# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001580642-25-005857
**Filing Date:** 2025-9
**Character Count:** 230179
**Document Hash:** 6d9a29e68a8aba31767c5276b7a9c9d0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005857.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001580642-25-005857

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 92

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Variable Trust
- **CENTRAL INDEX KEY:** 0001352621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 251297412

**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

### 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 |  |

?xml version='1.0' encoding='ASCII'?

**united states securities and exchange commission washington, d.c. 20549**

**form n-csr certified shareholder report of registered management investment companies**

Investment Company Act file number <u>811-21853</u>

<u>Northern Lights Variable Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street, Wilmington, DE 19801</u> <br> (Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u>

Date of fiscal year end: <u>12/31</u>

Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.** [Insert annual or semi-annual report.]

(a) # TOPS Managed Risk Balanced ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1a2d97e0d7e5d74793227491.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Balanced ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $21 | 0.42%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](if548d9cd6d5a40e507a48317.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9797 | $10399 |
| **Jun-2017** | $10587 | $12260 |
| **Jun-2018** | $11039 | $14023 |
| **Jun-2019** | $11510 | $15483 |
| **Jun-2020** | $11606 | $16645 |
| **Jun-2021** | $13686 | $23436 |
| **Jun-2022** | $12445 | $20948 |
| **Jun-2023** | $12922 | $25053 |
| **Jun-2024** | $13958 | $31204 |
| **Jun-2025** | $14751 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Balanced ETF Portfolio | 2.72% | 5.68% | 4.91% | 3.96% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$57,477,355

* Number of Portfolio Holdings30

* Advisory Fee $85,321

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic14e0583e59a2272d39eabd1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.8% |
| Exchange-Traded Funds | 87.8% |
| Money Market Funds | 11.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9b722af459a651cebfea1afb.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Collateral for Securities Loaned | 0.8% |
| Money Market Funds | 11.4% |
| Fixed Income | 43.0% |
| Equity | 45.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 10.8% |
| Vanguard FTSE Developed Markets ETF | 8.2% |
| Vanguard S&P 500 ETF | 8.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.2% |
| SPDR Portfolio S&P 500 Value ETF | 6.3% |
| SPDR Portfolio Short Term Corporate Bond ETF | 6.3% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.5% |
| Vanguard Intermediate-Term Treasury ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i29d22c5dd588d962c631b1b3.jpg)

# TOPS Managed Risk Balanced ETF Portfolio - Class 1

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting
information

TSR-SAR 063025-TMRB1

# TOPS Managed Risk Balanced ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i7def7475d8646d7f79b19d26.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Balanced ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie43e2dc4369f0dc8bd7dd838.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9771 | $10399 |
| **Jun-2017** | $10534 | $12260 |
| **Jun-2018** | $10958 | $14023 |
| **Jun-2019** | $11394 | $15483 |
| **Jun-2020** | $11466 | $16645 |
| **Jun-2021** | $13483 | $23436 |
| **Jun-2022** | $12233 | $20948 |
| **Jun-2023** | $12659 | $25053 |
| **Jun-2024** | $13653 | $31204 |
| **Jun-2025** | $14392 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Balanced ETF Portfolio | 2.63% | 5.41% | 4.65% | 3.71% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$57,477,355

* Number of Portfolio Holdings30

* Advisory Fee $85,321

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i8b1c217bb36f55c35e0240a2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.8% |
| Exchange-Traded Funds | 87.8% |
| Money Market Funds | 11.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib8f90d0c17e89d038366c216.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Collateral for Securities Loaned | 0.8% |
| Money Market Funds | 11.4% |
| Fixed Income | 43.0% |
| Equity | 45.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 10.8% |
| Vanguard FTSE Developed Markets ETF | 8.2% |
| Vanguard S&P 500 ETF | 8.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.2% |
| SPDR Portfolio S&P 500 Value ETF | 6.3% |
| SPDR Portfolio Short Term Corporate Bond ETF | 6.3% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.5% |
| Vanguard Intermediate-Term Treasury ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](id7d2f7e8824e076bf4ba8da4.jpg)

# TOPS Managed Risk Balanced ETF Portfolio - Class 2

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRB2

# TOPS Managed Risk Balanced ETF Portfolio

## Class 3

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i914a796ac60b83c1a128ebc4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Balanced ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 3 | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](icb187f50af7d0f3a127bec49.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9756 | $10399 |
| **Jun-2017** | $10508 | $12260 |
| **Jun-2018** | $10925 | $14023 |
| **Jun-2019** | $11340 | $15483 |
| **Jun-2020** | $11401 | $16645 |
| **Jun-2021** | $13395 | $23436 |
| **Jun-2022** | $12146 | $20948 |
| **Jun-2023** | $12549 | $25053 |
| **Jun-2024** | $13528 | $31204 |
| **Jun-2025** | $14251 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Balanced ETF Portfolio | 2.61% | 5.35% | 4.56% | 3.61% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$57,477,355

* Number of Portfolio Holdings30

* Advisory Fee $85,321

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3443374afa78bc48db85793e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.8% |
| Exchange-Traded Funds | 87.8% |
| Money Market Funds | 11.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i46f8768a6f2aaf3b3a253556.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Collateral for Securities Loaned | 0.8% |
| Money Market Funds | 11.4% |
| Fixed Income | 43.0% |
| Equity | 45.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 10.8% |
| Vanguard FTSE Developed Markets ETF | 8.2% |
| Vanguard S&P 500 ETF | 8.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.2% |
| SPDR Portfolio S&P 500 Value ETF | 6.3% |
| SPDR Portfolio Short Term Corporate Bond ETF | 6.3% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.5% |
| Vanguard Intermediate-Term Treasury ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i19e9692a01f25e27e7854db9.jpg)

# TOPS Managed Risk Balanced ETF Portfolio - Class 3

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRB3

# TOPS Managed Risk Balanced ETF Portfolio

## Class 4

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5b467e0dcc52e58194012e1f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Balanced ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 4 | $51 | 1.02%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i07075a5d1356a035191888d6.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9736 | $10399 |
| **Jun-2017** | $10460 | $12260 |
| **Jun-2018** | $10848 | $14023 |
| **Jun-2019** | $11241 | $15483 |
| **Jun-2020** | $11262 | $16645 |
| **Jun-2021** | $13202 | $23436 |
| **Jun-2022** | $11935 | $20948 |
| **Jun-2023** | $12320 | $25053 |
| **Jun-2024** | $13232 | $31204 |
| **Jun-2025** | $13901 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Balanced ETF Portfolio | 2.49% | 5.05% | 4.30% | 3.35% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$57,477,355

* Number of Portfolio Holdings30

* Advisory Fee $85,321

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i88cff6098c7dc46fe9a16184.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.8% |
| Exchange-Traded Funds | 87.8% |
| Money Market Funds | 11.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9413f90cca41e439f660644b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Collateral for Securities Loaned | 0.8% |
| Money Market Funds | 11.4% |
| Fixed Income | 43.0% |
| Equity | 45.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 10.8% |
| Vanguard FTSE Developed Markets ETF | 8.2% |
| Vanguard S&P 500 ETF | 8.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.2% |
| SPDR Portfolio S&P 500 Value ETF | 6.3% |
| SPDR Portfolio Short Term Corporate Bond ETF | 6.3% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.5% |
| Vanguard Intermediate-Term Treasury ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](icda9e9f3ee1c444fdb7bac8f.jpg)

# TOPS Managed Risk Balanced ETF Portfolio - Class 4

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRB4

# TOPS Managed Risk Balanced ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ia04df4b613de9d4cb758c1b0.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Balanced ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $46 | 0.92%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i38e41c0562e9560eee183037.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $9744 | $10139 |
| **Jun-2017** | $10468 | $11954 |
| **Jun-2018** | $10869 | $13672 |
| **Jun-2019** | $11274 | $15096 |
| **Jun-2020** | $11346 | $16229 |
| **Jun-2021** | $13212 | $22850 |
| **Jun-2022** | $11997 | $20424 |
| **Jun-2023** | $9647 | $24426 |
| **Jun-2024** | $10279 | $30424 |
| **Jun-2025** | $10762 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Managed Risk Balanced ETF Portfolio | 2.29% | 4.71% | -1.05% | 0.74% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.44% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$57,477,355

* Number of Portfolio Holdings30

* Advisory Fee $85,321

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic8dc3a0e4fb5eff2cc81afd0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.8% |
| Exchange-Traded Funds | 87.8% |
| Money Market Funds | 11.4% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib8802b195730c916b5b33150.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.5% |
| Collateral for Securities Loaned | 0.8% |
| Money Market Funds | 11.4% |
| Fixed Income | 43.0% |
| Equity | 45.3% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 10.8% |
| Vanguard FTSE Developed Markets ETF | 8.2% |
| Vanguard S&P 500 ETF | 8.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.2% |
| SPDR Portfolio S&P 500 Value ETF | 6.3% |
| SPDR Portfolio Short Term Corporate Bond ETF | 6.3% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.5% |
| Vanguard Intermediate-Term Treasury ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ic1a9bacacf17e30cd7a2b0d9.jpg)

# TOPS Managed Risk Balanced ETF Portfolio - Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRBI

# TOPS Managed Risk Growth ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5a72ccb793d2ec4224b77544.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $21 | 0.41%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i8b36aff0273d215ddec90927.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9180 | $10399 |
| **Jun-2017** | $10339 | $12260 |
| **Jun-2018** | $11084 | $14023 |
| **Jun-2019** | $11445 | $15483 |
| **Jun-2020** | $11206 | $16645 |
| **Jun-2021** | $14092 | $23436 |
| **Jun-2022** | $12595 | $20948 |
| **Jun-2023** | $13244 | $25053 |
| **Jun-2024** | $14764 | $31204 |
| **Jun-2025** | $15395 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Growth ETF Portfolio | 2.26% | 4.28% | 6.56% | 4.41% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$159,260,528

* Number of Portfolio Holdings26

* Advisory Fee $237,068

* Portfolio Turnover3%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ib6565cabb1dad1f8183c91d5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 3.2% |
| Exchange-Traded Funds | 85.9% |
| Money Market Funds | 10.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ib9cfae12c5cd95a500ee62bf.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.8% |
| Collateral for Securities Loaned | 3.3% |
| Money Market Funds | 11.2% |
| Fixed Income | 11.6% |
| Equity | 76.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.9% |
| Vanguard FTSE Developed Markets ETF | 15.4% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 9.9% |
| SPDR Portfolio S&P 600 Small Cap ETF | 5.4% |
| SPDR Portfolio S&P 500 Growth ETF | 4.5% |
| SPDR Portfolio S&P 500 Value ETF | 4.5% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i7bc0179405451b8246289b43.jpg)

# TOPS Managed Risk Growth ETF Portfolio - Class 1

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRG1

# TOPS Managed Risk Growth ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5f17e767b534fa3f73b52fcd.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $33 | 0.66%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i4da410bd55e96b4f303c930d.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9158 | $10399 |
| **Jun-2017** | $10280 | $12260 |
| **Jun-2018** | $10996 | $14023 |
| **Jun-2019** | $11324 | $15483 |
| **Jun-2020** | $11062 | $16645 |
| **Jun-2021** | $13889 | $23436 |
| **Jun-2022** | $12376 | $20948 |
| **Jun-2023** | $12988 | $25053 |
| **Jun-2024** | $14427 | $31204 |
| **Jun-2025** | $15008 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Growth ETF Portfolio | 2.09% | 4.03% | 6.29% | 4.14% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$159,260,528

* Number of Portfolio Holdings26

* Advisory Fee $237,068

* Portfolio Turnover3%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i870b28dd610aef6fe0603958.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 3.2% |
| Exchange-Traded Funds | 85.9% |
| Money Market Funds | 10.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i8e3e48bf6953bbb0549e226f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.8% |
| Collateral for Securities Loaned | 3.3% |
| Money Market Funds | 11.2% |
| Fixed Income | 11.6% |
| Equity | 76.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.9% |
| Vanguard FTSE Developed Markets ETF | 15.4% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 9.9% |
| SPDR Portfolio S&P 600 Small Cap ETF | 5.4% |
| SPDR Portfolio S&P 500 Growth ETF | 4.5% |
| SPDR Portfolio S&P 500 Value ETF | 4.5% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ice3960e97609a72d37053875.jpg)

