets** | $918807 | $944288 | $952176 | $907155 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001389 | $1001879 | $1001907 | $1001949 |
|  | Total distributable earnings/(accumulated deficit) | (82582 | (57591 | (49731 | (94794 |
|  | **Net Assets** | $918807 | $944288 | $952176 | $907155 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $918807 | $944288 | $952176 | $907155 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100150 | 100197 | 100199 | 100214 |
|  | Net asset value, offering price and redemption price per share | $9.17 | $9.42 | $9.50 | $9.05 |
| (a) | Cost of investments | $1548184 | $1551570 | $1548774 | $1529571 |
| (b) | Premiums received | 820579 | 820944 | 818010 | 799436 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Sep** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Oct** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Nov** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Dec** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1433150 | $1714690 | $1625010 | $2015418 |
|  | Cash and cash equivalents | 292493 | 36683 | 22576 | 21681 |
|  | Dividends and interest receivable | 910 | 440 | 399 | 191 |
|  | Due from Advisor |  | 1540 | 3820 | 5708 |
|  | Deposits at broker for written options | 7261 | 54 | 70 |  |
|  | Deferred offering costs | 3441 | 4278 | 4429 | 5033 |
|  | Total Assets | 1737255 | 1757685 | 1656304 | 2048031 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 772297 | 702123 | 650123 | 809868 |
|  | Payable for fund shares redeemed |  |  |  | 9 |
|  | Payable to Adviser | 560 |  |  |  |
|  | Distribution fees payable | 598 | 577 | 347 | 153 |
|  | Payable to Trustees | 232 | 212 | 139 | 69 |
|  | Other liabilities | 21887 | 19407 | 14982 | 11111 |
|  | Total Liabilities | 795574 | 722319 | 665591 | 821210 |
|  | **Net Assets** | $941681 | $1035366 | $990713 | $1226821 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1002004 | $1038122 | $1001846 | $1251072 |
|  | Total distributable earnings/(accumulated deficit) | (60323 | (2756 | (11133 | (24251 |
|  | **Net Assets** | $941681 | $1035366 | $990713 | $1226821 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $941681 | $1035366 | $990713 | $1226821 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100212 | 103828 | 100187 | 125109 |
|  | Net asset value, offering price and redemption price per share | $9.40 | $9.97 | $9.89 | $9.81 |
| (a) | Cost of investments | $1509044 | $1656762 | $1653777 | $2063262 |
| (b) | Premiums received | 787511 | 676580 | 667881 | 833141 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Apr** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1555871 | $1507836 | $1529064 | $1421737 |
|  | Cash and cash equivalents | 199957 | 222198 | 243870 | 256893 |
|  | Dividends and interest receivable | 633 | 683 | 769 | 811 |
|  | Due from Advisor | 3090 | 3555 | 4270 | 3873 |
|  | Deposits at broker for written options | 98762 | 84696 | 49710 | 62856 |
|  | Deferred offering costs | 486 | 1991 | 1255 | 1954 |
|  | Total Assets | 1858799 | 1820959 | 1828938 | 1748124 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 987496 | 920455 | 917315 | 815755 |
|  | Payable for fund shares redeemed |  |  |  | 1 |
|  | Distribution fees payable | 527 | 540 | 557 | 568 |
|  | Payable to Trustees | 168 | 169 | 128 | 177 |
|  | Other liabilities | 27947 | 28099 | 27955 | 28531 |
|  | Total Liabilities | 1016138 | 949263 | 945955 | 845032 |
|  | **Net Assets** | $842661 | $871696 | $882983 | $903092 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $998673 | $999467 | $1000010 | $1035602 |
|  | Total distributable earnings/(accumulated deficit) | (156012 | (127771 | (117027 | (132510 |
|  | **Net Assets** | $842661 | $871696 | $882983 | $903092 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $842661 | $871696 | $882983 | $903092 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100001 | 100001 | 100001 | 103643 |
|  | Net asset value, offering price and redemption price per share | $8.43 | $8.72 | 8.83 | $8.71 |
| (a) | Cost of investments | $1612547 | $1588840 | $1653719 | $1657397 |
| (b) | Premiums received | 888160 | 873688 | 924669 | 918562 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Aug** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1474984 | $1547021 | $1569277 | $1450193 |
|  | Cash and cash equivalents | 300078 | 290016 | 299057 | 260314 |
|  | Dividends and interest receivable | 920 | 889 | 934 | 826 |
|  | Due from Advisor | 4231 | 4293 | 4609 | 4780 |
|  | Deposits at broker for written options | 133 | 133 | 136 | 27805 |
|  | Deferred offering costs | 2625 | 2849 | 3827 | 4244 |
|  | Total Assets | 1782971 | 1845201 | 1877840 | 1748162 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 804404 | 842305 | 872232 | 817446 |
|  | Distribution fees payable | 600 | 615 | 615 | 571 |
|  | Payable to Trustees | 141 | 146 | 175 | 210 |
|  | Other liabilities | 29166 | 28821 | 28187 | 26149 |
|  | Total Liabilities | 834311 | 871887 | 901209 | 844376 |
|  | **Net Assets** | $948660 | $973314 | $976631 | $903786 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001381 | $1001800 | $1005007 | $1004292 |
|  | Total distributable earnings/(accumulated deficit) | (52721 | (28486 | (28376 | (100506 |
|  | **Net Assets** | $948660 | $973314 | $976631 | $903786 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $948660 | $973314 | $976631 | $903786 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100144 | 100183 | 100496 | 100449 |
|  | Net asset value, offering price and redemption price per share | $9.47 | $9.72 | $9.72 | $9.00 |
| (a) | Cost of investments | $1651057 | $1663995 | $1645587 | $1635544 |
| (b) | Premiums received | 927412 | 930432 | 919804 | 901952 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Dec** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1426711 | $1839051 | $1675023 | $1669241 |
|  | Cash and cash equivalents | 296897 | 36941 | 23022 | 12238 |
|  | Dividends and interest receivable | 906 | 441 | 401 | 44 |
|  | Due from Advisor |  | 1640 | 3931 | 5630 |
|  | Deposits at broker for written options | 493 | 54 | 70 | 14 |
|  | Deferred offering costs | 3443 | 4288 | 4438 | 5274 |
|  | Total Assets | 1728450 | 1882415 | 1706885 | 1692441 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 763574 | 810929 | 702962 | 708227 |
|  | Payable to Adviser | 452 |  |  |  |
|  | Distribution fees payable | 593 | 578 | 344 | 121 |
|  | Payable to Trustees | 233 | 212 | 139 | 69 |
|  | Other liabilities | 22302 | 19715 | 15180 | 11183 |
|  | Total Liabilities | 787154 | 831434 | 718625 | 719600 |
|  | **Net Assets** | $941296 | $1050981 | $988260 | $972841 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001937 | $1002862 | $1001860 | $1000935 |
|  | Total distributable earnings/(accumulated deficit) | (60641 | 48119 | (13600 | (28094 |
|  | **Net Assets** | $941296 | $1050981 | $988260 | $972841 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $941296 | $1050981 | $988260 | $972841 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100205 | 100274 | 100188 | 100096 |
|  | Net asset value, offering price and redemption price per share | $9.39 | $10.48 | $9.86 | $9.72 |
| (a) | Cost of investments | $1620443 | $1774049 | $1778830 | $1784977 |
| (b) | Premiums received | 896303 | 793928 | 793055 | 795728 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Apr** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1556277 | $1508815 | $1532883 | $1415949 |
|  | Cash and cash equivalents | 203534 | 228151 | 249907 | 241174 |
|  | Dividends and interest receivable | 644 | 725 | 796 | 774 |
|  | Due from Advisor | 3300 | 3828 | 4311 | 3457 |
|  | Deposits at broker for written options | 98783 | 84074 | 47188 | 58929 |
|  | Deferred offering costs | 486 | 721 | 1256 | 1954 |
|  | Total Assets | 1863024 | 1826314 | 1836341 | 1722237 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 987959 | 921090 | 918653 | 811264 |
|  | Distribution fees payable | 527 | 543 | 561 | 555 |
|  | Payable to Trustees | 162 | 163 | 130 | 194 |
|  | Other liabilities | 32621 | 32377 | 31840 | 31144 |
|  | Total Liabilities | 1021269 | 954173 | 951184 | 843157 |
|  | **Net Assets** | $841755 | $872141 | $885157 | $879080 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $999736 | $999585 | $1000021 | $1001154 |
|  | Total distributable earnings/(accumulated deficit) | (157981 | (127444 | (114864 | (122074 |
|  | **Net Assets** | $841755 | $872141 | $885157 | $879080 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $841755 | $872141 | $885157 | $879080 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100001 | 100001 | 100002 | 100131 |
|  | Net asset value, offering price and redemption price per share | $8.42 | $8.72 | $8.85 | $8.78 |
| (a) | Cost of investments | $1604141 | $1581888 | $1647889 | $1626607 |
| (b) | Premiums received | 879431 | 866719 | 918469 | 900087 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Aug** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1525008 | $1569516 | $1616949 | $1469675 |
|  | Cash and cash equivalents | 303304 | 293016 | 297680 | 272131 |
|  | Dividends and interest receivable | 931 | 897 | 911 | 857 |
|  | Due from Advisor | 4265 | 4797 | 4973 | 5294 |
|  | Deposits at broker for written options | 134 | 133 | 136 | 17325 |
|  | Deferred offering costs | 2625 | 2862 | 3747 | 4232 |
|  | Total Assets | 1836267 | 1871221 | 1924396 | 1769514 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 829022 | 854683 | 904201 | 826425 |
|  | Distribution fees payable | 612 | 619 | 619 | 575 |
|  | Payable to Trustees | 134 | 146 | 174 | 210 |
|  | Other liabilities | 32456 | 31551 | 30501 | 28551 |
|  | Total Liabilities | 862224 | 886999 | 935495 | 855761 |
|  | **Net Assets** | $974043 | $984222 | $988901 | $913753 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001383 | $1001828 | $1001848 | $1001940 |
|  | Total distributable earnings/(accumulated deficit) | (27340 | (17606 | (12947 | (88187 |
|  | **Net Assets** | $974043 | $984222 | $988901 | $913753 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $974043 | $984222 | $988901 | $913753 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100142 | 100185 | 100187 | 100212 |
|  | Net asset value, offering price and redemption price per share | $9.73 | $9.82 | $9.87 | $9.12 |
| (a) | Cost of investments | $1633944 | $1649271 | $1633573 | $1621050 |
| (b) | Premiums received | 910257 | 916472 | 907518 | 889292 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Dec** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1449357 | $1858426 | $1666220 | $1679750 |
|  | Cash and cash equivalents | 298398 | 37677 | 23445 | 12346 |
|  | Dividends and interest receivable | 910 | 442 | 402 | 44 |
|  | Due from Advisor |  | 2078 | 4349 | 6255 |
|  | Deposits at broker for written options | 137 | 54 | 70 | 85 |
|  | Deferred offering costs | 3443 | 4288 | 4458 | 5035 |
|  | Total Assets | 1752245 | 1902965 | 1698944 | 1703515 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 776549 | 825113 | 693557 | 715412 |
|  | Payable to Adviser | 123 |  |  |  |
|  | Distribution fees payable | 597 | 580 | 343 | 121 |
|  | Payable to Trustees | 233 | 212 | 139 | 69 |
|  | Other liabilities | 23606 | 20875 | 15899 | 11570 |
|  | Total Liabilities | 801108 | 846780 | 709938 | 727172 |
|  | **Net Assets** | $951137 | $1056185 | $989006 | $976343 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001940 | $1002863 | $1001864 | $1000931 |
|  | Total distributable earnings/(accumulated deficit) | (50803 | 53322 | (12858 | (24588 |
|  | **Net Assets** | $951137 | $1056185 | $989006 | $976343 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $951137 | $1056185 | $989006 | $976343 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100204 | 100273 | 100189 | 100096 |
|  | Net asset value, offering price and redemption price per share | $9.49 | $10.53 | $9.87 | $9.75 |
| (a) | Cost of investments | $1611643 | $1761785 | $1767394 | $1772222 |
| (b) | Premiums received | 887669 | 781679 | 781761 | 783151 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Apr** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1517514 | $1582089 | $1541460 | $1413192 |
|  | Cash and cash equivalents | 199467 | 241683 | 256723 | 237071 |
|  | Dividends and interest receivable | 632 | 750 | 795 | 741 |
|  | Due from Advisor | 2340 | 2969 | 3342 | 2570 |
|  | Deposits at broker for written options | 113815 | 66941 | 36588 | 58047 |
|  | Deferred offering costs | 488 | 722 | 1253 | 1954 |
|  | Total Assets | 1834256 | 1895154 | 1840161 | 1713575 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 964149 | 969081 | 922859 | 813035 |
|  | Payable for fund shares redeemed |  | 1 |  |  |
|  | Distribution fees payable | 527 | 555 | 559 | 547 |
|  | Payable to Trustees | 171 | 140 | 128 | 201 |
|  | Other liabilities | 27291 | 27199 | 27031 | 26799 |
|  | Total Liabilities | 992138 | 996976 | 950577 | 840582 |
|  | **Net Assets** | $842118 | $898178 | $889584 | $872993 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $998692 | $1029498 | $1000010 | $1000819 |
|  | Total distributable earnings/(accumulated deficit) | (156574 | (131320 | (110426 | (127826 |
|  | **Net Assets** | $842118 | $898178 | $889584 | $872993 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $842118 | $898178 | $889584 | $872993 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100001 | 103052 | 100001 | 100093 |
|  | Net asset value, offering price and redemption price per share | $8.42 | $8.72 | $8.90 | $8.72 |
| (a) | Cost of investments | $1529404 | $1600961 | $1624840 | $1592205 |
| (b) | Premiums received | 819465 | 856633 | 895495 | 864310 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Aug** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1516567 | $1591117 | $1637696 | $1504955 |
|  | Cash and cash equivalents | 299211 | 289717 | 296243 | 286880 |
|  | Dividends and interest receivable | 919 | 888 | 908 | 873 |
|  | Due from Advisor | 3404 | 4065 | 4343 | 4551 |
|  | Deposits at broker for written options | 134 | 133 | 136 | 139 |
|  | Deferred offering costs | 2625 | 2862 | 3747 | 4232 |
|  | Total Assets | 1822860 | 1888782 | 1943073 | 1801630 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 820487 | 872821 | 922504 | 845502 |
|  | Distribution fees payable | 601 | 611 | 617 | 575 |
|  | Payable to Trustees | 140 | 149 | 174 | 210 |
|  | Other liabilities | 28317 | 28067 | 27485 | 25496 |
|  | Total Liabilities | 849545 | 901648 | 950780 | 871783 |
|  | **Net Assets** | $973315 | $987134 | $992293 | $929847 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001369 | $1001804 | $1001915 | $1001902 |
|  | Total distributable earnings/(accumulated deficit) | (28054 | (14670 | (9622 | (72055 |
|  | **Net Assets** | $973315 | $987134 | $992293 | $929847 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $973315 | $987134 | $992293 | $929847 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100140 | 100180 | 100191 | 100204 |
|  | Net asset value, offering price and redemption price per share | $9.72 | $9.85 | $9.90 | $9.28 |
| (a) | Cost of investments | $1610595 | $1620262 | $1601208 | $1594461 |
| (b) | Premiums received | 886103 | 886940 | 876037 | 862616 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Dec** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $1507221 | $1938762 | $1698105 | $1668345 |
|  | Cash and cash equivalents | 298087 | 36124 | 22514 | 11774 |
|  | Dividends and interest receivable | 910 | 440 | 399 | 42 |
|  | Due from Advisor |  | 1573 | 4051 | 5983 |
|  | Deposits at broker for written options | 137 | 54 | 70 | 7 |
|  | Deferred offering costs | 3443 | 4288 | 4460 | 5035 |
|  | Total Assets | 1809798 | 1981241 | 1729599 | 1691186 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 815733 | 905261 | 700718 | 697706 |
|  | Payable to Adviser | 678 |  |  |  |
|  | Distribution fees payable | 600 | 581 | 345 | 121 |
|  | Payable to Trustees | 233 | 212 | 139 | 69 |
|  | Other liabilities | 21713 | 19548 | 15419 | 11297 |
|  | Total Liabilities | 838957 | 925602 | 716621 | 709193 |
|  | **Net Assets** | $970841 | $1055639 | $1012978 | $981993 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1001928 | $1002852 | $1001863 | $1000934 |
|  | Total distributable earnings/(accumulated deficit) | (31087 | 52787 | 11115 | (18941 |
|  | **Net Assets** | $970841 | $1055639 | $1012978 | $981993 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $970841 | $1055639 | $1012978 | $981993 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 100198 | 100269 | 100187 | 100096 |
|  | Net asset value, offering price and redemption price per share | $9.69 | $10.53 | $10.11 | $9.81 |
| (a) | Cost of investments | $1583818 | $1733771 | $1743413 | $1754179 |
| (b) | Premiums received | 860891 | 752937 | 757032 | 764454 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Jan (I)** | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Apr (I)** | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Jul (I)** | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Oct (I)** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $908290 | $1731407 | $2809605 | $1055737 |
|  | Cash and cash equivalents | 29577 | 49216 | 79401 | 33858 |
|  | Dividends and interest receivable | 786 | 996 | 2700 | 601 |
|  | Due from Advisor | 1485 | 2962 |  | 896 |
|  | Deposits at broker for written options | 1677 |  |  |  |
|  | Deferred offering costs | 486 | 1953 | 9690 | 4439 |
|  | Total Assets | 942301 | 1786534 | 2901396 | 1095531 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 96758 | 162140 | 203605 | 69682 |
|  | Payable for fund shares redeemed |  | 25 | 57 |  |
|  | Payable to Adviser |  |  | 11919 |  |
|  | Distribution fees payable | 515 | 1004 | 1669 | 561 |
|  | Payable to Trustees | 348 | 174 | 138 | 212 |
|  | Other liabilities | 23166 | 26438 | 29897 | 17185 |
|  | Total Liabilities | 120787 | 189781 | 247285 | 87640 |
|  | **Net Assets** | $821514 | $1596753 | $2654111 | $1007891 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1012832 | $1824643 | $2775292 | $1011934 |
|  | Total distributable earnings/(accumulated deficit) | (191318 | (227890 | (121181 | (4043 |
|  | **Net Assets** | $821514 | $1596753 | $2654111 | $1007891 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $821514 | $1596753 | $2654111 | $1007891 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 101596 | 182207 | 271402 | 101205 |
|  | Net asset value, offering price and redemption price per share | $8.09 | $8.76 | $9.78 | $9.96 |
| (a) | Cost of investments | $1089269 | $1868914 | $2889123 | $1061607 |
| (b) | Premiums received | 86357 | 147666 | 187123 | 77470 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities**

**December 31, 2022** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Jan (I)** | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Apr (I)** | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Jul (I)** | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Oct (I)** |
|  | **Assets:** | | | | |
|  | Investments, at value (a) | $891775 | $965866 | $1243982 | $1032312 |
|  | Cash and cash equivalents | 35826 | 30798 | 51464 | 42536 |
|  | Dividends and interest receivable | 818 | 578 | 1272 | 628 |
|  | Due from Advisor | 1545 | 2481 |  | 1151 |
|  | Deferred offering costs | 486 | 1953 | 9690 | 4439 |
|  | Total Assets | 930450 | 1001676 | 1306408 | 1081066 |
|  | **Liabilities:** |  |  |  |  |
|  | Options written, at value (b) | 81074 | 77722 | 81870 | 57400 |
|  | Payable for fund shares redeemed |  | 1 | 7 |  |
|  | Payable to Adviser |  |  | 12605 |  |
|  | Distribution fees payable | 518 | 565 | 745 | 560 |
|  | Payable to Trustees | 177 | 190 | 191 | 212 |
|  | Other liabilities | 23803 | 24081 | 25363 | 17438 |
|  | Total Liabilities | 105572 | 102559 | 120781 | 75610 |
|  | **Net Assets** | $824878 | $899117 | $1185627 | $1005456 |
|  | **Net Assets Consist of:** |  |  |  |  |
|  | Paid-in capital | $1012902 | $1031698 | $1242152 | $1008266 |
|  | Total distributable earnings/(accumulated deficit) | (188024 | (132581 | (56525 | (2810 |
|  | **Net Assets** | $824878 | $899117 | $1185627 | $1005456 |
|  | **Class 3** |  |  |  |  |
|  | Net assets | $824878 | $899117 | $1185627 | $1005456 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 101592 | 103411 | 123857 | 100833 |
|  | Net asset value, offering price and redemption price per share | $8.12 | $8.69 | $9.57 | $9.97 |
| (a) | Cost of investments | $1066468 | $1089594 | $1264705 | $1037286 |
| (b) | Premiums received | 67662 | 68775 | 78708 | 62897 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Assets and Liabilities <br> December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Trigger**<br> **Outcome Fund**<br> **– Apr/Oct** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Trigger**<br> **Outcome Fund**<br> **– May/Nov** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Trigger**<br> **Outcome Fund**<br> **– Jun/Dec** |
|  | **Assets:** | | | |
|  | Investments, at value (a) | $2591919 | $2881541 | $1954248 |
|  | Cash and cash equivalents | 35337 | 25168 | 11537 |
|  | Dividends and interest receivable | 442 | 855 | 129 |
|  | Deposits at broker for written options | 1 |  | 113 |
|  | Deferred offering costs | 14494 | 14909 | 16622 |
|  | Total Assets | 2642193 | 2922473 | 1982649 |
|  | **Liabilities:** |  |  |  |
|  | Options written, at value (b) | 1560222 | 1421003 | 978733 |
|  | Payable for fund shares redeemed |  | 16 |  |
|  | Payable to Adviser | 9374 | 7237 | 5870 |
|  | Distribution fees payable | 576 | 465 | 122 |
|  | Payable to Trustees | 212 | 139 | 69 |
|  | Other liabilities | 19287 | 15061 | 11035 |
|  | Total Liabilities | 1589671 | 1443921 | 995829 |
|  | **Net Assets** | $1052522 | $1478552 | $986820 |
|  | **Net Assets Consist of:** |  |  |  |
|  | Paid-in capital | $1034210 | $1484183 | $1001003 |
|  | Total distributable earnings/(accumulated deficit) | 18312 | (5631 | (14183 |
|  | **Net Assets** | $1052522 | $1478552 | $986820 |
|  | **Class 3** |  |  |  |
|  | Net assets | $1052522 | $1478552 | $986820 |
|  | Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 103367 | 147586 | 100102 |
|  | Net asset value, offering price and redemption price per share | $10.18 | $10.02 | $9.86 |
| (a) | Cost of investments | $2369216 | $3274504 | $2155193 |
| (b) | Premiums received | 1386856 | 1808335 | 1165270 |

---

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jan/Jul** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Feb/Aug** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Mar/Sep** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Apr/Oct** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4465 | $7064 | $4644 | $5429 |
| Interest | 3523 | 5954 | 3928 | 5134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 7988 | 13018 | 8572 | 10563 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4439 | 6356 | 4071 | 4037 |
| Accounting and administration fees | 24761 | 22372 | 19356 | 17538 |
| Custody fees | 2106 | 2027 | 1767 | 1620 |
| Transfer agent fees | 5885 | 5371 | 4884 | 4357 |
| Distribution service fees | 2265 | 3243 | 2077 | 2060 |
| Professional fees and expenses | 21707 | 21758 | 16677 | 14504 |
| Trustees fees and expenses | 3500 | 2106 | 1308 | 1062 |
| Pricing fees | 3240 | 2970 | 2700 | 2430 |
| Licensing fees | 450 | 642 | 408 | 399 |
| Organizational costs | 27309 | 27309 | 2548 | 2548 |
| Offering costs | 18409 | 16595 | 5870 | 5848 |
| Registration fees | 123 | 179 | 123 | 123 |
| Other expenses | 3191 | 2953 | 2698 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 117385 | 113881 | 64487 | 58369 |
| Waivers/expense reimbursement by Advisor | (108417) | (101038) | (56262) | (50213) |
| Acquired fund fees and expenses waiver | (144) | (212) | (130) | (137) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 8824 | 12631 | 8095 | 8019 |
| **Net Investment Income/(Loss)** | (836) | 387 | 477 | 2544 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (14076) | 7295 | 64126 | (94872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (136821) | (117978) | (152830) | (112865) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (150897) | (110683) | (88704) | (207737) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (30586) | (88991) | (101740) | 100311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (47044) | (90205) | 32473 | (46551) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (77630) | (179196) | (69267) | 53760 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (228527) | (289879) | (157971) | (153977) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(229363) | $(289492) | $(157494) | $(151433) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– May/Nov** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jun/Dec** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Jan/Jul** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Feb/Aug** |
|  | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $5931 | $4434 | $3853 | $5512 |
| Interest | 5731 | 4240 | 2173 | 4659 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 11662 | 8674 | 6026 | 10171 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3846 | 2962 | 4062 | 4540 |
| Accounting and administration fees | 16008 | 14010 | 24352 | 22518 |
| Custody fees | 1440 | 1260 | 2122 | 1947 |
| Transfer agent fees | 4024 | 3521 | 5883 | 5370 |
| Distribution service fees | 1962 | 1511 | 2072 | 2316 |
| Professional fees and expenses | 12626 | 11951 | 22786 | 19848 |
| Trustees fees and expenses | 914 | 667 | 3500 | 1802 |
| Pricing fees | 2160 | 1890 | 3240 | 2970 |
| Licensing fees | 375 | 280 | 416 | 451 |
| Organizational costs | 2548 | 2548 | 27309 | 27309 |
| Offering costs | 5156 | 4151 | 18409 | 16590 |
| Registration fees | 541 | 541 | 95 | 151 |
| Other expenses | 1664 | 1485 | 3191 | 2953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 53264 | 46777 | 117437 | 108765 |
| Waivers/expense reimbursement by Advisor | (45493) | (40793) | (109230) | (99593) |
| Acquired fund fees and expenses waiver | (131) | (98) | (132) | (153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 7640 | 5886 | 8075 | 9019 |
| **Net Investment Income/(Loss)** | 4022 | 2788 | (2049) | 1152 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (7298) | (60372) | (6568) | (8752) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (91662) | 35745 | (153371) | (95029) |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (98960) | (24627) | (159939) | (103781) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (70141) | (46703) | (28856) | (72641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 43636 | 25200 | (39630) | (108383) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (26505) | (21503) | (68486) | (181024) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (125465) | (46130) | (228425) | (284805) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(121443) | $(43342) | $(230474) | $(283653) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance**

