Milliman Financial Risk Management LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (28 quarters reported)

$10.6B $6.4B

Q4 15 Q2 17 Q4 18 Q2 20 Q4 21 Q3 22

$9.56B in Q4 2015 → $6.4B now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2022. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
IT Ishares Tr	31.2%	Trimmed 14%	18,183,727	$2B
IT Ishares Tr	18.1%	Added 0.9%	12,060,440	$1.16B
VB Vanguard Bd Index Fd Inc	15.8%	Added 4.5%	14,164,976	$1.01B
VI Vanguard Index Fds	15.4%	Added 0.8%	5,481,942	$984M
VT Vanguard Tax Managed Intl Fd	8.3%	Added 5.8%	14,587,039	$530M
IT Ishares Tr	5.2%	Trimmed 2.9%	4,209,995	$335M
SS Schwab Strategic Tr	2.2%	Added 2.5%	3,294,953	$138M
VI Vanguard Intl Equity Index F	2.1%	Added 1.1%	3,656,397	$133M
SS Schwab Strategic Tr	1.7%	Unchanged	2,420,294	$110M

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended September 30, 2022 · filed November 04, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−2,855,057	−$314M	31.2%
VB Vanguard Bd Index Fd Inc	Added	+605,778	+$43.2M	15.8%
VT Vanguard Tax Managed Intl Fd	Added	+795,563	+$28.9M	8.3%
IT Ishares Tr	Trimmed	−127,677	−$10.2M	5.2%
IT Ishares Tr	Added	+102,403	+$9.87M	18.1%
VI Vanguard Index Fds	Added	+42,688	+$7.66M	15.4%
SS Schwab Strategic Tr	Added	+81,617	+$3.43M	2.2%
VI Vanguard Intl Equity Index F	Added	+38,915	+$1.42M	2.1%

quarter ended June 30, 2022 · filed August 12, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Added	+11,441,737	+$1.26B	33.5%
IT Ishares Tr	Trimmed	−3,411,231	−$347M	17.6%
VI Vanguard Index Fds	Trimmed	−1,634,110	−$308M	14.8%
VB Vanguard Bd Index Fd Inc	Trimmed	−3,463,499	−$261M	14.8%
VT Vanguard Tax Managed Intl Fd	Trimmed	−3,585,489	−$146M	8.1%
IT Ishares Tr	Trimmed	−1,514,904	−$127M	5.3%
SS Schwab Strategic Tr	Trimmed	−987,969	−$47.3M	1.7%
SS Schwab Strategic Tr	Trimmed	−956,921	−$42.3M	2.1%
VI Vanguard Intl Equity Index F	Trimmed	−825,826	−$34.4M	2.2%

quarter ended March 31, 2022 · filed May 17, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	New	+9,597,047	+$1.06B	13.8%
VI Vanguard Index Fds	Trimmed	−1,865,064	−$425M	20.9%
TE Transamerica ETF Tr	Exited	−5,191,956	−$419M	—
IT Ishares Tr	Trimmed	−2,295,583	−$232M	7.7%
TE Transamerica ETF Tr	Exited	−3,328,797	−$176M	—
VT Vanguard Tax Managed Intl Fd	Trimmed	−2,821,242	−$136M	10.8%
VB Vanguard Bd Index Fd Inc	Added	+1,343,798	+$107M	17.6%
SS Schwab Strategic Tr	Added	+1,286,500	+$68.7M	2.9%
IT Ishares Tr	Added	+573,609	+$61.4M	21.4%
VI Vanguard Intl Equity Index F	Trimmed	−1,176,620	−$54.3M	2.7%

Showing the 10 largest of 11 changes.

quarter ended December 31, 2021 · filed February 14, 2022

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−1,022,333	−$109M	10.3%
IT Ishares Tr	Trimmed	−952,807	−$109M	20.0%
VT Vanguard Tax Managed Intl Fd	Trimmed	−748,548	−$38.2M	12.2%
VI Vanguard Intl Equity Index F	Trimmed	−198,559	−$9.82M	3.3%

quarter ended September 30, 2021 · filed October 26, 2021

Company	Action	Shares changed	Value of change	% of portfolio
VB Vanguard Bd Index Fd Inc	Trimmed	−931,948	−$79.6M	15.9%
SS Schwab Strategic Tr	Trimmed	−752,381	−$78.1M	3.6%
VT Vanguard Tax Managed Intl Fd	Trimmed	−723,291	−$36.5M	12.6%
IT Ishares Tr	Trimmed	−204,364	−$23.5M	21.5%
IT Ishares Tr	Trimmed	−238,390	−$23.5M	10.7%
VI Vanguard Intl Equity Index F	Trimmed	−194,742	−$9.74M	3.5%

quarter ended June 30, 2021 · filed August 13, 2021

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Exited	−3,316,664	−$367M	—
VI Vanguard Index Fds	Added	+603,200	+$134M	22.8%
VB Vanguard Bd Index Fd Inc	Trimmed	−977,178	−$83.9M	16.3%
SS Schwab Strategic Tr	Trimmed	−677,878	−$70.7M	4.3%
IT Ishares Tr	Added	+558,412	+$55.1M	10.6%
VT Vanguard Tax Managed Intl Fd	Added	+926,012	+$47.7M	12.8%
VI Vanguard Intl Equity Index F	Added	+327,410	+$17.8M	3.7%
IT Ishares Tr	Added	+144,973	+$16.7M	21.0%

quarter ended March 31, 2021 · filed May 14, 2021

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−3,212,425	−$355M	4.3%
IT Ishares Tr	Added	+992,169	+$113M	20.9%
SS Schwab Strategic Tr	Trimmed	−784,087	−$75.8M	4.8%
VI Vanguard Index Fds	Added	+188,224	+$38.9M	20.0%
IT Ishares Tr	Added	+383,182	+$35.1M	9.4%
TE Transamerica ETF Tr	Trimmed	−310,000	−$20.9M	4.1%
VB Vanguard Bd Index Fd Inc	Trimmed	−201,121	−$17M	17.3%
TE Transamerica ETF Tr	Trimmed	−200,000	−$10.1M	1.9%
VT Vanguard Tax Managed Intl Fd	Trimmed	−53,353	−$2.62M	11.8%
VI Vanguard Intl Equity Index F	Added	+32,342	+$1.68M	3.4%

quarter ended December 31, 2020 · filed February 12, 2021

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−6,227,226	−$688M	8.2%
VI Vanguard Index Fds	Added	+1,206,225	+$235M	18.0%
VT Vanguard Tax Managed Intl Fd	Added	+2,450,241	+$116M	11.2%
IT Ishares Tr	Added	+1,121,375	+$96.7M	8.3%
VB Vanguard Bd Index Fd Inc	Trimmed	−485,508	−$42.8M	17.8%
VI Vanguard Intl Equity Index F	Added	+836,687	+$41.9M	3.2%
IT Ishares Tr	Added	+235,888	+$27.9M	19.9%
SS Schwab Strategic Tr	Added	+255,536	+$23.3M	5.3%
TE Transamerica ETF Tr	Trimmed	−160,000	−$10.2M	4.0%
TE Transamerica ETF Tr	Trimmed	−50,000	−$2.45M	2.0%

Comments