# TOPS Managed Risk Growth ETF Portfolio - Class 2

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRG2

# TOPS Managed Risk Growth ETF Portfolio

## Class 3

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](icf7434c0320f8585e831398c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 3 | $38 | 0.76%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i3e441950772a1bdac71a7ea6.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9143 | $10399 |
| **Jun-2017** | $10259 | $12260 |
| **Jun-2018** | $10961 | $14023 |
| **Jun-2019** | $11270 | $15483 |
| **Jun-2020** | $11006 | $16645 |
| **Jun-2021** | $13794 | $23436 |
| **Jun-2022** | $12280 | $20948 |
| **Jun-2023** | $12880 | $25053 |
| **Jun-2024** | $14292 | $31204 |
| **Jun-2025** | $14857 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Growth ETF Portfolio | 2.06% | 3.95% | 6.18% | 4.04% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$159,260,528

* Number of Portfolio Holdings26

* Advisory Fee $237,068

* Portfolio Turnover3%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4095ce96399a0c933bc4a82e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 3.2% |
| Exchange-Traded Funds | 85.9% |
| Money Market Funds | 10.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i53243c9f38491c776ca89ae2.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.8% |
| Collateral for Securities Loaned | 3.3% |
| Money Market Funds | 11.2% |
| Fixed Income | 11.6% |
| Equity | 76.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.9% |
| Vanguard FTSE Developed Markets ETF | 15.4% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 9.9% |
| SPDR Portfolio S&P 600 Small Cap ETF | 5.4% |
| SPDR Portfolio S&P 500 Growth ETF | 4.5% |
| SPDR Portfolio S&P 500 Value ETF | 4.5% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](id453994d31263c9837212aee.jpg)

# TOPS Managed Risk Growth ETF Portfolio - Class 3

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRG3

# TOPS Managed Risk Growth ETF Portfolio

## Class 4

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i54347f5687d7042a96b7cb99.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 4 | $51 | 1.01%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ifdc2d61042aace84c70946b2.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9117 | $10399 |
| **Jun-2017** | $10206 | $12260 |
| **Jun-2018** | $10886 | $14023 |
| **Jun-2019** | $11163 | $15483 |
| **Jun-2020** | $10868 | $16645 |
| **Jun-2021** | $13596 | $23436 |
| **Jun-2022** | $12076 | $20948 |
| **Jun-2023** | $12627 | $25053 |
| **Jun-2024** | $13987 | $31204 |
| **Jun-2025** | $14502 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Growth ETF Portfolio | 1.94% | 3.68% | 5.94% | 3.79% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$159,260,528

* Number of Portfolio Holdings26

* Advisory Fee $237,068

* Portfolio Turnover3%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic9c92798e5b8ec9bc57dda28.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 3.2% |
| Exchange-Traded Funds | 85.9% |
| Money Market Funds | 10.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2d3444a5c6dfeaab373dcb60.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.8% |
| Collateral for Securities Loaned | 3.3% |
| Money Market Funds | 11.2% |
| Fixed Income | 11.6% |
| Equity | 76.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.9% |
| Vanguard FTSE Developed Markets ETF | 15.4% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 9.9% |
| SPDR Portfolio S&P 600 Small Cap ETF | 5.4% |
| SPDR Portfolio S&P 500 Growth ETF | 4.5% |
| SPDR Portfolio S&P 500 Value ETF | 4.5% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i6f2172a0f35ef59ea88fb376.jpg)

# TOPS Managed Risk Growth ETF Portfolio - Class 4

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRG4

# TOPS Managed Risk Growth ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i744d4862b3c1915849307ee1.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie579bc6111289c4f35f46943.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $9199 | $10139 |
| **Jun-2017** | $10290 | $11954 |
| **Jun-2018** | $10980 | $13672 |
| **Jun-2019** | $11290 | $15096 |
| **Jun-2020** | $11037 | $16229 |
| **Jun-2021** | $13708 | $22850 |
| **Jun-2022** | $12279 | $20424 |
| **Jun-2023** | $12792 | $24426 |
| **Jun-2024** | $14185 | $30424 |
| **Jun-2025** | $14797 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Managed Risk Growth ETF Portfolio | 2.04% | 4.32% | 6.04% | 4.02% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.44% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$159,260,528

* Number of Portfolio Holdings26

* Advisory Fee $237,068

* Portfolio Turnover3%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3b7733874fb64a62bfe1e2e9.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 3.2% |
| Exchange-Traded Funds | 85.9% |
| Money Market Funds | 10.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7b6a5f71b01fe1bb82227b16.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -2.8% |
| Collateral for Securities Loaned | 3.3% |
| Money Market Funds | 11.2% |
| Fixed Income | 11.6% |
| Equity | 76.7% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.9% |
| Vanguard FTSE Developed Markets ETF | 15.4% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 9.9% |
| SPDR Portfolio S&P 600 Small Cap ETF | 5.4% |
| SPDR Portfolio S&P 500 Growth ETF | 4.5% |
| SPDR Portfolio S&P 500 Value ETF | 4.5% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| iShares MSCI Emerging Markets ex China ETF | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |
| iShares Global REIT ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](if957092e9ca133722d35070b.jpg)

# TOPS Managed Risk Growth ETF Portfolio - Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRGI

# TOPS Managed Risk Moderate Growth ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i1020239c994d2ebc1e734e72.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Moderate Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $21 | 0.42%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i21459cee807992f8f40bf475.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9438 | $10399 |
| **Jun-2017** | $10469 | $12260 |
| **Jun-2018** | $11126 | $14023 |
| **Jun-2019** | $11534 | $15483 |
| **Jun-2020** | $11474 | $16645 |
| **Jun-2021** | $14060 | $23436 |
| **Jun-2022** | $12630 | $20948 |
| **Jun-2023** | $13212 | $25053 |
| **Jun-2024** | $14526 | $31204 |
| **Jun-2025** | $15343 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Moderate Growth ETF Portfolio | 2.61% | 5.62% | 5.98% | 4.37% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$100,288,905

* Number of Portfolio Holdings27

* Advisory Fee $150,525

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icda4ea88a22d024885bea788.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 88.7% |
| Money Market Funds | 11.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie0dd3f00741420327a649c8d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 11.3% |
| Fixed Income | 29.5% |
| Equity | 58.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 16.3% |
| Vanguard FTSE Developed Markets ETF | 11.8% |
| SPDR Portfolio Short Term Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 7.2% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 5.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.5% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i52b63b0da8c5d186166ea1bf.jpg)

# TOPS Managed Risk Moderate Growth ETF Portfolio - Class 1

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRMG1

# TOPS Managed Risk Moderate Growth ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](iaf89cdb4dbdbebc7c400e13c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Moderate Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $34 | 0.67%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i1e76b8e438035a6be15e42d8.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9420 | $10399 |
| **Jun-2017** | $10424 | $12260 |
| **Jun-2018** | $11043 | $14023 |
| **Jun-2019** | $11416 | $15483 |
| **Jun-2020** | $11340 | $16645 |
| **Jun-2021** | $13857 | $23436 |
| **Jun-2022** | $12411 | $20948 |
| **Jun-2023** | $12988 | $25053 |
| **Jun-2024** | $14212 | $31204 |
| **Jun-2025** | $14978 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Moderate Growth ETF Portfolio | 2.50% | 5.39% | 5.72% | 4.12% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$100,288,905

* Number of Portfolio Holdings27

* Advisory Fee $150,525

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i186698126fddeb216be00378.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 88.7% |
| Money Market Funds | 11.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iedadac1cd3adbbcbdec0f71a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 11.3% |
| Fixed Income | 29.5% |
| Equity | 58.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 16.3% |
| Vanguard FTSE Developed Markets ETF | 11.8% |
| SPDR Portfolio Short Term Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 7.2% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 5.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.5% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ic8901bd16d7a026b14781c36.jpg)

# TOPS Managed Risk Moderate Growth ETF Portfolio - Class 2

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRMG2

# TOPS Managed Risk Moderate Growth ETF Portfolio

## Class 3

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i826e9f1b779acc4c7b1e9904.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Moderate Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 3 | $39 | 0.77%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i7c8f87a04da0c107305a866b.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9401 | $10399 |
| **Jun-2017** | $10397 | $12260 |
| **Jun-2018** | $11003 | $14023 |
| **Jun-2019** | $11369 | $15483 |
| **Jun-2020** | $11273 | $16645 |
| **Jun-2021** | $13770 | $23436 |
| **Jun-2022** | $12315 | $20948 |
| **Jun-2023** | $12881 | $25053 |
| **Jun-2024** | $14077 | $31204 |
| **Jun-2025** | $14822 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Moderate Growth ETF Portfolio | 2.41% | 5.29% | 5.63% | 4.01% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$100,288,905

* Number of Portfolio Holdings27

* Advisory Fee $150,525

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i62d966af2b87c327860479ec.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 88.7% |
| Money Market Funds | 11.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic634c5b0dbde2182790e722f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 11.3% |
| Fixed Income | 29.5% |
| Equity | 58.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 16.3% |
| Vanguard FTSE Developed Markets ETF | 11.8% |
| SPDR Portfolio Short Term Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 7.2% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 5.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.5% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i2e1b42156477e3cc44b5a1b6.jpg)

# TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRMG3

# TOPS Managed Risk Moderate Growth ETF Portfolio

## Class 4

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ic1c8091b4743fc07eb67d6cb.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Moderate Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 4 | $51 | 1.02%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie2ba75878c753be3c97e8290.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9387 | $10399 |
| **Jun-2017** | $10356 | $12260 |
| **Jun-2018** | $10934 | $14023 |
| **Jun-2019** | $11254 | $15483 |
| **Jun-2020** | $11134 | $16645 |
| **Jun-2021** | $13564 | $23436 |
| **Jun-2022** | $12110 | $20948 |
| **Jun-2023** | $12611 | $25053 |
| **Jun-2024** | $13770 | $31204 |
| **Jun-2025** | $14458 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Managed Risk Moderate Growth ETF Portfolio | 2.35% | 5.00% | 5.36% | 3.76% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$100,288,905

* Number of Portfolio Holdings27

* Advisory Fee $150,525

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i7cda463de60dabc7dcf74520.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 88.7% |
| Money Market Funds | 11.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iba23287f727f2caacacd52ce.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 11.3% |
| Fixed Income | 29.5% |
| Equity | 58.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 16.3% |
| Vanguard FTSE Developed Markets ETF | 11.8% |
| SPDR Portfolio Short Term Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 7.2% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 5.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.5% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](ic757827750b1f74bebd7dc72.jpg)

# TOPS Managed Risk Moderate Growth ETF Portfolio - Class 4

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRMG4

# TOPS Managed Risk Moderate Growth ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i710a960e192a08dadc914275.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Managed Risk Moderate Growth ETF Portfolio for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at **https://topsfunds.com/tops-portfolios/vit/**. You can also request this information by contacting us at 1-855-572-5945.

## What were the Fund's costs for the last six months?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Investor Class | $46 | 0.91%<sup>Footnote Reference\*</sup> |

---

\* Annualized

## How did the Fund perform during the reporting period?
It is remarkable to think back to all the major storylines that played out this year. The 2nd quarter was particularly eventful, starting with "Liberation Day" on April 2 and ending with the War between Israel and Iran. In the end, we saw the bear turn into a bull. Markets had a strong first half, and the TOPS portfolios were particularly boosted by a memorable rally in international stocks.

