ThZeal - The Zeal

N-CSRS 1 topscombinedncsrs.htm N-CSRS

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 811-21853

Northern Lights Variable Fund Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2600

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2022

Item 1. Reports to Stockholders.

Semi-Annual Report

June 30, 2022

TOPS^®Aggressive Growth ETF Portfolio

TOPS^®Balanced ETF Portfolio

TOPS^®Conservative ETF Portfolio

TOPS^®Growth ETF Portfolio

TOPS^®Moderate Growth ETF Portfolio

TOPS^®Managed Risk Balanced ETF Portfolio

TOPS^®Managed Risk Growth ETF Portfolio

TOPS^®Managed Risk Moderate Growth ETF Portfolio

Each a series of the Northern Lights Variable Trust

Distributed by Northern Lights Distributors, LLC

Member FINRA

A Message from the TOPS^® Portfolio Management Team

Mid Year 2022 Market Commentary

Markets Fall in 1^st Two Quarters, Amidst Economic Concerns

As a cheerful reminder, the S&P 500 advanced 29% in 2021, leading us to start 2022 at all-time highs. However, as we headed into this year, markets could not fight off the continued economic headwinds any longer. After rallying in March to post 1^st quarter results down only −4.6%, the S&P 500 fell another −16.1% in the 2^nd quarter. With the index declining 20% in the first half of this year, 2022 will go on record as the worst first six months since 1970. Having achieved the 20% drop definition during the quarter, we can officially pronounce US stocks hit a bear market.

As you can imagine, the Portfolio Management Team has been very active this year monitoring, evaluating and opining on markets and the economy. Likewise, we have been using our tools, resources and experience to navigate markets with our best efforts. Overall, we are pleased to report the strategic allocations of TOPS have added marked value so far in 2022 versus the S&P 500 and US Aggregate Bond Index. TOPS investors have benefitted primarily through a high level of strategic diversification among stocks and tactics employed to reduce the impact of interest rate rises on bonds.

After discussing Q1 and Q2 2022 financial market results, we will address three general themes important to TOPS portfolio returns and strategies:

How did we get here?

What should we do now?

What are we watching for?

Year-To-Date Markets Review

Equity indexes continued their negative returns into the second quarter. Value stocks (S&P 500 Value) far outperformed growth stocks (S&P 500 Growth), returning −11.3% and −20.8%, respectively. Large cap equities (S&P 500, −16.1%) underperformed both midcap (S&P 400, −15.4%) and small cap (S&P 600, −14.1%). Emerging markets (MSCI Emerging Markets) returned −11.4%, outpacing developed international (MSCI EAFE), which returned −14.5%. Real estate (MSCI World Real Estate) and natural resources (S&P GSSI Natural Resources) were both negative, down −14.7% and −10.4% respectively, in the second quarter.

With another rocky quarter, most equity indexes are showing double-digit negative returns year-to-date. A noted exception is natural resources. The S&P GSSI Natural Resources Index has returned +15.9% so far this year. Value stocks (S&P 500 Value) returned −11.4% and are outperforming growth stocks (S&P 500 Growth), which have returned −27.6%. Small cap (S&P 600, −18.9%) is slightly outperforming midcap (S&P 400, −19.5%) and large cap (S&P 500, −20.0%). Emerging markets (MSCI Emerging Markets) returned −17.6 %, outpacing developed international (MSCI EAFE), which returned −19.6%. Real estate is also negative year-to-date, down −19.7%.

Much like the first quarter, rising rates led to broadly negative fixed income returns for the second quarter. The 10-year US Treasury yield increased from 2.32% to 2.98%, driving the Bloomberg US Aggregate Bond Index to a −4.7% return for the quarter. With the 10-year Treasury yield nearly doubling in the first six months, the performance result has been a double-digit loss of −10.3% for Bloomberg US Aggregate Bond Index to start the year.

The fixed income trends of the first quarter continued in second quarter (Q2) with credit (ICE BofA US Corporate Index, −6.7% Q2; −13.9% YTD) underperforming government (ICE BofA US Treasury Index, −3.8% Q2; −9.2% YTD), and shorter duration (lower interest rate risk) holdings outperforming longer duration (higher interest rate risk). This was seen in both credit markets, with the Bloomberg US Corporate 1-3 year (−1.0% Q2; −3.5% YTD), and government markets, Bloomberg US Treasury 1-3 Year (−0.5% Q2; −3.0% YTD), where the shorter duration indexes outperformed the previously mentioned full duration indexes. While returning −3.0%, TIPs (Bloomberg US TIPs) underperformed their nominal Treasury counterparts for the quarter but have slightly outperformed for the year, returning −8.9%. High yield (Solactive USD High Yield Corporates, −9.9% Q2; −13.8% YTD), international bond indexes (Bloomberg Global Aggregate ex-USD, −5.2% Q2; −10.0% YTD), and investment grade corporates (iBoxx USD Liquid Investment Grade Index, −8.6% Q2; −16.2% YTD) were also negative for the quarter, adding to the losses for the year.

How did we get here?

The economy and markets are in the midst of an important transition. Markets over the last ten years were largely driven by a solid underlying economy, with an unprecedented amount of monetary stimulus from the Fed. There was a combination of several types of stimuli provided, along with low interest rates, which helped stocks sell at multiples (valuations) above historical averages. When this happens, it means investors are willing to pay ahead (sometimes several years) for earnings. Specifically, many of the FAANG (Facebook, Apple, Amazon, Netflix & Google) stocks reached sky high valuations that were greater than 50 times earnings.

Some are now calling those valuations a “bubble,” and others are just waiting on a rebound to previously attained “bubble” prices. While it will take some time, history may prove we were in fact in a stock market bubble, especially in some of the tech and FAANG stocks. Although bubbles are nearly impossible to pronounce until after they pop, we have written consistently about these high valuations for the last several years.

Economics 101 textbooks would dictate pumping massive levels of stimulus into the system will create inflation. Inflation can be seen in many ways. Some would argue the “bubble” prices in tech stocks were a proliferation of inflation in equity prices. However, since it took a long time for inflation to register in traditional measures (such as CPI), some felt we were truly getting a free lunch. This was the basis of a new idea, even developed in economics, called Modern Monetary Theory (MMT). While there are nuances, MMT is based importantly on the idea the government should pump as much stimulus as possible until inflation comes. The ride up was fun, but we believe we are experiencing the raw reality of MMT and it is proving to be painful if they go too far. As an example, in hindsight, the 3^rdcongressional stimulus package may have been completely unnecessary and instead acted as fuel on the fire we now must put out.

The abnormal situation also created the “bad news is good news” environment discussed over the past few years and mentioned in last month’s commentary. This may have contributed to the Federal Reserve’s hesitancy in acting to slow inflation this year. Even as abnormally high inflation began to materialize in reports, the Federal Reserve was slow to act.

The Fed is now admittedly behind the curve in cooling inflation, but it is not a simple error to correct. The Fed’s top tool for reigning in inflation is their ability to raise the Fed Funds Rate; however, rate rises take a while for the effects to kick in and have less impact on headline inflation (including food and energy). Further, since they have acted imperfectly so

far, it increases the odds they are not able to navigate the rest of the task craft fully enough to avoid recession. Some even believe we are already in a recession, which will be labeled such in the future. If that is the case, it would be a unique recession, from a definition standpoint.

What should we do now?

According to the National Travel and Safety Board (NTSB), flying on private airplanes is much more dangerous than commercial aircraft. On large, commercial aircraft, fewer than 0.01 fatalities per 100,000 flying hours occur. On private aircraft, including recreational pilots, there are more than 2.3 fatalities per 100,000 hours flown. Therefore, it is at least 230 times safer to fly large commercial jets than private aircraft. By far, pilot error is the most cited reason for crashes in private travel.

We feel there can be some similarities between what we are able to provide as professional money managers and the overall benefits of professional air travel. While we could write an entire book about this idea, we can summarize some of the benefits we see down to experience, tools and process.

We are fortunate to have over 50 years in combined investment management experience on our current Portfolio Management Team, which does not account for the long list of additional experienced managers who have contributed to TOPS as former Team members or contributors.

When managing portfolios, we use a combination of professional tools and processes, which have been honed over the last two decades of serving our investors. While an amateur investor may make decisions in a silo (based on one idea or variable), or be significantly impacted by emotion, we typically approach decisions much differently. In addressing the question, “What should we do now?”, we felt it would be helpful to look behind the curtain a bit and discuss some of our thoughts and the actions we are taking to best serve our investors.

First, we are able to reference sound economic and financial theories (and rules). The three of us on the Portfolio Management team have built this base of knowledge through our combined four financial degrees and four financial designations, along with ongoing daily reading and studying. As part of our investment process, we monitor thousands of variables across the economic and financial landscape as inputs into our decision-making activity. This knowledge base enables us to quickly digest financial information and ascertain the impact on our portfolios.

While sound theories always serve a purpose, in many ways, the last ten years in the market have been very abnormal through this traditional lens. The incredible impact of the Federal Reserve over the last decade distorted free financial markets and the way some economic and financial news impacted markets. Decades ago, finance textbooks did not talk about a Federal Reserve stimulus driven “bad news is good news” scenario. We had to use our base of knowledge to work through this unique environment. Going forward, as the Fed is pulling back their economic steroid drip, these rules and theories should be exhibited more clearly in market results. When managing portfolios, decisions become clearer when you are not continually dealing with Fed surprises like the consistent Fed put reality.

A second area of valuable tools is portfolio and economic modeling, including capital market assumptions and shock analysis. These tools are forward looking. With these tools, using sound economic and financial theories as a base, we can think through and develop different probable scenarios we see going forward. For example, in November 2021, we wrote an article for ETF.com where we highlighted the risks we saw in large cap growth stocks and longer-term bonds. Our modeling and shock analysis (running unfavorable scenarios for risk purposes) led us to believe there was above average risk in those asset classes. Therefore, coming into the bear market of 2022, we were fortunate to have an

overweight to value stocks in our more conservative portfolios and a 50/50 allocation to growth/value in our more aggressive portfolios. These allocations have benefited our investors as the bubble in large growth stocks has popped (at least for now). Further, we recognized we were likely to enter a painful phase of rising interest rates. Therefore, we reduced our interest rate risk over the last few years. This decision has translated directly into our bond allocations outperforming the US Aggregate Bond Index so far this year. For example, the fixed income allocation in TOPS Balanced has outperformed the US Aggregate Bond index by nearly 4% (gross) year to date. Likewise, a recent review of a TOPS Balanced allocation over the last 15 years showed gross annualized outperformance of the TOPS fixed income allocation (6/20/2007 – 6/30/2022).

In our modeling, we track eight different valuation metrics monthly going back as far as 20 years and then rank them on a percentile basis. While valuations can be a poor indicator of short-term results, current valuations are one of the strongest indicators of future results over longer periods (10+ years). We feel this modeling bodes well for our TOPS allocations going forward. Large cap growth stocks are currently MORE expensive than they have been 71.4% of the time in the last 20 years. Though, many other asset classes TOPS holds are trading at much more attractive valuations. Small cap stocks, for example, are LESS expensive than they have been 99.6% of the time in the last 15-20 years.

A third tool we rely upon as part of our process is portfolio optimization. The acronym TOPS stands for The Optimized Portfolio System. Portfolio optimization strives to provide optimal levels of expected return for each unit of expected risk. In other words, when building our allocations, we strive to provide our investors with as much return as possible for the level of risk they are willing to accept. Portfolio optimization is long term and strategic in nature. Short-term (less than 12 months) returns do not typically affect optimization unless an asset class inherently changes. However, we are constantly thinking about how the inputs to our portfolio optimization process should be altered and how those changes impact investment decisions. We often say, “don’t mention return without mentioning risk in the same sentence.” As we manage through markets like 2022, we remain focused on how our decisions impact longer term portfolio optimization, not simply very short-term returns.

A fourth area of tools is historical reference and experience. In investing, “this time is different,” often fails to be true. Therefore, while we feel it can be unwise to rely too much on historical references, they should absolutely be an input. For example, we looked back to World War II economics to learn more about inflation. According to Morgan Housel, author or “The Psychology of Money,” 11% of the U.S. population, with an average age of 23, served in World War II. About half served overseas, with the majority returning home within 18 months after the end of the war. As the heroes returned home, the U.S. experienced a temporary period of double-digit inflation. Despite the Federal Reserve helping to keep the 2-year treasury below 2% for 10 years after the war ended, inflation was able to return to earth as supply caught up.

In that period, we had great demographics, rising wages, improvements in productivity and strong consumer spending. These attributes helped carry the economy into the early 70s. In 1973, it all changed, inflation spiked and didn’t recede, remaining elevated for much of the next 10 years.

Eventually, famed Federal Reserve President Paul Volcker raised rates to fight runaway inflation, causing a recession. By 1984, Ronald Reagan was able to say, “This afternoon 6500 young men and women will be married, and with inflation at less than half of what it was just four years ago, they can look forward with confidence to the future.”

Paul Volcker was able to break the back of inflation, but not without the pain of recession. Now, the Fed is trying to do something similar, but hoping not to create the recessionary pain. Sure, times are different now. The heroes returning from WWII didn’t carry around pocket-sized supercomputers tied to powerful social media. Yet, inflation is still incredibly important, supply is currently an issue, and very few things crush confidence like uncontrolled inflation.

What are we watching for?

We believe we are in a scenario where it will take a while to get clear direction on inflation (maybe even another 18-24 months). In the meantime, it is possible stock valuations stay range bound. In other words, investors might avoid bidding up stock prices with so much uncertainty. Therefore, it seems within reason large cap stocks would continue to fluctuate near their current range of 14-18 times forward earnings. On the other hand, small, mid, international and emerging markets are all trading at lower multiples, so we may see them bump up to historical averages with less clarity needed.

It is possible we are going to see bull and bear runs based off new information on inflation, Fed moves, earnings, commodity prices and supply chain. These are areas we are monitoring very closely and prioritizing in our modeling. As this commentary is being completed, we are getting some encouraging news regarding longer term inflation expectations, as 10-year breakeven inflation rates have receded from a mid-April high of 2.98% to close June 30^th at 2.33%. This means investors feel we are not entering a new, longer-term inflationary reality, which for a short time looked to be a possibility. May’s PCE reading, the Fed’s preferred measure of inflation, moderated for the 3^rd month in a row, settling at 4.7%. Further, we are seeing some softening in commodity prices and good news regarding supply chains. “June’s surveys of five of the 12 district Federal Reserve Banks strongly suggest that supply-chain disruptions have eased significantly in recent months,” according to Dr. Ed Yardeni. For those who follow our comments closely, you would know earnings will be a major focus as we start this new quarter as well.

A concern that mounted just as the quarter was ending is consumer sentiment levels. The most widely accepted Consumer Sentiment Index is provided by the University of Michigan. The index just registered a 50.0 in June, the lowest level on record (going back over 40 years). The index had been in the 90-100 range from 2014 to the beginning of the pandemic in 2020. While the pandemic brought lower readings of consumer confidence, recent drops to 58.4 in May and the previously noted 50.0 in June do give us some concern consumers may back off quickly.

Lastly, we are paying close attention to the fact the 2-year U.S. Treasury yield registered higher than the 10-year U.S. Treasury Yield in the first week of July. As we have discussed before, yield curve inversions do not guarantee a recession, but it has been a relatively accurate indicator historically. Further, the U.S. Dollar recently hit a 20-year high. For long-term investors in non-USD denominated assets (which would include some TOPS positions) this could provide an opportunity for outperformance in the future should the USD cycle weaker from these multi-decade highs.

TOPS Portfolio Strategies

One of the key tenets of our investment philosophy is for our investors to grow wealth. In the 20 years we have managed our portfolios, we have been successful in providing appropriate returns over time. There have been very few opportunities for growth in 2022. In this type of environment, we feel fortunate to be able to serve our investors so far this year in losing less than large cap U.S. stocks and the US Aggregate Bond Index respectively. We believe this cycle will pass, as many others have, yet no one knows exactly when that will happen. This is why we remain disciplined in our allocations. We are encouraged by the opportunities we see for long-term growth of our portfolios in the next growth cycle for stocks and yield opportunity for bonds.

Summary of the Milliman Managed Risk Strategy™ (MMRS)

The global equity market was down 4.9% in January, its largest calendar-month decline since March 2020. The U.S. led the market lower, with the S&P 500 Index falling 5.2%, while the MSCI ACWI Ex-US Index was down just 3.7%. In the

United States, mid- and small-cap stocks were hit hardest, with the S&P 400 Index and S&P 600 Index down 7.2% and 7.3%, respectively. The pullback was largely in response to the Fed’s increasingly hawkish stance as manifested in its forward guidance on interest rates. As of the end of January, the Fed Funds Futures market was pricing in five interest rate hikes by the end of 2022, four more than it was pricing just four months prior on September 30, 2021. As equities lurched lower, the yield curve tilted higher, pushing the spread between the 3-month and 10-year yields to its highest since March 2017. Equity market volatility also increased sharply, with the VIX reaching 32, its highest level since January 2021. After starting the month at their maximum respective equity allocations, TOPS Managed Risk Portfolios each made significant reallocations. By month end, the Growth, Moderate and Balanced portfolios had reduced their net equity exposure by 43, 26, and 18 percentage points, respectively.

After declining 5% in January, the global equity market fell another 2.5% in February, as investors continued to digest rising inflation, hawkish monetary policy, and escalating geopolitical tensions. U.S. stocks led global markets lower, with the S&P 500 Index declining 3.0%. The yield on the 10-year U.S. Treasury briefly broke above 2% for the first time since July 2019, before finishing the month at 1.83%, just five basis points (bps) higher than it started. Rising interest rates plus widening investment-grade credit spreads pushed the Bloomberg U.S. Aggregate Bond Index to a loss of 1.1%, its third consecutive monthly loss and its sixth out of the last seven months. As stock and bond prices declined, their volatilities climbed steadily higher; the VIX climbed five points to 30; while the ICE BofA MOVE Index, a measure of bond market volatility, climbed to its highest level since March 2020. Amidst the turmoil, the TOPS Managed Risk Growth, Moderate, and Balanced portfolios all began the month substantially hedged, with net equity levels well below their respective maximums. The funds maintained these lower levels of equity exposure throughout the month, helping to mitigate portfolio volatility.

After declining the first two months of the year, the global equity market climbed nearly 2% during March. In addition to making further reductions in its monthly asset purchases, the Fed initiated its first interest rate increase in more than three years. These moves toward more restrictive policy come amid rising inflation levels not seen in 40 years. Equity market volatility remained at elevated levels in March, trending higher through the middle of the month before falling gradually back to its level at the end of February. TOPS Managed Risk Growth, Moderate, and Balanced portfolios all began the month well below their target equity levels. As volatility waned in March’s final week, all three strategies made slight increases to their equity exposure, but still maintained significant hedges as markets continued to digest heightened geopolitical and monetary-policy uncertainty.

Falling by more than 8% in April, the global equity market suffered its worst calendar-month return since the COVID-19 contraction in March 2020. In the face of persistently high year-to-date inflation, investors became increasingly convinced of the Fed’s resolve to stop adding and begin removing the easy money it’s been injecting into the economy for the past two years. Bond prices followed stocks lower, pushing the 10-year U.S. Treasury yield 60 basis points (bps) higher to 2.94%, nearly double its level at the end of 2021. Not surprisingly, equity market volatility was also elevated during the month with the VIX climbing from 20.6 at the end of March to 33.4 at the end of April. Amid the month’s volatile downturn, each of TOPS Managed Risk Growth, Moderate, and Balanced portfolios was substantially hedged, with equity allocations well below their respective maximums, helping to mitigate portfolio volatility and drawdown.

Coming off its worst monthly decline since March 2020, the global equity market was essentially flat in May, falling just 0.13%. In its ongoing effort to tackle persistently high inflation, the Fed increased its fed funds rate target by 50 basis points to 1.0%. At month end, the futures market was projecting the Fed would raise the rate another 175 basis points by the end of 2022. Money supply data released in May showed that the M2 supply of money decreased 0.4% in April. This was the first monthly decline since early 2010 and perhaps the first of many more as the Fed begins to implement its plan to reduce the size of its balance sheet at a clip of $95 billion per month. Even though the stock and bond markets

finished the month unchanged, both exhibited increased volatilities. The TOPS Managed Risk Growth, Moderate, and Balanced portfolios all began the month with substantial hedges and made further reductions to their equity exposure as the month wore on.

The substantial hedge positions were held through the end of June, as the S&P 500 fell over 8% in the month.