**Trust Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Mar/Sep** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– Apr/Oct** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **– May/Nov** | **Milliman**<br> **6-Month Parred**<br> **Down S&P 500**<br> **with Par Up**<br> **Outcome Fund**<br> **- Jun/Dec** |
|  | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4067 | $4305 | $4176 | $3867 |
| Interest | 2702 | 3651 | 3836 | 3732 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 6769 | 7956 | 8012 | 7599 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3556 | 3171 | 2987 | 2624 |
| Accounting and administration fees | 18509 | 16041 | 15327 | 13077 |
| Custody fees | 1767 | 1620 | 1440 | 1260 |
| Transfer agent fees | 4883 | 4357 | 4024 | 3521 |
| Distribution service fees | 1815 | 1618 | 1524 | 1339 |
| Professional fees and expenses | 17361 | 14458 | 12576 | 12035 |
| Trustees fees and expenses | 1199 | 797 | 697 | 600 |
| Pricing fees | 2700 | 2430 | 2160 | 1890 |
| Licensing fees | 357 | 329 | 290 | 248 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 5870 | 5848 | 5246 | 4134 |
| Registration fees | 95 | 95 | 95 | 95 |
| Other expenses | 2698 | 1843 | 1664 | 1485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 63358 | 55155 | 50578 | 44856 |
| Waivers/expense reimbursement by Advisor | (56173) | (48749) | (44544) | (39554) |
| Acquired fund fees and expenses waiver | (117) | (111) | (101) | (88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 7068 | 6295 | 5933 | 5214 |
| **Net Investment Income/(Loss)** | (299) | 1661 | 2079 | 2385 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 65896 | (70978) | (3129) | (63182) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (157578) | (97329) | (85050) | 35420 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (91682) | (168307) | (88179) | (27762) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (89030) | 75614 | (25324) | (39604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 16736 | (40826) | 13198 | 19249 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (72294) | 34788 | (12126) | (20355) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (163976) | (133519) | (100305) | (48117) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(164275) | $(131858) | $(98226) | $(45732) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Apr** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4419 | $4371 | $4252 | $4239 |
| Interest | 2457 | 2738 | 3192 | 3353 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 6876 | 7109 | 7444 | 7592 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4154 | 3867 | 3648 | 3273 |
| Accounting and administration fees | 24160 | 20894 | 18325 | 16452 |
| Custody fees | 2122 | 1947 | 1767 | 1620 |
| Transfer agent fees | 5885 | 5371 | 4884 | 4357 |
| Distribution service fees | 2120 | 1973 | 1861 | 1670 |
| Professional fees and expenses | 22890 | 19261 | 17569 | 14586 |
| Trustees fees and expenses | 3500 | 1599 | 1199 | 898 |
| Pricing fees | 3240 | 2970 | 2700 | 2430 |
| Licensing fees | 424 | 391 | 366 | 323 |
| Organizational costs | 27309 | 27309 | 2548 | 2548 |
| Offering costs | 17248 | 15734 | 5374 | 5105 |
| Registration fees | 103 | 104 | 104 | 106 |
| Other expenses | 3191 | 2953 | 2698 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 116346 | 104373 | 63043 | 55211 |
| Waivers/expense reimbursement by Advisor | (107952) | (96560) | (55673) | (48598) |
| Acquired fund fees and expenses waiver | (143) | (133) | (120) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 8251 | 7680 | 7250 | 6502 |
| **Net Investment Income/(Loss)** | (1375) | (571) | 194 | 1090 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 54653 | 39128 | 521 | (107981) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (212086) | (166307) | (118052) | (21228) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (157433) | (127179) | (117531) | (129209) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (157433) | (127179) | (117531) | (129209) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(158808) | $(127750) | $(117337) | $(128119) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Aug** |
|  | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period August**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $3988 | $3783 | $3482 | $3136 |
| Interest | 3732 | 3624 | 3266 | 2557 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7720 | 7407 | 6748 | 5693 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3048 | 2670 | 2322 | 1762 |
| Accounting and administration fees | 15327 | 13077 | 11079 | 9149 |
| Custody fees | 1440 | 1260 | 1080 | 900 |
| Transfer agent fees | 4024 | 3521 | 3017 | 2515 |
| Distribution service fees | 1555 | 1362 | 1185 | 899 |
| Professional fees and expenses | 12605 | 12130 | 11743 | 10816 |
| Trustees fees and expenses | 748 | 599 | 499 | 399 |
| Pricing fees | 2160 | 1890 | 1620 | 1350 |
| Licensing fees | 297 | 252 | 237 | 180 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 4755 | 3614 | 3376 | 2732 |
| Registration fees | 107 | 109 | 95 | 95 |
| Other expenses | 1664 | 1485 | 1307 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 50278 | 44517 | 40108 | 34472 |
| Waivers/expense reimbursement by Advisor | (44120) | (39123) | (35416) | (30913) |
| Acquired fund fees and expenses waiver | (97) | (85) | (73) | (61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 6061 | 5309 | 4619 | 3498 |
| **Net Investment Income/(Loss)** | 1659 | 2098 | 2129 | 2195 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (68784) | (30137) | 1407 | (69069) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 3027 | (13862) | (33319) | (30404) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (65757) | (43999) | (31912) | (99473) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (65757) | (43999) | (31912) | (99473) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(64098) | $(41901) | $(29783) | $(97278) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 with Spread**<br> **Outcome Fund**<br> **– Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period November**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period December**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $2670 | $2676 | $1815 | $915 |
| Interest | 2284 | 2532 | 1481 | 619 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 4954 | 5208 | 3296 | 1534 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 1369 | 1161 | 675 | 236 |
| Accounting and administration fees | 7218 | 5504 | 3508 | 1150 |
| Custody fees | 720 | 550 | 360 | 140 |
| Transfer agent fees | 2012 | 1500 | 833 | 360 |
| Distribution service fees | 698 | 593 | 344 | 120 |
| Professional fees and expenses | 9976 | 9667 | 9067 | 8738 |
| Trustees fees and expenses | 297 | 212 | 139 | 69 |
| Pricing fees | 1080 | 810 | 300 | 150 |
| Licensing fees | 140 | 119 | 69 | 24 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 1484 | 1239 | 719 | 276 |
| Registration fees | 95 | 221 | 110 | 110 |
| Other expenses | 902 | 1206 | 789 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 28539 | 25330 | 19461 | 14292 |
| Waivers/expense reimbursement by Advisor | (25775) | (22984) | (18096) | (13816) |
| Acquired fund fees and expenses waiver | (46) | (41) | (26) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2718 | 2305 | 1339 | 467 |
| **Net Investment Income/(Loss)** | 2236 | 2903 | 1957 | 1067 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (95691) | 93292 | (50331) | (65439) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 28011 | (33718) | 30393 | 32608 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (67680) | 59574 | (19938) | (32831) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (67680) | 59574 | (19938) | (32831) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(65444) | $62477 | $(17981) | $(31764) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jan** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Feb** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Mar** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Apr** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4419 | $4371 | $4252 | $4396 |
| Interest | 2534 | 2737 | 3194 | 3723 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 6953 | 7108 | 7446 | 8119 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4158 | 3870 | 3634 | 3391 |
| Accounting and administration fees | 24183 | 20913 | 18309 | 16803 |
| Custody fees | 2122 | 1903 | 1767 | 1620 |
| Transfer agent fees | 5883 | 5371 | 4884 | 4357 |
| Distribution service fees | 2121 | 1974 | 1854 | 1730 |
| Professional fees and expenses | 22892 | 19265 | 17485 | 14664 |
| Trustees fees and expenses | 3500 | 1599 | 1199 | 898 |
| Pricing fees | 3600 | 3300 | 3000 | 2700 |
| Licensing fees | 424 | 392 | 364 | 334 |
| Organizational costs | 27309 | 27309 | 2548 | 2548 |
| Offering costs | 17263 | 15728 | 5374 | 5105 |
| Registration fees | 103 | 104 | 104 | 106 |
| Other expenses | 3191 | 2953 | 2698 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 116749 | 104681 | 63220 | 56100 |
| Waivers/expense reimbursement by Advisor | (108349) | (96862) | (55878) | (49250) |
| Acquired fund fees and expenses waiver | (143) | (133) | (120) | (114) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 8257 | 7686 | 7222 | 6736 |
| **Net Investment Income/(Loss)** | (1304) | (578) | 224 | 1383 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 104772 | 65941 | 8793 | (93549) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (284760) | (234876) | (158201) | (65480) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (179988) | (168935) | (149408) | (159029) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (179988) | (168935) | (149408) | (159029) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(181292) | $(169513) | $(149184) | $(157646) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– May** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jun** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Jul** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Aug** |
|  | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period August**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $3988 | $3783 | $3482 | $3118 |
| Interest | 3724 | 3692 | 3284 | 2672 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7712 | 7475 | 6766 | 5790 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3016 | 2639 | 2269 | 1770 |
| Accounting and administration fees | 15327 | 13077 | 11079 | 9150 |
| Custody fees | 1440 | 1260 | 1080 | 905 |
| Transfer agent fees | 4024 | 3521 | 3016 | 2520 |
| Distribution service fees | 1539 | 1346 | 1157 | 903 |
| Professional fees and expenses | 12598 | 12097 | 11684 | 10816 |
| Trustees fees and expenses | 748 | 600 | 499 | 399 |
| Pricing fees | 2400 | 2103 | 1800 | 1500 |
| Licensing fees | 293 | 249 | 232 | 181 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 4755 | 3614 | 3376 | 2729 |
| Registration fees | 107 | 109 | 95 | 95 |
| Other expenses | 1664 | 1485 | 1307 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 50459 | 44648 | 40142 | 34643 |
| Waivers/expense reimbursement by Advisor | (44365) | (39316) | (35558) | (31067) |
| Acquired fund fees and expenses waiver | (97) | (85) | (73) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 5997 | 5247 | 4511 | 3517 |
| **Net Investment Income/(Loss)** | 1715 | 2228 | 2255 | 2273 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (76527) | (43813) | (17353) | (48872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (6392) | (14137) | (32736) | (46257) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (82919) | (57950) | (50089) | (95129) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (82919) | (57950) | (50089) | (95129) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(81204) | $(55722) | $(47834) | $(92856) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Sep** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Oct** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Nov** | **Milliman 1-Year**<br> **Floored S&P**<br> **500 with Par Up**<br> **Outcome Fund**<br> **– Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period November**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period December**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $2670 | $2677 | $1815 | $1144 |
| Interest | 2442 | 2540 | 1484 | 913 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 5112 | 5217 | 3299 | 2057 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 1388 | 1132 | 680 | 299 |
| Accounting and administration fees | 7219 | 5504 | 3509 | 1150 |
| Custody fees | 720 | 550 | 360 | 140 |
| Transfer agent fees | 2012 | 1500 | 833 | 360 |
| Distribution service fees | 708 | 577 | 347 | 152 |
| Professional fees and expenses | 9985 | 9650 | 9071 | 8770 |
| Trustees fees and expenses | 297 | 212 | 139 | 69 |
| Pricing fees | 1200 | 900 | 360 | 180 |
| Licensing fees | 142 | 116 | 69 | 31 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 1484 | 1239 | 719 | 276 |
| Registration fees | 95 | 221 | 110 | 110 |
| Other expenses | 903 | 1206 | 788 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 28701 | 25355 | 19533 | 14456 |
| Waivers/expense reimbursement by Advisor | (25894) | (23068) | (18159) | (13852) |
| Acquired fund fees and expenses waiver | (46) | (41) | (25) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2761 | 2246 | 1349 | 593 |
| **Net Investment Income/(Loss)** | 2351 | 2971 | 1950 | 1464 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  | (119) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | – | – | (119) | – |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | – | – | (238) | – |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (75894) | 57928 | (28767) | (47844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 15214 | (25543) | 17758 | 23273 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (60680) | 32385 | (11009) | (24571) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (60680) | 32385 | (11247) | (24571) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(58329) | $35356 | $(9297) | $(23107) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Apr** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4418 | $4371 | $4252 | $4275 |
| Interest | 2506 | 2790 | 3322 | 3507 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 6924 | 7161 | 7574 | 7782 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4161 | 3879 | 3672 | 3305 |
| Accounting and administration fees | 24175 | 20898 | 18310 | 16785 |
| Custody fees | 2178 | 1947 | 1767 | 1620 |
| Transfer agent fees | 5885 | 5371 | 4883 | 4357 |
| Distribution service fees | 2123 | 1979 | 1874 | 1686 |
| Professional fees and expenses | 22911 | 19282 | 17519 | 14591 |
| Trustees fees and expenses | 3500 | 1599 | 1199 | 898 |
| Pricing fees | 3940 | 3960 | 3600 | 3240 |
| Licensing fees | 978 | 898 | 826 | 740 |
| Organizational costs | 27309 | 27309 | 2548 | 2548 |
| Offering costs | 17263 | 15734 | 5385 | 5108 |
| Registration fees | 103 | 104 | 104 | 106 |
| Other expenses | 3191 | 2953 | 2698 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 117717 | 105913 | 64385 | 56828 |
| Waivers/expense reimbursement by Advisor | (109311) | (98075) | (56965) | (50149) |
| Acquired fund fees and expenses waiver | (143) | (133) | (120) | (111) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 8263 | 7705 | 7300 | 6568 |
| **Net Investment Income/(Loss)** | (1339) | (544) | 274 | 1214 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (56676) | (81004) | (124655) | (235660) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (99336) | (46767) | 7354 | 102807 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (156012) | (127771) | (117301) | (132853) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (156012) | (127771) | (117301) | (132853) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(157351) | $(128315) | $(117027) | $(131639) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Aug** |
|  | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period August**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $3988 | $3783 | $3482 | $3125 |
| Interest | 3826 | 3704 | 3287 | 2595 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7814 | 7487 | 6769 | 5720 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3067 | 2683 | 2296 | 1756 |
| Accounting and administration fees | 15327 | 13077 | 11079 | 9150 |
| Custody fees | 1440 | 1260 | 1080 | 906 |
| Transfer agent fees | 4024 | 3521 | 3017 | 2515 |
| Distribution service fees | 1565 | 1369 | 1172 | 896 |
| Professional fees and expenses | 12617 | 12131 | 11685 | 10796 |
| Trustees fees and expenses | 748 | 600 | 499 | 399 |
| Pricing fees | 2880 | 2529 | 2160 | 1800 |
| Licensing fees | 658 | 574 | 501 | 404 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 4746 | 3610 | 3448 | 2734 |
| Registration fees | 107 | 109 | 95 | 95 |
| Other expenses | 1664 | 1485 | 1307 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 51391 | 45496 | 40887 | 35126 |
| Waivers/expense reimbursement by Advisor | (45195) | (40075) | (36248) | (31577) |
| Acquired fund fees and expenses waiver | (97) | (85) | (73) | (60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 6099 | 5336 | 4566 | 3489 |
| **Net Investment Income/(Loss)** | 1715 | 2151 | 2203 | 2231 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (176073) | (116974) | (76310) | (185351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 123008 | 88127 | 47572 | 84506 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (53065) | (28847) | (28738) | (100845) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (53065) | (28847) | (28738) | (100845) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(51350) | $(26696) | $(26535) | $(98614) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Nasdaq**<br> **with Stacker Cap**<br> **Outcome Fund**<br> **- Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period November**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period December**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $2672 | $2676 | $1815 | $915 |
| Interest | 2348 | 2542 | 1484 | 620 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 5020 | 5218 | 3299 | 1535 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 1376 | 1133 | 674 | 236 |
| Accounting and administration fees | 7218 | 5504 | 3508 | 1150 |
| Custody fees | 729 | 550 | 360 | 140 |
| Transfer agent fees | 2012 | 1500 | 833 | 360 |
| Distribution service fees | 702 | 578 | 344 | 121 |
| Professional fees and expenses | 9969 | 9649 | 9066 | 8738 |
| Trustees fees and expenses | 297 | 212 | 139 | 69 |
| Pricing fees | 1440 | 1080 | 480 | 240 |
| Licensing fees | 322 | 245 | 150 | 74 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 1485 | 1242 | 721 | 290 |
| Registration fees | 95 | 220 | 110 | 110 |
| Other expenses | 903 | 1206 | 788 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 29096 | 25667 | 19721 | 14447 |
| Waivers/expense reimbursement by Advisor | (26316) | (23378) | (18360) | (13969) |
| Acquired fund fees and expenses waiver | (46) | (41) | (26) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2734 | 2248 | 1335 | 469 |
| **Net Investment Income/(Loss)** | 2286 | 2970 | 1964 | 1066 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (193732) | 65002 | (103807) | (115736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 132729 | (17001) | 90093 | 87501 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (61003) | 48001 | (13714) | (28235) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (61003) | 48001 | (13714) | (28235) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(58717) | $50971 | $(11750) | $(27169) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Apr** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4418 | $4370 | $4252 | $4138 |
| Interest | 2549 | 2943 | 3378 | 3269 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 6967 | 7313 | 7630 | 7407 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4167 | 3896 | 3669 | 3219 |
| Accounting and administration fees | 24179 | 20900 | 18303 | 15837 |
| Custody fees | 2136 | 1932 | 1767 | 1620 |
| Transfer agent fees | 5849 | 5333 | 4847 | 4321 |
| Distribution service fees | 2126 | 1987 | 1872 | 1643 |
| Professional fees and expenses | 22956 | 19313 | 17502 | 14561 |
| Trustees fees and expenses | 3500 | 1599 | 1199 | 898 |
| Pricing fees | 3970 | 3960 | 3600 | 3240 |
| Licensing fees | 5646 | 5176 | 4715 | 4241 |
| Organizational costs | 27309 | 2548 | 2548 | 2548 |
| Offering costs | 17254 | 5695 | 5387 | 5107 |
| Registration fees | 103 | 104 | 104 | 106 |
| Other expenses | 3191 | 2953 | 2698 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 122386 | 75396 | 68211 | 59184 |
| Waivers/expense reimbursement by Advisor | (113966) | (67525) | (60798) | (52679) |
| Acquired fund fees and expenses waiver | (143) | (133) | (120) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 8277 | 7738 | 7293 | 6396 |
| **Net Investment Income/(Loss)** | (1310) | (425) | 337 | 1011 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1589) |  |  | (561) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 1031 | – | – | 455 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | (558) | – | – | (106) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (47864) | (73073) | (115006) | (210658) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (108528) | (54371) | (184) | 88823 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (156392) | (127444) | (115190) | (121835) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (156950) | (127444) | (115190) | (121941) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(158260) | $(127869) | $(114853) | $(120930) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Aug** |
|  | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period August**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $3988 | $3783 | $3482 | $3118 |
| Interest | 3924 | 3738 | 3295 | 2636 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7912 | 7521 | 6777 | 5754 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3106 | 2687 | 2303 | 1764 |
| Accounting and administration fees | 15327 | 13077 | 11079 | 9150 |
| Custody fees | 1440 | 1260 | 1080 | 905 |
| Transfer agent fees | 3991 | 3521 | 3017 | 2515 |
| Distribution service fees | 1585 | 1371 | 1175 | 900 |
| Professional fees and expenses | 12849 | 12134 | 11688 | 10798 |
| Trustees fees and expenses | 748 | 599 | 499 | 399 |
| Pricing fees | 2880 | 2529 | 2160 | 1800 |
| Licensing fees | 3769 | 3299 | 2813 | 2804 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 4746 | 3627 | 3376 | 2726 |
| Registration fees | 107 | 109 | 95 | 95 |
| Other expenses | 1664 | 1485 | 1307 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 54760 | 48246 | 43140 | 37531 |
| Waivers/expense reimbursement by Advisor | (48485) | (42817) | (38487) | (33968) |
| Acquired fund fees and expenses waiver | (97) | (86) | (73) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 6178 | 5343 | 4580 | 3504 |
| **Net Investment Income/(Loss)** | 1734 | 2178 | 2197 | 2250 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (108936) | (79755) | (16623) | (151375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 81235 | 61789 | 3317 | 62867 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (27701) | (17966) | (13306) | (88508) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (27701) | (17966) | (13306) | (88508) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(25967) | $(15788) | $(11109) | $(86258) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & Russell**<br> **2000 with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period November**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period December**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $2670 | $2676 | $1815 | $915 |
| Interest | 2372 | 2544 | 1486 | 621 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 5042 | 5220 | 3301 | 1536 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 1383 | 1136 | 673 | 237 |
| Accounting and administration fees | 7218 | 5504 | 3508 | 1150 |
| Custody fees | 720 | 550 | 360 | 140 |
| Transfer agent fees | 2012 | 1500 | 833 | 360 |
| Distribution service fees | 706 | 580 | 344 | 121 |
| Professional fees and expenses | 9972 | 9649 | 9064 | 8738 |
| Trustees fees and expenses | 297 | 212 | 139 | 69 |
| Pricing fees | 1440 | 1080 | 480 | 240 |
| Licensing fees | 1633 | 1405 | 872 | 461 |
| Organizational costs | 2548 | 2548 | 2548 | 2547 |
| Offering costs | 1485 | 1242 | 724 | 277 |
| Registration fees | 95 | 221 | 110 | 110 |
| Other expenses | 903 | 1206 | 788 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 30412 | 26833 | 20443 | 14821 |
| Waivers/expense reimbursement by Advisor | (27617) | (24537) | (19083) | (14343) |
| Acquired fund fees and expenses waiver | (46) | (41) | (25) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2749 | 2255 | 1335 | 469 |
| **Net Investment Income/(Loss)** | 2293 | 2965 | 1966 | 1067 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (162286) | 96641 | (101174) | (92473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 111120 | (43434) | 88204 | 67739 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (51166) | 53207 | (12970) | (24734) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (51166) | 53207 | (12970) | (24734) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(48873) | $56172 | $(11004) | $(23667) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jan** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Feb** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Mar** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Apr** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period February**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $4419 | $4535 | $4252 | $4138 |
| Interest | 2503 | 3111 | 3339 | 3106 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 6922 | 7646 | 7591 | 7244 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4149 | 3962 | 3659 | 3170 |
| Accounting and administration fees | 24165 | 20926 | 18305 | 15834 |
| Custody fees | 2122 | 1979 | 1767 | 1620 |
| Transfer agent fees | 5846 | 5334 | 4847 | 4321 |
| Distribution service fees | 2117 | 2021 | 1867 | 1618 |
| Professional fees and expenses | 22903 | 19537 | 17506 | 14539 |
| Trustees fees and expenses | 3500 | 1599 | 1199 | 898 |
| Pricing fees | 3955 | 3595 | 3235 | 2875 |
| Licensing fees | 292 | 270 | 255 | 226 |
| Organizational costs | 27309 | 2548 | 2548 | 2548 |
| Offering costs | 17337 | 5704 | 5377 | 5107 |
| Registration fees | 103 | 104 | 104 | 106 |
| Other expenses | 3191 | 2953 | 2697 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 116989 | 70532 | 63366 | 54705 |
| Waivers/expense reimbursement by Advisor | (108606) | (62527) | (55973) | (48299) |
| Acquired fund fees and expenses waiver | (143) | (136) | (120) | (109) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 8240 | 7869 | 7273 | 6297 |
| **Net Investment Income/(Loss)** | (1318) | (223) | 318 | 947 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  |  |  | (422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | – | – | – | 196 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | – | – | – | (226) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (11890) | (18872) | (83380) | (179013) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (144684) | (112448) | (27364) | 51275 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (156574) | (131320) | (110744) | (127738) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (156574) | (131320) | (110744) | (127964) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(157892) | $(131543) | $(110426) | $(127017) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- May** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jun** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Jul** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Aug** |
|  | **Period May**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period June**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period August**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $3987 | $3783 | $3482 | $3118 |
| Interest | 3798 | 3629 | 3328 | 2595 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 7785 | 7412 | 6810 | 5713 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 3052 | 2647 | 2287 | 1754 |
| Accounting and administration fees | 15327 | 13077 | 11079 | 9150 |
| Custody fees | 1440 | 1260 | 1080 | 900 |
| Transfer agent fees | 3991 | 3521 | 3016 | 2515 |
| Distribution service fees | 1557 | 1350 | 1167 | 895 |
| Professional fees and expenses | 12621 | 12126 | 11698 | 10801 |
| Trustees fees and expenses | 748 | 600 | 499 | 399 |
| Pricing fees | 2515 | 2163 | 1795 | 1435 |
| Licensing fees | 202 | 178 | 152 | 116 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 4746 | 3627 | 3376 | 2726 |
| Registration fees | 107 | 109 | 95 | 95 |
| Other expenses | 1664 | 1484 | 1307 | 1127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 50518 | 44690 | 40099 | 34461 |
| Waivers/expense reimbursement by Advisor | (44353) | (39343) | (35478) | (30918) |
| Acquired fund fees and expenses waiver | (97) | (85) | (73) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 6068 | 5262 | 4548 | 3484 |
| **Net Investment Income/(Loss)** | 1717 | 2150 | 2262 | 2229 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (94028) | (29145) | 36488 | (89506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 65616 | 14119 | (46467) | 17114 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (28412) | (15026) | (9979) | (72392) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (28412) | (15026) | (9979) | (72392) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(26695) | $(12876) | $(7717) | $(70163) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Sep** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Oct** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Nov** | **Milliman 1-Year**<br> **Buffered S&P**<br> **500 & MSCI**<br> **EAFE with**<br> **Stacker Cap**<br> **Outcome Fund**<br> **- Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period November**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period December**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $2671 | $2676 | $1815 | $915 |
| Interest | 2357 | 2546 | 1487 | 623 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 5028 | 5222 | 3302 | 1538 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 1389 | 1139 | 676 | 236 |
| Accounting and administration fees | 7218 | 5504 | 3508 | 1150 |
| Custody fees | 724 | 550 | 360 | 140 |
| Transfer agent fees | 2012 | 1500 | 833 | 360 |
| Distribution service fees | 708 | 581 | 345 | 121 |
| Professional fees and expenses | 9980 | 9651 | 9065 | 8737 |
| Trustees fees and expenses | 297 | 212 | 139 | 69 |
| Pricing fees | 1075 | 1080 | 480 | 240 |
| Licensing fees | 92 | 75 | 392 | 189 |
| Organizational costs | 2548 | 2548 | 2548 | 2548 |
| Offering costs | 1485 | 1242 | 724 | 277 |
| Registration fees | 95 | 221 | 110 | 110 |
| Other expenses | 903 | 1206 | 788 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 28526 | 25509 | 19968 | 14548 |
| Waivers/expense reimbursement by Advisor | (25720) | (23208) | (18602) | (14070) |
| Acquired fund fees and expenses waiver | (46) | (41) | (26) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2760 | 2260 | 1340 | 469 |
| **Net Investment Income/(Loss)** | 2268 | 2962 | 1962 | 1069 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (76597) | 204991 | (45308) | (85834) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | 45158 | (152324) | 56314 | 66748 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (31439) | 52667 | 11006 | (19086) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (31439) | 52667 | 11006 | (19086) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(29171) | $55629 | $12968 | $(18017) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Jan (I)** | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Apr (I)** | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Jul (I)** | **Milliman 6-Year**<br> **Buffered S&P**<br> **500 with Par Up**<br> **Outcome Fund –**<br> **Oct (I)** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $16933 | $23360 | $22062 | $5025 |
| Interest | 3722 | 8039 | 7639 | 1929 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 20655 | 31399 | 29701 | 6954 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4130 | 5616 | 5466 | 1100 |
| Accounting and administration fees | 24230 | 19787 | 15490 | 5504 |
| Custody fees | 2085 | 1876 | 1134 | 550 |
| Transfer agent fees | 5846 | 4321 | 3016 | 1500 |
| Distribution service fees | 2107 | 2865 | 2789 | 561 |
| Professional fees and expenses | 21619 | 15332 | 12494 | 9342 |
| Trustees fees and expenses | 2993 | 898 | 499 | 212 |
| Pricing fees | 2640 | 1350 | 732 | 312 |
| Licensing fees | 422 | 553 | 558 | 112 |
| Organizational costs | 27309 | 2548 |  | 2548 |
| Offering costs | 17258 | 5105 | 8731 | 1286 |
| Registration fees | 103 | 218 | 318 | 220 |
| Other expenses | 2621 | 1092 | 919 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 113363 | 61561 | 52146 | 24453 |
| Waivers/expense reimbursement by Advisor | (105018) | (50214) | (41102) | (22233) |
| Acquired fund fees and expenses waiver | (574) | (726) | (612) | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 7771 | 10621 | 10432 | 2099 |
| **Net Investment Income/(Loss)** | 12884 | 20778 | 19269 | 4855 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments |  | (54782) | 138 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | – | (21294) | – | – |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | – | (76076) | 138 | – |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (180979) | (137507) | (79518) | (5870) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (10401) | (14474) | (16482) | 7788 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (191380) | (151981) | (96000) | 1918 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (191380) | (228057) | (95862) | 1918 |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(178496) | $(207279) | $(76593) | $6773 |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Jan (I)** | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Apr (I)** | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Jul (I)** | **Milliman 6-Year**<br> **Parred Down**<br> **S&P 500 with**<br> **Par Up Outcome**<br> **Fund – Oct (I)** |
|  | **Period January**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period July**<br> **11, 2022(a) to**<br> **December 31,**<br> **2022** | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |  |
| Dividends | $16949 | $13510 | $10591 | $5025 |
| Interest | 3805 | 4570 | 3745 | 1992 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 20754 | 18080 | 14336 | 7017 |
| **Expenses:** |  |  |  |  |
| Investment advisory fees | 4139 | 3248 | 2641 | 1097 |
| Accounting and administration fees | 24224 | 16796 | 11841 | 5504 |
| Custody fees | 1895 | 1305 | 1361 | 550 |
| Transfer agent fees | 5849 | 4321 | 3017 | 1500 |
| Distribution service fees | 2112 | 1657 | 1347 | 559 |
| Professional fees and expenses | 22716 | 14632 | 11794 | 9595 |
| Trustees fees and expenses | 2993 | 797 | 499 | 212 |
| Pricing fees | 2640 | 1350 | 732 | 312 |
| Licensing fees | 423 | 321 | 269 | 112 |
| Organizational costs | 27309 | 2548 |  | 2548 |
| Offering costs | 17257 | 5105 | 8731 | 1286 |
| Registration fees | 103 | 106 | 151 | 221 |
| Other expenses | 2811 | 1663 | 692 | 1206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 114471 | 53849 | 43075 | 24702 |
| Waivers/expense reimbursement by Advisor | (106110) | (47287) | (37740) | (22487) |
| Acquired fund fees and expenses waiver | (574) | (423) | (301) | (121) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 7787 | 6139 | 5034 | 2094 |
| **Net Investment Income/(Loss)** | 12967 | 11941 | 9302 | 4923 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | – | – | 5 | – |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | – | – | 5 | – |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (174693) | (123728) | (20723) | (4974) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (13412) | (8947) | (3162) | 5497 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | (188105) | (132675) | (23885) | 523 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | (188105) | (132675) | (23880) | 523 |
| **Net Increase/(Decrease) in Net Assets From Operations** | $(175138) | $(120734) | $(14578) | $5446 |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Trigger**<br> **Outcome Fund**<br> **– Apr/Oct** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Trigger**<br> **Outcome Fund**<br> **– May/Nov** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Trigger**<br> **Outcome Fund**<br> **– Jun/Dec** |
|  | **Period October**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period November**<br> **10, 2022(a) to**<br> **December 31,**<br> **2022** | **Period December**<br> **12, 2022(a) to**<br> **December 31,**<br> **2022** |
| **Investment Income:** |  |  |  |
| Dividends | $2820 | $2819 | $965 |
| Interest | 2588 | 2370 | 727 |
| &nbsp;&nbsp;&nbsp;Total Investment Income | 5408 | 5189 | 1692 |
| **Expenses:** |  |  |  |
| Investment advisory fees | 1129 | 911 | 239 |
| Accounting and administration fees | 5504 | 3508 | 1150 |
| Custody fees | 550 | 360 | 140 |
| Transfer agent fees | 1500 | 833 | 360 |
| Distribution service fees | 576 | 465 | 122 |
| Professional fees and expenses | 9744 | 9151 | 8726 |
| Trustees fees and expenses | 212 | 139 | 69 |
| Pricing fees | 703 | 360 | 163 |
| Licensing fees | 115 | 93 | 24 |
| Offering costs | 4200 | 2421 | 913 |
| Registration fees | 220 | 110 | 110 |
| Other expenses | 1206 | 788 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 25659 | 19139 | 12387 |
| Waivers/expense reimbursement by Advisor | (23378) | (17299) | (11904) |
| Acquired fund fees and expenses waiver | (42) | (35) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 2239 | 1805 | 474 |
| **Net Investment Income/(Loss)** | 3169 | 3384 | 1218 |
| **Realized and Unrealized Gain/(Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 222703 | (392963) | (200945) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options written | (173366) | 387332 | 186537 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/(depreciation) | 49337 | (5631) | (14408) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 49337 | (5631) | (14408) |
| **Net Increase/(Decrease) in Net Assets From Operations** | $52506 | $(2247) | $(13190) |