Year-to-date, large-cap growth (S&P 500 Growth Total Return Index) has risen +8.9%. Large-cap value (S&P 500 Value Total Return Index) is up +3.3%. Mid-cap equities (S&P MidCap 400 Total Return Index) are slightly positive at +0.2%, while small caps (S&P Small Cap 600 Total Return Index) continue to lag, down -4.5%. Developed international markets (FTSE Developed ex US All Cap Net Tax [US RIC] Index) are leading globally, up +20.0%. Emerging markets ex-China (MSCI Emerging Markets ex-China Net Return USD Index) are up +14.5%, and emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex-State Owned Enterprises Index) have gained +11.4%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) are also up +11.2%. Emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) are up +12.0%, high-yield corporate bonds (Solactive USD High Yield Corporates Index) have risen +4.8%, and intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index) are up +4.8%. Corporate bonds (ICE BofA US Corporate Index) gained +4.2%, while mortgage-backed securities (Bloomberg US MBS Float Adjusted Index) returned +4.2%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Index) and short-term Treasuries (Bloomberg U.S. Treasury 1-3 Year Index) rose +4.0% and +2.8%, respectively. Global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index) are up +1.8%. Global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +11.9%. Global real estate (FTSE EPRA NAREIT Global REITs Net Tax Index) has also advanced, gaining +4.1%.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ib4518408a91dba0c9606304d.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Managed Risk Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $9422 | $10139 |
| **Jun-2017** | $10380 | $11954 |
| **Jun-2018** | $10966 | $13672 |
| **Jun-2019** | $11313 | $15096 |
| **Jun-2020** | $11246 | $16229 |
| **Jun-2021** | $13602 | $22850 |
| **Jun-2022** | $12197 | $20424 |
| **Jun-2023** | $12721 | $24426 |
| **Jun-2024** | $13187 | $30424 |
| **Jun-2025** | $13631 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Managed Risk Moderate Growth ETF Portfolio | 2.45% | 3.37% | 3.92% | 3.16% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 13.44% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.***

## **Fund Statistics** 
* Net Assets$100,288,905

* Number of Portfolio Holdings27

* Advisory Fee $150,525

* Portfolio Turnover4%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i33a1ccbf46f7b8ce2871ee43.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 88.7% |
| Money Market Funds | 11.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i565ebf2fc91b04e88ca1c9e1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.4% |
| Money Market Funds | 11.3% |
| Fixed Income | 29.5% |
| Equity | 58.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 16.3% |
| Vanguard FTSE Developed Markets ETF | 11.8% |
| SPDR Portfolio Short Term Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 7.2% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 5.4% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.5% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.5% |
| SPDR Portfolio S&P 600 Small Cap ETF | 3.6% |
| FlexShares Global Upstream Natural Resources Index Fund | 3.6% |
| Vanguard FTSE Emerging Markets ETF | 3.6% |

---

## Material Fund Changes
No material changes occurred during the period ended June 30, 2025.

![Image](i2cb9713c3721c9215d1f113e.jpg)

# TOPS Managed Risk Moderate Growth ETF Portfolio - Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://topsfunds.com/tops-portfolios/vit/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-SAR 063025-TMRMGI

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

**Item 2. Code of Ethics.** Not applicable.

**Item 3. Audit Committee Financial Expert.** Not applicable.

**Item 4. Principal Accountant Fees and Services.** Not applicable.

**Item 5. Audit Committee of Listed Registrants.** Not applicable.

**Item 6. Investments.** 

The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(LOGO)](ts001_v1.jpg) |
| Semi-Annual Financial Statements and Additional |
| Information |
| June 30, 2025 |
| TOPS<sup>®</sup> Managed Risk Balanced ETF Portfolio |
| TOPS<sup>®</sup> Managed Risk Growth ETF Portfolio |
| TOPS<sup>®</sup> Managed Risk Moderate Growth ETF Portfolio |
| *Each a series of the Northern Lights Variable Trust* |
| Distributed by Northern Lights Distributors, LLC |
| Member FINRA |

---

---

| |
|:---|
| **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.3%** |  |
|  | **EQUITY - 45.3%** |  |
| 38784 | FlexShares Global Upstream Natural Resources Index Fund | $1555626 |
| 83475 | iShares Global REIT ETF<sup>(a)</sup> | 2061833 |
| 16411 | iShares MSCI Emerging Markets ex China ETF | 1036191 |
| 7758 | iShares MSCI USA Small-Cap Multifactor ETF | 527156 |
| 47937 | SPDR Portfolio S&P 400 Mid Cap ETF | 2606814 |
| 10977 | SPDR Portfolio S&P 500 Growth ETF | 1046328 |
| 69451 | SPDR Portfolio S&P 500 Value ETF | 3635065 |
| 48873 | SPDR Portfolio S&P 600 Small Cap ETF | 2081990 |
| 82526 | Vanguard FTSE Developed Markets ETF | 4704807 |
| 31303 | Vanguard FTSE Emerging Markets ETF | 1548246 |
| 8239 | Vanguard S&P 500 ETF | 4679999 |
| 14975 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 516338 |
|  |  | 26000393 |
|  | **FIXED INCOME - 43.0%** |  |
| 37674 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 4129447 |
| 33268 | SPDR Bloomberg Investment Grade Floating Rate ETF | 1025652 |
| 119434 | SPDR Portfolio Short Term Corporate Bond ETF | 3605712 |
| 61288 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF<sup>(a)</sup> | 1553651 |
| 42980 | Vanguard Intermediate-Term Treasury ETF | 2570634 |
| 22243 | Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | 1030741 |
| 122968 | Vanguard Short-Term Inflation-Protected Securities ETF | 6181602 |
| 34912 | Vanguard Short-Term Treasury ETF | 2052127 |
| 10215 | Vanguard Total International Bond ETF | 505745 |
| 55809 | Xtrackers USD High Yield Corporate Bond ETF | 2060468 |
|  |  | 24715779 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $44,925,287)** | 50716172 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 12.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.8%** |  |
| 466075 | Federated Hermes Government Obligations Fund, Institutional Class, 4.21% (Cost $466,075)<sup>(b)</sup> | $466075 |
|  | **MONEY MARKET FUNDS - 11.4%** |  |
| 6574895 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $6,574,895)<sup>(b)</sup> | 6574895 |
|  | **TOTAL SHORT-TERM INVESTMENTS – (Cost $7,040,970)** | 7040970 |
|  | **TOTAL INVESTMENTS – 100.5% (Cost $51,966,257)** | $57757142 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.5)%** | (279787) |
|  | **NET ASSETS - 100.0%** | $57477355 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and<br> Unrealized<br> Appreciation** |
| 29 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 10/01/2025 | $3161000 | $31265 |
| 2 | CME E-mini Russell 2000 Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 219170 | 7310 |
| 3 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 09/22/2025 | 938063 | 33188 |
| 1 | CME E-Mini Standard & Poor's MidCap 400 Index | Bank of America Merrill Lynch | 09/22/2025 | 312550 | 9390 |
| 4 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 536340 | 4780 |
| 7 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 431725 | 7385 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  | $93318 |

---

---

| | |
|:---|:---|
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $2,635,431 at June 30, 2025. The loaned securities were secured with cash collateral of $466,075 and non-cash collateral of $2 ,228,573. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio's futures contracts. Further, the underlying price changes in relation to the riables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.3%** |  |
|  | **EQUITY - 76.7%** |  |
| 142829 | FlexShares Global Upstream Natural Resources Index Fund | $5728871 |
| 230612 | iShares Global REIT ETF<sup>(a)</sup> | 5696116 |
| 90659 | iShares MSCI Emerging Markets ex China ETF | 5724209 |
| 42482 | iShares MSCI USA Small-Cap Multifactor ETF | 2886652 |
| 290960 | SPDR Portfolio S&P 400 Mid Cap ETF | 15822405 |
| 75804 | SPDR Portfolio S&P 500 Growth ETF | 7225637 |
| 137050 | SPDR Portfolio S&P 500 Value ETF | 7173197 |
| 202526 | SPDR Portfolio S&P 600 Small Cap ETF | 8627608 |
| 430108 | Vanguard FTSE Developed Markets ETF | 24520457 |
| 115298 | Vanguard FTSE Emerging Markets ETF | 5702639 |
| 53107 | Vanguard S&P 500 ETF | 30166370 |
| 82736 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 2852737 |
|  |  | 122126898 |
|  | **FIXED INCOME - 11.6%** |  |
| 26058 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 2856217 |
| 113145 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 2868226 |
| 47496 | Vanguard Intermediate-Term Treasury ETF | 2840736 |
| 30653 | Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | 1420460 |
| 84618 | Vanguard Short-Term Inflation-Protected Securities ETF | 4253747 |
| 115635 | Xtrackers USD High Yield Corporate Bond ETF | 4269244 |
|  |  | 18508630 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $110,961,462)** | 140635528 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 14.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 3.3%** |  |
| 5248410 | Federated Hermes Government Obligations Fund, Institutional Class, 4.21% (Cost $5,248,410)<sup>(b)</sup> | 5248410 |
|  | **MONEY MARKET FUNDS - 11.2%** |  |
| 17849322 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $17,849,322)<sup>(b)</sup> | 17849322 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | |
|:---|:---|
| **TOTAL SHORT-TERM INVESTMENTS – (Cost 23,097,732)** | $23097732 |
| **TOTAL INVESTMENTS – 102.8% (Cost $134,059,194)** | $163733260 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.8%)** | (4472732) |
| **NET ASSETS - 100.0%** | $159260528 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of <br> Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized<br> Appreciation** |
| 32 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 10/01/2025 | $3488000 | $34250 |
| 8 | CME E-mini Russell 2000 Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 876680 | 10605 |
| 16 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 09/22/2025 | 5003000 | 81687 |
| 7 | CME E-Mini Standard & Poor's MidCap 400 Index | Bank of America Merrill Lynch | 09/22/2025 | 2187850 | 22210 |
| 22 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 2949870 | 26260 |
| 31 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 1911925 | 11600 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  | $186612 |

---

---

| | |
|:---|:---|
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $5,670,863 at June 30, 2025. The loaned securities were secured with cash collateral of $5,248,410 and non-cash collateral of $543,102. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.3%** |  |
|  | **EQUITY - 58.8%** |  |
| 90185 | FlexShares Global Upstream Natural Resources Index Fund | $3617320 |
| 145625 | iShares Global REIT ETF | 3596938 |
| 28622 | iShares MSCI Emerging Markets ex China ETF | 1807193 |
| 26838 | iShares MSCI USA Small-Cap Multifactor ETF | 1823642 |
| 133621 | SPDR Portfolio S&P 400 Mid Cap ETF | 7266310 |
| 19148 | SPDR Portfolio S&P 500 Growth ETF | 1825187 |
| 52072 | SPDR Portfolio S&P 500 Value ETF | 2725448 |
| 85254 | SPDR Portfolio S&P 600 Small Cap ETF | 3631820 |
| 207943 | Vanguard FTSE Developed Markets ETF | 11854831 |
| 72856 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 3603458 |
| 28746 | Vanguard S&P 500 ETF | 16328591 |
| 26121 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 900652 |
|  |  | 58981390 |
|  | **FIXED INCOME - 29.5%** |  |
| 41079 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 4502669 |
| 266978 | SPDR Portfolio Short Term Corporate Bond ETF | 8060066 |
| 71279 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 1806923 |
| 45151 | Vanguard Intermediate-Term Treasury ETF | 2700481 |
| 38743 | Vanguard Mortgage-Backed Securities ETF | 1795351 |
| 106868 | Vanguard Short-Term Inflation-Protected Securities ETF | 5372254 |
| 18081 | Vanguard Total International Bond ETF | 895190 |
| 121704 | Xtrackers USD High Yield Corporate Bond ETF | 4493312 |
|  |  | 29626246 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $74,897,444)** | 88607636 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 11.3%** |  |
|  | **MONEY MARKET FUNDS - 11.3%** |  |
| 11320001 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $11,320,001)<sup>(b)</sup> | 11320001 |
|  | **TOTAL INVESTMENTS – 99.6% (Cost $86,217,445)** | $99927637 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | 361268 |
|  | **NET ASSETS - 100.0%** | $100288905 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |
| **Number of<br> Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional <br> Amount<sup>(c)</sup>** | **Value and <br> Unrealized<br> Appreciation** |
| 35 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 10/01/2025 | $3815000 | $37734 |
| 3 | CME E-mini Russell 2000 Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 328755 | 10965 |
| 8 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 09/22/2025 | 2501500 | 88500 |
| 4 | CME E-Mini Standard & Poor's MidCap 400 Index | Bank of America Merrill Lynch | 09/22/2025 | 1250200 | 37620 |
| 11 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 1474935 | 13145 |
| 15 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 09/22/2025 | 925125 | 15825 |
|  | **TOTAL FUTURES CONTRACTS** |  |  |  | $203789 |

---

---

| | |
|:---|:---|
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

 

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $492,813 at June 30, 2025. The loaned securities were secured with non-cash collateral of $504,320. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of June 30, 2025.