The MSCI EAFE^® Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the US & Canada. As of June 2007 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.

The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index designed to measure the combined equity market performance of the materials sector of emerging markets countries. Component securities include those of chemical companies, construction materials companies, containers and packaging companies, metals and mining companies, and paper and forest products companies.

The S&P 500^® Index is an unmanaged composite of 500 large capitalization companies. This index is widely used by professional investors as a performance benchmark for large-cap stocks.

The S&P MidCap 400^® measures the mid-cap segment of the U.S.equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

The S&P SmallCap 600^® measures the small cap segment of the U.S. equity market. The index is designed to be an investable portfolio of companies that meet specific inclusion criteria to ensure that they are liquid and financially viable.

The Barclays Capital Aggregate Bond Index is weighted according to market capitalization, which means the securities The Bloomberg U.S. Aggregate Bond Index is weighted according to market capitalization, which means the securities represented in the index are weighted according to the market size of the bond category. Treasury securities, mortgage-backed securities (“MBS”) foreign bonds, government agency bonds and corporate bonds are some of the categories included in the index. The bonds represented are medium term with an average maturity of about 4.57 years. In all, the index represents about 8,200 fixed-income securities with a total value of approximately $15 trillion (about 43% of the total U.S. bond market).

The Bloomberg U.S. Treasury Inflation Protected Securities Index (“TIPS”) Index includes all publicly issued, U.S. Treasury inflation-protected securities that have at least one year remaining to maturity, are rated investment grade, and have $250 million or more of outstanding face value.

You cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. Past Performance is no guarantee of future results. Past performance does not guarantee future results, and current performance may be lower or higher than the data quoted.

5702-NLD-07262022

TOPS^®Aggressive Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

	Six	One	Five	Ten	Performance	Performance	Performance
	Months	Year	Year	Year	Since Inception**	Since Inception***	Since Inception****
Aggressive Growth ETF Portfolio
Class 1	-17.91%	-14.28%	6.76%	8.86%	7.12%	N/A	N/A
Class 2	-18.01%	-14.50%	6.48%	8.62%	6.89%	N/A	N/A
Investor Class	-18.15%	-14.73%	6.07%	N/A	N/A	6.22%	N/A
Service Class	-18.01%	-14.50%	N/A	N/A	N/A	N/A	5.48%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	11.89%	10.83%	10.10%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses for Class 1, Class 2, Investor Class, and Service Class are 0.30%, 0.55%, 0.80%, and 0.60%, respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was April 26, 2011.

***

Investor Class inception date was July 22, 2015.

****

Service Class inception date was April 30, 2019.

*****

The S&P 500 Total Return Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Investors may not invest in the index directly; unlike the Portfolio’s returns, the Index does not reflect any fees or expenses.

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		97.8	%
Other Assets and Liabilities - net/Short-Term Investments		2.2	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Balanced ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

	Six	One	Five	Ten	Performance	Performance	Performance
	Months	Year	Year	Year	Since Inception**	Since Inception***	Since Inception****
Balanced ETF Portfolio
Class 1	-11.90%	-9.72%	4.14%	5.22%	4.70%	N/A	N/A
Class 2	-11.99%	-9.96%	3.87%	4.90%	4.37%	N/A	N/A
Investor Class	-12.12%	-10.20%	3.60%	N/A	N/A	3.80%	N/A
Service Class	-12.06%	-10.03%	N/A	N/A	N/A	N/A	3.32%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	11.89%	10.83%	10.10%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses for Class 1, Class 2, Investor Class and Service Class are 0.31%, 0.56%, 0.81%, and 0.61%, respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was April 26, 2011.

***

Investor Class inception date was July 22, 2015.

****

Service Class inception date was April 30, 2019.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		49.4	%
Exchange-Traded Funds - Fixed Income		48.5	%
Other Assets and Liabilities - net/Short-Term Investments		2.1	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Conservative ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

	Six	One	Five	Ten	Performance	Performance	Performance
	Months	Year	Year	Year	Since Inception**	Since Inception***	Since Inception****
Conservative ETF Portfolio
Class 1	-9.17%	-7.29%	3.32%	3.66%	3.62%	N/A	N/A
Class 2	-9.33%	-7.60%	3.06%	3.38%	3.37%	N/A	N/A
Investor Class	-9.39%	-7.60%	2.87%	N/A	N/A	2.93%	N/A
Service Class	-9.33%	-7.60%	N/A	N/A	N/A	N/A	2.59%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	11.89%	10.83%	10.10%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses for Class 1, Class 2, Investor Class, and Service Class are 0.33%, 0.58%, 0.83%, and 0.63%, respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was April 26, 2011.

***

Investor Class inception date was July 22, 2015.

****

Service Class inception date was April 30, 2019.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Fixed Income		68.6	%
Exchange-Traded Funds - Equity		29.5	%
Other Assets and Liabilities - net/Short-Term Investments		1.9	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

	Six	One	Five	Ten	Performance	Performance	Performance
	Months	Year	Year	Year	Since Inception**	Since Inception***	Since Inception****
Growth ETF Portfolio
Class 1	-16.56%	-13.26%	6.03%	7.77%	7.15%	N/A	N/A
Class 2	-16.65%	-13.46%	5.76%	7.50%	6.84%	N/A	N/A
Investor Class	-16.75%	-13.63%	5.40%	N/A	N/A	5.53%	N/A
Service Class	-16.65%	-13.46%	N/A	N/A	N/A	N/A	4.86%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	11.89%	10.83%	10.10%

Class 1 and Class 2’s inception date was April 26, 2011.

***

Investor Class inception date was July 22, 2015.

****

Service Class inception date was April 30, 2019.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		84.8	%
Exchange-Traded Funds - Fixed Income		13.2	%
Other Assets and Liabilities - net/Short-Term Investments		2.0	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Moderate Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

	Six	One	Five	Ten	Performance	Performance	Performance
	Months	Year	Year	Year	Since Inception**	Since Inception***	Since Inception****
Moderate Growth ETF Portfolio
Class 1	-14.12%	-11.29%	5.22%	6.49%	5.53%	N/A	N/A
Class 2	-14.25%	-11.55%	4.95%	6.21%	5.26%	N/A	N/A
Investor Class	-14.33%	-11.73%	4.71%	N/A	N/A	4.76%	N/A
Service Class	-14.29%	-11.63%	N/A	N/A	N/A	N/A	4.19%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	11.89%	10.83%	10.10%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses for Class 1, Class 2, Investor Class and Service Class are 0.30%, 0.55%, 0.80% and 0.60%, respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was April 26, 2011.

***

Investor Class inception date was July 22, 2015.

****

Service Class inception date was April 30, 2019.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		64.5	%
Exchange-Traded Funds - Fixed Income		33.5	%
Other Assets and Liabilities - net/Short-Term Investments		2.0	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Managed Risk Balanced ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

					Performance Since	Performance Since	Since
	Six	One	Five	Ten	Inception	Inception	Inception
	Months	Year	Year	Year	(6/9/11)**	(5/1/12)***	(7/22/15)****
Managed Risk Balanced ETF Portfolio
Class 1	-10.92%	-9.06%	3.29%	4.05%	3.81%	N/A	N/A
Class 2	-11.05%	-9.27%	-3.04%	3.79%	3.56%	N/A	N/A
Class 3	-11.08%	-9.33%	2.94%	3.76%	N/A	3.46%	N/A
Class 4	-11.27%	-9.60%	2.67%	3.39%	N/A	3.08%	N/A
Investor Class	-10.88%	-9.20%	2.76%	N/A	N/A	N/A	2.66%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	12.44%	12.43%	10.83%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses, for Class 1, Class 2, Class 3, Class 4, and Investor Class are 0.50%, 0.75%, 0.85%, 1.10%, and 1.00% respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was June 9, 2011.

***

Class 3 and Class 4’s inception date was May 1, 2012.

****

Investor Class’s inception date was July 22, 2015.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		44.2	%
Exchange-Traded Funds - Fixed Income		43.6	%
Other Assets and Liabilities - net/Short-Term Investments		12.2	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Managed Risk Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

					Performance Since	Performance Since	Since
	Six	One	Five	Ten	Inception	Inception	Inception
	Months	Year	Year	Year	(4/26/11)**	(5/1/12)***	(7/22/15)****
Managed Risk Growth ETF Portfolio
Class 1	-12.92%	-10.62%	4.03%	4.76%	3.87%	N/A	N/A
Class 2	-13.05%	-10.90%	3.78%	4.50%	3.62%	N/A	N/A
Class 3	-13.11%	-10.98%	3.66%	4.42%	N/A	3.94%	N/A
Class 4	-13.15%	-11.18%	3.42%	4.22%	N/A	3.79%	N/A
Investor Class	-12.50%	-10.42%	3.60%	N/A	N/A	N/A	3.00%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	11.89%	12.43%	10.83%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses, for Class 1, Class 2, Class 3, Class 4, and Investor Class are 0.49%, 0.74%, 0.84%, 1.09%, and 0.99% respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was April 26, 2011.

***

Class 3 and Class 4’s inception date was May 1, 2012.

****

Investor Class’s inception date was July 22, 2015.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		75.3	%
Exchange-Traded Funds - Fixed Income		11.8	%
Other Assets and Liabilities - net/Short-Term Investments		12.9	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Managed Risk Moderate Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2022

The Portfolio’s Average Annual Total Return through June 30, 2022*, as compared to its benchmark:

					Performance Since	Performance Since	Since
	Six	One	Five	Ten	Inception	Inception	Inception
	Months	Year	Year	Year	(6/9/11)**	(5/1/12)***	(7/22/15)****
Managed Risk Moderate Growth ETF Portfolio
Class 1	-12.52%	-10.17%	3.82%	4.71%	4.29%	N/A	N/A
Class 2	-12.64%	-10.44%	3.55%	4.43%	4.05%	N/A	N/A
Class 3	-12.75%	-10.57%	3.44%	4.37%	N/A	3.94%	N/A
Class 4	-12.80%	-10.72%	3.18%	4.06%	N/A	3.71%	N/A
Investor Class	-12.40%	-10.32%	3.28%	N/A	N/A	N/A	2.90%
S&P 500 Total Return Index *****	-19.96%	-10.62%	11.31%	12.96%	12.44%	12.43%	10.83%

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio share as well as other charges and expenses of the insurance contract, or separate account. Per the fee table in the most recent prospectus, the Portfolio’s total annual operating expense ratios including acquired fund fees and expenses, for Class 1, Class 2, Class 3, Class 4, and Investor Class are 0.49%, 0.74%, 0.84%, 1.09%, and 0.99% respectively. For performance information current to the most recent month-end, please call 1-855-572-5945.

Class 1 and Class 2’s inception date was June 9, 2011.

***

Class 3 and Class 4’s inception date was May 1, 2012.

****

Investor Class’s inception date was July 22, 2015.

*****

Holdings by Asset Class as of June 30, 2022	% of Net Assets
Exchange-Traded Funds - Equity		57.5	%
Exchange-Traded Funds - Fixed Income		30.0	%
Other Assets and Liabilities - net/Short-Term Investments		12.5	%
		100.0	%

Please refer to the Schedule of Investments in this semi-annual report for a detailed listing of the Portfolio’s holdings.

TOPS^®Aggressive Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.8%
		EQUITY - 97.8%
	76,729	FlexShares Global Upstream Natural Resources Index Fund	$	3,043,839
	267,001	SPDR Portfolio S&P 400 Mid Cap ETF		10,597,270
	57,469	SPDR Portfolio S&P 500 Growth ETF		3,004,479
	83,143	SPDR Portfolio S&P 500 Value ETF^(a)		3,061,325
	252,871	SPDR Portfolio S&P 600 Small Cap ETF		9,098,299
	338,758	Vanguard FTSE Developed Markets ETF		13,821,326
	166,458	Vanguard FTSE Emerging Markets ETF		6,932,976
	34,893	Vanguard Global ex-U.S. Real Estate ETF		1,544,713
	16,800	Vanguard Real Estate ETF		1,530,648
	54,467	Vanguard S&P 500 ETF		18,893,513
	106,792	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		3,062,795
				74,591,183

		TOTAL EXCHANGE-TRADED FUNDS (Cost $76,689,523)		74,591,183

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 6.1%
		COLLATERAL FOR SECURITIES LOANED - 4.0%
	3,072,359	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $3,072,359)^(b)		3,072,359

		MONEY MARKET FUNDS - 2.1%
	1,575,117	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $1,575,117)^(b)		1,575,117

		TOTAL SHORT-TERM INVESTMENTS (Cost $4,647,476)		4,647,476

		TOTAL INVESTMENTS - 103.9% (Cost $81,336,999)	$	79,238,659
		LIABILITIES IN EXCESS OF OTHER ASSETS - (3.9)%		(3,007,686	)
		NET ASSETS - 100.0%	$	76,230,973

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

See accompanying notes to financial statements.

TOPS^®Balanced ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.9%
		EQUITY - 49.4%
	49,794	FlexShares Global Upstream Natural Resources Index Fund	$	1,975,328
	83,053	SPDR Portfolio S&P 400 Mid Cap ETF		3,296,373
	25,056	SPDR Portfolio S&P 500 Growth ETF		1,309,928
	126,696	SPDR Portfolio S&P 500 Value ETF^(a)		4,664,947
	73,427	SPDR Portfolio S&P 600 Small Cap ETF		2,641,903
	131,100	Vanguard FTSE Developed Markets ETF		5,348,880
	64,426	Vanguard FTSE Emerging Markets ETF		2,683,343
	45,127	Vanguard Global ex-U.S. Real Estate ETF		1,997,772
	21,944	Vanguard Real Estate ETF		1,999,318
	17,070	Vanguard S&P 500 ETF		5,921,242
	46,497	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,333,534
				33,172,568
		FIXED INCOME - 48.5%
	49,427	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		5,438,453
	89,918	SPDR Bloomberg Investment Grade Floating Rate ETF		2,707,431
	114,416	SPDR Portfolio Short Term Corporate Bond ETF		3,401,588
	83,167	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		2,035,928
	33,753	Vanguard Intermediate-Term Treasury ETF		2,064,333
	28,844	Vanguard Mortgage-Backed Securities ETF		1,379,032
	161,681	Vanguard Short-Term Inflation-Protected Securities ETF		8,103,452
	69,334	Vanguard Short-Term Treasury ETF		4,080,999
	13,897	Vanguard Total International Bond ETF		688,457
	79,551	Xtrackers USD High Yield Corporate Bond ETF^(a)		2,683,255
				32,582,928

		TOTAL EXCHANGE-TRADED FUNDS (Cost $67,965,321)		65,755,496

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 19.3%
		COLLATERAL FOR SECURITIES LOANED - 17.5%
	11,704,639	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $11,704,639)^(b)		11,704,639

See accompanying notes to financial statements.

TOPS^®Balanced ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 19.3% (Continued)
		MONEY MARKET FUNDS - 1.8%
	1,225,080	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $1,225,080)^(b)	$	1,225,080

		TOTAL SHORT-TERM INVESTMENTS (Cost $12,929,719)		12,929,719

		TOTAL INVESTMENTS - 117.2% (Cost $80,895,040)	$	78,685,215
		LIABILITIES IN EXCESS OF OTHER ASSETS - (17.2)%		(11,572,284	)
		NET ASSETS - 100.0%	$	67,112,931

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)

All or a portion of this security is on loan. Total loaned securities had a value of $11,951,833 at June 30, 2022. The loaned securities were secured with cash collateral of $11,704,639 and non-cash collateral of $499,226. 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, 2022.

See accompanying notes to financial statements.

TOPS^®Conservative ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.1%
		EQUITY - 29.5%
	12,674	FlexShares Global Upstream Natural Resources Index Fund	$	502,778
	25,202	SPDR Portfolio S&P 400 Mid Cap ETF		1,000,267
	9,496	SPDR Portfolio S&P 500 Growth ETF		496,451
	27,465	SPDR Portfolio S&P 500 Value ETF		1,011,261
	13,931	SPDR Portfolio S&P 600 Small Cap ETF		501,237
	31,084	Vanguard FTSE Developed Markets ETF		1,268,227
	6,174	Vanguard FTSE Emerging Markets ETF		257,147
	11,526	Vanguard Global ex-U.S. Real Estate ETF		510,256
	5,550	Vanguard Real Estate ETF		505,661
	4,326	Vanguard S&P 500 ETF		1,500,603
				7,553,888
		FIXED INCOME - 68.6%
	16,555	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		1,821,547
	10,414	PIMCO Enhanced Short Maturity Active ETF^(a)		1,032,132
	51,170	SPDR Bloomberg Investment Grade Floating Rate ETF		1,540,729
	78,254	SPDR Portfolio Short Term Corporate Bond ETF		2,326,491
	21,034	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		514,912
	21,342	Vanguard Intermediate-Term Treasury ETF^(a)		1,305,277
	10,890	Vanguard Mortgage-Backed Securities ETF		520,651
	81,925	Vanguard Short-Term Inflation-Protected Securities ETF		4,106,081
	39,485	Vanguard Short-Term Treasury ETF		2,324,087
	21,004	Vanguard Total International Bond ETF		1,040,538
	30,180	Xtrackers USD High Yield Corporate Bond ETF^(a)		1,017,971
				17,550,416

		TOTAL EXCHANGE-TRADED FUNDS (Cost $26,373,925)		25,104,304

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 17.6%
		COLLATERAL FOR SECURITIES LOANED - 15.6%
	4,015,766	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $4,015,766)^(b)		4,015,766

See accompanying notes to financial statements.

TOPS^®Conservative ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 17.6% (Continued)
		MONEY MARKET FUNDS - 2.0%
	503,501	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $503,501)^(b)	$	503,501

		TOTAL SHORT-TERM INVESTMENTS (Cost $4,519,267)		4,519,267

		TOTAL INVESTMENTS - 115.7% (Cost $30,893,192)	$	29,623,571
		LIABILITIES IN EXCESS OF OTHER ASSETS - (15.7)%		(4,009,750	)
		NET ASSETS - 100.0%	$	25,613,821

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)

All or a portion of this security is on loan. Total loaned securities had a value of $4,468,988 at June 30, 2022. The loaned securities were secured with cash collateral of $4,015,766 and non-cash collateral of $547,539. 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, 2022.

See accompanying notes to financial statements.

TOPS^®Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 84.8%
	86,110	FlexShares Global Upstream Natural Resources Index Fund^(a)	$	3,415,984
	236,016	SPDR Portfolio S&P 400 Mid Cap ETF		9,367,475
	65,188	SPDR Portfolio S&P 500 Growth ETF		3,408,029
	116,642	SPDR Portfolio S&P 500 Value ETF^(a)		4,294,758
	189,701	SPDR Portfolio S&P 600 Small Cap ETF		6,825,442
	359,072	Vanguard FTSE Developed Markets ETF		14,650,137
	145,300	Vanguard FTSE Emerging Markets ETF		6,051,745
	58,743	Vanguard Global ex-U.S. Real Estate ETF		2,600,553
	18,866	Vanguard Real Estate ETF		1,718,881
	51,948	Vanguard S&P 500 ETF		18,019,722
	89,888	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		2,577,988
				72,930,714
		FIXED INCOME - 13.2%
	16,070	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		1,768,182
	71,460	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		1,749,341
	18,589	Vanguard Mortgage-Backed Securities ETF		888,740
	52,303	Vanguard Short-Term Inflation-Protected Securities ETF		2,621,426
	29,873	Vanguard Short-Term Treasury ETF		1,758,325
	76,877	Xtrackers USD High Yield Corporate Bond ETF^(a)		2,593,061
				11,379,075

		TOTAL EXCHANGE-TRADED FUNDS (Cost $85,231,231)		84,309,789

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 13.9%
		COLLATERAL FOR SECURITIES LOANED - 11.5%
	9,905,416	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $9,905,416)^(b)		9,905,416

		MONEY MARKET FUNDS - 2.4%
	2,047,334	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $2,047,334)^(b)		2,047,334

		TOTAL SHORT-TERM INVESTMENTS (Cost $11,952,750)		11,952,750

See accompanying notes to financial statements.

TOPS^®Growth ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

	Fair Value
TOTAL INVESTMENTS - 111.9% (Cost $97,183,981)	$	96,262,539
LIABILITIES IN EXCESS OF OTHER ASSETS - (11.9)%		(10,211,508	)
NET ASSETS - 100.0%	$	86,051,031

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)

All or a portion of this security is on loan. Total loaned securities had a value of $10,295,419 at June 30, 2022. The loaned securities were secured with cash collateral of $9,905,416 and non-cash collateral of $607,966. 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, 2022.