---

<br> (a) Commencement of Operations

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jan/**<br> **Jul** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Feb/**<br> **Aug** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Mar/**<br> **Sep** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Apr/**<br> **Oct** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(836) | $387 | $477 | $2544 |
| Net realized gain/(loss) | (150897) | (110683) | (88704) | (207737) |
| Net change in unrealized appreciation/(depreciation) | (77630) | (179196) | (69267) | 53760 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (229363) | (289492) | (157494) | (151433) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | – | – | (95) | (2432) |
| Total distributions to shareholders | – | – | (95) | (2432) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1160309 | 1712362 | 1139619 | 1265014 |
| Reinvestments |  |  | 95 | 2432 |
| Cost of shares redeemed | (1097) | (6541) | (1172) | (2126) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1159212 | 1705821 | 1138542 | 1265320 |
| Total Increase/(Decrease) in Net Assets | 929849 | 1416329 | 980953 | 1111455 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $929849 | $1416329 | $980953 | $1111455 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 118663 | 173519 | 113625 | 126371 |
| Shares reinvested |  |  | 11 | 277 |
| Shares redeemed | (129) | (750) | (129) | (235) |
| Net Increase/(Decrease) | 118534 | 172769 | 113507 | 126413 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – May/**<br> **Nov** | **Milliman**<br> **6-Month**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jun/**<br> **Dec** | **Milliman**<br> **6-Month**<br> **Parred Down**<br> **S&P 500**<br> **with Par Up**<br> **Outcome**<br> **Fund – Jan/**<br> **Jul** | **Milliman**<br> **6-Month**<br> **Parred Down**<br> **S&P 500**<br> **with Par Up**<br> **Outcome**<br> **Fund – Feb/**<br> **Aug** |
|  | **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $4022 | $2788 | $(2049) | $1152 |
| Net realized gain/(loss) | (98960) | (24627) | (159939) | (103781) |
| Net change in unrealized appreciation/(depreciation) | (26505) | (21503) | (68486) | (181024) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (121443) | (43342) | (230474) | (283653) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (4022) | (5332) |  | (663) |
| Tax return of capital to shareholders | (319) | (453) | – | – |
| Total distributions to shareholders | (4341) | (5785) | – | (663) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1681374 | 1122205 | 1000010 | 1461555 |
| Reinvestments | 4341 | 5785 |  | 663 |
| Cost of shares redeemed | (2130) | (831) | – | (2033) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1683585 | 1127159 | 1000010 | 1460185 |
| Total Increase/(Decrease) in Net Assets | 1557801 | 1078032 | 769536 | 1175869 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $1557801 | $1078032 | $769536 | $1175869 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 171264 | 112690 | 100001 | 151918 |
| Shares reinvested | 479 | 609 |  | 84 |
| Shares redeemed | (224) | (85) | – | (252) |
| Net Increase/(Decrease) | 171519 | 113214 | 100001 | 151750 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Parred Down**<br> **S&P 500**<br> **with Par Up**<br> **Outcome**<br> **Fund – Mar/**<br> **Sep** | **Milliman**<br> **6-Month**<br> **Parred Down**<br> **S&P 500**<br> **with Par Up**<br> **Outcome**<br> **Fund – Apr/**<br> **Oct** | **Milliman**<br> **6-Month**<br> **Parred Down**<br> **S&P 500**<br> **with Par Up**<br> **Outcome**<br> **Fund – May/**<br> **Nov** | **Milliman**<br> **6-Month**<br> **Parred Down**<br> **S&P 500**<br> **with Par Up**<br> **Outcome**<br> **Fund - Jun/**<br> **Dec** |
|  | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(299) | $1661 | $2079 | $2385 |
| Net realized gain/(loss) | (91682) | (168307) | (88179) | (27762) |
| Net change in unrealized appreciation/(depreciation) | (72294) | 34788 | (12126) | (20355) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (164275) | (131858) | (98226) | (45732) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders |  | (1570) | (1980) | (2385) |
| Tax return of capital to shareholders | – | – | – | (358) |
| Total distributions to shareholders | – | (1570) | (1980) | (2743) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000010 | 1000010 | 1000010 |
| Reinvestments | – | 1570 | 1980 | 2743 |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1000010 | 1001580 | 1001990 | 1002753 |
| Total Increase/(Decrease) in Net Assets | 835735 | 868152 | 901784 | 954278 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $835735 | $868152 | $901784 | $954278 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested |  | 181 | 220 | 288 |
| Shares redeemed | – | – | – | – |
| Net Increase/(Decrease) | 100001 | 100182 | 100221 | 100289 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Jan** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Feb** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Mar** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Apr** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(1375) | $(571) | $194 | $1090 |
| Net change in unrealized appreciation/(depreciation) | (157433) | (127179) | (117531) | (129209) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (158808) | (127750) | (117337) | (128119) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | – | – | – | (749) |
| Total distributions to shareholders | – | – | – | (749) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000151 | 1000014 | 1000022 | 1030010 |
| Reinvestments |  |  |  | 749 |
| Cost of shares redeemed | (140) | (4) | (11) | (238) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1000011 | 1000010 | 1000011 | 1030521 |
| Total Increase/(Decrease) in Net Assets | 841203 | 872260 | 882674 | 901653 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $841203 | $872260 | $882674 | $901653 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100015 | 100001 | 100002 | 103071 |
| Shares reinvested |  |  |  | 86 |
| Shares redeemed | (14) | 0 | (1) | (27) |
| Net Increase/(Decrease) | 100001 | 100001 | 100001 | 103130 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – May** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Jun** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Jul** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Aug** |
|  | **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period August**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $1659 | $2098 | $2129 | $2195 |
| Net change in unrealized appreciation/(depreciation) | (65757) | (43999) | (31912) | (99473) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (64098) | (41901) | (29783) | (97278) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1306) | (1737) | (8265) | (1860) |
| Total distributions to shareholders | (1306) | (1737) | (8265) | (1860) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000010 | 1006374 | 1006012 |
| Reinvestments | 1306 | 1737 | 8265 | 1860 |
| Cost of shares redeemed | – | – | (34) | (27) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001316 | 1001747 | 1014605 | 1007845 |
| Total Increase/(Decrease) in Net Assets | 935912 | 958109 | 976557 | 908707 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $935912 | $958109 | $976557 | $908707 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100610 | 100601 |
| Shares reinvested | 139 | 180 | 856 | 206 |
| Shares redeemed | – | – | (4) | (3) |
| Net Increase/(Decrease) | 100140 | 100181 | 101462 | 100804 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Sep** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Oct** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Nov** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500**<br> **with Spread**<br> **Outcome**<br> **Fund – Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **November**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **December**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $2236 | $2903 | $1957 | $1067 |
| Net change in unrealized appreciation/(depreciation) | (67680) | 59574 | (19938) | (32831) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (65444) | 62477 | (17981) | (31764) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1885) | (65492) | (1841) | (918) |
| Total distributions to shareholders | (1885) | (65492) | (1841) | (918) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000010 | 1000010 | 1000010 |
| Reinvestments | 1885 | 65492 | 1841 | 918 |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001895 | 1065502 | 1001851 | 1000928 |
| Total Increase/(Decrease) in Net Assets | 934566 | 1062487 | 982029 | 968246 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $934566 | $1062487 | $982029 | $968246 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested | 201 | 6589 | 188 | 95 |
| Shares redeemed | – | – | – | – |
| Net Increase/(Decrease) | 100202 | 106590 | 100189 | 100096 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jan** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Feb** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Mar** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Apr** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(1304) | $(578) | $224 | $1383 |
| Net change in unrealized appreciation/(depreciation) | (179988) | (168935) | (149408) | (159029) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (181292) | (169513) | (149184) | (157646) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | – | – | – | (1037) |
| Total distributions to shareholders | – | – | – | (1037) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000012 | 1000010 | 1062469 |
| Reinvestments |  |  |  | 1037 |
| Cost of shares redeemed | – | – | – | (775) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1000010 | 1000012 | 1000010 | 1062731 |
| Total Increase/(Decrease) in Net Assets | 818718 | 830499 | 850826 | 904048 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $818718 | $830499 | $850826 | $904048 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 106247 |
| Shares reinvested |  |  |  | 121 |
| Shares redeemed | – | 0 | – | (86) |
| Net Increase/(Decrease) | 100001 | 100001 | 100001 | 106282 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – May** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jun** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jul** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Aug** |
|  | **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period August**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $1715 | $2228 | $2255 | $2273 |
| Net change in unrealized appreciation/(depreciation) | (82919) | (57950) | (50089) | (95129) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (81204) | (55722) | (47834) | (92856) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1378) | (1869) | (1897) | (1938) |
| Total distributions to shareholders | (1378) | (1869) | (1897) | (1938) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000011 | 1000010 | 1000010 | 1000011 |
| Reinvestments | 1378 | 1869 | 1897 | 1938 |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001389 | 1001879 | 1001907 | 1001949 |
| Total Increase/(Decrease) in Net Assets | 918807 | 944288 | 952176 | 907155 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $918807 | $944288 | $952176 | $907155 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested | 149 | 196 | 198 | 213 |
| Shares redeemed | – | – | – | – |
| Net Increase/(Decrease) | 100150 | 100197 | 100199 | 100214 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Sep** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Oct** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Nov** | **Milliman**<br> **1-Year**<br> **Floored S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **November**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **December**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $2351 | $2971 | $1950 | $1464 |
| Net realized gain/(loss) |  |  | (238) |  |
| Net change in unrealized appreciation/(depreciation) | (60680) | 32385 | (11009) | (24571) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (58329) | 35356 | (9297) | (23107) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1994) | (38112) | (1836) | (1144) |
| Total distributions to shareholders | (1994) | (38112) | (1836) | (1144) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000010 | 1000010 | 1250080 |
| Reinvestments | 1994 | 38112 | 1836 | 1144 |
| Cost of shares redeemed | – | – | – | (152) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1002004 | 1038122 | 1001846 | 1251072 |
| Total Increase/(Decrease) in Net Assets | 941681 | 1035366 | 990713 | 1226821 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $941681 | $1035366 | $990713 | $1226821 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 125008 |
| Shares reinvested | 211 | 3827 | 186 | 116 |
| Shares redeemed | – | – | – | (15) |
| Net Increase/(Decrease) | 100212 | 103828 | 100187 | 125109 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Jan** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Feb** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Mar** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Apr** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(1339) | $(544) | $274 | $1214 |
| Net change in unrealized appreciation/(depreciation) | (156012) | (127771) | (117301) | (132853) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (157351) | (128315) | (117027) | (131639) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | – | – | – | (871) |
| Total distributions to shareholders | – | – | – | (871) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000159 | 1000015 | 1000010 | 1035010 |
| Reinvestments |  |  |  | 871 |
| Cost of shares redeemed | (147) | (4) | – | (279) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1000012 | 1000011 | 1000010 | 1035602 |
| Total Increase/(Decrease) in Net Assets | 842661 | 871696 | 882983 | 903092 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $842661 | $871696 | $882983 | $903092 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100016 | 100002 | 100001 | 103574 |
| Shares reinvested |  |  |  | 100 |
| Shares redeemed | (15) | (1) | – | (31) |
| Net Increase/(Decrease) | 100001 | 100001 | 100001 | 103643 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - May** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Jun** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Jul** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Aug** |
|  | **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period August**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $1715 | $2151 | $2203 | $2231 |
| Net change in unrealized appreciation/(depreciation) | (53065) | (28847) | (28738) | (100845) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (51350) | (26696) | (26535) | (98614) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1371) | (1790) | (1841) | (1892) |
| Total distributions to shareholders | (1371) | (1790) | (1841) | (1892) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000010 | 1003182 | 1002411 |
| Reinvestments | 1371 | 1790 | 1841 | 1892 |
| Cost of shares redeemed | – | – | (16) | (11) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001381 | 1001800 | 1005007 | 1004292 |
| Total Increase/(Decrease) in Net Assets | 948660 | 973314 | 976631 | 903786 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $948660 | $973314 | $976631 | $903786 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100310 | 100241 |
| Shares reinvested | 143 | 182 | 188 | 209 |
| Shares redeemed | – | – | (2) | (1) |
| Net Increase/(Decrease) | 100144 | 100183 | 100496 | 100449 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Sep** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Oct** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Nov** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Nasdaq with**<br> **Stacker Cap**<br> **Outcome**<br> **Fund - Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **November**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **December**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $2286 | $2970 | $1964 | $1066 |
| Net change in unrealized appreciation/(depreciation) | (61003) | 48001 | (13714) | (28235) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (58717) | 50971 | (11750) | (27169) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1924) | (2852) | (1850) | (925) |
| Total distributions to shareholders | (1924) | (2852) | (1850) | (925) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000013 | 1000010 | 1000010 | 1000010 |
| Reinvestments | 1924 | 2852 | 1850 | 925 |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001937 | 1002862 | 1001860 | 1000935 |
| Total Increase/(Decrease) in Net Assets | 941296 | 1050981 | 988260 | 972841 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $941296 | $1050981 | $988260 | $972841 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested | 204 | 273 | 187 | 95 |
| Shares redeemed | – | – | – | – |
| Net Increase/(Decrease) | 100205 | 100274 | 100188 | 100096 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jan** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Feb** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Mar** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Apr** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(1310) | $(425) | $337 | $1011 |
| Net realized gain/(loss) | (558) |  |  | (106) |
| Net change in unrealized appreciation/(depreciation) | (156392) | (127444) | (115190) | (121835) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (158260) | (127869) | (114853) | (120930) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | – | – | (11) | (1144) |
| Total distributions to shareholders | – | – | (11) | (1144) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000158 | 1000010 | 1000010 | 1000010 |
| Reinvestments |  |  | 11 | 1144 |
| Cost of shares redeemed | (143) | – | – | – |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1000015 | 1000010 | 1000021 | 1001154 |
| Total Increase/(Decrease) in Net Assets | 841755 | 872141 | 885157 | 879080 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $841755 | $872141 | $885157 | $879080 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100017 | 100001 | 100001 | 100001 |
| Shares reinvested |  |  | 1 | 130 |
| Shares redeemed | (16) | – | – | – |
| Net Increase/(Decrease) | 100001 | 100001 | 100002 | 100131 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome** |
|  | **Fund - May**<br> **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Fund - Jun**<br> **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Fund - Jul**<br> **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Fund - Aug**<br> **Period August**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $1734 | $2178 | $2197 | $2250 |
| Net change in unrealized appreciation/(depreciation) | (27701) | (17966) | (13306) | (88508) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (25967) | (15788) | (11109) | (86258) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1373) | (1818) | (1838) | (1929) |
| Total distributions to shareholders | (1373) | (1818) | (1838) | (1929) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000010 | 1000012 | 1000011 |
| Reinvestments | 1373 | 1818 | 1838 | 1929 |
| Cost of shares redeemed | – | – | (2) | – |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001383 | 1001828 | 1001848 | 1001940 |
| Total Increase/(Decrease) in Net Assets | 974043 | 984222 | 988901 | 913753 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $974043 | $984222 | $988901 | $913753 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested | 141 | 184 | 186 | 211 |
| Shares redeemed | – | – | 0 | – |
| Net Increase/(Decrease) | 100142 | 100185 | 100187 | 100212 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Sep** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Oct** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Nov** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **Russell 2000**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **November**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **December**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $2293 | $2965 | $1966 | $1067 |
| Net change in unrealized appreciation/(depreciation) | (51166) | 53207 | (12970) | (24734) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (48873) | 56172 | (11004) | (23667) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1930) | (2850) | (1854) | (921) |
| Total distributions to shareholders | (1930) | (2850) | (1854) | (921) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000013 | 1000010 | 1000010 |
| Reinvestments | 1930 | 2850 | 1854 | 921 |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001940 | 1002863 | 1001864 | 1000931 |
| Total Increase/(Decrease) in Net Assets | 951137 | 1056185 | 989006 | 976343 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $951137 | $1056185 | $989006 | $976343 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested | 203 | 272 | 188 | 95 |
| Shares redeemed | – | – | – | – |
| Net Increase/(Decrease) | 100204 | 100273 | 100189 | 100096 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jan** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Feb** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Mar** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Apr** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **February 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period March**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $(1318) | $(223) | $318 | $947 |
| Net realized gain/(loss) |  |  |  | (226) |
| Net change in unrealized appreciation/(depreciation) | (156574) | (131320) | (110744) | (127738) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (157892) | (131543) | (110426) | (127017) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | – | – | – | (809) |
| Total distributions to shareholders | – | – | – | (809) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1030010 | 1000010 | 1000010 |
| Reinvestments |  |  |  | 809 |
| Cost of shares redeemed | – | (289) | – | – |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1000010 | 1029721 | 1000010 | 1000819 |
| Total Increase/(Decrease) in Net Assets | 842118 | 898178 | 889584 | 872993 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $842118 | $898178 | $889584 | $872993 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 103084 | 100001 | 100001 |
| Shares reinvested |  |  |  | 92 |
| Shares redeemed | – | (32) | – | – |
| Net Increase/(Decrease) | 100001 | 103052 | 100001 | 100093 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - May** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jun** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Jul** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Aug** |
|  | **Period May**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period June**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period August**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $1717 | $2150 | $2262 | $2229 |
| Net change in unrealized appreciation/(depreciation) | (28412) | (15026) | (9979) | (72392) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (26695) | (12876) | (7717) | (70163) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1359) | (1794) | (1905) | (1892) |
| Total distributions to shareholders | (1359) | (1794) | (1905) | (1892) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 1000015 | 1000010 | 1000010 |
| Reinvestments | 1359 | 1794 | 1905 | 1892 |
| Cost of shares redeemed | – | (5) | – | – |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001369 | 1001804 | 1001915 | 1001902 |
| Total Increase/(Decrease) in Net Assets | 973315 | 987134 | 992293 | 929847 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $973315 | $987134 | $992293 | $929847 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100002 | 100001 | 100001 |
| Shares reinvested | 139 | 179 | 190 | 203 |
| Shares redeemed | – | (1) | – | – |
| Net Increase/(Decrease) | 100140 | 100180 | 100191 | 100204 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Sep** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Oct** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Nov** | **Milliman**<br> **1-Year**<br> **Buffered**<br> **S&P 500 &**<br> **MSCI EAFE**<br> **with Stacker**<br> **Cap Outcome**<br> **Fund - Dec** |
|  | **Period**<br> **September**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **November**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **December**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $2268 | $2962 | $1962 | $1069 |
| Net change in unrealized appreciation/(depreciation) | (31439) | 52667 | 11006 | (19086) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (29171) | 55629 | 12968 | (18017) |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (1916) | (2842) | (1853) | (924) |
| Total distributions to shareholders | (1916) | (2842) | (1853) | (924) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000012 | 1000010 | 1000010 | 1000010 |
| Reinvestments | 1916 | 2842 | 1853 | 924 |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1001928 | 1002852 | 1001863 | 1000934 |
| Total Increase/(Decrease) in Net Assets | 970841 | 1055639 | 1012978 | 981993 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $970841 | $1055639 | $1012978 | $981993 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 100001 | 100001 | 100001 |
| Shares reinvested | 197 | 268 | 186 | 95 |
| Shares redeemed | – | – | – | – |
| Net Increase/(Decrease) | 100198 | 100269 | 100187 | 100096 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Year**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jan (I)** | **Milliman**<br> **6-Year**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Apr (I)** | **Milliman**<br> **6-Year**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jul (I)** | **Milliman**<br> **6-Year**<br> **Buffered S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Oct (I)** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $12884 | $20778 | $19269 | $4855 |
| Net realized gain/(loss) |  | (76076) | 138 |  |
| Net change in unrealized appreciation/(depreciation) | (191380) | (151981) | (96000) | 1918 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (178496) | (207279) | (76593) | 6773 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (12822) | (20611) | (44588) | (10816) |
| Total distributions to shareholders | (12822) | (20611) | (44588) | (10816) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000010 | 2674530 | 2800000 | 1001121 |
| Reinvestments | 12822 | 20611 | 44588 | 10816 |
| Cost of shares redeemed | – | (870498) | (69296) | (3) |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1012832 | 1824643 | 2775292 | 1011934 |
| Total Increase/(Decrease) in Net Assets | 821514 | 1596753 | 2654111 | 1007891 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $821514 | $1596753 | $2654111 | $1007891 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100001 | 281814 | 273662 | 100112 |
| Shares reinvested | 1595 | 2366 | 4597 | 1094 |
| Shares redeemed | – | (101973) | (6857) | (1) |
| Net Increase/(Decrease) | 101596 | 182207 | 271402 | 101205 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Year Parred**<br> **Down S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jan (I)** | **Milliman**<br> **6-Year Parred**<br> **Down S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Apr (I)** | **Milliman**<br> **6-Year Parred**<br> **Down S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Jul (I)** | **Milliman**<br> **6-Year Parred**<br> **Down S&P**<br> **500 with Par**<br> **Up Outcome**<br> **Fund – Oct (I)** |
|  | **Period**<br> **January 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period April**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period July**<br> **11, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** |
| **Operations:** | | | | |
| Net Investment income/(loss) | $12967 | $11941 | $9302 | $4923 |
| Net realized gain/(loss) |  |  | 5 |  |
| Net change in unrealized appreciation/(depreciation) | (188105) | (132675) | (23885) | 523 |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | (175138) | (120734) | (14578) | 5446 |
| **Distributions to Shareholders:** |  |  |  |  |
| Distributions to shareholders | (12886) | (11847) | (41947) | (8256) |
| Total distributions to shareholders | (12886) | (11847) | (41947) | (8256) |
| **Capital Share Transactions:(b)** |  |  |  |  |
| Proceeds from shares sold | 1000134 | 1020014 | 1250000 | 1000010 |
| Reinvestments | 12886 | 11847 | 41947 | 8256 |
| Cost of shares redeemed | (118) | (163) | (49795) | – |
| Net Increase/(Decrease) in Net Assets from Capital Share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transactions | 1012902 | 1031698 | 1242152 | 1008266 |
| Total Increase/(Decrease) in Net Assets | 824878 | 899117 | 1185627 | 1005456 |
| **Net Assets:** |  |  |  |  |
| Beginning of the period | – | – | – | – |
| End of the period | $824878 | $899117 | $1185627 | $1005456 |
| **Change in Shares Outstanding:(b)** |  |  |  |  |
| Shares sold | 100013 | 102061 | 124531 | 100001 |
| Shares reinvested | 1591 | 1368 | 4406 | 832 |
| Shares redeemed | (12) | (18) | (5080) | – |
| Net Increase/(Decrease) | 101592 | 103411 | 123857 | 100833 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Statements of Changes in Net Assets**

---

| | | | |
|:---|:---|:---|:---|
|  | **Milliman**<br> **6-Month**<br> **Buffered**<br> **S&P 500**<br> **with Trigger**<br> **Outcome**<br> **Fund – Apr/**<br> **Oct** | **Milliman**<br> **6-Month**<br> **Buffered**<br> **S&P 500**<br> **with Trigger**<br> **Outcome**<br> **Fund – May/**<br> **Nov** | **Milliman**<br> **6-Month**<br> **Buffered**<br> **S&P 500**<br> **with Trigger**<br> **Outcome**<br> **Fund – Jun/**<br> **Dec** |
|  | **Period**<br> **October 10,**<br> **2022(a) to**<br> **December 31,**<br> **2022** | **Period**<br> **November**<br> **10, 2022(a)**<br> **to December**<br> **31, 2022** | **Period**<br> **December**<br> **12, 2022(a)**<br> **to December**<br> **31, 2022** |
| **Operations:** |  |  |  |
| Net Investment income/(loss) | $3169 | $3384 | $1218 |
| Net change in unrealized appreciation/(depreciation) | 49337 | (5631) | (14408) |
| Net Increase/(Decrease) in Net Assets Resulting from Operations | 52506 | (2247) | (13190) |
| **Distributions to Shareholders:** |  |  |  |
| Distributions to shareholders | (34194) | (3384) | (993) |
| Tax return of capital to shareholders | – | (182) | – |
| Total distributions to shareholders | (34194) | (3566) | (993) |
| **Capital Share Transactions:(b)** |  |  |  |
| Proceeds from shares sold | 1000016 | 1481406 | 1000010 |
| Reinvestments | 34194 | 3566 | 993 |
| Cost of shares redeemed | – | (607) | – |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 1034210 | 1484365 | 1001003 |
| Total Increase/(Decrease) in Net Assets | 1052522 | 1478552 | 986820 |
| **Net Assets:** |  |  |  |
| Beginning of the period | – | – | – |
| End of the period | $1052522 | $1478552 | $986820 |
| **Change in Shares Outstanding:(b)** |  |  |  |
| Shares sold | 100001 | 147289 | 100001 |
| Shares reinvested | 3366 | 357 | 101 |
| Shares redeemed | 0 | (60) | – |
| Net Increase/(Decrease) | 103367 | 147586 | 100102 |

---

<br> (a) Commencement of Operations

<br> (b) Class 3

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

------

**Milliman Variable Insurance Trust**

**Financial Highlights**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Distributions: | Distributions: | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | |
|  | <br>Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> investment<br> income/<br> (loss) (b) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | From net<br> investment<br> income | Total<br> Distributions | <br>Net Asset<br> Value, End<br> of Period | <br>Total<br> return (c) | <br>Net assets,<br> end of<br> period<br> (000) | Expenses,<br> gross (d) | Expenses,<br> net (d)(e) | Net<br> investment<br> income/<br> (loss) | <br>Portfolio<br> turnover<br> rate (f) |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul** |  |  |  |  |  |  |  |  |  |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (2.15) | (2.16) |  |  | $7.84 | (21.60)% | $930 | 12.96% | 0.97% | (0.09)% | 15% |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug** |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.80) | (1.80) |  |  | $8.20 | (18.00)% | $1416 | 8.78% | 0.97% | 0.03% | 7% |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.36) | (1.36) | (0.00) (h) | (0.00) | $8.64 | (13.59)% | $981 | 7.76% | 0.97% | 0.06% | 7% |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (1.21) | (1.19) | (0.02) | (0.02) | $8.79 | (11.91)% | $1111 | 7.08% | 0.97% | 0.31% | 67% |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.03 | (0.93) | (0.90) | (0.02) | (0.02) (i) | $9.08 | (8.95)% | $1558 | 6.79% | 0.97% | 0.51% | 58% |
| **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec** |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.03 | (0.47) | (0.44) | (0.02) | (0.04) (i) | $9.52 | (4.29)% | $1078 | 7.74% | 0.97% | 0.46% | 68% |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.02) | (2.28) | (2.30) |  |  | $7.70 | (23.00)% | $770 | 14.17% | 0.97% | (0.25)% | 17% |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug** |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | 0.01 | (2.26) | (2.25) | (0.00) (h) | (0.00) | $7.75 | (22.46)% | $1176 | 11.74% | 0.97% | 0.12% | 0% |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | (0.00) (h) | (1.64) | (1.64) |  |  | $8.36 | (16.40)% | $836 | 8.73% | 0.97% | (0.04)% | 8% |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (1.33) | (1.31) | (0.02) | (0.02) | $8.67 | (13.14)% | $868 | 8.52% | 0.97% | 0.26% | 68% |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (1.00) | (0.98) | (0.02) | (0.02) | $9.00 | (9.80)% | $902 | 8.30% | 0.97% | 0.34% | 67% |
| **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** | **Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec** |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.48) | (0.46) | (0.02) | (0.02) (i) | $9.52 | (4.53)% | $954 | 8.37% | 0.97% | 0.45% | 69% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.58) | (1.59) |  |  | $8.41 | (15.90)% | $841 | 13.72% | 0.97% | (0.16)% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb** |

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

------

**Milliman Variable Insurance Trust**

**Financial Highlights**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Distributions: | Distributions: | Distributions: | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | |
|  | <br>Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> investment<br> income/<br> (loss) (b) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | From net<br> investment<br> income | From<br> realized<br> gains | Total<br> Distributions | <br>Net Asset<br> Value, End<br> of Period | <br>Total<br> return (c) | <br>Net assets,<br> end of<br> period<br> (000) | Expenses,<br> gross (d) | Expenses,<br> net (d)(e) | Net<br> investment<br> income/<br> (loss) | <br>Portfolio<br> turnover<br> rate (f) |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.27) | (1.28) |  |  |  | $8.72 | (12.80)% | $872 | 13.23% | 0.97% | (0.07)% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.17) | (1.17) |  |  |  | $8.83 | (11.70)% | $883 | 8.47% | 0.97% | 0.03% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.01 | (1.26) | (1.25) | (0.01) |  | (0.01) | $8.74 | (12.53)% | $902 | 8.27% | 0.97% | 0.16% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.66) | (0.64) | (0.01) |  | (0.01) | $9.35 | (6.37)% | $936 | 8.08% | 0.97% | 0.27% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun** |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.44) | (0.42) | (0.02) |  | (0.02) | $9.56 | (4.23)% | $958 | 8.17% | 0.97% | 0.38% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.32) | (0.30) | (0.02) | (0.06) | (0.08) | $9.62 | (2.98)% | $977 | 8.46% | 0.97% | 0.45% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug** |
| For the period 8/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.99) | (0.97) | (0.02) |  | (0.02) | $9.01 | (9.72)% | $909 | 9.59% | 0.97% | 0.61% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep** |
| For the period 9/12/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.67) | (0.65) | (0.02) |  | (0.02) | $9.33 | (6.51)% | $935 | 10.22% | 0.97% | 0.80% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.60 | 0.63 | (0.03) | (0.63) | (0.66) | $9.97 | 6.27% | $1062 | 10.69% | 0.97% | 1.22% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov** |
| For the period 11/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.20) | (0.18) | (0.02) |  | (0.02) | $9.80 | (1.82)% | $982 | 14.13% | 0.97% | 1.42% | 0% |
| **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** | **Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec** |
| For the period 12/12/22 (g) - 12/31/22 | $10.00 | 0.01 | (0.33) | (0.32) | (0.01) |  | (0.01) | $9.67 | (3.21)% | $968 | 29.72% | 0.97% | 2.22% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.80) | (1.81) |  |  |  | $8.19 | (18.10)% | $819 | 13.76% | 0.97% | (0.15)% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb** |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.69) | (1.70) |  |  |  | $8.30 | (17.00)% | $830 | 13.25% | 0.97% | (0.07)% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.49) | (1.49) |  |  |  | $8.51 | (14.90)% | $851 | 8.52% | 0.97% | 0.03% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr** |

---

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

------

**Milliman Variable Insurance Trust**

**Financial Highlights**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Distributions: | Distributions: | Distributions: | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | |
|  | <br>Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> investment<br> income/<br> (loss) (b) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | From net<br> investment<br> income | From<br> realized<br> gains | Total<br> Distributions | <br>Net Asset<br> Value, End<br> of Period | <br>Total<br> return (c) | <br>Net assets,<br> end of<br> period<br> (000) | Expenses,<br> gross (d) | Expenses,<br> net (d)(e) | Net<br> investment<br> income/<br> (loss) | <br>Portfolio<br> turnover<br> rate (f) |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.01 | (1.49) | (1.48) | (0.01) |  | (0.01) | $8.51 | (14.80)% | $904 | 8.11% | 0.97% | 0.20% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.84) | (0.82) | (0.01) |  | (0.01) | $9.17 | (8.16)% | $919 | 8.20% | 0.97% | 0.28% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun** |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.58) | (0.56) | (0.02) |  | (0.02) | $9.42 | (5.62)% | $944 | 8.29% | 0.97% | 0.41% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.50) | (0.48) | (0.02) |  | (0.02) | $9.50 | (4.81)% | $952 | 8.67% | 0.97% | 0.49% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug** |
| For the period 8/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.95) | (0.93) | (0.02) |  | (0.02) | $9.05 | (9.31)% | $907 | 9.59% | 0.97% | 0.63% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep** |
| For the period 9/12/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.60) | (0.58) | (0.02) |  | (0.02) | $9.40 | (5.80)% | $942 | 10.13% | 0.97% | 0.83% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.32 | 0.35 | (0.03) | (0.35) | (0.38) | $9.97 | 3.52% | $1035 | 10.98% | 0.97% | 1.29% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov** |
| For the period 11/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.11) | (0.09) | (0.02) |  | (0.02) | $9.89 | (0.92)% | $991 | 14.08% | 0.97% | 1.41% | 0% |
| **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** | **Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec** |
| For the period 12/12/22 (g) - 12/31/22 | $10.00 | 0.01 | (0.19) | (0.18) | (0.01) |  | (0.01) | $9.81 | (1.81)% | $1227 | 23.71% | 0.97% | 2.40% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.56) | (1.57) |  |  |  | $8.43 | (15.70)% | $843 | 13.86% | 0.97% | (0.16)% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb** |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.27) | (1.28) |  |  |  | $8.72 | (12.80)% | $872 | 13.38% | 0.97% | (0.07)% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.17) | (1.17) |  |  |  | $8.83 | (11.70)% | $883 | 8.59% | 0.97% | 0.04% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.01 | (1.29) | (1.28) | (0.01) |  | (0.01) | $8.71 | (12.82)% | $903 | 8.42% | 0.97% | 0.18% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.54) | (0.52) | (0.01) |  | (0.01) | $9.47 | (5.16)% | $949 | 8.21% | 0.97% | 0.27% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun** |

---

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

------

**Milliman Variable Insurance Trust**

**Financial Highlights**

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Distributions: | Distributions: | Distributions: | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | |
|  | <br>Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> investment<br> income/<br> (loss) (b) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | From net<br> investment<br> income | From<br> realized<br> gains | Total<br> Distributions | <br>Net Asset<br> Value, End<br> of Period | <br>Total<br> return (c) | <br>Net assets,<br> end of<br> period<br> (000) | Expenses,<br> gross (d) | Expenses,<br> net (d)(e) | Net<br> investment<br> income/<br> (loss) | <br>Portfolio<br> turnover<br> rate (f) |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.28) | (0.26) | (0.02) |  | (0.02) | $9.72 | (2.62)% | $973 | 8.31% | 0.97% | 0.39% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.28) | (0.26) | (0.02) |  | (0.02) | $9.72 | (2.62)% | $977 | 8.73% | 0.97% | 0.47% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug** |
| For the period 8/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (1.00) | (0.98) | (0.02) |  | (0.02) | $9.00 | (9.81)% | $904 | 9.80% | 0.97% | 0.62% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep** |
| For the period 9/12/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.61) | (0.59) | (0.02) |  | (0.02) | $9.39 | (5.91)% | $941 | 10.36% | 0.97% | 0.81% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.48 | 0.51 | (0.03) |  | (0.03) | $10.48 | 5.09% | $1051 | 11.10% | 0.97% | 1.28% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov** |
| For the period 11/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.14) | (0.12) | (0.02) |  | (0.02) | $9.86 | (1.22)% | $988 | 14.34% | 0.97% | 1.43% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec** |
| For the period 12/12/22 (g) - 12/31/22 | $10.00 | 0.01 | (0.28) | (0.27) | (0.01) |  | (0.01) | $9.72 | (2.71)% | $973 | 29.94% | 0.97% | 2.21% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.57) | (1.58) |  |  |  | $8.42 | (15.80)% | $842 | 14.39% | 0.97% | (0.15)% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb** |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | (0.00) (h) | (1.28) | (1.28) |  |  |  | $8.72 | (12.80)% | $872 | 9.48% | 0.97% | (0.05)% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.15) | (1.15) | (0.00) (h) |  | (0.00) | $8.85 | (11.50)% | $885 | 9.11% | 0.97% | 0.04% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.01 | (1.22) | (1.21) | (0.01) | (0.00) (h) | (0.01) | $8.78 | (12.09)% | $879 | 9.01% | 0.97% | 0.15% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.28) | (0.26) | (0.01) |  | (0.01) | $9.73 | (2.56)% | $974 | 8.64% | 0.97% | 0.27% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun** |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.18) | (0.16) | (0.02) |  | (0.02) | $9.82 | (1.62)% | $984 | 8.80% | 0.97% | 0.40% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.13) | (0.11) | (0.02) |  | (0.02) | $9.87 | (1.12)% | $989 | 9.18% | 0.97% | 0.47% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug** |

---

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

------

**Milliman Variable Insurance Trust**

**Financial Highlights**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Distributions: | Distributions: | Distributions: | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | |
|  | <br>Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> investment<br> income/<br> (loss) (b) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | From net<br> investment<br> income | From<br> realized<br> gains | Total<br> Distributions | <br>Net Asset<br> Value, End<br> of Period | <br>Total<br> return (c) | <br>Net assets,<br> end of<br> period<br> (000) | Expenses,<br> gross (d) | Expenses,<br> net (d)(e) | Net<br> investment<br> income/<br> (loss) | <br>Portfolio<br> turnover<br> rate (f) |
| For the period 8/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.88) | (0.86) | (0.02) |  | (0.02) | $9.12 | (8.61)% | $914 | 10.43% | 0.97% | 0.63% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep** |  |  |  |  |  |  |  |  |  |  |  |
| For the period 9/12/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.51) | (0.49) | (0.02) |  | (0.02) | $9.49 | (4.91)% | $951 | 10.77% | 0.97% | 0.81% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.53 | 0.56 | (0.03) |  | (0.03) | $10.53 | 5.59% | $1056 | 11.57% | 0.97% | 1.28% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov** |
| For the period 11/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.13) | (0.11) | (0.02) |  | (0.02) | $9.87 | (1.11)% | $989 | 14.87% | 0.97% | 1.43% | 0% |
| **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec** |
| For the period 12/12/22 (g) - 12/31/22 | $10.00 | 0.01 | (0.25) | (0.24) | (0.01) |  | (0.01) | $9.75 | (2.41)% | $976 | 30.66% | 0.97% | 2.21% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | (0.01) | (1.57) | (1.58) |  |  |  | $8.42 | (15.80)% | $842 | 13.82% | 0.97% | (0.16)% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb** |
| For the period 2/10/22 (g) - 12/31/22 | $10.00 | (0.00) (h) | (1.28) | (1.28) |  |  |  | $8.72 | (12.80)% | $898 | 8.72% | 0.97% | (0.03)% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar** |
| For the period 3/10/22 (g) - 12/31/22 | $10.00 | 0.00 (h) | (1.10) | (1.10) |  |  |  | $8.90 | (11.00)% | $890 | 8.49% | 0.97% | 0.04% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.01 | (1.28) | (1.27) | (0.01) | (0.00) (h) | (0.01) | $8.72 | (12.72)% | $873 | 8.45% | 0.97% | 0.15% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May** |
| For the period 5/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.29) | (0.27) | (0.01) |  | (0.01) | $9.72 | (2.66)% | $973 | 8.11% | 0.97% | 0.28% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun** |
| For the period 6/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.15) | (0.13) | (0.02) |  | (0.02) | $9.85 | (1.32)% | $987 | 8.27% | 0.97% | 0.40% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.10) | (0.08) | (0.02) |  | (0.02) | $9.90 | (0.81)% | $992 | 8.59% | 0.97% | 0.48% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug** |
| For the period 8/10/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.72) | (0.70) | (0.02) |  | (0.02) | $9.28 | (7.01)% | $930 | 9.63% | 0.97% | 0.62% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep** |
| For the period 9/12/22 (g) - 12/31/22 | $10.00 | 0.02 | (0.31) | (0.29) | (0.02) |  | (0.02) | $9.69 | (2.91)% | $971 | 10.06% | 0.97% | 0.80% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct** |