<sup>(c)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Assets and Liabilities (Unaudited)** |
| **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** | **Managed Risk**<br>**Balanced**<br>**ETF Portfolio** | **Managed Risk**<br>**Growth**<br>**ETF Portfolio** | **Managed Risk**<br>**Moderate Growth**<br>**ETF Portfolio** |
| Investments in securities, at cost | $51966257 | $134059194 | $86217445 |
| Investments in securities, at value (Securities on loan $2,635,431, $5,670,863 and $492,813, respectively) | $57757142 | $163733260 | $99927637 |
| Deposits with Broker | 95475 | 627218 | 249312 |
| Receivable for securities sold |  | 30329 |  |
| Receivable for Portfolio shares sold | 233 | 25921 | 493 |
| Unrealized appreciation on futures contracts | 93318 | 186612 | 203789 |
| Interest and dividends receivable | 35967 | 151485 | 87731 |
| **Total Assets** | 57982135 | 164754825 | 100468962 |
| **Liabilities:** |  |  |  |
| Collateral on securities loaned | 466075 | 5248410 |  |
| Payable for Portfolio shares redeemed | 13819 | 176628 | 138007 |
| Accrued distribution (12b-1) fees | 13732 | 36601 | 24646 |
| Accrued investment advisory fees | 8879 | 30899 | 15643 |
| Payable to related parties and administrative service fees | 2275 | 1759 | 1761 |
| **Total Liabilities** | 504780 | 5494297 | 180057 |
| **Net Assets** | $57477355 | $159260528 | $100288905 |
| **Components of Net Assets:** |  |  |  |
| Paid-in capital | $57246522 | $136742029 | $99483937 |
| Accumulated earnings | 230833 | 22518499 | 804968 |
| **Net Assets** | $57477355 | $159260528 | $100288905 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Assets and Liabilities (Unaudited) (Continued)** |
| **June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Managed Risk**<br>**Balanced**<br>**ETF Portfolio** | **Managed Risk**<br>**Growth**<br>**ETF Portfolio** | **Managed Risk**<br>**Moderate Growth**<br>**ETF Portfolio** |
| **Class 1 Shares:** |  |  |  |
| Net assets | $814432 | $4955976 | $532003 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 56701 | 377544 | 41017 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $14.36 | $13.13 | $12.97 |
| **Class 2 Shares:** |  |  |  |
| Net assets | $36505401 | $94077258 | $56011938 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2465034 | 7137434 | 4022804 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $14.81 | $13.18 | $13.92 |
| **Class 3 Shares:** |  |  |  |
| Net assets | $17075886 | $57850510 | $39751955 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 1173926 | 4492746 | 3114723 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $14.55 | $12.88 | $12.76 |
| **Class 4 Shares:** |  |  |  |
| Net assets | $3081606 | $2376752 | $3992964 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 227142 | 181320 | 327525 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $13.5 7 | $13.11 | $12.19 |
| **Investor Class Shares:** |  |  |  |
| Net assets | $30 | $32 | $45 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 2 | 2 | 3 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $16.97 (a) | $14.49 (a) | $12.95 (a) |

---

(a) NAV does not recalculate due to rounding
 of net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Operations (Unaudited)** |
| **For the Six Months Ended June 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Managed Risk**<br>**Balanced**<br>**ETF Portfolio** | **Managed Risk**<br>**Growth**<br>**ETF Portfolio** | **Managed Risk**<br>**Moderate Growth**<br>**ETF Portfolio** |
| **Investment Income:** |  |  |  |
| Dividend income | $610402 | $1364704 | $1026934 |
| Interest income | 139218 | 381451 | 244537 |
| Securities lending income | 13586 | 16858 | 19127 |
| **Total Investment Income** | 763206 | 1763013 | 1290598 |
| **Expenses:** |  |  |  |
| Investment advisory fees | 85321 | 237068 | 150525 |
| Distribution fees (12b-1) |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 Shares | 44301 | 115157 | 69316 |
| &nbsp;&nbsp;&nbsp;Class 3 Shares | 30746 | 101975 | 70636 |
| &nbsp;&nbsp;&nbsp;Class 4 Shares | 9257 | 7046 | 12046 |
| Related parties and administrative service fees | 35172 | 87871 | 57728 |
| **Total Expenses** | 204797 | 549117 | 360251 |
| **Net Investment Income** | 558409 | 1213896 | 930347 |
| **Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:** |  |  |  |
| Net realized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 523889 | 2181594 | 1216936 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1784126) | (7677382) | (4064918) |
| Total net realized loss | (1260237) | (5495788) | (2847982) |
| Net change in unrealized appreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1933960 | 7272726 | 3814905 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 226678 | 234114 | 495042 |
| Total unrealized appreciation | 2160638 | 7506840 | 4309947 |
| **Net Realized and Unrealized Gain on Investments and Futures Contracts** | 900401 | 2011052 | 1461965 |
| **Net Increase in Net Assets Resulting from Operations** | $1458810 | $3224948 | $2392312 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | **Managed Risk Balanced ETF Portfolio** | **Managed Risk Balanced ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations:** |  |  |
| Net investment income | $558409 | $1584569 |
| Net realized gain (loss) on investments |  |  |
| and futures contracts | (1260237) | 1203222 |
| Net change in unrealized appreciation |  |  |
| on investments and futures contracts | 2160638 | 884295 |
| Net increase in net assets resulting from operations | 1458810 | 3672086 |
| **From Distributions to Shareholders:** |  |  |
| Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | (19043) |
| &nbsp;&nbsp;&nbsp;Class 2 |  | (928119) |
| &nbsp;&nbsp;&nbsp;Class 3 |  | (491458) |
| &nbsp;&nbsp;&nbsp;Class 4 |  | (81127) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (0) (a) |
| Total distributions to shareholders |  | (1519747) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 146490 | 1536 |
| &nbsp;&nbsp;&nbsp;Class 2 | 2359145 | 4165840 |
| &nbsp;&nbsp;&nbsp;Class 3 | 50152 | 311357 |
| &nbsp;&nbsp;&nbsp;Class 4 | 15910 | 31514 |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |
| Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | 19043 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 928119 |
| &nbsp;&nbsp;&nbsp;Class 3 |  | 491458 |
| &nbsp;&nbsp;&nbsp;Class 4 |  | 81127 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 0 (a) |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (5624) | (166405) |
| &nbsp;&nbsp;&nbsp;Class 2 | (1629359) | (7673567) |
| &nbsp;&nbsp;&nbsp;Class 3 | (2059743) | (3370693) |
| &nbsp;&nbsp;&nbsp;Class 4 | (221730) | (1117266) |
| Net decrease in net assets from share transactions of beneficial interest | (1344759) | (6297937) |
| **Total Increase (Decrease) In Net Assets** | 114051 | (4145598) |
| **Net Assets:** |  |  |
| Beginning of period/year | 57363304 | 61508902 |
| End of period/year | $57477355 | $57363304 |

---

(a) Represents less than $1.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Managed Risk Balanced ETF Portfolio** | **Managed Risk Balanced ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **SHARE ACTIVITY** |  |  |
| **Class 1** |  |  |
| Shares Sold | 10440 | 109 |
| Shares Reinvested |  | 1343 |
| Shares Redeemed | (399) | (12097) |
| Net increase (decrease) in shares of beneficial interest outstanding | 10041 | (10645) |
| **Class 2** |  |  |
| Shares Sold | 163613 | 289281 |
| Shares Reinvested |  | 63396 |
| Shares Redeemed | (112879) | (527609) |
| Net increase (decrease) in shares of beneficial interest outstanding | 50734 | (174932) |
| **Class 3** |  |  |
| Shares Sold | 3558 | 21823 |
| Shares Reinvested |  | 34153 |
| Shares Redeemed | (144817) | (235908) |
| Net decrease in shares of beneficial interest outstanding | (141259) | (179932) |
| **Class 4** |  |  |
| Shares Sold | 1189 | 2383 |
| Shares Reinvested |  | 6036 |
| Shares Redeemed | (16579) | (82727) |
| Net decrease in shares of beneficial interest outstanding | (15390) | (74308) |
| **Investor Class** |  |  |
| Shares Sold |  | — (a) |
| Shares Reinvested |  | 0 (a) |
| Net increase in shares of beneficial interest outstanding |  | 0 (a) |

---

(a) Represents less than one share.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Managed Risk Growth ETF Portfolio** | **Managed Risk Growth ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations:** |  |  |
| Net investment income | $1213896 | $3437415 |
| Net realized gain (loss) on investments and futures contracts | (5495788) | 5849707 |
| Net change in unrealized appreciation on investments and futures contracts | 7506840 | 4134900 |
| Net increase in net assets resulting from operations | 3224948 | 13422022 |
| **From Distributions to Shareholders:** |  |  |
| Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | (158156) |
| &nbsp;&nbsp;&nbsp;Class 2 |  | (2232261) |
| &nbsp;&nbsp;&nbsp;Class 3 |  | (1404518) |
| &nbsp;&nbsp;&nbsp;Class 4 |  | (46782) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (0) (a) |
| Total distributions to shareholders |  | (3841717) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 23127 | 423874 |
| &nbsp;&nbsp;&nbsp;Class 2 | 2728567 | 4633098 |
| &nbsp;&nbsp;&nbsp;Class 3 | 408463 | 405168 |
| &nbsp;&nbsp;&nbsp;Class 4 | 6516 | 34727 |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |
| Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | 158156 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 2232261 |
| &nbsp;&nbsp;&nbsp;Class 3 |  | 1404518 |
| &nbsp;&nbsp;&nbsp;Class 4 |  | 46782 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 0 (a) |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (1431030) | (2931941) |
| &nbsp;&nbsp;&nbsp;Class 2 | (5934790) | (23218753) |
| &nbsp;&nbsp;&nbsp;Class 3 | (5157755) | (11097076) |
| &nbsp;&nbsp;&nbsp;Class 4 | (115583) | (1166337) |
| Net decrease in net assets from share transactions of beneficial interest | (9472485) | (29075523) |
| **Total Decrease In Net Assets** | (6247537) | (19495218) |
| **Net Assets:** |  |  |
| Beginning of period/year | 165508065 | 185003283 |
| End of period/year | $159260528 | $165508065 |

---

(a) Represents less than $1.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Managed Risk Growth ETF Portfolio** | **Managed Risk Growth ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **SHARE ACTIVITY** |  |  |
| **Class 1** |  |  |
| Shares Sold | 1790 | 32304 |
| Shares Reinvested |  | 12045 |
| Shares Redeemed | (111413) | (229610) |
| Net decrease in shares of beneficial interest outstanding | (109623) | (185261) |
| **Class 2** |  |  |
| Shares Sold | 214880 | 359141 |
| Shares Reinvested |  | 169111 |
| Shares Redeemed | (462779) | (1806258) |
| Net decrease in shares of beneficial interest outstanding | (247899) | (1278006) |
| **Class 3** |  |  |
| Shares Sold | 32525 | 31893 |
| Shares Reinvested |  | 108877 |
| Shares Redeemed | (411086) | (877789) |
| Net decrease in shares of beneficial interest outstanding | (378561) | (737019) |
| **Class 4** |  |  |
| Shares Sold | 511 | 2772 |
| Shares Reinvested |  | 3555 |
| Shares Redeemed | (9047) | (89191) |
| Net decrease in shares of beneficial interest outstanding | (8536) | (82864) |
| **Investor Class** |  |  |
| Shares Sold |  | — (a) |
| Shares Reinvested |  | 0 (a) |
| Net increase in shares of beneficial interest outstanding |  | 0 (a) |

