# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-23-057213
**Filing Date:** 2023-3
**Character Count:** 167237
**Document Hash:** 682a344dab87e36546b41cfe263050ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-057213.hdr.sgml**: 20230315

**ACCESSION NUMBER**: 0001752724-23-057213

**CONFORMED SUBMISSION TYPE**: N-CEN

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230315

**DATE AS OF CHANGE**: 20230315

**EFFECTIVENESS DATE**: 20230315

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Variable Trust
- **CENTRAL INDEX KEY:** 0001352621
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CEN
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 23734990

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17645 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Donoghue Forlines Momentum VIT Fund (Series ID: S000016887)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000047034 | Donoghue Forlines Momentum VIT Fund Class 1 shares |  |
| C000186847 | Donoghue Forlines Momentum VIT Fund Class 2 shares |  |

### Donoghue Forlines Dividend VIT Fund (Series ID: S000016888)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000047035 | Donoghue Forlines Dividend VIT Fund Class 1 shares |  |
| C000186848 | Donoghue Forlines Dividend VIT Fund Class 2 shares |  |

### TOPS Conservative ETF Portfolio (Series ID: S000031502)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097922 | TOPS Conservative ETF Portfolio Class 1 shares        |  |
| C000097923 | TOPS Conservative ETF Portfolio Class 2 shares        |  |
| C000158835 | TOPS Conservative ETF Portfolio Investor Class Shares |  |
| C000211500 | TOPS Conservative ETF Portfolio Service Class Shares  |  |

### TOPS Balanced ETF Portfolio (Series ID: S000031503)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000097924 | TOPS Balanced ETF Portfolio Class 1 shares        |  |
| C000097925 | TOPS Balanced ETF Portfolio Class 2 shares        |  |
| C000158836 | TOPS Balanced ETF Portfolio Investor Class Shares |  |
| C000211501 | TOPS Balanced ETF Portfolio Service Class Shares  |  |

### TOPS Moderate Growth ETF Portfolio (Series ID: S000031504)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097926 | TOPS Moderate Growth ETF Portfolio Class 1 shares        |  |
| C000097927 | TOPS Moderate Growth ETF Portfolio Class 2 shares        |  |
| C000158837 | TOPS Moderate Growth ETF Portfolio Investor Class Shares |  |
| C000211502 | TOPS Moderate Growth ETF Portfolio Service Class Shares  |  |

### TOPS Growth ETF Portfolio (Series ID: S000031505)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000097928 | TOPS Growth ETF Portfolio Class 2 shares        |  |
| C000097929 | TOPS Growth ETF Portfolio Class 1 shares        |  |
| C000158838 | TOPS Growth ETF Portfolio Investor Class Shares |  |
| C000211503 | TOPS Growth ETF Portfolio Service Class Shares  |  |

### TOPS Aggressive Growth ETF Portfolio (Series ID: S000031506)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000097930 | TOPS Aggressive Growth ETF Portfolio Class 2 shares        |  |
| C000097931 | TOPS Aggressive Growth ETF Portfolio Class 1 shares        |  |
| C000158839 | TOPS Aggressive Growth ETF Portfolio Investor Class Shares |  |
| C000211504 | TOPS Aggressive Growth ETF Portfolio Service Class Shares  |  |

### TOPS Managed Risk Balanced ETF Portfolio (Series ID: S000031507)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000097932 | TOPS Managed Risk Balanced ETF Portfolio Class 2 shares        |  |
| C000097933 | TOPS Managed Risk Balanced ETF Portfolio Class 1 shares        |  |
| C000112453 | TOPS Managed Risk Balanced ETF Portfolio Class 3               |  |
| C000112454 | TOPS Managed Risk Balanced ETF Portfolio Class 4               |  |
| C000158840 | TOPS Managed Risk Balanced ETF Portfolio Investor Class Shares |  |

### TOPS Managed Risk Moderate Growth ETF Portfolio (Series ID: S000031508)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097934 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 1 shares        |  |
| C000097935 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 2 shares        |  |
| C000112455 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 3 shares        |  |
| C000112456 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 4 shares        |  |
| C000158841 | TOPS Managed Risk Moderate Growth ETF Portfolio Investor Class Shares |  |

### TOPS Managed Risk Growth ETF Portfolio (Series ID: S000031509)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000097936 | TOPS Managed Risk Growth ETF Portfolio Class 1 shares        |  |
| C000097937 | TOPS Managed Risk Growth ETF Portfolio Class 2 shares        |  |
| C000112457 | TOPS Managed Risk Growth ETF Portfolio Class 3               |  |
| C000112458 | TOPS Managed Risk Growth ETF Portfolio Class 4               |  |
| C000158842 | TOPS Managed Risk Growth ETF Portfolio Investor Class Shares |  |

### BTS Tactical Fixed Income VIT Fund (Series ID: S000040349)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000125279 | BTS Tactical Fixed Income VIT Fund Class 1 shares |  |
| C000125280 | BTS Tactical Fixed Income VIT Fund Class 2 shares |  |

### TOPS Managed Risk Flex ETF Portfolio (Series ID: S000040836)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000126627 | TOPS Managed Risk Flex ETF Portfolio |  |

### TOPS(R) Target Range(TM) Portfolio (Series ID: S000072660)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000229077 | TOPS(R) Target Range(TM) Portfolio Class 1 Shares |  |
| C000231258 | TOPS(R) Target Range(TM) Portfolio Class 2 Shares |  |
| C000231259 | TOPS(R) Target Range(TM) Portfolio Class S Shares |  |

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Board of Trustees of the Northern Lights Variable
Trust and shareholders of
Donoghue Forlines Dividend VIT Fund and Donoghue
Forlines Momentum VIT Fund:

In planning and performing our audits of the financial
statements of Donoghue Forlines Dividend VIT Fund
and Donoghue Forlines Momentum VIT Fund
(collectively, the "Funds") as of and for the year ended
December 31, 2022, in accordance with the standards of
the Public Company Accounting Oversight Board (United
States) (PCAOB), we considered the Funds' internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of
the Funds' internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A fund's internal control over financial reporting
is a process designed 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. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations
of management and trustees of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition
of a fund's assets that could have a material effect on
the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the fund's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Funds' internal control over financial reporting and its
operation, including controls for safeguarding securities,
that we consider to be a material weakness, as defined
above, as of December 31, 2022.
This report is intended solely for the information and use
of management and the Board of Trustees of the
Northern Lights Variable Trust and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.