See accompanying notes to financial statements.

TOPS^®Moderate Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 64.5%
	98,761	FlexShares Global Upstream Natural Resources Index Fund	$	3,917,849
	196,369	SPDR Portfolio S&P 400 Mid Cap ETF		7,793,886
	36,993	SPDR Portfolio S&P 500 Growth ETF		1,933,994
	80,271	SPDR Portfolio S&P 500 Value ETF		2,955,578
	162,746	SPDR Portfolio S&P 600 Small Cap ETF		5,855,601
	290,659	Vanguard FTSE Developed Markets ETF		11,858,887
	119,030	Vanguard FTSE Emerging Markets ETF		4,957,600
	67,365	Vanguard Global ex-U.S. Real Estate ETF		2,982,249
	21,628	Vanguard Real Estate ETF		1,970,527
	50,613	Vanguard S&P 500 ETF		17,556,637
	68,849	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,974,589
				63,757,397
		FIXED INCOME - 33.5%
	46,073	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		5,069,412
	303,796	SPDR Portfolio Short Term Corporate Bond ETF		9,031,855
	81,952	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		2,006,185
	16,630	Vanguard Intermediate-Term Treasury ETF^(a)		1,017,091
	42,636	Vanguard Mortgage-Backed Securities ETF^(a)		2,038,427
	119,965	Vanguard Short-Term Inflation-Protected Securities ETF		6,012,646
	34,258	Vanguard Short-Term Treasury ETF		2,016,426
	20,542	Vanguard Total International Bond ETF		1,017,651
	146,969	Xtrackers USD High Yield Corporate Bond ETF^(a)		4,957,264
				33,166,957

		TOTAL EXCHANGE-TRADED FUNDS (Cost $97,505,537)		96,924,354

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.6%
		COLLATERAL FOR SECURITIES LOANED - 12.6%
	12,466,602	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $12,466,602)^(b)		12,466,602

See accompanying notes to financial statements.

TOPS^®Moderate Growth ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 14.6% (Continued)
		MONEY MARKET FUNDS - 2.0%
	2,021,718	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $2,021,718)^(b)	$	2,021,718

		TOTAL SHORT-TERM INVESTMENTS (Cost $14,488,320)		14,488,320

		TOTAL INVESTMENTS - 112.6% (Cost $111,993,857)	$	111,412,674
		LIABILITIES IN EXCESS OF OTHER ASSETS - (12.6)%		(12,445,308	)
		NET ASSETS - 100.0%	$	98,967,366

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)

All or a portion of this security is on loan. Total loaned securities had a value of $12,378,589 at June 30, 2022. The loaned securities were secured with cash collateral of $12,466,602 and non-cash collateral of $179,108. 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, 2022.

See accompanying notes to financial statements.

TOPS^®Managed Risk Balanced ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 87.8%
		EQUITY - 44.2%
	258,480	FlexShares Global Upstream Natural Resources Index Fund^(b)	$	10,253,902
	428,507	SPDR Portfolio S&P 400 Mid Cap ETF		17,007,443
	129,045	SPDR Portfolio S&P 500 Growth ETF		6,746,473
	653,569	SPDR Portfolio S&P 500 Value ETF^(b)		24,064,411
	378,762	SPDR Portfolio S&P 600 Small Cap ETF		13,627,857
	676,350	Vanguard FTSE Developed Markets ETF		27,595,079
	332,319	Vanguard FTSE Emerging Markets ETF		13,841,086
	235,111	Vanguard Global ex-U.S. Real Estate ETF^(a)		10,408,364
	113,196	Vanguard Real Estate ETF		10,313,288
	88,014	Vanguard S&P 500 ETF		30,530,295
	239,820	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		6,878,038
				171,266,236
		FIXED INCOME - 43.6%
	257,277	iShares iBoxx $ Investment Grade Corporate Bond ETF^(b)		28,308,188
	463,860	SPDR Bloomberg Investment Grade Floating Rate ETF		13,966,825
	591,159	SPDR Portfolio Short Term Corporate Bond ETF		17,575,157
	429,027	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		10,502,581
	174,119	Vanguard Intermediate-Term Treasury ETF^(b)		10,649,118
	149,697	Vanguard Mortgage-Backed Securities ETF^(b)		7,157,014
	837,353	Vanguard Short-Term Inflation-Protected Securities ETF		41,968,133
	358,687	Vanguard Short-Term Treasury ETF^(b)		21,112,317
	72,112	Vanguard Total International Bond ETF^(b)		3,572,428
	410,373	Xtrackers USD High Yield Corporate Bond ETF^(b)		13,841,881
				168,653,642

		TOTAL EXCHANGE-TRADED FUNDS (Cost $319,202,429)		339,919,878

See accompanying notes to financial statements.

TOPS^®Managed Risk Balanced ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 29.1%
		COLLATERAL FOR SECURITIES LOANED — 18.7%
	72,280,385	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $72,280,385)^(c)	$	72,280,385

		MONEY MARKET FUNDS - 10.4%
	40,309,129	STIT - Government & Agency Portfolio Institutional Class, Institutional Class, 1.35% (Cost $40,309,129)^(c)		40,309,129

		TOTAL SHORT-TERM INVESTMENTS (Cost $112,589,514)		112,589,514

		TOTAL INVESTMENTS — 116.9% (Cost $431,791,943)	$	452,509,392
		LIABILITIES IN EXCESS OF OTHER ASSETS — (16.9)%		(65,288,932	)
		NET ASSETS - 100.0%	$	387,220,460

OPEN FUTURES CONTRACTS

Number of

Notional

Value and Unrealized

Contracts

Open Long Futures Contracts

Broker

Expiration

Amount^(d)

Depreciation

188

CBOT 5 Year US Treasury Note

Bank of America
Merrill Lynch

09/30/2022

21,103,000

(207,156

)

TOTAL FUTURES CONTRACTS

OPEN FUTURES CONTRACTS
							Value and Unrealized
Number of					Notional		Appreciation
Contracts		Open Short Futures Contracts	Broker	Expiration	Amount^(d)		(Depreciation)
	86	CME E-Mini Russell 2000 Index Futures	Bank of America Merrill Lynch	09/16/2022	$	7,344,400	$	204,725
	187	CME E-Mini Standard & Poor’s 500 Index Future	Bank of America Merrill Lynch	09/16/2022		35,431,825		317,312
	55	CME E-Mini Standard & Poor’s MidCap 400 Index	Bank of America Merrill Lynch	09/16/2022		12,474,000		402,110
	199	ICE US mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	09/16/2022		18,473,170		(8,685	)
	339	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	09/16/2022		16,995,765		(68,350	)
		TOTAL FUTURES CONTRACTS					$	847,112

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan. Total loaned securities had a value of $71,212,834 at June 30, 2022. The loaned securities were secured with cash collateral of $72,280,385 and non-cash collateral of $432,319. 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.

^(c)	Rate disclosed is the seven day effective yield as of June 30, 2022.

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

See accompanying notes to financial statements.

TOPS^®Managed Risk Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 87.1%
		EQUITY - 75.3%
	588,684	FlexShares Global Upstream Natural Resources Index Fund^(b)	$	23,353,094
	1,610,227	SPDR Portfolio S&P 400 Mid Cap ETF		63,909,910
	440,749	SPDR Portfolio S&P 500 Growth ETF		23,042,358
	797,432	SPDR Portfolio S&P 500 Value ETF		29,361,446
	1,293,853	SPDR Portfolio S&P 600 Small Cap ETF		46,552,831
	2,454,992	Vanguard FTSE Developed Markets ETF^(b)		100,163,674
	993,299	Vanguard FTSE Emerging Markets ETF		41,370,903
	401,594	Vanguard Global ex-U.S. Real Estate ETF^(a)		17,778,566
	128,900	Vanguard Real Estate ETF		11,744,079
	350,889	Vanguard S&P 500 ETF		121,716,376
	614,414	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		17,621,394
				496,614,631
		FIXED INCOME - 11.8%
	109,864	iShares iBoxx $ Investment Grade Corporate Bond ETF^(b)		12,088,336
	488,549	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		11,959,680
	127,875	Vanguard Mortgage-Backed Securities ETF		6,113,704
	357,572	Vanguard Short-Term Inflation-Protected Securities ETF		17,921,508
	204,225	Vanguard Short-Term Treasury ETF^(b)		12,020,684
	525,720	Xtrackers USD High Yield Corporate Bond ETF^(b)		17,732,536
				77,836,446

		TOTAL EXCHANGE-TRADED FUNDS (Cost $485,731,787)		574,451,077

See accompanying notes to financial statements.

TOPS^®Managed Risk Growth ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 22.3%
		COLLATERAL FOR SECURITIES LOANED — 13.0%
	85,484,831	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $85,484,831)^(c)	$	85,484,831

		MONEY MARKET FUNDS - 9.3%
	61,450,281	STIT - Government & Agency Portfolio Institutional Class, Institutional Class, 1.35% (Cost $61,450,281)^(c)		61,450,281

		TOTAL SHORT-TERM INVESTMENTS (Cost $146,935,112)		146,935,112

		TOTAL INVESTMENTS - 109.4% (Cost $632,666,899)	$	721,386,189
		LIABILITIES IN EXCESS OF OTHER ASSETS — (9.4)%		(61,750,680	)
		NET ASSETS - 100.0%	$	659,635,509

OPEN FUTURES CONTRACTS

Number of

Notional

Value and Unrealized

Contracts

Open Long Futures Contracts

Broker

Expiration

Amount^(d)

Depreciation

150

CBOT 5 Year US Treasury Note

Bank of America
Merrill Lynch

09/30/2022

16,837,500

(168,672

)

TOTAL FUTURES CONTRACTS

OPEN FUTURES CONTRACTS
							Value and Unrealized
Number of					Notional		Appreciation
Contracts		Open Short Futures Contracts	Broker	Expiration	Amount^(d)		(Depreciation)
	320	CME E-mini Russell 2000 Index Futures	Bank of America Merrill Lynch	09/16/2022	$	27,328,000	$	1,297,238
	570	CME E-Mini Standard & Poor’s 500 Index Future	Bank of America Merrill Lynch	09/16/2022		108,000,750		2,692,335
	188	CME E-Mini Standard & Poor’s MidCap 400 Index	Bank of America Merrill Lynch	09/16/2022		42,638,400		2,202,865
	721	ICE US mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	09/16/2022		66,930,430		537,015
	958	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	09/16/2022		48,029,330		(19,445	)
		TOTAL FUTURES CONTRACTS					$	6,710,008

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan. Total loaned securities had a value of $83,577,288 at June 30, 2022. The loaned securities were secured with cash collateral of $85,484,831. The Portfolio cannot pledge or resell the collateral.

^(c)	Rate disclosed is the seven day effective yield as of June 30, 2022.

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

See accompanying notes to financial statements.

TOPS^®Managed Risk Moderate Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2022

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 87.5%
		EQUITY - 57.5%
	579,283	FlexShares Global Upstream Natural Resources Index Fund^(b)	$	22,980,157
	1,152,247	SPDR Portfolio S&P 400 Mid Cap ETF		45,732,683
	216,809	SPDR Portfolio S&P 500 Growth ETF		11,334,775
	470,772	SPDR Portfolio S&P 500 Value ETF^(b)		17,333,825
	954,799	SPDR Portfolio S&P 600 Small Cap ETF^(b)		34,353,668
	1,705,201	Vanguard FTSE Developed Markets ETF^(b)		69,572,201
	698,169	Vanguard FTSE Emerging Markets ETF		29,078,739
	395,174	Vanguard Global ex-U.S. Real Estate ETF^(a)		17,494,353
	126,375	Vanguard Real Estate ETF		11,514,026
	295,947	Vanguard S&P 500 ETF		102,658,096
	403,036	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		11,559,072
				373,611,595
		FIXED INCOME - 30.0%
	270,266	iShares iBoxx $ Investment Grade Corporate Bond ETF^(b)		29,737,368
	1,788,508	SPDR Portfolio Short Term Corporate Bond ETF		53,172,343
	480,581	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		11,764,623
	97,553	Vanguard Intermediate-Term Treasury ETF^(b)		5,966,341
	250,103	Vanguard Mortgage-Backed Securities ETF^(b)		11,957,424
	703,702	Vanguard Short-Term Inflation-Protected Securities ETF		35,269,544
	200,960	Vanguard Short-Term Treasury ETF^(b)		11,828,506
	120,498	Vanguard Total International Bond ETF		5,969,471
	862,133	Xtrackers USD High Yield Corporate Bond ETF^(b)		29,079,746
				194,745,366

		TOTAL EXCHANGE-TRADED FUNDS (Cost $509,318,275)		568,356,961

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 25.8%
		COLLATERAL FOR SECURITIES LOANED — 15.9%
	102,974,990	STIT - Government & Agency Portfolio, Institutional Class, 1.35% (Cost $102,974,990)^(c)		102,974,990

See accompanying notes to financial statements.

TOPS^®Managed Risk Moderate Growth ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2022

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 25.8% (Continued)
		MONEY MARKET FUNDS - 9.9%
	64,064,577	STIT - Government & Agency Portfolio Institutional Class, Institutional Class, 1.35% (Cost $64,064,577)^(c)	$	64,064,577

		TOTAL SHORT-TERM INVESTMENTS (Cost $167,039,567)		167,039,567

		TOTAL INVESTMENTS — 113.3% (Cost $676,357,842)	$	735,396,528
		LIABILITIES IN EXCESS OF OTHER ASSETS — (13.3)%		(86,233,004	)
		NET ASSETS - 100.0%	$	649,163,524

OPEN FUTURES CONTRACTS

Number of

Notional

Value and Unrealized

Contracts

Open Long Futures Contracts

Broker

Expiration

Amount^(d)

Depreciation

252

CBOT 5 Year US Treasury Note

Bank of America
Merrill Lynch

09/30/2022

28,287,000

(281,625

)

TOTAL FUTURES CONTRACTS

OPEN FUTURES CONTRACTS
							Value and Unrealized
Number of					Notional		Appreciation
Contracts		Open Short Futures Contracts	Broker	Expiration	Amount^(d)		(Depreciation)
	221	CME E-mini Russell 2000 Index Futures	Bank of America Merrill Lynch	09/16/2022	$	18,873,400	$	649,375
	405	CME E-Mini Standard & Poor’s 500 Index Future	Bank of America Merrill Lynch	09/16/2022		76,737,375		1,290,342
	132	CME E-Mini Standard & Poor’s MidCap 400 Index	Bank of America Merrill Lynch	09/16/2022		29,937,600		1,189,915
	481	ICE US mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	09/16/2022		44,651,230		163,235
	679	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	09/16/2022		34,041,665		(104,365	)

		TOTAL FUTURES CONTRACTS					$	3,188,502

ETF - Exchange-Traded Fund

S&P - Standard & Poor’s

SPDR - Standard & Poor’s Depositary Receipt

^(a)	Non-income producing security.

^(b)	All or a portion of this security is on loan. Total loaned securities had a value of $110,725,606 at June 30, 2022. The loaned securities were secured with cash collateral of $102,974,990 and non-cash collateral of $10,086,835. 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.

^(c)	Rate disclosed is the seven day effective yield as of June 30, 2022.

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

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Assets and Liabilities (Unaudited)

June 30, 2022

	Aggressive			Balanced		Conservative
	Growth			ETF		ETF
	ETF Portfolio			Portfolio		Portfolio
Assets:
Investments in securities, at cost	$	81,336,999		$	80,895,040	$	30,893,192
Investments in securities, at value (Securities on loan $3,010,505, $11,951,833 and $4,468,988, respectively)	$	79,238,659		$	78,685,215	$	29,623,571
Receivable for securities sold		—			130,526		17,975
Receivable for Portfolio shares sold		44,896			3,849		2,017
Interest and dividends receivable		79,303			25,488		6,552
Total Assets		79,362,858			78,845,078		29,650,115
Liabilities:
Collateral on securities loaned		3,072,359			11,704,639		4,015,766
Payable for Portfolio shares redeemed		16,118			1,268		2,743
Payable for securities purchased		12,921			—		8,385
Accrued investment advisory fees		6,409			5,596		2,116
Accrued distribution (12b-1) fees		15,553			12,683		3,157
Accrued shareholder service fees		—			1,388		—
Payable to related parties and administrative service fees		8,525			6,573		4,127
Total Liabilities		3,131,885			11,732,147		4,036,294
Net Assets	$	76,230,973		$	67,112,931	$	25,613,821

Components of Net Assets:
Paid in capital	$	75,943,708		$	66,233,345	$	25,283,019
Accumulated earnings		287,265			879,586		330,802
Net Assets	$	76,230,973		$	67,112,931	$	25,613,821

Class 1 Shares:
Net assets	$	3,946,045		$	8,548,534	$	13,131,723
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		241,836			645,370		1,060,798

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.32		$	13.25	$	12.38

Class 2 Shares:
Net assets	$	70,555,731		$	54,957,667	$	9,375,640
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		4,389,678			4,327,566		765,082

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.07		$	12.70	$	12.25

Investor Class Shares:
Net assets	$	1,729,180		$	2,973,470	$	3,106,446
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		100,104			220,415		247,743

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	17.27		$	13.49	$	12.54

Service Class Shares:
Net assets	$	17		$	633,260	$	12
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		1			49,900		1

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.07	^(a)	$	12.69	$	12.25	(a)

(a)

NAV does not recalculate due to rounding of net assets.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Assets and Liabilities (Unaudited) (Continued)

June 30, 2022

	Growth			Moderate
	ETF			Growth
	Portfolio			ETF Portfolio
Assets:
Investments in securities, at cost	$	97,183,981		$	111,993,857
Investments in securities, at value (Securities on loan $10,295,419 and $12,378,589, respectively)	$	96,262,539		$	111,412,674
Receivable for securities sold		—			32,586
Receivable for Portfolio shares sold		19,526			16,614
Interest and dividends receivable		74,952			73,932
Total Assets		96,357,017			111,535,806
Liabilities:
Collateral on securities loaned		9,905,416			12,466,602
Payable for Portfolio shares redeemed		71,565			3,793
Payable for securities purchased		296,198			60,026
Accrued investment advisory fees		7,238			8,239
Accrued distribution (12b-1) fees		17,092			17,555
Accrued shareholder service fees		—			2,623
Payable to related parties and administrative service fees		8,477			9,602
Total Liabilities		10,305,986			12,568,440
Net Assets	$	86,051,031		$	98,967,366

Components of Net Assets:
Paid in capital	$	83,446,135		$	95,154,736
Accumulated earnings		2,604,896			3,812,630
Net Assets	$	86,051,031		$	98,967,366

Class 1 Shares:
Net assets	$	5,865,119		$	8,107,878
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		359,346			608,918

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	16.32		$	13.32

Class 2 Shares:
Net assets	$	78,673,964		$	76,234,724
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		4,941,349			5,975,898

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	15.92		$	12.76

Investor Class Shares:
Net assets	$	1,511,931		$	4,299,515
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		86,704			306,064

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	17.44		$	14.05

Service Class Shares:
Net assets	$	17		$	10,325,249
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		1			811,526

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	15.92	^(a)	$	12.72

(a)

NAV does not recalculate due to rounding of net assets.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Assets and Liabilities (Unaudited)

June 30, 2022

	Managed Risk		Managed Risk		Managed Risk
	Balanced		Growth		Moderate Growth
	ETF Portfolio		ETF Portfolio		ETF Portfolio
Assets:
Investments in securities, at cost	$	431,791,943	$	632,666,899	$	676,357,842
Investments in securities, at value (Securities on loan $71,212,834, $83,577,288 and $110,725,606, respectively)	$	452,509,392	$	721,386,189	$	735,396,528
Deposits with Broker		7,284,614		17,328,938		14,260,766
Receivable for Portfolio shares sold		16,383		11,895		8,999
Unrealized appreciation on futures contracts		924,147		6,729,453		3,292,867
Interest and dividends receivable		156,785		553,672		474,314
Total Assets		460,891,321		746,010,147		753,433,474
Liabilities:
Collateral on securities loaned		72,280,385		85,484,831		102,974,990
Payable for Portfolio shares redeemed		882,258		328,643		532,279
Unrealized depreciation on futures contracts		284,191		188,117		385,990
Accrued distribution (12b-1) fees		88,434		143,612		151,085
Accrued investment advisory fees		97,347		166,322		162,314
Payable to related parties and administrative service fees		38,246		63,113		63,292
Total Liabilities		73,670,861		86,374,638		104,269,950
Net Assets	$	387,220,460	$	659,635,509	$	649,163,524