---

(a) Represents less than one share.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Managed Risk Moderate Growth ETF Portfolio** | **Managed Risk Moderate Growth ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **Increase (Decrease) in Net Assets:** |  |  |
| **From Operations:** |  |  |
| Net investment income | $930347 | $2564573 |
| Net realized gain (loss) on investments and futures contracts | (2847982) | 2529439 |
| Net change in unrealized appreciation on investments and futures contracts | 4309947 | 2760265 |
| Net increase in net assets resulting from operations | 2392312 | 7854277 |
| **From Distributions to Shareholders:** |  |  |
| Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | (15230) |
| &nbsp;&nbsp;&nbsp;Class 2 |  | (1348340) |
| &nbsp;&nbsp;&nbsp;Class 3 |  | (1116608) |
| &nbsp;&nbsp;&nbsp;Class 4 |  | (103237) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (24) (a) |
| Total distributions to shareholders |  | (2583439) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 2440 | 254467 |
| &nbsp;&nbsp;&nbsp;Class 2 | 3076927 | 3835121 |
| &nbsp;&nbsp;&nbsp;Class 3 | 44645 | 338264 |
| &nbsp;&nbsp;&nbsp;Class 4 | 113610 | 42407 |
| &nbsp;&nbsp;&nbsp;Investor Class |  |  |
| Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | 15230 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 1348340 |
| &nbsp;&nbsp;&nbsp;Class 3 |  | 1116608 |
| &nbsp;&nbsp;&nbsp;Class 4 |  | 103237 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 24 (a) |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (22243) | (67836) |
| &nbsp;&nbsp;&nbsp;Class 2 | (3715872) | (8376655) |
| &nbsp;&nbsp;&nbsp;Class 3 | (3910199) | (8523111) |
| &nbsp;&nbsp;&nbsp;Class 4 | (323730) | (466786) |
| Net decrease in net assets from share transactions of beneficial interest | (4734422) | (10380690) |
| **Total Decrease In Net Assets** | (2342110) | (5109852) |
| **Net Assets:** |  |  |
| Beginning of period/year | 102631015 | 107740867 |
| End of period/year | $100288905 | $102631015 |

---

(a) Represents less than $1.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Statements of Changes in Net Assets (Continued)** |

---

---

| | | |
|:---|:---|:---|
|  | **Managed Risk Moderate Growth ETF Portfolio** | **Managed Risk Moderate Growth ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **SHARE ACTIVITY** |  |  |
| **Class 1** |  |  |
| Shares Sold | 190 | 20518 |
| Shares Reinvested |  | 1185 |
| Shares Redeemed | (1747) | (5352) |
| Net increase (decrease) in shares of beneficial interest outstanding | (1557) | 16351 |
| **Class 2** |  |  |
| Shares Sold | 225469 | 285099 |
| Shares Reinvested |  | 97565 |
| Shares Redeemed | (274829) | (618015) |
| Net decrease in shares of beneficial interest outstanding | (49360) | (235351) |
| **Class 3** |  |  |
| Shares Sold | 3577 | 26939 |
| Shares Reinvested |  | 88061 |
| Shares Redeemed | (313678) | (685851) |
| Net decrease in shares of beneficial interest outstanding | (310101) | (570851) |
| **Class 4** |  |  |
| Shares Sold | 9702 | 3596 |
| Shares Reinvested |  | 8511 |
| Shares Redeemed | (27417) | (39730) |
| Net decrease in shares of beneficial interest outstanding | (17715) | (27623) |
| **Investor Class** |  |  |
| Shares Sold |  |  |
| Shares Reinvested |  | 2 |
| Shares Redeemed |  |  |
| Net increase (decrease) in shares of beneficial interest outstanding |  | 2 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Balanced ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $13.98 | $13.53 | $12.48 | $38.19 | $35.58 | $34.89 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.16 | 0.40 | 0.25 | 0.66 | 0.66 | 0.48 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.22 | 0.47 | 0.93 | (5.04) | 2.46 | 1.56 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.38 | 0.87 | 1.18 | (4.38) | 3.12 | 2.04 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.42) | (0.07) | (7.05) | (0.51) | (0.87) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.06) | (14.28) |  | (0.48) |
| Total distributions |  | (0.42) | (0.13) | (21.33) | (0.51) | (1.35) |
| Net asset value, end of period/year | $14.36 | $13.98 | $13.53 | $12.48 | $38.19 | $35.58 |
| Total return (c) | 2.72 % (e) | 6.38% | 9.49% | (11.75)% | 8.80% | 6.17% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $814 | $652 | $775 | $142 | $161 | $148 |
| Ratio of expenses to average net assets (d) | 0.42 % (f) | 0.42% | 0.43% | 0.41% | 0.40% | 0.40% |
| Ratio of net investment income to average net assets (b)(d) | 2.28 % (f) | 2.88% | 3.34% | 2.26% | 1.75% | 1.38% |
| Portfolio turnover rate | 5 % (e) | 13% | 21% | 14% | 9% | 27% |

---

\* Effective August 18, 2023, the Portfolio had a three-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the three-for-one stock split.

(a) Net investment income has been calculated using the average shares method, which
 more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income by the Portfolio is affected by the timing
 of the declaration of dividends by the underlying investment companies in which the Portfolio invests.

(c) Total returns are historical and assume changes in share price and reinvestment
 of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the underlying investment companies in which
 the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Balanced ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $14.43 | $13.96 | $12.90 | $38.01 | $35.40 | $34.71 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.39 | 0.16 | 0.54 | 0.54 | 0.39 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.24 | 0.48 | 1.00 | (5.01) | 2.49 | 1.56 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.38 | 0.86 | 1.16 | (4.47) | 3.03 | 1.95 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.39) | (0.04) | (6.36) | (0.42) | (0.78) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.06) | (14.28) |  | (0.48) |
| Total distributions |  | (0.39) | (0.10) | (20.64) | (0.42) | (1.26) |
| Net asset value, end of period/year | $14.81 | $14.43 | $13.96 | $12.90 | $38.01 | $35.40 |
| Total return (c) | 2.63 % (e) | 6.09% | 9.02% | (11.85)% | 8.57% | 5.90% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $36505 | $34845 | $36144 | $32612 | $373337 | $382900 |
| Ratio of expenses to average net assets (d) | 0.67 % (f) | 0.67% | 0.68% | 0.66% | 0.65% | 0.65% |
| Ratio of net investment income to average net assets (b)(d) | 2.02 % (f) | 2.66% | 2.65% | 1.55% | 1.46% | 1.10% |
| Portfolio turnover rate | 5 % (e) | 13% | 21% | 14% | 9% | 27% |

---

\* Effective August 18, 2023, the Portfolio had a three-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the three-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Balanced ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $14.18 | $13.73 | $12.66 | $38.19 | $35.55 | $34.89 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.13 | 0.36 | 0.14 | 0.51 | 0.51 | 0.33 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.24 | 0.46 | 1.01 | (5.01) | 2.52 | 1.56 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.37 | 0.82 | 1.15 | (4.50) | 3.03 | 1.89 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.37) | (0.02) | (6.75) | (0.39) | (0.75) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.06) | (14.28) |  | (0.48) |
| Total distributions |  | (0.37) | (0.08) | (21.03) | (0.39) | (1.23) |
| Net asset value, end of period/year | $14.55 | $14.18 | $13.73 | $12.66 | $38.19 | $35.55 |
| Total return (c) | 2.61 % (e) | 5.96% | 9.16% | (12.08)% | 8.51% | 5.66% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $17076 | $18654 | $20522 | $21739 | $81163 | $82899 |
| Ratio of expenses to average net assets (d) | 0.77 % (f) | 0.77% | 0.78% | 0.76% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets (b)(d) | 1.89 % (f) | 2.54% | 2.49% | 1.56% | 1.35% | 1.00% |
| Portfolio turnover rate | 5 % (e) | 13% | 21% | 14% | 9% | 27% |

---

\* Effective August 18, 2023, the Portfolio had a three-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the three-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Balanced ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $13.24 | $12.84 | $11.88 | $37.53 | $34.86 | $34.20 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.11 | 0.30 | 0.11 | 0.45 | 0.39 | 0.24 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.22 | 0.45 | 0.91 | (4.98) | 2.49 | 1.53 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.33 | 0.75 | 1.02 | (4.53) | 2.88 | 1.77 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.34) |  | (6.84) | (0.21) | (0.63) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.06) | (14.28) |  | (0.48) |
| Total distributions |  | (0.34) | (0.06) | (21.12) | (0.21) | (1.11) |
| Net asset value, end of period/year | $13.5 7 | $13.24 | $12.84 | $11.88 | $37.53 | $34.86 |
| Total return (c) | 2.49 % (e) | 5.69% | 8.63% | (12.17)% | 8.28% | 5.46% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3082 | $3212 | $4068 | $5055 | $6494 | $8104 |
| Ratio of expenses to average net assets (d) | 1.02 % (f) | 1.02% | 1.03% | 1.01% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets (b)(d) | 1.65 % (f) | 2.25% | 2.18% | 1.61% | 1.05% | 0.74% |
| Portfolio turnover rate | 5 % (e) | 13% | 21% | 14% | 9% | 27% |

---

\* Effective August 18, 2023, the Portfolio had a three-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the three-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Balanced ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $21.63 | $20.80 | $19.29 | $40.26 | $37.65 | $36.96 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.17 | 0.18 | 0.27 | 0.42 | 0.90 | 0.27 |
| Net realized and unrealized gain (loss) on investments and futures contracts | (4.83) | 1.04 | 1.34 | (7.11) | 2.13 | 1.68 |
| &nbsp;&nbsp;&nbsp;Total income from investment operations | (4.66) | 1.22 | 1.61 | (6.69) | 3.03 | 1.95 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.39) | (0.04) |  | (0.42) | (0.78) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.06) | (14.28) |  | (0.48) |
| Total distributions |  | (0.39) | (0.10) | (14.28) | (0.42) | (1.26) |
| Net asset value, end of period/year (c) | $16.97 | $21.63 | $20.80 | $19.29 | $40.26 | $37.65 |
| Total return (d) | 2.29 % (h) | 5.84 % (g) | 8.52 % (g) | (11.73)% | 8.06% | 5.52% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (e) | $30 | $39 | $36 | $14 | $16 | $15 |
| Ratio of expenses to average net assets (f) | 0.92 % (i) | 0.92% | 0.93% | 0.91% | 0.90% | 0.90% |
| Ratio of net investment income to average net assets (b)(f) | 1.55 % (i) | 2.15% | 2.08% | 1.51% | 0.95% | 0.64% |
| Portfolio turnover rate | 5 % (h) | 13% | 21% | 14% | 9% | 27% |

---

\* Effective August 18, 2023, the Portfolio had a three-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the three-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) NAV does not recalculate due to rounding
 of net assets.

(d) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(e) Rounded net assets, not truncated.

(f) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(g) Includes adjustments in accordance
 with generally accepted accounting principles in the United States of America and, consequently, the net asset value for financial reporting
 purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(h) Not annualized.

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $12.84 | $12.20 | $11.04 | $26.32 | $23.64 | $22.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.11 | 0.28 | 0.15 | 0.36 | 0.42 | 0.30 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.18 | 0.69 | 1.11 | (3.78) | 2.60 | 0.88 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.29 | 0.97 | 1.26 | (3.42) | 3.02 | 1.18 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.33) | (0.08) | (2.18) | (0.34) | (0.52) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.02) | (9.68) |  |  |
| Total distributions |  | (0.33) | (0.10) | (11.86) | (0.34) | (0.52) |
| Net asset value, end of period/year | $13.13 | $12.84 | $12.20 | $11.04 | $26.32 | $23.64 |
| Total return (c) | 2.26 % (f) | 7.91% | 11.45 % (e) | (13.45)% | 12.79% | 5.46% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $4956 | $6256 | $8200 | $17478 | $26491 | $28548 |
| Ratio of expenses to average net assets (d) | 0.41 % (g) | 0.41% | 0.41% | 0.40% | 0.40% | 0.40% |
| Ratio of net investment income to average net assets (b)(d) | 1.75 % (g) | 2.16% | 2.15% | 1.71% | 1.62% | 1.34% |
| Portfolio turnover rate | 3 % (f) | 14% | 12% | 18% | 9% | 37% |

---

\* Effective August 18, 2023, the Portfolio had a two-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the two-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Includes adjustments in accordance
 with generally accepted accounting principles in the United States of America and, consequently, the net asset value for financial reporting
 purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.