/s/ Deloitte & Touche LLP
Costa Mesa, California
February 23, 2023

```

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Board of Trustees of the Northern Lights Variable
Trust and shareholders of TOPS Target Range Portfolio:

In planning and performing our audit of the financial
statements of TOPS Target Range Portfolio (the
"Portfolio"), as of and for the year ended December 31,
2022, in accordance with the standards of the Public
Company Accounting Oversight Board (United States)
(PCAOB), we considered the Portfolio's internal control
over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of
the Portfolio's internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Portfolio is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A portfolio's internal control over financial
reporting is a process designed 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. A portfolio's internal control over
financial reporting includes those policies and
procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the portfolio; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance with
generally accepted accounting principles, and that
receipts and expenditures of the portfolio are being
made only in accordance with authorizations of
management and trustees of the portfolio; and (3)
provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or
disposition of a portfolio's assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the portfolio's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Our consideration of the Portfolio's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Portfolio's internal control over financial reporting and its
operation, including controls for safeguarding securities,
that we consider to be a material weakness, as defined
above, as of December 31, 2022.
This report is intended solely for the information and use
of management and the Board of Trustees of the
Northern Lights Variable Trust and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.

/s/ Deloitte & Touche LLP
Costa Mesa, California
February 23, 2023

```

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Board of Trustees of the Northern Lights Variable
Trust and shareholders of TOPS Managed Risk Flex
ETF Portfolio:

In planning and performing our audit of the financial
statements of TOPS Managed Risk Flex ETF Portfolio
(the "Portfolio"), as of and for the year ended December
31, 2022, in accordance with the standards of the Public
Company Accounting Oversight Board (United States)
(PCAOB), we considered the Portfolio's internal control
over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with
the requirements of Form N-CEN, but not for the
purpose of expressing an opinion on the effectiveness of
the Portfolio's internal control over financial reporting.
Accordingly, we express no such opinion.
The management of the Portfolio is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A portfolio's internal control over financial
reporting is a process designed 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. A portfolio's internal control over
financial reporting includes those policies and
procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of
the portfolio; (2) provide reasonable assurance that
transactions are recorded as necessary to permit
preparation of financial statements in accordance with
generally accepted accounting principles, and that
receipts and expenditures of the portfolio are being
made only in accordance with authorizations of
management and trustees of the portfolio; and (3)
provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or
disposition of a portfolio's assets that could have a
material effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or a combination of
deficiencies, in internal control over financial reporting,
such that there is a reasonable possibility that a material
misstatement of the portfolio's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Our consideration of the Portfolio's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Portfolio's internal control over financial reporting and its
operation, including controls for safeguarding securities,
that we consider to be a material weakness, as defined
above, as of December 31, 2022.
This report is intended solely for the information and use
of management and the Board of Trustees of the
Northern Lights Variable Trust and the Securities and
Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.

/s/ Deloitte & Touche LLP
Costa Mesa, California
February 23, 2023

```

## Internal

```

Report of Independent Registered Public Accounting
Firm

Board of Trustees of Northern Lights Variable Trust and
Shareholders of BTS Tactical Fixed Income VIT Fund

In planning and performing our audit of the financial
statements of BTS Tactical Fixed Income VIT Fund (the
Fund) as of and for the year ended December 31, 2022,
in accordance with the standards of the Public Company
Accounting Oversight Board (United States) (PCAOB),
we considered the Funds internal control over financial
reporting, including controls over safeguarding
securities, as a basis for designing our auditing
procedures for the purpose of expressing our opinion on
the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds
internal control over financial reporting. Accordingly, we
express no such opinion.

The management of the Fund is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required
to assess the expected benefits and related costs of
controls. A funds internal control over financial reporting
is a process designed 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 (GAAP). A funds internal control over financial
reporting includes those policies and procedures that (a)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (b) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements
in accordance with GAAP, and that receipts and
expenditures of the fund are being made only in
accordance with authorizations of management and
trustees of the fund; and (c) provide reasonable
assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of a funds
assets that could have a material effect on the financial
statements.

Because of inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.

A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there
is a reasonable possibility that a material misstatement
of the Funds annual or interim financial statements will
not be prevented or detected on a timely basis.

Our consideration of the Funds internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the
PCAOB. However, we noted no deficiencies in the
Funds internal control over financial reporting and its
operation, including controls over safeguarding
securities, that we consider to be a material weakness
as defined above as of December 31, 2022.

This report is intended solely for the information and use
of management and the Board of Trustees of the Fund
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.

/s/ RSM US LLP

Denver, Colorado
February 16, 2023

1

```

## Internal

```

REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM

To the Board of Trustees of the Northern Lights Variable
Trust and shareholders of
TOPS Aggressive Growth ETF Portfolio, TOPS Balanced
ETF Portfolio, TOPS Conservative ETF Portfolio, TOPS
Growth ETF Portfolio, TOPS Moderate Growth ETF
Portfolio, TOPS Managed Risk Balanced ETF Portfolio,
TOPS Managed Risk Growth ETF Portfolio, and TOPS
Managed Risk Moderate Growth ETF Portfolio:

In planning and performing our audits of the financial
statements of TOPS Aggressive Growth ETF Portfolio,
TOPS Balanced ETF Portfolio, TOPS Conservative ETF
Portfolio, TOPS Growth ETF Portfolio, TOPS Moderate
Growth ETF Portfolio, TOPS Managed Risk Balanced ETF
Portfolio, TOPS Managed Risk Growth ETF Portfolio, and
TOPS Managed Risk Moderate Growth ETF Portfolio
(collectively, the "Portfolios"), as of and for the year ended
December 31, 2022, in accordance with the standards of
the Public Company Accounting Oversight Board (United
States) (PCAOB), we considered the Portfolios' internal
control over financial reporting, including controls over
safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Portfolios'
internal control over financial reporting. Accordingly, we
express no such opinion.
The management of the Portfolios is responsible for
establishing and maintaining effective internal control over
financial reporting. In fulfilling this responsibility, estimates
and judgments by management are required to assess the
expected benefits and related costs of controls. A portfolio's
internal control over financial reporting is a process
designed 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. A portfolio's
internal control over financial reporting includes those
policies and procedures that (1) pertain to the maintenance
of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of the assets of the
portfolio; (2) provide reasonable assurance that transactions
are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted
accounting principles, and that receipts and expenditures of
the portfolio are being made only in accordance with
authorizations of management and trustees of the portfolio;
and (3) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or
disposition of a portfolio's assets that could have a material
effect on the financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future
periods are subject to the risk that controls may become
inadequate because of changes in conditions or that the
degree of compliance with the policies or procedures may
deteriorate.
A deficiency in internal control over financial reporting exists
when the design or operation of a control does not allow
management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
portfolio's annual or interim financial statements will not be
prevented or detected on a timely basis.
Our consideration of the Portfolios' internal control over
financial reporting was for the limited purpose described in
the first paragraph and would not necessarily disclose all
deficiencies in internal control that might be material
weaknesses under standards established by the PCAOB.
However, we noted no deficiencies in the Portfolios' internal
control over financial reporting and its operation, including
controls for safeguarding securities, that we consider to be
a material weakness, as defined above, as of December 31,
2022.
This report is intended solely for the information and use of
management and the Board of Trustees of the Northern
Lights Variable Trust and the Securities and Exchange
Commission and is not intended to be and should not be
used by anyone other than these specified parties.

