# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001580642-25-005861
**Filing Date:** 2025-9
**Character Count:** 266433
**Document Hash:** 041a8f98f38d0eb81e59462d3fd0313d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-25-005861.hdr.sgml**: 20250908

**ACCESSION NUMBER**: 0001580642-25-005861

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 117

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250908

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250908

**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:** 251297614

**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 Conservative ETF Portfolio (Series ID: S000031502)

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

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

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

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

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

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

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

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

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

?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 Aggressive Growth ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ib80c7f0bdaf80c9633288b6f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Aggressive 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 | $11 | 0.21%<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](i5f2dcbf39d87825112288908.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Aggressive Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9831 | $10399 |
| **Jun-2017** | $11586 | $12260 |
| **Jun-2018** | $12971 | $14023 |
| **Jun-2019** | $13412 | $15483 |
| **Jun-2020** | $13093 | $16645 |
| **Jun-2021** | $18745 | $23436 |
| **Jun-2022** | $16069 | $20948 |
| **Jun-2023** | $18151 | $25053 |
| **Jun-2024** | $20826 | $31204 |
| **Jun-2025** | $23466 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Aggressive Growth ETF Portfolio | 7.67% | 12.68% | 12.38% | 8.90% |
| 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$232,413,800

* Number of Portfolio Holdings13

* Advisory Fee $103,936

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i4367426a3dc73713a0d12d13.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7904e1187a024b7c92eb54ca.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.0% |
| Equity | 97.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 25.0% |
| Vanguard FTSE Developed Markets ETF | 18.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 14.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 9.0% |
| Vanguard FTSE Emerging Markets ETF | 6.0% |
| iShares MSCI Emerging Markets ex China ETF | 5.0% |
| SPDR Portfolio S&P 500 Growth ETF | 4.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |

---

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

![Image](i6d0a9b64778751f17e47d5c1.jpg)

# TOPS Aggressive 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-TAG1

# TOPS Aggressive Growth ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i222bfcb6a3a28fcb56f2803e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Aggressive 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 | $23 | 0.46%<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](i0e41d2b8672ddf4632bea716.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Aggressive Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9807 | $10399 |
| **Jun-2017** | $11529 | $12260 |
| **Jun-2018** | $12870 | $14023 |
| **Jun-2019** | $13274 | $15483 |
| **Jun-2020** | $12936 | $16645 |
| **Jun-2021** | $18460 | $23436 |
| **Jun-2022** | $15784 | $20948 |
| **Jun-2023** | $17786 | $25053 |
| **Jun-2024** | $20362 | $31204 |
| **Jun-2025** | $22884 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Aggressive Growth ETF Portfolio | 7.51% | 12.38% | 12.09% | 8.63% |
| 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$232,413,800

* Number of Portfolio Holdings13

* Advisory Fee $103,936

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic21d6a1efd0832745b5c8692.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i19eeb9cd83331a09ec830478.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.0% |
| Equity | 97.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 25.0% |
| Vanguard FTSE Developed Markets ETF | 18.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 14.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 9.0% |
| Vanguard FTSE Emerging Markets ETF | 6.0% |
| iShares MSCI Emerging Markets ex China ETF | 5.0% |
| SPDR Portfolio S&P 500 Growth ETF | 4.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |

---

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

![Image](i11e78cf2a158ed3208618a29.jpg)

# TOPS Aggressive 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-TAG2

# TOPS Aggressive Growth ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ibdfdedce48a8389de2ae5ac3.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Aggressive 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 | $36 | 0.71%<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](i2b1b582d330d166ad6f5cbb0.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Aggressive Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $9727 | $10139 |
| **Jun-2017** | $11325 | $11954 |
| **Jun-2018** | $12549 | $13672 |
| **Jun-2019** | $12882 | $15096 |
| **Jun-2020** | $12517 | $16229 |
| **Jun-2021** | $17829 | $22850 |
| **Jun-2022** | $15203 | $20424 |
| **Jun-2023** | $17097 | $24426 |
| **Jun-2024** | $19519 | $30424 |
| **Jun-2025** | $21879 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Aggressive Growth ETF Portfolio | 7.36% | 12.09% | 11.82% | 8.19% |
| 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$232,413,800

* Number of Portfolio Holdings13

* Advisory Fee $103,936

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i628a1c228cfdd17bd5ae3938.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i81387d252fdcc538aa9bda42.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.0% |
| Equity | 97.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 25.0% |
| Vanguard FTSE Developed Markets ETF | 18.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 14.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 9.0% |
| Vanguard FTSE Emerging Markets ETF | 6.0% |
| iShares MSCI Emerging Markets ex China ETF | 5.0% |
| SPDR Portfolio S&P 500 Growth ETF | 4.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |

---

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

![Image](i5c5ce3a3ce85d75976233e0f.jpg)

# TOPS Aggressive 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-TAGI

# TOPS Aggressive Growth ETF Portfolio

## Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ifef2ba5c23194ef12c08d4a4.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Aggressive 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** |
| Service Class | $26 | 0.51%<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](ia4ed473e0ec0a928e47bdbb3.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Aggressive Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Apr-2019** | $10000 | $10000 |
| **Jun-2019** | $9959 | $10024 |
| **Jun-2020** | $9704 | $10777 |
| **Jun-2021** | $13848 | $15173 |
| **Jun-2022** | $11841 | $13562 |
| **Jun-2023** | $13343 | $16220 |
| **Jun-2024** | $15275 | $20203 |
| **Jun-2025** | $17167 | $23266 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 30, 2019)** |
| TOPS Aggressive Growth ETF Portfolio | 7.51% | 12.38% | 12.09% | 9.16% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 14.67% |

---

***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$232,413,800

* Number of Portfolio Holdings13

* Advisory Fee $103,936

* Portfolio Turnover8%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i5731f0e36c3fe8461f4bce4a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Exchange-Traded Funds | 98.0% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ide3f3bfb648a2b41fe412308.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Other Assets in Excess of Liabilities | 0.1% |
| Money Market Funds | 2.0% |
| Equity | 97.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 25.0% |
| Vanguard FTSE Developed Markets ETF | 18.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 14.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 9.0% |
| Vanguard FTSE Emerging Markets ETF | 6.0% |
| iShares MSCI Emerging Markets ex China ETF | 5.0% |
| SPDR Portfolio S&P 500 Growth ETF | 4.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |

---

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

![Image](ic65121cab12e813c14dacc3f.jpg)

# TOPS Aggressive Growth ETF Portfolio - Service 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-TAGS

# TOPS Balanced ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ie9573f31f3a0635511b45707.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $11 | 0.21%<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](i94789e0af92716f506f7f79b.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10130 | $10399 |
| **Jun-2017** | $10978 | $12260 |
| **Jun-2018** | $11552 | $14023 |
| **Jun-2019** | $12136 | $15483 |
| **Jun-2020** | $12284 | $16645 |
| **Jun-2021** | $14895 | $23436 |
| **Jun-2022** | $13447 | $20948 |
| **Jun-2023** | $14393 | $25053 |
| **Jun-2024** | $15713 | $31204 |
| **Jun-2025** | $17252 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Balanced ETF Portfolio | 6.15% | 9.79% | 7.03% | 5.60% |
| 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$134,068,089

* Number of Portfolio Holdings24

* Advisory Fee $63,309

* Portfolio Turnover6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](idae14f4ebcda0c8129b0ca9e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibd6297401866e4e29959d7fd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Collateral for Securities Loaned | 1.0% |
| Money Market Funds | 2.0% |
| Fixed Income | 47.8% |
| Equity | 50.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.1% |
| Vanguard S&P 500 ETF | 9.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 500 Value ETF | 7.0% |
| SPDR Portfolio Short Term Corporate Bond ETF | 7.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 5.0% |
| Vanguard Intermediate-Term Treasury ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](ibb982e13b701f0988ee21e2f.jpg)

# TOPS 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-TB1

# TOPS Balanced ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i402bd241bf90c759901b5ca3.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $23 | 0.46%<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](i091b2bc03bf1c1026a8a11cc.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10114 | $10399 |
| **Jun-2017** | $10932 | $12260 |
| **Jun-2018** | $11477 | $14023 |
| **Jun-2019** | $12020 | $15483 |
| **Jun-2020** | $12141 | $16645 |
| **Jun-2021** | $14681 | $23436 |
| **Jun-2022** | $13219 | $20948 |
| **Jun-2023** | $14118 | $25053 |
| **Jun-2024** | $15375 | $31204 |
| **Jun-2025** | $16839 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Balanced ETF Portfolio | 6.01% | 9.52% | 6.76% | 5.35% |
| 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$134,068,089

* Number of Portfolio Holdings24

* Advisory Fee $63,309

* Portfolio Turnover6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i094a04fe8bbe58fcedbde530.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](idde44f4637eef133b6420e3f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Collateral for Securities Loaned | 1.0% |
| Money Market Funds | 2.0% |
| Fixed Income | 47.8% |
| Equity | 50.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.1% |
| Vanguard S&P 500 ETF | 9.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 500 Value ETF | 7.0% |
| SPDR Portfolio Short Term Corporate Bond ETF | 7.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 5.0% |
| Vanguard Intermediate-Term Treasury ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](ic839aa0da7deb3480d8952ce.jpg)

# TOPS 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-TB2

# TOPS Balanced ETF Portfolio

## Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i5e6460ceb3e0d700238164c1.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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** |
| Service Class | $26 | 0.51%<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](i3dbcbc6f610fc4d84d106d7c.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Apr-2019** | $10000 | $10000 |
| **Jun-2019** | $10090 | $10024 |
| **Jun-2020** | $10193 | $10777 |
| **Jun-2021** | $12325 | $15173 |
| **Jun-2022** | $11088 | $13562 |
| **Jun-2023** | $11834 | $16220 |
| **Jun-2024** | $12880 | $20203 |
| **Jun-2025** | $14100 | $23266 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 30, 2019)** |
| TOPS Balanced ETF Portfolio | 5.95% | 9.47% | 6.70% | 5.73% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 14.67% |

---

***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$134,068,089

* Number of Portfolio Holdings24

* Advisory Fee $63,309

* Portfolio Turnover6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](iaab02fb5420c817413b69a79.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iba9b7f66d5d0a95a9100ad04.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Collateral for Securities Loaned | 1.0% |
| Money Market Funds | 2.0% |
| Fixed Income | 47.8% |
| Equity | 50.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.1% |
| Vanguard S&P 500 ETF | 9.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 500 Value ETF | 7.0% |
| SPDR Portfolio Short Term Corporate Bond ETF | 7.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 5.0% |
| Vanguard Intermediate-Term Treasury ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](i809eec4ca363d4e8bb02e53e.jpg)

# TOPS Balanced ETF Portfolio - Service 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-TBS

# TOPS Balanced ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ice3193dcd24b0a3e344073d8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $36 | 0.71%<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](i89d8d3f11e9ff180da55a0c5.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Balanced ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $10079 | $10139 |
| **Jun-2017** | $10855 | $11954 |
| **Jun-2018** | $11357 | $13672 |
| **Jun-2019** | $11869 | $15096 |
| **Jun-2020** | $11953 | $16229 |
| **Jun-2021** | $14424 | $22850 |
| **Jun-2022** | $12952 | $20424 |
| **Jun-2023** | $13798 | $24426 |
| **Jun-2024** | $14982 | $30424 |
| **Jun-2025** | $16372 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Balanced ETF Portfolio | 5.84% | 9.28% | 6.49% | 5.08% |
| 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$134,068,089

* Number of Portfolio Holdings24

* Advisory Fee $63,309

* Portfolio Turnover6%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i722d6858e86ddadc1c3f4e74.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia0946f30ad486eaf2a1fb089.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.0% |
| Collateral for Securities Loaned | 1.0% |
| Money Market Funds | 2.0% |
| Fixed Income | 47.8% |
| Equity | 50.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 11.9% |
| Vanguard FTSE Developed Markets ETF | 9.1% |
| Vanguard S&P 500 ETF | 9.1% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 8.0% |
| SPDR Portfolio S&P 500 Value ETF | 7.0% |
| SPDR Portfolio Short Term Corporate Bond ETF | 7.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 5.0% |
| Vanguard Intermediate-Term Treasury ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](i753df408f92286fc7311b2fb.jpg)