(f) Not annualized.

(g) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $12.91 | $12.26 | $11.10 | $26.20 | $23.52 | $22.86 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.10 | 0.25 | 0.14 | 0.30 | 0.34 | 0.24 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.17 | 0.70 | 1.09 | (3.78) | 2.62 | 0.88 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.27 | 0.95 | 1.23 | (3.48) | 2.96 | 1.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.30) | (0.05) | (1.94) | (0.28) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.02) | (9.68) |  |  |
| Total distributions |  | (0.30) | (0.07) | (11.62) | (0.28) | (0.46) |
| Net asset value, end of period/year | $13.18 | $12.91 | $12.26 | $11.10 | $26.20 | $23.52 |
| Total return (c) | 2.09 % (e) | 7.71% | 11.14% | (13.73)% | 12.59% | 5.19% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $94077 | $95344 | $106222 | $103516 | $619200 | $613432 |
| Ratio of expenses to average net assets (d) | 0.66 % (f) | 0.66% | 0.66% | 0.65% | 0.65% | 0.65% |
| Ratio of net investment income to average net assets (b)(d) | 1.58 % (f) | 1.97% | 2.10% | 1.28% | 1.34% | 1.10% |
| Portfolio turnover rate | 3 % (e) | 14% | 12% | 18% | 9% | 37% |

---

\* Effective August 18, 2023, the Portfolio had a two-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the two-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $12.62 | $11.99 | $10.86 | $26.08 | $23.42 | $22.74 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.09 | 0.24 | 0.13 | 0.30 | 0.32 | 0.22 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.17 | 0.68 | 1.06 | (3.76) | 2.58 | 0.90 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.26 | 0.92 | 1.19 | (3.46) | 2.90 | 1.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.29) | (0.04) | (2.08) | (0.24) | (0.44) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.02) | (9.68) |  |  |
| Total distributions |  | (0.29) | (0.06) | (11.76) | (0.24) | (0.44) |
| Net asset value, end of period/year | $12.88 | $12.62 | $11.99 | $10.86 | $26.08 | $23.42 |
| Total return (c) | 2.06 % (e) | 7.63% | 11.00% | (13.79)% | 12.43% | 5.18% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $57851 | $61466 | $67253 | $71051 | $144867 | $149766 |
| Ratio of expenses to average net assets (d) | 0.76 % (f) | 0.76% | 0.76% | 0.75% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets (b)(d) | 1.47 % (f) | 1.88% | 1.97% | 1.32% | 1.23% | 0.99% |
| Portfolio turnover rate | 3 % (e) | 14% | 12% | 18% | 9% | 37% |

---

\* Effective August 18, 2023, the Portfolio had a two-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the two-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $12.86 | $12.21 | $11.06 | $26.32 | $23.64 | $22.96 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.08 | 0.20 | 0.12 | 0.24 | 0.26 | 0.16 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.17 | 0.70 | 1.06 | (3.76) | 2.60 | 0.90 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.25 | 0.90 | 1.18 | (3.52) | 2.86 | 1.06 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.25) | (0.01) | (2.06) | (0.18) | (0.38) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.02) | (9.68) |  |  |
| Total distributions |  | (0.25) | (0.03) | (11.74) | (0.18) | (0.38) |
| Net asset value, end of period/year | $13.11 | $12.86 | $12.21 | $11.06 | $26.32 | $23.64 |
| Total return (c) | 1.94 % (e) | 7.28% | 10.71% | (13.86)% | 12.13% | 4.85% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $2377 | $2442 | $3329 | $3590 | $4639 | $4592 |
| Ratio of expenses to average net assets (d) | 1.01 % (f) | 1.01% | 1.01% | 1.00% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets (b)(d) | 1.23 % (f) | 1.56% | 1.72% | 1.18% | 0.99% | 0.74% |
| Portfolio turnover rate | 3 % (e) | 14% | 12% | 18% | 9% | 37% |

---

\* Effective August 18, 2023, the Portfolio had a two-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the two-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $14.20 | $13.44 | $12.22 | $27.36 | $24.68 | $24.02 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.12 | 0.12 | 0.22 | 0.40 | 0.48 | 0.10 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.17 | 0.94 | 1.07 | (3.92) | 2.48 | 1.02 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.29 | 1.06 | 1.29 | (3.52) | 2.96 | 1.12 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.30) | (0.05) | (1.94) | (0.28) | (0.46) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.02) | (9.68) |  |  |
| Total distributions |  | (0.30) | (0.07) | (11.62) | (0.28) | (0.46) |
| Net asset value, end of period/year (c) | $14.49 | $14.20 | $13.44 | $12.22 | $27.36 | $24.68 |
| Total return (d) | 2.04 % (g) | 7.86% | 10.61% | (13.38)% | 12.00% | 4.92% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (e) | $32 | $31 | $29 | $14 | $16 | $15 |
| Ratio of expenses to average net assets (f) | 0.91 % (h) | 0.91% | 0.91% | 0.90% | 0.90% | 0.90% |
| Ratio of net investment income to average net assets (b)(f) | 1.13 % (h) | 1.46% | 1.62% | 1.08% | 0.89% | 0.64% |
| Portfolio turnover rate | 3 % (g) | 14% | 12% | 18% | 9% | 37% |

---

\* Effective August 18, 2023, the Portfolio had a two-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the two-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) NAV does not recalculate due to rounding
 of net assets.

(d) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(e) Rounded net assets, not truncated.

(f) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Moderate Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares | Class 1 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $12.64 | $12.05 | $11.00 | $67.50 | $61.45 | $59.95 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.36 | 0.09 | 0.80 | 1.10 | 0.80 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.19 | 0.60 | 1.07 | (9.30) | 5.85 | 2.70 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.33 | 0.96 | 1.16 | (8.50) | 6.95 | 3.50 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.37) | (0.08) | (10.45) | (0.90) | (1.50) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.03) | (37.55) |  | (0.50) |
| Total distributions |  | (0.37) | (0.11) | (48.00) | (0.90) | (2.00) |
| Net asset value, end of period/year | $12.97 | $12.64 | $12.05 | $11.00 | $67.50 | $61.45 |
| Total return (c) | 2.61 % (e) | 7.89% | 10.62% | (13.22)% | 11.38% | 6.20% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $532 | $538 | $316 | $326 | $1167 | $1116 |
| Ratio of expenses to average net assets (d) | 0.42 % (f) | 0.41% | 0.41% | 0.41% | 0.40% | 0.40% |
| Ratio of net investment income to average net assets (b)(d) | 2.17 % (f) | 2.87% | 2.72% | 1.79% | 1.68% | 1.43% |
| Portfolio turnover rate | 4 % (e) | 13% | 14% | 14% | 9% | 32% |

---

\* Effective August 18, 2023, the Portfolio had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Moderate Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares | Class 2 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $13.58 | $12.93 | $11.80 | $67.25 | $61.25 | $59.75 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.13 | 0.33 | 0.08 | 0.85 | 0.90 | 0.65 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.21 | 0.66 | 1.13 | (9.40) | 5.85 | 2.70 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.34 | 0.99 | 1.21 | (8.55) | 6.75 | 3.35 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.34) | (0.05) | (9.35) | (0.75) | (1.35) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.03) | (37.55) |  | (0.50) |
| Total distributions |  | (0.34) | (0.08) | (46.90) | (0.75) | (1.85) |
| Net asset value, end of period/year | $13.92 | $13.58 | $12.93 | $11.80 | $67.25 | $61.25 |
| Total return (c) | 2.50 % (e) | 7.58% | 10.33% | (13.35)% | 11.06% | 5.91% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $56012 | $55316 | $55692 | $55717 | $626034 | $629522 |
| Ratio of expenses to average net assets (d) | 0.67 % (f) | 0.66% | 0.66% | 0.66% | 0.65% | 0.65% |
| Ratio of net investment income to average net assets (b)(d) | 1.92 % (f) | 2.47% | 2.46% | 1.41% | 1.41% | 1.16% |
| Portfolio turnover rate | 4 % (e) | 13% | 14% | 14% | 9% | 32% |

---

\* Effective August 18, 2023, the Portfolio had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Moderate Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares | Class 3 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $12.46 | $11.88 | $10.85 | $67.05 | $61.05 | $59.50 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.11 | 0.29 | 0.07 | 0.75 | 0.85 | 0.60 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.19 | 0.62 | 1.04 | (9.35) | 5.85 | 2.70 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.30 | 0.91 | 1.11 | (8.60) | 6.70 | 3.30 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.33) | (0.05) | (10.05) | (0.70) | (1.25) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.03) | (37.55) |  | (0.50) |
| Total distributions |  | (0.33) | (0.08) | (47.60) | (0.70) | (1.75) |
| Net asset value, end of period/year | $12.76 | $12.46 | $11.88 | $10.85 | $67.05 | $61.05 |
| Total return (c) | 2.41 % (e) | 7.58% | 10.23% | (13.53)% | 10.98% | 5.90% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $39752 | $42664 | $47487 | $50774 | $157188 | $159926 |
| Ratio of expenses to average net assets (d) | 0.77 % (f) | 0.76% | 0.76% | 0.76% | 0.75% | 0.75% |
| Ratio of net investment income to average net assets (b)(d) | 1.80 % (f) | 2.34% | 2.34% | 1.44% | 1.30% | 1.06% |
| Portfolio turnover rate | 4 % (e) | 13% | 14% | 14% | 9% | 32% |

---

\* Effective August 18, 2023, the Portfolio had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Moderate Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares | Class 4 Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $11.91 | $11.39 | $10.40 | $66.80 | $60.80 | $59.30 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.09 | 0.25 | 0.06 | 0.55 | 0.70 | 0.45 |
| Net realized and unrealized gain (loss) on investments and futures contracts | 0.19 | 0.58 | 0.98 | (9.25) | 5.80 | 2.65 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.28 | 0.83 | 1.04 | (8.70) | 6.50 | 3.10 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.30) | (0.02) | (10.15) | (0.50) | (1.10) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.03) | (37.55) |  | (0.50) |
| Total distributions |  | (0.30) | (0.05) | (47.70) | (0.50) | (1.60) |
| Net asset value, end of period/year | $12.19 | $11.91 | $11.39 | $10.40 | $66.80 | $60.80 |
| Total return (c) | 2.35 % (e) | 7.18% | 10.04% | (13.76)% | 10.72% | 5.53% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $3993 | $4113 | $4246 | $4595 | $6376 | $6657 |
| Ratio of expenses to average net assets (d) | 1.02 % (f) | 1.01% | 1.01% | 1.01% | 1.00% | 1.00% |
| Ratio of net investment income to average net assets (b)(d) | 1.56 % (f) | 2.12% | 2.08% | 1.37% | 1.04% | 0.80% |
| Portfolio turnover rate | 4 % (e) | 13% | 14% | 14% | 9% | 32% |

---

\* Effective August 18, 2023, the Portfolio had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio
 invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Financial Highlights** |
| **Managed Risk Moderate Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares | Investor Class Shares |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |<br>Year Ended<br>December 31, 2023 \* |<br>Year Ended<br>December 31, 2022 \* |<br>Year Ended<br>December 31, 2021 \* |<br>Year Ended<br>December 31, 2020 \* |
| Net asset value, beginning of period/year | $13.56 | $26.42 | $24.95 | $71.35 | $65.20 | $63.70 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) (a)(b) | 0.13 | 0.28 | 0.31 | (0.70) | 1.05 | 0.45 |
| Net realized and unrealized gain (loss) on investments and futures contracts | (0.74) | 1.65 | 1.24 | (8.15) | 5.85 | 2.90 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | (0.61) | 1.93 | 1.55 | (8.85) | 6.90 | 3.35 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (14.79) | (0.05) |  | (0.75) | (1.35) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  |  | (0.03) | (37.55) |  | (0.50) |
| Total distributions |  | (14.79) | (0.08) | (37.55) | (0.75) | (1.85) |
| Net asset value, end of period/year | $12.95 | $13.56 | $26.42 | $24.95 | $71.35 | $65.20 (f) |
| Total return (c) | 2.45 % (h) | 7.33 % (g) | 6.24% | (12.84)% | 10.62% | 5.52% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (d) | $45 | $46 | $42 | $15 | $521296 | $15 |
| Ratio of expenses to average net assets (e) | 0.91 % (h) | 0.91% | 0.91% | 0.91% | 0.90% | 0.90% |
| Ratio of net investment income (loss) to average net assets (b)(e) | 1.46 % (h) | 2.02% | (1.98)% | (0.92)% | 1.49% | 0.70% |
| Portfolio turnover rate | 4 % (g) | 13% | 14% | 14% | 9% | 32% |

---

\* Effective August 18, 2023, the Portfolio had a five-for-one reverse stock split. Per Share amounts for the periods have been adjusted to give effect to the five-for-one stock split.