Components of Net Assets:
Paid in capital	$	344,506,566	$	548,151,357	$	553,109,324
Accumulated earnings		42,713,894		111,484,152		96,054,200
Net Assets	$	387,220,460	$	659,635,509	$	649,163,524

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Assets and Liabilities (Unaudited) (Continued)

June 30, 2022

	Managed Risk		Managed Risk			Managed Risk
	Balanced		Growth			Moderate Growth
	ETF Portfolio		ETF Portfolio			ETF Portfolio
Class 1 Shares:
Net assets	$	143,294	$	18,944,447		$	758,376
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		12,631		1,653,413			64,210

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.34	$	11.46		$	11.81

Class 2 Shares:
Net assets	$	314,255,611	$	517,995,233		$	514,793,725
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		27,875,750		45,494,297			43,801,817

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.27	$	11.39		$	11.75

Class 3 Shares:
Net assets	$	67,437,147	$	118,900,224		$	128,831,697
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		5,955,792		10,496,041			11,006,925

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.32	$	11.33		$	11.70

Class 4 Shares:
Net assets	$	5,333,443	$	3,795,591		$	4,779,616
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		480,280		332,056			410,402

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.10	$	11.43		$	11.65

Investor Class Shares:
Net assets	$	50,965	$	14		$	110
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		4,261		1			9

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	11.96	$	11.97	^(a)	$	12.50	(a)

(a)

NAV does not recalculate due to rounding of net assets.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2022

	Aggressive			Balanced			Conservative			Growth			Moderate
	Growth			ETF			ETF			ETF			Growth
	ETF Portfolio			Portfolio			Portfolio			Portfolio			ETF Portfolio
Investment Income:
Dividend income	$	738,667		$	627,495		$	223,436		$	870,349		$	962,635
Interest income		2,970			2,439			923			3,319			3,775
Securities lending income		1,319			19,323			8,658			13,310			28,654
Total Investment Income		742,956			649,257			233,017			886,978			995,064
Expenses:
Investment advisory fees		39,627			34,109			14,482			43,975			50,043
Distribution fees (12b-1)
Class 2 Shares		91,192			69,563			11,203			99,042			95,952
Investor Shares		5,148			6,662			14,874			4,707			7,566
Shareholder service fees		—			853			—			—			17,068
Related parties and administrative service fees		44,301			39,030			19,403			48,563			54,633
Total Expenses		180,268			150,217			59,962			196,287			225,262
Net Investment Income		562,688			499,040			173,055			690,691			769,802

Realized and Unrealized Gain (Loss) on Investments:
Net realized gain on:
Investments		763,700			662,092			587,611			1,041,893			933,625
Net change in unrealized depreciation on:
Investments		(17,053,049	)		(9,887,862	)		(3,551,316	)		(17,784,372	)		(17,104,666	)
Net Realized and Unrealized Loss on Investments		(16,289,349	)		(9,225,770	)		(2,963,705	)		(16,742,479	)		(16,171,041	)
Net Decrease in Net Assets Resulting from Operations	$	(15,726,661	)	$	(8,726,730	)	$	(2,790,650	)	$	(16,051,788	)	$	(15,401,239	)

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2022

	Managed Risk			Managed Risk			Managed Risk
	Balanced			Growth			Moderate Growth
	ETF Portfolio			ETF Portfolio			ETF Portfolio
Investment Income:
Dividend income	$	3,389,183		$	6,121,612		$	5,955,871
Interest income		73,488			121,630			121,691
Securities lending income		148,071			122,752			227,941
Total Investment Income		3,610,742			6,365,994			6,305,503
Expenses:
Investment advisory fees		629,532			1,079,580			1,071,862
Distribution fees (12b-1)
Class 2 Shares		424,908			703,964			707,491
Class 3 Shares		129,013			227,999			248,274
Class 4 Shares		17,553			12,390			16,898
Investor Shares		93			—			169
Related parties and administrative service fees		215,261			365,277			362,706
Margin Interest		1,152			5,251			1,280
Total Expenses		1,417,512			2,394,461			2,408,680
Net Investment Income		2,193,230			3,971,533			3,896,823

Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized gain (loss) on:
Investments		7,040,716			17,459,862			15,148,169
Futures contracts		(1,002,544	)		8,514,889			(1,219,380	)
Total net realized gain		6,038,172			25,974,751			13,928,789
Net change in unrealized appreciation (depreciation) on:
Investments		(58,068,414	)		(138,553,006	)		(117,971,077	)
Futures contracts		296,846			6,845,720			2,638,665
Total unrealized depreciation		(57,771,568	)		(131,707,286	)		(115,332,412	)
Net Realized and Unrealized Loss on Investments and Futures Contracts		(51,733,396	)		(105,732,535	)		(101,403,623	)
Net Decrease in Net Assets Resulting from Operations	$	(49,540,166	)	$	(101,761,002	)	$	(97,506,800	)

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Changes in Net Assets

	Aggressive Growth ETF Portfolio						Balanced ETF Portfolio
	Six Months Ended						Six Months Ended
	June 30, 2022			Year Ended			June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021			(Unaudited)			December 31, 2021

Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	562,688		$	1,075,301		$	499,040		$	1,157,478
Net realized gain (loss) on investments		763,700			1,688,217			662,092			1,497,998
Distributions of realized gains by underlying investment companies		—			—			—			25,587
Net change in unrealized appreciation (depreciation) on investments		(17,053,049	)		6,881,356			(9,887,862	)		2,211,299
Net increase (decrease) in net assets resulting from operations		(15,726,661	)		9,644,874			(8,726,730	)		4,892,362
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(27,778	)		—			(96,479	)
Class 2		—			(355,763	)		—			(413,021	)
Investor		—			(8,543	)		—			(10,532	)
Service		—			(0	) (a)		—			(3,680	) (a)
Total distributions to shareholders		—			(392,084	)		—			(523,712	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		407,753			1,162,434			702,938			3,116,766
Class 2		12,122,187			33,323,628			8,502,066			21,845,966
Investor		229,399			1,331,418			1,196,028			1,152,708
Service		—			—			265,608			464,864
Reinvestment of distributions
Class 1		—			27,778			—			96,479
Class 2		—			355,763			—			413,021
Investor		—			8,543			—			10,532
Service		—			0	(a)		—			3,680	(a)
Cost of shares redeemed
Class 1		(135,779	)		(365,576	)		(1,095,709	)		(1,887,878	)
Class 2		(927,194	)		(2,140,403	)		(1,588,202	)		(3,405,766	)
Investor		(364,867	)		(295,438	)		(163,711	)		(21,044	)
Service		—			—			(25,339	)		(3,722	)
Net increase in net assets from share transactions of beneficial interest		11,331,499			33,408,147			7,793,679			21,785,606
Total Increase (Decrease) In Net Assets		(4,395,162	)		42,660,937			(933,051	)		26,154,256

Net Assets:
Beginning of period		80,626,135			37,965,198			68,045,982			41,891,726
End of period	$	76,230,973		$	80,626,135		$	67,112,931		$	68,045,982

(a)

Represents less than $1.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Aggressive Growth ETF Portfolio						Balanced ETF Portfolio
	Six Months Ended						Six Months Ended
	June 30, 2022			Year Ended			June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021			(Unaudited)			December 31, 2021
SHARE ACTIVITY
Class 1
Shares Sold		22,006			62,052			49,844			212,740
Shares Reinvested		—			1,462			—			6,576
Shares Redeemed		(7,434	)		(19,201	)		(77,278	)		(128,988	)
Net increase (decrease) in shares of beneficial interest outstanding		14,572			44,313			(27,434	)		90,328

Class 2
Shares Sold		673,869			1,810,093			621,963			1,567,013
Shares Reinvested		—			18,974			—			29,313
Shares Redeemed		(50,510	)		(115,188	)		(117,115	)		(243,661	)
Net increase in shares of beneficial interest outstanding		623,359			1,713,879			504,848			1,352,665

Investor Class
Shares Sold		12,112			65,700			82,725			75,819
Shares Reinvested		—			423			—			702
Shares Redeemed		(19,837	)		(15,070	)		(11,358	)		(1,393	)
Net increase (decrease) in shares of beneficial interest outstanding		(7,725	)		51,053			71,367			75,128

Service Class
Shares Sold		—			—			19,227			32,514
Shares Reinvested		—			0	(b)		—			261
Shares Redeemed		—			—			(1,841	)		(262	)
Net increase in shares of beneficial interest outstanding		—			0	(b)		17,386			32,513

(b)

Represents less than one share

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Conservative ETF Portfolio						Growth ETF Portfolio
	Six Months Ended						Six Months Ended
	June 30, 2022			Year Ended			June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021			(Unaudited)			December 31, 2021

Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	173,055		$	501,495		$	690,691		$	1,408,057
Net realized gain on investments		587,611			470,046			1,041,893			2,294,990
Distributions of realized gains by underlying investment companies		—			22,262			—			4,675
Net change in unrealized appreciation (depreciation) on investments		(3,551,316	)		501,258			(17,784,372.00	)		6,567,880
Net increase (decrease) in net assets resulting from operations		(2,790,650	)		1,495,061			(16,051,788	)		10,275,602
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(131,773	)		—			(59,132	)
Class 2		—			(61,587	)		—			(559,399	)
Investor		—			(47,667	)		—			(6,117	)
Service		—			(0	) (a)		—			(0	) (a)
Total distributions to shareholders		—			(241,027	)		—			(624,648	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		1,619,433			4,407,040			1,271,529			2,103,560
Class 2		2,618,745			2,383,427			16,213,464			25,061,891
Investor		2,324,449			4,918,951			573,692			1,282,365
Reinvestment of distributions
Class 1		—			131,772			—			59,132
Class 2		—			61,587			—			559,399
Investor		—			47,667			—			6,117
Service		—			0	(a)		—			0	(a)
Cost of shares redeemed
Class 1		(2,262,278	)		(1,222,268	)		(1,528,619	)		(1,222,529	)
Class 2		(961,704	)		(920,745	)		(2,101,321	)		(2,235,671	)
Investor		(4,475,261	)		(165,680	)		(776,243	)		(62,645	)
Net increase (decrease) in net assets from share transactions of beneficial interest		(1,136,616	)		9,641,751			13,652,502			25,551,619
Total Increase (Decrease) In Net Assets		(3,927,266	)		10,895,785			(2,399,286	)		35,202,573

Net Assets:
Beginning of period		29,541,087			18,645,302			88,450,317			53,247,744
End of period	$	25,613,821		$	29,541,087		$	86,051,031		$	88,450,317

(a)

Represents less than $1.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Conservative ETF Portfolio						Growth ETF Portfolio
	Six Months Ended						Six Months Ended
	June 30, 2022			Year Ended			June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021			(Unaudited)			December 31, 2021
SHARE ACTIVITY
Class 1
Shares Sold		124,378			329,128			70,335			110,993
Shares Reinvested		—			9,834			—			3,147
Shares Redeemed		(173,093	)		(90,790	)		(86,119	)		(63,996	)
Net increase (decrease) in shares of beneficial interest outstanding		(48,715	)		248,172			(15,784	)		50,144

Class 2
Shares Sold		203,932			180,650			919,769			1,378,625
Shares Reinvested		—			4,634			—			30,468
Shares Redeemed		(75,768	)		(69,435	)		(117,052	)		(120,442	)
Net increase in shares of beneficial interest outstanding		128,164			115,849			802,717			1,288,651

Investor Class
Shares Sold		174,028			361,466			30,357			62,937
Shares Reinvested		—			3,500			—			303
Shares Redeemed		(346,129	)		(12,087	)		(41,993	)		(3,234	)
Net increase (decrease) in shares of beneficial interest outstanding		(172,101	)		352,879			(11,636	)		60,006

Service Class
Shares Reinvested		—			0	(b)		0	(b)		0	(b)
Net increase in shares of beneficial interest outstanding		—			0	(b)		0	(b)		0	(b)

(b)

Represents less than one share.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021

Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	769,802		$	1,668,471
Net realized gain on investments		933,625			2,963,669
Distributions of realized gains by underlying investment companies		—			16,309
Net change in unrealized appreciation (depreciation) on investments		(17,104,666	)		5,225,040
Net increase (decrease) in net assets resulting from operations		(15,401,239	)		9,873,489
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(109,209	)
Class 2		—			(706,184	)
Investor		—			(4,392	)
Service		—			(114,355	)
Total distributions to shareholders		—			(934,140	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		1,274,042			2,820,468
Class 2		13,402,055			22,177,753
Investor		4,009,486			488,419
Service		97,910			35,697
Reinvestment of distributions
Class 1		—			109,209
Class 2		—			706,184
Investor		—			4,392
Service		—			114,355
Cost of shares redeemed
Class 1		(1,573,226	)		(2,504,757	)
Class 2		(1,248,171	)		(5,349,094	)
Investor		(64,544	)		(11,427	)
Service		(450,250	)		(918,493	)
Net increase in net assets from share transactions of beneficial interest		15,447,302			17,672,706
Total Increase In Net Assets		46,063			26,612,055

Net Assets:
Beginning of period		98,921,303			72,309,248
End of period	$	98,967,366		$	98,921,303

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
SHARE ACTIVITY
Class 1
Shares Sold		88,231			187,319
Shares Reinvested		—			7,271
Shares Redeemed		(108,018	)		(166,714	)
Net increase (decrease) in shares of beneficial interest outstanding		(19,787	)		27,876

Class 2
Shares Sold		964,948			1,541,197
Shares Reinvested		—			49,006
Shares Redeemed		(91,242	)		(376,598	)
Net increase in shares of beneficial interest outstanding		873,706			1,213,605

Investor Class
Shares Sold		258,712			30,136
Shares Reinvested		—			276
Shares Redeemed		(4,360	)		(714	)
Net increase in shares of beneficial interest outstanding		254,352			29,698

Service Class
Shares Sold		6,967			2,440
Shares Reinvested		—			7,952
Shares Redeemed		(32,669	)		(63,963	)
Net decrease in shares of beneficial interest outstanding		(25,702	)		(53,571	)

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Changes in Net Assets

	Managed Risk Balanced ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	2,193,230		$	6,772,253
Net realized gain on investments and futures contracts		6,038,172			21,460,449
Distributions of realized gains by underlying investment companies		—			159,539
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(57,771,568	)		10,708,654
Net increase (decrease) in net assets resulting from operations		(49,540,166	)		39,100,895
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(2,117	)
Class 2		—			(4,158,280	)
Class 3		—			(813,708	)
Class 4		—			(39,096	)
Investor		—			(0	) (a)
Total distributions to shareholders		—			(5,013,201	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 2		8,238,391			20,473,587
Class 3		1,243,335			5,723,972
Class 4		5,700,636			190,866
Investor		55,055			—
Reinvestment of distributions
Class 1		—			2,117
Class 2		—			4,158,280
Class 3		—			813,708
Class 4		—			39,096
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(120	)		(240	)
Class 2		(27,251,902	)		(61,716,276	)
Class 3		(6,242,373	)		(14,270,560	)
Class 4		(6,138,147	)		(2,397,741	)
Investor		(139	)		—
Net decrease in net assets from share transactions of beneficial interest		(24,395,264	)		(46,983,191	)
Total Decrease In Net Assets		(73,935,430	)		(12,895,497	)

Net Assets:
Beginning of period		461,155,890			474,051,387
End of period	$	387,220,460		$	461,155,890

(a)

Represents less than $1.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Balanced ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
SHARE ACTIVITY
Class 1
Shares Reinvested		—			170
Shares Redeemed		(10	)		(19	)
Net increase (decrease) in shares of beneficial interest outstanding		(10	)		151

Class 2
Shares Sold		698,155			1,650,473
Shares Reinvested		—			335,345
Shares Redeemed		(2,287,375	)		(4,975,883	)
Net decrease in shares of beneficial interest outstanding		(1,589,220	)		(2,990,065	)

Class 3
Shares Sold		103,693			458,789
Shares Reinvested		—			65,306
Shares Redeemed		(522,392	)		(1,142,611	)
Net decrease in shares of beneficial interest outstanding		(418,699	)		(618,516	)

Class 4
Shares Sold		495,628			15,862
Shares Reinvested		—			3,194
Shares Redeemed		(534,669	)		(196,968	)
Net decrease in shares of beneficial interest outstanding		(39,041	)		(177,912	)

Investor
Shares Sold		4,271			—
Shares Reinvested		—			0	(b)
Shares Redeemed		(11	)		—
Net increase in shares of beneficial interest outstanding		4,260			0	(b)

(b)

Represents less than one share

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Growth ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	3,971,533		$	10,727,721
Net realized gain on investments and futures contracts		25,974,751			39,532,274
Distributions of realized gains by underlying investment companies		—			38,346
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(131,707,286	)		45,093,123
Net increase (decrease) in net assets resulting from operations		(101,761,002	)		95,391,464
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(389,154	)
Class 2		—			(6,528,869	)
Class 3		—			(1,376,051	)
Class 4		—			(32,984	)
Investor		—			(0	) (a)
Total distributions to shareholders		—			(8,327,058	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		9,220			341,124
Class 2		11,810,736			22,618,141
Class 3		763,441			3,440,166
Class 4		4,043,765			50,959
Reinvestment of distributions
Class 1		—			389,154
Class 2		—			6,528,869
Class 3		—			1,376,051
Class 4		—			32,984
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(4,444,775	)		(5,991,679	)
Class 2		(33,455,489	)		(90,498,632	)
Class 3		(8,250,960	)		(25,948,257	)
Class 4		(4,277,156	)		(544,087	)
Net decrease in net assets from share transactions of beneficial interest		(33,801,218	)		(88,205,207	)
Total Decrease In Net Assets		(135,562,220	)		(1,140,801	)

Net Assets:
Beginning of period		795,197,729			796,338,530
End of period	$	659,635,509		$	795,197,729

(a)

Represents less than $1.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Growth ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
SHARE ACTIVITY
Class 1
Shares Sold		762			26,068
Shares Reinvested		—			30,450
Shares Redeemed		(359,901	)		(459,417	)
Net decrease in shares of beneficial interest outstanding		(359,139	)		(402,899	)

Class 2
Shares Sold		969,032			1,772,900
Shares Reinvested		—			513,276
Shares Redeemed		(2,753,049	)		(7,161,491	)
Net decrease in shares of beneficial interest outstanding		(1,784,017	)		(4,875,315	)

Class 3
Shares Sold		62,378			270,591
Shares Reinvested		—			108,693
Shares Redeemed		(678,457	)		(2,059,954	)
Net decrease in shares of beneficial interest outstanding		(616,079	)		(1,680,670	)

Class 4
Shares Sold		338,492			4,077
Shares Reinvested		—			2,577
Shares Redeemed		(358,849	)		(42,687	)
Net decrease in shares of beneficial interest outstanding		(20,357	)		(36,033	)

Investor
Shares Reinvested		—			0	(b)
Net increase in shares of beneficial interest outstanding		—			0	(b)

(b)

Represents less than one share

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	3,896,823		$	11,137,908
Net realized gain on investments and futures contracts		13,928,789			41,142,105
Distributions of realized gains by underlying investment companies		—			121,137
Net change in unrealized appreciation (depreciation) on investments and futures contracts		(115,332,412	)		31,940,292
Net increase (decrease) in net assets resulting from operations		(97,506,800	)		84,341,442
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(15,743	)
Class 2		—			(7,114,969	)
Class 3		—			(1,630,672	)
Class 4		—			(48,800	)
Investor		—			(5,465	)
Total distributions to shareholders		—			(8,815,649	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		—			188,411
Class 2		8,276,644			17,869,967
Class 3		1,496,124			6,247,635
Class 4		5,404,997			242,115
Investor		—			493,679
Reinvestment of distributions
Class 1		—			15,743
Class 2		—			7,114,969
Class 3		—			1,630,672
Class 4		—			48,800
Investor Class		—			5,465
Cost of shares redeemed
Class 1		(271,346	)		(262,067	)
Class 2		(42,368,808	)		(88,080,581	)
Class 3		(10,454,698	)		(25,774,082	)
Class 4		(6,196,562	)		(1,193,390	)
Investor		(501,746	)		(7,666	)
Net decrease in net assets from share transactions of beneficial interest		(44,615,395	)		(81,460,330	)
Total Decrease In Net Assets		(142,122,195	)		(5,934,537	)

Net Assets:
Beginning of period		791,285,719			797,220,256
End of period	$	649,163,524		$	791,285,719

(a)