# TOPS 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-TBI

# TOPS Conservative ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i3535cb4ccf7923a790c3cc9f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Conservative 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 | $12 | 0.23%<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](i3baf4c6a1b2a412f082ad2aa.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Conservative ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10153 | $10399 |
| **Jun-2017** | $10694 | $12260 |
| **Jun-2018** | $11087 | $14023 |
| **Jun-2019** | $11666 | $15483 |
| **Jun-2020** | $12004 | $16645 |
| **Jun-2021** | $13583 | $23436 |
| **Jun-2022** | $12593 | $20948 |
| **Jun-2023** | $13242 | $25053 |
| **Jun-2024** | $14283 | $31204 |
| **Jun-2025** | $15504 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Conservative ETF Portfolio | 5.21% | 8.55% | 5.25% | 4.48% |
| 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$41,749,372

* Number of Portfolio Holdings25

* Advisory Fee $20,041

* Portfolio
Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i391ba8f3aa0c098f90cc52b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia4ea259728ad3eaec0f16740.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 1.1% |
| Money Market Funds | 1.9% |
| Equity | 30.2% |
| Fixed Income | 67.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 15.9% |
| SPDR Portfolio Short Term Corporate Bond ETF | 12.0% |
| Vanguard Short-Term Treasury ETF | 8.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.0% |
| Vanguard FTSE Developed Markets ETF | 6.0% |
| Vanguard S&P 500 ETF | 6.0% |
| Vanguard Intermediate-Term Treasury ETF | 6.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.0% |

---

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

![Image](i25dbe69ae22faf5f953914aa.jpg)

# TOPS Conservative 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-TC1

# TOPS Conservative ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i31413b22b6bb2822617e0991.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Conservative 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 | $24 | 0.48%<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](idc60230c892c07b87740f3c8.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Conservative ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10123 | $10399 |
| **Jun-2017** | $10637 | $12260 |
| **Jun-2018** | $11000 | $14023 |
| **Jun-2019** | $11546 | $15483 |
| **Jun-2020** | $11850 | $16645 |
| **Jun-2021** | $13382 | $23436 |
| **Jun-2022** | $12365 | $20948 |
| **Jun-2023** | $12973 | $25053 |
| **Jun-2024** | $13956 | $31204 |
| **Jun-2025** | $15121 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Conservative ETF Portfolio | 5.11% | 8.35% | 5.00% | 4.22% |
| 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$41,749,372

* Number of Portfolio Holdings25

* Advisory Fee $20,041

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i524e4f1aa5df891412d4b148.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ibfd1de2a78217684ba50587b.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 1.1% |
| Money Market Funds | 1.9% |
| Equity | 30.2% |
| Fixed Income | 67.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 15.9% |
| SPDR Portfolio Short Term Corporate Bond ETF | 12.0% |
| Vanguard Short-Term Treasury ETF | 8.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.0% |
| Vanguard FTSE Developed Markets ETF | 6.0% |
| Vanguard S&P 500 ETF | 6.0% |
| Vanguard Intermediate-Term Treasury ETF | 6.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.0% |

---

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

![Image](ie215dc3c8ef2c04455a1b35e.jpg)

# TOPS Conservative 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-TC2

# TOPS Conservative ETF Portfolio

## Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i7a0dedc5350d4ab0008f29dc.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Conservative 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** |
| Service Class | $27 | 0.53%<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](i3c122be2d6238fbf75f8853b.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Conservative ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Apr-2019** | $10000 | $10000 |
| **Jun-2019** | $10126 | $10024 |
| **Jun-2020** | $10391 | $10777 |
| **Jun-2021** | $11734 | $15173 |
| **Jun-2022** | $10842 | $13562 |
| **Jun-2023** | $11376 | $16220 |
| **Jun-2024** | $12237 | $20203 |
| **Jun-2025** | $13259 | $23266 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 30, 2019)** |
| TOPS Conservative ETF Portfolio | 5.11% | 8.35% | 5.00% | 4.68% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 14.67% |

---

***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$41,749,372

* Number of Portfolio Holdings25

* Advisory Fee $20,041

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie5f553fe88e421dd45ad2954.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](icc0ec3b92ec3a6b0dc49308a.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 1.1% |
| Money Market Funds | 1.9% |
| Equity | 30.2% |
| Fixed Income | 67.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 15.9% |
| SPDR Portfolio Short Term Corporate Bond ETF | 12.0% |
| Vanguard Short-Term Treasury ETF | 8.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.0% |
| Vanguard FTSE Developed Markets ETF | 6.0% |
| Vanguard S&P 500 ETF | 6.0% |
| Vanguard Intermediate-Term Treasury ETF | 6.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.0% |

---

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

![Image](i9f230c82b0494d59b575301f.jpg)

# TOPS Conservative ETF Portfolio - Service 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-TCS

# TOPS Conservative ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i62ca05d6940b65372bd14e1f.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS Conservative 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 | $37 | 0.73%<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](i0cf2a6b622cf943555f0e0f5.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Conservative ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $10108 | $10139 |
| **Jun-2017** | $10609 | $11954 |
| **Jun-2018** | $10959 | $13672 |
| **Jun-2019** | $11485 | $15096 |
| **Jun-2020** | $11754 | $16229 |
| **Jun-2021** | $13251 | $22850 |
| **Jun-2022** | $12220 | $20424 |
| **Jun-2023** | $12780 | $24426 |
| **Jun-2024** | $13724 | $30424 |
| **Jun-2025** | $14829 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Conservative ETF Portfolio | 4.97% | 8.05% | 4.76% | 4.04% |
| 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$41,749,372

* Number of Portfolio Holdings25

* Advisory Fee $20,041

* Portfolio Turnover5%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6a6ce99bfb8f044c521d4315.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 1.0% |
| Exchange-Traded Funds | 97.1% |
| Money Market Funds | 1.9% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i714e29727eb273e5ea883b96.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -1.1% |
| Collateral for Securities Loaned | 1.1% |
| Money Market Funds | 1.9% |
| Equity | 30.2% |
| Fixed Income | 67.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard Short-Term Inflation-Protected Securities ETF | 15.9% |
| SPDR Portfolio Short Term Corporate Bond ETF | 12.0% |
| Vanguard Short-Term Treasury ETF | 8.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 7.0% |
| Vanguard FTSE Developed Markets ETF | 6.0% |
| Vanguard S&P 500 ETF | 6.0% |
| Vanguard Intermediate-Term Treasury ETF | 6.0% |
| SPDR Portfolio S&P 500 Value ETF | 4.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 4.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 4.0% |

---

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

![Image](i51ef9bc2ad5b6bb461d13cd8.jpg)

# TOPS Conservative 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-TCI

# TOPS Growth ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i3d46b21c7289afbf2c84778c.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $11 | 0.21%<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](ie1c37f28cef5f9214ac626ab.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9865 | $10399 |
| **Jun-2017** | $11373 | $12260 |
| **Jun-2018** | $12536 | $14023 |
| **Jun-2019** | $13032 | $15483 |
| **Jun-2020** | $12848 | $16645 |
| **Jun-2021** | $17569 | $23436 |
| **Jun-2022** | $15239 | $20948 |
| **Jun-2023** | $17037 | $25053 |
| **Jun-2024** | $19360 | $31204 |
| **Jun-2025** | $21761 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Growth ETF Portfolio | 7.83% | 12.40% | 11.11% | 8.09% |
| 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$259,167,265

* Number of Portfolio Holdings20

* Advisory Fee $114,786

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3f608508580e361f5bde85f0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.5% |
| Exchange-Traded Funds | 97.5% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i7c88cc84f5062697c26c29a4.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Collateral for Securities Loaned | 0.5% |
| Money Market Funds | 2.0% |
| Fixed Income | 12.9% |
| Equity | 85.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 21.0% |
| Vanguard FTSE Developed Markets ETF | 17.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 11.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 6.0% |
| SPDR Portfolio S&P 500 Growth ETF | 5.0% |
| SPDR Portfolio S&P 500 Value ETF | 5.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| iShares MSCI Emerging Markets ex China ETF | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](ic8f97363c2d5716648293549.jpg)

# TOPS 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-TG1

# TOPS Growth ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i8ba2088a70fe667822065d64.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $23 | 0.46%<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](ic9a5e991e892559e1bdae219.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $9842 | $10399 |
| **Jun-2017** | $11318 | $12260 |
| **Jun-2018** | $12441 | $14023 |
| **Jun-2019** | $12906 | $15483 |
| **Jun-2020** | $12687 | $16645 |
| **Jun-2021** | $17305 | $23436 |
| **Jun-2022** | $14975 | $20948 |
| **Jun-2023** | $16707 | $25053 |
| **Jun-2024** | $18930 | $31204 |
| **Jun-2025** | $21225 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Growth ETF Portfolio | 7.69% | 12.12% | 10.84% | 7.82% |
| 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$259,167,265

* Number of Portfolio Holdings20

* Advisory Fee $114,786

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](icadb5e73353e8b4d83f25ca3.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.5% |
| Exchange-Traded Funds | 97.5% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ia8385135f831c96da3938425.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Collateral for Securities Loaned | 0.5% |
| Money Market Funds | 2.0% |
| Fixed Income | 12.9% |
| Equity | 85.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 21.0% |
| Vanguard FTSE Developed Markets ETF | 17.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 11.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 6.0% |
| SPDR Portfolio S&P 500 Growth ETF | 5.0% |
| SPDR Portfolio S&P 500 Value ETF | 5.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| iShares MSCI Emerging Markets ex China ETF | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](i14bbf1730be057e3720a7243.jpg)

# TOPS 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-TG2

# TOPS Growth ETF Portfolio

## Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i26e50fb1284995782a45114e.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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** |
| Service Class | $26 | 0.51%<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](iaf31b130f4bad2bf84e6088c.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Apr-2019** | $10000 | $10000 |
| **Jun-2019** | $10013 | $10024 |
| **Jun-2020** | $9845 | $10777 |
| **Jun-2021** | $13429 | $15173 |
| **Jun-2022** | $11621 | $13562 |
| **Jun-2023** | $12965 | $16220 |
| **Jun-2024** | $14690 | $20203 |
| **Jun-2025** | $16471 | $23266 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 30, 2019)** |
| TOPS Growth ETF Portfolio | 7.69% | 12.12% | 10.84% | 8.43% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 14.67% |

---

***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$259,167,265

* Number of Portfolio Holdings20

* Advisory Fee $114,786

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i6f7c000bcbec45fcb54dc55c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.5% |
| Exchange-Traded Funds | 97.5% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i9a9de5cdabcf047d1038250e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Collateral for Securities Loaned | 0.5% |
| Money Market Funds | 2.0% |
| Fixed Income | 12.9% |
| Equity | 85.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 21.0% |
| Vanguard FTSE Developed Markets ETF | 17.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 11.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 6.0% |
| SPDR Portfolio S&P 500 Growth ETF | 5.0% |
| SPDR Portfolio S&P 500 Value ETF | 5.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| iShares MSCI Emerging Markets ex China ETF | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](i486ad8422941928093c2891d.jpg)

# TOPS Growth ETF Portfolio - Service 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-TGS

# TOPS Growth ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ib154ed1d4216d369d7ca57ba.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $36 | 0.71%<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](i745d483dc981b499f0b3ed60.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $9800 | $10139 |
| **Jun-2017** | $11169 | $11954 |
| **Jun-2018** | $12191 | $13672 |
| **Jun-2019** | $12610 | $15096 |
| **Jun-2020** | $12371 | $16229 |
| **Jun-2021** | $16819 | $22850 |
| **Jun-2022** | $14527 | $20424 |
| **Jun-2023** | $16161 | $24426 |
| **Jun-2024** | $18266 | $30424 |
| **Jun-2025** | $20437 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Growth ETF Portfolio | 7.63% | 11.89% | 10.56% | 7.45% |
| 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$259,167,265

* Number of Portfolio Holdings20

* Advisory Fee $114,786

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i987f3805486134246fffb482.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.5% |
| Exchange-Traded Funds | 97.5% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2a91a254a8269c021b07a1d0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Collateral for Securities Loaned | 0.5% |
| Money Market Funds | 2.0% |
| Fixed Income | 12.9% |
| Equity | 85.0% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 21.0% |
| Vanguard FTSE Developed Markets ETF | 17.1% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 11.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 6.0% |
| SPDR Portfolio S&P 500 Growth ETF | 5.0% |
| SPDR Portfolio S&P 500 Value ETF | 5.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| iShares MSCI Emerging Markets ex China ETF | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |
| iShares Global REIT ETF | 4.0% |

---

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

![Image](ief0d5c53492fee599f9da48b.jpg)

