TOPS Aggressive Growth ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Aggressive Growth ETF Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://topsfunds.com/tops-portfolios/vit/. You can also request this information by contacting us at 1-855-572-5945.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$10	0.21%

How did the Fund perform during the reporting period?

Stocks continued positive momentum through the 2nd quarter to post strong first-half gains. While the large cap S&P 500 was again the leader, a small group of stocks in the index delivered most of the outperformance. Nvidia has almost singlehandedly pushed the S&P 500 far beyond the results of other global indices year to date (YTD). As the size of Nvidia grew, the representation in the TOPS portfolios also increased. Fortunately, in the case of NVIDIA, this has richly rewarded our investors. Nvidia represents roughly 12% of the exposure in the SPDR Portfolio S&P 500 Growth ETF, a top holding in the TOPS allocations. The Barclay’s U.S. Aggregate Bond Index finished the first half slightly negative. However, the bond positioning in the Portfolios has significantly benefited investors, as the portfolio management team's portfolio decisions resulted in a positive return YTD for fixed income, outperforming the index by about 1%, depending on the portfolio. Most equities remain positive for the year. Growth stocks (S&P 500 Growth) are outperforming value stocks (S&P 500 Value), returning +23.6% and +5.8%, respectively. Midcap (S&P 400, +6.2%) has outperformed small cap (S&P 600, -0.7%) year-to-date. Emerging markets (MSCI Emerging Markets) have returned +7.5%, outpacing developed international (MSCI EAFE), which has returned +5.3%. Natural resources (S&P GSSI NA Natural Resources, +9.6%) is up for the year, while real estate (MSCO World Real Estate, -3.0%) is down so far this year.

Year-to-date, the Barclay’s US TIPS Index had a +0.7% return, while the Barclay’s US Aggregate Bond Index was down -0.7%. Credit (ICE BofA US Corporate Index, +0.0%) has outperformed government (ICE BofA US Treasury Index, -0.8%) so far this year. Investment grade corporates (iBoxx USD Liquid Investment Grade Index, -1.2%) and international bond indexes (Bloomberg Global Aggregate ex-USD, -0.3%) are negative on the year, while high yield (Solactive USD High Yield Corporates, +2.2%) is positive. The 10-year US Treasury yield increased from 3.88% to 4.36% in the first half of the year.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

	TOPS Aggressive Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,215	$10,742
Jun-2016	$10,043	$11,171
Jun-2017	$11,835	$13,170
Jun-2018	$13,250	$15,064
Jun-2019	$13,700	$16,633
Jun-2020	$13,375	$17,881
Jun-2021	$19,149	$25,175
Jun-2022	$16,415	$22,503
Jun-2023	$18,542	$26,912
Jun-2024	$21,274	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Aggressive Growth ETF Portfolio	7.23%	14.74%	9.20%	7.84%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

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

Fund Statistics

Net Assets$168,715,229
Number of Portfolio Holdings13
Advisory Fee $76,355
Portfolio Turnover8%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	2.2%
Equity	98.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	24.8%
Vanguard FTSE Developed Markets ETF	18.0%
SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
SPDR Portfolio S&P 600 Small Cap ETF	9.1%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
SPDR Portfolio S&P 500 Growth ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Aggressive Growth ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Aggressive Growth ETF Portfolio

Class 2

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$23	0.46%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Aggressive Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,194	$10,742
Jun-2016	$9,997	$11,171
Jun-2017	$11,753	$13,170
Jun-2018	$13,120	$15,064
Jun-2019	$13,532	$16,633
Jun-2020	$13,187	$17,881
Jun-2021	$18,818	$25,175
Jun-2022	$16,090	$22,503
Jun-2023	$18,132	$26,912
Jun-2024	$20,757	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Aggressive Growth ETF Portfolio	7.13%	14.48%	8.93%	7.58%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$168,715,229
Number of Portfolio Holdings13
Advisory Fee $76,355
Portfolio Turnover8%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	2.2%
Equity	98.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	24.8%
Vanguard FTSE Developed Markets ETF	18.0%
SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
SPDR Portfolio S&P 600 Small Cap ETF	9.1%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
SPDR Portfolio S&P 500 Growth ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Aggressive Growth ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Aggressive Growth ETF Portfolio

Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$35	0.71%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Aggressive Growth ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,727	$10,139
Jun-2017	$11,325	$11,954
Jun-2018	$12,549	$13,672
Jun-2019	$12,882	$15,096
Jun-2020	$12,517	$16,229
Jun-2021	$17,829	$22,850
Jun-2022	$15,203	$20,424
Jun-2023	$17,097	$24,426
Jun-2024	$19,519	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Aggressive Growth ETF Portfolio	7.01%	14.17%	8.67%	7.77%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$168,715,229
Number of Portfolio Holdings13
Advisory Fee $76,355
Portfolio Turnover8%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	2.2%
Equity	98.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	24.8%
Vanguard FTSE Developed Markets ETF	18.0%
SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
SPDR Portfolio S&P 600 Small Cap ETF	9.1%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
SPDR Portfolio S&P 500 Growth ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Aggressive Growth ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Aggressive Growth ETF Portfolio

Service Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$25	0.51%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Aggressive Growth ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$9,959	$10,024
Jun-2020	$9,704	$10,777
Jun-2021	$13,848	$15,173
Jun-2022	$11,841	$13,562
Jun-2023	$13,343	$16,220
Jun-2024	$15,275	$20,203

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (April 30, 2019)
TOPS Aggressive Growth ETF Portfolio	7.13%	14.48%	8.93%	8.54%
S&P 500^® Index	15.29%	24.56%	15.05%	14.58%

Fund Statistics

Net Assets$168,715,229
Number of Portfolio Holdings13
Advisory Fee $76,355
Portfolio Turnover8%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-0.2%
Money Market Funds	2.2%
Equity	98.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	24.8%
Vanguard FTSE Developed Markets ETF	18.0%
SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
SPDR Portfolio S&P 600 Small Cap ETF	9.1%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
SPDR Portfolio S&P 500 Growth ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Aggressive Growth ETF Portfolio - Service Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Balanced ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Balanced ETF Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://topsfunds.com/tops-portfolios/vit/. You can also request this information by contacting us at 1-855-572-5945.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$10	0.21%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Balanced ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,045	$10,742
Jun-2016	$10,176	$11,171
Jun-2017	$11,028	$13,170
Jun-2018	$11,604	$15,064
Jun-2019	$12,191	$16,633
Jun-2020	$12,339	$17,881
Jun-2021	$14,962	$25,175
Jun-2022	$13,508	$22,503
Jun-2023	$14,459	$26,912
Jun-2024	$15,785	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
TOPS Balanced ETF Portfolio	3.50%	9.17%	5.30%	4.67%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$108,973,707
Number of Portfolio Holdings24
Advisory Fee $51,477
Portfolio Turnover6%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	90.6%
Money Market Funds	9.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.0%
Money Market Funds	2.1%
Collateral for Securities Loaned	8.0%
Fixed Income	47.9%
Equity	50.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	12.0%
Vanguard FTSE Developed Markets ETF	9.0%
Vanguard S&P 500 ETF	8.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
SPDR Portfolio Short Term Corporate Bond ETF	7.0%
SPDR Portfolio S&P 500 Value ETF	7.0%
Vanguard Short-Term Treasury ETF	6.0%
SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Balanced ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Balanced ETF Portfolio

