Milliman - Capital Group Hedged U.S. Growth Fund
  
Schedule of Investments
  
March 31, 2025 (Unaudited)
  
   
COMMON STOCKS - 93.2%
  
Shares
    
Value
 
Communication Services - 12.8%
        
Alphabet, Inc. - Class C (a)
    
1,289
    
$
201,380
  
Charter Communications, Inc. - Class A (b)
    
70
      
25,797
  
Meta Platforms, Inc. - Class A
    
243
      
140,056
  
Netflix, Inc. (b)
    
66
      
61,547
  
Take-Two Interactive Software, Inc. (b)
    
89
      
18,445
  
             
447,225
  
                   
Consumer Discretionary - 11.8%
          
Amazon.com, Inc. (a)(b)
    
997
      
189,689
  
Burlington Stores, Inc. (b)
    
142
      
33,843
  
Caesars Entertainment, Inc. (b)
    
838
      
20,950
  
DoorDash, Inc. - Class A (b)
    
173
      
31,619
  
Floor & Decor Holdings, Inc. - Class A (b)
    
240
      
19,313
  
Flutter Entertainment PLC (b)
    
141
      
31,239
  
Royal Caribbean Cruises Ltd.
    
103
      
21,160
  
Tesla, Inc. (b)
    
76
      
19,696
  
TopBuild Corp. (b)
    
139
      
42,388
  
             
409,897
  
                   
Consumer Staples - 4.1%
          
Costco Wholesale Corp.
    
43
      
40,668
  
Dollar Tree, Inc. (b)
    
140
      
10,510
  
Monster Beverage Corp. (b)
    
423
      
24,754
  
Philip Morris International, Inc.
    
412
      
65,397
  
             
141,329
  
                   
Energy - 0.2%
          
EOG Resources, Inc.
    
45
      
5,771
  
                   
Financials - 4.7%
          
Affirm Holdings, Inc. (b)
    
251
      
11,343
  
Apollo Global Management, Inc.
    
142
      
19,445
  
Blue Owl Capital, Inc. - Class A
    
1,021
      
20,461
  
First Republic Bank (b)
    
303
      
1
  
MSCI, Inc.
    
46
      
26,013
  
PNC Financial Services Group, Inc.
    
140
      
24,608
  
Progressive Corp.
    
106
      
29,999
  
S&P Global, Inc.
    
48
      
24,389
  
Toast, Inc. - Class A (b)
    
200
      
6,634
  
             
162,893
  
                   
Health Care - 16.0%
          
Abbott Laboratories
    
495
      
65,662
  
Alnylam Pharmaceuticals, Inc. (b)
    
199
      
53,734
  
Danaher Corp.
    
147
      
30,135
  
Dexcom, Inc. (b)
    
285
      
19,462
  
Eli Lilly & Co.
    
126
      
104,065
  
Insulet Corp. (b)
    
139
      
36,503
  
IQVIA Holdings, Inc. (b)
    
103
      
18,159
  
Molina Healthcare, Inc. (b)
    
80
      
26,351
  
Regeneron Pharmaceuticals, Inc.
    
44
      
27,906
  
Sarepta Therapeutics, Inc. (b)
    
118
      
7,531
  
Thermo Fisher Scientific, Inc.
    
115
      
57,224
  
UnitedHealth Group, Inc.
    
112
      
58,660
  
Vertex Pharmaceuticals, Inc. (b)
    
106
      
51,391
  
             
556,783
  
                   
Industrials - 15.3%
          
Carrier Global Corp.
    
747
      
47,360
  
Copart, Inc. (b)
    
943
      
53,364
  
Dayforce, Inc. (b)
    
438
      
25,549
  
Delta Air Lines, Inc.
    
187
      
8,153
  
General Electric Co.
    
209
      
41,831
  
Howmet Aerospace, Inc.
    
156
      
20,238
  
Ingersoll Rand, Inc.
    
584
      
46,737
  
RTX Corp.
    
47
      
6,226
  
Saia, Inc. (b)
    
44
      
15,375
  
TransDigm Group, Inc.
    
117
      
161,845
  
Uber Technologies, Inc. (b)
    
589
      
42,915
  
United Rentals, Inc.
    
69
      
43,242
  
XPO, Inc. (b)
    
168
      
18,073
  
             
530,908
  
                   
Information Technology - 26.5%(c)
          
ANSYS, Inc. (b)
    
70
      
22,159
  
Apple, Inc. (a)
    
556
      
123,504
  
Applied Materials, Inc.
    