Represents less than $1.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2022			Year Ended
	(Unaudited)			December 31, 2021
SHARE ACTIVITY
Class 1
Shares Sold		—			14,350
Shares Reinvested		—			1,199
Shares Redeemed		(22,200	)		(19,868	)
Net decrease in shares of beneficial interest outstanding		(22,200	)		(4,319	)
Class 2
Shares Sold		655,066			1,356,672
Shares Reinvested		—			543,542
Shares Redeemed		(3,384,087	)		(6,749,425	)
Net decrease in shares of beneficial interest outstanding		(2,729,021	)		(4,849,211	)

Class 3
Shares Sold		119,046			478,651
Shares Reinvested		—			124,956
Shares Redeemed		(837,679	)		(1,978,049	)
Net decrease in shares of beneficial interest outstanding		(718,633	)		(1,374,442	)

Class 4
Shares Sold		444,760			18,768
Shares Reinvested		—			3,751
Shares Redeemed		(511,539	)		(92,592	)
Net decrease in shares of beneficial interest outstanding		(66,779	)		(70,073	)

Investor
Shares Sold		—			36,678
Shares Reinvested		—			393
Shares Redeemed		(36,516	)		(547	)
Net increase (decrease) in shares of beneficial interest outstanding		(36,516	)		36,524

(b)

Represents less than one share

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Aggressive Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	19.88		$	16.72		$	15.18		$	12.88		$	14.94		$	12.69
Income (loss) from investment operations:
Net investment income (a)(b)		0.15			0.35			0.24			0.33			0.32			0.29
Net realized and unrealized gain (loss) on investments		(3.71	)		2.93			1.65			2.78			(1.69	)		2.32
Total income (loss) from investment operations		(3.56	)		3.28			1.89			3.11			(1.37	)		2.61
Less distributions from:
Net investment income		—			(0.12	)		(0.21	)		(0.24	)		(0.16	)		(0.22	)
Net realized gain		—			—			(0.14	)		(0.57	)		(0.53	)		(0.14	)
Total distributions		—			(0.12	)		(0.35	)		(0.81	)		(0.69	)		(0.36	)
Net asset value, end of period	$	16.32		$	19.88		$	16.72		$	15.18		$	12.88		$	14.94
Total return (c)		(17.91	)% (e)		19.66	%		12.92	%		24.70	%		(9.60	)%		20.70	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	3,946		$	4,517		$	3,058		$	2,199		$	1,517		$	785
Ratio of expenses to average net assets (d)		0.21	% (f)		0.22	%		0.23	%		0.25	%		0.22	%		0.20	%
Ratio of net investment income to average net assets (b)(d)		1.61	% (f)		1.86	%		1.68	%		2.28	%		2.17	%		2.06	%
Portfolio turnover rate		3	% (e)		9	%		23	%		46	%		39	%		44	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Aggressive Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	19.60		$	16.52		$	15.01		$	12.75		$	14.81		$	12.60
Income (loss) from investment operations:
Net investment income (a)(b)		0.13			0.32			0.22			0.28			0.26			0.23
Net realized and unrealized gain (loss) on investments		(3.66	)		2.87			1.61			2.76			(1.65	)		2.31
Total income (loss) from investment operations		(3.53	)		3.19			1.83			3.04			(1.39	)		2.54
Less distributions from:
Net investment income		—			(0.11	)		(0.18	)		(0.21	)		(0.14	)		(0.19	)
Net realized gain		—			—			(0.14	)		(0.57	)		(0.53	)		(0.14	)
Total distributions		—			(0.11	)		(0.32	)		(0.78	)		(0.67	)		(0.33	)
Net asset value, end of period	$	16.07		$	19.60		$	16.52		$	15.01		$	12.75		$	14.81
Total return (c)		(18.01	)% (e)		19.31	%		12.68	%		24.37	%		(9.88	)%		20.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	70,556		$	73,834		$	33,897		$	18,077		$	13,452		$	10,409
Ratio of expenses to average net assets (d)		0.46	% (f)		0.47	%		0.48	%		0.50	%		0.47	%		0.45	%
Ratio of net investment income to average net assets (b)(d)		1.42	% (f)		1.73	%		1.56	%		1.99	%		1.80	%		1.69	%
Portfolio turnover rate		3	% (e)		9	%		23	%		46	%		39	%		44	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Aggressive Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	21.10		$	17.79		$	16.18		$	13.75		$	14.81		$	13.44
Income (loss) from investment operations:
Net investment income (a)(b)		0.10			0.33			0.19			0.38			0.23			0.23
Net realized and unrealized gain (loss) on investments		(3.93	)		3.07			1.74			2.86			(0.62	)		1.47
Total income (loss) from investment operations		(3.83	)		3.40			1.93			3.24			(0.39	)		1.70
Less distributions from:
Net investment income		—			(0.09	)		(0.18	)		(0.24	)		(0.14	)		(0.19	)
Net realized gain		—			—			(0.14	)		(0.57	)		(0.53	)		(0.14	)
Total distributions		—			(0.09	)		(0.32	)		(0.81	)		(0.67	)		(0.33	)
Net asset value, end of period	$	17.27		$	21.10		$	17.79		$	16.18		$	13.75		$	14.81
Total return (c)		(18.15	)% (f)		19.11	%		12.34	%		24.06	%		(10.22	)%		18.78	%
Ratios and Supplemental Data:
Net assets, end of period (d)	$	1,729,180		$	2,274,678		$	1,010,285		$	624,274		$	19,713		$	15
Ratio of expenses to average net assets (e)		0.71	% (g)		0.72	%		0.73	%		0.75	%		0.72	%		0.70	%
Ratio of net investment income to average net assets (b)(e)		1.01	% (g)		1.61	%		1.26	%		2.47	%		1.55	%		1.44	%
Portfolio turnover rate		3	% (f)		9	%		23	%		46	%		39	%		44	%

(a)

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

(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)

Actual net assets, not truncated.

(e)

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

(f)

Not annualized.

(g)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Aggressive Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Service Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019 (a)

Net asset value, beginning of period	$	19.60		$	16.52		$	15.01		$	14.76
Income (loss) from investment operations:
Net investment income (b)(c)		0.17			0.36			0.00	(h)		0.00	(h)
Net realized and unrealized gain on investments		(3.70	)		2.83			1.83			1.03
Total income from investment operations		(3.53	)		3.19			1.83			1.03
Less distributions from:
Net investment income		—			(0.11	)		(0.18	)		(0.21	)
Net realized gain		—			—			(0.14	)		(0.57	)
Total distributions		—			(0.11	)		(0.32	)		(0.78	)
Net asset value, end of period (d)	$	16.07		$	19.60		$	16.52		$	15.01
Total return (e)		(18.01	)% (i)		19.31	%		12.68	%		7.42	%
Ratios and Supplemental Data:
Net assets, end of period (f)	$	17		$	21		$	18		$	16
Ratio of expenses to average net assets (g)		0.51	% (j)		0.52	%		0.53	%		0.55	% (j)
Ratio of net investment income to average net assets (c)(g)		1.21	% (j)		1.41	%		1.06	%		2.27	% (j)
Portfolio turnover rate		3	% (i)		9	%		23	%		46	%

(a)

The Aggressive Growth ETF Portfolio Service Class Shares commenced operations on April 30, 2019.

(b)

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

(c)

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.

(d)

NAV does not recalculate due to rounding of net assets.

(e)

Total returns are historical and assume changes in share price and reinvestment of dividends and capital gains distributions, if any. Total returns for periods of less than one year are not annualized.

(f)

Rounded net assets, not truncated.

(g)

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

(h)

Amount represents less than $0.01 per share.

(i)

Not annualized.

(j)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	15.04		$	13.81		$	12.91		$	11.53		$	12.58		$	11.60
Income (loss) from investment operations:
Net investment income (a)(b)		0.12			0.33			0.22			0.32			0.32			0.30
Net realized and unrealized gain (loss) on investments		(1.91	)		1.04			0.87			1.53			(0.98	)		0.99
Total income (loss) from investment operations		(1.79	)		1.37			1.09			1.85			(0.66	)		1.29
Less distributions from:
Net investment income		—			(0.14	)		(0.19	)		(0.22	)		(0.17	)		(0.19	)
Net realized gain		—			—			(0.00	)(e)		(0.25	)		(0.22	)		(0.12	)
Total distributions		—			(0.14	)		(0.19	)		(0.47	)		(0.39	)		(0.31	)
Net asset value, end of period	$	13.25		$	15.04		$	13.81		$	12.91		$	11.53		$	12.58
Total return (c)		(11.90	)% (f)		9.97	%		8.62	%		16.26	%		(5.38	)%		11.20	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	8,549		$	10,116		$	8,045		$	6,764		$	5,009		$	4,086
Ratio of expenses to average net assets (d)		0.21	% (g)		0.22	%		0.21	%		0.24	%		0.22	%		0.20	%
Ratio of net investment income to average net assets (b)(d)		1.65	% (g)		2.23	%		1.71	%		2.56	%		2.59	%		2.43	%
Portfolio turnover rate		7	% (f)		13	%		23	%		37	%		45	%		51	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	14.43		$	13.28		$	12.43		$	11.13		$	12.17		$	11.23
Income (loss) from investment operations:
Net investment income (a)(b)		0.10			0.29			0.19			0.28			0.28			0.24
Net realized and unrealized gain (loss) on investments		(1.83	)		0.99			0.83			1.47			(0.95	)		0.98
Total income (loss) from investment operations		(1.73	)		1.28			1.02			1.75			(0.67	)		1.22
Less distributions from:
Net investment income		—			(0.13	)		(0.17	)		(0.20	)		(0.15	)		(0.16	)
Net realized gain		—			—			(0.00	) (e)		(0.25	)		(0.22	)		(0.12	)
Total distributions		—			(0.13	)		(0.17	)		(0.45	)		(0.37	)		(0.28	)
Net asset value, end of period	$	12.70		$	14.43		$	13.28		$	12.43		$	11.13		$	12.17
Total return (c)		(11.99	)% (f)		9.62	%		8.40	%		15.93	%		(5.62	)%		10.95	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	54,958		$	55,173		$	32,802		$	18,536		$	12,444		$	9,257
Ratio of expenses to average net assets (d)		0.46	% (g)		0.47	%		0.46	%		0.49	%		0.47	%		0.45	%
Ratio of net investment income to average net assets (b)(d)		1.44	% (g)		2.06	%		1.55	%		2.35	%		2.35	%		2.04	%
Portfolio turnover rate		7	% (f)		13	%		23	%		37	%		45	%		51	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	15.35		$	14.13		$	13.25		$	11.87		$	12.16		$	11.76
Income (loss) from investment operations:
Net investment income (a)(b)		0.09			0.31			0.15			0.44			0.25			0.24
Net realized and unrealized gain (loss) on investments		(1.95	)		1.01			0.90			1.41			(0.17	)		0.44
Total income (loss) from investment operations		(1.86	)		1.32			1.05			1.85			0.08			0.68
Less distributions from:
Net investment income		—			(0.10	)		(0.17	)		(0.22	)		(0.15	)		(0.16	)
Net realized gain		—			—			(0.00	) (f)		(0.25	)		(0.22	)		(0.12	)
Total distributions		—			(0.10	)		(0.17	)		(0.47	)		(0.37	)		(0.28	)
Net asset value, end of period	$	13.49		$	15.35		$	14.13		$	13.25		$	11.87		$	12.16
Total return (c)		(12.12	)% (g)		9.34	%		8.09	%		15.78	%		(5.81	)%		10.13	%
Ratios and Supplemental Data:
Net assets, end of period (d)	$	2,973,470		$	2,288,027		$	1,044,188		$	1,016,591		$	26,277		$	12
Ratio of expenses to average net assets (e)		0.71	% (h)		0.72	%		0.72	%		0.74	%		0.72	%		0.70	%
Ratio of net investment income to average net assets (b)(e)		1.29	% (h)		2.09	%		1.18	%		3.35	%		2.10	%		1.79	%
Portfolio turnover rate		7	% (g)		13	%		23	%		37	%		45	%		51	%

(a)

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

(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)

Actual 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)

Not Annualized

(h)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Service Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019 (a)

Net asset value, beginning of period	$	14.43		$	13.28		$	12.43		$	12.16
Income (loss) from investment operations:
Net investment income (b)(c)		0.10			0.42			0.00	(g)		0.00	(g)
Net realized and unrealized gain on investments		(1.84	)		0.85			1.02			0.72
Total income from investment operations		(1.74	)		1.27			1.02			0.72
Less distributions from:
Net investment income		—			(0.12	)		(0.17	)		(0.20	)
Net realized gain		—			—			(0.00	) (g)		(0.25	)
Total distributions		—			(0.12	)		(0.17	)		(0.45	)
Net asset value, end of period	$	12.69		$	14.43		$	13.28	(h)	$	12.43	(h)
Total return (d)		(12.06	)% (i)		9.62	%		8.40	%		6.18	%
Ratios and Supplemental Data:
Net assets, end of period (e)	$	633,260		$	469,051		$	14		$	13
Ratio of expenses to average net assets (f)		0.51	% (j)		0.52	%		0.52	%		0.54	% (j)
Ratio of net investment income to average net assets (c)(f)		1.52	% (j)		2.95	%		0.98	%		3.15	% (j)
Portfolio turnover rate		7	% (i)		13	%		23	%		37	%

(a)

The Balanced ETF Portfolio Service Class Shares commenced operations on April 30, 2019.

(b)

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

(c)

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.

(d)

(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)

NAV does not recalculate due to rounding of net assets.

(i)

Not annualized

(j)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Conservative ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	13.63		$	12.89		$	12.26		$	11.28		$	11.91		$	11.23
Income (loss) from investment operations:
Net investment income (a)(b)		0.09			0.28			0.19			0.29			0.29			0.25
Net realized and unrealized gain (loss) on investments		(1.34	)		0.59			0.68			1.06			(0.57	)		0.53
Total income (loss) from investment operations		(1.25	)		0.87			0.87			1.35			(0.28	)		0.78
Less distributions from:
Net investment income		—			(0.13	)		(0.22	)		(0.24	)		(0.17	)		(0.10	)
Net realized gain		—			—			(0.02	)		(0.13	)		(0.18	)		—
Total distributions		—			(0.13	)		(0.24	)		(0.37	)		(0.35	)		(0.10	)
Net asset value, end of period	$	12.38		$	13.63		$	12.89		$	12.26		$	11.28		$	11.91
Total return (c)		(9.17	)% (e)		6.74	%		7.23	%		12.03	%		(2.48	)%		7.00	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	13,132		$	15,125		$	11,103		$	9,525		$	7,506		$	5,949
Ratio of expenses to average net assets (d)		0.23	% (f)		0.24	%		0.25	%		0.28	%		0.23	%		0.20	%
Ratio of net investment income to average net assets (b)(d)		1.38	% (f)		2.12	%		1.60	%		2.43	%		2.44	%		2.15	%
Portfolio turnover rate		19	% (e)		8	%		28	%		28	%		47	%		56	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Conservative ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	13.51		$	12.79		$	12.17		$	11.21		$	11.85		$	11.17
Income (loss) from investment operations:
Net investment income (a)(b)		0.07			0.24			0.17			0.27			0.26			0.22
Net realized and unrealized gain (loss) on investments		(1.33	)		0.58			0.67			1.03			(0.57	)		0.54
Total income (loss) from investment operations		(1.26	)		0.82			0.84			1.30			(0.31	)		0.76
Less distributions from:
Net investment income		—			(0.10	)		(0.20	)		(0.21	)		(0.15	)		(0.08	)
Net realized gain		—			—			(0.02	)		(0.13	)		(0.18	)		—
Total distributions		—			(0.10	)		(0.22	)		(0.34	)		(0.33	)		(0.08	)
Net asset value, end of period	$	12.25		$	13.51		$	12.79		$	12.17		$	11.21		$	11.85
Total return (c)		(9.33	)% (e)		6.45	%		7.04	%		11.70	%		(2.68	)%		6.83	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	9,376		$	8,605		$	6,662		$	4,618		$	3,218		$	2,581
Ratio of expenses to average net assets (d)		0.48	% (f)		0.49	%		0.50	%		0.53	%		0.48	%		0.45	%
Ratio of net investment income to average net assets (c)(d)		1.16	% (f)		1.83	%		1.36	%		2.27	%		2.18	%		1.87	%
Portfolio turnover rate		19	% (e)		8	%		28	%		28	%		47	%		56	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Conservative ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	13.84		$	13.14		$	12.54		$	11.60		$	11.84		$	11.48
Income (loss) from investment operations:
Net investment income (a)(b)		0.05			0.27			0.19			0.34			0.23			0.22
Net realized and unrealized gain (loss) on investments		(1.35	)		0.55			0.64			0.97			(0.14	)		0.24
Total income (loss) from investment operations		(1.30	)		0.82			0.83			1.31			0.09			0.46
Less distributions from:
Net investment income		—			(0.12	)		(0.21	)		(0.24	)		(0.15	)		(0.10	)
Net realized gain		—			—			(0.02	)		(0.13	)		(0.18	)		—
Total distributions		—			(0.12	)		(0.23	)		(0.37	)		(0.33	)		(0.10	)
Net asset value, end of period	$	12.54		$	13.84		$	13.14		$	12.54		$	11.60		$	11.84
Total return (c)		(9.39	)% (f)		6.27	%		6.68	%		11.35	%		(2.59	)%		6.44	%
Ratios and Supplemental Data:
Net assets, end of period (d)	$	3,106,446		$	5,811,150		$	880,209		$	294,872		$	12		$	12
Ratio of expenses to average net assets (e)		0.73	% (g)		0.74	%		0.75	%		0.78	%		0.73	%		0.70	%
Ratio of net investment income to average net assets (b)(e)		0.82	% (g)		1.97	%		1.52	%		2.75	%		1.96	%		1.62	%
Portfolio turnover rate		19	% (f)		8	%		28	%		28	%		47	%		56	%

(a)

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

(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)

Actual net assets, not truncated.

(e)

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

(f)

Not annualized

(g)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Conservative ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Service Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019 (a)

Net asset value, beginning of period	$	13.51		$	12.79		$	12.17		$	11.93
Income (loss) from investment operations:
Net investment income (b)(c)		0.09			0.30			0.00	(h)		0.00	(h)
Net realized and unrealized gain on investments		(1.35	)		0.52			0.84			0.58
Total income from investment operations		(1.26	)		0.82			0.84			0.58
Less distributions from:
Net investment income		—			(0.10	)		(0.20	)		(0.21	)
Net realized gain		—			—			(0.02	)		(0.13	)
Total distributions		—			(0.10	)		(0.22	)		(0.34	)
Net asset value, end of period (d)	$	12.25		$	13.51		$	12.79		$	12.17
Total return (e)		(9.33	)% (i)		6.45	%		7.04	%		4.94	%
Ratios and Supplemental Data:
Net assets, end of period (f)	$	12		$	14		$	13		$	13
Ratio of expenses to average net assets (g)		0.53	% (j)		0.54	%		0.55	%		0.58	% (j)
Ratio of net investment income to average net assets (c)(g)		0.62	% (j)		1.77	%		1.32	%		2.55	% (j)
Portfolio turnover rate		19	% (i)		8	%		28	%		28	%

(a)

The Conservative ETF Portfolio Service Class Shares commenced operations on April 30, 2019.

(b)

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

(c)

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.

(d)

NAV does not recalculate due to rounding of net assets.

(e)

(f)

Rounded net assets, not truncated.

(g)

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

(h)

Amount represents less than $0.01 per share.