/s/ Deloitte & Touche LLP
Costa Mesa, California
February 23, 2023

```

# Form N-CEN: Annual Report for Registered Investment Companies

## N-CEN: Filer Information
**Submission Type:** N-CEN
**CIK:** 0001352621

## N-CEN: Series/Class (Contract) Information

**Series ID Record:1**
- **Series ID:** S000016887

**Series ID Record:2**
- **Series ID:** S000072660

**Series ID Record:3**
- **Series ID:** S000031505

**Series ID Record:4**
- **Series ID:** S000031504

**Series ID Record:5**
- **Series ID:** S000040836

**Series ID Record:6**
- **Series ID:** S000031506

**Series ID Record:7**
- **Series ID:** S000031508

**Series ID Record:8**
- **Series ID:** S000031503

**Series ID Record:9**
- **Series ID:** S000016888

**Series ID Record:10**
- **Series ID:** S000031507

**Series ID Record:11**
- **Series ID:** S000040349

**Series ID Record:12**
- **Series ID:** S000031509

**Series ID Record:13**
- **Series ID:** S000031502

**Class ID Record:1**
- **Class ID:** C000125279

**Class ID Record:2**
- **Class ID:** C000125280

### N-CEN: Part A: General Information

**Item A.1.a - Report for period ending:** 2022-12-31

**Item A.1.b - Does this report cover a period of less than 12 months?:** No

## N-CEN: Part B: Information About the Registrant

- **Item B.1.a - Full name of Registrant:** Northern Lights Variable Trust

- **Item B.1.b - Investment Company Act file number:** 811-21853

- **Item B.1.c - CIK:** 0001352621

- **Item B.1.d - LEI:** 549300JG5J5V82S8VI88

- **Item B.2.a - Street 1:** 225 Pictoria Drive, Suite 450

- **Item B.2.b - City:** Cincinnati

- **Item B.2.c - State:** OH

- **Item B.2.e - Zip Code:** 45246

- **Item B.2.f - Telephone:** 631-470-2600

- **Item B.2.g - Public Website:** www.ultimusfundsolutions.com.com

### Item B.3 - Location of books and records

**Location books Record: 1**

- **a. Name of person (e.g., a custodian of records):** Ultimus Fund Solutions, LLC

- **b. Street 1:** 225 Pictoria Drive, Suite 450

- **c. City:** Cincinnati

- **d. State, if applicable:** OH

- **e. Foreign country, if applicable:** US

- **f. Zip code and zip code extension, or foreign postal code:** 45246

- **g. Telephone number:** 631-470-2600

- **h. Briefly describe the books and records kept at this location:** Fund Accounting and Transfer Agent Records

- **Item B.4.a - Is this the first filing by the Registrant?:** No

- **Item B.4.b - Is this the last filing by the Registrant?:** No

### Item B.6 - Organization

- [x] a. Open-end management investment company registered under the Act on Form N-1A

- [ ] b. Closed-end management investment company registered under the Act on Form N-2

- [ ] c. Separate account offering variable annuity contracts which is registered under the Act as a management investment company on Form N-3

- [ ] d. Separate account offering variable annuity contracts which is registered under the Act as a unit investment trust on Form N-4

- [ ] e. Small business investment company registered under the Act on Form N-5

- [ ] f. Separate account offering variable insurance contracts which is registered under the Act as a unit investment trust on Form N-6

- [ ] g. Unit investment trust registered under the Act on Form N-8B-2

- **Item B.6.i - Total number of Series:** 13

- **Item B.7 - Is the Registrant the issuer of a class of securities registered under the Securities Act?:** Yes

### Item B.8 - Directors

| Name             | Is Interested Person?   | Other Investment Company File Numbers                 |
|:---|:---|:---|
| Mark H. Taylor   | No                      | 811-22655, 811-22440, 811-21720                       |
| Anthony J. Hertl | No                      | 811-21720, 811-22440                                  |
| Gary W. Lanzen   | No                      | 811-21720, 811-22440, 811-08037                       |
| Mark Garbin      | No                      | 811-22718, 811-21720, 811-22865, 811-23319, 811-22963 |
| John V. Palancia | No                      | 811-21720, 811-22440, 811-22655                       |
| Mark D. Gersten  | No                      | 811-22963, 811-22718, 811-21720                       |

### Item B.9. Chief compliance officer.

**Chief compliance officer Record: 1**

- **a. Full Name:** Northern Lights Compliance Services, LLC

- **b. CRD Number, if any:** N/A

- **c. Street Address 1:** 17645 Wright Street, Suite 200

- **   Street Address 2:** N/A

- **d. City:** Omaha

- **e. State, if applicable:** NE

- **f. Foreign country, if applicable:** US

- **g. Zip code:** 68130

- **h. Telephone number:** XXXXXX

- **i. Has the chief compliance officer changed since the last filing?:** No

If the chief compliance officer is compensated or employed by any person other than the Registrant, provide:

**CCO employer Record: 1**

- **i. Name of the person:** —

- **ii. Person’s IRS Employer Identification Number:** —

### Item B.10. Matters for security holder vote.

- **Were any matters submitted by the Registrant for its security holders’ vote during the reporting period?** No

- **Item B.11.a - Have there been any material legal proceedings?:** No

- **Item B.11.b - Has any proceeding previously reported been terminated?:** No

- **Item B.12.a - Were any claims with respect to the Registrant filed under a fidelity bond?:** No

- **Item B.13.a - Are the Registrant's officers or directors covered under any insurance policy?:** Yes

- **Item B.13.a.i - If yes, were any claims filed under the policy during the reporting period?:** No

- **Item B.14 - Did an affiliated person provide any form of financial support to the Registrant?:** No

- **Item B.15.a - Did the Registrant rely on any exemptive orders from the Commission?:** No

### Item B.16. Principal underwriters.

**Principal underwriter Record: 1**

- **i. Full name:** Northern Lights Distributors

- **ii. SEC file number:** 008-65857

- **iii. CRD number:** N/A

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NE

- **vi. Foreign country, if applicable:** US

- **vii. Is the principal underwriter an affiliated person...?:** Yes

- **b. Have any principal underwriters been hired or terminated during the reporting period?** No

### Item B.17. Independent public accountant.

**Public accountant Record: 1**

- **a. Full Name:** Deloitte & Touche LLP

- **b. PCAOB Number:** 34

- **c. LEI, if any:** N/A

- **d. State, if applicable:** NY

- **e. Foreign country, if applicable:** US

**Public accountant Record: 2**

- **a. Full Name:** RSM US LLP

- **b. PCAOB Number:** 49

- **c. LEI, if any:** N/A

- **d. State, if applicable:** CO

- **e. Foreign country, if applicable:** US

- **f. Has the independent public accountant changed since the last filing?** No

- **Item B.18 - Did an independent public accountant's report on internal control note any material weaknesses?:** No

- **Item B.19 - Did an independent public accountant issue an opinion other than an unqualified opinion?:** No

- **Item B.20 - Have there been material changes in the method of valuation?:** No

- **Item B.21 - Have there been any changes in accounting principles or practices?:** No

- **Item B.22.a - Were any payments made to shareholders as a result of an error in calculating NAV?:** No

- **Item B.23 - Did the Registrant pay any dividend or make any distribution required to be accompanied by a written statement?:** No

## Part C: Additional Questions for Management Investment Companies

### Management Investment Record: 1 - Donoghue Forlines Momentum VIT Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Donoghue Forlines Momentum VIT Fund

- **b. Series identification number, if any:** S000016887

- **c. LEI:** 5493000NP7G6T37SBS65

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                              | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Donoghue Forlines Momentum VIT Fund Class 1 Shares | C000047034                                | N/A                          |
|                           2 | Donoghue Forlines Momentum VIT Fund Class 2 Shares | C000186847                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $7,378,996.42

- **g. Provide the net income from securities lending activities:** $10,736.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Donoghue Forlines LLC

- **ii. SEC file number:** 801-108564

- **iii. CRD number:** 000285403

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US Bank