# TOPS 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-TGI

# TOPS Moderate Growth ETF Portfolio

## Class 1

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i834b04d1890410d8b961f84d.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $11 | 0.21%<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](i734a83d9e03fa048cf35f396.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10027 | $10399 |
| **Jun-2017** | $11193 | $12260 |
| **Jun-2018** | $12068 | $14023 |
| **Jun-2019** | $12628 | $15483 |
| **Jun-2020** | $12713 | $16645 |
| **Jun-2021** | $16274 | $23436 |
| **Jun-2022** | $14436 | $20948 |
| **Jun-2023** | $15753 | $25053 |
| **Jun-2024** | $17526 | $31204 |
| **Jun-2025** | $19483 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Moderate Growth ETF Portfolio | 6.98% | 11.17% | 8.91% | 6.90% |
| 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$205,699,333

* Number of Portfolio Holdings22

* Advisory Fee $94,520

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i69b37ee2358a6dafbcbcd7ff.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.1% |
| Exchange-Traded Funds | 97.9% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i270c6374f6f7ecbc12b8c70f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Collateral for Securities Loaned | 0.1% |
| Money Market Funds | 2.0% |
| Fixed Income | 32.8% |
| Equity | 65.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.0% |
| Vanguard FTSE Developed Markets ETF | 13.1% |
| SPDR Portfolio Short Term Corporate Bond ETF | 9.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 8.0% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 6.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |

---

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

![Image](i56888272e44e908586063d32.jpg)

# TOPS 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-TMG1

# TOPS Moderate Growth ETF Portfolio

## Class 2

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ic1a71cb564055759b1153af8.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $23 | 0.46%<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](i04966ecf01225811dfdcd567.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jun-2015** | $10000 | $10000 |
| **Jun-2016** | $10016 | $10399 |
| **Jun-2017** | $11160 | $12260 |
| **Jun-2018** | $11994 | $14023 |
| **Jun-2019** | $12521 | $15483 |
| **Jun-2020** | $12575 | $16645 |
| **Jun-2021** | $16064 | $23436 |
| **Jun-2022** | $14208 | $20948 |
| **Jun-2023** | $15474 | $25053 |
| **Jun-2024** | $17167 | $31204 |
| **Jun-2025** | $19043 | $35936 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| TOPS Moderate Growth ETF Portfolio | 6.84% | 10.93% | 8.65% | 6.65% |
| 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$205,699,333

* Number of Portfolio Holdings22

* Advisory Fee $94,520

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i9070391650045f0d68b20a3d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.1% |
| Exchange-Traded Funds | 97.9% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](iaa90dad5d2d2df2035b11c9d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Collateral for Securities Loaned | 0.1% |
| Money Market Funds | 2.0% |
| Fixed Income | 32.8% |
| Equity | 65.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.0% |
| Vanguard FTSE Developed Markets ETF | 13.1% |
| SPDR Portfolio Short Term Corporate Bond ETF | 9.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 8.0% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 6.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |

---

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

![Image](i66ace2bbdb5bd3d63feddb71.jpg)

# TOPS 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-TMG2

# TOPS Moderate Growth ETF Portfolio

## Service Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](i37d1e11ca53ae55fd053b9ce.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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** |
| Service Class | $26 | 0.51%<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](id4cccd7b2aeb7a8275e5a495.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Apr-2019** | $10000 | $10000 |
| **Jun-2019** | $10058 | $10024 |
| **Jun-2020** | $10094 | $10777 |
| **Jun-2021** | $12885 | $15173 |
| **Jun-2022** | $11387 | $13562 |
| **Jun-2023** | $12395 | $16220 |
| **Jun-2024** | $13748 | $20203 |
| **Jun-2025** | $15237 | $23266 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (April 30, 2019)** |
| TOPS Moderate Growth ETF Portfolio | 6.79% | 10.83% | 8.59% | 7.07% |
| S&P 500<sup>®</sup> Index | 6.20% | 15.16% | 16.64% | 14.67% |

---

***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$205,699,333

* Number of Portfolio Holdings22

* Advisory Fee $94,520

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ic591a002acea44785156117f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.1% |
| Exchange-Traded Funds | 97.9% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i44c2963b7d20a92cb47b4c2e.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Collateral for Securities Loaned | 0.1% |
| Money Market Funds | 2.0% |
| Fixed Income | 32.8% |
| Equity | 65.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.0% |
| Vanguard FTSE Developed Markets ETF | 13.1% |
| SPDR Portfolio Short Term Corporate Bond ETF | 9.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 8.0% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 6.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |

---

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

![Image](icb9e917cebd7e31b9cc4d742.jpg)

# TOPS Moderate Growth ETF Portfolio - Service 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-TMGS

# TOPS Moderate Growth ETF Portfolio

## Investor Class

#### Semi-Annual Shareholder Report - June 30, 2025
![Image](ia09f66c33e8a751ea7630fbe.jpg)

## Fund Overview
This semi-annual shareholder report contains important information about TOPS 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 | $36 | 0.71%<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](i5bf32370250824111f504439.jpg)

---

| | | |
|:---|:---|:---|
| | **TOPS Moderate Growth ETF Portfolio** | **S&P 500<sup>®</sup> Index** |
| **Jul-2015** | $10000 | $10000 |
| **Jun-2016** | $9938 | $10139 |
| **Jun-2017** | $10971 | $11954 |
| **Jun-2018** | $11720 | $13672 |
| **Jun-2019** | $12262 | $15096 |
| **Jun-2020** | $12289 | $16229 |
| **Jun-2021** | $15645 | $22850 |
| **Jun-2022** | $13809 | $20424 |
| **Jun-2023** | $14999 | $24426 |
| **Jun-2024** | $16607 | $30424 |
| **Jun-2025** | $18365 | $35037 |

---

## **Average Annual Total Returns** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **6 Months** | **1 Year** | **5 Years** | **Since Inception (July 22, 2015)** |
| TOPS Moderate Growth ETF Portfolio | 6.72% | 10.59% | 8.37% | 6.30% |
| 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$205,699,333

* Number of Portfolio Holdings22

* Advisory Fee $94,520

* Portfolio Turnover7%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ie4e7f10c6c464871360b1de1.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 0.1% |
| Exchange-Traded Funds | 97.9% |
| Money Market Funds | 2.0% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i2c80564fd0aa014dfd8b9553.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.1% |
| Collateral for Securities Loaned | 0.1% |
| Money Market Funds | 2.0% |
| Fixed Income | 32.8% |
| Equity | 65.2% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Vanguard S&P 500 ETF | 18.0% |
| Vanguard FTSE Developed Markets ETF | 13.1% |
| SPDR Portfolio Short Term Corporate Bond ETF | 9.0% |
| SPDR Portfolio S&P 400 Mid Cap ETF | 8.0% |
| Vanguard Short-Term Inflation-Protected Securities ETF | 6.0% |
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 5.0% |
| Xtrackers USD High Yield Corporate Bond ETF | 5.0% |
| SPDR Portfolio S&P 600 Small Cap ETF | 4.0% |
| FlexShares Global Upstream Natural Resources Index Fund | 4.0% |
| Vanguard FTSE Emerging Markets ETF | 4.0% |

---

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

![Image](i4300de120d7d96208454fc61.jpg)

# TOPS 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-TMGI

&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 Companies.** 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)](to001_v1.jpg) |
| Semi-Annual Financial Statements and Additional |
| Information |
| June 30, 2025 |
| TOPS<sup>®</sup> Aggressive Growth ETF Portfolio |
| TOPS<sup>®</sup> Balanced ETF Portfolio |
| TOPS<sup>®</sup> Conservative ETF Portfolio |
| TOPS<sup>®</sup> Growth ETF Portfolio |
| TOPS<sup>®</sup> Moderate Growth ETF Portfolio |
| *Each a series of the Northern Lights Variable Trust* |
| Distributed by Northern Lights Distributors, LLC |
| Member FINRA |

---

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.9%** |  |
|  | **EQUITY - 97.9%** |  |
| 230613 | FlexShares Global Upstream Natural Resources Index Fund | $9249887 |
| 374828 | iShares Global REIT ETF | 9258252 |
| 183001 | iShares MSCI Emerging Markets ex China ETF | 11554683 |
| 102893 | iShares MSCI USA Small-Cap Multifactor ETF | 6991579 |
| 597982 | SPDR Portfolio S&P 400 Mid Cap ETF | 32518261 |
| 98020 | SPDR Portfolio S&P 500 Growth ETF | 9343266 |
| 177053 | SPDR Portfolio S&P 500 Value ETF | 9266954 |
| 490592 | SPDR Portfolio S&P 600 Small Cap ETF | 20899219 |
| 736353 | Vanguard FTSE Developed Markets ETF | 41979485 |
| 280375 | Vanguard FTSE Emerging Markets ETF | 13867348 |
| 102242 | Vanguard S&P 500 ETF | 58076524 |
| 133599 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 4606494 |
|  |  | 227611952 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $188,746,203)** | 227611952 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.0%** |  |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 4671433 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $4,671,433)<sup>(a)</sup> | 4671433 |
|  | **TOTAL INVESTMENTS – 99.9% (Cost $193,417,636)** | $232283385 |
|  | **OTHER ASSETS IN EXCESS OF LIABILITIES- 0.1%** | 130415 |
|  | **NET ASSETS - 100.0%** | $232413800 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) Rate disclosed is the seven day effective
 yield as of June 30, 2025.

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 50.2%** |  |
| 100649 | FlexShares Global Upstream Natural Resources Index Fund | $4037031 |
| 216614 | iShares Global REIT ETF | 5350366 |
| 42581 | iShares MSCI Emerging Markets ex China ETF | 2688564 |
| 19979 | iShares MSCI USA Small-Cap Multifactor ETF<sup>(a)</sup> | 1357573 |
| 123882 | SPDR Portfolio S&P 400 Mid Cap ETF | 6736703 |
| 28483 | SPDR Portfolio S&P 500 Growth ETF | 2715000 |
| 180223 | SPDR Portfolio S&P 500 Value ETF | 9432872 |
| 126535 | SPDR Portfolio S&P 600 Small Cap ETF | 5390391 |
| 213184 | Vanguard FTSE Developed Markets ETF | 12153620 |
| 81225 | Vanguard FTSE Emerging Markets ETF | 4017389 |
| 21379 | Vanguard S&P 500 ETF | 12143913 |
| 38857 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 1339789 |
|  |  | 67363211 |
|  | **FIXED INCOME - 47.8%** |  |
| 97761 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | 10715583 |
| 86328 | SPDR Bloomberg Investment Grade Floating Rate ETF | 2661492 |
| 308873 | SPDR Portfolio Short Term Corporate Bond ETF | 9324876 |
| 159027 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 4031334 |
| 111533 | Vanguard Intermediate-Term Treasury ETF | 6670789 |
| 57627 | Vanguard Mortgage-Backed Securities ETF | 2670435 |
| 317932 | Vanguard Short-Term Inflation-Protected Securities ETF | 15982443 |
| 90594 | Vanguard Short-Term Treasury ETF | 5325115 |
| 26896 | Vanguard Total International Bond ETF | 1331621 |
| 144821 | Xtrackers USD High Yield Corporate Bond ETF | 5346791 |
|  |  | 64060479 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $120,129,318)** | 131423690 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.0%** |  |
| 1383546 | Federated Hermes Government Obligations Fund, Institutional Class, 4.21% (Cost $1,383,546)<sup>(b)</sup> | $1383546 |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 2630489 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $2,630,489)<sup>(b)</sup> | $2630489 |
|  | **TOTAL SHORT-TERM INVESTMENTS – (Cost 4,014,035)** | 4014035 |
|  | **TOTAL INVESTMENTS - 101.0% (Cost $124,143,353)** | $135437725 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.0)%** | (1369636) |
|  | **NET ASSETS - 100.0%** | $134068089 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) All or a portion of this security
 is on loan. Total loaned securities had a value of $4,908,738 at June 30, 2025. The loaned securities were secured with cash collateral
 of $1,383,546 and non-cash collateral of $3,643,111. 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.