(i)

Not annualized

(j)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	19.56		$	16.88		$	15.43		$	13.29		$	15.35		$	13.27
Income (loss) from investment operations:
Net investment income (a)(b)		0.16			0.40			0.25			0.37			0.35			0.30
Net realized and unrealized gain (loss) on investments		(3.40	)		2.44			1.53			2.54			(1.61	)		2.10
Total income (loss) from investment operations		(3.24	)		2.84			1.78			2.91			(1.26	)		2.40
Less distributions from:
Net investment income		—			(0.16	)		(0.24	)		(0.26	)		(0.20	)		(0.21	)
Net realized gain		—			—			(0.09	)		(0.51	)		(0.60	)		(0.11	)
Total distributions		—			(0.16	)		(0.33	)		(0.77	)		(0.80	)		(0.32	)
Net asset value, end of period	$	16.32		$	19.56		$	16.88		$	15.43		$	13.29		$	15.35
Total return (c)		(16.56	)% (e)		16.89	%		11.92	%		22.36	%		(8.57	)%		18.24	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	5,865		$	7,336		$	5,487		$	4,834		$	3,664		$	3,302
Ratio of expenses to average net assets (d)		0.21	% (f)		0.21	%		0.22	%		0.23	%		0.21	%		0.20	%
Ratio of net investment income to average net assets (b)(d)		1.74	% (f)		2.13	%		1.72	%		2.47	%		2.31	%		2.10	%
Portfolio turnover rate		5	% (e)		10	%		27	%		49	%		43	%		41	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	19.10		$	16.52		$	15.14		$	13.06		$	15.11		$	13.08
Income (loss) from investment operations:
Net investment income (a)(b)		0.14			0.35			0.23			0.33			0.32			0.28
Net realized and unrealized gain (loss) on investments		(3.32	)		2.37			1.48			2.50			(1.59	)		2.05
Total income (loss) from investment operations		(3.18	)		2.72			1.71			2.83			(1.27	)		2.33
Less distributions from:
Net investment income		—			(0.14	)		(0.24	)		(0.24	)		(0.18	)		(0.19	)
Net realized gain		—			—			(0.09	)		(0.51	)		(0.60	)		(0.11	)
Total distributions		—			(0.14	)		(0.33	)		(0.75	)		(0.78	)		(0.30	)
Net asset value, end of period	$	15.92		$	19.10		$	16.52		$	15.14		$	13.06		$	15.11
Total return (c)		(16.65	)% (e)		16.52	%		11.67	%		22.07	%		(8.78	)%		17.94	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	78,674		$	79,054		$	47,067		$	29,405		$	20,228		$	15,532
Ratio of expenses to average net assets (d)		0.46	% (f)		0.46	%		0.47	%		0.48	%		0.46	%		0.45	%
Ratio of net investment income to average net assets (b)(d)		1.57	% (f)		1.92	%		1.59	%		2.25	%		2.12	%		1.97	%
Portfolio turnover rate		5	% (e)		10	%		27	%		49	%		43	%		41	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	20.95		$	18.10		$	16.49		$	14.23		$	15.11		$	14.09
Income (loss) from investment operations:
Net investment income (b)(c)		0.11			0.42			0.17			0.34			0.28			0.28
Net realized and unrealized gain (loss) on investments		(3.62	)		2.53			1.66			2.69			(0.38	)		1.04
Total income (loss) from investment operations		(3.51	)		2.95			1.83			3.03			(0.10	)		1.32
Less distributions from:
Net investment income		—			(0.10	)		(0.13	)		(0.26	)		(0.18	)		(0.19	)
Net realized gain		—			—			(0.09	)		(0.51	)		(0.60	)		(0.11	)
Total distributions		—			(0.10	)		(0.22	)		(0.77	)		(0.78	)		(0.30	)
Net asset value, end of period	$	17.44		$	20.95		$	18.10		$	16.49		$	14.23		$	15.11
Total return (d)		(16.75	)% (f)		16.30	%		11.36	%		21.72	%		(8.92	)%		16.23	%
Ratios and Supplemental Data:
Net assets, end of period (d)	$	1,511,931		$	2,059,907		$	693,827		$	1,043,741		$	33,812		$	15
Ratio of expenses to average net assets (e)		0.71	% (g)		0.71	%		0.72	%		0.73	%		0.71	%		0.70	%
Ratio of net investment income to average net assets (c)(e)		1.14	% (g)		2.06	%		1.12	%		2.14	%		1.87	%		1.72	%
Portfolio turnover rate		5	% (f)		10	%		27	%		49	%		43	%		41	%

(a)

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

(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)

Actual net assets, not truncated.

(e)

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

(f)

Not annualized.

(g)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Service Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019 (a)

Net asset value, beginning of period	$	19.10		$	16.52		$	15.14		$	14.88
Income (loss) from investment operations:
Net investment income (b)(c)		0.16			0.39			0.00	(h)		0.00	(h)
Net realized and unrealized gain on investments		(3.34	)		2.33			1.71			1.01
Total income from investment operations		(3.18	)		2.72			1.71			1.01
Less distributions from:
Net investment income		—			(0.14	)		(0.24	)		(0.24	)
Net realized gain		—			—			(0.09	)		(0.51	)
Total distributions		—			(0.14	)		(0.33	)		(0.75	)
Net asset value, end of period (d)	$	15.92		$	19.10		$	16.52		$	15.14
Total return (e)		(16.65	)% (i)		16.52	%		11.67	%		7.16	%
Ratios and Supplemental Data:
Net assets, end of period (f)	$	17		$	21		$	18		$	16
Ratio of expenses to average net assets (g)		0.51	% (j)		0.51	%		0.52	%		0.53	% (j)
Ratio of net investment income to average net assets (c)(g)		0.94	% (j)		1.86	%		0.92	%		1.94	% (j)
Portfolio turnover rate		5	% (i)		10	%		27	%		49	%

(a)

The Growth ETF Portfolio Service Class Shares commenced operations on April 30, 2019.

(b)

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

(c)

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.

(d)

NAV does not recalculate due to rounding of net assets.

(e)

(f)

Rounded net assets, not truncated.

(g)

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

(h)

Amount represents less than $0.01 per share.

(i)

Not annualized.

(j)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	15.51		$	13.87		$	12.74		$	11.13		$	12.40		$	11.02
Income (loss) from investment operations:
Net investment income (a)(b)		0.12			0.32			0.22			0.32			0.31			0.28
Net realized and unrealized gain (loss) on investments		(2.31	)		1.49			1.13			1.79			(1.10	)		1.30
Total income (loss) from investment operations		(2.19	)		1.81			1.35			2.11			(0.79	)		1.58
Less distributions from:
Net investment income		—			(0.17	)		(0.20	)		(0.22	)		(0.17	)		(0.16	)
Net realized gain		—			—			(0.02	)		(0.28	)		(0.31	)		(0.04	)
Total distributions		—			(0.17	)		(0.22	)		(0.50	)		(0.48	)		(0.20	)
Net asset value, end of period	$	13.32		$	15.51		$	13.87		$	12.74		$	11.13		$	12.40
Total return (c)		(14.12	)% (e)		13.12	%		10.83	%		19.14	%		(6.60	)%		14.38	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	8,108		$	9,750		$	8,334		$	8,793		$	6,797		$	6,150
Ratio of expenses to average net assets (d)		0.21	% (f)		0.21	%		0.20	%		0.23	%		0.21	%		0.20	%
Ratio of net investment income to average net assets (b)(d)		1.72	% (f)		2.14	%		1.77	%		2.64	%		2.51	%		2.35	%
Portfolio turnover rate		5	% (e)		12	%		27	%		39	%		33	%		43	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	14.88		$	13.33		$	12.26		$	10.73		$	11.99		$	10.67
Income (loss) from investment operations:
Net investment income (a)(b)		0.11			0.28			0.20			0.29			0.28			0.23
Net realized and unrealized gain (loss) on investments		(2.23	)		1.42			1.07			1.72			(1.08	)		1.27
Total income (loss) from investment operations		(2.12	)		1.70			1.27			2.01			(0.80	)		1.50
Less distributions from:
Net investment income		—			(0.15	)		(0.18	)		(0.20	)		(0.15	)		(0.14	)
Net realized gain		—			—			(0.02	)		(0.28	)		(0.31	)		(0.04	)
Total distributions		—			(0.15	)		(0.20	)		(0.48	)		(0.46	)		(0.18	)
Net asset value, end of period	$	12.76		$	14.88		$	13.33		$	12.26		$	10.73		$	11.99
Total return (c)		(14.25	)% (e)		12.82	%		10.60	%		18.91	%		(6.89	)%		14.11	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	76,235		$	75,899		$	51,819		$	31,364		$	19,842		$	14,302
Ratio of expenses to average net assets (d)		0.46	% (f)		0.46	%		0.45	%		0.48	%		0.46	%		0.45	%
Ratio of net investment income to average net assets (b)(d)		1.53	% (f)		1.97	%		1.66	%		2.48	%		2.32	%		1.99	%
Portfolio turnover rate		5	% (e)		12	%		27	%		39	%		33	%		43	%

(a)

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

(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^®ETF Portfolios

Financial Highlights

Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017

Net asset value, beginning of period	$	16.40		$	14.69		$	13.54		$	11.86		$	11.98		$	11.65
Income (loss) from investment operations:
Net investment income (a)(b)		0.13			0.33			0.17			0.49			0.25			0.23
Net realized and unrealized gain (loss) on investments		(2.48	)		1.51			1.19			1.68			0.09			0.28
Total income (loss) from investment operations		(2.35	)		1.84			1.36			2.17			0.34			0.51
Less distributions from:
Net investment income		—			(0.13	)		(0.19	)		(0.21	)		(0.15	)		(0.14	)
Net realized gain		—			—			(0.02	)		(0.28	)		(0.31	)		(0.04	)
Total distributions		—			(0.13	)		(0.21	)		(0.49	)		(0.46	)		(0.18	)
Net asset value, end of period	$	14.05		$	16.40		$	14.69		$	13.54		$	11.86		$	11.98
Total return (c)		(14.33	)% (f)		12.57	%		10.24	%		18.52	%		(6.50	)%		12.31	%
Ratios and Supplemental Data:
Net assets, end of period (d)	$	4,299,515		$	848,083		$	323,433		$	237,205		$	11,151		$	12
Ratio of expenses to average net assets (e)		0.71	% (g)		0.71	%		0.70	%		0.73	%		0.71	%		0.70	%
Ratio of net investment income to average net assets (c)(e)		1.75	% (g)		2.07	%		1.33	%		3.75	%		2.07	%		1.74	%
Portfolio turnover rate		5	% (f)		12	%		27	%		39	%		33	%		43	%

(a)

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

(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)

Actual net assets, not truncated.

(e)

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

(f)

Not annualized.

(g)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

Financial Highlights

Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Service Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019 (a)

Net asset value, beginning of period	$	14.84		$	13.28		$	12.24		$	11.97
Income (loss) from investment operations:
Net investment income (b)(c)		0.10			0.26			0.17			0.36
Net realized and unrealized gain on investments		(2.22	)		1.43			1.08			0.40
Total income from investment operations		(2.12	)		1.69			1.25			0.76
Less distributions from:
Net investment income		—			(0.13	)		(0.19	)		(0.21	)
Net realized gain		—			—			(0.02	)		(0.28	)
Total distributions		—			(0.13	)		(0.21	)		(0.49	)
Net asset value, end of period	$	12.72		$	14.84		$	13.28		$	12.24
Total return (d)		(14.29	)% (f)		12.80	%		10.48	%		6.60	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	10,325		$	12,425		$	11,834		$	11,619
Ratio of expenses to average net assets (e)		0.51	% (g)		0.51	%		0.50	%		0.53	% (g)
Ratio of net investment income to average net assets (c)(e)		1.41	% (g)		1.78	%		1.48	%		4.45	% (g)
Portfolio turnover rate		5	% (f)		12	%		27	%		39	%

(a)

The Moderate Growth ETF Portfolio Service Class Shares commenced operations on April 30, 2019.

(b)

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

(c)

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.

(d)

(e)

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

(f)

Not annualized.

(g)

Annualized.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	12.73		$	11.86		$	11.63		$	10.70		$	12.25		$	11.26
Income (loss) from investment operations:
Net investment income (a)(b)		0.08			0.22			0.16			0.23			0.24			0.20
Net realized and unrealized gain (loss) on investments and futures contracts		(1.47	)		0.82			0.52			1.32			(0.92	)		1.02
Total income (loss) from investment operations		(1.39	)		1.04			0.68			1.55			(0.68	)		1.22
Less distributions from:
Net investment income		—			(0.17	)		(0.29	)		(0.29	)		(0.24	)		(0.21	)
Net realized gain		—			—			(0.16	)		(0.33	)		(0.63	)		(0.02	)
Total distributions		—			(0.17	)		(0.45	)		(0.62	)		(0.87	)		(0.23	)
Net asset value, end of period	$	11.34		$	12.73		$	11.86		$	11.63		$	10.70		$	12.25
Total return (c)		(10.92	)% (e)		8.80	%		6.17	%		14.81	%		(5.81	)%		10.90	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	143		$	161		$	148		$	140		$	246		$	411
Ratio of expenses to average net assets (d)		0.40	% (f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		1.33	% (f)		1.75	%		1.38	%		2.04	%		2.03	%		1.74	%
Portfolio turnover rate		8	% (e)		9	%		27	%		36	%		48	%		30	%

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	12.67		$	11.80		$	11.57		$	10.64		$	12.18		$	11.20
Income (loss) from investment operations:
Net investment income (a)(b)		0.06			0.18			0.13			0.22			0.23			0.18
Net realized and unrealized gain (loss) on investments and futures contracts		(1.46	)		0.83			0.52			1.30			(0.93	)		1.00
Total income (loss) from investment operations		(1.40	)		1.01			0.65			1.52			(0.70	)		1.18
Less distributions from:
Net investment income		—			(0.14	)		(0.26	)		(0.26	)		(0.21	)		(0.18	)
Net realized gain		—			—			(0.16	)		(0.33	)		(0.63	)		(0.02	)
Total distributions		—			(0.14	)		(0.42	)		(0.59	)		(0.84	)		(0.20	)
Net asset value, end of period	$	11.27		$	12.67		$	11.80		$	11.57		$	10.64		$	12.18
Total return (c)		(11.05	)% (e)		8.57	%		5.90	%		14.55	%		(6.04	)%		10.58	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	314,256		$	373,337		$	382,900		$	409,218		$	415,533		$	512,670
Ratio of expenses to average net assets (d)		0.65	% (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		1.07	% (f)		1.46	%		1.10	%		1.97	%		1.91	%		1.57	%
Portfolio turnover rate		8	% (e)		9	%		27	%		36	%		48	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 3 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	12.73		$	11.85		$	11.63		$	10.69		$	12.24		$	11.25
Income (loss) from investment operations:
Net investment income (a)(b)		0.06			0.17			0.11			0.22			0.22			0.18
Net realized and unrealized gain (loss) on investments and futures contracts		(1.47	)		0.84			0.52			1.30			(0.94	)		1.01
Total income (loss) from investment operations		(1.41	)		1.01			0.63			1.52			(0.72	)		1.19
Less distributions from:
Net investment income		—			(0.13	)		(0.25	)		(0.25	)		(0.20	)		(0.18	)
Net realized gain		—			—			(0.16	)		(0.33	)		(0.63	)		(0.02	)
Total distributions		—			(0.13	)		(0.41	)		(0.58	)		(0.83	)		(0.20	)
Net asset value, end of period	$	11.32		$	12.73		$	11.85		$	11.63		$	10.69		$	12.24
Total return (c)		(11.08	)% (e)		8.51	%		5.66	%		14.48	%		(6.15	)%		10.58	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	67,437		$	81,163		$	82,899		$	88,729		$	85,937		$	96,698
Ratio of expenses to average net assets (d)		0.75	% (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		0.96	% (f)		1.35	%		1.00	%		1.90	%		1.84	%		1.49	%
Portfolio turnover rate		8	% (e)		9	%		27	%		36	%		48	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 4 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	12.51		$	11.62		$	11.40		$	10.49		$	12.02		$	11.05
Income (loss) from investment operations:
Net investment income (a)(b)		0.04			0.13			0.08			0.18			0.18			0.14
Net realized and unrealized gain (loss) on investments and futures contracts		(1.45	)		0.83			0.51			1.28			(0.92	)		0.99
Total income (loss) from investment operations		(1.41	)		0.96			0.59			1.46			(0.74	)		1.13
Less distributions from:
Net investment income		—			(0.07	)		(0.21	)		(0.22	)		(0.16	)		(0.14	)
Net realized gain		—			—			(0.16	)		(0.33	)		(0.63	)		(0.02	)
Total distributions		—			(0.07	)		(0.37	)		(0.55	)		(0.79	)		(0.16	)
Net asset value, end of period	$	11.10		$	12.51		$	11.62		$	11.40		$	10.49		$	12.02
Total return (c)		(11.27	)% (e)		8.28	%		5.46	%		14.17	%		(6.41	)%		10.24	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	5,333		$	6,494		$	8,104		$	10,059		$	9,733		$	11,531
Ratio of expenses to average net assets (d)		1.00	% (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		0.72	% (f)		1.05	%		0.74	%		1.64	%		1.58	%		1.21	%
Portfolio turnover rate		8	% (e)		9	%		27	%		36	%		48	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.42		$	12.55		$	12.32		$	11.39		$	12.17		$	11.75
Income (loss) from investment operations:
Net investment income (a)(b)		0.09			0.30			0.09			0.31			0.20			0.18
Net realized and unrealized gain (loss) on investments and futures contracts		(1.55	)		0.71			0.56			1.21			(0.15	)		0.44
Total income from investment operations		(1.46	)		1.01			0.65			1.52			0.05			0.62
Less distributions from:
Net investment income		—			(0.14	)		(0.26	)		(0.26	)		(0.20	)		(0.18	)
Net realized gain		—			—			(0.16	)		(0.33	)		(0.63	)		(0.02	)
Total distributions		—			(0.14	)		(0.42	)		(0.59	)		(0.83	)		(0.20	)
Net asset value, end of year (c)	$	11.96		$	13.42		$	12.55		$	12.32		$	11.39		$	12.17
Total return (d)		(10.88	)% (g)		8.06	%		5.52	%		13.64	%		(5.67	)%		9.81	%
Ratios and Supplemental Data:
Net assets, end of year (e)	$	50,965		$	16		$	15		$	14		$	12		$	12
Ratio of expenses to average net assets (f)		0.90	% (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets (b)(f)		0.62	% (h)		0.95	%		0.64	%		1.54	%		1.66	%		1.32	%
Portfolio turnover rate		8	% (g)		9	%		27	%		36	%		48	%		30	%

(a)

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

(b)

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

(c)

NAV does not recalculate due to rounding of net assets.

(d)

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

(e)

Rounded net assets, not truncated.

(f)

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

(g)

Not annualized.