---

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

------

**Milliman Variable Insurance Trust**

**Financial Highlights**

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Per Share Operating Performance (for a share outstanding throughout each period)** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | Investment Operations: | Investment Operations: | Investment Operations: | Distributions: | Distributions: | Distributions: | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | |
|  | <br>Net Asset<br> Value,<br> Beginning<br> of Period | Net<br> investment<br> income/<br> (loss) (b) | Net realized<br> and<br> unrealized<br> gain/(loss) | Total From<br> Investment<br> Operations | From net<br> investment<br> income | From<br> realized<br> gains | Total<br> Distributions | <br>Net Asset<br> Value, End<br> of Period | <br>Total<br> return (c) | <br>Net assets,<br> end of<br> period<br> (000) | Expenses,<br> gross (d) | Expenses,<br> net (d)(e) | Net<br> investment<br> income/<br> (loss) | <br>Portfolio<br> turnover<br> rate (f) |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.53 | 0.56 | (0.03) |  | (0.03) | $10.53 | 5.58% | $1056 | 10.98% | 0.97% | 1.27% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov** |
| For the period 11/10/22 (g) - 12/31/22 | $10.00 | 0.02 | 0.11 | 0.13 | (0.02) |  | (0.02) | $10.11 | 1.29% | $1013 | 14.48% | 0.97% | 1.42% | 0% |
| **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** | **Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec** |
| For the period 12/12/22 (g) - 12/31/22 | $10.00 | 0.01 | (0.19) | (0.18) | (0.01) |  | (0.01) | $9.81 | (1.81)% | $982 | 30.16% | 0.97% | 2.22% | 0% |
| **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I)** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | 0.13 | (1.91) | (1.78) | (0.13) |  | (0.13) | $8.09 | (17.81)% | $822 | 13.45% | 0.92% | 1.53% | 10% |
| **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I)** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.12 | (1.25) | (1.13) | (0.11) |  | (0.11) | $8.76 | (11.25)% | $1597 | 5.37% | 0.93% | 1.81% | 38% |
| **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I)** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.08 | (0.13) | (0.05) | (0.07) | (0.10) | (0.17) | $9.78 | (0.52)% | $2654 | 4.67% | 0.94% | 1.73% | 9% |
| **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I)** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.05 | 0.02 | 0.07 | (0.05) | (0.06) | (0.11) | $9.96 | 0.69% | $1008 | 10.90% | 0.94% | 2.16% | 8% |
| **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I)** |
| For the period 1/10/22 (g) - 12/31/22 | $10.00 | 0.13 | (1.88) | (1.75) | (0.13) |  | (0.13) | $8.12 | (17.51)% | $825 | 13.55% | 0.92% | 1.54% | 8% |
| **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I)** |
| For the period 4/11/22 (g) - 12/31/22 | $10.00 | 0.12 | (1.31) | (1.19) | (0.12) |  | (0.12) | $8.69 | (11.94)% | $899 | 8.12% | 0.93% | 1.80% | 8% |
| **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I)** |
| For the period 7/11/22 (g) - 12/31/22 | $10.00 | 0.08 | (0.16) | (0.08) | (0.08) | (0.27) | (0.35) | $9.57 | (0.77)% | $1186 | 7.99% | 0.93% | 1.73% | 7% |
| **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** | **Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I)** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.05 |  | 0.05 | (0.05) | (0.03) | (0.08) | $9.97 | 0.53% | $1005 | 11.04% | 0.94% | 2.20% | 6% |
| **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct** |
| For the period 10/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.49 | 0.52 | (0.03) | (0.31) | (0.34) | $10.18 | 5.23% | $1053 | 11.13% | 0.97% | 1.38% | 0% |
| **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov** |
| For the period 11/10/22 (g) - 12/31/22 | $10.00 | 0.03 | 0.01(j) | 0.04 | (0.02) |  | (0.02) (i) | $10.02 | 0.44% | $1479 | 10.30% | 0.97% | 1.82% | 0% |
| **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** | **Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec** |
| For the period 12/12/22 (g) - 12/31/22 | $10.00 | 0.01 | (0.14) | (0.13) | (0.01) |  | (0.01) | $9.86 | (1.30)% | $987 | 25.36% | 0.97% | 2.49% | 0% |

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(a) Annualized for periods less than one year.

(b) Net investment income/(loss) per share has been calculated based on average shares outstanding during the period.

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

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**Milliman Variable Insurance Trust**

**Financial Highlights**

(c) Total return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and is not annualized for periods less than one year. Total return reflects
 waivers/reimbursements by the manager. Performance would have been lower had the waivers/reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance
 contracts for which the Funds serve as an underlying investment vehicle. If total return had taken these into account, performance would have been lower.

(d) Expense ratios do not include expenses of underlying funds in which the Funds invest.

(e) Net expenses reflect fee waivers and expense reimbursements by the Advisor.

(f) Not annualized for periods less than one year.

(g) Commencement of operations.

(h) <br> Amount represents less than $.01 per share.

(i) A portion of total distributions is return of capital. See Note 6 in the Notes to Financial Statements.

(j) Net realized and unrealized gain (loss) per share in this caption is a balancing amount necessary to reconcile the change in net asset value per share for the period and may not reconcile with the aggregate
 gain (loss) on the Statement of Operations due to share transactions for the period.

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

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

**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 December 31, 2022, the Trust consisted of 84 operational series, 83 of which are presented herein (each, a "Fund" and collectively, the "Funds"). The remaining series, the Milliman Money Market Fund, is presented in a separate report. 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 December 31, 2022, only Class 3 shares were offered, which have no front-end sales load, deferred sales charge, or redemption fee.

Each Fund utilizes options contracts, including FLexible EXchange<sup>®</sup> Options ("FLEX Options"), designed to produce certain pre-determined outcomes ("Outcomes"), over a six-month, one-year or six-year period (each, an "Outcome Period). The initial Outcome Period for each Fund began upon commencement of its operations. On the last business day of any stated Outcome Period, all of a Fund's existing options contracts will expire and Milliman Financial Risk Management LLC ("Milliman"), the Funds' investment adviser, will transact in a new set of options contracts on the same business day, which will commence a new Outcome Period.

The Funds and their respective commencement dates are as follows:

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| | |
|:---|:---|
| **Name** | **Commencement of**<br> **Operations** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | January 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug | February 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | March 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | April 11, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | May 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | June 10, 2022 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul | January 10, 2022 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | February 10, 2022 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep | March 10, 2022 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | April 11, 2022 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | May 10, 2022 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jun/Dec | June 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan | January 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb | February 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar | March 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | April 11, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | May 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | June 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | July 11, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | August 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | September 12, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | October 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | November 10, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | December 12, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan | January 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb | February 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar | March 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | April 11, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | May 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | June 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | July 11, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | August 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | September 12, 2022 |

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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| | |
|:---|:---|
| **Name** | **Commencement of**<br> **Operations** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | October 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | November 10, 2022 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | December 12, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jan | January 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Feb | February 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Mar | March 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Apr | April 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – May | May 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jun | June 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jul | July 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Aug | August 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Sep | September 12, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Oct | October 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Nov | November 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Dec | December 12, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jan | January 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Feb | February 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Mar | March 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Apr | April 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – May | May 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jun | June 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jul | July 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Aug | August 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Sep | September 12, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Oct | October 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Nov | November 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Dec | December 12, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jan | January 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Feb | February 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Mar | March 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Apr | April 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – May | May 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jun | June 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jul | July 11, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Aug | August 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Sep | September 12, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Oct | October 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Nov | November 10, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Dec | December 12, 2022 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | January 10, 2022 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | April 11, 2022 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | July 11, 2022 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | October 10, 2022 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | January 10, 2022 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | April 11, 2022 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | July 11, 2022 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | October 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct | October 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | November 10, 2022 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | December 12, 2022 |

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

Each Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-month period.

Each Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund seeks to provide exposure to the S&P 500 Index, while limiting losses to 50% of the losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-month period.

Each Milliman 1- Year Buffered S&P 500 with Spread Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains that exceed a declared spread, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

Each Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund seeks to provide exposure to the S&P 500 Index, while limiting losses associated with S&P 500 Index performance to 10% and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period.

Each Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period. The Fund also seeks to provide upside exposure to the Nasdaq-100® Index up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over the same period.

Each Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period. The Fund also seeks to provide upside exposure to the Russell 2000 Index up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over the same period.

Each Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a one-year period. The Fund also seeks to provide upside exposure to the MSCI EAFE Index up to a declared cap, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over the same period.

Each Milliman 6- Year Buffered S&P 500 with Par Up Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 20% of losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-year period.

Each Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund seeks to provide exposure to the S&P 500 Index, while limiting losses to 50% of the losses associated with S&P 500 Index performance and participating in S&P 500 Index gains at a declared rate, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-year period.

Each Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund seeks to provide exposure to the S&P 500 Index, while providing a buffer against the first 10% of losses associated with S&P 500 Index performance and also producing a fixed rate of return if the value of the S&P 500 Index is unchanged or increases, prior to taking into account any fees or expenses or the performance of any fixed income exposure included in the Fund's portfolio, over a six-month period.

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

**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. If the NYSE closes early on a valuation day, a Fund 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 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.

Exchange-traded options, including 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, 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. Otherwise, the value of an options contract will be determined by the Pricing Committee in accordance with the Valuation Procedures.

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.

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 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.

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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:

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

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| | |
|:---|:---|
| Level 2 - | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |

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| | |
|:---|:---|
| Level 3 - | 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. |

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The inputs used to value the Funds' investments at December 31, 2022, 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.

**Organizational and Offering Costs**

Organizational and 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.

Organizational costs are expensed as incurred and include legal fees pertaining to the organization of the Trust, costs of forming the Funds, drafting of bylaws, servicing agreements, and audit fees for the initial seed audits. Offering costs are recorded as a deferred asset and will be 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. Organizational costs and 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, if any, 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.

In addition to the advisory fees and other expenses of the Funds, the Funds indirectly bear the investment management fees and other expenses of investment companies (underlying funds) in which they invest. The amount of these fees and expenses incurred indirectly by the Funds ("acquired fund fees and expenses") will vary based upon the expense and fee levels of the underlying funds and the number of shares that are owned of the underlying funds at different times.

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

**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.

Each Fund seeks to achieve its Outcomes by transacting in options contracts, including FLEX Options, to create layers within its portfolio. There is no guarantee that a Fund will be successful in its attempt to achieve its Outcomes. 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 over-the-counter 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. While the Funds will primarily transact in FLEX Options, each Fund may utilize OTC options if no FLEX Options are available or appropriate for use in that Fund. 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. The reference assets for each Fund's options position will be a reference index or an ETF, including an ETF that seeks to track the performance of a reference index.

During the year ended December 31, 2022, certain Funds with six -month and one-year Outcome Periods transacted in options contracts on ETFs that provide exposure to fixed income securities to create a put spread (i.e., writing and purchasing options contracts on the same underlying asset) (the "Put Spread Strategy"). The Put Spread Strategy was used to seek to enhance the Fund's upside S&P 500 Index and/or secondary Reference Index options' exposure.

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 index, in case of an index put option) and the seller (i.e., the writer) of the put has the obligation to buy the asset (or receive cash value of the index, in case of an index put option) 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 index, in case of an index call option) and the seller (i.e., the writer) the obligation to sell the asset (or deliver cash value of the index, in case of an index call option) 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. Purchased options are non-income producing securities.

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

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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.

As of December 31, 2022, as collateral for its written options, the Funds pledged assets consisting of cash, cash equivalents, or liquid securities. Cash pledged is included as "Deposits at broken for written options" in the Statements of Assets and Liabilities. Securities pledged for written options are identified in each Fund's Schedule of Investments.

As of December 31, 2022, all of the FLEX Option contracts held by the Funds are fully funded and cash settled, therefore balance sheet offsetting under FASB ASC 210, *Balance Sheet - Offsetting* does not apply.

The Funds bear the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts. In the unlikely event that the OCC becomes insolvent or is otherwise unable to meet its settlement obligations, the Funds could suffer significant losses. Additionally, FLEX Options may be less liquid than certain other securities such as standardized options. In less liquid markets for the FLEX Options, the Funds may have difficulty closing out certain FLEX Options positions at desired times and prices. The Funds may experience substantial downside from specific FLEX Option positions and certain FLEX Option positions may expire worthless. The value of the underlying FLEX Options will be affected by, among others, changes in the value of the exchange, changes in interest rates, changes in the actual and implied volatility of the underlying asset and the remaining time to until the FLEX Options expire. The value of the FLEX Options does not increase or decrease at the same rate as the level of the underlying asset (although they generally move in the same direction). However, as a FLEX Option approaches its expiration date, its value typically increasingly moves with the value of the underlying asset.

The location and fair value amounts of derivatives on the Statements of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statements of Operations, each categorized by type of financial derivative contract and related risk exposure, are included in each Fund's Schedule of Investments. 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.

**4. FEDERAL TAXES 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 December 31, 2022.

For financial reporting purposes, any permanent differences resulting from different book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. These differences are primarily due to net operating losses and return of capital distributions. Results of operations and net assets are not affected by these reclassifications. As of December 31, 2022, the following reclassifications were made on the applicable Funds' Statements of Assets and Liabilities for permanent differences:

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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| | | |
|:---|:---|:---|
|  | **Distributable<br> Earnings/<br> (Accumulated<br> Deficit)** | **Paid-In Capital** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | $836 | $(836) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | 319 | (319) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | 453 | (453) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul | 2049 | (2049) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep | 299 | (299) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | 358 | (358) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan | 1374 | (1374) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb | 571 | (571) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan | 1304 | (1304) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb | 578 | (578) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan | 1339 | (1339) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb | 543 | (543) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan | 279 | (279) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb | 425 | (425) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan | 1318 | (1318) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb | 223 | (223) |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | 182 | (182) |

---

At December 31, 2022, the cost of investments, including derivatives, and unrealized appreciation/(depreciation) for federal income tax purposes for each Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of<br> Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | $728427 | $94823 | $(163258) | $(68435) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug | 1114644 | 342919 | (464722) | (121803) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | 728740 | 118152 | (154685) | (36533) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | 1106317 | 106870 | (108121) | (1251) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | 1549528 | 70433 | (74810) | (4377) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | 1087550 | 41885 | (46764) | (4879) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul | 603269 | 78041 | (133082) | (55041) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | 910265 | 289981 | (391534) | (101553) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep | 625441 | 103137 | (135075) | (31938) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | 847240 | 80642 | (79961) | 681 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | 871840 | 26299 | (26686) | (387) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | 927395 | 35452 | (39657) | (4205) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan | 638401 | 539166 | (608143) | (68977) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb | 652620 | 457435 | (521267) | (63832) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar | 680819 | 359186 | (427089) | (67903) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | 665238 | 301264 | (358819) | (57555) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | 699290 | 138474 | (177107) | (38633) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | 721966 | 95380 | (126521) | (31141) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | 727898 | 74027 | (104379) | (30352) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | 672920 | 221739 | (259788) | (38049) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | 674532 | 128328 | (146896) | (18568) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 1034304 | 96770 | (90230) | 6540 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | 964719 | 54055 | (52447) | 1608 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | 960268 | 61350 | (65439) | (4089) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan | 615117 | 513707 | (582538) | (68831) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb | 610953 | 430326 | (494298) | (63972) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar | 645793 | 350696 | (418541) | (67845) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | 668416 | 294252 | (353758) | (59506) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | 682864 | 155579 | (193757) | (38178) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | 703854 | 108940 | (140118) | (31178) |

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------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of<br> Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | $710932 | $90226 | $(120483) | $(30257) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | 673006 | 204532 | (242533) | (38001) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | 679377 | 108532 | (127057) | (18525) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 1006027 | 89820 | (83280) | 6540 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | 973281 | 32489 | (30883) | 1606 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | 1210659 | 43451 | (48560) | (5109) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan | 724387 | 588138 | (744150) | (156012) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb | 715152 | 513315 | (641086) | (127771) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar | 729050 | 434383 | (551684) | (117301) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr | 738835 | 353308 | (486161) | (132853) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May | 723645 | 230932 | (283997) | (53065) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun | 733563 | 184289 | (213136) | (28847) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul | 725783 | 152222 | (180960) | (28738) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug | 733592 | 278158 | (379003) | (100845) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep | 724140 | 183715 | (244718) | (61003) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct | 980121 | 144439 | (96438) | 48001 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov | 985775 | 92208 | (105922) | (13714) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec | 989249 | 91541 | (119776) | (28235) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan | 724710 | 579408 | (735800) | (156392) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb | 715169 | 506334 | (633778) | (127444) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar | 729420 | 427777 | (542967) | (115190) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr | 726520 | 334939 | (456774) | (121835) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May | 723687 | 198864 | (226565) | (27701) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | 732799 | 157164 | (175130) | (17966) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul | 726055 | 108525 | (121831) | (13306) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug | 731758 | 256672 | (345179) | (88507) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep | 723974 | 162507 | (213673) | (51166) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct | 980106 | 126659 | (73452) | 53207 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov | 985634 | 90320 | (103290) | (12970) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec | 989071 | 71785 | (96519) | (24734) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan | 709939 | 542299 | (698873) | (156574) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb | 744328 | 471633 | (602953) | (131320) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar | 729345 | 399384 | (510128) | (110744) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr | 727895 | 295950 | (423688) | (127738) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May | 724492 | 173380 | (201792) | (28412) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun | 733322 | 115034 | (130060) | (15026) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul | 725171 | 127736 | (137715) | (9979) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug | 731845 | 210400 | (282792) | (72392) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep | 722927 | 144595 | (176034) | (31439) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct | 980834 | 235383 | (182716) | 52667 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov | 986381 | 68271 | (57265) | 11006 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec | 989725 | 71797 | (90885) | (19088) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | 924143 | 68368 | (180979) | (112611) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | 1644961 | 75207 | (150901) | (75694) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 2664928 | 41476 | (100404) | (58928) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 969018 | 39945 | (22907) | 17038 |

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Cost of<br> Investments** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross<br> Unrealized<br> Depreciation** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | $923376 | $62018 | $(174694) | $(112676) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | 937452 | 74420 | (123728) | (49308) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 1191706 | 14855 | (44449) | (29594) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 957875 | 39049 | (22011) | 17038 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct | 1025041 | 225445 | (218789) | 6656 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | 1459917 | 395876 | (395255) | 621 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | 979714 | 196746 | (200945) | (4199) |

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The differences between book-basis and tax-basis unrealized appreciation/depreciation is attributable to the deferral of wash sale losses and tax treatment of derivatives.

For the period ended December 31, 2022, the tax character of distributions by the applicable Funds, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | |
|  | **Net**<br> **Ordinary**<br> **Income** | **Net Long-**<br> **Term**<br> **Capital**<br> **Gains** | **Net Return**<br> **of Capital** | <br>**Total**<br> **Distributions**<br> **Paid** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | $95 | $– | $– | $95 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | 2432 |  |  | 2432 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | 4022 |  | 319 | 4341 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | 3806 | 1526 | 453 | 5785 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | 663 |  |  | 663 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | 1570 |  |  | 1570 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | 1980 |  |  | 1980 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | 2385 |  | 358 | 2743 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | 749 |  |  | 749 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | 1306 |  |  | 1306 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | 1737 |  |  | 1737 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | 4367 | 3898 |  | 8265 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | 1860 |  |  | 1860 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | 1885 |  |  | 1885 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 27861 | 37631 |  | 65492 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | 1841 |  |  | 1841 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | 918 |  |  | 918 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | 1037 |  |  | 1037 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | 1378 |  |  | 1378 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | 1869 |  |  | 1869 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | 1897 |  |  | 1897 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | 1938 |  |  | 1938 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | 1994 |  |  | 1994 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 16952 | 21160 |  | 38112 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | 1836 |  |  | 1836 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | 1144 |  |  | 1144 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr | 871 |  |  | 871 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May | 1371 |  |  | 1371 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun | 1790 |  |  | 1790 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul | 1841 |  |  | 1841 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug | 1892 |  |  | 1892 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep | 1924 |  |  | 1924 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct | 2852 |  |  | 2852 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov | 1850 |  |  | 1850 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec | 925 |  |  | 925 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar | 11 |  |  | 11 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr | 1144 |  |  | 1144 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May | 1373 |  |  | 1373 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | 1818 |  |  | 1818 |

---

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distributions paid from:** | **Distributions paid from:** | **Distributions paid from:** | |
|  | **Net**<br> **Ordinary**<br> **Income** | **Net Long-**<br> **Term**<br> **Capital**<br> **Gains** | **Net Return**<br> **of Capital** | <br>**Total**<br> **Distributions**<br> **Paid** |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul | $1838 | $– | $– | $1838 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug | 1929 |  |  | 1929 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep | 1930 |  |  | 1930 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct | 2850 |  |  | 2850 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov | 1854 |  |  | 1854 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec | 921 |  |  | 921 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr | 809 |  |  | 809 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May | 1359 |  |  | 1359 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun | 1794 |  |  | 1794 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul | 1905 |  |  | 1905 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug | 1892 |  |  | 1892 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep | 1916 |  |  | 1916 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct | 2842 |  |  | 2842 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov | 1853 |  |  | 1853 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec | 924 |  |  | 924 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | 12822 |  |  | 12822 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | 20611 |  |  | 20611 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 29330 | 15258 |  | 44588 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 7172 | 3644 |  | 10816 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | 12886 |  |  | 12886 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | 11847 |  |  | 11847 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 22292 | 19655 |  | 41947 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 6188 | 2068 |  | 8256 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct | 15517 | 18677 |  | 34194 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | 3384 |  | 182 | 3566 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | 993 |  |  | 993 |

---

As of December 31, 2022, the components of distributable earnings/(accumulated deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Net Ordinary**<br> **Income (Loss)** | **Undistributed**<br> **Capital Gains** | **Capital Loss**<br> **Carryforwards** | **Other Loss<br> Deferrals** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Investments** | **Total<br> Distributable<br> Earnings/<br> (Accumulated<br> Deficit)** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | $– | $– $| (130008) | $(30084) | $(68435) | $(228527) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug | 387 | – | (95416) | (72660) | (121803) | (289492) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | 382 | – | (105223) | (16215) | (36533) | (157589) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | 112 | – | (152726) |  | (1251) | (153865) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov |  | – | (121088) |  | (4377) | (125465) |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec |  | – |  | (43795) | (4879) | (48674) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul |  | – | (143369) | (30015) | (55041) | (228425) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | 489 | – | (137029) | (46223) | (101553) | (284316) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep |  | – | (117884) | (14154) | (31938) | (163976) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | 91 | – | (134200) |  | 681 | (133428) |

---

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Net Ordinary**<br> **Income (Loss)** | **Undistributed**<br> **Capital Gains** | **Capital Loss**<br> **Carryforwards** | **Other Loss<br> Deferrals** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Investments** | **Total<br> Distributable<br> Earnings/<br> (Accumulated<br> Deficit)** |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | $99 | $– $| (99918) | $– | $(387) | $(100206) |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec |  | – | (43912) |  | (4205) | (48117) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan |  | – | (88456) |  | (68977) | (157433) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb |  | – | (63347) |  | (63832) | (127179) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar | 194 | – | (49628) |  | (67903) | (117337) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | 341 | – | (71654) |  | (57555) | (128868) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | 353 | – | (27124) |  | (38633) | (65404) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | 361 | – | (12858) |  | (31141) | (43638) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | 360 | – |  | (8056) | (30352) | (38048) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | 335 | – | (61424) |  | (38049) | (99138) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | 350 | – | (49111) |  | (18568) | (67329) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 129 | – |  | (9684) | 6540 | (3015) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | 116 | – | (21546) |  | 1608 | (19822) |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | 149 | – | (28742) |  | (4089) | (32682) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan |  | – | (111157) |  | (68831) | (179988) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb |  | – | (104963) |  | (63972) | (168935) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar | 224 | – | (81563) |  | (67845) | (149184) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | 345 | – | (99522) |  | (59506) | (158683) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | 337 | – | (44741) |  | (38178) | (82582) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | 359 | – | (26772) |  | (31178) | (57591) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | 358 | – | (19832) |  | (30257) | (49731) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | 336 | – | (57129) |  | (38001) | (94794) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | 357 | – | (42155) |  | (18525) | (60323) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 125 | – |  | (9421) | 6540 | (2756) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | 114 | – | (12853) |  | 1606 | (11133) |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | 320 | – | (19462) |  | (5109) | (24251) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan |  | – |  |  | (156012) | (156012) |

---

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Net Ordinary**<br> **Income (Loss)** | **Undistributed**<br> **Capital Gains** | **Capital Loss**<br> **Carryforwards** | **Other Loss<br> Deferrals** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Investments** | **Total<br> Distributable<br> Earnings/<br> (Accumulated<br> Deficit)** |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb | $– | $– $|  | $– | $(127771) | $(127771) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar | 274 | – |  |  | (117301) | (117027) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr | 343 | – |  |  | (132853) | (132510) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May | 344 | – |  |  | (53065) | (52721) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun | 361 | – |  |  | (28847) | (28486) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul | 362 | – |  |  | (28738) | (28376) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug | 339 | – |  |  | (100845) | (100506) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep | 362 | – |  |  | (61003) | (60641) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct | 118 | – |  |  | 48001 | 48119 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov | 114 | – |  |  | (13714) | (13600) |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec | 141 | – |  |  | (28235) | (28094) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan |  | – |  | (1589) | (156392) | (157981) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb |  | – |  |  | (127444) | (127444) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar | 326 | – |  |  | (115190) | (114864) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr | 324 | – |  | (563) | (121835) | (122074) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May | 361 | – |  |  | (27701) | (27340) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | 360 | – |  |  | (17966) | (17606) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul | 359 | – |  |  | (13306) | (12947) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug | 320 | – |  |  | (88507) | (88187) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep | 363 | – |  |  | (51166) | (50803) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct | 115 | – |  |  | 53207 | 53322 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov | 112 | – |  |  | (12970) | (12858) |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec | 146 | – |  |  | (24734) | (24588) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan |  | – |  |  | (156574) | (156574) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb |  | – |  |  | (131320) | (131320) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar | 318 | – |  |  | (110744) | (110426) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr | 334 | – |  | (422) | (127738) | (127826) |

---

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br> **Net Ordinary**<br> **Income (Loss)** | **Undistributed**<br> **Capital Gains** | **Capital Loss**<br> **Carryforwards** | **Other Loss<br> Deferrals** | **Unrealized**<br> **Appreciation/**<br> **(Depreciation)**<br> **on Investments** | **Total<br> Distributable<br> Earnings/<br> (Accumulated<br> Deficit)** |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May | $358 | $– | $– | $– | $(28412) | $(28054) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun | 356 |  |  |  | (15026) | (14670) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul | 357 |  |  |  | (9979) | (9622) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug | 337 |  |  |  | (72392) | (72055) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep | 352 |  |  |  | (31439) | (31087) |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct | 120 |  |  |  | 52667 | 52787 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov | 109 |  |  |  | 11006 | 11115 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec | 147 |  |  |  | (19088) | (18941) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | 62 |  | (78769) |  | (112611) | (191318) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | 167 |  | (152363) |  | (75694) | (227890) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 249 |  |  | (62502) | (58928) | (121181) |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 113 |  |  | (21194) | 17038 | (4043) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | 82 |  | (75430) |  | (112676) | (188024) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | 94 |  | (83367) |  | (49308) | (132581) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 119 |  |  | (27050) | (29594) | (56525) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 113 |  |  | (19961) | 17038 | (2810) |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct | 4724 | 6932 |  |  | 6656 | 18312 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov |  |  | (6252) |  | 621 | (5631) |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | 225 |  | (10209) |  | (4199) | (14183) |

---

Capital loss carryforwards represent realized losses that may be carried forward for an unlimited period and applied against future capital gains for U.S. federal income tax purposes. Such capital loss carryforwards will retain their character as either short-term or long-term capital losses. As of December 31, 2022, the tax character of the applicable Funds' capital loss carryforwards was as follows:

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total**<br> **Capital Loss**<br> **Carryforwards** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | $72550 | $57458 | $130008 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug | 60496 | 34920 | 95416 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | 74749 | 30474 | 105223 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | 108572 | 44154 | 152726 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | 94632 | 26456 | 121088 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul | 78612 | 64757 | 143369 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | 64297 | 72732 | 137029 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep | 75719 | 42165 | 117884 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | 92677 | 41523 | 134200 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | 79837 | 20081 | 99918 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec | 33788 | 10124 | 43912 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan | 35382 | 53074 | 88456 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb | 25339 | 38008 | 63347 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar | 19851 | 29777 | 49628 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | 28662 | 42992 | 71654 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | 10850 | 16274 | 27124 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | 5143 | 7715 | 12858 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | 24570 | 36854 | 61424 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | 19644 | 29467 | 49111 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | 8618 | 12928 | 21546 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | 11497 | 17245 | 28742 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan | 44463 | 66694 | 111157 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb | 41985 | 62978 | 104963 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar | 32625 | 48938 | 81563 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | 39809 | 59713 | 99522 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | 17896 | 26845 | 44741 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | 10709 | 16063 | 26772 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | 7933 | 11899 | 19832 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | 22852 | 34277 | 57129 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | 16862 | 25293 | 42155 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | 5141 | 7712 | 12853 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | 7785 | 11677 | 19462 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | 31508 | 47261 | 78769 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | 60945 | 91418 | 152363 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | 30172 | 45258 | 75430 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | 33347 | 50020 | 83367 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | 2501 | 3751 | 6252 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | 4084 | 6125 | 10209 |

---

Other loss deferrals include Post-October loss deferrals, which represent losses realized between November 1 and December 31 that the Funds have elected for U.S. federal income tax purposes to treat as occurring on the first day of the following tax year. As of December 31, 2022, the tax character of the applicable Funds' post-October loss deferrals was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-Term** | **Long-Term** | **Total Post-<br> October<br> Losses** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | $36231 | $7564 | $43795 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | 3222 | 4834 | 8056 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 3873 | 5811 | 9684 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 3768 | 5653 | 9421 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 25001 | 37501 | 62502 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 8478 | 12716 | 21194 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 10820 | 16230 | 27050 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 7984 | 11977 | 19961 |

---

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

**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, on a monthly basis, an annual advisory fee equal to 0.49% of each Fund's average daily net assets. 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 0.74% of each Fund's average daily net assets (the "Expense Limitation Agreement") until at least April 30, 2023 for the Funds that commenced operations prior to August 31, 2022 and until at least April 29, 2024 for Funds that commenced operations after August 31, 2022. 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 December 31, 2022. As of December 31, 2022, the amounts eligible for recoupment and the year of expiration are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Recovery Expiring in:** | **Recovery Expiring in:** | **Recovery Expiring in:** |
|  | **2024** | **2025** | **Total** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | $– | $108417 | $108417 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug |  | 101038 | 101038 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep |  | 56262 | 56262 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct |  | 50213 | 50213 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov |  | 45493 | 45493 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec |  | 40793 | 40793 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul |  | 109230 | 109230 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug |  | 99593 | 99593 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep |  | 56173 | 56173 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct |  | 48749 | 48749 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov |  | 44544 | 44544 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec |  | 39554 | 39554 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan |  | 107952 | 107952 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb |  | 96560 | 96560 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar |  | 55673 | 55673 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr |  | 48598 | 48598 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May |  | 44120 | 44120 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun |  | 39123 | 39123 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul |  | 35416 | 35416 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug |  | 30913 | 30913 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep |  | 25775 | 25775 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct |  | 22984 | 22984 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov |  | 18096 | 18096 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec |  | 13816 | 13816 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan |  | 108349 | 108349 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb |  | 96862 | 96862 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar |  | 55878 | 55878 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr |  | 49250 | 49250 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May |  | 44365 | 44365 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun |  | 39316 | 39316 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul |  | 35558 | 35558 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug |  | 31067 | 31067 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep |  | 25894 | 25894 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct |  | 23068 | 23068 |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov |  | 18159 | 18159 |

---

------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

---

| | | | |
|:---|:---|:---|:---|
|  | **Recovery Expiring in:** | **Recovery Expiring in:** | **Recovery Expiring in:** |
|  | **2024** | **2025** | **Total** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | $– | $13852 | $13852 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan |  | 109311 | 109311 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb |  | 98075 | 98075 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Mar |  | 56965 | 56965 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr |  | 50149 | 50149 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May |  | 45195 | 45195 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun |  | 40075 | 40075 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul |  | 36248 | 36248 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug |  | 31577 | 31577 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep |  | 26316 | 26316 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct |  | 23377 | 23377 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov |  | 18360 | 18360 |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec |  | 13969 | 13969 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan |  | 113966 | 113966 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb |  | 67525 | 67525 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar |  | 60798 | 60798 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Apr |  | 52679 | 52679 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - May |  | 48485 | 48485 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun |  | 42817 | 42817 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul |  | 38487 | 38487 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug |  | 33968 | 33968 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep |  | 27617 | 27617 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct |  | 24537 | 24537 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov |  | 19083 | 19083 |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec |  | 14343 | 14343 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan |  | 108606 | 108606 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb |  | 62527 | 62527 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar |  | 55973 | 55973 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr |  | 48299 | 48299 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May |  | 44353 | 44353 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun |  | 39343 | 39343 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul |  | 35478 | 35478 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug |  | 30918 | 30918 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep |  | 25720 | 25720 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct |  | 23208 | 23208 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov |  | 18602 | 18602 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec |  | 14070 | 14070 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) |  | 105018 | 105018 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) |  | 50214 | 50214 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 27309 | 41102 | 68411 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) |  | 22233 | 22233 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) |  | 106110 | 106110 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) |  | 47287 | 47287 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 27309 | 37740 | 65049 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) |  | 22487 | 22487 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct |  | 23378 | 23378 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov |  | 17299 | 17299 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec |  | 11904 | 11904 |

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In addition to the Expense Limitation Agreement, Milliman has contractually agreed to waive its advisory fees in an amount equal to each Fund's acquired fund fees and expenses until at least April 30, 2023 for Funds that commenced operations prior to August 31, 2022 and until at least April 29, 2024 for Funds that commenced operations after August 31, 2022. Amounts waived under this agreement are separately shown on each Fund's Statement of Operations and may not be recouped by Milliman. This contract cannot be terminated or modified for a Fund without the consent of the Board.