Class 2

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$23	0.46%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Balanced ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,987	$10,742
Jun-2016	$10,100	$11,171
Jun-2017	$10,918	$13,170
Jun-2018	$11,462	$15,064
Jun-2019	$12,004	$16,633
Jun-2020	$12,126	$17,881
Jun-2021	$14,662	$25,175
Jun-2022	$13,202	$22,503
Jun-2023	$14,099	$26,912
Jun-2024	$15,355	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 Years	10 Years
TOPS Balanced ETF Portfolio	3.43%	8.90%	5.05%	4.38%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$108,973,707
Number of Portfolio Holdings24
Advisory Fee $51,477
Portfolio Turnover6%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	90.6%
Money Market Funds	9.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.0%
Money Market Funds	2.1%
Collateral for Securities Loaned	8.0%
Fixed Income	47.9%
Equity	50.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	12.0%
Vanguard FTSE Developed Markets ETF	9.0%
Vanguard S&P 500 ETF	8.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
SPDR Portfolio Short Term Corporate Bond ETF	7.0%
SPDR Portfolio S&P 500 Value ETF	7.0%
Vanguard Short-Term Treasury ETF	6.0%
SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Balanced ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Balanced ETF Portfolio

Service Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$25	0.51%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Balanced ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,090	$10,024
Jun-2020	$10,193	$10,777
Jun-2021	$12,325	$15,173
Jun-2022	$11,088	$13,562
Jun-2023	$11,834	$16,220
Jun-2024	$12,880	$20,203

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (April 30, 2019)
TOPS Balanced ETF Portfolio	3.36%	8.84%	5.00%	5.02%
S&P 500^® Index	15.29%	24.56%	15.05%	14.58%

Fund Statistics

Net Assets$108,973,707
Number of Portfolio Holdings24
Advisory Fee $51,477
Portfolio Turnover6%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	90.6%
Money Market Funds	9.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.0%
Money Market Funds	2.1%
Collateral for Securities Loaned	8.0%
Fixed Income	47.9%
Equity	50.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	12.0%
Vanguard FTSE Developed Markets ETF	9.0%
Vanguard S&P 500 ETF	8.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
SPDR Portfolio Short Term Corporate Bond ETF	7.0%
SPDR Portfolio S&P 500 Value ETF	7.0%
Vanguard Short-Term Treasury ETF	6.0%
SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Balanced ETF Portfolio - Service Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Balanced ETF Portfolio

Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$35	0.71%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Balanced ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$10,079	$10,139
Jun-2017	$10,855	$11,954
Jun-2018	$11,357	$13,672
Jun-2019	$11,869	$15,096
Jun-2020	$11,953	$16,229
Jun-2021	$14,424	$22,850
Jun-2022	$12,952	$20,424
Jun-2023	$13,798	$24,426
Jun-2024	$14,982	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 Years	Since Inception (July 22, 2015)
TOPS Balanced ETF Portfolio	3.22%	8.59%	4.77%	4.62%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$108,973,707
Number of Portfolio Holdings24
Advisory Fee $51,477
Portfolio Turnover6%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	90.6%
Money Market Funds	9.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-8.0%
Money Market Funds	2.1%
Collateral for Securities Loaned	8.0%
Fixed Income	47.9%
Equity	50.0%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	12.0%
Vanguard FTSE Developed Markets ETF	9.0%
Vanguard S&P 500 ETF	8.9%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
SPDR Portfolio Short Term Corporate Bond ETF	7.0%
SPDR Portfolio S&P 500 Value ETF	7.0%
Vanguard Short-Term Treasury ETF	6.0%
SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
iShares Global REIT ETF	4.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Balanced ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Conservative ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Conservative ETF Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://topsfunds.com/tops-portfolios/vit/. You can also request this information by contacting us at 1-855-572-5945.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$11	0.23%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Conservative ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,933	$10,742
Jun-2016	$10,085	$11,171
Jun-2017	$10,623	$13,170
Jun-2018	$11,013	$15,064
Jun-2019	$11,588	$16,633
Jun-2020	$11,924	$17,881
Jun-2021	$13,492	$25,175
Jun-2022	$12,509	$22,503
Jun-2023	$13,154	$26,912
Jun-2024	$14,188	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Conservative ETF Portfolio	2.96%	7.86%	4.13%	3.56%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$35,250,152
Number of Portfolio Holdings25
Advisory Fee $17,025
Portfolio Turnover5%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	2.2%
Equity	29.9%
Fixed Income	67.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	16.0%
SPDR Portfolio Short Term Corporate Bond ETF	12.0%
Vanguard Short-Term Treasury ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard S&P 500 ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Conservative ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Conservative ETF Portfolio