167
      
24,235
  
Autodesk, Inc. (b)
    
71
      
18,588
  
Broadcom, Inc. (a)
    
945
      
158,221
  
Micron Technology, Inc.
    
284
      
24,677
  
Microsoft Corp.
    
708
      
265,776
  
NVIDIA Corp.
    
814
      
88,221
  
Palo Alto Networks, Inc. (b)
    
199
      
33,957
  
Salesforce, Inc.
    
421
      
112,980
  
ServiceNow, Inc. (b)
    
46
      
36,623
  
Texas Instruments, Inc.
    
71
      
12,759
  
             
921,700
  
                   
Materials - 1.2%
          
ATI, Inc. (b)
    
187
      
9,729
  
Linde PLC
    
70
      
32,595
  
             
42,324
  
                   
Real Estate - 0.6%
          
CoStar Group, Inc. (b)
    
277
      
21,947
  
TOTAL COMMON STOCKS (Cost $2,676,767)
      
3,240,777
  
                   
PURCHASED OPTIONS - 6.5%(b)
Notional Amount   
 
Contracts
    
Value
  
Over-the-Counter Put Options - 6.5%
          
$
–
  
Milliman - Capital Group Growth Basket, Counterparty: Bank of America, Expiration: 05/12/2025; Exercise Price: $9,500.00 (d)(e)
$                    3,237,705
    
365
      
224,271
  
TOTAL PURCHASED OPTIONS (Cost $44,530)
      
224,271
  
                   
TOTAL INVESTMENTS - 99.7% (Cost $2,721,297)
      
3,465,048
  
Other Assets in Excess of Liabilities - 0.3%
      
12,112
  
TOTAL NET ASSETS - 100.0%
            
$
3,477,160
  
two
      
–
%
Percentages are stated as a percent of net assets.
      
–
%
   
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.
  

PLC - Public Limited Company

(a)
All or a portion of security has been pledged as collateral for written options. The total value of assets committed as collateral as of March 31, 2025 is $187,721.
(b)
Non-income producing security.
(c)
To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(d)
Held in connection with written option contracts. See Schedule of Written Options for further information.
(e)
Comprised of a proprietary basket of securities. The underlying components of the basket as of March 31, 2025 are shown below:

Security Name
  
Number of Shares
    
Notional Amount
    
% of Total Notional
Amount
  
Microsoft Corp.
    
707
    
$
265,439
      
8.20
%
Alphabet, Inc. - Class C
    
1,287
      
201,146
      
6.21
%
Amazon.com, Inc.
    
998
      
189,934
      
5.87
%
TransDigm Group, Inc.
    
116
      
160,889
      
4.97
%
Broadcom, Inc.
    
945
      
158,266
      
4.89
%
Meta Platforms, Inc. - Class A
    
243
      
140,143
      
4.33
%
Apple, Inc.
    
555
      
123,328
      
3.81
%
Salesforce, Inc.
    
421
      
112,935
      
3.49
%
Eli Lilly & Co.
    
126
      
104,273
      
3.22
%
NVIDIA Corp.
    
820
      
88,868
      
2.74
%
Abbott Laboratories
    
492
      
65,312
      
2.02
%
Philip Morris International, Inc.
    
409
      
64,979
      
2.01
%
Netflix, Inc.
    
66
      
61,946
      
1.91
%
UnitedHealth Group, Inc.
    
111
      
58,235
      
1.80
%
Thermo Fisher Scientific, Inc.
    
115
      
57,291
      
1.77
%
Alnylam Pharmaceuticals, Inc.
    
197
      
53,290
      
1.65
%
Copart, Inc.
    
941
      
53,254
      
1.64
%
Vertex Pharmaceuticals, Inc.
    
106
      
51,178
      
1.58
%
Carrier Global Corp.
    
744
      
47,198
      
1.46
%
Ingersoll Rand, Inc.
    
583
      
46,694
      
1.44
%
United Rentals, Inc.
    
69
      
43,390
      
1.34
%
Uber Technologies, Inc.
    
587
      
42,787
      
1.32
%
TopBuild Corp.
    
139
      
42,247
      
1.30
%
General Electric Co.
    
208
      
41,642
      
1.29
%
Costco Wholesale Corp.
    