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**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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.

Certain employees of Foreside Fund Officer Services, LLC, an affiliate of the Distributor, serve as Treasurer and Principal Financial Officer and Chief Compliance Officer and Anti-Money Laundering Officer to the Trust.

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 December 31, 2022, were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jan/Jul | $406547 | $51936 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Feb/Aug | 596241 | 36.107 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Mar/Sep | 396062 | 26834 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | 689533 | 329624 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | 840060 | 312471 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | 666209 | 291948 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jan/Jul | 349789 | 55102 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Feb/Aug | 474524 |  |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Mar/Sep | 347853 | 25983 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | 549148 | 267134 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | 566920 | 261358 |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jun/Dec | 578709 | 258266 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jan | 349485 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Feb | 349476 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Mar | 345696 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Apr | 352066 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May | 343183 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jun | 342304 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Jul | 341258 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Aug | 342394 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Sep | 339658 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 323208 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | 322981 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | 324157 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jan | 349485 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Feb | 349536 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Mar | 345696 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Apr | 365065 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – May | 343183 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jun | 342304 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Jul | 341258 |  |

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------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Aug | $340430 | $– |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Sep | 339658 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 323208 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | 322981 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | 405113 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jan | 349485 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Feb | 349476 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Mar | 345696 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Apr | 355075 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – May | 343183 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jun | 342304 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Jul | 341258 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Aug | 341220 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Sep | 339865 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Oct | 323208 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Nov | 322981 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Dec | 324157 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jan | 349485 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Feb | 349476 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Mar | 345696 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Apr | 343657 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – May | 343183 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jun | 342304 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Jul | 341258 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Aug | 340430 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Sep | 339629 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Oct | 323209 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Nov | 322981 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Dec | 324157 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jan | 349485 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Feb | 362651 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Mar | 345696 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Apr | 343657 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – May | 343183 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jun | 342304 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Jul | 341258 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Aug | 340430 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Sep | 339865 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Oct | 323208 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Nov | 322981 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Dec | 324157 |  |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | 868475 | 86357 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | 1934745 | 504447 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 2385824 | 208984 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 873693 | 77470 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | 845232 | 67662 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | 878277 | 68775 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 1025290 | 79534 |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 849458 | 62897 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Apr/Oct | 331786 |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – May/Nov | 489699 |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund – Jun/Dec | 331959 |  |

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Purchases and sales of investments of U.S. Government Securities, for the period ended December 31, 2022, by the applicable funds were as follows:

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Apr/Oct | $259400 | $– |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – May/Nov | 383134 |  |

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------

**Milliman Variable Insurance Trust**

**Notes to Financial Statements**

**December 31, 2022**

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| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales** |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund – Jun/Dec | $271220 | $– |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Apr/Oct | 203264 |  |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – May/Nov | 221592 |  |
| Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund – Jun/Dec | 232063 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Oct | 238727 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Nov | 239203 |  |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – Dec | 237629 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Oct | 238727 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Nov | 239203 |  |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund – Dec | 297132 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Oct | 238727 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Nov | 239296 |  |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Dec | 237629 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Oct | 238634 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Nov | 239296 |  |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Dec | 237629 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Oct | 238727 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Nov | 239296 |  |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund – Dec | 237629 |  |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jan (I) | 218935 |  |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Apr (I) | 463258 | 100285 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Jul (I) | 528572 | 7976 |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund – Oct (I) | 186853 |  |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jan (I) | 219373 |  |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Apr (I) | 209107 |  |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Jul (I) | 238100 |  |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund – Oct (I) | 186767 |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Period – Apr/Oct | 243652 |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Period – May/Nov | 359556 |  |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Period – Jun/Dec | 243292 |  |

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**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 December 31, 2022, American General Life Insurance Company directly owned greater than 25% 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 a FLEX Option or other asset 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.** **SUBSEQUENT EVENTS**

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.

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**Milliman Variable Insurance Trust**

**<u>Report of Independent Registered Public Accounting Firm</u>**

To the Shareholders and Board of Trustees of Milliman Variable Insurance Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statements of assets and liabilities, including the schedules of investments and options written (as applicable), of the funds listed below (the "Funds"), each a series of Milliman Variable Insurance Trust, as of December 31, 2022, the related statements of operations and changes in net assets, the related notes, and the financial highlights for each of the periods indicated below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2022, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

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| | |
|:---|:---|
| Fund Name | &nbsp;&nbsp;Statements of Operations<br> and Changes in Net Assets<br> and the Financial Highlights |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jan/Jul<br> Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jan/Jul<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jan<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jan<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jan<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jan<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jan<br> Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jan (I)<br> Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jan (I) | &nbsp;&nbsp;For the period from January 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Feb/Aug<br> Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Feb/Aug<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Feb<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Feb<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Feb<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Feb<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Feb | &nbsp;&nbsp;For the period from February 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Mar/Sep<br> Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Mar/Sep<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Mar<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Mar<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund – Mar<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Mar<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Mar | &nbsp;&nbsp;For the period from March 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Apr/Oct<br> Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Apr/Oct<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Apr<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Apr<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Apr<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Apr<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – Apr<br> Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Apr (I)<br> Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Apr (I) | &nbsp;&nbsp;For the period from April 11, 2022 (commencement of operations) through December 31, 2022 |

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**Milliman Variable Insurance Trust**

**<u>Report of Independent Registered Public Accounting Firm</u>**

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| | |
|:---|:---|
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - May/Nov<br> Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - May/Nov<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund – May<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - May<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - May<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - May<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund – May | For the period from May 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 6-Month Buffered S&P 500 with Par Up Outcome Fund - Jun/Dec<br> Milliman 6-Month Parred Down S&P 500 with Par Up Outcome Fund - Jun/Dec<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jun<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jun<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jun<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jun<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jun | For the period from June 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul<br> Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Jul (I)<br> Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Jul (I) | For the period from July 11, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug | For the period from August 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep | For the period from September 12, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct<br> Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I)<br> Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I) | For the period from October 10, 2022 (commencement of operations) through December 31, 2022 |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov | For the period from November 10, 2022 (commencement of operations) through December 31, 2022 |

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**Milliman Variable Insurance Trust**

**<u>Report of Independent Registered Public Accounting Firm</u>**

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| | |
|:---|:---|
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec<br> Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec<br> Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec<br> Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec<br> Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec<br> Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec | For the period from December 12, 2022 (commencement of operations) through December 31, 2022 |

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<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds' auditor since 2021.

![](msoncsr079.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2023

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**Milliman Variable Insurance Trust**

**Additional Information (Unaudited)**

**December 31, 2022**

**1.** **INFORMATION ABOUT PROSPECTUS**

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the respective Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust's Distributor, or by calling toll free at 1–855–700–7959 or visiting www.millimanfunds.com.

**2.** **PROXY VOTING POLICIES AND PROCEDURE**

The Trust's Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1–855– 700–7959 and on the SEC's website at <u>www.sec.gov</u>. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC'S website at <u>www.sec.gov</u>.

**3.** **INFORMATION ABOUT PORTFOLIO SECURITIES**

Each Fund's complete schedule of portfolio holdings for the first and third quarters is filed with the SEC on Part F of Form N-PORT. The Trust's Part F of Form N-PORT is available without charge, upon request, by calling 1-855-700-7959, or on the SEC's website at www.sec.gov. The Trust's Part F of Form N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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**Milliman Variable Insurance Trust**

**Trustees and Officers (Unaudited)**

**December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Name, Address and Year***<br> ***of Birth*** | ***Position***<br> ***with***<br> ***the Trust*** | ***Length***<br> ***of Time***<br> ***Served*** | ***Principal Occupation(s)***<br> ***During Past 5 Years*** | ***Number of***<br> ***Portfolios***<br> ***in Fund***<br> ***Complex***<br> ***Overseen***<br> ***by Trustee***<br> ***or Officer*** | ***Other***<br> ***Directorships***<br> ***Held by***<br> ***Trustee or***<br> ***Officer in the***<br> ***Past Five***<br> ***Years*** |
| ***Independent Trustees<sup>1</sup>*** | ***Independent Trustees<sup>1</sup>*** | ***Independent Trustees<sup>1</sup>*** | ***Independent Trustees<sup>1</sup>*** | ***Independent Trustees<sup>1</sup>*** | ***Independent Trustees<sup>1</sup>*** |
| Eric Berg<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1958) | Trustee | Since July 2021 | Owner of With You in Mind (independent analysis and research firm for insurance, asset management and wealth-management topics) since 2019; Chief Financial Officer of Midwest Holding Inc. (insurance and asset management company) since 2022; Chief Financial Officer of Aviva India from 2018 to 2019; Investment Banker at Macquarie Capital from 2016 to 2018. | 95 |  |
| Nicholas Dalmaso<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1965) | Lead Independent Trustee | Since July 2021 | General Counsel of EquityBee, Inc. since 2022; Founder/ CEO of Sound Capital Holdings, Sound Capital Distributors (a FINRA registered Broker/Dealer) and Sound Capital Solutions (an Investment Advisor) since 2020; General Counsel of M1 Holdings Inc. and M1 Finance LLC (FINRA registered Broker/Dealer) from 2014 to 2021, Chief Compliance Officer of M1 Finance LLC from 2014 to 2019. | 95 | Chair of Destra Capital Management Bank Investment Company Boards (4 portfolios) since 2010; Independent Director of Keno/Kozie Associates (IT Consulting) from 2016 to 2018. |
| Daniel Ross Hayes<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1957) | Trustee | Since July 2021 | Director, Treasurer and Investment Committee Chair of ShoreRivers, Inc. (non-profit clean water advocacy corporation) since 2017. | 95 |  |
| Colleen McKenna-Tucker<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1970) | Trustee | Since September 2021 | Executive Director of International Insurance Society (membership organization for the risk and insurance industry) since 2004. | 95 |  |

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**Milliman Variable Insurance Trust**

**Trustees and Officers (Unaudited)**

**December 31, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** |
| Adam Schenck<sup>2</sup> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1981) | Chair of the Board, President and Interested Trustee | Since November 2020 | Principal Managing Director – Head of Fund Services of Milliman Financial Risk Management LLC since 2005. | 95 |
| ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** | ***Officers*** |
| Arthur W. Jasion<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1965) | Treasurer and Principal Financial Officer | Since July 2021 | Senior Principal Consultant and Fund Principal Financial Officer of Foreside Management Services, LLC since 2020; Partner, Ernst & Young LLP from 2012 to 2020. | N/A |
| Roger Pries<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1965) | Chief Compliance Officer and Anti–Money Laundering Officer | Since July 2021 | Fund Chief Compliance Officer of Foreside Fund Officer Services, LLC since 2019; Compliance Officer from 2016 to 2019 and Operational Risk Manager/Vice President from 2007 to 2016 at Citi Fund Services. | N/A |
| Ehsan Sheikh<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1987) | Secretary and Chief Legal Officer | Since July 2021 | Senior Counsel of Milliman Financial Risk Management LLC since 2017, Associate Counsel from 2014 to 2017. | N/A |

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<br> <sup>1</sup> The Trustees of the Trust who are not "interested persons", as defined under section 2(a)(19) of the 1940 Act, of the Trust (the "*Independent Trustees*")

<br> <sup>2</sup> Adam Schenck is an "interested person", as defined by the 1940 Act, of the Trust because of his employment by Milliman.

*The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1–855–700–7959.*

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**Milliman Variable Insurance Trust**

**Board Considerations Regarding Approval of Investment Management Agreements**

**December 31, 2022 (Unaudited)**

The Board of Trustees (the "Board" or the "Trustees") of the Milliman Variable Insurance Trust (the "Trust"), including the Trustees who are not "interested persons" (as that term is defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust (the "Independent Trustees"), voting separately, reviewed and unanimously approved the Investment Advisory Agreement (the "Investment Advisory Agreement") between Milliman Financial Risk Management LLC (the "Adviser") and the Trust, on behalf of the series of the Trust identified on Appendix A and Appendix B (each, a "Fund," and collectively, the "Funds") at meetings held on July 15, 2021 (the "July 2021 Meeting") and August 9, 2022 (the "August 2022 Meeting"), respectively.

During the meetings, the Independent Trustees had met in executive session with counsel and had discussed the proposed Investment Advisory Agreement and the requirements under the 1940 Act that apply to the Board's consideration and approval of the Investment Advisory Agreement. In considering the Investment Advisory Agreement, the Board, including the Independent Trustees, reviewed the Board materials and other information from counsel and from the Adviser, including: (i) a copy of the form of Investment Advisory Agreement; (ii) information describing the nature, quality and extent of the services proposed to be provided by the Adviser to the Funds; (iii) information concerning the financial condition, business, operations, portfolio management teams, and compliance program of the Adviser; (iv) information describing each Fund's proposed investment advisory fee and operating expenses; (v) a copy of the current Form ADV for the Adviser; and (vi) a memorandum from Trust counsel regarding the responsibilities of the Trustees in considering investment advisory arrangements under the 1940 Act. The Board also considered presentations made by, and discussions held with, representatives of the Adviser. The Board also received information comparing the proposed advisory fees and expenses of each Fund to other investment companies being offered to insurance company separate accounts that also utilize options-based strategies to provide targeted outcomes.

During its review of this information, the Board focused on and analyzed the factors that the Board deemed relevant, including: (i) the nature, extent and quality of the services expected to be provided to each Fund by the Adviser; (ii) the Adviser's personnel and operations; (iii) the Funds' proposed expense levels; (iv) any "fall-out" benefits to the Adviser (i.e., the ancillary benefits realized by the Adviser from the Adviser's relationship with the Trust); (v) the effect of asset growth on a Fund's expenses; and (vi) possible conflicts of interest.

The Board, including the Independent Trustees, considered the following in respect of the Funds:

(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The nature, extent and quality of services proposed to be provided to the Funds by the Adviser, including personnel and operations of the Adviser. The Board reviewed the services that the Adviser was proposed to provide to the Funds. The Board noted the responsibilities that the Adviser would have as each Fund's investment adviser, including: the responsibility for the management and investment of the Fund's portfolio; executing portfolio security and other asset trades; monitoring compliance with the Fund's investment objective, policies and limitations; the responsibility for quarterly reporting to the Board; the oversight of general portfolio compliance with relevant law; and the implementation of Board directives as they relate to the Funds.

The Board reviewed the Adviser's experience in managing other portfolios. Based on its consideration and review of the foregoing information, the Board determined that the Funds were likely to benefit from the nature, quality and extent of the services proposed to be provided by the Adviser.

(b) &nbsp;&nbsp;&nbsp;&nbsp; Comparison of services proposed to be provided and fees to be paid, and the cost of the services to be provided and profits to be realized by the Adviser from the relationship with the Funds; "fall-out" benefits. The Board compared both the services proposed to be provided to the Funds by the Adviser and the related fees to those of other investment advisers with respect to similar funds. In particular, the Board considered each Fund's proposed advisory fee and projected expense ratio to other investment companies the Adviser considered to be similar to the Funds, even if not necessarily in the same peer group due to the unique strategies proposed to

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**Milliman Variable Insurance Trust**

**Board Considerations Regarding Approval of Investment Management Agreements**

**December 31, 2022 (Unaudited)**

be implemented by the Adviser in managing the Funds. The Board noted that the Adviser proposed to enter into Expense Limitation Agreements whereby the Adviser would waive its advisory fees and/or reimburses expenses to keep each Fund's expenses from exceeding certain levels. The Board also considered the additional fee waiver agreements, pursuant to which the Adviser would waive its advisory fee in an amount equal to the acquired fund fees and expenses incurred by each Fund.

The Board also noted at the July 2021 Meeting that because the Trust was proposed to commence operations the following year, they would not need to consider the anticipated costs and projected profitability of the Adviser in connection with its serving as investment adviser to the Funds included in Appendix A, including operational costs. At the August 2022 Meeting, the Board noted that because of the Expense Limitation Agreements and fee waiver agreements, the Adviser would likely pay for a portion of the operating expenses of each Fund included in Appendix B for a period of time and considered the resulting benefits that would accrue to those Funds.

After considering each Fund's proposed fees, and in light of the nature, quality and extent of services proposed to be provided by the Adviser and the costs expected to be incurred by the Adviser in providing those services, the Board concluded that the level of fees proposed to be paid to the Adviser with respect to the Funds was fair and reasonable.

The Board considered that the Adviser may experience certain "fall-out" benefits based on the potential success of the Funds and/or the Trust, but that such benefits are not presently quantifiable. The Board noted that the Trust's service providers are not affiliated with the Adviser, so that such services do not give rise to "fall-out" benefits for the Adviser.

(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The extent to which economies of scale would be realized as the Funds grow, and whether fee levels would reflect such economies of scale. The Board discussed potential economies of scale. Because the Funds had not commenced operations and the eventual amount of Fund assets was uncertain, and, with respect to the Funds included in Appendix A that were discussed at the July 2021 Meeting, because the Trust was newly formed at that time, the Adviser was not able to provide the Board with specific information concerning the extent to which economies of scale would be realized as the Funds grow and whether fee levels would reflect such economies of scale, if any. The Board recognized the uncertainty in launching new investment products and estimating future asset levels.

(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment performance of the Funds and the Adviser. Because the Funds were newly formed and had not commenced operations, the Board did not consider the investment performance of the Funds. The Board did consider, however, the performance of the Adviser and the portfolio managers available to it at the time of its meetings. For the July 2021 Meeting, this included the performance of the Adviser and portfolio managers in managing other discretionary investment management accounts and, for the August 2022 Meeting, this included the performance of the existing series of the Trust.

Conclusion. No single factor was determinative to the decision of the Board. Based on the foregoing and such other matters as were deemed relevant, the Board concluded that the proposed advisory fees and projected total expense ratios for the Funds were reasonable in relation to the services to be provided by the Adviser to the Funds, as well as the costs to be incurred and benefits to be gained by the Adviser in providing such services. The Board also found the proposed advisory fees of all Funds to be reasonable in comparison to the fees charged by advisers to other similar funds. With respect to the Funds included in Appendix B that were considered at the August 2022 Meeting, the Board also found the proposed advisory fees to be reasonable in comparison to the fees charged in managing other series of the Trust. As a result, the Board, including the Independent Trustees, concluded that the initial approval of the Investment Advisory Agreement was in the best interests of the Funds.

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**Milliman Variable Insurance Trust**

**Board Considerations Regarding Approval of Investment Management Agreements**

**December 31, 2022 (Unaudited)**

**Appendix A**

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Jul

Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Aug

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Jul

Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Aug

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Jul

Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Aug

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Jul

Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Aug

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Jul

Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Aug

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**Milliman Variable Insurance Trust**

**Board Considerations Regarding Approval of Investment Management Agreements**

**December 31, 2022 (Unaudited)**

**Appendix B**

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| |
|:---|
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Sep |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Oct |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Nov |
| Milliman 1-Year Buffered S&P 500 with Spread Outcome Fund - Dec |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Sep |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Oct |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Nov |
| Milliman 1-Year Floored S&P 500 with Par Up Outcome Fund - Dec |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Sep |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Oct |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Nov |
| Milliman 1-Year Buffered S&P 500 & Nasdaq with Stacker Cap Outcome Fund - Dec |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Sep |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Oct |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Nov |
| Milliman 1-Year Buffered S&P 500 & Russell 2000 with Stacker Cap Outcome Fund - Dec |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Sep |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Oct |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Nov |
| Milliman 1-Year Buffered S&P 500 & MSCI EAFE with Stacker Cap Outcome Fund - Dec |
| Milliman 6-Year Buffered S&P 500 with Par Up Outcome Fund - Oct (I) |
| Milliman 6-Year Parred Down S&P 500 with Par Up Outcome Fund - Oct (I) |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Apr/Oct |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - May/Nov |
| Milliman 6-Month Buffered S&P 500 with Trigger Outcome Fund - Jun/Dec |

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INVESTMENT ADVISOR<br> Milliman Financial Risk Management LLC<br> 71 S. Wacker Drive, 31st Floor<br> Chicago, IL 60606

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT<br> U.S. Bancorp Fund Services, LLC<br> 615 East Michigan Street<br> Milwaukee, WI 53202

DISTRIBUTOR<br> Foreside Fund Services, LLC<br> Three Canal Plaza<br> Portland, ME 04101

CUSTODIAN<br> U.S. Bank, N.A.<br> 1555 North RiverCenter Drive, Suite 302<br> Milwaukee, WI 53212

LEGAL COUNSEL<br> Stradley Ronon Stevens & Young LLP<br> 191 North Wacker Drive, Suite 1601<br> Chicago, IL 60606<br> and<br> 2005 Market Street, Suite 2600<br> Philadelphia, PA 19103

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br> Cohen & Company, Ltd.<br> 1350 Euclid Avenue, Suite 800<br> Cleveland, Ohio 44115

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![](mmmfncsr001.jpg)

**Milliman Variable Insurance Trust** 

**Milliman Money Market Fund**

**Annual Report**

**December 31, 2022**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [Expense Example](#a001) | 1 |
| [Schedule of Investments](#a002) | 2 |
| [Statement of Assets and Liabilities](#a003) | 3 |
| [Statement of Operations](#a004) | 4 |
| [Statement of Changes in Net Assets](#a005) | 5 |
| [Financial Highlights](#a006) | 6 |
| [Notes to Financial Statements](#a007) | 7 |
| [Report of Independent Registered Public Accounting Firm](#a008) | 11 |
| [Additional Information](#a009) | 12 |
| [Trustees and Officers](#a010) | 13 |

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Attachment

Goldman Sachs Variable Insurance Trust – Goldman Sachs Government Money Market Fund Annual Report December 31, 2022

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**Milliman Money Market Fund**

**Expense Example For the Period Ended** 

**December 31, 2022 (Unaudited)**

The Milliman Money Market Fund (the "Fund") sells its shares to insurance company separate accounts funding variable annuity contracts and variable life insurance policies and other qualified investors. The table below does not include any fees or sales charges imposed by your variable product.

As a Fund shareholder, you incur ongoing costs, including management fees; distribution and/or service ("12b-1") fees; and other Fund expenses. These Examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 to December 31, 2022.

**Actual Expenses** 

This section of the following table provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 equals 8.6), then multiply the result by the number in the applicable line under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during the period.

**Hypothetical Example for Comparison Purposes** 

This section of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund with other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. The Fund does not charge transaction fees, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table below is useful in comparing the ongoing costs only and will not help you determine the relative total costs of owning different funds. The Fund's expenses shown in the table reflect fee waivers and reimbursements in effect.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Beginning** <br> **Account** <br> **Value**  | **Ending** <br> **Account** <br> **Value**  | **Annualized** <br> **Expense** <br> **Ratio\***  | **Expenses** <br> **Paid** <br> **During the** <br> **Period(a)**  |
| **Milliman Money Market Fund#** |  |  |  |  |
| Actual | $1000.00 | $1015.00 | 0.43% | $2.18 |
| Hypothetical (assuming a 5% return before expenses) | $1000.00 | $1023.04 | 0.43% | $2.19 |

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<br> # Class 3 shares

<br> \* Expense ratio reflects the aggregate expenses of the Fund and the Master Fund in which the Fund invests.

<br> (a) Expenses are equal to the Fund's annualized net expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the six-month period).

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**Milliman Money Market Fund**

**Schedule of Investments** 

**December 31, 2022**

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| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENT COMPANIES - 99.60%** | | |
| Goldman Sachs Variable Insurance Trust - Goldman Sachs Government Money Market Fund, Institutional Shares, 4.18% (a)(b) | 202514 | $202514 |
| TOTAL INVESTMENT COMPANIES (Cost $202,514) |  | 202514 |
| **Total Investments (Cost $202,514) - 99.60%** |  | 202514 |
| **Assets in Excess of Other Liabilities - 0.40%** |  | 805 |
| **TOTAL NET ASSETS - 100.00%** |  | $203319 |

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Percentages are stated as a percent of net assets.

<br> (a) 7-day net yield

(b) The Milliman Money Market Fund (the "Fund") pursues its investment objective by investing all of its investable assets in Institutional Shares of the Goldman Sachs Government Money Market Fund (the "Portfolio"), a series of the Goldman Sachs Variable Insurance Trust (see Note 1 in Notes to Financial Statements).

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

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**Milliman Money Market Fund**

**Statement of Assets and Liabilities** 

**December 31, 2022**

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| | |
|:---|:---|
| **Assets:** | |
| Investment in Portfolio (cost $202,514) | $202514 |
| Cash and cash equivalents | 36844 |
| Dividends and interest receivable | 889 |
| Due from Advisor | 5260 |
| Deferred offering costs | 201 |
| Total Assets | 245708 |
| **Liabilities:** |  |
| Payable for fund shares redeemed | 35 |
| Distributions payable | 43 |
| Distribution fees payable | 134 |
| Payable to Trustees | 169 |
| Other liabilities | 42008 |
| Total Liabilities | 42389 |
| **Net Assets** | $203319 |
| **Net Assets Consist of:** |  |
| Paid-in capital | $203317 |
| Total distributable earnings/(accumulated deficit) | 2 |
| **Net Assets** | $203319 |
| **Class 3** |  |
| Net assets | $203319 |
| Shares of beneficial interest outstanding (unlimited shares authorized with par value of $0.001 per share) | 203317 |
| Net asset value, offering price and redemption price per share | $1.00 |

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

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**Milliman Money Market Fund**

**Statement of Operations**

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| | |
|:---|:---|
|  | **Period January** <br> **10, 2022(a) to** <br> **December 31,** <br> **2022**  |
| **Investment Income:** |  |
| Dividends from Portfolio | $3673 |
| Interest | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 4381 |
| **Expenses:** |  |
| Investment advisory fees | 61 |
| Accounting and administration fees | 48036 |
| Custody fees | 3705 |
| Transfer agent fees | 5885 |
| Distribution service fees | 510 |
| Professional fees and expenses | 22409 |
| Trustees fees and expenses | 2993 |
| Organizational costs | 2548 |
| Offering costs | 7137 |
| Registration fees | 215 |
| Other expenses | 2580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 96079 |
| Waivers/expense reimbursement by Advisor | (95641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 438 |
| **Net Investment Income** | 3943 |
| **Net Increase in Net Assets From Operations** | $3943 |

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<br> (a) Commencement of Operations

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

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**Milliman Money Market Fund**

**Statement of Changes in Net Assets**

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| | |
|:---|:---|
|  | **Period** <br> **January 10,** <br> **2022(a) to** <br> **December 31,** <br> **2022**  |
| **Operations:** | |
| Net Investment income | $3943 |
| Net Increase in Net Assets Resulting from Operations | 3943 |
| **Distributions to Shareholders:(b)** |  |
| Distributions to shareholders | (3941) |
| **Capital Share Transactions:(b)** |  |
| Proceeds from shares sold | 1903069 |
| Reinvestments | 3891 |
| Cost of shares redeemed | (1703643) |
| Net Increase/(Decrease) in Net Assets from Capital Share Transactions | 203317 |
| Total Increase/(Decrease) in Net Assets | 203319 |
| **Net Assets:** |  |
| Beginning of the period | – |
| End of the period | $203319 |
| **Change in Shares Outstanding:(b)** |  |
| Shares sold | 1903069 |
| Shares reinvested | 3891 |
| Shares redeemed | (1703643) |
| Net Increase/(Decrease) | 203317 |

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<br> (a) Commencement of Operations

<br> (b) Class 3

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

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**Milliman Money Market Fund**

**Financial Highlights**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per Share Operating Performance (for a share** <br> **outstanding throughout each period)**  | **Per Share Operating Performance (for a share** <br> **outstanding throughout each period)**  | **Per Share Operating Performance (for a share** <br> **outstanding throughout each period)**  | **Per Share Operating Performance (for a share** <br> **outstanding throughout each period)**  | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** | **Ratios/Supplemental Data:** |
|  | | | | | | | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) | Ratio to Average Net Assets of: (a) |
|  |<br>Net Asset <br> Value, <br> Beginning <br> of Period  |<br>Net <br> investment <br> income  |<br>Distributions <br> from Net <br> Investment <br> Income  |<br>Net Asset <br> Value, End <br> of Period  | <br>Total <br> return (b)  |<br>Net assets, <br> end of <br> period <br> (000)  | Expenses, <br> gross (c)  | Expenses, <br> net (c)(d)  | Net <br> investment <br> income  |
| For the period 1/10/22 (e) - 12/31/22 | $1.00 | 0.02 | (0.02) | $1.00 | 1.64% | $203 | 47.12% | 0.21% | 1.93% |

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<br> (a) Annualized for periods less than one year.

(b) Total return is based on the change in net asset value of a share during the period, assumes reinvestment of dividends and distributions at net asset value and is not annualized for periods less than one year. Total return reflects waivers/reimbursements by the Advisor. Performance would have been lower had the waivers/reimbursements not been in effect. Total return does not include fees, charges, or expenses imposed by the variable annuity and life insurance contracts for which the Fund serves as an underlying investment vehicle. If total return had taken these into account, performance would have been lower.