Class 2

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$24	0.48%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Conservative ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,908	$10,742
Jun-2016	$10,030	$11,171
Jun-2017	$10,539	$13,170
Jun-2018	$10,899	$15,064
Jun-2019	$11,440	$16,633
Jun-2020	$11,741	$17,881
Jun-2021	$13,259	$25,175
Jun-2022	$12,251	$22,503
Jun-2023	$12,854	$26,912
Jun-2024	$13,827	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Conservative ETF Portfolio	2.83%	7.57%	3.86%	3.29%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$35,250,152
Number of Portfolio Holdings25
Advisory Fee $17,025
Portfolio Turnover5%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	2.2%
Equity	29.9%
Fixed Income	67.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	16.0%
SPDR Portfolio Short Term Corporate Bond ETF	12.0%
Vanguard Short-Term Treasury ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard S&P 500 ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Conservative ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Conservative ETF Portfolio

Service Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$26	0.53%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Conservative ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,126	$10,024
Jun-2020	$10,391	$10,777
Jun-2021	$11,734	$15,173
Jun-2022	$10,842	$13,562
Jun-2023	$11,376	$16,220
Jun-2024	$12,237	$20,203

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (April 30, 2019)
TOPS Conservative ETF Portfolio	2.83%	7.57%	3.86%	3.98%
S&P 500^® Index	15.29%	24.56%	15.05%	14.58%

Fund Statistics

Net Assets$35,250,152
Number of Portfolio Holdings25
Advisory Fee $17,025
Portfolio Turnover5%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	2.2%
Equity	29.9%
Fixed Income	67.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	16.0%
SPDR Portfolio Short Term Corporate Bond ETF	12.0%
Vanguard Short-Term Treasury ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard S&P 500 ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Conservative ETF Portfolio - Service Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Conservative ETF Portfolio

Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$36	0.73%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Conservative ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$10,108	$10,139
Jun-2017	$10,609	$11,954
Jun-2018	$10,959	$13,672
Jun-2019	$11,485	$15,096
Jun-2020	$11,754	$16,229
Jun-2021	$13,251	$22,850
Jun-2022	$12,220	$20,424
Jun-2023	$12,780	$24,426
Jun-2024	$13,724	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Conservative ETF Portfolio	2.75%	7.39%	3.63%	3.60%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$35,250,152
Number of Portfolio Holdings25
Advisory Fee $17,025
Portfolio Turnover5%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	97.8%
Money Market Funds	2.2%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Money Market Funds	2.2%
Equity	29.9%
Fixed Income	67.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	16.0%
SPDR Portfolio Short Term Corporate Bond ETF	12.0%
Vanguard Short-Term Treasury ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard S&P 500 ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
SPDR Portfolio S&P 500 Value ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Conservative ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Growth ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Growth ETF Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://topsfunds.com/tops-portfolios/vit/. You can also request this information by contacting us at 1-855-572-5945.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$10	0.21%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,062	$10,742
Jun-2016	$9,926	$11,171
Jun-2017	$11,444	$13,170
Jun-2018	$12,613	$15,064
Jun-2019	$13,113	$16,633
Jun-2020	$12,928	$17,881
Jun-2021	$17,678	$25,175
Jun-2022	$15,334	$22,503
Jun-2023	$17,143	$26,912
Jun-2024	$19,480	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Growth ETF Portfolio	6.57%	13.63%	8.24%	6.90%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$185,840,449
Number of Portfolio Holdings20
Advisory Fee $82,881
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	96.0%
Money Market Funds	4.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.0%
Collateral for Securities Loaned	2.0%
Money Market Funds	2.1%
Fixed Income	13.0%
Equity	84.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	20.8%
Vanguard FTSE Developed Markets ETF	17.0%
SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
SPDR Portfolio S&P 600 Small Cap ETF	6.1%
SPDR Portfolio S&P 500 Value ETF	5.0%
SPDR Portfolio S&P 500 Growth ETF	5.0%
iShares Global REIT ETF	4.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Growth ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Growth ETF Portfolio