(h)

Annualized.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.16		$	11.82		$	11.49		$	10.73		$	12.66		$	10.93
Income (loss) from investment operations:
Net investment income (a)(b)		0.08			0.21			0.15			0.25			0.24			0.21
Net realized and unrealized gain (loss) on investments and futures contracts		(1.78	)		1.30			0.44			1.54			(1.27	)		1.74
Total income (loss) from investment operations		(1.70	)		1.51			0.59			1.79			(1.03	)		1.95
Less distributions from:
Net investment income		—			(0.17	)		(0.26	)		(0.26	)		(0.23	)		(0.22	)
Net realized gain		—			—			—			(0.77	)		(0.67	)		—
Total distributions		—			(0.17	)		(0.26	)		(1.03	)		(0.90	)		(0.22	)
Net asset value, end of period	$	11.46		$	13.16		$	11.82		$	11.49		$	10.73		$	12.66
Total return (c)		(12.92	)% (e)		12.79	%		5.46	%		17.32	%		(8.50	)%		17.97	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	18,944		$	26,491		$	28,548		$	29,825		$	26,999		$	31,412
Ratio of expenses to average net assets (d)		0.40	% (f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		1.29	% (f)		1.62	%		1.34	%		2.19	%		1.96	%		1.75	%
Portfolio turnover rate		9	% (e)		9	%		37	%		36	%		50	%		28	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.10		$	11.76		$	11.43		$	10.67		$	12.59		$	10.87
Income (loss) from investment operations:
Net investment income (a)(b)		0.07			0.17			0.12			0.22			0.21			0.17
Net realized and unrealized gain (loss) on investments and futures contracts		(1.78	)		1.31			0.44			1.54			(1.27	)		1.74
Total income (loss) from investment operations		(1.71	)		1.48			0.56			1.76			(1.06	)		1.91
Less distributions from:
Net investment income		—			(0.14	)		(0.23	)		(0.23	)		(0.19	)		(0.19	)
Net realized gain		—			—			—			(0.77	)		(0.67	)		—
Total distributions		—			(0.14	)		(0.23	)		(1.00	)		(0.86	)		(0.19	)
Net asset value, end of period	$	11.39		$	13.10		$	11.76		$	11.43		$	10.67		$	12.59
Total return (c)		(13.05	)% (e)		12.59	%		5.19	%		17.08	%		(8.72	)%		17.66	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	517,995		$	619,200		$	613,432		$	652,103		$	640,432		$	770,385
Ratio of expenses to average net assets (d)		0.65	% (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		1.12	% (f)		1.34	%		1.10	%		1.91	%		1.69	%		1.46	%
Portfolio turnover rate		9	% (e)		9	%		37	%		36	%		50	%		28	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 3 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.04		$	11.71		$	11.37		$	10.62		$	12.54		$	10.84
Income (loss) from investment operations:
Net investment income (a)(b)		0.06			0.16			0.11			0.20			0.19			0.16
Net realized and unrealized gain (loss) on investments and futures contracts		(1.77	)		1.29			0.45			1.53			(1.26	)		1.72
Total income (loss) from investment operations		(1.71	)		1.45			0.56			1.73			(1.07	)		1.88
Less distributions from:
Net investment income		—			(0.12	)		(0.22	)		(0.21	)		(0.18	)		(0.18	)
Net realized gain		—			—			—			(0.77	)		(0.67	)		—
Total distributions		—			(0.12	)		(0.22	)		(0.98	)		(0.85	)		(0.18	)
Net asset value, end of period	$	11.33		$	13.04		$	11.71		$	11.37		$	10.62		$	12.54
Total return (c)		(13.11	)% (e)		12.43	%		5.18	%		16.93	%		(8.84	)%		17.45	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	118,900		$	144,867		$	149,766		$	162,948		$	159,859		$	188,141
Ratio of expenses to average net assets (d)		0.75	% (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		1.01	% (f)		1.23	%		0.99	%		1.81	%		1.60	%		1.39	%
Portfolio turnover rate		9	% (e)		9	%		37	%		36	%		50	%		28	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 4 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.16		$	11.82		$	11.48		$	10.69		$	12.57		$	10.85
Income (loss) from investment operations:
Net investment income (a)(b)		0.05			0.13			0.08			0.18			0.15			0.13
Net realized and unrealized gain (loss) on investments and futures contracts		(1.78	)		1.30			0.45			1.54			(1.25	)		1.74
Total income (loss) from investment operations		(1.73	)		1.43			0.53			1.72			(1.10	)		1.87
Less distributions from:
Net investment income		—			(0.09	)		(0.19	)		(0.16	)		(0.11	)		(0.15	)
Net realized gain		—			—			—			(0.77	)		(0.67	)		—
Total distributions		—			(0.09	)		(0.19	)		(0.93	)		(0.78	)		(0.15	)
Net asset value, end of period	$	11.43		$	13.16		$	11.82		$	11.48		$	10.69		$	12.57
Total return (c)		(13.15	)% (e)		12.13	%		4.85	%		16.64	%		(9.09	)%		17.33	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	3,796		$	4,639		$	4,592		$	5,079		$	4,833		$	11,182
Ratio of expenses to average net assets (d)		1.00	% (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		0.77	% (f)		0.99	%		0.74	%		1.58	%		1.23	%		1.14	%
Portfolio turnover rate		9	% (e)		9	%		37	%		36	%		50	%		28	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.68		$	12.34		$	12.01		$	11.25		$	12.59		$	11.26
Income (loss) from investment operations:
Net investment income (a)(b)		0.10			0.24			0.05			0.25			0.17			0.17
Net realized and unrealized gain (loss) on investments and futures contracts		(1.81	)		1.24			0.51			1.51			(0.65	)		1.35
Total income (loss) from investment operations		(1.71	)		1.48			0.56			1.76			(0.48	)		1.52
Less distributions from:
Net investment income		—			(0.14	)		(0.23	)		(0.23	)		(0.19	)		(0.19	)
Net realized gain		—			—			—			(0.77	)		(0.67	)		—
Total distributions		—			(0.14	)		(0.23	)		(1.00	)		(0.86	)		(0.19	)
Net asset value, end of year (c)	$	11.97		$	13.68		$	12.34		$	12.01		$	11.25		$	12.59
Total return (d)		(12.50	)% (g)		12.00	%		4.92	%		16.12	%		(8.32	)%		17.00	%
Ratios and Supplemental Data:
Net assets, end of year (e)	$	14		$	16		$	15		$	14		$	12		$	13
Ratio of expenses to average net assets (f)		0.90	% (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets (b)(f)		0.67	% (h)		0.89	%		0.64	%		1.48	%		1.44	%		1.21	%
Portfolio turnover rate		9	% (g)		9	%		37	%		36	%		50	%		28	%

(a)

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

(b)

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

(c)

NAV does not recalculate due to rounding of net assets.

(d)

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

(e)

Rounded net assets, not truncated.

(f)

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

(g)

Not annualized.

(h)

Annualized.

See accompanying notes to financial statements.

TOPS^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 1 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.50		$	12.29		$	11.99		$	11.02		$	12.71		$	11.34
Income (loss) from investment operations:
Net investment income (a)(b)		0.08			0.22			0.16			0.27			0.25			0.24
Net realized and unrealized gain (loss) on investments and futures contracts		(1.77	)		1.17			0.54			1.51			(1.10	)		1.36
Total income (loss) from investment operations		(1.69	)		1.39			0.70			1.78			(0.85	)		1.60
Less distributions from:
Net investment income		—			(0.18	)		(0.30	)		(0.30	)		(0.24	)		(0.23	)
Net realized gain		—			—			(0.10	)		(0.51	)		(0.60	)		—
Total distributions		—			(0.18	)		(0.40	)		(0.81	)		(0.84	)		(0.23	)
Net asset value, end of period	$	11.81		$	13.50		$	12.29		$	11.99		$	11.02		$	12.71
Total return (c)		(12.52	)% (e)		11.38	%		6.20	%		16.59	%		(7.00	)%		14.18	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	758		$	1,167		$	1,116		$	1,115		$	1,015		$	2,389
Ratio of expenses to average net assets (d)		0.40	% (f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		1.27	% (f)		1.68	%		1.43	%		2.31	%		1.98	%		1.97	%
Portfolio turnover rate		7	% (e)		9	%		32	%		35	%		38	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 2 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.45		$	12.25		$	11.95		$	10.98		$	12.66		$	11.30
Income (loss) from investment operations:
Net investment income (a)(b)		0.07			0.18			0.13			0.24			0.24			0.19
Net realized and unrealized gain (loss) on investments and futures contracts		(1.77	)		1.17			0.54			1.50			(1.11	)		1.37
Total income (loss) from investment operations		(1.70	)		1.35			0.67			1.74			(0.87	)		1.56
Less distributions from:
Net investment income		—			(0.15	)		(0.27	)		(0.26	)		(0.21	)		(0.20	)
Net realized gain		—			—			(0.10	)		(0.51	)		(0.60	)		—
Total distributions		—			(0.15	)		(0.37	)		(0.77	)		(0.81	)		(0.20	)
Net asset value, end of period	$	11.75		$	13.45		$	12.25		$	11.95		$	10.98		$	12.66
Total return (c)		(12.64	)% (e)		11.06	%		5.91	%		16.30	%		(7.22	)%		13.85	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	514,794		$	626,034		$	629,522		$	673,353		$	678,295		$	826,964
Ratio of expenses to average net assets (d)		0.65	% (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		1.12	% (f)		1.41	%		1.16	%		2.02	%		1.86	%		1.56	%
Portfolio turnover rate		7	% (e)		9	%		32	%		35	%		38	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 3 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.41		$	12.21		$	11.90		$	10.94		$	12.63		$	11.27
Income (loss) from investment operations:
Net investment income (a)(b)		0.06			0.17			0.12			0.22			0.22			0.18
Net realized and unrealized gain (loss) on investments and futures contracts		(1.77	)		1.17			0.54			1.50			(1.11	)		1.37
Total income (loss) from investment operations		(1.71	)		1.34			0.66			1.72			(0.89	)		1.55
Less distributions from:
Net investment income		—			(0.14	)		(0.25	)		(0.25	)		(0.20	)		(0.19	)
Net realized gain		—			—			(0.10	)		(0.51	)		(0.60	)		—
Total distributions		—			(0.14	)		(0.35	)		(0.76	)		(0.80	)		(0.19	)
Net asset value, end of period	$	11.70		$	13.41		$	12.21		$	11.90		$	10.94		$	12.63
Total return (c)		(12.75	)% (e)		10.98	%		5.90	%		16.16	%		(7.38	)%		13.83	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	128,832		$	157,188		$	159,926		$	171,983		$	170,062		$	191,249
Ratio of expenses to average net assets (d)		0.75	% (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		1.01	% (f)		1.30	%		1.06	%		1.92	%		1.79	%		1.48	%
Portfolio turnover rate		7	% (e)		9	%		32	%		35	%		38	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Class 4 Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	13.36		$	12.16		$	11.86		$	10.90		$	12.57		$	11.21
Income (loss) from investment operations:
Net investment income (a)(b)		0.05			0.14			0.09			0.20			0.19			0.15
Net realized and unrealized gain (loss) on investments and futures contracts		(1.76	)		1.16			0.53			1.49			(1.10	)		1.36
Total income (loss) from investment operations		(1.71	)		1.30			0.62			1.69			(0.91	)		1.51
Less distributions from:
Net investment income		—			(0.10	)		(0.22	)		(0.22	)		(0.16	)		(0.15	)
Net realized gain		—			—			(0.10	)		(0.51	)		(0.60	)		—
Total distributions		—			(0.10	)		(0.32	)		(0.73	)		(0.76	)		(0.15	)
Net asset value, end of period	$	11.65		$	13.36		$	12.16		$	11.86		$	10.90		$	12.57
Total return (c)		(12.80	)% (e)		10.72	%		5.53	%		15.88	%		(7.61	)%		13.53	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	4,780		$	6,376		$	6,657		$	7,455		$	6,905		$	8,532
Ratio of expenses to average net assets (d)		1.00	% (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		0.73	% (f)		1.04	%		0.80	%		1.70	%		1.51	%		1.22	%
Portfolio turnover rate		7	% (e)		9	%		32	%		35	%		38	%		30	%

(a)

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

(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^®Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

Selected data based on a share outstanding throughout each period indicated.

	Investor Class Shares
	Six Months Ended
	June 30, 2022			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2021			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017
Net asset value, beginning of period	$	14.27		$	13.04		$	12.74		$	11.77		$	12.67		$	11.89
Income (loss) from investment operations:
Net investment income (a)(b)		(0.06	)		0.21			0.09			0.32			0.20			0.19
Net realized and unrealized gain (loss) on investments and futures contracts		(1.71	)		1.17			0.58			1.42			(0.29	)		0.79
Total income (loss) from investment operations		(1.77	)		1.38			0.67			1.74			(0.09	)		0.98
Less distributions from:
Net investment income		—			(0.15	)		(0.27	)		(0.26	)		(0.21	)		(0.20	)
Net realized gain		—			—			(0.10	)		(0.51	)		(0.60	)		—
Total distributions		—			(0.15	)		(0.37	)		(0.77	)		(0.81	)		(0.20	)
Net asset value, end of period	$	12.50		$	14.27		$	13.04	(f)	$	12.74	(f)	$	11.77	(f)	$	12.67	(f)
Total return (c)		(12.40	)% (g)		10.62	%		5.52	%		15.21	%		(6.77	)%		12.99	%
Ratios and Supplemental Data:
Net assets, end of year (d)	$	110		$	521,296		$	15		$	14		$	13		$	13
Ratio of expenses to average net assets (e)		0.90	% (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income (loss) to average net assets (b)(e)		(0.92	)% (h)		1.49	%		0.70	%		1.60	%		1.61	%		1.31	%
Portfolio turnover rate		7	% (g)		9	%		32	%		35	%		38	%		30	%

(a)

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

(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)

NAV does not recalculate due to rounding of net assets.

(g)

Not annualized.

(h)

Annualized.

See accompanying notes to financial statements.

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2022

ORGANIZATION

The TOPS^® ETF Portfolios (each a “Portfolio”, collectively the “Portfolios”) are comprised of eight 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 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 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.
Managed Risk Balanced ETF Portfolio	Income and capital appreciation with less volatility than the fixed income and equity markets as a whole.
Managed Risk Growth ETF Portfolio	Capital appreciation with less volatility than the equity markets as a whole.
Managed Risk Moderate Growth ETF Portfolio	Capital appreciation with less volatility than the equity markets as a whole.

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

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 accounting principles generally accepted 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.

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

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. The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Portfolios may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Portfolios’ holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation.

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

A Portfolio may hold securities, 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 securities will be valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The committee 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 in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The applicable investments are valued collectively via inputs from each of these groups. 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 advisor or sub-advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor or sub-advisor to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask 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; (iv) securities with respect to which an event that will affect 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 via inputs from the advisor or sub-advisor 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 the advisor or sub-advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee 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 the 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^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

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^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

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, 2022 for each Portfolio’s investments measured at fair value:

Aggressive Growth ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	74,591,183	$	—	$	—	$	74,591,183
Short-Term Investments		4,647,476		—		—		4,647,476
Total	$	79,238,659	$	—	$	—	$	79,238,659

Balanced ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	65,755,496	$	—	$	—	$	65,755,496
Short-Term Investments		12,929,719		—		—		12,929,719
Total	$	78,685,215	$	—	$	—	$	78,685,215

Conservative ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	25,104,304	$	—	$	—	$	25,104,304
Short-Term Investments		4,519,267		—		—		4,519,267
Total	$	29,623,571	$	—	$	—	$	29,623,571

Growth ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	84,309,789	$	—	$	—	$	84,309,789
Short-Term Investments		11,952,750		—		—		11,952,750
Total	$	96,262,539	$	—	$	—	$	96,262,539

Moderate Growth ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	96,924,354	$	—	$	—	$	96,924,354
Short-Term Investments		14,488,320		—		—		14,488,320
Total	$	111,412,674	$	—	$	—	$	111,412,674

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

Managed Risk Balanced ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	339,919,878	$	—	$	—	$	339,919,878
Short-Term Investments		112,589,514		—		—		112,589,514
Derivatives
Futures Contracts **		847,112		—		—		847,112
Total	$	453,356,504	$	—	$	—	$	453,356,504

Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts **	$	207,156	$	—	$	—	$	207,156

Managed Risk Growth ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	574,451,077	$	—	$	—	$	574,451,077
Short-Term Investments		146,935,112		—		—		146,935,112
Derivatives
Futures Contracts **		6,710,008		—		—		6,710,008
Total	$	728,096,197	$	—	$	—	$	728,096,197

Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts **	$	168,672	$	—	$	—	$	168,672

Managed Risk Moderate Growth ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	568,356,961	$	—	$	—	$	568,356,961
Short-Term Investments		167,039,567		—		—		167,039,567
Derivatives
Futures Contracts **		3,188,502		—		—		3,188,502
Total	$	738,585,030	$	—	$	—	$	738,585,030

Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts **	$	281,625	$	—	$	—	$	281,625

The Portfolios did not hold any Level 2 or 3 securities during the period ended June 30, 2022.

Refer to the Schedule of Investments for security classifications.

Cumulative appreciation (depreciation) of futures contracts is reported in the above table.

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

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

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Portfolios’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended or expected to be taken in the Portfolios’ December 31, 2022 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.

Futures Contracts – The Portfolios are subject to equity price risk in the normal course of pursuing their investment objectives. The Portfolios may purchase or sell futures contracts to hedge against market risk and to reduce return volatility. Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash as collateral for the account of the broker (each Portfolio’s agent in acquiring the futures position). During the period the futures contracts are open, changes in the value of the contracts are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contracts at the end of each day’s trading. Variation margin payments are received or made depending upon whether unrealized gains or losses are incurred. When the contracts are closed, a Portfolio recognizes a realized gain or loss equal to the difference between the proceeds from, or cost of, the closing transaction and the Portfolio’s basis in the contract. If a Portfolio were unable to liquidate a futures contract and/or enter into an offsetting closing transaction, the Portfolio would continue to be subject to market risk with respect to the value of the contracts and continue to be required to maintain the margin deposits on the futures contracts. Each Portfolio segregates liquid securities having a value at least equal to the amount of the current obligation under any open futures contract. Risks may exceed amounts recognized in the Statements of Assets and Liabilities. With futures, there is minimal counterparty credit risk to a Portfolio since futures are exchange - traded and the exchange’s clearinghouse, as counterparty to all exchange traded futures, guarantees the futures against default.

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Asset and Liabilities as of June 30, 2022:

Managed Risk Balanced ETF Portfolio
	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized appreciation on futures contracts	$	847,112
Interest Risk	Unrealized depreciation on futures contracts		(207,156	)
Total		$	639,956

Managed Risk Growth ETF Portfolio
	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized appreciation on futures contracts	$	6,710,008
Interest Risk	Unrealized depreciation on futures contracts		(168,672	)
Total		$	6,541,336

Managed Risk Moderate Growth ETF Portfolio
	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized appreciation on futures contracts	$	3,188,502
Interest Risk	Unrealized depreciation on futures contracts		(281,625	)
Total		$	2,906,877

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Operations for the six months ended June 30, 2022:

Managed Risk Balanced ETF Portfolio

Realized and Unrealized Gain

Location of Gain (Loss) on Derivatives

(Loss) on Derivatives

Derivative Investment Type

Primary Risk Exposure

recognized in income

Futures Contracts

Equity Risk

Net realized gain on futures transactions

771,636

Futures Contracts

Interest Risk

Net realized loss on futures transactions

(1,774,180

)

Total

(1,002,544

)

Futures Contracts

Equity Risk

Net change in unrealized appreciation on futures contracts

504,772

Futures Contracts

Interest Risk

Net change in unrealized depreciation on futures contracts

(207,926

)

Total

296,846

Managed Risk Growth ETF Portfolio

Realized and Unrealized Gain

Location of Gain (Loss) on Derivatives

(Loss) on Derivatives

Derivative Investment Type

Primary Risk Exposure

recognized in income

Futures Contracts

Equity Risk

Net realized gain on futures transactions

14,836,910

Futures Contracts

Interest Risk

Net realized loss on futures transactions

(6,322,021

)

Total

8,514,889

Futures Contracts

Equity Risk

Net change in unrealized on futures appreciation contracts

7,001,783

Futures Contracts

Interest Risk

Net change in unrealized depreciation on futures contracts

(156,063

)

Total

6,845,720

Managed Risk Moderate Growth ETF Portfolio

Realized and Unrealized Gain

Location of Gain (Loss) on Derivatives

(Loss) on Derivatives

Derivative Investment Type

Primary Risk Exposure

recognized in income

Futures Contracts

Equity Risk

Net realized gain on futures transactions

2,516,708

Futures Contracts

Interest Risk

Net realized loss on futures transactions

(3,736,088

)

Total

(1,219,380

)

Futures Contracts

Equity Risk

Net change in unrealized appreciation on futures contracts

2,902,517

Futures Contracts

Interest Risk

Net change in unrealized depreciation on futures contracts

(263,852

)

Total

2,638,665

The notional value of the derivative instruments outstanding as of June 30, 2022 as disclosed in the Schedule of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for each Portfolio.

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

Exchange Traded Funds – The Portfolio 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 the 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 and which provide general indemnities. Each Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss due to these warranties and indemnities to be remote.