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 84-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 84-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JANE STREET EXECUTION SERVICES, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13.28

**Brokers Record: 2**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $15,104.10

**Brokers Record: 3**

- **i. Full name of broker:** CITADEL SECURITIES

- **ii. SEC file number:** 008-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,874.01

**Brokers Record: 4**

- **i. Full name of broker:** COWEN GROUP

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $263.89

**Brokers Record: 5**

- **i. Full name of broker:** CANACCORD GENUITY WEALTH

- **ii. SEC file number:** 008-03271

- **iii. CRD number:** 000001020

- **iv. LEI, if any:** WTX5X269IUOQ9YMI7R44

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $647.88

**Brokers Record: 6**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,063.52

**Brokers Record: 7**

- **i. Full name of broker:** VIRTUS INVESTMENT PARTNERS

- **ii. SEC file number:** 008-83237

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 549300HWF93HB8BDM648

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,100.46

**Brokers Record: 8**

- **i. Full name of broker:** JPMORGAN CHASE

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** 8I5DZWZKVSZI1NUHU748

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $656.18

**Brokers Record: 9**

- **i. Full name of broker:** WALLACHBETH

- **ii. SEC file number:** 8-67936

- **iii. CRD number:** 000147853

- **iv. LEI, if any:** 549300R371KUKXEXC133

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $23,800.42

**Aggregate Commission:** $48,523.74

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $60,786,926.11

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 2 - TOPS Target Range Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Target Range Portfolio

- **b. Series identification number, if any:** S000072660

- **c. LEI:** 549300OMNK5SQRAB1Q48

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 3

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Target Range Portfolio Class S | C000231259                                | N/A                          |
|                           2 | TOPS Target Range Portfolio Class 1 | C000229077                                | N/A                          |
|                           3 | TOPS Target Range Portfolio Class 2 | C000231258                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $0.00

- **g. Provide the net income from securities lending activities:** $0.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,807.00

**Brokers Record: 2**

- **i. Full name of broker:** WEXFORD CLEARING SERVICES LLC

- **ii. SEC file number:** 008-48636

- **iii. CRD number:** 000039310

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $9,195.00

**Brokers Record: 3**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $278.00

**Aggregate Commission:** $11,280.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $12,444,235.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 3 - TOPS Growth ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Growth ETF Portfolio

- **b. Series identification number, if any:** S000031505

- **c. LEI:** 549300RZ9W22FGP7P063

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                    | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Growth ETF Portfolio Investor Class | C000158838                                | N/A                          |
|                           2 | TOPS Growth ETF Portfolio Service Class  | C000211503                                | N/A                          |
|                           3 | TOPS Growth ETF Portfolio Class 2        | C000097928                                | N/A                          |
|                           4 | TOPS Growth ETF Portfolio Class 1        | C000097929                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $4,429,580.00

- **g. Provide the net income from securities lending activities:** $25,086.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2.00

**Brokers Record: 2**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,532.00

**Brokers Record: 3**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,993.00

**Brokers Record: 4**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,292.00

**Brokers Record: 5**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $372.00

**Aggregate Commission:** $7,191.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $91,729,078.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 4 - TOPS Moderate Growth ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Moderate Growth ETF Portfolio

- **b. Series identification number, if any:** S000031504

- **c. LEI:** 549300YDJH2RX6OEMR02

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                             | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Moderate Growth ETF Portfolio Investor Class | C000158837                                | N/A                          |
|                           2 | TOPS Moderate Growth ETF Portfolio Class 1        | C000097926                                | N/A                          |
|                           3 | TOPS Moderate Growth ETF Portfolio Class 2        | C000097927                                | N/A                          |
|                           4 | TOPS Moderate Growth ETF Portfolio Service Class  | C000211502                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $8,072,059.00

- **g. Provide the net income from securities lending activities:** $45,834.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $411.00

**Brokers Record: 2**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,064.00

**Brokers Record: 3**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,417.00

**Brokers Record: 4**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $18.00

**Brokers Record: 5**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,796.00

**Aggregate Commission:** $7,706.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $103,230,841.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 5 - TOPS Managed Risk Flex ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Managed Risk Flex ETF Portfolio

- **b. Series identification number, if any:** S000040836

- **c. LEI:** 5493005FJUEPL83Z5820

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 1

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Managed Risk Flex ETF Portfolio | C000126627                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $13,254,652.00

- **g. Provide the net income from securities lending activities:** $79,829.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,732.00

**Brokers Record: 2**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $47.00

**Brokers Record: 3**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,358.00

**Brokers Record: 4**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,740.00

**Aggregate Commission:** $6,877.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BANK OF AMERICA MERRILL LYNCH | 8-72210           |    000007691 | 8NAV47T0Y26Q87Y0QP81 | DE      | US        | $641,627,257.00           |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $641,627,257.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $148,893,062.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 6 - TOPS Aggressive Growth ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Aggressive Growth ETF Portfolio

- **b. Series identification number, if any:** S000031506

- **c. LEI:** 5493008CBBL2Q5QGII10

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                               | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Aggressive Growth ETF Portfolio Investor Class | C000158839                                | N/A                          |
|                           2 | TOPS Aggressive Growth ETF Portfolio Class 2        | C000097930                                | N/A                          |
|                           3 | TOPS Aggressive Growth ETF Portfolio Class 1        | C000097931                                | N/A                          |
|                           4 | TOPS Aggressive Growth ETF Portfolio Service Class  | C000211504                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $1,341,290.00

- **g. Provide the net income from securities lending activities:** $5,613.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $179.00