(c) Ratios of expenses to average net assets do not include expenses of the Portfolio in which the Fund invests. Including these expenses, the expense ratios before waivers/reimbursements and net of waivers/reimbursements would be 47.32% and 0.38%, respectively.

<br> (d) Net expenses reflect fee waivers and expense reimbursements by the Advisor.

<br> (e) Commencement of operations.

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

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**Milliman Money Market Fund**

**Notes to Financial Statements** 

**December 31, 2022**

**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 December 31, 2022, the Trust consisted of 84 operational series. This report pertains to the Milliman Money Market Fund (the "Fund"). The remaining series are presented in a separate report. The Fund is classified as diversified under the 1940 Act. The 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 Fund have equal rights and privileges. As of December 31, 2022, only Class 3 shares were offered, which have no front-end sales load, deferred sales charge, or redemption fee. The Fund commenced operations on January 10, 2022.

The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.

The Fund pursues its investment objective by investing all of its investable assets in Institutional Shares of the Goldman Sachs Government Money Market Fund (the "Portfolio"), a series of the Goldman Sachs Variable Insurance Trust, which is a Delaware statutory trust registered under the 1940 Act as an open-end management investment company. This structure is sometimes called a "master/feeder" structure. The Portfolio has the same investment objective and substantially similar investment policies as the Fund and, therefore, is subject generally to the same risks as the Fund. The Portfolio seeks to achieve its investment objective by investing only in "government securities," as such term is defined or interpreted under the 1940 Act, and repurchase agreements collateralized by such securities. "Government securities" generally are securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities. The percentage of the Portfolio owned by the Fund as of December 31, 2022 was 0.01%. The financial statements of the Portfolio, including the Schedule of Investments, are included elsewhere in this report and should be read in conjunction with the Fund's financial statements.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the 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*. For accounting and financial reporting purposes, the Fund is treated as a fund-of-funds.

**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 Fund determines its NAV per share as of the close of regular trading on the New York Stock Exchange (the "Exchange") (generally 4:00 p.m., Eastern time) on each business day the Exchange is open for regular trading. If the Exchange closes early on a valuation day, the Fund shall determine NAV as of that time. The NAV per share of the Fund is calculated by dividing the value of the Fund's total assets, less its liabilities (including accrued expenses), by the number of shares outstanding. Because the Fund currently invests all of its investable assets in the Portfolio, its assets consist primarily of an interest in the Portfolio. The value of this interest will depend on the value of the assets of the Portfolio and its liabilities and expenses. In accordance with Rule 2a-7 under the 1940 Act, each of the Fund and the Portfolio seeks to maintain a stable price of $1.00 per share by using the amortized cost method to value portfolio securities and rounding the share value to the nearest cent.

**Valuation**

Shares of the Portfolio held by the Fund are valued at NAV as reported by the Portfolio.

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**Milliman Money Market Fund**

**Notes to Financial Statements** 

**December 31, 2022**

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:

<br> Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

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| | |
|:---|:---|
| Level 2 - | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |

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| | |
|:---|:---|
| Level 3 - | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |

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As of December 31, 2022, the value of the Fund's investment in the Portfolio was determined based on Level 1 inputs. 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 an interest-bearing demand deposit account with the Fund's custodian.

**Organizational and Offering Costs** 

Organizational and 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.

Organizational costs are expensed as incurred and include legal fees pertaining to the organization of the Trust, costs of forming the Fund, drafting of bylaws, servicing agreements, and audit fees for the initial seed audits. Offering costs are recorded as a deferred asset and are amortized on a straight-line basis for a period of twelve months upon commencement of operations of the Fund. Offering costs include legal fees pertaining to the preparation, review and filing of the Fund's initial registration statement with the SEC, and printing, mailing or other distribution charges related to the Fund's prospectus and statement of additional information. Organizational costs and offering costs are subject to the Fund's Expense Limitation Agreement (See Note 4).

**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.

In addition to the advisory fees and other expenses reflected on the Statement of Operations, the Fund indirectly bears the investment management fees and other expenses of the Portfolio in which it invests.

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**Milliman Money Market Fund**

**Notes to Financial Statements** 

**December 31, 2022**

**Distributions to Shareholders**

Distributions to shareholders are recorded on the ex-dividend date. All or substantially all of the Fund's net investment income will be declared as a dividend daily. Dividends will normally be declared daily as of 4:00 p.m., Eastern time, as a dividend and distributed monthly. Distributions will be reinvested as of the last calendar day of each month. Cash distributions normally will be paid on or about the first business day of each month. Net short-term capital gains, if any, will be distributed in accordance with federal income tax requirements and may be reflected in the Fund's daily distributions. Distributions of net realized capital gains, if any, will be declared and paid at least annually by the Fund.

**3. Federal Taxes Information**

There is no provision for federal income taxes, as it is the 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.

The 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 Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. The Fund does not have any unrecognized tax benefits or uncertain tax positions that would require a provision for income tax. Accordingly, the Fund did not incur any interest or penalties for the period ended December 31, 2022.

For financial reporting purposes, any permanent differences resulting from book and tax treatment are reclassified between distributable earnings and paid-in capital in the period that the differences arise. Results of operations and net assets are not affected by these reclassifications. As of December 31, 2022, there were no such reclassifications.

At December 31, 2022, the cost of investments for federal tax purposes was $202,514 and there was no unrealized appreciation or depreciation.

For the period ended December 31, 2022, the tax character of distributions by the Fund was as follows:

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| | |
|:---|:---|
| **Net**<br>**Ordinary**<br>**Income** | **Total**<br>**Distributions**<br>**Paid** |
| $3941 | $3941 |

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For the period ended December 31, 2022, the components of distributable earnings on a tax basis were as follows:

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| | | |
|:---|:---|:---|
| **Undistributed Net** <br> **Ordinary Income** | **Unrealized** <br> **Appreciation/** <br> **(Depreciation)** <br> **on Investments** | **Total** <br> **Distributable** <br> **Earnings** |
| $2 | $– $| 2 |

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**4. Advisory Fees and Other Agreements**

The Trust has an Investment Advisory Agreement with Milliman Financial Risk Management LLC ("Milliman") to furnish investment advisory services to the Fund. Pursuant to the Investment Advisory Agreement, Milliman is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.03% of the Fund's average daily net assets. However, Milliman has contractually agreed to waive its management fee until at least April 30, 2023. This contract cannot be terminated or modified without the consent of the Board of Trustees of the Trust (the "Board").

Milliman has contractually agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit the Fund's total annual Fund operating expenses (which include net expenses of the Portfolio and offering and organizational expenses of the Fund, but exclude taxes, interest, brokerage fees and commissions, acquired fund fees and expenses, and extraordinary or non-routine expenses not incurred in the ordinary course of the Fund's business) to 0.43% of the Fund's average daily net assets (the "Expense Limitation Agreement") until at least April 30, 2023. During its term, the Expense Limitation Agreement cannot be terminated or amended to increase the applicable limit without approval of the Board.

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**Milliman Money Market Fund**

**Notes to Financial Statements** 

**December 31, 2022**

Milliman has also agreed to voluntarily waive fees and/or reimburse expenses of the Fund to avoid a negative yield. Such yield waivers and reimbursements are voluntary and could be modified or terminated at any time at the discretion of Milliman without notice.

Milliman may not recoup any advisory fees waived or expenses reimbursed pursuant to the above agreements.

U.S. Bancorp Fund Services, LLC d/b/a U.S. Bank Global Fund Services, a subsidiary of U.S. Bancorp, serves as the 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 Fund's custodian pursuant to a custody agreement. Foreside Fund Services, LLC (the "Distributor") serves as the Fund's 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 the Fund's Class 3 shares. The Rule 12b-1 Plan permits the Fund to pay the Distributor, as the Fund's principal underwriter, for expenses associated with the distribution of Class 3 shares of the Fund. 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 Fund 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 Fund or its shareholders.

Certain employees of Foreside Fund Officer Services, LLC, an affiliate of the Distributor, serve as Treasurer and Principal Financial Officer and Chief Compliance Officer and Anti-Money Laundering Officer to the Trust.

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 Fund.

**5. Beneficial Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates a presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, American International Group (AIG) and Milliman each directly owned greater than 25% of the outstanding shares of the Fund.

**6. Risks**

The Portfolio, and therefore the Fund, 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 a security or other asset 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 Fund and the Portfolio are described more fully in the Fund's prospectus.

**7. Guarantees and Indemnifications**

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

**8. Subsequent Events**

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.

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**Milliman Money Market Fund**

**<u>Report of Independent Registered Public Accounting Firm</u>**

To the Shareholders and Board of Trustees of Milliman Variable Insurance Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Milliman Money Market Fund (the "Fund"), a series of Milliman Variable Insurance Trust, as of December 31, 2022, the related statements of operations and changes in net assets, the related notes, and the financial highlights for the period from January 10, 2022 (commencement of operations) through December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations, the changes in net assets, and the financial highlights for the period from January 10, 2022 (commencement of operations) through December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor for one or more Funds in the Trust since 2021.

![](mmmfncsr002.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 27, 2023

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**Milliman Money Market Fund**

**Additional Information (Unaudited)** 

**December 31, 2022**

**1. INFORMATION ABOUT PROSPECTUS**

This report has been prepared for shareholders and may be distributed to others only if preceded or accompanied by a current prospectus. Investors should consider the investment objective and policies, risk considerations, charges and ongoing expenses of an investment carefully before investing. The prospectus contains this and other information relevant to an investment in the Fund. Please read the Prospectus carefully before investing. A copy of the Prospectus may be obtained without charge by writing to the Trust's Distributor, or by calling toll free at 1–855–700–7959 or visiting www. millimanfunds.com.

**2. PROXY VOTING POLICIES AND PROCEDURE**

The Trust's Proxy Voting Policies and Procedures are available without charge, upon request, by calling 1–855–700–7959 and on the SEC's website at <u>www.sec.gov</u>. Information relating to how each Fund voted proxies relating to portfolio securities held during each year ended June 30 is also available on the SEC's website at <u>www.sec.gov</u>.

**3. INFORMATION ABOUT PORTFOLIO SECURITIES**

The Fund's Form N-MFP, which had information about the Fund and its holdings, is available without charge: (i) upon request, by calling 1-855-700-7959; (ii) on the SEC's website at www.sec.gov; and (iii) on the Fund's website at www. millimanfunds.com.

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**Milliman Money Market Fund**

**Trustees and Officers (Unaudited)** 

**December 31, 2022**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***Name, Address and <br> Year of Birth*** | ***Position with*** <br> ***the Trust*** | ***Length***<br> ***of Time*** <br> ***Served\****  | ***Principal Occupation(s)*** <br> ***During Past 5 Years***  | ***Number of*** <br> ***Portfolios*** <br> ***in Fund*** <br> ***Complex<sup>(a)</sup>*** <br> ***Overseen*** <br> ***by Trustee*** <br> ***or Officer***  | ***Other*** <br> ***Directorships*** <br> ***Held by*** <br> ***Trustee or*** <br> ***Officer in the*** <br> ***Past Five*** <br> ***Years***  |
| ***Independent Trustees<sup>1</sup>*** | | | | | |
| Eric Berg <br> 71 South Wacker Drive, <br> 31st Floor, Chicago, IL <br> 60606<br> (1958)<br>| Trustee | Since July <br> 2021<br>| Owner of With You in Mind (independent analysis and research firm for insurance, asset management and wealth-management topics) since 2019; Chief Financial Officer of Midwest Holding Inc. (insurance and asset management company) since 2022; Chief Financial Officer of Aviva India from 2018 to 2019; Investment Banker at Macquarie Capital from 2016 to 2018.  | 95 |  |
| Nicholas Dalmaso <br> 71 South Wacker Drive, <br> 31st Floor, Chicago, IL <br> 60606<br> (1965)<br>| Lead <br> Independent <br> Trustee<br>| Since July <br> 2021<br>| General Counsel of EquityBee, Inc. since 2022; Founder/CEO of Sound Capital Holdings, Sound Capital Distributors (a FINRA registered Broker/Dealer) and Sound Capital Solutions (an Investment Advisor) since 2020; General Counsel of M1 Holdings Inc. and M1 Finance LLC (FINRA registered Broker/Dealer) from 2014 to 2021, Chief Compliance Officer of M1 Finance LLC from 2014 to 2019.<br>| 95 | Chair of Destra Capital Management <br> Bank Investment Company Boards (4 portfolios) since 2010; Independent Director of Keno/Kozie Associates (IT Consulting) from 2016 to 2018.  |
| Daniel Ross Hayes <br> 71 South Wacker Drive, <br> 31st Floor, Chicago, IL <br> 60606<br> (1957)<br>| Trustee | Since July <br> 2021<br>| Director, Treasurer and Investment Committee Chair of ShoreRivers, Inc. (non-profit clean water advocacy corporation) since 2017.  | 95 |  |
| Colleen McKenna-Tucker <br> 71 South Wacker <br> Drive, 31st Floor, <br> Chicago, IL 60606<br> (1970)<br>| Trustee | Since <br> September<br> 2021<br>| Executive Director of International Insurance Society (membership organization for the risk and insurance industry) since 2004.<br>| 95 |  |

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**Milliman Money Market Fund**

**Trustees and Officers (Unaudited)** 

**December 31, 2022**

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Interested Trustee & Officer*** | ***Interested Trustee & Officer*** | | | |
| Adam Schenck<sup>2</sup> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1981) | Chair of the Board, President and Interested Trustee | Since November<br> 2020 | Principal Managing Director – Head of Fund Services of Milliman Financial Risk Management LLC since 2005. | 95 |
| ***Officers*** |  |  |  |  |
| Arthur W. Jasion<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1965) | Treasurer and Principal Financial Officer | Since July<br> 2021  | Senior Principal Consultant and Fund Principal Financial Officer of Foreside Management Services, LLC since 2020; Partner, Ernst & Young LLP from 2012 to 2020. | N/A |
| Roger Pries<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1965) | Chief Compliance Officer and Anti–Money Laundering Officer | Since July<br> 2021 | Fund Chief Compliance Officer of Foreside Fund Officer Services, LLC since 2019; Compliance Officer from 2016 to 2019 and Operational Risk Manager/Vice President from 2007 to 2016 at Citi Fund Services. | N/A |
| Ehsan Sheikh<br> 71 South Wacker Drive,<br> 31st Floor, Chicago, IL<br> 60606<br> (1987) | Secretary and Chief Legal Officer | Since July<br> 2021  | Senior Counsel of Milliman Financial Risk Management LLC since 2017, Associate Counsel from 2014 to 2017. | N/A |

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<br> <sup>1</sup> The Trustees of the Trust who are not "interested persons", as defined under section 2(a)(19) of the 1940 Act, of the Trust (the "*Independent Trustees*")

<br> <sup>2</sup> Adam Schenck is an "interested person", as defined by the 1940 Act, of the Trust because of his employment by Milliman.

*The Statement of Additional Information includes additional information about the Trustees and is available upon request, without charge, by calling 1–877–386–3890.*

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INVESTMENT ADVISOR

Milliman Financial Risk Management LLC

71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

DISTRIBUTOR

Foreside Fund Services, LLC

Three Canal Plaza

Portland, ME 04101

CUSTODIAN

U.S. Bank, N.A.

1555 North RiverCenter Drive, Suite 302

Milwaukee, WI 53212

LEGAL COUNSEL

Stradley Ronon Stevens & Young LLP

191 North Wacker Drive, Suite 1601

Chicago, IL 60606

and

2005 Market Street, Suite 2600

Philadelphia, PA 19103

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, Ohio 44115

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![](mmmfncsr003.jpg)

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Goldman Sachs Government Money Market Fund

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| | |
|:---|:---|
| **TABLE OF CONTENTS** |  |
| [Fund Basics](#b001) | 4 |
| [Schedule of Investments](#b002) | 5 |
| [Financial Statements](#b003) | 7 |
| [Financial Highlights](#b004) | 10 |
| [Notes to Financial Statements](#b005) | 12 |
| [Report of Independent Registered Public Accounting Firm](#b006) | 18 |
| [Other Information](#b007) | 19 |

---

&nbsp;&nbsp;***You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.***

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

&nbsp;&nbsp;&nbsp;&nbsp; **I N V E S T M E N T O B J E C T I V E**<br>The Fund seeks to maximize current income to the extent consistent with the preservation of capital and the maintenance of liquidity by investing exclusively in high quality money market instruments.<br>

**Portfolio Management Discussion and Analysis**

*Below, the Goldman Sachs Money Market Portfolio Management Team discusses the Goldman Sachs Variable Insurance Trust — Goldman Sachs Government Money Market Fund's (the "Fund") performance and positioning for the 12-month period ended December 31, 2022 (the "Reporting Period").*

***How did the Fund perform during the Reporting Period?***

The Fund's Institutional Shares' standardized 7-day current yield was 4.18% and their standardized 7-day effective yield was 4.26% as of December 31, 2022. The Institutional Shares' one-month simple average yield was 3.97% as of December 31, 2022. The Institutional Shares' 7-day distribution yield as of December 31, 2022 was 4.18%.

The Fund's Service Shares' standardized 7-day current yield was 3.93% and their standardized 7-day effective yield was 4.00% as of December 31, 2022. The Service Shares' one-month simple average yield was 3.72% as of December 31, 2022. The Service Shares' 7-day distribution yield as of December 31, 2022 was 3.93%.

*The yields represent past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance quoted above.*

*Yields will fluctuate as market conditions change. The yield quotations more closely reflect the current earnings of the Fund than total return quotations.*

***What economic and market factors most influenced the money markets as a whole during the Reporting Period?***

During the Reporting Period, the money markets were most influenced by Federal Reserve ("Fed") policy, inflationary trends and U.S. economic data.

In January 2022, when the Reporting Period began, the Federal Open Market Committee ("FOMC") kept the targeted federal funds ("fed funds") rate unchanged in a range between zero and 25 basis points but hinted that a rate hike might come in March. (A basis point is 1/100th of a percentage point.) In February, inflation surged to multi-decade highs, as energy and commodity prices in particular jumped in response to Russia's invasion of Ukraine late that month. Following the onset of the Russia/Ukraine war and against the backdrop of tightening financial conditions, a number of developed markets' central banks, including the Fed, took policy action. The FOMC raised the targeted fed funds rate by 25 basis points in March, the first rate hike since the end of 2018.

Inflation continued to rise during the spring, with the core U.S. Consumer Price Index ("CPI") reaching its highest level in nearly four decades in May 2022 and hitting a new high in June, as rising energy and food costs pushed up prices. (Core CPI data excludes food and energy prices.) Against this backdrop, the FOMC hiked the targeted fed funds rate by 50 basis points in May and then by another 75 basis points in June, the latter being the largest single rate increase since 1994. Policymakers also signaled they would continue tightening monetary policy at an aggressive pace. On June 1st, the Fed began to reduce the size of its balance sheet.

During July 2022, the Fed raised the targeted fed funds rate by 75 basis points, though comments by Fed Chair Jerome Powell suggested a potential deceleration in the pace of future rate hikes. In August, at the Fed's Jackson Hole symposium, Powell dispelled near-term prospects of a policy pivot, stressing that Fed officials remained committed to "restoring price stability" and acknowledging this might require "a restrictive policy stance for some time." At its September policy meeting, the FOMC increased the targeted fed funds rate another 75 basis points.

In October 2022, Fed officials began to contend that inflation was likely to decline in the near term should demand weaken and supply-chain issues soften as they anticipated. However, policymakers also suggested they would end their current tightening cycle with short-term interest rates at a higher level than many market participants had expected. Near the beginning of November, the FOMC hiked the targeted fed funds rate by 75 basis points to a range of between 3.75% and 4.00%.

In December 2022, the Fed stepped down the pace of its interest rate hikes, implementing a 50 basis point increase in the targeted fed funds rate, but emphasized that policymakers were not stepping back from the task of taming inflation. The median policymaker projection at the end of the Reporting Period signaled a higher peak funds rate of 5.00% to 5.25% and a higher-for-longer rate environment.

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

In this environment, the yields of taxable and tax-exempt money market funds increased significantly. Investments in U.S. taxable money market funds remained rather flat during the Reporting Period, at approximately $4.6 trillion, according to iMoneyNet. As for U.S. tax-exempt money market funds, investments increased during the Reporting Period from $86 billion to $108 billion, according to iMoneyNet.

Interestingly, while record high inflation and hawkish implications from U.S. labor market and inflation data led front-end, or short-term, rates to rise across the money market maturity spectrum, the taxable money market yield curve actually remained rather stable in a moderately steepened position during the Reporting Period overall. (Yield curve is a spectrum of interest rates based on maturities of varying lengths. A steepened yield curve is one wherein the yields on longer-term maturities are higher than yields on shorter-term maturities; opposite of a flat yield curve.)

Money market funds overall remained a viable investment for investors seeking stability, liquidity and/or yield amid ongoing uncertainty and elevated volatility in the financial markets broadly.

***What key factors were responsible for the Fund's performance during the Reporting Period?***

The Fund's yields increased during the Reporting Period, largely because of the economic and market factors discussed above. The Fund remained highly liquid throughout the Reporting Period.

The Fund continued to be flexibly guided by shifting marketing conditions, and we positioned the Fund to seek to take advantage of the Fed's tightening monetary policy. During the Reporting Period, the Fund's positioning along the money market yield curve and in specific securities was predicated on market expectations around interest rates and Fed rate hikes in the near term. The overall strategy of the Fund focused on shorter weighted average maturities and longer weighted average life, as we sought to take advantage of the unprecedented rise in interest rates.

Indeed, duration management and duration positioning play a key role in our management philosophy. (Duration is a measure of a fund's sensitivity to changes in interest rates.) That said, it should be noted that regardless of interest rate conditions, we manage the Fund consistently. Our investment approach has always been tri-fold — to seek preservation of capital, daily liquidity and maximization of yield potential. We manage interest, liquidity and credit risk daily. Whether interest rates are historically low, high or in-between, we intend to continue to use our actively managed approach to provide the best possible return within the framework of the Fund's guidelines and objectives.

***How did you manage the Fund's weighted average maturity during the Reporting Period?***

On December 31, 2021, the Fund's weighted average maturity was 7 days. At any given time, the Fund's weighted average maturity is based on how market interest rates compare with our near-term expectations, including supply dynamics and monetary policy. At the end of the Reporting Period, the Fund's weighted average maturity was 6 days. Maintaining weighted average maturities on the lower end of historical ranges during most of the Reporting Period was additive to Fund performance overall given the rising rate environment.

Throughout the Reporting Period, we focused on U.S. government agency repurchase agreements, U.S. Treasuries, U.S. government agency securities, U.S. Treasury repurchase agreements and floating rate, or variable rate, demand notes when and where we saw what we considered to be attractive opportunities. The Fund primarily held instruments with a maturity of one year or less.

The weighted average maturity of a money market fund is a measure of its price sensitivity to changes in interest rates. Also known as effective maturity, weighted average maturity measures the weighted average of the maturity date of bonds held by the Fund taking into consideration any available maturity shortening features.

***How did you manage the Fund's weighted average life during the Reporting Period?***

During the Reporting Period, we managed the weighted average life of the Fund between 33 days and 110 days. The weighted average life of the Fund was 113 days as of December 31, 2021, and was 42 days on December 31, 2022. The weighted average life of a money market fund is a measure of a money market fund's price sensitivity to changes in liquidity and/or credit risk.

Under amendments to SEC Rule 2a-7 that became effective in May 2010, the maximum allowable weighted average life of a money market fund is 120 days. While one of the goals of the SEC's money market fund rule is to reinforce conservative investment practices across the money market fund industry, our security selection process has long emphasized conservative investment choices.

**2**<br>

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

***How was the Fund invested during the Reporting Period?***

The Fund had investments in U.S. government agency repurchase agreements, U.S. Treasury securities, U.S. government agency securities, U.S. Treasury repurchase agreements and floating rate, or variable rate, demand notes during the Reporting Period.

Adding most to Fund performance during the Reporting Period tended to be its floating rate exposure and its overnight repurchase agreement positions, which benefited in the rising rate environment. Conversely, the Fund's fixed rate positions, albeit a modest percentage of Fund assets, detracted from performance during the Reporting Period.

Throughout, we stayed true to our investment discipline, favoring liquidity and high quality credits over added yield. The primary focal points for our team are consistently managing interest rate risk and credit risk. We were able to navigate interest rate risk by adjusting the Fund's weighted average maturity longer or shorter as market conditions shifted and to mitigate potential credit risk by buying high quality, creditworthy names, strategies which added to the Fund's performance during the Reporting Period.

Throughout the Reporting Period, we managed the Fund's allocations to different sub-sectors of the money market depending on their relative value. We also adapted a flexible approach to our duration management and positioning so that we could take advantage of opportunities wherever they may arise.

***Did you make any changes in the Fund's portfolio during the Reporting Period?***

We made adjustments to the Fund's weighted average maturity, weighted average life and specific security type composition allocations based on then-current market conditions, our near-term view, and anticipated and actual Fed monetary policy statements. During the Reporting Period, we generally increased the Fund's exposure to Treasury floating rate securities and reduced its exposure to fixed rate securities.

***Were there any changes to the Fund's portfolio management team during the Reporting Period?***

David Fishman, managing director and head of liquidity solutions at Goldman Sachs Asset Management retired on December 31, 2022. Shaun Cullinan, head of U.S. Money Market Portfolio Management at Goldman Sachs Asset Management remains the portfolio manager of the Fund. By design, all investment decisions for the Fund are performed within a team structure, with multiple subject matter experts. This strategic decision making has been a cornerstone of our approach and helps ensure continuity in the Fund.

***What is the Fund's tactical view and strategy for the months ahead?***

At the end of the Reporting Period, inflationary pressures appeared to be easing, albeit from elevated levels, as goods and energy prices — the key drivers of the sharp acceleration in 2021 and most of 2022 — began to ease. Annual U.S. headline and core inflation fell in the last months of the calendar year, reaching 6.5% and 5.7%, respectively, at the end of the calendar year, suggesting the U.S. may be entering a phase of disinflation required for a potential soft landing. (A soft landing, in economics, is a cyclical downturn that avoids recession. It typically describes attempts by central banks to raise interest rates just enough to stop an economy from overheating and experiencing high inflation, without causing a significant increase in unemployment, or a hard landing.)

After unprecedented tightening in 2022, we anticipate three interest rate hikes of 25 basis points each by the Fed in 2023 for a terminal rate of 5.0% to 5.25%, in line with the median Fed policymaker projection in December 2022.

Looking ahead, our strategy continues to be flexibly guided by shifting market conditions, positioning the Fund and its duration to seek to take advantage of anticipated interest rate movements or lack thereof. As always, we intend to continue to use our actively managed approach to seek the best possible return within the framework of the Fund's investment guidelines and objectives. In addition, we will continue to manage interest, liquidity and credit risk daily.

We will, of course, continue to closely monitor economic data, Fed policy, and any shifts in the money market yield curve, as we strive to strategically navigate the interest rate environment.

**3**<br>

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F U N D B A S I C S

&nbsp;&nbsp;&nbsp;&nbsp; **F U N D C O M P O S I T I O N<sup>†</sup>** <br>

****

<br> **Security Type** 

**(Percentage of Net Assets)**

![](mmmfncsr004.jpg)

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| | |
|:---|:---|
| † | The Fund is actively managed and, as such, its portfolio composition may differ over time. The percentage shown for each investment category reflects the value (based on amortized cost) of investments in that category as a percentage of net assets. Figures in the above chart may not sum to 100% due to the exclusion of other assets and liabilities. |

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For more information about your Fund, please refer to www.GSAMFUNDS.com. There, you can learn more about your Fund's investment strategies, holdings, and performance.

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

Schedule of Investments

*December 31, 2022*

 

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| | | | |
|:---|:---|:---|:---|
| **Principal** <br> **Amount**  | **Interest** <br> **Rate**  | **Maturity** <br> **Date**  | &nbsp;&nbsp;&nbsp;&nbsp; **Amortized** <br> **Cost**  |
| **U.S. Government Agency Obligations – 3.2%** | **U.S. Government Agency Obligations – 3.2%** | **U.S. Government Agency Obligations – 3.2%** | **U.S. Government Agency Obligations – 3.2%** |
| **Federal Farm Credit Banks Funding Corp. (SOFR + 0.06%)** | **Federal Farm Credit Banks Funding Corp. (SOFR + 0.06%)** | **Federal Farm Credit Banks Funding Corp. (SOFR + 0.06%)** | **Federal Farm Credit Banks Funding Corp. (SOFR + 0.06%)** |
| $2500000 | 4.490 %<sup>(a)(b)</sup> | 01/03/23 | $2500000 |
| 2100000 | 4.465 <sup>(a)</sup> | 04/05/24 | 2099948 |
| 500000 | 4.370 <sup>(a)</sup> | 04/29/24 | 499408 |
| 4300000 | 4.475 <sup>(a)</sup> | 06/27/24 | 4299750 |
| 500000 | 4.370 <sup>(a)</sup> | 07/22/24 | 499232 |
| 1300000 | 4.405 <sup>(a)</sup> | 09/13/24 | 1298377 |
| 700000 | 4.470 <sup>(a)</sup> | 09/17/24 | 699988 |
| 4300000 | 4.490 <sup>(a)</sup> | 10/16/24 | 4300000 |
| 200000 | 4.470 <sup>(a)</sup> | 11/14/24 | 199927 |
| 2400000 | 4.500 <sup>(a)</sup> | 11/25/24 | 2400000 |
| 2100000 | 4.490 <sup>(a)</sup> | 12/19/24 | 2100000 |
| 5300000 | 4.500 <sup>(a)</sup> | 12/27/24 | 5300000 |
| Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.02%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.02%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.02%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.02%) |
| 900000 | 4.480 <sup>(a)</sup> | 04/05/23 | 899994 |
| 500000 | 4.482 <sup>(a)</sup> | 05/12/23 | 500000 |
| Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.04%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.04%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.04%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.04%) |
| 1500000 | 4.495 <sup>(a)</sup> | 10/23/23 | 1499951 |
| 3000000 | 4.500 <sup>(a)</sup> | 10/30/23 | 2999925 |
| Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.06%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.06%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.06%) | Federal Farm Credit Banks Funding Corp. (3 Mo. U.S. T-Bill MMY + 0.06%) |
| 200000 | 4.515 <sup>(a)</sup> | 01/31/23 | 200006 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.13%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.13%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.13%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.13%) |
| 500000 | 4.375 <sup>(a)</sup> | 02/01/23 | 500000 |
| Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.15%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.15%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.15%) | Federal Farm Credit Banks Funding Corp. (Prime Rate - 3.15%) |
| 900000 | 4.355 <sup>(a)</sup> | 04/13/23 | 899992 |
| Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes | Federal Home Loan Bank Discount Notes |
| 700000 | 3.164 | 02/21/23 | 696956 |
| 3400000 | 4.711 | 05/19/23 | 3340829 |
| 2800000 | 4.770 | 05/24/23 | 2748893 |
| Federal Home Loan Banks (SOFR + 0.08%) | Federal Home Loan Banks (SOFR + 0.08%) | Federal Home Loan Banks (SOFR + 0.08%) | Federal Home Loan Banks (SOFR + 0.08%) |
| 5230000 | 4.660 | 11/14/23 | 5229688 |
| 2400000 | 4.660 | 11/15/23 | 2399352 |
| 2400000 | 4.670 | 11/17/23 | 2399457 |
| 1800000 | 4.700 | 11/24/23 | 1799353 |
| 2200000 | 4.750 | 11/24/23 | 2199695 |
| 2100000 | 4.680 | 11/29/23 | 2099807 |
| 3600000 | 4.460 <sup>(a)</sup> | 02/23/24 | 3600000 |
| 400000 | 4.385 <sup>(a)</sup> | 03/01/24 | 399675 |
| 200000 | 4.370 <sup>(a)</sup> | 07/01/24 | 199703 |
| 14400000 | 4.500 <sup>(a)</sup> | 11/22/24 | 14400000 |
| U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) | U.S. International Development Finance Corp. (3 Mo. U.S. T-Bill + 0.00%) |
| 3400765 | 4.500 <sup>(a)</sup> | 01/07/23 | 3400764 |
| 2925000 | 4.555 <sup>(a)</sup> | 01/07/23 | 2925000 |
| **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** | **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |  | $81535670 |
| **U.S. Treasury Obligations – 10.4%** | **U.S. Treasury Obligations – 10.4%** | **U.S. Treasury Obligations – 10.4%** | **U.S. Treasury Obligations – 10.4%** |
| United States Treasury Bills | United States Treasury Bills | United States Treasury Bills | United States Treasury Bills |
| $2700000 | 2.887% | 01/19/23 | $2696206 |
| 1800000 | 2.913 | 01/19/23 | 1797449 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal** <br> **Amount**  | **Principal** <br> **Amount**  | **Interest** <br> **Rate**  | **Maturity** <br> **Date**  | &nbsp;&nbsp;&nbsp;&nbsp; **Amortized** <br> **Cost**  |
| **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** | **U.S. Treasury Obligations – (continued)** |
| United States Treasury Bills – (continued) | United States Treasury Bills – (continued) | United States Treasury Bills – (continued) | United States Treasury Bills – (continued) | United States Treasury Bills – (continued) |
| $| 200000 | 2.969% | 01/19/23 | $199711 |
|  | 1011000 | 2.990 | 01/19/23 | 1009529 |
|  | 900000 | 2.995 | 01/19/23 | 898688 |
|  | 21389000 | 3.005 | 01/26/23 | 21345628 |
|  | 2000000 | 4.605 | 05/18/23 | 1966207 |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
|  | 36000000 | 4.600 <sup>(a)</sup> | 10/31/24 | 35935790 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill |
|  | MMY - 0.02%) |  |  |  |
|  | 2000000 | 4.445 <sup>(a)</sup> | 01/31/24 | 2000000 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill |
|  | MMY + 0.03%) |  |  |  |
|  | 60000000 | 4.494 <sup>(a)</sup> | 04/30/23 | 60000789 |
|  | 28300000 | 4.489 <sup>(a)</sup> | 07/31/23 | 28300928 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill |
|  | MMY + 0.04%) |  |  |  |
|  | 70400000 | 4.495 <sup>(a)</sup> | 10/31/23 | 70401336 |
| United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill | United States Treasury Floating Rate Note (3 Mo. U.S. T-Bill |
|  | MMY + 0.05%) |  |  |  |
|  | 28600000 | 4.509 <sup>(a)</sup> | 01/31/23 | 28600376 |
| United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes | United States Treasury Notes |
|  | 1500000 | 0.125 | 01/31/23 | 1499038 |
|  | 400000 | 1.375 | 02/15/23 | 399802 |
|  | 2500000 | 2.000 | 02/15/23 | 2503596 |
|  | 500000 | 0.125 | 02/28/23 | 499351 |
|  | 600000 | 2.625 | 02/28/23 | 601677 |
|  | **TOTAL U.S. TREASURY OBLIGATIONS** | **TOTAL U.S. TREASURY OBLIGATIONS** |  | $260656101 |
|  | **TOTAL INVESTMENTS BEFORE** | **TOTAL INVESTMENTS BEFORE** |  |  |
|  | **REPURCHASE AGREEMENTS** | **REPURCHASE AGREEMENTS** |  | $342191771 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Repurchase Agreements<sup>(c)</sup> – 86.2%** |  |  | |
| BNP Paribas |  |  |  |
| $&nbsp;&nbsp;&nbsp;&nbsp;2500000 | 4.260% | 01/03/23 | $2500000 |
| Maturity Value: $2,501,183 |  |  |  |
| Collateralized by a U.S. Treasury Floating Rate Note, 4.323%, due 04/30/24 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/37 to 11/15/45. The market value of the collateral, including accrued interest, was $2,550,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Collateralized by a U.S. Treasury Floating Rate Note, 4.323%, due 04/30/24 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/37 to 11/15/45. The market value of the collateral, including accrued interest, was $2,550,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Collateralized by a U.S. Treasury Floating Rate Note, 4.323%, due 04/30/24 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/37 to 11/15/45. The market value of the collateral, including accrued interest, was $2,550,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Collateralized by a U.S. Treasury Floating Rate Note, 4.323%, due 04/30/24 and U.S. Treasury Interest-Only Stripped Securities, 0.000%, due 02/15/37 to 11/15/45. The market value of the collateral, including accrued interest, was $2,550,000.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Joint Account III |  |  |  |
| 2162900000 | 4.303 | 01/03/23 | 2162900000 |
| Maturity Value: $2,163,934,073 |  |  |  |
| **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | **TOTAL REPURCHASE AGREEMENTS** | $2165400000 |
| **TOTAL INVESTMENTS – 99.8%** | **TOTAL INVESTMENTS – 99.8%** | **TOTAL INVESTMENTS – 99.8%** | $2507591771 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.2%** | 5168522 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $2512760293 |

---

**The accompanying notes are an integral part of these financial statements. 5**

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Schedule of Investments (continued)

*December 31, 2022*

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

<br> (a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on December 30, 2022.