(a) Net investment income has been calculated
 using the average shares method, which more appropriately presents the per share data for the period/year.

(b) Recognition of net investment income
 (loss) by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the
 Portfolio invests.

(c) Total returns are historical and assume
 changes in share price and reinvestment of dividends and capital gains distributions, if any.

(d) Rounded net assets, not truncated.

(e) Does not include the expenses of the
 underlying investment companies in which the Portfolio invests.

(f) NAV does not recalculate due to rounding
 of net assets.

(g) Includes adjustments in accordance
 with generally accepted accounting principles in the United States of America and, consequently, the net asset value for financial reporting
 purposes net asset values may differ from the net asset values and returns for shareholder transactions.

(h) Not annualized.

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ORGANIZATION** 

The TOPS<sup>®</sup> Managed Risk ETF Portfolios (each a "Portfolio", collectively the "Portfolios") are comprised of three different actively managed portfolios. Each Portfolio is a diversified series of shares of beneficial interest of Northern Lights Variable Trust (the "Trust"), a statutory trust organized on November 2, 2005 under the laws of the State of Delaware and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Portfolios are intended to be funding vehicles for variable annuity contracts and flexible premium variable life insurance policies offered by the separate accounts of various insurance companies. The assets of each Portfolio are segregated and a shareholder's interest is limited to the Portfolio in which shares are held. Each Portfolio pays its own expenses. The Portfolios are "fund of funds", in that the Portfolios will generally invest in other investment companies. The investment objective of each Portfolio is as follows:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Primary Objective** |
| Managed Risk Balanced ETF Portfolio | &nbsp;&nbsp;Income and capital appreciation with less volatility than the fixed income and equity markets as a whole. |
| Managed Risk Growth ETF Portfolio | &nbsp;&nbsp;Capital appreciation with less volatility than the equity markets as a whole. |
| Managed Risk Moderate Growth Portfolio | &nbsp;&nbsp;Capital appreciation with less volatility than the equity markets as a whole. |

---

The Portfolios currently offer five classes of shares: Class 1 Shares, Class 2 Shares, Class 3 Shares, Class 4 Shares, and Investor Class Shares. Each class of shares of the Portfolios has identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Portfolios' share classes differ in the fees and expenses charged to shareholders. The Portfolios' income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

Effective August 18, 2023, each class of shares of each Portfolio underwent a reverse share split in the following ratios:

---

| | |
|:---|:---|
| **Portfolio** | **Reverse Share Split Ratio** |
| Managed Risk Balanced ETF Portfolio | 3 for 1 |
| Managed Risk Growth ETF Portfolio | 2 for 1 |
| Managed Risk Moderate Growth ETF Portfolio | 5 for 1 |

---

The effect of the reverse share split decreased the number of shares outstanding for each of the Portfolios listed by a split factor shown above, with a corresponding increase in the net asset value ("NAV") per share. This event does not impact the overall net assets of each class. The share activity presented in the Statements of Changes and the per share data presented in the Financial Highlights have been retroactively adjusted to reflect this reverse share split.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Portfolios in preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Portfolios are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services Investment Companies", including Accounting Standards Update 2013-08.

**Operating Segments-** The Portfolios have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Portfolio's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio managers and Chief Financial Officer of the Portfolios. Each Portfolio operates as a single operating segment. Each Portfolio's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of each Portfolio, using the information presented in the financial statements and financial highlights.

**Securities Valuation –** Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price ("NOCP"). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation.

**Valuation of Funds of Funds** - The Portfolios may invest in portfolios of open-end investment companies. Open-end investment companies are valued at their respective net asset values as reported by such investment companies. Open-end investment companies value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value based on the methods established by the boards of directors or trustees of the open-end investment companies.

The Porfolios may hold investments, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These investments are valued using the "fair value" procedures approved by the Trust's Board of Trustees (the "Board"). The Board has designated the adviser as its valuation designee (the "Valuation Designee") to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Portfolio's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Portfolios' holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

Each Portfolio utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Portfolios have the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Portfolios' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of June 30, 2025 for each Portfolio's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Managed Risk Balanced ETF Portfolio |  |  |  |  |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $50716172 | $— | $— | $50716172 |
| Short-Term Investments | 7040970 |  |  | 7040970 |
| Derivatives |  |  |  |  |
| Futures Contracts \*\* | $93318 | $— | $— | $93318 |
| &nbsp;&nbsp;&nbsp;Total | $57850460 | $— | $— | $57850460 |
| Managed Risk Growth ETF Portfolio |  |  |  |  |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $140635528 | $— | $— | $140635528 |
| Short-Term Investments | 23097732 |  |  | 23097732 |
| Derivatives |  |  |  |  |
| Futures Contracts \*\* | $186612 | $— | $— | $186612 |
| &nbsp;&nbsp;&nbsp;Total | $163919872 | $— | $— | $163919872 |
| Managed Risk Moderate Growth ETF Portfolio |  |  |  |  |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $88607636 | $— | $— | $88607636 |
| Short-Term Investments | 11320001 |  |  | 11320001 |
| Derivatives |  |  |  |  |
| Futures Contracts \*\* | $203789 | $— | $— | $203789 |
| &nbsp;&nbsp;&nbsp;Total | $100131426 | $— | $— | $100131426 |

---

The Portfolios did not hold any Level 2 or 3 securities during the six months period ended June 30, 2025.

\* Refer to the Schedule of Investments for security classifications.

\*\* Cumulative unrealized depreciation of futures contracts is reported in the above table.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and distributions from net realized capital gains if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on the ex-date and are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment; temporary differences do not require reclassification. These reclassifications have no effect on net assets, results from operations or net asset values per share of the Portfolios.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

**Federal Income Tax –** It is each Portfolio's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Portfolios' tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 through December 31, 2024 or expected to be taken in the Portfolios' December 31, 2025 year-end tax return. Each Portfolio identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Portfolio makes significant investments. The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Futures Contracts –** The Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. The Portfolios may purchase or sell futures contracts to hedge against market risk and to reduce return volatility. During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by "marking to market" on a daily basis to reflect the market value of the contracts at the end of each day's trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Portfolio recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Portfolio's basis in the contract. If a Portfolio were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Portfolio would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

The following is a summary of the location of derivative investments on the Portfolios' Statements of Asset and Liabilities as of June 30, 2025:

---

| | | |
|:---|:---|:---|
| ***Managed Risk Balanced ETF Portfolio*** | ***Managed Risk Balanced ETF Portfolio*** | ***Managed Risk Balanced ETF Portfolio*** |
| <br>**Contract Type/Primary Risk Exposure** | **Statement of Assets and Liabilities**<br>**Location** |<br>**Unrealized Appreciation** |
| Equity Risk | Unrealized appreciation on futures contracts | $62052 |
| Interest Risk | Unrealized appreciation on futures contracts | 31266 |
| Total |  | $93318 |
| ***Managed Risk Growth ETF Portfolio*** | ***Managed Risk Growth ETF Portfolio*** | ***Managed Risk Growth ETF Portfolio*** |
|  | **Statement of Assets and Liabilities** |  |
| **Contract Type/Primary Risk Exposure** | **Location** | **Unrealized Appreciation** |
| Equity Risk | Unrealized appreciation on futures contracts | $152362 |
| Interest Risk | Unrealized appreciation on futures contracts | 34250 |
| Total |  | $186612 |
| ***Managed Risk Moderate Growth ETF Portfolio*** | ***Managed Risk Moderate Growth ETF Portfolio*** | ***Managed Risk Moderate Growth ETF Portfolio*** |
|  | **Statement of Assets and Liabilities** |  |
| **Contract Type/Primary Risk Exposure** | **Location** | **Unrealized Appreciation** |
| Equity Risk | Unrealized appreciation on futures contracts | $166055 |
| Interest Risk | Unrealized appreciation on futures contracts | 37734 |
| Total |  | $203789 |

---

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

The following is a summary of the location of derivative investments on the Portfolios' Statements of Operations for the six months period ended June 30, 2025:

***Managed Risk Balanced ETF Portfolio***

---

| | | | |
|:---|:---|:---|:---|
| <br>**Derivative Investment Type** | <br>**Primary Risk Exposure** | <br>**Location of Gain (Loss) on Derivatives**<br>**recognized in income** | **Realized and Unrealized**<br>**Gain (Loss) on Derivatives**<br>**recognized in income** |
| Futures Contracts | Equity Risk | Net realized loss on futures contracts | $(1797173) |
| Futures Contracts | Interest Risk | Net realized gain on futures contracts | 13047 |
| Total |  |  | $(1784126) |
| Futures Contracts | Equity Risk | Net change in unrealized appreciation on futures contracts | $165920 |
| Futures Contracts | Interest Risk | Net change in unrealized appreciation on futures contracts | 60758 |
| Total |  |  | $226678 |
| ***Managed Risk Growth ETF Portfolio*** | ***Managed Risk Growth ETF Portfolio*** |  |  |
|  |  |  | **Realized and Unrealized** |
|  |  | **Location of Gain (Loss) on Derivatives** | **Gain (Loss) on Derivatives** |
| **Derivative Investment Type** | **Primary Risk Exposure** | **recognized in income** | **recognized in income** |
| Futures Contracts | Equity Risk | Net realized loss on futures contracts | $(7692101) |
| Futures Contracts | Interest Risk | Net realized gain on futures contracts | 14719 |
| Total |  |  | $(7677382) |
| Futures Contracts | Equity Risk | Net change in unrealized appreciation on futures contracts | $166684 |
| Futures Contracts | Interest Risk | Net change in aprealized depreciation on futures contracts | 67430 |
| Total |  |  | $234114 |
| ***Managed Risk Moderate Growth ETF Portfolio*** | ***Managed Risk Moderate Growth ETF Portfolio*** | ***Managed Risk Moderate Growth ETF Portfolio*** | ***Managed Risk Moderate Growth ETF Portfolio*** |
|  |  |  | **Realized and Unrealized** |
|  |  | **Location of Gain (Loss) on Derivatives** | **Gain (Loss) on Derivatives** |
| **Derivative Investment Type** | **Primary Risk Exposure** | **recognized in income** | **recognized in income** |
| Futures Contracts | Equity Risk | Net realized loss on futures contracts | $(4081027) |
| Futures Contracts | Interest Risk | Net realized gain on futures contracts | 16109 |
| Total |  |  | $(4064918) |
| Futures Contracts | Equity Risk | Net change in unrealized depreciation on futures contracts | $421362 |
| Futures Contracts | Interest Risk | Net change in unrealized depreciation on futures contracts | 73680 |
| Total |  |  | $495042 |

---

The notional value of the derivative instruments outstanding as of June 30, 2025 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for each Portfolio.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

**Exchange Traded Funds –** The Portfolios may invest in exchange traded funds ("ETFs"). An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. Each ETF like a mutual fund is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF's underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect a Portfolio's performance.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific portfolio are charged to that portfolio. Expenses, which are not readily identifiable to a specific portfolio, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the portfolios in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Portfolios enter into contracts that contain a variety of representations and warranties which provide general indemnities. Each Portfolio's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss due to these warranties and indemnities to be remote.