Class 2

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$23	0.46%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,039	$10,742
Jun-2016	$9,881	$11,171
Jun-2017	$11,362	$13,170
Jun-2018	$12,490	$15,064
Jun-2019	$12,957	$16,633
Jun-2020	$12,737	$17,881
Jun-2021	$17,373	$25,175
Jun-2022	$15,034	$22,503
Jun-2023	$16,773	$26,912
Jun-2024	$19,004	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Growth ETF Portfolio	6.41%	13.31%	7.96%	6.63%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$185,840,449
Number of Portfolio Holdings20
Advisory Fee $82,881
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	96.0%
Money Market Funds	4.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.0%
Collateral for Securities Loaned	2.0%
Money Market Funds	2.1%
Fixed Income	13.0%
Equity	84.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	20.8%
Vanguard FTSE Developed Markets ETF	17.0%
SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
SPDR Portfolio S&P 600 Small Cap ETF	6.1%
SPDR Portfolio S&P 500 Value ETF	5.0%
SPDR Portfolio S&P 500 Growth ETF	5.0%
iShares Global REIT ETF	4.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Growth ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Growth ETF Portfolio

Service Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$25	0.51%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Growth ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,013	$10,024
Jun-2020	$9,845	$10,777
Jun-2021	$13,429	$15,173
Jun-2022	$11,621	$13,562
Jun-2023	$12,965	$16,220
Jun-2024	$14,690	$20,203

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (April 30, 2019)
TOPS Growth ETF Portfolio	6.41%	13.31%	7.97%	7.73%
S&P 500^® Index	15.29%	24.56%	15.05%	14.58%

Fund Statistics

Net Assets$185,840,449
Number of Portfolio Holdings20
Advisory Fee $82,881
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	96.0%
Money Market Funds	4.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.0%
Collateral for Securities Loaned	2.0%
Money Market Funds	2.1%
Fixed Income	13.0%
Equity	84.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	20.8%
Vanguard FTSE Developed Markets ETF	17.0%
SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
SPDR Portfolio S&P 600 Small Cap ETF	6.1%
SPDR Portfolio S&P 500 Value ETF	5.0%
SPDR Portfolio S&P 500 Growth ETF	5.0%
iShares Global REIT ETF	4.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Growth ETF Portfolio - Service Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Growth ETF Portfolio

Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$35	0.71%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Growth ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,800	$10,139
Jun-2017	$11,169	$11,954
Jun-2018	$12,191	$13,672
Jun-2019	$12,610	$15,096
Jun-2020	$12,371	$16,229
Jun-2021	$16,819	$22,850
Jun-2022	$14,527	$20,424
Jun-2023	$16,161	$24,426
Jun-2024	$18,266	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Growth ETF Portfolio	6.28%	13.03%	7.69%	6.97%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$185,840,449
Number of Portfolio Holdings20
Advisory Fee $82,881
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	96.0%
Money Market Funds	4.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-2.0%
Collateral for Securities Loaned	2.0%
Money Market Funds	2.1%
Fixed Income	13.0%
Equity	84.9%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	20.8%
Vanguard FTSE Developed Markets ETF	17.0%
SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
SPDR Portfolio S&P 600 Small Cap ETF	6.1%
SPDR Portfolio S&P 500 Value ETF	5.0%
SPDR Portfolio S&P 500 Growth ETF	5.0%
iShares Global REIT ETF	4.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Growth ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Moderate Growth ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Moderate Growth ETF Portfolio for the period of January 1, 2024 to June 30, 2024. You can find additional information about the Fund at https://topsfunds.com/tops-portfolios/vit/. You can also request this information by contacting us at 1-855-572-5945.