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

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 30.2%** |  |
| 20956 | FlexShares Global Upstream Natural Resources Index Fund | $840545 |
| 16731 | iShares Global REIT ETF | 413256 |
| 6727 | iShares MSCI Emerging Markets ex China ETF | 424743 |
| 6354 | iShares MSCI USA Small-Cap Multifactor ETF<sup>(a)</sup> | 431754 |
| 30713 | SPDR Portfolio S&P 400 Mid Cap ETF | 1670173 |
| 8900 | SPDR Portfolio S&P 500 Growth ETF | 848348 |
| 32079 | SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | 1679015 |
| 10076 | SPDR Portfolio S&P 600 Small Cap ETF | 429238 |
| 44243 | Vanguard FTSE Developed Markets ETF | 2522293 |
| 8522 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 421498 |
| 4430 | Vanguard S&P 500 ETF | 2516373 |
| 12319 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 424759 |
|  |  | 12621995 |
|  | **FIXED INCOME - 67.9%** |  |
| 26800 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 2937548 |
| 32750 | JP Morgan Ultra-Short Income ETF | 1659770 |
| 40371 | SPDR Bloomberg Investment Grade Floating Rate ETF | 1244638 |
| 165328 | SPDR Portfolio Short Term Corporate Bond ETF | 4991252 |
| 33182 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 841164 |
| 41943 | Vanguard Intermediate-Term Treasury ETF | 2508611 |
| 18215 | Vanguard Mortgage-Backed Securities ETF | 844083 |
| 132454 | Vanguard Short-Term Inflation-Protected Securities ETF | 6658462 |
| 56567 | Vanguard Short-Term Treasury ETF | 3325008 |
| 33606 | Vanguard Total International Bond ETF | 1663833 |
| 45253 | Xtrackers USD High Yield Corporate Bond ETF | 1670741 |
|  |  | 28345110 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $38,933,301)** | 40967105 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 3.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 1.1%** |  |
| 440015 | Federated Hermes Government Obligations Fund, Institutional Class, 4.21% (Cost $440,015)<sup>(b)</sup> | $440015 |
|  | **MONEY MARKET FUNDS - 1.9%** |  |
| 788183 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $788,183)<sup>(b)</sup> | 788183 |
|  | **TOTAL SHORT-TERM INVESTMENTS – (Cost 1,228,198)** | 1228198 |
|  | **TOTAL INVESTMENTS - 101.1% (Cost $40,161,499)** | $42195303 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.1)%** | (445931) |
|  | **NET ASSETS - 100.0%** | $41749372 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) All or a portion of this security
 is on loan. Total loaned securities had a value of $1,737,954 at June 30, 2025. The loaned securities were secured with cash collateral
 of $440,015 and non-cash collateral of $1,337,282. 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.

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

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 97.9%** |  |
|  | **EQUITY - 85.0%** |  |
| 257627 | FlexShares Global Upstream Natural Resources Index Fund | $10333419 |
| 415990 | iShares Global REIT ETF | 10274953 |
| 163525 | iShares MSCI Emerging Markets ex China ETF | 10324969 |
| 76624 | iShares MSCI USA Small-Cap Multifactor ETF<sup>(a)</sup> | 5206601 |
| 524814 | SPDR Portfolio S&P 400 Mid Cap ETF | 28539385 |
| 136732 | SPDR Portfolio S&P 500 Growth ETF | 13033294 |
| 247197 | SPDR Portfolio S&P 500 Value ETF | 12938291 |
| 365321 | SPDR Portfolio S&P 600 Small Cap ETF | 15562675 |
| 776321 | Vanguard FTSE Developed Markets ETF | 44258060 |
| 208157 | Vanguard FTSE Emerging Markets ETF | 10295445 |
| 95951 | Vanguard S&P 500 ETF | 54503046 |
| 149225 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 5145278 |
|  |  | 220415416 |
|  | **FIXED INCOME - 12.9%** |  |
| 46937 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 5144765 |
| 203588 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 5160956 |
| 85675 | Vanguard Intermediate-Term Treasury ETF | 5124222 |
| 55331 | Vanguard Mortgage-Backed Securities ETF | 2564039 |
| 152555 | Vanguard Short-Term Inflation-Protected Securities ETF | 7668940 |
| 208595 | Xtrackers USD High Yield Corporate Bond ETF | 7701326 |
|  |  | 33364248 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $212,982,540)** | 253779664 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.5%** |  |
| 1313465 | Federated Hermes Government Obligations Fund, Institutional Class, 4.21% (Cost $1,313,465)<sup>(b)</sup> | $1313465 |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 5211080 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $5,211,080)<sup>(b)</sup> | 5211080 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $6,524,545)** | $6524545 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $219,507,085)** | $260304209 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.4%)** | (1136944) |
|  | **NET ASSETS - 100.0%** | $259167265 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) All or a portion of this security
 is on loan. Total loaned securities had a value of $1,287,101 at June 30, 2025. The loaned securities were secured with cash collateral
 of $1,313,465. 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.

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

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 65.2%** |  |
| 204997 | FlexShares Global Upstream Natural Resources Index Fund | $8222430 |
| 330917 | iShares Global REIT ETF | 8173650 |
| 65046 | iShares MSCI Emerging Markets ex China ETF | 4107004 |
| 60952 | iShares MSCI USA Small-Cap Multifactor ETF | 4141688 |
| 303634 | SPDR Portfolio S&P 400 Mid Cap ETF | 16511617 |
| 43510 | SPDR Portfolio S&P 500 Growth ETF | 4147373 |
| 117989 | SPDR Portfolio S&P 500 Value ETF | 6175544 |
| 193740 | SPDR Portfolio S&P 600 Small Cap ETF | 8253324 |
| 472582 | Vanguard FTSE Developed Markets ETF | 26941900 |
| 165440 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | 8182662 |
| 65321 | Vanguard S&P 500 ETF | 37104288 |
| 59359 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 2046698 |
|  |  | 134008178 |
|  | **FIXED INCOME - 32.8%** |  |
| 93346 | iShares iBoxx $ Investment Grade Corporate Bond ETF | 10231655 |
| 611199 | SPDR Portfolio Short Term Corporate Bond ETF | 18452097 |
| 161954 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | 4105534 |
| 102231 | Vanguard Intermediate-Term Treasury ETF | 6114436 |
| 88034 | Vanguard Mortgage-Backed Securities ETF | 4079496 |
| 244513 | Vanguard Short-Term Inflation-Protected Securities ETF | 12291669 |
| 41088 | Vanguard Total International Bond ETF | 2034267 |
| 276550 | Xtrackers USD High Yield Corporate Bond ETF | 10210226 |
|  |  | 67519380 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $176,400,339)** | 201527558 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 2.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 0.1%** |  |
| 277000 | Federated Hermes Government Obligations Fund, Institutional Class, 4.21% (Cost $277,000)<sup>(b)</sup> | $277000 |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 4116361 | Invesco Government & Agency Portfolio, Institutional Class, 4.21% (Cost $4,116,361)<sup>(b)</sup> | 4116361 |
|  | **TOTAL SHORT-TERM INVESTMENTS – ($4393361)** | 4393361 |
|  | **TOTAL INVESTMENTS - 100.1% (Cost $180,793,700)** | $205920919 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%** | (221586) |
|  | **NET ASSETS - 100.0%** | $205699333 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

(a) All or a portion of this security
 is on loan. Total loaned securities had a value of $1,204,478 at June 30, 2025. The loaned securities were secured with cash collateral
 of $277,000 and non-cash collateral of $954,823. 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.

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

See accompanying notes to financial statements.

---

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

---

---

| | | | |
|:---|:---|:---|:---|
| **Assets:** | **Aggressive**<br>**Growth**<br>**ETF Portfolio** | **Balanced**<br>**ETF**<br>**Portfolio** | **Conservative**<br>**ETF**<br>**Portfolio** |
| Investments in securities, at cost | $193417636 | $124143353 | $40161499 |
| Investments in securities, at value (Securities on loan $0, $4,908,738 and $1,737,954, respectively) | $232283385 | $135437725 | $42195303 |
| Receivable for securities sold |  | 25265 |  |
| Receivable for Portfolio shares sold | 108603 | 16223 | 5099 |
| Interest and dividends receivable | 194502 | 46302 | 10263 |
| **Total Assets** | 232586490 | 135525515 | 42210665 |
| **Liabilities:** |  |  |  |
| Collateral on securities loaned |  | 1383546 | 440015 |
| Payable for Portfolio shares redeemed | 2798 | 28819 | 8103 |
| Payable for securities purchased | 92691 |  |  |
| Accrued investment advisory fees | 18527 | 10846 | 3410 |
| Accrued distribution (12b-1) fees | 46571 | 26839 | 6965 |
| Accrued shareholder service fees |  | 634 |  |
| Payable to related parties and administrative service fees | 12103 | 6742 | 2800 |
| **Total Liabilities** | 172690 | 1457426 | 461293 |
| **Net Assets** | $232413800 | $134068089 | $41749372 |
| **Components of Net Assets:** |  |  |  |
| Paid-in capital | $184195591 | $116528487 | $38069109 |
| Accumulated earnings | 48218209 | 17539602 | 3680263 |
| **Net Assets** | $232413800 | $134068089 | $41749372 |
| **Class 1 Shares:** |  |  |  |
| Net assets | $4998844 | $6303176 | $13461634 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 221176 | 405901 | 993924 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $22.60 | $15.53 | $13.54 |
| **Class 2 Shares:** |  |  |  |
| Net assets | $221149247 | $117598988 | $22500785 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 9960469 | 7941528 | 1683132 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $22.20 | $14.81 | $13.37 |
| **Investor Class Shares:** |  |  |  |
| Net assets | $6265684 | $7534097 | $5786937 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 262021 | 477372 | 421626 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $23.91 | $15.78 | $13.73 |
| **Service Class Shares:** |  |  |  |
| Net assets | $25 | $2631828 | $16 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 1 | 178134 | 1 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $22.20 (a) | $14.77 | $13.37 (a) |

---

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

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
| **Assets:** | **Growth**<br>**ETF**<br>**Portfolio** | **Moderate**<br>**Growth**<br>**ETF Portfolio** |
| Investments in securities, at cost | $219507085 | $180793700 |
| Investments in securities, at value (Securities on loan $1,287,101 and $1,204,478, respectively) | $260304209 | $205920919 |
| Receivable for securities sold | 26801 |  |
| Receivable for Portfolio shares sold | 86096 | 38357 |
| Interest and dividends receivable | 185422 | 128294 |
| **Total Assets** | 260602528 | 206087570 |
| **Liabilities:** |  |  |
| Collateral on securities loaned | 1313465 | 277000 |
| Payable for Portfolio shares redeemed | 37539 | 40306 |
| Payable for securities purchased |  |  |
| Accrued investment advisory fees | 20689 | 16539 |
| Accrued distribution (12b-1) fees | 49430 | 39031 |
| Accrued shareholder service fees |  | 3440 |
| Payable to related parties and administrative service fees | 14140 | 11921 |
| **Total Liabilities** | 1435263 | 388237 |
| **Net Assets** | $259167265 | $205699333 |
| **Components of Net Assets:** |  |  |
| Paid-in capital | $207363571 | $170218703 |
| Accumulated earnings | 51803694 | 35480630 |
| **Net Assets** | $259167265 | $205699333 |
| **Class 1 Shares:** |  |  |
| Net assets | $16671102 | $15597321 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 761146 | 951542 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $21.90 | $16.39 |
| **Class 2 Shares:** |  |  |
| Net assets | $237317709 | $157752384 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 11145473 | 10102242 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $21.29 | $15.62 |
| **Investor Class Shares:** |  |  |
| Net assets | $5178429 | $18106249 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 221151 | 1046588 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $23.42 | $17.30 |
| **Service Class Shares:** |  |  |
| Net assets | $25 | $14243379 |
| Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 1 | 914556 |
| Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding) | $21.29 (a) | $15.57 |

---

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

See accompanying notes to financial statements.