**Security Loans** - The Portfolios have entered into a securities lending arrangement with The Bank of New York Mellon (the "Borrower"). Under the terms of the agreement, the Portfolios are authorized to loan securities to the Borrower. In exchange, the Portfolios receive cash and securities as collateral in the amount of at least 102% of the value of the securities loaned. The cash collateral is invested in short-term instruments as noted in the Schedules of Investments. Securities received as collateral are U.S. government securities; securities received as collateral, if any, are not recognized as portfolio assets. Although risk is mitigated by the collateral, the Portfolios could experience a delay in recovering their securities and possible loss of income or value if the Borrower fails to return them.

Gain or loss in the fair value of securities loaned that may occur during the term of the loan will be for the account of each Portfolio. Each Portfolio has the right under the securities lending agreement to recover the securities from the Borrower on demand. If the fair value of the collateral falls below 102% plus accrued interest of the loaned securities, the lender's agent shall request additional collateral from the Borrower to bring the collateralization back to 102%. Under the terms of the securities lending agreement, each Portfolio is indemnified for such losses by the security lending agreement. Should the Borrower fail financially, the Portfolios have the right to repurchase the securities using the collateral in the open market.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

The following table is a summary of the Portfolios' securities loaned and related collateral which are subject to a netting agreement as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Assets:** |<br><br>**Gross Amounts**<br>**of Recognized**<br>**Assets** |<br>**Gross Amounts**<br>**Offset in the**<br>**Statements of**<br>**Assets &**<br>**Liabilities** | **Net Amounts**<br>**of Assets**<br>**Presented in**<br>**the Statements**<br>**of Assets &**<br>**Liabilities** |<br><br>**Financial**<br>**Instruments**<br>**Received** |<br><br>**Cash Collateral**<br>**Received** |<br><br>**Net Amount of**<br>**Assets** |
| **Managed Risk Balanced ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $2635431 | $— | $2635431 | $2228573 | $406858 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2635431 | $— | $2635431 | $2228573 | $406858 | $— |
| **Managed Risk Growth ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $5670863 | $— | $5670863 | $543102 | $5127761 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $5670863 | $— | $5670863 | $543102 | $5127761 | $— |
| **Managed Risk Moderate Growth ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $492813 | $— | $492813 | $504320 | $(11506) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $492813 | $— | $492813 | $504320 | $(11506) | $— |

---

\* The amount is limited to the securities loaned asset balance and accordingly, does not include excess collateral pledged.

The following table breaks out the holdings received as collateral as of June 30, 2025:

---

| | |
|:---|:---|
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;**Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Managed Risk Balanced ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $466075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Managed Risk Growth ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $5248410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Managed Risk Moderate Growth ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $— |

---

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

The fair value of the securities loaned for the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio totaled $2,635,431, $492,813 and $492,813 as of June 30, 2025, respectively. The securities loaned are noted in the Schedules of Investments. The fair value of the "collateral for securities loaned" on each Schedule of Investments includes only cash collateral received and reinvested that totaled $466,075, $5,248,410, and $0 for the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio as of June 30, 2025, respectively. This amount is offset by a liability recorded as "Collateral on securities loaned." The Managed Risk Balanced ETF Portfolio and Managed Risk Growth ETF Portfolio did not receive cash collateral as of June 30, 2025. At June 30, 2025, the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio received non-cash collateral of $2,228,573, $543,102 and $504,320, respectively. The non-cash collateral consists of short -term investments and long-term bonds and is held for benefit of a Portfolio at the Portfolio's custodian. A Portfolio cannot pledge or resell the collateral.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **INVESTMENT TRANSACTIONS** 

For the six month period ended June 30, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and government securities, were as follows:

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| Managed Risk Balanced ETF Portfolio | $2642260 | $5000073 |
| Managed Risk Growth ETF Portfolio | 3961952 | 19122705 |
| Managed Risk Moderate Growth ETF Portfolio | 3658111 | 10657987 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

ValMark Advisers, Inc. serves as the Portfolios' investment advisor (the "Advisor"). The Advisor has engaged Milliman Financial Risk Management, LLC as the Portfolios' Sub -Advisor (the "Sub-Advisor"). Pursuant to an advisory agreement with the Trust, the Advisor, under the oversight of the Board, directs the daily operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Portfolios pay the Advisor a management fee, computed on average daily net assets and accrued daily and paid monthly, at an annual rate of 0.30% of each Portfolio's average daily net assets. Pursuant to a sub-advisory agreement between the Advisor and Sub-Advisor, on behalf of the Portfolios, the Advisor, not the Portfolios, pays the Sub-Advisor a fee, which is computed and accrued daily and paid monthly. For the six month period ended June 30, 2025, the Portfolios paid the following in advisory fees:

---

| | |
|:---|:---|
| **Portfolio** | **Advisory Fees** |
| Managed Risk Balanced ETF Portfolio | $85321 |
| Managed Risk Growth ETF Portfolio | 237068 |
| Managed Risk Moderate Growth ETF Portfolio | 150525 |

---

The Trust, with respect to the Portfolios, has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan") for each of Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares. The fee is calculated at an annual rate of 0.25%, 0.35%, 0.60%, and 0.50% of the average daily net assets attributable to each Portfolio's Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio's shareholder accounts, not otherwise required to be provided by the Advisor.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

For the six month period ended June 30, 2025, the Portfolios paid the following in distribution fees under the Plan:

---

| | |
|:---|:---|
| **Portfolio** | **Distribution Fees** |
| Managed Risk Balanced ETF Portfolio | $84304 |
| Managed Risk Growth ETF Portfolio | 224178 |
| Managed Risk Moderate Growth ETF Portfolio | 151998 |

---

In addition, certain affiliates of the Distributor provide services to the Portfolios as follows:

Ultimus Fund Solutions, LLC ("UFS"), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to the terms of an administrative servicing agreement with UFS, each Portfolio pays to UFS a monthly fee for all operating expenses of the Portfolio, which is calculated by each Portfolio on its average daily net assets. Operating expenses include but are not limited to Fund Accounting, Fund Administration, Transfer Agency, Legal Fees, Audit Fees, Compliance Services, Shareholder Reporting Expense, Trustees fees and Custody Fees.

For the six month period ended June 30, 2025, the Trustees received fees in the amount $10,382 on behalf of each Portfolio.

The approved entities may be affiliates of UFS and the Distributor. Certain officers of the Trust are also officers of UFS, and are not paid any fees directly by the Portfolios for serving in such capacities.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from UFS under the administrative servicing agreement.

Blu Giant, LLC ("Blu Giant"), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Portfolios on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from UFS under the administrative servicing agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates presumption of the control of the Portfolio, under Section 2(a)(9) of the 1940 Act. As of June 30, 2025, ownership percentages of the holders of the voting securities of each Portfolio that may be deemed to control the Portfolio was as follows:

---

| | |
|:---|:---|
| **Managed Risk Balanced ETF Portfolio** | |
| Forethought Life Insurance Company | 28% |
| **Managed Risk Growth ETF Portfolio** |  |
| Forethought Life Insurance Company | 33% |
| Minnesota Life Insurance Co. | 27% |
| **Managed Risk Moderate Growth ETF Portfolio** |  |
| Forethought Life Insurance Company | 33% |
| Pruco Life Insurance Co. | 28% |

---

The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The table below represents aggregate cost for federal tax purposes for the Portfolios as of June 30, 2025 and differs from market value by net unrealized appreciation/depreciation which consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Portfolio** |<br>**Cost for**<br>**Federal Tax**<br>**Purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Tax Net**<br>**Unrealized**<br>**Appreciation/**<br>**(Depreciation)** |
| Managed Risk Balanced ETF Portfolio | $54229217 | $4012108 | $(484183) | $3527925 |
| Managed Risk Growth ETF Portfolio | 137031843 | 27497255 | (795837) | $26701418 |
| Managed Risk Moderate Growth ETF Portfolio | 89577880 | 11370535 | (1020778) | $10349757 |

---

The tax character of the Portfolios distributions paid for the years ended December 31, 2024, and December 31, 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** |
|  | **Ordinary** | **Long-Term** | |
|  | **Income** | **Capital Gains** | **Total** |
| Managed Risk Balanced ETF Portfolio | $1519747 | $— | $1519747 |
| Managed Risk Growth ETF Portfolio | 3841717 |  | 3841717 |
| Managed Risk Moderate Growth ETF Portfolio | 2583439 |  | 2583439 |
| **For the year ended December 31, 2023:** | **For the year ended December 31, 2023:** | **For the year ended December 31, 2023:** | **For the year ended December 31, 2023:** |
|  | **Ordinary** | **Long-Term** |  |
|  | **Income** | **Capital Gains** | **Total** |
| Managed Risk Balanced ETF Portfolio | $132052 | $277804 | $409856 |
| Managed Risk Growth ETF Portfolio | 783195 | 267042 | 1050237 |
| Managed Risk Moderate Growth ETF Portfolio | 390620 | 308036 | 698656 |

---

As of December 31, 2024, the components of accumulated earnings/(deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Managed Risk Balanced ETF Portfolio | $1584537 | $— | $— | $(4406479) | $— | $1593965 | $(1227977) |
| Managed Risk Growth ETF Portfolio | 3436769 |  |  | (3571909) |  | 19428691 | 19293551 |
| Managed Risk Moderate Growth ETF Portfolio | 2564298 |  |  | (10686494) |  | 6534852 | (1587344) |

---

The difference between book basis and tax basis accumulated net realized gains/ losses, and unrealized appreciation/ depreciation from investments is primarily attributable to the tax deferral of losses on wash sales and the mark-to-market treatment of Section 1256 futures contracts.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Notes to Financial Statements (Unaudited) (Continued)** |
| **June 30, 2025** |

---

At December 31, 2024, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** |<br><br>**Short-Term** |<br><br>**Long-Term** |<br><br>**Total** |<br>**Capital Loss**<br>**Carry**<br>**Forwards**<br>**Utilized** |
| Managed Risk Balanced ETF Portfolio | $54435 | $4352044 | $4406479 | $778865 |
| Managed Risk Growth ETF Portfolio | 3571909 |  | 3571909 | 4843784 |
| Managed Risk Moderate Growth ETF Portfolio | 1237592 | 9448902 | 10686494 | 1619936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> Managed Risk ETF Portfolios** |
| **Additional Information (Unaudited)** |
| **June 30, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others**

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None

**Item 16. Controls and Procedures** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable

**Item 18. Recovery of Erroneously Awarded Compensation.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

**Item 19. Exhibits.** 

(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):[Attached hereto](ex_99cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): [Attached hereto](ex_99-906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Variable Fund Trust</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>9/2/2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>9/2/2025</u>

By (Signature and Title)

---

| |
|:---|
| /s/ Jim Colantino |
| Jim Colantino, Principal Financial Officer/Treasurer |

---

Date <u>9/2/2025</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of TOPS<sup>®</sup> Managed Risk Balanced ETF Portfolio, TOPS<sup>®</sup> Managed Risk Growth ETF Portfolio and TOPS<sup>®</sup> Managed Risk Moderate Growth ETF Portfolio (a series of Northern Lights Variable Fund Trust).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/2/2025 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

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CERTIFICATIONS

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of TOPS<sup>®</sup> Managed Risk Balanced ETF Portfolio, TOPS<sup>®</sup> Managed Risk Growth ETF Portfolio and TOPS<sup>®</sup> Managed Risk Moderate Growth ETF Portfolio (a series of Northern Lights Variable Fund Trust).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | 9/2/2025 | /s/ Jim Colantino |
|  |  | Jim Colantino |
|  |  | Principal Financial Officer/Treasurer |

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## Exhibit 99.906

**certification**

Kevin E. Wolf, Principal Executive Officer/President, and Jim Colantino, Principal Financial Officer/Treasurer of Northern Lights Variable Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended June 30, 2025, (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

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| | | | |
|:---|:---|:---|:---|
| Principal Executive Officer/President | Principal Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Variable Fund Trust | Northern Lights Variable Fund Trust | Northern Lights Variable Fund Trust | Northern Lights Variable Fund Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 9/2/2025 | Date: | 9/2/2025 |

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A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Variable Fund Trust and will be retained by Northern Lights Variable Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.