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$10	0.21%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Moderate Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,041	$10,742
Jun-2016	$10,067	$11,171
Jun-2017	$11,239	$13,170
Jun-2018	$12,117	$15,064
Jun-2019	$12,680	$16,633
Jun-2020	$12,765	$17,881
Jun-2021	$16,340	$25,175
Jun-2022	$14,495	$22,503
Jun-2023	$15,816	$26,912
Jun-2024	$17,597	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Moderate Growth ETF Portfolio	4.89%	11.26%	6.77%	5.81%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$161,525,139
Number of Portfolio Holdings23
Advisory Fee $75,921
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	92.9%
Money Market Funds	7.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-5.8%
Money Market Funds	1.8%
Collateral for Securities Loaned	5.7%
Fixed Income	33.1%
Equity	65.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	17.9%
Vanguard FTSE Developed Markets ETF	13.1%
SPDR Portfolio Short Term Corporate Bond ETF	9.0%
SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
Xtrackers USD High Yield Corporate Bond ETF	5.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.1%
iShares Global REIT ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Moderate Growth ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Moderate Growth ETF Portfolio

Class 2

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$23	0.46%

How did the Fund perform during the reporting period?

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

	TOPS Moderate Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,987	$10,742
Jun-2016	$10,003	$11,171
Jun-2017	$11,146	$13,170
Jun-2018	$11,978	$15,064
Jun-2019	$12,504	$16,633
Jun-2020	$12,559	$17,881
Jun-2021	$16,042	$25,175
Jun-2022	$14,189	$22,503
Jun-2023	$15,453	$26,912
Jun-2024	$17,145	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Moderate Growth ETF Portfolio	4.83%	10.94%	6.52%	5.54%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$161,525,139
Number of Portfolio Holdings23
Advisory Fee $75,921
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	92.9%
Money Market Funds	7.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-5.8%
Money Market Funds	1.8%
Collateral for Securities Loaned	5.7%
Fixed Income	33.1%
Equity	65.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	17.9%
Vanguard FTSE Developed Markets ETF	13.1%
SPDR Portfolio Short Term Corporate Bond ETF	9.0%
SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
Xtrackers USD High Yield Corporate Bond ETF	5.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.1%
iShares Global REIT ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Moderate Growth ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Moderate Growth ETF Portfolio

Service Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Service Class	$25	0.51%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Moderate Growth ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,058	$10,024
Jun-2020	$10,094	$10,777
Jun-2021	$12,885	$15,173
Jun-2022	$11,387	$13,562
Jun-2023	$12,395	$16,220
Jun-2024	$13,748	$20,203

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (April 30, 2019)
TOPS Moderate Growth ETF Portfolio	4.77%	10.92%	6.45%	6.35%
S&P 500^® Index	15.29%	24.56%	15.05%	14.58%

Fund Statistics

Net Assets$161,525,139
Number of Portfolio Holdings23
Advisory Fee $75,921
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	92.9%
Money Market Funds	7.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-5.8%
Money Market Funds	1.8%
Collateral for Securities Loaned	5.7%
Fixed Income	33.1%
Equity	65.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	17.9%
Vanguard FTSE Developed Markets ETF	13.1%
SPDR Portfolio Short Term Corporate Bond ETF	9.0%
SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
Xtrackers USD High Yield Corporate Bond ETF	5.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.1%
iShares Global REIT ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Moderate Growth ETF Portfolio - Service Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

TOPS Moderate Growth ETF Portfolio

Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

What were the Fund’s costs for the last six months?

(based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$35	0.71%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Moderate Growth ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,938	$10,139
Jun-2017	$10,971	$11,954
Jun-2018	$11,720	$13,672
Jun-2019	$12,262	$15,096
Jun-2020	$12,289	$16,229
Jun-2021	$15,645	$22,850
Jun-2022	$13,809	$20,424
Jun-2023	$14,999	$24,426
Jun-2024	$16,607	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Moderate Growth ETF Portfolio	4.69%	10.72%	6.25%	5.84%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$161,525,139
Number of Portfolio Holdings23
Advisory Fee $75,921
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	92.9%
Money Market Funds	7.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-5.8%
Money Market Funds	1.8%
Collateral for Securities Loaned	5.7%
Fixed Income	33.1%
Equity	65.2%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	17.9%
Vanguard FTSE Developed Markets ETF	13.1%
SPDR Portfolio Short Term Corporate Bond ETF	9.0%
SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
Xtrackers USD High Yield Corporate Bond ETF	5.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
SPDR Portfolio S&P 600 Small Cap ETF	4.1%
iShares Global REIT ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%

Material Fund Changes

No material changes occurred during the period ended June 30, 2024.