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

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

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

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, 2022:

								Gross Amounts Not Offset in the
								Statement of Assets & Liabilities *
						Net Amounts of
				Gross Amounts		Assets Presented
				Offset in the		in the
		Gross Amounts		Statements of		Statements of		Financial		Pledged
		of Recognized		Assets &		Assets &		Instruments		Collateral		Net Amount of
Assets:		Assets		Liabilities		Liabilities		Pledged		Received		Assets
Aggressive Growth ETF Portfolio
	Description:
	Securities Loaned	$	3,010,505	$	—	$	3,010,505	$	—	$	3,010,505	$	—
	Total	$	3,010,505	$	—	$	3,010,505	$	—	$	3,010,505	$	—

Balanced ETF Portfolio
	Description:
	Securities Loaned	$	11,951,833	$	—	$	11,951,833	$	499,226	$	11,452,607	$	—
	Total	$	11,951,833	$	—	$	11,951,833	$	499,226	$	11,452,607	$	—

Conservative ETF Portfolio
	Description:
	Securities Loaned	$	4,468,988	$	—	$	4,468,988	$	547,539	$	3,921,449	$	—
	Total	$	4,468,988	$	—	$	4,468,988	$	547,539	$	3,921,449	$	—

Growth ETF Portfolio

	Description:
	Securities Loaned	$	10,295,419	$	—	$	10,295,419	$	607,966	$	9,687,453	$	—
	Total	$	10,295,419	$	—	$	10,295,419	$	607,966	$	9,687,453	$	—

Moderate Growth ETF Portfolio
	Description:
	Securities Loaned	$	12,378,589	$	—	$	12,378,589	$	179,108	$	12,199,481	$	—
	Total	$	12,378,589	$	—	$	12,378,589	$	179,108	$	12,199,481	$	—

Managed Risk Balanced ETF Portfolio
	Description:
	Securities Loaned	$	71,212,834	$	—	$	71,212,834	$	432,319	$	70,780,515	$	—
	Total	$	71,212,834	$	—	$	71,212,834	$	432,319	$	70,780,515	$	—

Managed Risk Growth ETF Portfolio
	Description:
	Securities Loaned	$	83,577,288	$	—	$	83,577,288	$	—	$	83,577,288	$	—
	Total	$	83,577,288	$	—	$	83,577,288	$	—	$	83,577,288	$	—

Managed Risk Moderate Growth ETF Portfolio
	Description:
	Securities Loaned	$	110,725,606	$	—	$	110,725,606	$	10,086,835	$	100,638,771	$	—
	Total	$	110,725,606	$	—	$	110,725,606	$	10,086,835	$	100,638,771	$	—

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

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

The following table breaks out the holdings received as collateral as of June 30, 2022:

Securities Lending Transactions
Overnight and Continuous
Aggressive Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	3,072,359

Balanced ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	11,704,639

Conservative ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	4,015,766

Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	9,905,416

Moderate Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	12,466,602

Managed Risk Balanced ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	72,280,385

Managed Risk Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	85,484,831

Managed Risk Moderate Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	102,974,990

The fair value of the securities loaned for the Aggressive Growth ETF Portfolio, Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio, Moderate Growth ETF Portfolio, Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio totaled $3,010,505, $11,951,833, $4,468,988, $10,295,419, $12,378,589, $71,212,834, $83,577,288 and $110,725,606 at June 30, 2022, 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 $3,072,359, $11,704,639, $4,015,766, $9,905,416, $12,466,602, $72,280,385, $85,484,831 and $102,974,990 for the Aggressive Growth ETF Portfolio, Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio, Moderate Growth ETF Portfolio, Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio at June 30, 2022, respectively. This amount is offset by a liability recorded as “Collateral on securities loaned.” At June 30, 2022, the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio, Moderate Growth ETF Portfolio Managed Risk Balanced ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio received non-cash collateral of $499,226, $547,539, $607,966, $179,108, $5,293,544, $432,319, and $10,086,835, respectively. The Aggressive Growth ETF Portfolio and Managed Risk Growth ETF Portfolio did not receive non-cash collateral as of June 30, 2022. 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.

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

INVESTMENT TRANSACTIONS

For the six months ended June 30, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and government securities, were as follows:

Portfolio	Purchases		Sales
Aggressive Growth ETF Portfolio	$	14,542,155	$	2,597,563
Balanced ETF Portfolio		12,645,653		4,421,294
Conservative ETF Portfolio		5,493,060		6,383,584
Growth ETF Portfolio		19,052,445		4,630,804
Moderate Growth ETF Portfolio		21,217,916		5,039,953
Managed Risk Balanced ETF Portfolio		29,463,245		44,659,007
Managed Risk Growth ETF Portfolio		57,295,007		63,551,084
Managed Risk Moderate Growth ETF Portfolio		47,266,632		73,882,925

INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

ValMark Advisors, Inc. serves as the Portfolios’ investment advisor (the “Advisor”). The Advisor has engaged Milliman Financial Risk Management, LLC. as the Managed Risk Portfolios’ sub-advisor (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 of the Traditional Portfolio’s average daily net assets and 0.30% of each of the Managed Risk Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement between the Advisor and sub-advisor, on behalf of the Managed Risk Portfolios, the Advisor not the Portfolios pays the sub-advisor a fee, which is computed and accrued daily and paid monthly. For the six months June 30, 2022, the Portfolios paid the following in advisory fees.

Portfolio	Advisory Fees
Aggressive Growth ETF Portfolio	$	39,627
Balanced ETF Portfolio		34,109
Conservative ETF Portfolio		14,482
Growth ETF Portfolio		43,975
Moderate Growth ETF Portfolio		50,043
Managed Risk Balanced ETF Portfolio		629,532
Managed Risk Growth ETF Portfolio		1,079,580
Managed Risk Moderate Growth ETF Portfolio		1,071,862

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

The Trust, with respect to the Portfolios, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (“12b-1 Plan” or “Plan”) for each of Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares. The fee is calculated at an annual rate of 0.25%, 0.35%, 0.60%, and 0.50% of the average daily net assets attributable to each Portfolio’s Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended June 30, 2022, the Portfolios paid the following in distribution fees under the Plan.

Portfolio	Distribution Fees
Aggressive Growth ETF Portfolio	$	96,340
Balanced ETF Portfolio		76,225
Conservative ETF Portfolio		26,077
Growth ETF Portfolio		103,749
Moderate Growth ETF Portfolio		103,518
Managed Risk Balanced ETF Portfolio		571,567
Managed Risk Growth ETF Portfolio		944,353
Managed Risk Moderate Growth ETF Portfolio		972,832

Service Class shares also include shareholder servicing and administrative fees for Balanced ETF Portfolio and Moderate Growth ETF Portfolio Fund in the amounts of $853 and $17,068, 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 ended June 30, 2022, the Trustees received fees in the amount of $8,165 on behalf of each Portfolio.

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

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

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

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

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, 2022, 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		89%

Balanced ETF Portfolio
Pruco Life Insurance Company		70%

Conservative ETF Portfolio
Members Life Insurance Company		49%
Pruco Life Insurance Company		27%

Growth ETF Portfolio
Pruco Life Insurance Company		83%

Moderate Growth ETF Portfolio
Pruco Life Insurance Company		63%

Managed Risk Balanced ETF Portfolio
Ohio National Life Insurance Company		82%

Managed Risk Growth ETF Portfolio
Ohio National Life Insurance Company		68%

Managed Risk Moderate Growth ETF Portfolio
Ohio National Life Insurance Company		80%

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

DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

Represents aggregate cost for federal tax purposes for the Portfolios as of June 30, 2022 and differs from market value by net unrealized appreciation/depreciation which consisted of:

			Gross		Gross			Total Unrealized
			Unrealized		Unrealized			Appreciation
Fund	Aggregate Cost		Appreciation		Depreciation			(Depreciation)
Aggressive ETF Portfolio	$	81,411,812	$	2,125,303	$	(4,298,456	)	$	(2,173,153	)
Balanced ETF Portfolio		81,243,139		1,896,022		(4,453,946	)		(2,557,924	)
Conservative ETF Portfolio		30,993,719		193,049		(1,563,197	)		(1,370,148	)
Growth ETF Portfolio		97,384,010		3,841,911		(4,963,382	)		(1,121,471	)
Moderate Growth ETF Portfolio		112,350,692		4,915,441		(5,853,459	)		(938,018	)
Managed Risk Balanced ETF Portfolio		429,996,105		37,505,408		(14,992,122	)		22,513,286
Managed Risk Growth ETF Portfolio		674,276,738		82,405,077		(21,285,287	)		61,119,790
Managed Risk Moderate Growth ETF Portfolio		630,655,280		107,305,818		(16,574,908	)		90,730,910

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

The tax character of the Portfolios’ distributions paid for the years ended December 31, 2021 and December 31, 2020 was as follows:

For the year ended December 31, 2021:
	Ordinary		Long-Term
Portfolio	Income		Capital Gains		Total
Aggressive Growth ETF Portfolio	$	468,981	$	—	$	468,981
Balanced ETF Portfolio		575,802		—		575,802
Conservative ETF Portfolio		255,030		—		255,030
Growth ETF Portfolio		717,780		—		717,780
Moderate Growth ETF Portfolio		1,023,350		—		1,023,350
Managed Risk Balanced ETF Portfolio		10,728,002		5,744,767		16,472,769
Managed Risk Growth ETF Portfolio		16,055,555		—		16,055,555
Managed Risk Moderate Growth ETF Portfolio		17,197,505		6,544,966		23,742,471

For the year ended December 31, 2020:
	Ordinary		Long-Term
Portfolio	Income		Capital Gains		Total
Aggressive Growth ETF Portfolio	$	360,685	$	284,569	$	645,254
Balanced ETF Portfolio		509,891		11,217		521,108
Conservative ETF Portfolio		292,648		25,437		318,085
Growth ETF Portfolio		670,771		248,360		919,131
Moderate Growth ETF Portfolio		904,804		112,244		1,017,048
Managed Risk Balanced ETF Portfolio		10,728,002		5,744,767		16,472,769
Managed Risk Growth ETF Portfolio		16,055,555		—		16,055,555
Managed Risk Moderate Growth ETF Portfolio		17,197,505		6,544,966		23,742,471

The difference between ordinary distributions paid from book and ordinary distributions paid from tax relates to allowable foreign tax credits of $76,897, $52,090, $14,003, $93,132, $89,210, $347,088, $825,956 and $689,809 for the fiscal year ended December 31, 2021 for Aggressive Growth ETF Portfolio, Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio, Moderate Growth ETF Portfolio, Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio, respectively, which has been passed through to the Portfolios’ underlying shareholders and are deemed dividends for tax purposes.

TOPS^®ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited) (Continued)

June 30, 2022

As of December 31, 2021, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Accumulated
	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Aggressive Growth ETF
Portfolio	$	1,075,156	$	58,874	$	—	$	—		$	—	$	14,879,896	$	16,013,926
Balanced ETF Portfolio		1,207,779		1,068,599		—		—			—		7,329,938		9,606,316
Conservative ETF Portfolio		554,380		385,904		—		—			—		2,181,168		3,121,452
Growth ETF Portfolio		1,407,990		585,793		—		—			—		16,662,901		18,656,684
Moderate Growth ETF Portfolio		1,727,970		1,319,251		—		—			—		16,166,648		19,213,869
Managed Risk Balanced ETF Portfolio		8,300,695		10,841,278		—		—			—		73,112,087		92,254,060
Managed Risk Growth ETF Portfolio		10,725,352		—		—		(12,050,464	)		—		214,570,266		213,245,154
Managed Risk Moderate Growth ETF Portfolio		16,925,416		10,134,986		—		—			—		166,500,598		193,561,000

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

At December 31, 2021, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains and utilized capital loss carryforwards as follows:

	Non-Expiring
Portfolio	Short-Term		Long-Term		Total		CLCF Utilized
Aggressive Growth ETF Portfolio	$	—	$	—	$	—	$	1,620,556
Balanced ETF Portfolio		—		—		—		407,395
Conservative ETF Portfolio		—		—		—		48,889
Growth ETF Portfolio		—		—		—		1,702,278
Moderate Growth ETF Portfolio		—		—		—		1,604,159
Managed Risk Balanced ETF Portfolio		—		—		—		8,876,996
Managed Risk Growth ETF Portfolio		7,872,489		4,177,975		12,050,464		37,077,993
Managed Risk Moderate Growth ETF Portfolio		—		—		—		24,098,472

RECENT REGULATORY UPDATES

In October 2020, the Securities and Exchange Commission (the “SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). The Portfolios will be required to comply with Rule 18f-4 by August 19, 2022. Once implemented, Rule 18f-4 will impose limits on the amount of derivatives a portfolio can enter into, eliminate the asset segregation framework currently used by portfolios to comply with Section 18 of the 1940 Act, treat derivatives as senior securities and require portfolios whose use of derivatives is more than a limited specified exposure amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Portfolios are currently evaluating the impact, if any, of this provision.

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^®ETF Portfolios

EXPENSE EXAMPLES (Unaudited)

June 30, 2022

As a shareholder of one or more of the Portfolios, you incur ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Portfolio expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Portfolio and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2022 through June 30, 2022.

Actual Expenses

The “Actual” columns in the tables below provide information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The “Hypothetical” columns in the tables below provide information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, or other expenses charged by your insurance contract or separate account. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s		Ending	Expenses	Ending	Expenses
	Annualized	Beginning	Account	Paid	Account	Paid
	Expense	Account Value	Value	During	Value	During
Class 1	Ratio	1-1-22	6-30-22	Period^*	6-30-22	Period^*
Aggressive Growth ETF Portfolio	0.21%	$1,000.00	$820.90	$0.95	$1,023.75	$1.05
Balanced ETF Portfolio	0.21%	$1,000.00	$881.00	$0.98	$1,023.75	$1.05
Conservative ETF Portfolio	0.23%	$1,000.00	$908.30	$1.09	$1,023.65	$1.15
Growth ETF Portfolio	0.21%	$1,000.00	$834.40	$0.96	$1,023.75	$1.05
Moderate Growth ETF Portfolio	0.21%	$1,000.00	$858.80	$0.97	$1,023.75	$1.05
Managed Risk Balanced ETF Portfolio	0.40%	$1,000.00	$890.80	$1.88	$1,022.81	$2.01
Managed Risk Growth ETF Portfolio	0.40%	$1,000.00	$870.80	$1.86	$1,022.81	$2.01
Managed Risk Moderate Growth ETF Portfolio	0.40%	$1,000.00	$874.80	$1.86	$1,022.81	$2.01

100

TOPS^®ETF Portfolios

EXPENSE EXAMPLES (Unaudited) (Continued)

June 30, 2022

					Hypothetical
					(5% return before
			Actual		expenses)
			Ending	Expenses	Ending	Expenses
	Portfolio’s	Beginning	Account	Paid	Account	Paid
	Annualized	Account Value	Value	During	Value	During
Class 2	Expense Ratio	1-1-22	6-30-22	Period^*	6-30-22	Period^*
Aggressive Growth ETF Portfolio	0.46%	$1,000.00	$819.90	$2.08	$1,022.51	$2.31
Balanced ETF Portfolio	0.46%	$1,000.00	$880.10	$2.14	$1,022.51	$2.31
Conservative ETF Portfolio	0.48%	$1,000.00	$906.70	$2.27	$1,022.41	$2.41
Growth ETF Portfolio	0.46%	$1,000.00	$833.50	$2.09	$1,022.51	$2.31
Moderate Growth ETF Portfolio	0.46%	$1,000.00	$857.50	$2.12	$1,022.51	$2.31
Managed Risk Balanced ETF Portfolio	0.65%	$1,000.00	$889.50	$3.05	$1,021.57	$3.26
Managed Risk Growth ETF Portfolio	0.65%	$1,000.00	$869.50	$3.01	$1,021.57	$3.26
Managed Risk Moderate Growth ETF Portfolio	0.65%	$1,000.00	$873.60	$3.02	$1,021.57	$3.26

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Class 3	Ratio	1-1-22	6-30-22	Period *	6-30-22	Period*
Managed Risk Balanced ETF Portfolio	0.75%	$1,000.00	$889.20	$3.51	$1,021.08	$3.76
Managed Risk Growth ETF Portfolio	0.75%	$1,000.00	$868.90	$3.48	$1,021.08	$3.76
Managed Risk Moderate Growth ETF Portfolio	0.75%	$1,000.00	$872.50	$3.48	$1,021.08	$3.76

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Class 4	Ratio	1-1-22	6-30-22	Period *	6-30-22	Period*
Managed Risk Balanced ETF Portfolio	1.00%	$1,000.00	$887.30	$4.68	$1,019.84	$5.01
Managed Risk Growth ETF Portfolio	1.00%	$1,000.00	$868.50	$4.63	$1,019.84	$5.01
Managed Risk Moderate Growth ETF Portfolio	1.00%	$1,000.00	$872.00	$4.64	$1,019.84	$5.01

101

TOPS^®ETF Portfolios

EXPENSE EXAMPLES (Unaudited) (Continued)

June 30, 2022

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s		Ending	Expenses	Ending	Expenses
	Annualized	Beginning	Account	Paid	Account	Paid
	Expense	Account Value	Value	During	Value	During
Investor Class	Ratio	1-1-22	6-30-22	Period^*	6-30-22	Period^*
Aggressive Growth ETF Portfolio	0.71%	$1,000.00	$818.50	$3.20	$1,021.27	$3.56
Balanced ETF Portfolio	0.71%	$1,000.00	$878.80	$3.31	$1,021.27	$3.56
Conservative ETF Portfolio	0.73%	$1,000.00	$906.10	$3.45	$1,021.17	$3.66
Growth ETF Portfolio	0.71%	$1,000.00	$832.50	$3.23	$1,021.27	$3.56
Moderate Growth ETF Portfolio	0.71%	$1,000.00	$856.70	$3.27	$1,021.27	$3.56
Managed Risk Balanced ETF Portfolio	0.90%	$1,000.00	$891.20	$4.22	$1,020.33	$4.51
Managed Risk Growth ETF Portfolio	0.90%	$1,000.00	$875.00	$4.18	$1,020.33	$4.51
Managed Risk Moderate Growth ETF Portfolio	0.90%	$1,000.00	$876.00	$4.19	$1,020.33	$4.51

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s		Ending	Expenses	Ending	Expenses
	Annualized	Beginning	Account	Paid	Account	Paid
	Expense	Account Value	Value	During	Value	During
Service Class	Ratio	1-1-22	6-30-22	Period^*	6-30-22	Period^*
Aggressive Growth ETF Portfolio	0.51%	$1,000.00	$819.90	$2.30	$1,022.27	$2.56
Balanced ETF Portfolio	0.51%	$1,000.00	$879.40	$2.38	$1,022.27	$2.56
Conservative ETF Portfolio	0.53%	$1,000.00	$906.70	$2.51	$1,022.17	$2.66
Growth ETF Portfolio	0.51%	$1,000.00	$833.50	$2.32	$1,022.27	$2.56
Moderate Growth ETF Portfolio	0.51%	$1,000.00	$857.10	$2.35	$1,022.27	$2.56

Expenses are equal to the average account value over the period, multiplied by each Portfolio’s annualized expense ratio, multiplied by the number of days in the period (181) divided by the number of days in the fiscal year (365).

102

TOPS® ETF Portfolios

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2022

LIQUIDITY RISK MANAGEMENT PROGRAM

The Portfolios have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the “Liquidity Rule”) under the Investment Company Act. The program is reasonably designed to assess and manage the Portfolios’ liquidity risk, taking into consideration, among other factors, each respective Portfolio’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the six months ended June 30, 2022, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Portfolios’ investments and determined that the Portfolios held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Portfolios’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Portfolios’ liquidity risk management program has been effectively implemented.

103

PRIVACY NOTICE

Northern Lights Variable Trust

Rev. February 2014

FACTS

WHAT DOES NORTHERN LIGHTS VARIABLE TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depends on the product or service that you have with us. This information can include:

● Social Security number and wire transfer instructions

● account transactions and transaction history

● investment experience and purchase history

When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Northern Lights Variable Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information:	Does Northern Lights Variable Trust share information?	Can you limit this sharing?
For our everyday business purposes - such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.	YES	NO
For our marketing purposes - to offer our products and services to you.	NO	We don’t share
For joint marketing with other financial companies.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your transactions and records.	NO	We don’t share
For our affiliates’ everyday business purposes - information about your credit worthiness.	NO	We don’t share
For nonaffiliates to market to you	NO	We don’t share

QUESTIONS?

Call 1-631-490-4300

104

PRIVACY NOTICE

Northern Lights Variable Trust

Page 2

What we do:

How does Northern Lights Variable Trust protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does Northern Lights Variable Trust collect my personal information?

We collect your personal information, for example, when you

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

● sharing for affiliates’ everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

State laws and individual companies may give you additional rights to limit sharing.

Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Variable Trust does not share with our affiliates.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. ● Northern Lights Variable Trust does not share with nonaffiliates so they can market to you.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ● Northern Lights Variable Trust doesn’t jointly market.

105

PROXY VOTING POLICY

Information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that the Portfolios use to determine how to vote proxies is available without charge, upon request, by calling 1-855 -572-5945 or by referring to the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO HOLDINGS

Each Portfolio files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N- PORT, within sixty days after the end of the period. Form N-PORT reports are available on the SEC’s website at www.sec.gov. The information on Form N-PORT is available without charge, upon request, by calling 1-855-572-5945.

INVESTMENT ADVISOR

ValMark Advisers, Inc.

130 Springside Drive

Akron, OH 44333

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management, LLC

71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

ADMINISTRATOR

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

TCM-SAR22

(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 to open-end investment companies.

Item 6. Schedule of Investments. Schedule of investments in securities of unaffiliated issuers is included under Item 1.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds. Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Funds. Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders. None

Item 11. Controls and Procedures.

(a) Based on an evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant’s management, including the Registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.

(a)(3) Not applicable for open-end investment companies.

(b)

Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.

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) Northern Lights Variable Fund Trust

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 8/24/2022

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 8/24/2022

By (Signature and Title)

/s/ Jim Colantino

Jim Colantino, Principal Financial Officer/Treasurer

Date 8/24/2022