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          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Chicago Board Options Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Purchased</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>iShares iBoxx $ Investment Gra</issuerName>
                <issueTitle>iShares iBoxx $ Investment Grade Corporate Bond ETF</issueTitle>
                <identifiers>
                  <cusip value="464287242"/>
                  <isin value="US4642872422"/>
                  <ticker value="LQD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.000000000000</shareNo>
            <exercisePrice>122.880000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-07-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>86907.920000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LQD 07/11/2022 129.35 P</name>
        <lei>N/A</lei>
        <title>LQD 07/11/2022 129.35 P</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="USER DEFINED" value="2LQD  220711P00129350"/>
        </identifiers>
        <balance>-77.000000000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-150319.190000000000</valUSD>
        <pctVal>-18.2692409128</pctVal>
        <payoffProfile>N/A</payoffProfile>
        <assetCat>DIR</assetCat>
        <issuerConditional desc="N/A" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <derivativeInfo>
          <optionSwaptionWarrantDeriv derivCat="OPT">
            <counterparties>
              <counterpartyName>Chicago Board Options Exchange</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <putOrCall>Put</putOrCall>
            <writtenOrPur>Written</writtenOrPur>
            <descRefInstrmnt>
              <otherRefInst>
                <issuerName>iShares iBoxx $ Investment Gra</issuerName>
                <issueTitle>iShares iBoxx $ Investment Grade Corporate Bond ETF</issueTitle>
                <identifiers>
                  <cusip value="464287242"/>
                  <isin value="US4642872422"/>
                  <ticker value="LQD"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <shareNo>100.000000000000</shareNo>
            <exercisePrice>129.350000000000</exercisePrice>
            <exercisePriceCurCd>USD</exercisePriceCurCd>
            <expDt>2022-07-11</expDt>
            <delta>XXXX</delta>
            <unrealizedAppr>-120808.280000000000</unrealizedAppr>
          </optionSwaptionWarrantDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2022-08-25</ncom:dateSigned>
      <ncom:nameOfApplicant>Milliman Variable Insurance Trust</ncom:nameOfApplicant>
      <ncom:signature>/s/ Arthur W. Jasion</ncom:signature>
      <ncom:signerName>Milliman Variable Insurance Trust</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