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Aggressive**<br>**Growth**<br>**ETF Portfolio** | **Balanced**<br>**ETF**<br>**Portfolio** | **Conservative**<br>**ETF**<br>**Portfolio** | **Growth**<br>**ETF**<br>**Portfolio** | **Moderate**<br>**Growth**<br>**ETF Portfolio** |
| **Investment Income:** |  |  |  |  |  |
| Dividend income | $1819020 | $1522715 | $515007 | $2294554 | $2195229 |
| Interest income | 93008 | 56980 | 17144 | 105370 | 85833 |
| Securities lending income | 6914 | 29408 | 8332 | 19844 | 34479 |
| **Total Investment Income** | 1918942 | 1609103 | 540483 | 2419768 | 2315541 |
| **Expenses:** |  |  |  |  |  |
| Investment advisory fees | 103936 | 63309 | 20041 | 114786 | 94520 |
| Distribution fees (12b-1) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2 Shares | 246659 | 137843 | 26015 | 262658 | 180653 |
| &nbsp;&nbsp;&nbsp;Investor Shares | 14627 | 18890 | 14352 | 11746 | 42038 |
| Shareholder service fees |  | 3661 |  |  | 19997 |
| Related parties and administrative service fees | 109006 | 68380 | 25920 | 120001 | 99738 |
| **Total Expenses** | 474228 | 292083 | 86328 | 509191 | 436946 |
| **Net Investment Income** | 1444714 | 1317020 | 454155 | 1910577 | 1878595 |
| **Realized and Unrealized Gain (Loss) on Investments:** |  |  |  |  |  |
| Net realized gain on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 1594636 | 1011094 | 101947 | 1252000 | 1480176 |
| Net change in unrealized appreciation on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments | 13157554 | 5178107 | 1486636 | 15075527 | 9584889 |
| **Net Realized and Unrealized Gain on Investments** | 14752190 | 6189201 | 1588583 | 16327527 | 11065065 |
| **Net Increase in Net Assets Resulting from Operations** | $16196904 | $7506221 | $2042738 | $18238104 | $12943660 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggressive Growth ETF Portfolio** | **Aggressive Growth ETF Portfolio** | **Balanced ETF Portfolio** | **Balanced ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 | 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 | $1444714 | $3152448 | $1317020 | $3062030 |
| Net realized gain on investments | 1594636 | 3519497 | 1011094 | 1626462 |
| Net change in unrealized appreciation on investments | 13157554 | 11287601 | 5178107 | 2347186 |
| Net increase in net assets resulting from operations | 16196904 | 17959546 | 7506221 | 7035678 |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | (100944) |  | (167341) |
| &nbsp;&nbsp;&nbsp;Class 2 |  | (3606631) |  | (2491322) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (97005) |  | (164965) |
| &nbsp;&nbsp;&nbsp;Service Class |  | (0) (a) |  | (63238) |
| Total distributions to shareholders |  | (3804580) |  | (2886866) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 501109 | 1405143 | 1591689 | 1481279 |
| &nbsp;&nbsp;&nbsp;Class 2 | 20263865 | 44782237 | 9109663 | 18194517 |
| &nbsp;&nbsp;&nbsp;Investor Class | 562814 | 1741913 | 254005 | 1753871 |
| &nbsp;&nbsp;&nbsp;Service Class |  |  | 303814 | 637660 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | 100944 |  | 167341 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 3606631 |  | 2491322 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 97005 |  | 164965 |
| &nbsp;&nbsp;&nbsp;Service Class |  | 0 (a) |  | 63238 |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (522158) | (483702) | (2086099) | (2943204) |
| &nbsp;&nbsp;&nbsp;Class 2 | (3165132) | (6066120) | (3105818) | (3385239) |
| &nbsp;&nbsp;&nbsp;Investor Class | (711886) | (203821) | (812128) | (481040) |
| &nbsp;&nbsp;&nbsp;Service Class |  |  | (158790) | (349694) |
| Net increase in net assets from share transactions of beneficial interest | 16928612 | 44980230 | 5096336 | 17795016 |
| **Total Increase In Net Assets** | 33125516 | 59135196 | 12602557 | 21943828 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year | 199288284 | 140153088 | 121465532 | 99521704 |
| End of period/year | $232413800 | $199288284 | $134068089 | $121465532 |

---

(a) Represents less than $1.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Aggressive Growth ETF Portfolio** | **Aggressive Growth ETF Portfolio** | **Balanced ETF Portfolio** | **Balanced ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class 1** |  |  |  |  |
| Shares Sold | 23527 | 68981 | 106713 | 102473 |
| Shares Reinvested |  | 4684 |  | 11276 |
| Shares Redeemed | (24888) | (23234) | (141311) | (203725) |
| Net increase (decrease) in shares of beneficial interest outstanding | (1361) | 50431 | (34598) | (89976) |
| **Class 2** |  |  |  |  |
| Shares Sold | 977611 | 2199476 | 644175 | 1300125 |
| Shares Reinvested |  | 170124 |  | 175692 |
| Shares Redeemed | (153324) | (302691) | (218510) | (242013) |
| Net increase in shares of beneficial interest outstanding | 824287 | 2066909 | 425665 | 1233804 |
| **Investor Class** |  |  |  |  |
| Shares Sold | 25271 | 79094 | 16517 | 118109 |
| Shares Reinvested |  | 4242 |  | 10903 |
| Shares Redeemed | (31426) | (9367) | (54132) | (32422) |
| Net increase (decrease) in shares of beneficial interest outstanding | (6155) | 73969 | (37615) | 96590 |
| **Service Class** |  |  |  |  |
| Shares Sold |  |  | 21519 | 46024 |
| Shares Reinvested |  | 0 (a) |  | 4469 |
| Shares Redeemed |  |  | (11388) | (25056) |
| Net increase in shares of beneficial interest outstanding | 0 (a) | 0 (a) | 10131 | 25437 |

---

(a) Represents less than one share

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative ETF Portfolio** | **Conservative ETF Portfolio** | **Growth ETF Portfolio** | **Growth ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 | 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 | $454155 | $1129950 | $1910577 | $3887011 |
| Net realized gain on investments | 101947 | 214743 | 1252000 | 4621696 |
| Net change in unrealized appreciation on investments | 1486636 | 722360 | 15075527 | 9498412 |
| Net increase in net assets resulting from operations | 2042738 | 2067053 | 18238104 | 18007119 |
| **From Distributions to Shareholders:** |  |  |  |  |
| Total Distributions Paid |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | (421512) |  | (224085) |
| &nbsp;&nbsp;&nbsp;Class 2 |  | (584653) |  | (2862257) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (166613) |  | (55003) |
| &nbsp;&nbsp;&nbsp;Service Class |  | (0) (a) |  | (0) (a) |
| Total distributions to shareholders |  | (1172778) |  | (3141345) |
| **From Shares of Beneficial Interest:** |  |  |  |  |
| Proceeds from shares sold |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 3118062 | 4508649 | 2055704 | 3573138 |
| &nbsp;&nbsp;&nbsp;Class 2 | 3136374 | 4033010 | 25690547 | 49435102 |
| &nbsp;&nbsp;&nbsp;Investor Class | 222182 | 1370785 | 557109 | 1062018 |
| Reinvestment of distributions |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | 421511 |  | 224084 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 584653 |  | 2862257 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 166613 |  | 55003 |
| &nbsp;&nbsp;&nbsp;Service Class |  | 0 |  | 0 (a) |
| Cost of shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (3815074) | (3475577) | (504899) | (1963727) |
| &nbsp;&nbsp;&nbsp;Class 2 | (1090327) | (1884050) | (2884811) | (5509710) |
| &nbsp;&nbsp;&nbsp;Investor Class | (490170) | (1158354) | (385573) | (341205) |
| Net increase in net assets from share transactions of beneficial interest | 1081047 | 4567240 | 24528077 | 49396960 |
| **Total Increase In Net Assets** | 3123785 | 5461515 | 42766181 | 64262734 |
| **Net Assets:** |  |  |  |  |
| Beginning of period/year | 38625587 | 33164072 | 216401084 | 152138350 |
| End of period/year | $41749372 | $38625587 | $259167265 | $216401084 |

---

(a) Represents less than $1.

See accompanying notes to financial statements.

---

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

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Conservative ETF Portfolio** | **Conservative ETF Portfolio** | **Growth ETF Portfolio** | **Growth ETF Portfolio** |
|  | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 | Six Months Ended<br>June 30, 2025<br>(Unaudited) |<br>Year Ended<br>December 31, 2024 |
| **SHARE ACTIVITY** |  |  |  |  |
| **Class 1** |  |  |  |  |
| Shares Sold | 238488 | 347045 | 99528 | 180993 |
| Shares Reinvested |  | 32549 |  | 10794 |
| Shares Redeemed | (291016) | (269850) | (24602) | (100250) |
| Net increase (decrease) in shares of beneficial interest outstanding | (52528) | 109744 | 74926 | 91537 |
| **Class 2** |  |  |  |  |
| Shares Sold | 243806 | 316253 | 1281139 | 2552739 |
| Shares Reinvested |  | 45676 |  | 141626 |
| Shares Redeemed | (84424) | (147190) | (143015) | (284549) |
| Net increase in shares of beneficial interest outstanding | 159382 | 214739 | 1138124 | 2409816 |
| **Investor Class** |  |  |  |  |
| Shares Sold | 222182 | 103735 | 82469 | 50177 |
| Shares Reinvested |  | 12651 |  | 2471 |
| Shares Redeemed | (86596) | (86495) | (18841) | (15732) |
| Net increase in shares of beneficial interest outstanding | 135586 | 29891 | 63628 | 36916 |
| **Service Class** |  |  |  |  |
| Shares Reinvested |  | 0 (a) |  | 0 (a) |
| Net increase in shares of beneficial interest outstanding |  | 0 (a) |  | 0 (a) |

---

(a) Represents less than one share.