**Brokers Record: 2**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,290.00

**Brokers Record: 3**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,626.00

**Brokers Record: 4**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,220.00

**Brokers Record: 5**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $440.00

**Aggregate Commission:** $5,755.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $81,461,630.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 7 - TOPS Managed Risk Moderate Growth ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Managed Risk Moderate Growth ETF Portfolio

- **b. Series identification number, if any:** S000031508

- **c. LEI:** 549300NQO6B78XIUUT51

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 4        | C000112456                                | N/A                          |
|                           2 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 1        | C000097934                                | N/A                          |
|                           3 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 2        | C000097935                                | N/A                          |
|                           4 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 3        | C000112455                                | N/A                          |
|                           5 | TOPS Managed Risk Moderate Growth ETF Portfolio Investor Class | C000158841                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $48,474,497.00

- **g. Provide the net income from securities lending activities:** $312,286.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $46,438.00

**Brokers Record: 2**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,044.00

**Brokers Record: 3**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,394.00

**Brokers Record: 4**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,132.00

**Brokers Record: 5**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $383.00

**Aggregate Commission:** $87,914.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BANK OF AMERICA MERRILL LYNCH | 8-72210           |    000007691 | 8NAV47T0Y26Q87Y0QP81 | DE      | US        | $3,153,570,853.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $3,153,570,853.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $568,945,084.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 8 - TOPS Balanced ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Balanced ETF Portfolio

- **b. Series identification number, if any:** S000031503

- **c. LEI:** 549300VPGO1ULIQDTI28

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                      | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Balanced ETF Portfolio Investor Class | C000158836                                | N/A                          |
|                           2 | TOPS Balanced ETF Portfolio Service Class  | C000211501                                | N/A                          |
|                           3 | TOPS Balanced ETF Portfolio Class 2        | C000097925                                | N/A                          |
|                           4 | TOPS Balanced ETF Portfolio Class 1        | C000097924                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $5,092,845.00

- **g. Provide the net income from securities lending activities:** $29,255.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $258.00

**Brokers Record: 2**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,383.00

**Brokers Record: 3**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2,198.00

**Brokers Record: 4**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,182.00

**Aggregate Commission:** $5,021.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $69,782,886.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 9 - Donoghue Forlines Dividend VIT Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** Donoghue Forlines Dividend VIT Fund

- **b. Series identification number, if any:** S000016888

- **c. LEI:** 5493002A78Q1SNMC1427

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                              | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | Donoghue Forlines Dividend VIT Fund Class 2 Shares | C000186848                                | N/A                          |
|                           2 | Donoghue Forlines Dividend VIT Fund Class 1 Shares | C000047035                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [ ] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** U.S. Bank N.A.

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,136,570.40

- **g. Provide the net income from securities lending activities:** $3,841.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** Yes

- **c. Are the fees waived subject to recoupment?** Yes

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Donoghue Forlines LLC

- **ii. SEC file number:** 801-108564

- **iii. CRD number:** 000285403

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** US Bank

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 84-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 84-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** JPMorgan Chase

- **ii. SEC file number:** 8-35008

- **iii. CRD number:** 000000079

- **iv. LEI, if any:** 8I5DZWZKVSZI1NUHU748

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $241.77

**Brokers Record: 2**

- **i. Full name of broker:** JANE STREET EXECUTION SERVICES, LLC

- **ii. SEC file number:** 8-69254

- **iii. CRD number:** 000167280

- **iv. LEI, if any:** 549300HXJLXCPDWAH070

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $2.34

**Brokers Record: 3**

- **i. Full name of broker:** CITADEL SECURITIES

- **ii. SEC file number:** 008-53574

- **iii. CRD number:** 000116797

- **iv. LEI, if any:** 12UUJYTN7D3SW8KCSG25

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $88.88

**Brokers Record: 4**

- **i. Full name of broker:** Virtus Investment Partners

- **ii. SEC file number:** 008-83237

- **iii. CRD number:** 000106982

- **iv. LEI, if any:** 549300HWF93HB8BDM648

- **v. State, if applicable:** CT

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $967.15

**Brokers Record: 5**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,335.91

**Brokers Record: 6**

- **i. Full name of broker:** Wallachbeth Capital, LLC

- **ii. SEC file number:** 8-67936

- **iii. CRD number:** 000147853

- **iv. LEI, if any:** 549300R371KUKXEXC133

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $3,170.07

**Brokers Record: 7**

- **i. Full name of broker:** CANACCORD GENUITY WEALTH

- **ii. SEC file number:** 008-03271

- **iii. CRD number:** 000001020

- **iv. LEI, if any:** WTX5X269IUOQ9YMI7R44

- **v. State, if applicable:** DE

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $39.37

**Brokers Record: 8**

- **i. Full name of broker:** Cowen Group

- **ii. SEC file number:** 8-22522

- **iii. CRD number:** 000007616

- **iv. LEI, if any:** 549300WR155U7DVMIW58

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $116.04

**Brokers Record: 9**

- **i. Full name of broker:** Mischler Financial Group

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,181.27

**Aggregate Commission:** $7,142.80

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $10,270,152.35

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 10 - TOPS Managed Risk Balanced ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Managed Risk Balanced ETF Portfolio

- **b. Series identification number, if any:** S000031507

- **c. LEI:** 549300VNL87B3B7KW674

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                   | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Managed Risk Balanced ETF Portfolio Class 1        | C000097933                                | N/A                          |
|                           2 | TOPS Managed Risk Balanced ETF Portfolio Investor Class | C000158840                                | N/A                          |
|                           3 | TOPS Managed Risk Balanced ETF Portfolio Class 3        | C000112453                                | N/A                          |
|                           4 | TOPS Managed Risk Balanced ETF Portfolio Class 4        | C000112454                                | N/A                          |