<br> (b) The instrument is subject to a demand feature.

<br> (c) Unless noted, all repurchase agreements were entered into on December 30, 2022. Additional information on Joint Repurchase Agreement Account III appears in the Additional Investment Information section.

Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

Maturity dates represent either the final legal maturity date on the security, the demand date for puttable securities, the date of the next interest rate reset for variable rate securities, or the prerefunded date for those types of securities.

**Investment Abbreviations:** 

MMY—Money Market Yield

Prime —Federal Reserve Bank Prime Loan Rate US

SOFR—Secured Overnight Financing Rate

T-Bill—Treasury Bill

**A D D I T I O N A L I N V E S T M E N T I N F O R M A T I O N**

JOINT REPURCHASE AGREEMENT ACCOUNT III — At December 31, 2022, the Fund had undivided interests in the Joint Repurchase Agreement Account III, with a maturity date of January 3, 2023, as follows:

---

| | | |
|:---|:---|:---|
| **Principal Amount** | **Maturity Value** | **Collateral Value** |
| $2162900000 | $2163934073 | $2222739198 |

---

REPURCHASE AGREEMENTS — At December 31, 2022, the Principal Amounts of the Fund's interest in the Joint Repurchase Agreement Account III were as follows:

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Interest<br> Rate** | **Principal<br> Amount** |
| ABN Amro Bank N.V. | 4.300% | $463478571 |
| Bank of America, N.A. | 4.300 | 386232143 |
| Bank of Montreal | 4.300 | 154492857 |
| BofA Securities, Inc. | 4.300 | 386232143 |
| Credit Agricole Corporate and Investment Bank | 4.300 | 154492857 |
| Wells Fargo Securities LLC | 4.310 | 617971429 |
| **TOTAL** |  | $2162900000 |

---

At December 31, 2022, the Joint Repurchase Agreement Account III was fully collateralized by:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Interest<br> Rates** | **Maturity<br> Dates** |
| Federal Home Loan Mortgage Corp. | 2.000 to 6.500% | 04/01/36 to 01/01/53 |
| Federal National Mortgage Association | 1.500 to 7.000 | 09/01/23 to 02/01/57 |
| Government National Mortgage Association | 2.500 to 5.000 | 02/20/45 to 08/20/52 |
| U.S. Treasury Bill | 0.000 | 03/23/23 |
| U.S. Treasury Bond | 2.250 | 08/15/46 |
| U.S. Treasury Notes | 0.625 to 3.875 | 03/31/24 to 08/15/31 |

---

**6**&nbsp;&nbsp;&nbsp;&nbsp; **The accompanying notes are an integral part of these financial statements.**

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Statement of Assets and Liabilities

*December 31, 2022*

---

| | |
|:---|:---|
| **Assets:** | |
| Investments based on amortized cost | $342191771 |
| Repurchase agreements based on amortized cost | 2165400000 |
| Cash | 46319 |
| Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 5849551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 2590133 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reimbursement from investment advisor | 20509 |
| Other assets | 19945 |
| **Total assets** | 2516118228 |
| **Liabilities:** |  |
| Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased | 2500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares redeemed | 360418 |
| &nbsp;&nbsp;&nbsp;&nbsp;Management fees | 269672 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution and Service fees and Transfer Agency fees | 176086 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividend distribution | 958 |
| Accrued expenses | 50801 |
| **Total liabilities** | 3357935 |
| **Net Assets:** |  |
| Paid-in capital | 2512770147 |
| Total distributable earnings (loss) | (9854) |
| **NET ASSETS** | $2512760293 |
| Net asset value, offering and redemption price per share | $1.00 |
| Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | $1834292675 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Shares | 678467618 |
| Total Net Assets | $2512760293 |
| Shares outstanding $0.001 par value (unlimited number of shares authorized): |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | 1834299864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Shares | 678470264 |

---

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

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Statement of Operations

*For the Year Ended December 31, 2022*

---

| | |
|:---|:---|
| **Investment Income:** | |
| Interest income | $31778292 |
| **Expenses:** |  |
| Management fees | 2537165 |
| Distribution and Service fees — Service Shares | 1515217 |
| Transfer Agency fees<sup>(a)</sup> | 317117 |
| Professional fees | 163769 |
| Custody, accounting and administrative services | 65143 |
| Printing and mailing fees | 55660 |
| Trustee fees | 31189 |
| Other | 9853 |
| **Total expenses** | 4695113 |
| Less — expense reductions | (680298) |
| **Net expenses** | 4014815 |
| **NET INVESTMENT INCOME** | $27763477 |
| **Net realized loss from investment transactions** | (219781) |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $27543696 |

---

(a) Institutional and Service Shares incurred Transfer Agency fees of $195,909 and $121,208, respectively.

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

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Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **For the<br> Fiscal Year Ended<br> December 31, 2022** | **For the<br> Fiscal Year Ended<br> December 31, 2021** |
| **From operations:** |  |  |
| Net investment income | $27763477 | $49734 |
| Net realized gain (loss) from investment transactions | (219781) | 5853 |
| **Net increase in net assets resulting from operations** | 27543696 | 55587 |
| **Distributions to shareholders:** |  |  |
| From distributable earnings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Institutional Shares | (18642223) | (34324) |
| &nbsp;&nbsp;&nbsp;&nbsp;Service Shares | (8911722) | (32088) |
| **Total distributions to shareholders** | (27553945) | (66412) |
| **From share transactions (at $1.00 per share):** |  |  |
| Proceeds from sales of shares | 2307084458 | 690873762 |
| Reinvestment of distributions | 27550932 | 66343 |
| Cost of shares redeemed | (846623441) | (827803075) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1488011949 | (136862970) |
| **TOTAL INCREASE (DECREASE)** | 1488001700 | (136873795) |
| **Net assets:** |  |  |
| Beginning of year | 1024758593 | 1161632388 |
| End of year | $2512760293 | $1024758593 |

---

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

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Financial Highlights

*Selected Data for a Share Outstanding Throughout Each Year*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** |
|  | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** | **Institutional Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Net investment income<sup>(a)</sup> | 0.016 | — <sup>(b)</sup> | 0.004 | 0.021 | 0.017 |
| Distributions to shareholders from net investment income<sup>(c)</sup> | (0.016) | — <sup>(b)</sup> | (0.004) | (0.021) | (0.017) |
| Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total return<sup>(d)</sup> | 1.58% | 0.01% | 0.43% | 2.11% | 1.74% |
| Net assets, end of year (in 000's) | $1834293 | $523751 | $582216 | $363783 | $411447 |
| Ratio of net expenses to average net assets | 0.17% | 0.09% | 0.18% | 0.18% | 0.18% |
| Ratio of total expenses to average net assets | 0.20% | 0.21% | 0.20% | 0.21% | 0.23% |
| Ratio of net investment income to average net assets | 1.92% |  | 0.35% | 2.06% | 1.73% |

---

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from
 current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
 distributions.

(e) Amount is less than 0.005%.

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

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Financial Highlights (continued)

*Selected Data for a Share Outstanding Throughout Each Year*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** | **Goldman Sachs Government Money Market Fund** |
|  | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** | **Service Shares** |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2022** | **2021** | **2020** | **2019** | **2018** |
| **Per Share Data:** |  |  |  |  |  |
| Net asset value, beginning of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Net investment income<sup>(a)</sup> | 0.014 | — <sup>(b)</sup> | 0.003 | 0.018 | 0.015 |
| Distributions to shareholders from net investment income<sup>(c)</sup> | (0.014) | — <sup>(b)</sup> | (0.003) | (0.018) | (0.015) |
| Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Total return<sup>(d)</sup> | 1.37% | 0.01% | 0.27% | 1.86% | 1.48% |
| Net assets, end of year (in 000's) | $678468 | $501008 | $579416 | $350112 | $368652 |
| Ratio of net expenses to average net assets | 0.38% | 0.09% | 0.33% | 0.43% | 0.43% |
| Ratio of total expenses to average net assets | 0.45% | 0.46% | 0.45% | 0.46% | 0.48% |
| Ratio of net investment income to average net assets | 1.48% |  | 0.19% | 1.81% | 1.48% |

---

(a) Calculated based on the average shares outstanding methodology.

(b) Amount is less than $0.0005 per share.

(c) Distributions may not coincide with the current year net investment income or net realized gains as distributions may be paid from
 current or prior year earnings.

(d) Assumes reinvestment of all distributions. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund
 distributions.

(e) Amount is less than 0.005%.

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

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Notes to Financial Statements

*December 31, 2022*

**1. &nbsp;&nbsp;&nbsp;&nbsp; ORGANIZATION**

Goldman Sachs Variable Insurance Trust (the "Trust" or "VIT") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Trust includes the Goldman Sachs Government Money Market Fund (the "Fund"). The Fund is a diversified portfolio under the Act offering two classes of shares — Institutional and Service Shares. Shares of the Trust are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Fund pursuant to a management agreement (the "Agreement") with the Trust.

**2.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES**

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and require management to make estimates and assumptions that may affect the reported amounts and disclosures. Actual results may differ from those estimates and assumptions. The Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

A. Investment Valuation — The investment valuation policy of the Fund is to use the amortized-cost method permitted by Rule 2a-7 under the Act for valuing portfolio securities. The amortized-cost method of valuation involves valuing a security at its cost and thereafter applying a constant accretion or amortization to maturity of any discount or premium. Normally, a security's amortized cost will approximate its market value. Under procedures and tolerances approved by the Board of Trustees ("Trustees"), GSAM evaluates daily the difference between the Fund's net asset value ("NAV") per share using the amortized costs of its portfolio securities and the Fund's NAV per share using market-based values of its portfolio securities. The market-based value of a portfolio security is determined, where readily available, on the basis of market quotations provided by pricing services or securities dealers, or, where accurate market quotations are not readily available, on the basis of the security's fair value as determined in accordance with the Valuation Procedures. The pricing services may use valuation models or matrix pricing, which may consider (among other things): (i) yield or price with respect to debt securities that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value.

B. Investment Income and Investments — Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost.

C. Class Allocations and Expenses — Investment income, realized and unrealized gain (loss), if any, and non-class specific expenses of the Fund are allocated daily based upon the proportion of net assets of each class. Class specific expenses, where applicable, are borne by the respective share classes and include Distribution and Service and Transfer Agency fees. Non-class specific expenses directly incurred by the Fund are charged to the Fund, while such expenses incurred by the Trust are allocated across the Fund on a straight-line and/or pro-rata basis depending upon the nature of the expenses.

D. Federal Taxes and Distributions to Shareholders — It is the Fund's policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the "Code"), applicable to regulated investment companies (mutual funds) and to distribute each year substantially all of its investment company taxable and tax-exempt income and capital gains to its shareholders. Accordingly, the Fund is not required to make any provisions for the payment of federal income tax. Distributions to shareholders are declared and recorded daily and paid monthly by the Fund and may include short-term capital gains. Long-term capital gain distributions, if any, are declared and paid annually. The Fund may defer or accelerate the timing of the distribution of short-term capital gains (or any portion thereof).

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal income tax rules, which may differ from GAAP. The source of the Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Fund's net assets on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

**12**

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**2.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (continued)**

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

---

| | | |
|:---|:---|:---|
| | **2022** | &nbsp;&nbsp;**2021** |
| Distribution paid from: |  |  |
| Ordinary income | $27553945 | &nbsp;&nbsp;$66412 |
| **Total taxable distributions** | $27553945 | &nbsp;&nbsp;$66412 |

---

As of December 31, 2022, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | |
|:---|:---|
| Undistributed ordinary income — net | $210888 |
| Capital loss carryforward: Perpetual Short-Term | (210225) |
| Timing differences (Distributions Payable and Post-October Capital Loss Deferral) | (10517) |
| Total accumulated earnings (losses) — net | $(9854) |

---

The amortized cost for the Fund stated in the accompanying Statement of Assets and Liabilities also represents aggregate cost for U.S. federal income tax purposes.

GSAM has reviewed the Fund's tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Fund's financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

E. Forward Commitments — A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although the Fund will generally purchase securities on a forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of forward commitments prior to settlement which may result in a realized gain or loss.

F. Repurchase Agreements — Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price, under the terms of a Master Repurchase Agreement ("MRA"). During the term of a repurchase agreement, the value of the underlying securities held as collateral on behalf of the Fund, including accrued interest, is required to exceed the value of the repurchase agreement, including accrued interest. The gross value of repurchase agreements is included in the Statement of Assets and Liabilities for financial reporting purposes. The underlying securities for all repurchase agreements are held at the Fund's custodian or designated sub-custodians under tri-party repurchase agreements.

An MRA governs transactions between the Fund and select counterparties. An MRA contains provisions for, among other things, initiation of the transaction, income payments, events of default, and maintenance of securities for repurchase agreements. An MRA also permits offsetting with collateral to create one single net payment in the event of default or similar events, including the bankruptcy or insolvency of a counterparty.

If the seller defaults, the Fund could suffer a loss to the extent that the proceeds from the sale of the underlying securities and other collateral held by the Fund are less than the repurchase price and the Fund's costs associated with delay and enforcement of the repurchase agreement. In addition, in the event of default or insolvency of the seller, a court could determine that the Fund's interest in the collateral is not enforceable, resulting in additional losses to the Fund.

**13**

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Notes to Financial Statements (continued)

*December 31, 2022*

**2.&nbsp;&nbsp;&nbsp;&nbsp;SIGNIFICANT ACCOUNTING POLICIES (continued)**

Pursuant to exemptive relief granted by the Securities and Exchange Commission ("SEC") and terms and conditions contained therein, the Fund, together with other funds of the Trust and registered investment companies having management agreements with GSAM or its affiliates, may transfer uninvested cash into joint accounts, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Fund maintains pro-rata credit exposure to the underlying repurchase agreements' counterparties. With the exception of certain transaction fees, the Fund is not subject to any expenses in relation to these investments.

**3. &nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS AND FAIR VALUE MEASUREMENTS**

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Fund's policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Trustees have approved Valuation Procedures that govern the valuation of the portfolio investments held by the Fund, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation (including both the amortized cost and market-based methods of valuation) of the Fund's investments. To assess the continuing appropriateness of pricing sources and methodologies related to the market-based method of valuation, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

As of December 31, 2022, all investments, including repurchase agreements, are classified as Level 2 of the fair value hierarchy. Please refer to the Schedule of Investments for further detail.

**4 . &nbsp;&nbsp;&nbsp;&nbsp;AGREEMENTS AND AFFILIATED TRANSACTIONS**

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Fund's business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of the Fund's average daily net assets.

B. Distribution and Service (12b-1) Plan — The Trust, on behalf of the Service Shares of the Fund, has adopted a Distribution and Service Plan subject to Rule 12b-1 under the Act. Under the Distribution and Service Plan, Goldman Sachs, which serves as

**14**

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

**4 . &nbsp;&nbsp;&nbsp;&nbsp;AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

distributor (the "Distributor"), is entitled to a fee accrued daily and paid monthly, for distribution services and personal and account maintenance services, which may then be paid by Goldman Sachs to authorized dealers, equal to, on an annual basis, 0.25% of the Fund's average daily net assets attributable to Service Shares.

C. Transfer Agency Agreement — Goldman Sachs also serves as the transfer agent of the Fund for a fee pursuant to a Transfer Agency Agreement. The fee charged for such transfer agency services is accrued daily and paid monthly at an annual rate of 0.02% of the Fund's average daily net assets of Institutional Shares and Service Shares.

D. Other Expense Agreements — GSAM has agreed to limit certain "Other Expenses" of the Fund (excluding acquired fund fees and expenses, transfer agency fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent that such expenses exceed, on an annual basis, 0.004% of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. This Other Expense limitation will remain in place through at least April 29, 2023, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. In addition, the Fund has entered into certain offset arrangements with the custodian and the transfer agent, which may result in a reduction of the Fund's expenses and are received irrespective of the application of the "Other Expense" limitation described above. For the year ended December 31, 2022, these expense reductions, including any fee waiver and Other Expense reimbursements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Distribution,** |  |  |  |
|  | **Administration,** |  |  |  |
|  | **Service and/or** |  |  |  |
|  | **Shareholder** |  | **Other** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** |
| **Management** | **Administration** | **Transfer Agency** | **Expense** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Expense** |
| **Fee Waivers** | **Plans Fee Waivers** | **Waiver** | **Reimbursements** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Reductions** |
| $121035 | $257929 | $39149 | $262185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$680298 |

---

E. Contractual and Net Fund Expenses — The investment adviser may contractually agree to waive or reimburse certain fees and expenses until a specified date. The investment adviser or transfer agent may also voluntarily waive certain fees and expenses, and such voluntary waivers may be discontinued or modified at any time without notice. The following table outlines such fees (net of waivers) and Other Expenses (net of reimbursements and custodian and transfer agency fee credit reductions) in order to determine the Fund's net annualized expenses for the fiscal year. The Fund is not obligated to reimburse GSAM or Goldman Sachs for prior fiscal year fee waivers and/or expense reimbursements, if any.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Shares** | **Institutional Shares** | **Service Shares** | **Service Shares** |
| <br>**Fee/Expense Type** | **Contractual rate,<br> if any** | **Ratio of net expenses to<br> average net assets<br> for the year ended<br> December 31, 2022** | **Contractual rate,<br> if any** | **Ratio of net expenses to<br> average net assets<br> for the year ended<br> December 31, 2022** |
| Management Fee | 0.16% | 0.15% | 0.16% | 0.15% |
| Distribution and Service Fees | N/A | N/A | 0.25 | 0.21 |
| Transfer Agency Fees | 0.02 | 0.02 | 0.02 | 0.02 |
| Other Expenses |  | — <sup>(a)</sup> |  | — <sup>(a)</sup> |
| Net Expenses |  | 0.17% |  | 0.38% |

---

(a) Amount is less than 0.005% of average net assets.

N/A — Fees not applicable to respective share class.

F. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common Trustees.

For the fiscal year ended December 31, 2022, there were no purchase and sale transactions with affiliated funds.

**15**

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

Notes to Financial Statements (continued)

*December 31, 2022*

**4 . &nbsp;&nbsp;&nbsp;&nbsp;AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)**

G. Line of Credit Facility — As of December 31, 2022, the Fund participated in a $1,250,000,000 committed, unsecured revolving line of credit facility (the "facility") together with other funds of the Trust and certain registered investment companies having management agreements with GSAM or its affiliates. This facility is to be used for temporary emergency purposes, or to allow for an orderly liquidation of securities to meet redemption requests. The interest rate on borrowings is based on the federal funds rate. The facility also requires a fee to be paid by the Fund based on the amount of the commitment that has not been utilized. For the fiscal year ended December 31, 2022, the Fund did not have any borrowings under the facility. Prior to April 22, 2022, the facility was $1,000,000,000.

**5. &nbsp;&nbsp;&nbsp;&nbsp;OTHER RISKS**

The Fund's risks include, but are not limited to, the following:

Floating and Variable Rate Obligations Risk — Floating rate and variable rate obligations are debt instruments issued by companies or other entities with interest rates that reset periodically (typically, daily, monthly, quarterly, or semiannually) in response to changes in the market rate of interest on which the interest rate is based. Such market rates are generally the Secured Overnight Financing Rate, London Interbank Offered Rate ("LIBOR"), the Prime Rate of a designated U.S. bank, the Federal Funds Rate, or another base lending rate used by commercial lenders. For floating and variable rate obligations, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such an obligation, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate obligation that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to an obligation's interest rate payment not being immediately impacted by a decline in interest rates.

At the end of 2021, certain LIBORs were discontinued, but the most widely used LIBORs may continue to be provided on a representative basis until June 2023. The unavailability or replacement of LIBOR may affect the value, liquidity or return on certain Fund investments and may result in costs incurred in connection with closing out positions and entering into new trades. Any pricing adjustments to the Fund's investments resulting from a substitute reference rate may also adversely affect the Fund's performance and/or NAV.

Interest Rate Risk — When interest rates increase, the Fund's yield will tend to be lower than prevailing market rates, and the market value of its investments will generally decline. The Fund may face a heightened level of interest rate risk in connection with the type and extent of certain monetary policy changes made by the Federal Reserve, such as target interest rate changes. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. The risks associated with changing interest rates may have unpredictable effects on the markets and the Fund's investments. A low interest rate environment poses additional risks to the Fund because low yields on the Fund's portfolio holdings may have an adverse impact on the Fund's ability to provide a positive yield to its shareholders, pay expenses out of current income, or minimize the volatility of the Fund's NAV per share and/ or achieve its investment objective. Fluctuations in interest rates may also affect the liquidity of the Fund's investments. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Large Shareholder Transactions Risk — The Fund may experience adverse effects when certain large shareholders, such as other funds, participating insurance companies, accounts and Goldman Sachs affiliates, purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions, which may occur rapidly or unexpectedly, may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments resulted in gains, and may also increase transaction costs. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio.

**16**

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G O L D M A N S A C H S V A R I A B L E I N S U R A N C E T R U S T G O V E R N M E N T M O N E Y M A R K E T F U N D

**5. &nbsp;&nbsp;&nbsp;&nbsp;OTHER RISKS (continued)**

Market and Credit Risks — In the normal course of business, the Fund trades financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**6. &nbsp;&nbsp;&nbsp;&nbsp;IDEMNIFICATIONS**

Under the Trust's organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

**7. &nbsp;&nbsp;&nbsp;&nbsp;SUBSEQUENT EVENTS**

Subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

**8. &nbsp;&nbsp;&nbsp;&nbsp;SUMMARY OF SHARE TRANSACTIONS**

Share activity is as follows:

---

| | | |
|:---|:---|:---|
| | **For the Fiscal Year Ended**<br>**December 31, 2022** | **For the Fiscal Year Ended**<br>**December 31, 2021** |
| **Institutional Shares\*** |  |  |
| Shares sold | 1919889511 | 496281091 |
| Reinvestment of distributions | 18639420 | 34294 |
| Shares redeemed | (627979771) | (554775442) |
|  | 1310549160 | (58460057) |
| **Service Shares\*** |  |  |
| Shares sold | 387194947 | 194592671 |
| Reinvestment of distributions | 8911512 | 32049 |
| Shares redeemed | (218643670) | (273027633) |
|  | 177462789 | (78402913) |
| **NET INCREASE (DECREASE) IN SHARES** | 1488011949 | (136862970) |

---

\* Valued at $1.00 per share.

**17**

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Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of Goldman Sachs Variable Insurance Trust and Shareholders of

Goldman Sachs Government Money Market Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs Government Money Market Fund (one of the funds constituting Goldman Sachs Variable Insurance Trust, referred to hereafter as the "Fund") as of December 31, 2022, the related statement of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2022, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2022 and the financial highlights for each of the five years in the period ended December 31, 2022 in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 14, 2023

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

**18**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

---

| |
|:---|
| **Fund Expenses — Six Month Period Ended December 31, 2022 (Unaudited)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As a shareholder of Institutional Shares and Service Shares of the Fund, you incur ongoing costs, including management fees; distribution and service (12b-1) fees (with respect to Service Shares); and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.<br>The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022, through December 31, 2022, which represents a period of 184 days of a 365 day year.<br>*Actual Expenses* — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid" to estimate the expenses you paid on your account during this period.<br>*Hypothetical Example for Comparison Purposes* — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual net expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.<br>Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges, redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.  |

---

---

| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Share Class** | <br>**Beginning**<br>**Account Value**<br>**7/1/22** | <br>**Ending**<br>**Account Value**<br>**12/31/22** | **Expenses Paid**<br>**for the**<br>**6 Months**<br>**Ended**<br>**12/31/22**\* |
| &nbsp;&nbsp;**<u>Institutional Shares</u>** |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1014.02 | $0.91 |
| &nbsp;&nbsp;Hypothetical 5% return | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1,024.30+ | $0.92 |
| &nbsp;&nbsp;**<u>Service Shares</u>** |  |  |  |
| &nbsp;&nbsp;Actual | $1000.00 | $1012.74 | $2.18 |
| &nbsp;&nbsp;Hypothetical 5% return | $1000.00 | &nbsp;&nbsp;&nbsp;&nbsp;$1,023.04+ | $2.19 |

---

---

| | |
|:---|:---|
| \* | Expenses are calculated using the Fund's annualized net expense ratio for each class, which represents the ongoing expenses as a percentage of net assets for the six months ended December 31, 2022. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal half year (or, since inception, if shorter); and then dividing that result by the number of days in the period. The annualized net expense ratios for the period were 0.18% and 0.43% for Institutional Shares and Service Shares, respectively. |
| + | Hypothetical expenses are based on the Fund's actual annualized net expense ratio and an assumed rate of return of 5% per year before expenses. |

---

**19**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

**Trustees and Officers (Unaudited)**

**Independent Trustees**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br> Address and Age<sup>1</sup>** | &nbsp;&nbsp;**Position(s) Held<br> with the Trust** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee<sup>3</sup>** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee<sup>4</sup>** |
| **Jessica Palmer<sup>5</sup> Age: 73** | &nbsp;&nbsp;**Chair of the<br> Board of Trustees** | &nbsp;&nbsp;**Since 2018<br> (Trustee<br> since 2007)** | &nbsp;&nbsp; **Ms. Palmer is retired. She was formerly Consultant, Citigroup Human Resources Department (2007-2008); Managing Director, Citigroup Corporate and Investment Banking (previously, Salomon Smith Barney/Salomon Brothers) (1984-2006). Ms. Palmer was a Member of the Board of Trustees of Indian Mountain School (private elementary and secondary school) (2004-2009).**<br> **Chair of the Board of Trustees — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** |  |
| **Dwight L. Bush<br> Age: 65** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2020** | &nbsp;&nbsp; **Ambassador Bush is President and CEO of D.L. Bush & Associates (a financial advisory and private investment firm) (2002-2014 and 2017- Present); Director of MoneyLion, Inc. (an operator of a data-driven, digital financial platform) (2021- Present); and was formerly U.S. Ambassador to the Kingdom of Morocco (2014-2017) and a Member of the Board of Directors of Santander Bank, N.A. (2018-2019). Previously, Ambassador Bush served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br> **<br> Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**MoneyLion, Inc. (an operator of a data-driven, digital financial platform)** |
| **Kathryn A. Cassidy<br> Age: 68** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2015** | &nbsp;&nbsp; **Ms. Cassidy is retired. She is Director, Vertical Aerospace Ltd. (an aerospace and technology company) (2021-Present). Formerly, Ms. Cassidy was Advisor to the Chairman (May 2014- December 2014); and Senior Vice President and Treasurer (2008-2014), General Electric Company & General Electric Capital Corporation (technology and financial services companies).**<br> **<br> Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**Vertical Aerospace Ltd. (an aerospace and technology company)** |
| **John G. Chou<br> Age: 66** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2022** | &nbsp;&nbsp; **Mr. Chou is Executive Vice President and Special Advisor to the Chairman and CEO of AmerisourceBergen Corporation (a pharmaceutical and healthcare company) (2021- Present); and formerly held various executive management positions with AmerisourceBergen Corporation, including Executive Vice President and Chief Legal Officer (2019-2021); Executive Vice President and Chief Legal & Business Officer (2017-2019); and Executive Vice President and General Counsel (2011-2017).**<br> **<br> Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** |  |
| **Diana M. Daniels<sup>5</sup> Age: 73** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2007** | &nbsp;&nbsp; **Ms. Daniels is retired. Formerly, she was Vice President, General Counsel and Secretary, The Washington Post Company (1991-2006). Ms. Daniels is a Trustee Emeritus and serves as a Presidential Councillor of Cornell University (2013-Present); Director of 1735 NY Investments, LLC (oversees an investment fund that supports the mission of the American Institute of Architects) (2022-Present); former Member of the Legal Advisory Board, New York Stock Exchange (2003-2006) and of the Corporate Advisory Board, Standish Mellon Management Advisors (2006- 2007).**<br> **<br> Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** |  |

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**20**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