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Moderate Growth ETF Portfolio** | **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 | $1878595 | $4163222 |
| Net realized gain on investments | 1480176 | 3741151 |
| Net change in unrealized appreciation on investments | 9584889 | 5336836 |
| Net increase in net assets resulting from operations | 12943660 | 13241209 |
| **From Distributions to Shareholders:** |  |  |
| Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | (417697) |
| &nbsp;&nbsp;&nbsp;Class 2 |  | (4274635) |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (431303) |
| &nbsp;&nbsp;&nbsp;Service Class |  | (420686) |
| Total distributions to shareholders |  | (5544321) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 2324907 | 4599306 |
| &nbsp;&nbsp;&nbsp;Class 2 | 13232571 | 27667608 |
| &nbsp;&nbsp;&nbsp;Investor Class | 1522537 | 3560036 |
| &nbsp;&nbsp;&nbsp;Service Class | 520089 | 993336 |
| Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 |  | 417696 |
| &nbsp;&nbsp;&nbsp;Class 2 |  | 4274635 |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 431303 |
| &nbsp;&nbsp;&nbsp;Service Class |  | 420686 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (1732088) | (2503083) |
| &nbsp;&nbsp;&nbsp;Class 2 | (3346555) | (7386611) |
| &nbsp;&nbsp;&nbsp;Investor Class | (622406) | (839931) |
| &nbsp;&nbsp;&nbsp;Service Class | (429525) | (752592) |
| Net increase in net assets from share transactions of beneficial interest | 11469530 | 30882389 |
| **Total Increase In Net Assets** | 24413190 | 38579277 |
| **Net Assets:** |  |  |
| Beginning of period/year | 181286143 | 142706866 |
| End of period/year | $205699333 | $181286143 |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **Moderate Growth ETF Portfolio** | **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 | 149520 | 299305 |
| Shares Reinvested |  | 26810 |
| Shares Redeemed | (113231) | (164382) |
| Net increase in shares of beneficial interest outstanding | 36289 | 161733 |
| **Class 2** |  |  |
| Shares Sold | 890386 | 1903418 |
| Shares Reinvested |  | 287467 |
| Shares Redeemed | (224252) | (508583) |
| Net increase in shares of beneficial interest outstanding | 666134 | 1682302 |
| **Investor Class** |  |  |
| Shares Sold | 92254 | 220811 |
| Shares Reinvested |  | 26140 |
| Shares Redeemed | (38508) | (51743) |
| Net increase in shares of beneficial interest outstanding | 53746 | 195208 |
| **Service Class** |  |  |
| Shares Sold | 35045 | 68192 |
| Shares Reinvested |  | 28367 |
| Shares Redeemed | (28783) | (51437) |
| Net increase in shares of beneficial interest outstanding | 6262 | 45122 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **Aggressive 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 | $20.99 | $19.10 | $16.51 | $19.88 | $16.72 | $15.18 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.17 | 0.43 | 0.35 | 0.32 | 0.35 | 0.24 |
| Net realized and unrealized gain (loss) on investments | 1.44 | 1.91 | 2.56 | (3.44) | 2.93 | 1.65 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.61 | 2.34 | 2.91 | (3.12) | 3.28 | 1.89 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.28) | (0.23) | (0.24) | (0.12) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.17) | (0.09) | (0.01) |  | (0.14) |
| Total distributions |  | (0.45) | (0.32) | (0.25) | (0.12) | (0.35) |
| Net asset value, end of period/year | $22.60 | $20.99 | $19.10 | $16.51 | $19.88 | $16.72 |
| Total return (c) | 7.67 % (e) | 12.21% | 17.77% | (15.74)% | 19.66% | 12.92% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $4999 | $4672 | $3287 | $4007 | $4517 | $3058 |
| Ratio of expenses to average net assets (d) | 0.21 % (f) | 0.21% | 0.21% | 0.21% | 0.22% | 0.23% |
| Ratio of net investment income to average net assets (b)(d) | 1.60 % (f) | 2.07% | 1.93% | 1.87% | 1.86% | 1.68% |
| Portfolio turnover rate | 8 % (e) | 11% | 10% | 9% | 9% | 23% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Aggressive 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 | $20.65 | $18.80 | $16.28 | $19.60 | $16.52 | $15.01 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.37 | 0.35 | 0.29 | 0.32 | 0.22 |
| Net realized and unrealized gain (loss) on investments | 1.41 | 1.90 | 2.46 | (3.40) | 2.87 | 1.61 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.55 | 2.27 | 2.81 | (3.11) | 3.19 | 1.83 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.25) | (0.20) | (0.20) | (0.11) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.17) | (0.09) | (0.01) |  | (0.14) |
| Total distributions |  | (0.42) | (0.29) | (0.21) | (0.11) | (0.32) |
| Net asset value, end of period/year | $22.20 | $20.65 | $18.80 | $16.28 | $19.60 | $16.52 |
| Total return (c) | 7.51 % (e) | 11.99% | 17.37% | (15.88)% | 19.31% | 12.68% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $221149 | $188645 | $132931 | $84109 | $73834 | $33897 |
| Ratio of expenses to average net assets (d) | 0.46 % (f) | 0.46% | 0.46% | 0.46% | 0.47% | 0.48% |
| Ratio of net investment income to average net assets (b)(d) | 1.39 % (f) | 1.84% | 2.01% | 1.70% | 1.73% | 1.56% |
| Portfolio turnover rate | 8 % (e) | 11% | 10% | 9% | 9% | 23% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Aggressive 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 | $22.27 | $20.26 | $17.53 | $21.10 | $17.79 | $16.18 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.12 | 0.36 | 0.33 | 0.25 | 0.33 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 1.52 | 2.02 | 2.65 | (3.65) | 3.07 | 1.74 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.64 | 2.38 | 2.98 | (3.40) | 3.40 | 1.93 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.20) | (0.16) | (0.16) | (0.09) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.17) | (0.09) | (0.01) |  | (0.14) |
| Total distributions |  | (0.37) | (0.25) | (0.17) | (0.09) | (0.32) |
| Net asset value, end of period/year | $23.91 | $22.27 | $20.26 | $17.53 | $21.10 | $17.79 |
| Total return (c) | 7.36 % (e) | 11.72% | 17.10% | (16.14)% | 19.11% | 12.34% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $6266 | $5971 | $3935 | $2223 | $2275 | $1010 |
| Ratio of expenses to average net assets (d) | 0.71 % (f) | 0.71% | 0.71% | 0.71% | 0.72% | 0.73% |
| Ratio of net investment income to average net assets (b)(d) | 1.10 % (f) | 1.63% | 1.78% | 1.38% | 1.61% | 1.26% |
| Portfolio turnover rate | 8 % (e) | 11% | 10% | 9% | 9% | 23% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Aggressive Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service 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 | $20.65 | $18.80 | $16.28 | $19.60 | $16.52 | $15.01 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.17 | 0.17 | 0.39 | 0.35 | 0.36 | 0.00 (g) |
| Net realized and unrealized gain (loss) on investments | 1.38 | 2.10 | 2.42 | (3.46) | 2.83 | 1.83 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.55 | 2.27 | 2.81 | (3.11) | 3.19 | 1.83 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.25) | (0.20) | (0.20) | (0.11) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.17) | (0.09) | (0.01) |  | (0.14) |
| Total distributions |  | (0.42) | (0.29) | (0.21) | (0.11) | (0.32) |
| Net asset value, end of period/year (c) | $22.20 | $20.65 | $18.80 | $16.28 | $19.60 | $16.52 |
| Total return (d) | 7.51 % (h) | 11.99% | 17.37% | (15.88)% | 19.31% | 12.68% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (e) | $25 | $24 | $21 | $18 | $21 | $18 |
| Ratio of expenses to average net assets (f) | 0.51 % (i) | 0.51% | 0.51% | 0.51% | 0.52% | 0.53 % (i) |
| Ratio of net investment income to average net assets (b)(f) | 1.61 % (i) | 0.84% | 2.23% | 2.03% | 1.41% | 1.06 % (i) |
| Portfolio turnover rate | 8 % (h) | 11% | 10% | 9% | 9% | 23% |

---

(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) Amount represents less than $0.01
 per share.

(h) Not annualized.

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $14.63 | $14.02 | $12.96 | $15.04 | $13.81 | $12.91 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.18 | 0.42 | 0.38 | 0.33 | 0.33 | 0.22 |
| Net realized and unrealized gain (loss) on investments | 0.72 | 0.58 | 1.12 | (1.98) | 1.04 | 0.87 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.90 | 1.00 | 1.50 | (1.65) | 1.37 | 1.09 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.32) | (0.27) | (0.23) | (0.14) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.07) | (0.17) | (0.20) |  | (0.00) |
| Total distributions |  | (0.39) | (0.44) | (0.43) | (0.14) | (0.19) |
| Net asset value, end of period/year | $15.53 | $14.63 | $14.02 | $12.96 | $15.04 | $13.81 |
| Total return (c) | 6.15 % (e) | 7.04% | 11.75% | (10.99)% | 9.97% | 8.62% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $6303 | $6446 | $7435 | $8234 | $10116 | $8045 |
| Ratio of expenses to average net assets (d) | 0.21 % (f) | 0.21% | 0.21% | 0.21% | 0.22% | 0.21% |
| Ratio of net investment income to average net assets (b)(d) | 2.33 % (f) | 2.91% | 2.83% | 2.44% | 2.23% | 1.71% |
| Portfolio turnover rate | 6 % (e) | 11% | 19% | 12% | 13% | 23% |

---

(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) Amount represents less than $0.01
 per share.

(f) Not annualized.

(g) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $13.97 | $13.40 | $12.42 | $14.43 | $13.28 | $12.43 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.15 | 0.39 | 0.35 | 0.31 | 0.29 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.69 | 0.54 | 1.04 | (1.92) | 0.99 | 0.83 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.84 | 0.93 | 1.39 | (1.61) | 1.28 | 1.02 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.29) | (0.24) | (0.20) | (0.13) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.07) | (0.17) | (0.20) |  | (0.00) |
| Total distributions |  | (0.36) | (0.41) | (0.40) | (0.13) | (0.17) |
| Net asset value, end of period/year | $14.81 | $13.97 | $13.40 | $12.42 | $14.43 | $13.28 |
| Total return (c) | 6.01 % (f) | 6.86% | 11.39% | (11.15)% | 9.62% | 8.40% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $117599 | $105005 | $84205 | $62226 | $55173 | $32802 |
| Ratio of expenses to average net assets (d) | 0.46 % (g) | 0.46% | 0.46% | 0.46% | 0.47% | 0.46% |
| Ratio of net investment income to average net assets (b)(d) | 2.08 % (g) | 2.78% | 2.74% | 2.34% | 2.06% | 1.55% |
| Portfolio turnover rate | 6 % (f) | 11% | 19% | 12% | 13% | 23% |

---

(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) Amount represents less than $0.01
 per share.

(f) Not annualized.

(g) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $14.91 | $14.29 | $13.22 | $15.35 | $14.13 | $13.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.38 | 0.35 | 0.31 | 0.31 | 0.15 |
| Net realized and unrealized gain (loss) on investments | 0.73 | 0.57 | 1.10 | (2.06) | 1.01 | 0.90 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.87 | 0.95 | 1.45 | (1.75) | 1.32 | 1.05 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.26) | (0.21) | (0.18) | (0.10) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.07) | (0.17) | (0.20) |  | (0.00) |
| Total distributions |  | (0.33) | (0.38) | (0.38) | (0.10) | (0.17) |
| Net asset value, end of period/year | $15.78 | $14.91 | $14.29 | $13.22 | $15.35 | $14.13 |
| Total return (c) | 5.84 % (e) | 6.58% | 11.17% | (11.41)% | 9.34% | 8.09% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $7534 | $7672 | $5974 | $3777 | $2288 | $1044 |
| Ratio of expenses to average net assets (d) | 0.71 % (f) | 0.71% | 0.71% | 0.71% | 0.72% | 0.72% |
| Ratio of net investment income to average net assets (b)(d) | 1.81 % (f) | 2.53% | 2.57% | 2.26% | 2.09% | 1.18% |
| Portfolio turnover rate | 6 % (e) | 11% | 19% | 12% | 13% | 23% |

---

(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) Amount represents less than $0.01
 per share.

(f) Not Annualized

(g) Annualized.

See accompanying notes to financial statements.

---

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

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service 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 | $13.94 | $13.38 | $12.41 | $14.43 | $13.28 | $12.43 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.38 | 0.36 | 0.33 | 0.42 | 0.00 (f) |
| Net realized and unrealized gain (loss) on investments | 0.69 | 0.54 | 1.02 | (1.95) | 0.85 | 1.02 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.83 | 0.92 | 1.38 | (1.62) | 1.27 | 1.02 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.29) | (0.24) | (0.20) | (0.12) | (0.17) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.07) | (0.17) | (0.20) |  | (0.00) |
| Total distributions |  | (0.36) | (0.41) | (0.40) | (0.12) | (0.17) |
| Net asset value, end of period/year | $14.77 | $13.94 | $13.38 | $12.41 | $14.43 | $13.28 (g) |
| Total return (c) | 5.95 % (h) | 6.79% | 11.32% | (11.22)% | 9.62% | 8.40% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (d) | $2631828 | $2342424 | $1908105 | $1145101 | $469051 | $14 |
| Ratio of expenses to average net assets (e) | 0.51 % (i) | 0.51% | 0.51% | 0.51% | 0.52% | 0.52 % (i) |
| Ratio of net investment income to average net assets (b)(e) | 2.04 % (i) | 2.72% | 2.78% | 2.60% | 2.95% | 0.98 % (i) |
| Portfolio turnover rate | 6 % (h) | 11% | 19% | 12% | 13% | 23% |

---

(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) Rounded net assets, not truncated.

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

(f) Amount represents less than $0.01
 per share.