|                           5 | TOPS Managed Risk Balanced ETF Portfolio Class 2        | C000097932                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $31,812,376.00

- **g. Provide the net income from securities lending activities:** $199,286.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $29,373.00

**Brokers Record: 2**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $10,460.00

**Brokers Record: 3**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $13,175.00

**Brokers Record: 4**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $359.00

**Brokers Record: 5**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7,392.00

**Aggregate Commission:** $60,759.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BANK OF AMERICA MERRILL LYNCH | 8-72210           |    000007691 | 8NAV47T0Y26Q87Y0QP81 | DE      | US        | $1,443,053,216.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $1,443,053,216.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $334,330,482.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 11 - BTS Tactical Fixed Income VIT Fund

**Item C.1. Background information.**

- **a. Full Name of the Fund:** BTS Tactical Fixed Income VIT Fund

- **b. Series identification number, if any:** S000040349

- **c. LEI:** 549300AJ1ZBC86DDL005

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 2

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                             | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | BTS Tactical Fixed Income VIT Fund Class 1 Shares | C000125279                                | N/A                          |
|                           2 | BTS Tactical Fixed Income VIT Fund Class 2 Shares | C000125280                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** Securities Finance Trust Company

- **ii. LEI, if any:** 549300TG9E1QX4XYSB91

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $694,235.33

- **g. Provide the net income from securities lending activities:** $23,624.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** Yes

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** BTS Asset Management, Inc.

- **ii. SEC file number:** 801-14895

- **iii. CRD number:** 000105215

- **iv. LEI, if any:** 254900LQUH493JG17I50

- **v. State, if applicable:** MA

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 84-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** U.S. Bank National Association

- **ii. LEI, if any:** 6BYL5QZYBDK8S7L73M02

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 84-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 84-05829

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** WALLACHBETH CAPITAL LLC

- **ii. SEC file number:** 8-67936

- **iii. CRD number:** 000147853

- **iv. LEI, if any:** 549300R371KUKXEXC133

- **v. State, if applicable:** NJ

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $22,042.91

**Aggregate Commission:** $22,042.91

**Item C.17.a. Principal transaction counterparties.**

| Name                                | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| U.S. Bancorp Investments, Inc.      | 8-35359           |    000017868 | H85Z6XZP8B10ES0M2G89 | DE      | US        | $22,842,062.87            |
| Jane Street Execution Services, LLC | 8-69254           |    000167280 | 549300HXJLXCPDWAH070 | DE      | US        | $10,352,988.08            |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $33,195,050.95

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $15,759,934.37

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **a. Does the Fund have available a line of credit?** Yes

**If yes, for each line of credit, provide the information requested below:**

**Line of Credit details Record: 1**

- **i. Is the line of credit a committed or uncommitted line of credit?** Uncommitted

- **ii. What size is the line of credit?** $1,000,000.00

- **iii. With which institution(s) is the line of credit?**

  - **Line Institutions Record: 1 Name of institution:** U.S. Bank National Association

- **v. Did the Fund draw on the line of credit this period?** —

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 12 - TOPS Managed Risk Growth ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Managed Risk Growth ETF Portfolio

- **b. Series identification number, if any:** S000031509

- **c. LEI:** 549300QYE0XD8DFGBU43

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 5

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                                 | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Managed Risk Growth ETF Portfolio Class 1        | C000097936                                | N/A                          |
|                           2 | TOPS Managed Risk Growth ETF Portfolio Class 4        | C000112458                                | N/A                          |
|                           3 | TOPS Managed Risk Growth ETF Portfolio Investor Class | C000158842                                | N/A                          |
|                           4 | TOPS Managed Risk Growth ETF Portfolio Class 2        | C000097937                                | N/A                          |
|                           5 | TOPS Managed Risk Growth ETF Portfolio Class 3        | C000112457                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $30,755,589.00

- **g. Provide the net income from securities lending activities:** $187,157.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $400.00

**Brokers Record: 2**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $12,303.00

**Brokers Record: 3**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $35,868.00

**Brokers Record: 4**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $17,804.00

**Brokers Record: 5**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $21,539.00

**Aggregate Commission:** $87,914.00

**Item C.17.a. Principal transaction counterparties.**

| Name                          | SEC file number   |   CRD number | LEI                  | State   | Country   | Total Purchase/Sale ($)   |
|:---|:---|---:|:---|:---|:---|:---|
| BANK OF AMERICA MERRILL LYNCH | 8-72210           |    000007691 | 8NAV47T0Y26Q87Y0QP81 | DE      | US        | $4,614,299,571.00         |

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $4,614,299,571.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $593,327,354.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

### Management Investment Record: 13 - TOPS Conservative ETF Portfolio

**Item C.1. Background information.**

- **a. Full Name of the Fund:** TOPS Conservative ETF Portfolio

- **b. Series identification number, if any:** S000031502

- **c. LEI:** 549300C5JVVXIIJS4082

- **d. Is this the first filing on this form by the Fund?:** No

**Item C.2. Classes of open-end management investment companies.**

- **a. How many Classes of shares of the Fund (if any) are authorized?:** 4

- **b. How many new Classes of shares of the Fund were added during the reporting period?:** 0

- **c. How many Classes of shares of the Fund were terminated during the reporting period?:** 0

**d. For each Class with shares outstanding, provide the information requested below:**

|   Shares Outstanding Record | i. Full name of Class                          | ii. Class identification number, if any   | iii. Ticker symbol, if any   |
|---:|:---|:---|:---|
|                           1 | TOPS Conservative ETF Portfolio Class 1        | C000097922                                | N/A                          |
|                           2 | TOPS Conservative ETF Portfolio Service Class  | C000211500                                | N/A                          |
|                           3 | TOPS Conservative ETF Portfolio Investor Class | C000158835                                | N/A                          |
|                           4 | TOPS Conservative ETF Portfolio Class 2        | C000097923                                | N/A                          |

**Item C.3. Type of fund.**

- [ ] Exchange-Traded Fund or Exchange-Traded Managed Fund or offers a Class that itself is an Exchange-Traded Fund or Exchange-Traded Managed Fund

-   [ ] i. Exchange-Traded Fund

-   [ ] ii. Exchange-Traded Managed Fund

- [ ] b. Index Fund

- [ ] c. Seeks to achieve performance results that are a multiple of a benchmark, the inverse of a benchmark, or a multiple of the inverse of a benchmark

- [ ] d. Interval Fund