43
      
41,009
      
1.27
%
Insulet Corp.
    
139
      
36,614
      
1.13
%
ServiceNow, Inc.
    
46
      
36,417
      
1.12
%
Palo Alto Networks, Inc.
    
199
      
33,923
      
1.05
%
Burlington Stores, Inc.
    
141
      
33,510
      
1.03
%
Linde PLC
    
70
      
32,640
      
1.01
%
DoorDash, Inc. - Class A
    
174
      
31,889
      
0.98
%
Flutter Entertainment PLC
    
141
      
31,262
      
0.97
%
Danaher Corp.
    
146
      
30,002
      
0.93
%
Progressive Corp.
    
106
      
29,963
      
0.93
%
Regeneron Pharmaceuticals, Inc,
    
44
      
28,040
      
0.87
%
Molina Healthcare, Inc.
    
80
      
26,201
      
0.81
%
MSCI, Inc
    
46
      
26,042
      
0.80
%
Charter Communications, Inc. - Class A
    
70
      
25,779
      
0.80
%
Dayforce, Inc.
    
436
      
25,415
      
0.78
%
Monster Beverage Corp.
    
421
      
24,640
      
0.76
%
Micron Technology, Inc.
    
283
      
24,574
      
0.76
%
PNC Financial Services Group, Inc.
    
140
      
24,560
      
0.76
%
Applied Materials, Inc.
    
167
      
24,186
      
0.75
%
S&P Global, Inc.
    
47
      
24,094
      
0.74
%
ANSYS, Inc.
    
70
      
22,054
      
0.68
%
CoStar Group, Inc.
    
277
      
21,975
      
0.68
%
Royal Caribbean Cruises Ltd.
    
103
      
21,206
      
0.65
%
Caesars Entertainment, Inc.
    
842
      
21,055
      
0.65
%
Blue Owl Capital, Inc. - Class A
    
1,022
      
20,471
      
0.63
%
Howmet Aerospace, Inc.
    
156
      
20,195
      
0.62
%
Top 50 Holdings
          
$
2,992,380
      
92.42
%
Other Securities
            
245,325
      
7.58
%
Total Underlying Positions
          
$
3,237,705
      
100.00
%
 
                        

   
Milliman - Capital Group Hedged U.S. Growth Fund
  
Schedule of Written Options
  
March 31, 2025 (Unaudited)
  
   
WRITTEN OPTIONS - (0.5)%
  
Notional Amount
    
Contracts
    
Value
  
Over-the-Counter Call Options - (0.0)% (a)
  
Milliman - Capital Group Growth Basket, Counterparty: Bank of America; Expiration: 05/12/2025; Exercise Price: $10,450.00 (b)
  
$
(3,237,705
)
    
(365
)
  
$
(369
)
                         
Over-the-Counter Put Options - (0.5)%
  
Milliman - Capital Group Growth Basket, Counterparty: Bank of America; Expiration: 05/12/2025; Exercise Price: $8,000.00 (b)
    
(3,237,705
)
    
(365
)
    
(17,903
)
TOTAL WRITTEN OPTIONS (Premiums received $44,530)
                  
$
(18,272
)
   
Percentages are stated as a percent of net assets.
  

(a)
Represents less than 0.05% of net assets.
(b)
Comprised of a proprietary basket of securities. The underlying components of the basket as of March 31, 2025 are shown in the Schedule of Investments.


Summary of Fair Value Disclosure as of March 31, 2025 (Unaudited)
 
Milliman - Capital Group Hedged U.S. Growth Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
 
Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.
 
Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
 
Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
 
The following is a summary of the fair valuation hierarchy of the Fund’s securities as of March 31, 2025:

   
Level 1
    
Level 2
    
Level 3
    
Total
  
Assets:
                        
Investments:
                        
  Common Stocks
  
$
3,240,777
    
$
–
    
$
–
    
$
3,240,777
  
  Purchased Options
    
–
      
224,271
      
–
      
224,271
  
Total Investments
  
$
3,240,777
    
$
224,271
    
$
–
    
$
3,465,048
  
                                 
Liabilities:
                                
Investments:
                                
  Written Options
  
$
–
    
$
(18,272
)
  
$
–
    
$
(18,272
)
Total Investments
  
$
–
    
$
(18,272
)
  
$
–
    
$
(18,272
)
   
Refer to the Schedule of Investments for further disaggregation of investment categories.