**Trustees and Officers (Unaudited) (continued)**

**Independent Trustees**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,**<br> **Address and Age<sup>1</sup>** | &nbsp;&nbsp;**Position(s) Held**<br> **with the Trust** | &nbsp;&nbsp;**Term of**<br> **Office and**<br> **Length of**<br> **Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s)**<br> **During Past 5 Years** | &nbsp;&nbsp;**Number of**<br> **Portfolios in**<br> **Fund Complex**<br> **Overseen by**<br> **Trustee<sup>3</sup>** | &nbsp;&nbsp;**Other**<br> **Directorships**<br> **Held by Trustee<sup>4</sup>** |
| **Joaquin Delgado**<br> **Age: 62**<br>| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2020** | &nbsp;&nbsp; **Dr. Delgado is retired. He is Director, Stepan Company (a specialty chemical manufacturer) (2011-Present); and was formerly Director, Hexion Inc. (a specialty chemical manufacturer) (2019- 2022); Executive Vice President, Consumer Business Group of 3M Company (July 2016- July 2019); and Executive Vice President, Health Care Business Group of 3M Company (October 2012-July 2016). Previously, Dr. Delgado served as an Advisory Board Member of Goldman Sachs Trust and Goldman Sachs Variable Insurance Trust (October 2019-January 2020).**<br>**Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**Stepan Company (a specialty chemical manufacturer)** |
| **Eileen H. Dowling**<br> **Age: 60**<br>| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2021** | &nbsp;&nbsp; **Ms. Dowling is retired. Formerly, she was Senior Advisor (April 2021-September 2021); and Managing Director (2013-2021), BlackRock, Inc. (a financial services firm).**<br>**Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** |  |
| **Gregory G. Weaver**<br> **Age: 71** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2015** | &nbsp;&nbsp; **Mr. Weaver is retired. He is Director, Verizon Communications Inc. (2015-Present); and was formerly Chairman and Chief Executive Officer, Deloitte & Touche LLP (a professional services firm) (2001-2005 and 2012-2014); and Member of the Board of Directors, Deloitte & Touche LLP (2006-2012).**<br> **<br> Trustee — Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** | &nbsp;&nbsp;**Verizon Communications Inc.** |
| **Paul C. Wirth**<br> **Age:65** | &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;**Since 2022** | &nbsp;&nbsp; **Mr. Wirth is retired. Formerly, he was Deputy Chief Financial Officer and Principal Accounting Officer (2011-2020); Finance Director and Principal Accounting Officer (2010-2011); and Managing Director, Global Controller, and Chief Accounting Officer (2005-2010) of Morgan Stanley.**<br> **<br> Trustee—Goldman Sachs Variable Insurance Trust and Goldman Sachs Trust.** | &nbsp;&nbsp;**103** |  |

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**21**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

**Trustees and Officers (Unaudited) (continued)**

**Interested Trustee**\*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,<br> Address and Age<sup>1</sup>** | &nbsp;&nbsp;**Position(s) Held<br> with the Trust** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex<br> Overseen by<br> Trustee<sup>3</sup>** | &nbsp;&nbsp;**Other<br> Directorships<br> Held by Trustee<sup>4</sup>** |
| **James A. McNamara<br> Age: 60** | &nbsp;&nbsp;**President<br> and Trustee** | &nbsp;&nbsp;**Since 2007** | &nbsp;&nbsp; **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br> **<br> President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** | &nbsp;&nbsp;**172** |  |

---

\* *Mr. McNamara is considered to be an "Interested Trustee" because he holds positions with Goldman Sachs and owns securities issued by The Goldman Sachs Group, Inc. Mr. McNamara holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.*

*<sup>1</sup>* *Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline Kraus. Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Subject to such policies as may be adopted by the Board from time-to-time, each Trustee holds office for an indefinite term, until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns or is removed by the Board or shareholders, in accordance with the Trust's Declaration of Trust; or (c) the termination of the Trust. The Board has adopted policies which provide that each Independent Trustee shall retire as of December 31st of the calendar year in which he or she reaches (a) his or her 75th birthday or (b) the 15th anniversary of the date he or she became a Trustee, whichever is earlier, unless a waiver of such requirements shall have been adopted by a majority of the other Trustees. These policies may be changed by the Trustees without shareholder vote.* 

*<sup>3</sup>* *The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of December 31, 2022, Goldman Sachs Trust consisted of 88 portfolios; Goldman Sachs Variable Insurance Trust consisted of 15 portfolios (12 of which offered shares to the public); Goldman Sachs Trust II consisted of 18 portfolios (7 of which offered shares to the public); Goldman Sachs ETF Trust consisted of 46 portfolios (29 of which offered shares to the public); Goldman Sachs ETF Trust II consisted of 2 portfolios (1 of which offered shares to the public); and Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Credit Income Fund and Goldman Sachs Real Estate Diversified Income Fund each consisted of one portfolio. Goldman Sachs Credit Income Fund did not offer shares to the public.* 

*<sup>4</sup>* *This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., "public companies") or other investment companies registered under the Act.* 

*<sup>5</sup>* *Ms. Daniels and Ms. Palmer retired as Independent Trustees effective January 1, 2023.* 

Additional information about the Trustees is available in the Funds' Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-621-2550.

**22**

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GOLDMAN SACHS VARIABLE INSURANCE TRUST GOVERNMENT MONEY MARKET FUND

**Trustees and Officers (Unaudited) (continued)**<br> **Officers of the Trust**\*

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| | | | |
|:---|:---|:---|:---|
| **Name, Address and Age<sup>1</sup>** | &nbsp;&nbsp;**Positions Held<br> with the Trust** | &nbsp;&nbsp;**Term of<br> Office and<br> Length of<br> Time Served<sup>2</sup>** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** |
| **James A. McNamara<br> 200 West Street<br> New York, NY 10282<br> Age: 60** | &nbsp;&nbsp;**Trustee and President** | &nbsp;&nbsp;**Since 2007** | &nbsp;&nbsp; **Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998- December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).**<br> **President and Trustee — Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust; Goldman Sachs Trust II; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Caroline L. Kraus<br> 200 West Street<br> New York, NY 10282<br> Age: 45** | &nbsp;&nbsp;**Secretary** | &nbsp;&nbsp;**Since 2012** | &nbsp;&nbsp; **Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (August 2006-December 2015); Senior Counsel, Goldman Sachs (January 2020-Present); Associate General Counsel, Goldman Sachs (2012-December 2019); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).**<br> **Secretary — Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Private Middle Market Credit II LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs ETF Trust; Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |
| **Joseph F. DiMaria<br> 30 Hudson Street<br> Jersey City, NJ 07302<br> Age: 54** | &nbsp;&nbsp;**Treasurer, Principal Financial Officer and Principal Accounting Officer** | &nbsp;&nbsp;**Since 2017 (Treasurer and Principal Financial Officer since 2019)** | &nbsp;&nbsp;**Managing Director, Goldman Sachs (November 2015-Present) and Vice President — Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015). Treasurer, Principal Financial Officer and Principal Accounting Officer — Goldman Sachs Variable Insurance Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust (previously Assistant Treasurer (2016)); Goldman Sachs Trust II (previously Assistant Treasurer (2017)); Goldman Sachs MLP and Energy Renaissance Fund (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust (previously Assistant Treasurer (2017)); Goldman Sachs ETF Trust II; Goldman Sachs Credit Income Fund; and Goldman Sachs Real Estate Diversified Income Fund.** |

---

\* *Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund's Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.* 

*<sup>1</sup>* *Information is provided as of December 31, 2022.* 

*<sup>2</sup>* *Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.* 

&nbsp;&nbsp;&nbsp;&nbsp; **Goldman Sachs Variable Insurance Trust — Tax Information (Unaudited)** <br> For the year ended December 31, 2022, the Government Money Market Fund designated 100.00% of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends. <br>

**23**

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| | |
|:---|:---|
| &nbsp;&nbsp;TRUSTEES | OFFICERS |
| &nbsp;&nbsp;Gregory G. Weaver, *Chair* | James A. McNamara, *President* |
| &nbsp;&nbsp;Dwight L. Bush | Joseph F. DiMaria, *Principal Financial Officer,* |
| &nbsp;&nbsp;Kathryn A. Cassidy | *Principal Accounting Officer and Treasurer* |
| &nbsp;&nbsp;John G. Chou | Caroline L. Kraus, *Secretary* |
| &nbsp;&nbsp;Joaquin Delgado |  |
| &nbsp;&nbsp;Eileen H. Dowling |  |
| &nbsp;&nbsp;James A. McNamara |  |
| &nbsp;&nbsp;Paul C. Wirth |  |

---

---

| |
|:---|
| &nbsp;&nbsp;GOLDMAN SACHS & CO. LLC |
| &nbsp;&nbsp;Distributor and Transfer Agent |
| &nbsp;&nbsp;GOLDMAN SACHS ASSET MANAGEMENT, L.P. |
| &nbsp;&nbsp;Investment Adviser |
| &nbsp;&nbsp;200 West Street, New York |
| &nbsp;&nbsp;New York 10282 |
| &nbsp;&nbsp;Visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. |
| &nbsp;&nbsp;The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management's predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. |
| &nbsp;&nbsp;A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended December 31 is available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission ("SEC") Web site at *http://www.sec.gov.* |
| &nbsp;&nbsp;Views and opinions expressed are for informational purposes only and do not constitute a recommendation by GSAM to buy, sell, or hold any security. Views and opinions are current as of the date of this presentation and may be subject to change, they should not be construed as investment advice. |
| &nbsp;&nbsp;Goldman Sachs & Co. LLC ("Goldman Sachs") does not provide legal, tax or accounting advice. Any statement contained in this communication (including any attachments) concerning U.S. tax matters was not intended or written to be used, and cannot be used, for the purpose of avoiding penalties under the Internal Revenue Code, and was written to support the promotion or marketing of transaction or matter addressed. Clients of Goldman Sachs should obtain their own independent tax advice based on their particular circumstances. |
| &nbsp;&nbsp;The web site links provided are for your convenience only and are not an endorsement or recommendation by GSAM of any of these web sites or the products or services offered. GSAM is not responsible for the accuracy and validity of the content of these web sites. |
| &nbsp;&nbsp;Fund holdings and allocations shown are as of December 31, 2022 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. |
| &nbsp;&nbsp;The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk. |
| &nbsp;&nbsp;**Shares of the Goldman Sachs VIT Funds are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies. Shares of the Fund are not offered directly to the general public. The variable annuity contracts and variable life insurance policies are described in the separate prospectuses issued by participating insurance companies. You should refer to those prospectuses for information about surrender charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the variable annuity contracts or variable life insurance policies. Such fees or charges, if any, may affect the return you may realize with respect to your investments. Ask your representative for more complete information. Please consider a fund's objectives, risks and charges and expenses, and read the prospectus carefully before investing. The prospectus contains this and other information about the Fund.** |
| &nbsp;&nbsp;**This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund's objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550.** |
| &nbsp;&nbsp;This report is prepared for the general information of contract owners and is not an offer of shares of the Goldman Sachs Variable Insurance Trust — Goldman Sachs Government Money Market Fund. |
| &nbsp;&nbsp;© 2023 Goldman Sachs. All rights reserved. |
| &nbsp;&nbsp;VITMMAR-23 306022-OTU-1739754 |

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------

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

#### Item 2. Code of Ethics.

The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. The Registrant has not made any amendments to its code of ethics during the period covered by this report. The Registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

*A copy of the Registrant's Code of Ethics is filed herewith.*

#### Item 3. Audit Committee Financial Expert.

The Registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Eric Berg is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2022 | FYE 12/31/2021 |
| (a) Audit Fees | $504000 | $11500 |
| (b) Audit-Related Fees | - | - |
| (c) Tax Fees | 211000 | - |
| (d) All Other Fees | - | - |

---

---

| | |
|:---|:---|
| (e)(1) | The Registrant's audit committee is responsible for the approval, prior to appointment, of the selection, retention or termination of the independent registered public accounting firm to provide audit, review or attest services to the Registrant. The audit committee is also responsible for the approval, prior to appointment, of the proposed scope of audit services and related fees and for the approval, prior to appointment, of all non-audit services to be provided by the independent registered public accounting firm to the Registrant (subject to certain exceptions), its investment adviser or any entity that controls, is controlled by, or is under common control with the investment adviser that provides ongoing services to the Registrant, when such non-audit services relates directly to the operations and financial reporting of the Registrant. |

---

---

| | |
|:---|:---|
| (e)(2) | There were no services in paragraphs (b) through (d) above (including services required to be approved by the audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X) that were approved pursuant to the waiver provision of paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(f) None of the hours expended on the principal accountant's engagement to audit the Registrant's financial statements for the fiscal year ended December 31, 2022 were attributable to work performed by persons other than the principal
 accountant's full-time, permanent employees.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management
 and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $211,000 and $0 for the fiscal
 years ended December 31, 2022 and 2021, respectively.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.

Not applicable.

#### Item 6. Investments.

(a) Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

#### Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

#### Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

#### Item 10. Submission of Matters to a Vote of Security Holders.

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

------

#### Item 11. Controls and Procedures.

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's President/Principal Executive Officer and Treasurer/Principal Financial Officer have evaluated 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.

#### Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

#### Item 13. Exhibits.

[(a)](coe.htm) [(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.* Filed herewith.](coe.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) *A separate certification for each principal executive and principal financial officer pursuant to Rule 30a-2(a) under the Act and Section 302 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](certs.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) *Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 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;(4) *Change in the Registrant's independent public accountant.* There was no change in the Registrant's independent public accountant for the period covered by this report.

[](sox.htm)

[(b)](sox.htm) [*Certifications pursuant to Rule 30a-2(b) under the Act and Section 906 of the Sarbanes-Oxley Act of 2002.* Filed herewith.](sox.htm) <br>

------

#### <br>

#### 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;(Registrant) <u>Milliman Variable Insurance Trust</u>

By (Signature and Title) <u>/s/</u> <u>Adam Schenck</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adam Schenck, President

Date <u>March 9, 2023</u><br>

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) <u>/s/</u> <u>Adam Schenck</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adam Schenck, President

Date <u>March 9, 2023</u>

By (Signature and Title) <u>/s/ Arthur W. Jasion</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arthur W. Jasion, Treasurer and Principal Financial Officer

Date <u>March 9, 2023</u> 

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## Ex-99.Code

------

EX.99.CODE ETH

**Milliman Variable Insurance Trust<br>** <br>

#### Financial Code of Ethics for Chief Executive and Financial Officers

#### Introduction
Section 406 of the Sarbanes-Oxley Act of 2002 directed the U.S. Securities and Exchange Commission ("SEC") to adopt rules requiring companies to disclose whether or not they have adopted a code of ethics for senior financial officers and, if not, why not. The SEC has adopted rules requiring registered investment companies to make such disclosures. These rules extend coverage to chief executive officers as well as senior financial officers, and require disclosure of waivers or substantive changes in any code. This Code of Ethics (this "Code") addresses these requirements, and is different in nature and scope from the code of ethics adopted as required under Section 17(j) of the Investment Company Act of 1940, as amended (the "1940 Act"), and Rule 17j-1 thereunder, which focuses on personal trading activities.

#### Policy Statement
It is the policy of the Milliman Variable Insurance Trust (the "Trust") and each of its series (each, a "Fund," and collectively, the "Funds") to conduct their affairs in accordance with all applicable laws and governmental rules and regulations. This Code has been adopted by the Board of Trustees of the Trust (the "Board") and applies to the persons appointed by the Board as the Trust's Principal Executive Officer ("Trust PEO"), Principal Financial Officer ("Trust PFO"), and Chief Accounting Officer (Principal Accounting Officer) or any persons performing similar functions ("Covered Officers"). Each Covered Officer is personally responsible for adhering to the standards and restrictions imposed by applicable laws, rules and regulations, including those relating to affiliated transactions, accounting and auditing matters. This Code is designed to deter wrongdoing and promote:

<br> a. honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

<br> b. full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;

<br> c. compliance with applicable governmental laws, rules and regulations;

<br> d. prompt internal reporting to the appropriate person of violations of this Code; and

<br> e. accountability for adherence to this Code.

This Code covers a wide range of business practices and procedures. It does not cover every issue that may arise, but it sets out basic principles to guide Covered Officers. In this regard, each Covered Officer must:

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<br> a. act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law or the Funds' policies;

<br> b. observe both the form and spirit of laws and governmental rules and regulations, and accounting standards;

<br> c. adhere to high standards of business ethics; and

<br> d. place the interests of the Funds and their shareholders before the Covered Officer's own personal interests.

All activities of Covered Officers should be guided by and adhere to these fiduciary standards. Covered Officers should not hesitate to use available resources whenever it is desirable to seek clarification. Covered Officers are encouraged to consult with the Trust's Chief Compliance Officer ("Trust CCO") or the Chief Compliance Officer ("Adviser CCO") of Milliman Financial Risk Management, LLC, the investment adviser to the funds (the "Adviser"), or other appropriate resources, when in doubt about the best course of action in a particular situation.

#### Conflicts of Interest
Covered Officers should handle ethically actual and apparent conflicts of interest. A "conflict of interest" occurs when an individual's personal interests actually or potentially interfere with the interests of a Fund or its shareholders. A conflict of interest can arise when a Covered Officer takes actions or has interests that may make it difficult to perform his duties as a Fund officer objectively and effectively. Service to the Funds should never be subordinated to either a direct or indirect personal gain or advantage.

Certain conflicts of interests arise out of the relationships between Covered Officers and the Funds that already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The compliance programs and procedures of the Funds and the Adviser are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Actual or apparent conflicts may arise from, or as a result of, the contractual relationship between the Funds and the Adviser (or other service provider, *e.g.*, the administrator) of which the Covered Officers are also officers or employees. It is recognized by the Board that the Covered Officers will, in the normal course of their duties, be involved in establishing policies and implementing decisions that will have different effects on the Adviser and the Funds. The Board recognizes that the participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and the Adviser, and is consistent with the Board's understanding of the performance by the Covered Officers of their duties as officers of the Funds. Nonetheless, each Covered Officer recognizes that, as an Officer of the Funds, he or she has a duty to act in the best interests of the Funds and their shareholders.

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If a Covered Officer believes that his or her responsibilities as an officer or employee of the Adviser (or other service provider) are likely to materially compromise his or her objectivity or ability to perform the duties of his or her role as an officer of the Funds, he or she should consult with the Trust CCO or the Adviser CCO. A Covered Officer should also consider whether to present the matter to the Board or an appropriate committee thereof.

In addition, each Covered Officer must:

<br> a. avoid conflicts of interest wherever possible;

<br> b. not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

<br> c. not engage in personal, business or professional relationships or dealings which would impair his or her independence of judgment or adversely affect the performance of his or her duties in the best interests of the Funds and their shareholders; and

<br> d. not cause a Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of the Fund.

Conflicts of interest may not always be evident and Covered Officers should consult with the Trust CCO if they are uncertain about any situation. Examples of possible conflicts of interest include:

a. ***Personal Business Transactions.*** A Covered Officer may not cause a Fund to engage in any business transaction with his or her immediate family members or utilize the Covered Officer's relationship with the Fund to cause any third party to engage in any business transaction with his or her immediate family members. This provision is not intended, however, to restrict Covered Officers and their immediate family members from purchasing or redeeming shares of the Fund (through an insurance company variable contract) as long as such purchases or redemptions are made in accordance with the procedures, limitations and restrictions set forth in the Fund's registration statement. For the purposes of this code, the term "immediate family" means a Covered Officer's spouse, sibling, child, parent, brother- or sister-in-law, or a spouse, sibling, child or parent of any of the foregoing.

b. ***Use of Nonpublic or Confidential Information.*** A Covered Officer may not use, or disclose to a third party, non-public or confidential information about a Fund or its activities or any of the Fund's service providers for the purpose of personal gain by the Covered Officer or his or her immediate family members (including, but not limited to, securities transactions based on such information).

------

c. ***Outside Employment or Activities*.** A Covered Officer may not engage in any outside employment or activity that interferes with his or her duties and responsibilities with respect to the Funds or is otherwise in conflict with or prejudicial to the Funds. A Covered Officer must disclose to the Trust CCO any outside employment or activity that may constitute, or appear to constitute, a conflict of interest and obtain the requisite approval before engaging in such employment or activity. Any such employment or activity is permissible only if it would not be inconsistent with the best interests of the Funds and their shareholders.

d. ***Gifts.*** A Covered Officer may not accept any gift, entertainment, favor, or loan from any person or entity that does, or seeks to do, business with the Funds, which goes beyond the courtesies generally associated with accepted business practice. Non-cash gifts of a *de minimis* nature are considered to be within accepted business practices. Cash gifts of any amount are strictly prohibited. Entertainment (in the form of meals, tickets to events or otherwise) must be reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety.

e. ***Corporate Opportunities.*** A Covered Officer may not exploit, for his or her own personal gain or the personal gain of immediate family members, opportunities that are discovered through the use of Fund property, information, or the Covered Officer's position unless the opportunity is fully disclosed, in writing, to the Board and the Board declines to pursue such opportunity on behalf of the Funds.

f. ***Other Situations.*** Because other conflicts of interest may arise, it is not practical to list in this Code all possible situations that could result in a conflict of interest. If a proposed transaction, interest, personal activity, or investment raises any questions, concerns or doubts, a Covered Officer should consult with the Trust CCO before engaging in the transaction, making the investment or pursuing the interest or activity.

#### Accuracy of Reports, Records and Accounts
All Covered Officers are responsible for the accuracy of the records and reports that they are responsible for maintaining to enable the Funds to provide full, fair and accurate financial information and other disclosure to regulators and Fund shareholders. Accurate information is essential to the Funds' ability to meet legal and regulatory obligations. The books and records of the Funds shall accurately reflect the true nature of the transactions they record in accordance with applicable law, generally accepted accounting principles and Fund policies. The Covered Officers must not create false or misleading documents or accounting, financial or electronic records for any purpose, and must not direct any other person to do so. If a Covered Officer becomes aware that information filed with the SEC, or state regulatory authority, or made available to the public contains any false or misleading information or omits to disclose necessary information, he or she shall promptly report it to the Trust CCO for a determination as to what, if any, corrective action is necessary or appropriate.

------

No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in the Funds' books or records for any reason. No disbursement of Fund assets shall be made without adequate supporting documentation or for any purpose other than as described in the Funds' documents or contracts.

#### Funds' Disclosure Controls and Procedures
Each Covered Officer is required to be familiar, and comply, with the Funds' disclosure controls and procedures. In addition, each Covered Officer having direct or supervisory authority regarding SEC filings or the Funds' other public communications should, to the extent appropriate within his or her area of responsibility, consult with other Fund officers and take other appropriate steps regarding these disclosures with the goal of making full, fair, accurate, timely and understandable disclosure.

Each Covered Officer must:

<br> a. familiarize himself or herself with the disclosure requirements applicable to the Funds as well as the business and financial operations of the Funds;

b. ensure that reasonable steps are taken within his or her areas of responsibility to promote full, fair, accurate, timely and understandable disclosure in all regulatory filings, as well as when communicating with the Funds' shareholders or the general public, in accordance with applicable law;

c. consistent with his or her responsibilities, exercise appropriate supervision over, and assist relevant Fund service providers in developing, financial information and other disclosure that complies with relevant law and presents information in a clear, comprehensible and complete manner; and

<br> d. not knowingly misrepresent, conceal or omit required disclosures of, or cause others to do the same, facts about the Funds, whether to persons within or outside the Funds, including to outside counsel, independent auditors and governmental regulators.

#### Confidential Information
Covered Officers who have access to confidential information are not permitted to use or share that information for their personal benefit or for any other purpose except the conduct of the Funds' business. Covered Officers should maintain the confidentiality of information entrusted to them by the Funds or their shareholders, except when disclosure is authorized or legally mandated. Confidential information includes all non-public information, including information that might be of use to competitors, or harmful to the Funds or their shareholders if disclosed.

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All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly by the Funds. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and counsel to the Trust ("Trust Counsel").

#### Compliance, Reporting and Recordkeeping
a. ***Compliance.*** Any Covered Officer who violates the provisions of this Code will be subject to disciplinary action and appropriate sanctions, up to and including termination. Sanctions shall be imposed by the Trust PEO, subject to review by the full Board, in their sole discretion. Depending on the nature and severity of the violation, the Funds may refer such violation to appropriate authorities for civil action or criminal prosecution.

b. ***Reporting.*** Each Covered Officer shall:

<br> (i) upon receipt of the Code or upon becoming a Covered Officer, sign and submit an Initial Acknowledgement (form attached) confirming that he/she has received, read and understands the Code;

<br> (ii) annually, sign and submit an Annual Acknowledgement (form attached) confirming that he or she has complied with the requirements of the Code;

<br> (iii) not retaliate against any Covered Officer or other person for making reports of violations in good faith; and

(iv) notify the Trust CCO of any actual or potential violation of this Code, whether the violation or potential violation was committed by the Covered Officer personally or by another Covered Officer. Failure to do so is itself a violation of this Code. The Funds will not retaliate against any Covered Officer for making reports of violations in good faith, but will not be precluded from taking appropriate disciplinary action for the violations themselves.

Except as described otherwise below, the Trust CCO is authorized to apply this Code to situations presented to it and has the authority to interpret this Code in any particular situation.

The Trust CCO shall take all action it considers appropriate to investigate any actual or potential violations reported to it, and the Trust CCO is authorized and encouraged to consult, as appropriate, with the Trust PEO. The Trust CCO is responsible for granting waivers from the terms and provisions of this Code, as the Trust CCO deems appropriate. Any waiver granted by the Trust CCO shall be reported to the Board at the next regularly scheduled Board meeting.

***c.*** ***Recordkeeping.*** The Funds will maintain and preserve for a period of not less than six (6) years from the date such action is taken, the first two (2) years in an easily accessible place, a copy of the information or materials supplied to the Trust PEO and/or Board: (i) that provided the basis for any amendment or waiver to this Code, and (ii) relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Trust PEO and/or Board.

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#### <br>

#### Waivers of Provisions of the Code
A waiver of any provision of the Code shall be requested whenever there is a reasonable likelihood that a contemplated action will violate the Code. A "waiver" is defined as the approval by the Funds of a material departure from any provision of the Code.

The process of requesting a waiver shall consist of the following steps:

<br> a. The Covered Officer shall set forth a request for waiver in writing. The request shall describe the conduct, activity or transaction for which the Covered Officer seeks a waiver, and shall briefly explain the reason for engaging in the conduct, activity or transaction.

<br> b. The determination with respect to the waiver shall be made in a timely fashion by the Trust CCO in consultation with Trust Counsel, and submitted to the Board for review and approval at the next regularly scheduled Board meeting.<sup>1</sup> c. The decision with respect to the waiver requested shall be documented and kept in the Funds' records for the appropriate period mandated by applicable law or regulation.

To the extent required by applicable law, waivers (including "implicit waivers") shall be publicly disclosed on a timely basis. An "implicit waiver" is defined as the Funds' failure to take action within a reasonable period of time regarding a material departure from a provision of the Code that has been made known to an "executive officer" of the Funds. For this purpose, an "executive officer" is the Funds' President or Chief Executive Officer, Vice President (who is in charge of a principal policymaking function), or any other person who performs similar policymaking functions for the Funds. If a material departure from a provision of this Code is known only by the Covered Person that has caused the material departure from the Code, the material departure from the Code will not be considered to have been made known to an executive officer of the Funds for purposes of deciding whether there has been an implicit waiver.

#### Disclosure
The Funds must disclose this Code, any substantive amendments and any waivers or implicit waivers by: (i) filing with the SEC a copy of the Code, any such amendments and waivers or implicit waivers in the Funds' annual report on Form N-CSR; or (ii) posting the text of the Code, any such amendments and waivers or implicit waivers on the Funds' Internet website and disclosing in each report on Form N-CSR, its Internet address and the fact that it has posted the Code on the website; or (iii) undertaking in each report on Form N-CSR to provide to any person, without charge, upon request, a copy of this Code, any such amendments and waivers or implicit waivers and explain the manner in which such request may be made.

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<sup>1</sup> If the Covered Officer requesting a waiver is the Trust CCO, then the determination with respect to the waiver shall be made by the Trust PEO, in consultation with the Trust Counsel.

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#### Amendments to the Code
Any amendments to this Code must be approved or ratified by a majority vote of the Board. The Covered Officers and the Trust CCO are encouraged to recommend improvements to this Code for the consideration and approval of the Board. <br>

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#### Summary of Deliverables Prescribed by these Procedures

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Item** | &nbsp;&nbsp;&nbsp; **Responsible Party** | &nbsp;&nbsp;&nbsp; **Frequency** |
| &nbsp;&nbsp;&nbsp; Provide copy of the Code and <br> Initial Acknowledgement to <br> Covered Officers | &nbsp;&nbsp;&nbsp; Trust CCO | &nbsp;&nbsp;&nbsp; Initially upon individual becoming a Covered Officer |
| &nbsp;&nbsp;&nbsp; Provide copy of the Code and <br> Annual Acknowledgement to <br> Covered Officers | &nbsp;&nbsp;&nbsp; Trust CCO | &nbsp;&nbsp;&nbsp; Annually |
| &nbsp;&nbsp;&nbsp; Review of the Code and <br> Acknowledgments | &nbsp;&nbsp;&nbsp; Board | &nbsp;&nbsp;&nbsp; Annually |
| &nbsp;&nbsp;&nbsp; Review of any sanctions <br> imposed for Code violations | &nbsp;&nbsp;&nbsp; Board | &nbsp;&nbsp;&nbsp; As required |

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Adopted: July 15, 2021

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#### INITIAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Covered Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge my responsibility to report any violation of the Code to the Trust CCO, as defined in the Code.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

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| | | |
|:---|:---|:---|
| Covered Officer Name and Title: | ____________________________________________________________  | ____________________________________________________________  |
|  | (Please Print) | (Please Print) |
| Signature ______________________________________________________ | Signature ______________________________________________________ | Date ______________________<br>|

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*Please return this completed form to ____________________________ within one week from the date of your receipt of a request to review these documents. Thank you!*

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#### ANNUAL ACKNOWLEDGEMENT
I acknowledge that I have received and read a copy of the Code of Ethics for Covered Officers (the "Code") and that I understand it. I further acknowledge that I am responsible for understanding and complying with the policies set forth in the Code during my tenure as a Covered Officer, as defined in the Code.

I also acknowledge that I have fully complied with the terms and provisions of the Code during the period of time since the most recent Initial or Annual Acknowledgement provided by me.

I further acknowledge that the policies contained in the Code are not intended to create any contractual rights or obligations, express or implied. I also understand that, consistent with applicable law, the Funds have the right to amend, interpret, modify or withdraw any of the provisions of the Code at any time in their sole discretion, with or without notice.

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| | | |
|:---|:---|:---|
| Covered Officer Name and Title: | _________________________________________________________  | _________________________________________________________  |
|  | (Please Print) | (Please Print) |
| Signature _____________________________________________________ | Signature _____________________________________________________ | Date ____________________<br>|

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*Please return this completed form to ____________________________ within one week from the date of your receipt of a request to review these documents. Thank you!*

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## Ex-99.Cert

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EX.99.CERT

#### CERTIFICATIONS

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:

(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;

(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;

(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

(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):

<br> (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

<br> (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.

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| | |
|:---|:---|
| Date: <u>March 9, 2023</u><br>| <u>/s/ Adam Schenck</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Adam Schenck<br> President |

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#### <br> EX.99.CERT

#### <br>

#### CERTIFICATIONS

I, Arthur W. Jasion, 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:

(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;

(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;

(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

(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):

<br> (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

<br> (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.

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| | |
|:---|:---|
| Date: <u>March 9, 2023</u> | <u>/s/ Arthur W. Jasion</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Arthur W. Jasion<br> Treasurer and Principal Financial Officer |

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## Exhibit 99.906

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EX.99.906CERT

#### Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Milliman Variable Insurance Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of Milliman Variable Insurance Trust for the year ended December 31, 2022 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.

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| | |
|:---|:---|
| <u>/s/ Adam Schenck&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Adam Schenck<br> President<br> Milliman Variable Insurance Trust<br>| <u>/s/ Arthur W. Jasion&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>Arthur W. Jasion<br> Treasurer and Principal Financial Officer<br> Milliman Variable Insurance Trust |
| Dated: <u>March 9, 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> <br>| Dated: <u>March 9, 2023&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>  |

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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 the Milliman Variable Insurance Trust for purposes of Section 18 of the Securities Exchange Act of 1934.

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