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

(h) Not annualized

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **Conservative 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 | $12.87 | $12.52 | $12.01 | $13.63 | $12.89 | $12.26 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.16 | 0.43 | 0.40 | 0.32 | 0.28 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.51 | 0.35 | 0.71 | (1.49) | 0.59 | 0.68 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.67 | 0.78 | 1.11 | (1.17) | 0.87 | 0.87 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.34) | (0.28) | (0.25) | (0.13) | (0.22) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.09) | (0.32) | (0.20) |  | (0.02) |
| Total distributions |  | (0.43) | (0.60) | (0.45) | (0.13) | (0.24) |
| Net asset value, end of period/year | $13.54 | $12.87 | $12.52 | $12.01 | $13.63 | $12.89 |
| Total return (c) | 5.21 % (e) | 6.22% | 9.48% | (8.60)% | 6.74% | 7.23% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $13462 | $13469 | $11723 | $12255 | $15125 | $11103 |
| Ratio of expenses to average net assets (d) | 0.23 % (f) | 0.23% | 0.23% | 0.24% | 0.24% | 0.25% |
| Ratio of net investment income to average net assets (b)(d) | 2.46 % (f) | 3.35% | 3.16% | 2.46% | 2.12% | 1.60% |
| Portfolio turnover rate | 5 % (e) | 10% | 22% | 35% | 8% | 28% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Conservative 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 | $12.72 | $12.38 | $11.89 | $13.51 | $12.79 | $12.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.40 | 0.38 | 0.31 | 0.24 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.51 | 0.34 | 0.69 | (1.50) | 0.58 | 0.67 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.65 | 0.74 | 1.07 | (1.19) | 0.82 | 0.84 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.31) | (0.26) | (0.23) | (0.10) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.09) | (0.32) | (0.20) |  | (0.02) |
| Total distributions |  | (0.40) | (0.58) | (0.43) | (0.10) | (0.22) |
| Net asset value, end of period/year | $13.37 | $12.72 | $12.38 | $11.89 | $13.51 | $12.79 |
| Total return (c) | 5.11 % (e) | 6.00% | 9.19% | (8.85)% | 6.45% | 7.04% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $22501 | $19383 | $16205 | $10969 | $8605 | $6662 |
| Ratio of expenses to average net assets (d) | 0.48 % (f) | 0.48% | 0.48% | 0.49% | 0.49% | 0.50% |
| Ratio of net investment income to average net assets (b)(d) | 2.22 % (f) | 3.12% | 3.07% | 2.44% | 1.83% | 1.36% |
| Portfolio turnover rate | 5 % (e) | 10% | 22% | 35% | 8% | 28% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Conservative 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 | $13.08 | $12.72 | $12.20 | $13.84 | $13.14 | $12.54 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.13 | 0.37 | 0.35 | 0.22 | 0.27 | 0.19 |
| Net realized and unrealized gain (loss) on investments | 0.52 | 0.36 | 0.72 | (1.48) | 0.55 | 0.64 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.65 | 0.73 | 1.07 | (1.26) | 0.82 | 0.83 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.28) | (0.23) | (0.18) | (0.12) | (0.21) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.09) | (0.32) | (0.20) |  | (0.02) |
| Total distributions |  | (0.37) | (0.55) | (0.38) | (0.12) | (0.23) |
| Net asset value, end of period/year | $13.73 | $13.08 | $12.72 | $12.20 | $13.84 | $13.14 |
| Total return (c) | 4.97 % (e) | 5.76% | 8.96% | (9.12)% | 6.27% | 6.68% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $5787 | $5774 | $5236 | $3977 | $5811 | $880 |
| Ratio of expenses to average net assets (d) | 0.73 % (f) | 0.73% | 0.73% | 0.74% | 0.74% | 0.75% |
| Ratio of net investment income to average net assets (b)(d) | 1.95 % (f) | 2.83% | 2.79% | 1.73% | 1.97% | 1.52% |
| Portfolio turnover rate | 5 % (e) | 10% | 22% | 35% | 8% | 28% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Conservative ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service 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 | $12.72 | $12.38 | $11.89 | $13.51 | $12.79 | $12.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.16 | 0.16 | 0.39 | 0.33 | 0.30 | 0.00 (g) |
| Net realized and unrealized gain (loss) on investments | 0.49 | 0.58 | 0.68 | (1.52) | 0.52 | 0.84 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.65 | 0.74 | 1.07 | (1.19) | 0.82 | 0.84 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.31) | (0.26) | (0.23) | (0.10) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.09) | (0.32) | (0.20) |  | (0.02) |
| Total distributions |  | (0.40) | (0.58) | (0.43) | (0.10) | (0.22) |
| Net asset value, end of period/year (c) | $13.37 | $12.72 | $12.38 | $11.89 | $13.51 | $12.79 |
| Total return (d) | 5.11 % (h) | 6.00% | 9.19% | (8.85)% | 6.45% | 7.04% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (e) | $16 | $15 | $14 | $13 | $14 | $13 |
| Ratio of expenses to average net assets (f) | 0.53 % (i) | 0.53% | 0.53% | 0.54% | 0.54% | 0.55 % (i) |
| Ratio of net investment income to average net assets (b)(f) | 2.50 % (i) | 1.29% | 3.18% | 2.63% | 1.77% | 1.32 % (i) |
| Portfolio turnover rate | 5 % (h) | 10% | 22% | 35% | 8% | 28% |

---

(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) Amount represents less than $0.01
 per share.

(h) Not annualized

(i) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $20.31 | $18.58 | $16.36 | $19.56 | $16.88 | $15.43 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.19 | 0.46 | 0.42 | 0.37 | 0.40 | 0.25 |
| Net realized and unrealized gain (loss) on investments | 1.40 | 1.61 | 2.23 | (3.21) | 2.44 | 1.53 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.59 | 2.07 | 2.65 | (2.84) | 2.84 | 1.78 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.30) | (0.25) | (0.26) | (0.16) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.04) | (0.18) | (0.10) |  | (0.09) |
| Total distributions |  | (0.34) | (0.43) | (0.36) | (0.16) | (0.33) |
| Net asset value, end of period/year | $21.90 | $20.31 | $18.58 | $16.36 | $19.56 | $16.88 |
| Total return (c) | 7.83 % (e) | 11.09% | 16.41% | (14.55)% | 16.89% | 11.92% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $16671 | $13936 | $11051 | $7881 | $7336 | $5487 |
| Ratio of expenses to average net assets (d) | 0.21 % (f) | 0.21% | 0.21% | 0.21% | 0.21% | 0.22% |
| Ratio of net investment income to average net assets (b)(d) | 1.91 % (f) | 2.28% | 2.44% | 2.16% | 2.13% | 1.72% |
| Portfolio turnover rate | 7 % (e) | 13% | 9% | 11% | 10% | 27% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $19.77 | $18.11 | $15.96 | $19.10 | $16.52 | $15.14 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.16 | 0.40 | 0.39 | 0.32 | 0.35 | 0.23 |
| Net realized and unrealized gain (loss) on investments | 1.36 | 1.56 | 2.16 | (3.13) | 2.37 | 1.48 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.52 | 1.96 | 2.55 | (2.81) | 2.72 | 1.71 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.26) | (0.22) | (0.23) | (0.14) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.04) | (0.18) | (0.10) |  | (0.09) |
| Total distributions |  | (0.30) | (0.40) | (0.33) | (0.14) | (0.33) |
| Net asset value, end of period/year | $21.29 | $19.77 | $18.11 | $15.96 | $19.10 | $16.52 |
| Total return (c) | 7.69 % (f) | 10.79% | 16.09% | (14.76)% (e) | 16.52% | 11.67% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $237318 | $197820 | $137572 | $92042 | $79054 | $47067 |
| Ratio of expenses to average net assets (d) | 0.46 % (g) | 0.46% | 0.46% | 0.46% | 0.46% | 0.47% |
| Ratio of net investment income to average net assets (b)(d) | 1.65 % (g) | 2.08% | 2.21% | 1.92% | 1.92% | 1.59% |
| Portfolio turnover rate | 7 % (f) | 13% | 9% | 11% | 10% | 27% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $21.76 | $19.92 | $17.54 | $20.95 | $18.10 | $16.49 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.15 | 0.38 | 0.40 | 0.29 | 0.42 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 1.51 | 1.72 | 2.35 | (3.42) | 2.53 | 1.66 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.66 | 2.10 | 2.75 | (3.13) | 2.95 | 1.83 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.22) | (0.19) | (0.18) | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.04) | (0.18) | (0.10) |  | (0.09) |
| Total distributions |  | (0.26) | (0.37) | (0.28) | (0.10) | (0.22) |
| Net asset value, end of period/year | $23.42 | $21.76 | $19.92 | $17.54 | $20.95 | $18.10 |
| Total return (c) | 7.63 % (e) | 10.48% | 15.81% | (14.95)% | 16.30% | 11.36% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $5178 | $4645 | $3516 | $1882 | $2060 | $694 |
| Ratio of expenses to average net assets (d) | 0.71 % (f) | 0.71% | 0.71% | 0.71% | 0.71% | 0.72% |
| Ratio of net investment income to average net assets (b)(d) | 1.37 % (f) | 1.78% | 2.07% | 1.55% | 2.06% | 1.12% |
| Portfolio turnover rate | 7 % (e) | 13% | 9% | 11% | 10% | 27% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service 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 | $19.77 | $18.11 | $15.96 | $19.10 | $16.52 | $15.14 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.18 | 0.18 | 0.43 | 0.39 | 0.39 | 0.00 (g) |
| Net realized and unrealized gain (loss) on investments | 1.34 | 1.78 | 2.12 | (3.20) | 2.33 | 1.71 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.52 | 1.96 | 2.55 | (2.81) | 2.72 | 1.71 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.26) | (0.22) | (0.23) | (0.14) | (0.24) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.04) | (0.18) | (0.10) |  | (0.09) |
| Total distributions |  | (0.30) | (0.40) | (0.33) | (0.14) | (0.33) |
| Net asset value, end of period/year (c) | $21.29 | $19.77 | $18.11 | $15.96 | $19.10 | $16.52 |
| Total return (d) | 7.69 % (i) | 10.79% | 16.09% | (14.76)% (h) | 16.52% | 11.67% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (e) | $25 | $23 | $20 | $18 | $21 | $18 |
| Ratio of expenses to average net assets (f) | 0.51 % (j) | 0.51% | 0.51% | 0.51% | 0.51% | 0.52 % (j) |
| Ratio of net investment income to average net assets (b)(f) | 1.84 % (j) | 0.95% | 2.54% | 2.29% | 1.86% | 0.92 % (j) |
| Portfolio turnover rate | 7 % (i) | 13% | 9% | 11% | 10% | 27% |

---

(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) Amount represents less than $0.01
 per share.

(h) 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.

(i) Not annualized.

(j) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **TOPS<sup>®</sup> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $15.32 | $14.52 | $13.16 | $15.51 | $13.87 | $12.74 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.17 | 0.43 | 0.39 | 0.32 | 0.32 | 0.22 |
| Net realized and unrealized gain (loss) on investments | 0.90 | 0.88 | 1.40 | (2.27) | 1.49 | 1.13 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.07 | 1.31 | 1.79 | (1.95) | 1.81 | 1.35 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.30) | (0.26) | (0.23) | (0.17) | (0.20) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.21) | (0.17) | (0.17) |  | (0.02) |
| Total distributions |  | (0.51) | (0.43) | (0.40) | (0.17) | (0.22) |
| Net asset value, end of period/year | $16.39 | $15.32 | $14.52 | $13.16 | $15.51 | $13.87 |
| Total return (c) | 6.98 % (e) | 8.99% | 13.81% | (12.66)% | 13.12% | 10.83% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $15597 | $14025 | $10938 | $8544 | $9750 | $8334 |
| Ratio of expenses to average net assets (d) | 0.21 % (f) | 0.21% | 0.21% | 0.21% | 0.21% | 0.20% |
| Ratio of net investment income to average net assets (b)(d) | 2.24 % (f) | 2.83% | 2.80% | 2.29% | 2.14% | 1.77% |
| Portfolio turnover rate | 7 % (e) | 13% | 18% | 11% | 12% | 27% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $14.62 | $13.87 | $12.60 | $14.88 | $13.33 | $12.26 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.15 | 0.37 | 0.34 | 0.28 | 0.28 | 0.20 |
| Net realized and unrealized gain (loss) on investments | 0.85 | 0.86 | 1.33 | (2.19) | 1.42 | 1.07 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.00 | 1.23 | 1.67 | (1.91) | 1.70 | 1.27 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.27) | (0.23) | (0.20) | (0.15) | (0.18) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.21) | (0.17) | (0.17) |  | (0.02) |
| Total distributions |  | (0.48) | (0.40) | (0.37) | (0.15) | (0.20) |
| Net asset value, end of period/year | $15.62 | $14.62 | $13.87 | $12.60 | $14.88 | $13.33 |
| Total return (c) | 6.84 % (e) | 8.84% | 13.47% | (12.90)% | 12.82% | 10.60% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $157752 | $137920 | $107578 | $87770 | $75899 | $51819 |
| Ratio of expenses to average net assets (d) | 0.46 % (f) | 0.46% | 0.46% | 0.46% | 0.46% | 0.45% |
| Ratio of net investment income to average net assets (b)(d) | 1.99 % (f) | 2.56% | 2.54% | 2.14% | 1.97% | 1.66% |
| Portfolio turnover rate | 7 % (e) | 13% | 18% | 11% | 12% | 27% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **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 | $16.21 | $15.35 | $13.91 | $16.40 | $14.69 | $13.54 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.37 | 0.34 | 0.34 | 0.33 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.95 | 0.94 | 1.47 | (2.48) | 1.51 | 1.19 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 1.09 | 1.31 | 1.81 | (2.14) | 1.84 | 1.36 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.24) | (0.20) | (0.18) | (0.13) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.21) | (0.17) | (0.17) |  | (0.02) |
| Total distributions |  | (0.45) | (0.37) | (0.35) | (0.13) | (0.21) |
| Net asset value, end of period/year | $17.30 | $16.21 | $15.35 | $13.91 | $16.40 | $14.69 |
| Total return (c) | 6.72 % (e) | 8.48% | 13.21% | (13.07)% | 12.57% | 10.24% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $18106 | $16097 | $12243 | $8585 | $848 | $323 |
| Ratio of expenses to average net assets (d) | 0.71 % (f) | 0.71% | 0.71% | 0.71% | 0.71% | 0.70% |
| Ratio of net investment income to average net assets (b)(d) | 1.75 % (f) | 2.32% | 2.35% | 2.34% | 2.07% | 1.33% |
| Portfolio turnover rate | 7 % (e) | 13% | 18% | 11% | 12% | 27% |