- [x] e. Fund of Funds

- [ ] f. Master-Feeder Fund

- [ ] g. Money Market Fund

- [ ] h. Target Date Fund

-   [ ] i. Underlying fund to a variable annuity or variable life insurance contract

- [ ] N/A

**Item C.4 - Does the Fund seek to operate as a 'non-diversified company'?** No

**Item C.5 - Does the fund invest in a controlled foreign corporation?** No

**Item C.6. Securities lending.**

- **a. Is the Fund authorized to engage in securities lending transactions?** Yes

- **b. Did the Fund lend any of its securities during the reporting period?** Yes

  - **i. If yes, during the reporting period, did any borrower fail to return the loaned securities by the contractual deadline with the result that:**

    - **1. The Fund (or it securities lending agent) liquidated collateral pledged to secure the loaned securities?** No

    - **2. The Fund was otherwise adversely impacted?** No

**c. Provide the information requested below about each securities lending agent, if any, retained by the Fund:**

**Securities Lending Record: 1**

- **i. Full name of securities lending agent:** The Bank of New York Mellon

- **ii. LEI, if any:** HPFHU0OQ28E4N0NFVK49

- **iii. Is the securities lending agent an affiliated person...?** No

- **f. Provide the monthly average of the value of portfolio securities on loan during the reporting period:** $2,092,684.00

- **g. Provide the net income from securities lending activities:** $11,922.00

**Item C.7. Reliance on certain statutory exemption and rules.**

Did the Fund rely on the following rules?

- Rule 32a-4 (17 CFR 270.32a-4)

**Item C.8. Expense limitations.**

- **a. Did the Fund have an expense limitation arrangement?** No

- **b. Were any expenses reduced or waived?** No

- **c. Are the fees waived subject to recoupment?** No

- **d. Were any expenses previously waived recouped during the period?** No

**Item C.9. Investment advisers.**

**Investment Advisers Record: 1**

- **i. Full name:** Valmark Advisers, Inc.

- **ii. SEC file number:** 801-55564

- **iii. CRD number:** 000108050

- **iv. LEI, if any:** N/A

- **v. State, if applicable:** OH

- **vi. Foreign country, if applicable:** US

- **vii. Was the investment adviser hired during the reporting period?:** No

**Item C.9.b. Sub-advisers.**

**Sub-adviser Record: 1**

- **i. Full name:** Milliman Financial Risk Management, LLC

- **ii. SEC file number:** 801-73056

- **iii. CRD number:** 000159377

- **iv. LEI, if any:** N/A

- **v. Is the sub-adviser an affiliated person?:** No

- **vii. Was the sub-adviser hired during the reporting period?:** No

**Item C.10. Transfer agents.**

**Transfer Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. SEC file number:** 084-05829

- **iii. LEI, if any:** N/A

- **iv. State, if applicable:** OH

- **v. Foreign country, if applicable:** US

- **vi. Is the transfer agent an affiliated person of the Fund or its investment adviser(s)?:** No

- **vii. Is the transfer agent a sub-transfer agent?:** No

- **b. Has a transfer agent been hired or terminated during the reporting period?** No

**Item C.11. Pricing services.**

**Pricing Services Record: 1**

- **i. Full name:** ICE Data Services

- **ii. LEI, if any, or provide and describe other identifying number:** N/A

- **Description of other identifying number:** N/A

- **iii. State, if applicable:** NY

- **iv. Foreign country, if applicable:** US

- **v. Is the pricing service an affiliated person of the Fund or its investment adviser(s)?:** No

- **b. Was a pricing service hired or terminated during the reporting period?** No

**Item C.12. Custodians.**

**a. Provide the following information about each person that provided custodial services to the Fund during the reporting period:**

**Custodians Record: 1**

- **i. Full name:** Fifth Third Bank

- **ii. LEI, if any:** QFROUN1UWUYU0DVIWD51

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the custodian an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the custodian a sub-custodian?:** No

- **vii. With respect to the custodian, check below to indicate the type of custody:** Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))

- **b. Was a custodian hired or terminated during the reporting period?** No

**Item C.13 - Shareholder Servicing Agents**

**Shareholder Servicing Agents Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the shareholder servicing agent an affiliated person?:** No

- **vi. Is the shareholder servicing agent a sub-shareholder servicing agent?:** No

- **b. Has a shareholder servicing agent been hired or terminated during the reporting period?** No

**Item C.14. Administrators.**

**a. Provide the following information about each administrator of the Fund:**

**Administrators Record: 1**

- **i. Full name:** Ultimus Fund Solutions, LLC

- **ii. LEI, if any, or other identifying number:** 084-05829

- **iii. State, if applicable:** OH

- **iv. Foreign country, if applicable:** US

- **v. Is the administrator an affiliated person of the Fund or its investment adviser(s)?:** No

- **vi. Is the administrator a sub-administrator?:** No

- **b. Has a third-party administrator been hired or terminated during the reporting period?** No

**Item C.15 - Affiliated broker-dealers.**

No Affiliated Broker-Dealers reported.

**Item C.16. Brokers.**

**a. For each of the ten brokers that received the largest dollar amount of brokerage commissions...**

**Brokers Record: 1**

- **i. Full name of broker:** MISCHLER FINANCIAL GROUP

- **ii. SEC file number:** 8-48067

- **iii. CRD number:** 000037818

- **iv. LEI, if any:** 2549004IPXPSM9EJFC92

- **v. State, if applicable:** CA

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $7.00

**Brokers Record: 2**

- **i. Full name of broker:** KNIGHT CAPITAL GROUP

- **ii. SEC file number:** 8-68193

- **iii. CRD number:** 000149823

- **iv. LEI, if any:** 549300RA02N3BNSWBV74

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $933.00

**Brokers Record: 3**

- **i. Full name of broker:** STONEX FINANCIAL

- **ii. SEC file number:** 8-51269

- **iii. CRD number:** 000045993

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $469.00

**Brokers Record: 4**

- **i. Full name of broker:** FCSTONE

- **ii. SEC file number:** 8-49291

- **iii. CRD number:** 000041025

- **iv. LEI, if any:** 549300JUF07L8VF02M60

- **v. State, if applicable:** NY

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $80.00

**Brokers Record: 5**

- **i. Full name of broker:** MESIROW FINANCIAL

- **ii. SEC file number:** 8-28816

- **iii. CRD number:** 000002764

- **iv. LEI, if any:** 549300BIV46SUHPOFE54

- **v. State, if applicable:** IL

- **vi. Foreign country, if applicable:** US

- **vii. Gross commissions paid by the Fund for the reporting period:** $1,435.00

**Aggregate Commission:** $2,924.00

- **Item C.17.b - Aggregate value of principal purchase/sale transactions:** $0.00

- **Item C.18 - Did the Fund pay commissions for 'brokerage and research services'?:** No

- **Item C.19.a - Fund's monthly average net assets:** $27,863,772.00

**Item C.20. Lines of credit, interfund lending and interfund borrowing.**

- **b. Did the Fund engage in interfund lending?** No

- **c. Did the Fund engage in interfund borrowing?** No

**Item C.21. Swing pricing.**

- **a. Did the Fund (if not a Money Market Fund, Exchange-Traded Fund, or Exchange-Traded Managed Fund) engage in swing pricing?** No

## N-CEN: Part G: Attachments

**Item G.1a. Attachments.**

Attachments applicable to all Registrants. All Registrants shall file the following attachments, as applicable, with the current report. Indicate the attachments filed with the current report by checking the applicable items below:

- [ ] i. Legal proceedings

- [ ] ii. Provision of financial support

- [x] iii. Independent public accountant's report on internal control (management investment companies other than small business investment companies only)

- [ ] iv. Change in accounting principles and practices

- [ ] v. Information required to be filed pursuant to exemptive orders

- [ ] vi. Other information required to be included as an attachment pursuant to Commission rules and regulations

## N-CEN: Signature

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this report to a be signed on its behalf by the undersigned hereunto duly authorized.

**Registrant:** Northern Lights Variable Trust

**Date:** 2023-03-08

**Signature:** James Colantino

**Title:** Treasurer