---

(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> ETF Portfolios** |
| **Financial Highlights** |
| **Moderate Growth ETF Portfolio** |
| Selected data based on a share outstanding throughout each period/year indicated. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service Class Shares | Service 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 | $14.58 | $13.84 | $12.58 | $14.84 | $13.28 | $12.24 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (a)(b) | 0.14 | 0.35 | 0.32 | 0.27 | 0.26 | 0.17 |
| Net realized and unrealized gain (loss) on investments | 0.85 | 0.87 | 1.33 | (2.17) | 1.43 | 1.08 |
| &nbsp;&nbsp;&nbsp;Total income (loss) from investment operations | 0.99 | 1.22 | 1.65 | (1.90) | 1.69 | 1.25 |
| Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  | (0.27) | (0.22) | (0.19) | (0.13) | (0.19) |
| &nbsp;&nbsp;&nbsp;Net realized gain |  | (0.21) | (0.17) | (0.17) |  | (0.02) |
| Total distributions |  | (0.48) | (0.39) | (0.36) | (0.13) | (0.21) |
| Net asset value, end of period/year | $15.57 | $14.58 | $13.84 | $12.58 | $14.84 | $13.28 |
| Total return (c) | 6.79 % (e) | 8.73% | 13.36% | (12.86)% | 12.80% | 10.48% |
| Ratios and Supplemental Data: |  |  |  |  |  |  |
| Net assets, end of period/year (in 000's) | $14243 | $13244 | $11948 | $10381 | $12425 | $11834 |
| Ratio of expenses to average net assets (d) | 0.51 % (f) | 0.51% | 0.51% | 0.51% | 0.51% | 0.50 % (f) |
| Ratio of net investment income to average net assets (b)(d) | 1.92 % (f) | 2.43% | 2.45% | 1.97% | 1.78% | 1.48 % (f) |
| Portfolio turnover rate | 7 % (e) | 13% | 18% | 11% | 12% | 27% |

---

(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> ETF Portfolios** |
| **Notes to Financial Statements (Unaudited)** |
| **June 30, 2025** |

---

**1.** **ORGANIZATION** 

The TOPS<sup>®</sup> ETF Portfolios (each a "Portfolio", collectively the "Portfolios") are comprised of five 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** | **Primary Objective** |
| Aggressive Growth ETF Portfolio | Capital appreciation. |
| Balanced ETF Portfolio | Income and capital appreciation. |
| Conservative ETF Portfolio | Preserve capital and provide moderate income and moderate capital appreciation. |
| Growth ETF Portfolio | Capital appreciation. |
| Moderate Growth ETF Portfolio | Capital appreciation. |

---

The Portfolios currently offer four classes of shares: Class 1 Shares, Class 2 Shares, Investor Class Shares and Service 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.

**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 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.

---

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

---

**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.

**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 Portfolios 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 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 Portfolio's 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.

---

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

---

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> 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:

Aggressive Growth ETF Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $227611952 | $— | $— | $227611952 |
| Short-Term Investments | 4671433 |  |  | 4671433 |
| Total | $232283385 | $— | $— | $232283385 |

---

Balanced ETF Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $131423690 | $— | $— | $131423690 |
| Short-Term Investments | 4014035 |  |  | 4014035 |
| Total | $135437725 | $— | $— | $135437725 |

---

Conservative ETF Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $40967105 | $— | $— | $40967105 |
| Short-Term Investments | 1228198 |  |  | 1228198 |
| Total | $42195303 | $— | $— | $42195303 |

---

Growth ETF Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $253779664 | $— | $— | $253779664 |
| Short-Term Investments | 6524545 |  |  | 6524545 |
| Total | $260304209 | $— | $— | $260304209 |

---

Moderate Growth ETF Portfolio

---

| | | | | |
|:---|:---|:---|:---|:---|
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Exchange-Traded Funds | $201527558 | $— | $— | $201527558 |
| Short-Term Investments | 4393361 |  |  | 4393361 |
| Total | $205920919 | $— | $— | $205920919 |

---

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

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

**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

---

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

---

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.

**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 their 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 returns. 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.

**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 portfolios assets. Although risk is mitigated by the collateral, the Portfolios could experience a delay in recovering its 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> 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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Gross Amounts Not Offset in the | Gross Amounts Not Offset in the |  |
|  |  |  |  | Statement of Assets & Liabilities \* | Statement of Assets & Liabilities \* |  |
|  |  |  | **Net Amounts of** |  |  |  |
|  |  | **Gross Amounts** | **Assets** |  |  |  |
|  |  | **Offset in the** | **Presented in** |  |  |  |
|  | **Gross Amounts** | **Statements of** | **the Statements** | **Financial** |  |  |
|  | **of Recognized** | **Assets &** | **of Assets &** | **Instruments** | **Cash Collateral** | **Net Amount of** |
| **<u>Assets:</u>** | **Assets** | **Liabilities** | **Liabilities** | **Received** | **Received** | **Assets** |
| **Balanced ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $4908738 | $— | $4908738 | $3643111 | $1265627 | $— |
| &nbsp;&nbsp;&nbsp;Total | $4908738 | $— | $4908738 | $3643111 | $1265627 | $— |
| **Conservative ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $1737954 | $— | $1737954 | $1337282 | $400672 | $— |
| &nbsp;&nbsp;&nbsp;Total | $1737954 | $— | $1737954 | $1337282 | $400672 | $— |
| **Growth ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $1287101 | $— | $1287101 | $— | $1287101 | $— |
| &nbsp;&nbsp;&nbsp;Total | $1287101 | $— | $1287101 | $— | $1287101 | $— |
| **Moderate Growth ETF Portfolio** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities Loaned | $1204478 | $— | $1204478 | $954823 | $249655 | $— |
| &nbsp;&nbsp;&nbsp;Total | $1204478 | $— | $1204478 | $954823 | $249655 | $— |

---

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

---

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

---

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;**Balanced ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $1383546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Conservative ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $440015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Growth ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $1313465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Moderate Growth ETF Portfolio** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federated Hermes Government Obligations Fund, Institutional Class | $277000 |

---

The fair value of the securities loaned for the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio and Moderate Growth ETF Portfolio totaled $4,908,738, $1,737,954, 1,287,101 and $1,204,478, 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 $1,383,546, $440,015, 1,313,465 and $277,000 for the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio and Moderate Growth ETF Portfolio as of June 30, 2025, respectively. This amount is offset by a liability recorded as "Collateral on securities loaned." At June 30, 2025, the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio and Moderate Growth ETF Portfolio received non-cash collateral of $3,643,111, $1,337,282, 0 and $954,823, 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. The Aggressive Growth ETF Portfolio did not have any securities on loan as of June 30, 2025.

**3.** **INVESTMENT TRANSACTIONS** 

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

---

| | | |
|:---|:---|:---|
| **Portfolio** | **Purchases** | **Sales** |
| Aggressive Growth ETF Portfolio | $25367581 | $7551410 |
| Balanced ETF Portfolio | 11840239 | 5647401 |
| Conservative ETF Portfolio | 4831884 | 3313489 |
| Growth ETF Portfolio | 31459552 | 5897944 |
| Moderate Growth ETF Portfolio | 20423120 | 7631017 |

---

---

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

---

**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-advsior (the "Sub-Advisor"). Pursuant to an advisory agreement with the Trust, on behalf of the Portfolios, the Advisor, under the oversight of the Board, directs the daily investment 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 0.10% of each Portfolio's average daily net assets. For the six months period ended June 30, 2025, the Portfolios paid the following in advisory fees:

---

| | |
|:---|:---|
| **Fund** | **Advisory Fees** |
| Aggressive Growth ETF Portfolio | $103936 |
| Balanced ETF Portfolio | 63309 |
| Conservative ETF Portfolio | 20041 |
| Growth ETF Portfolio | 114786 |
| Moderate Growth ETF Portfolio | 94520 |

---

The Trust, on behalf of the Portfolios, has adopted the Trust's Master Distribution and Shareholder Servicing Plan (the "Plan") for each of Class 2 shares and Investor Class shares. The fee is calculated at an annual rate of 0.25% and 0.50% of the average daily net assets attributable to each Portfolio's Class 2 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. For the six months period ended June 30, 2025, the Portfolios paid the following in distribution fees under the Plan:

---

| | |
|:---|:---|
| **Fund** | **Distribution Fees** |
| Aggressive Growth ETF Portfolio | $261286 |
| Balanced ETF Portfolio | 156733 |
| Conservative ETF Portfolio | 40367 |
| Growth ETF Portfolio | 274404 |
| Moderate Growth ETF Portfolio | 222691 |

---

Service Class shares also include shareholder servicing and administrative fees for Balanced ETF Portfolio and Moderate Growth ETF Portfolio in the amounts of $3,661 and $19,997, respectively.

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 Expenses, Trustees Fees and Custody Fees.

For the six months period ended June 30, 2025, the Trustees received fees in the amount of $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.

---

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

---

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 fees from UFS under the administrative servicing agreement.

**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 were as follows:

---

| | |
|:---|:---|
| **Aggressive Growth ETF Portfolio** | |
| Pruco Life Insurance Company | 79% |
| **Balanced ETF Portfolio** |  |
| Pruco Life Insurance Company | 72% |
| **Conservative ETF Portfolio** |  |
| Pruco Life Insurance Company | 42% |
| Members Life Insurance Company | 29% |
| **Growth ETF Portfolio** |  |
| Pruco Life Insurance Company | 77% |
| **Moderate Growth ETF Portfolio** |  |
| Pruco Life Insurance Company | 53% |

---

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

**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)** |
| Aggressive Growth ETF Portfolio | $194094202 | $38189182 | $— | $38189182 |
| Balanced ETF Portfolio | 124979766 | 11698903 | (1240944) | 10457959 |
| Conservative ETF Portfolio | 40505245 | 2180038 | (489981) | 1690057 |
| Growth ETF Portfolio | 220367546 | 40334822 | (398159) | 39936663 |
| Moderate Growth ETF Portfolio | 181832400 | 25178287 | (1089767) | 24088520 |

---

---

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

---

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** |
| Aggressive Growth ETF Portfolio | $2246906 | $1557674 | $3804580 |
| Balanced ETF Portfolio | 2347641 | 539225 | 2886866 |
| Conservative ETF Portfolio | 904879 | 267899 | 1172778 |
| Growth ETF Portfolio | 2750767 | 390578 | 3141345 |
| Moderate Growth ETF Portfolio | 3131354 | 2412967 | 5544321 |
| **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** |
| Aggressive Growth ETF Portfolio | $1389435 | $647026 | $2036461 |
| Balanced ETF Portfolio | 1641040 | 1188315 | 2829355 |
| Conservative ETF Portfolio | 649347 | 785036 | 1434383 |
| Growth ETF Portfolio | 1773387 | 1430355 | 3203742 |
| Moderate Growth ETF Portfolio | 2211354 | 1649498 | 3860852 |

---

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)** |
| Aggressive Growth ETF Portfolio | $3209802 | $3779874 | $— | $— | $— | $25031629 | $32021305 |
| Balanced ETF Portfolio | 3082646 | 1670883 |  |  |  | 5279852 | 10033381 |
| Conservative ETF Portfolio | 1138162 | 295941 |  |  |  | 203422 | 1637525 |
| Growth ETF Portfolio | 3952107 | 4752347 |  |  |  | 24861136 | 33565590 |
| Moderate Growth ETF Portfolio | 4216829 | 3816511 |  |  |  | 14503630 | 22536970 |

---

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.

**7.** **UNDERLYING INVESTMENT IN OTHER INVESTMENT COMPANIES** 

The Aggressive Growth ETF Portfolio currently seeks to achieve its investment objectives by investing its assets in underlying funds. As of June 30, 2025, the percentage of the Aggressive Growth ETF Portfolio's net assets invested in the Vanguard S&P 500 ETF was 25.0%. (the "Security"). The Aggressive Growth ETF Portfolio may sell its investments in this Security at any time if the Advisor determines that it is in the best interest of the Aggressive Growth ETF Portfolio and its shareholders to do so.

The performance of the Aggressive Growth ETF Portfolio will be directly affected by the performance of this investment. The annual report of the Security, along with the report of the independent registered public accounting firm is included in the respective Security's Form N-CSR's available at "www.sec.gov".

---

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

---

**8.** **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> 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® Aggressive Growth ETF Portfolio, TOPS® Balanced ETF Portfolio, TOPS® Conservative ETF Portfolio, TOPS® Growth ETF Portfolio and TOPS® 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 |

---

CERTIFICATIONS

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of TOPS® Aggressive Growth ETF Portfolio, TOPS® Balanced ETF Portfolio, TOPS® Conservative ETF Portfolio, TOPS® Growth ETF Portfolio and TOPS® 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 |

---

## 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.