TOPS Moderate Growth ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2024

Where can I find additional information about the Fund?

Additional information is available on the Fund's website ( https://topsfunds.com/tops-portfolios/vit/ ), including its:

Prospectus
Financial information
Holdings
Proxy voting information

Item 5. Audit Committee of Listed Companies. Not applicable to open-end investment companies.

Item 6. Investments. The Registrant’s schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

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

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

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

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.

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

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

The Portfolios may hold 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 are valued using the “fair value” procedures approved by the Board. The Board has designated the adviser as its valuation designee (the “Valuation Designee”) to execute these procedures. The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, approval of which shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Portfolio’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolios’ holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

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

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, 2024 for each Portfolio’s investments measured at fair value:

The Portfolios did not hold any Level 2 or 3 securities during the six months period ended June 30, 2024.

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.

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

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Portfolios’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2021 through December 31, 2023 or expected to be taken in the Portfolios’ December 31, 2024 year-end tax returns. Each Portfolio identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Portfolio makes significant investments. The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Exchange Traded Funds – The Portfolios may invest in exchange traded funds (“ETFs”). An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. Each ETF like a mutual fund is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF’s underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect 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 which provide general indemnities. Each Portfolio’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Portfolios that have not yet occurred. However, based on experience, the Portfolios expect the risk of loss due to these warranties and indemnities to be remote.

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

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

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, 2024:

The following table breaks out the holdings received as collateral as of June 30, 2024:

The fair value of the securities loaned for the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio and Moderate Growth ETF Portfolio totaled $12,750,363, $1,408,007, $8,675,687 and $12,584,352, as of June 30, 2024, 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 $8,739,940, $1, $3,652,000 and $9,161,380 for the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio and Moderate Growth ETF Portfolio as of June 30, 2024, respectively. This amount is offset by a liability recorded as “Collateral on securities loaned.” At June 30, 2024, the Balanced ETF Portfolio, Conservative ETF Portfolio, Growth ETF Portfolio and Moderate Growth ETF Portfolio received non-cash collateral of $4,289,997, $1,443,530, $5,224,973 and $3,696,945, respectively. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of a Portfolio at the Portfolio’s custodian. A Portfolio cannot pledge or resell the collateral. The Aggressive Growth ETF Portfolio did not have any securities on loan as of June 30, 2024.

For the six months period ended June 30, 2024, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, were as follows:

ValMark Advisers, Inc. serves as the Portfolios’ investment advisor (the “Advisor”). The Advisor has engaged Milliman Financial Risk Management LLC as the Portfolios’ sub-advsior (the “Sub-Advisor”). Pursuant to an advisory agreement with the Trust, on behalf of the Portfolios, the Advisor, under the oversight of the Board, directs the daily investment operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Portfolios pay the Advisor a management fee, computed on average daily net assets and accrued daily and paid monthly, at an annual rate of 0.10% of each Portfolio’s average daily net assets. For the six months period ended June 30, 2024, the Portfolios paid the following in advisory fees.

The Trust, on behalf of the Portfolios, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (“12b-1 Plan” or “Plan”) for each of Class 2 shares and Investor Class shares. The fee is calculated at an annual rate of 0.25% and 0.50% of the average daily net assets attributable to each Portfolio’s Class 2 shares and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months period ended June 30, 2024, the Portfolios paid the following in distribution fees under the Plan.

Service Class shares also include shareholder servicing and administrative fees for Balanced ETF Portfolio and Moderate Growth ETF Portfolio Fund in the amounts of $3,162 and $18,273, respectively.

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

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

For the six months period ended June 30, 2024, the Trustees received fees in the amount of $9,791 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.

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, 2024, ownership percentages of the holders of the voting securities of each Portfolio that may be deemed to control the Portfolio were as follows:

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

The table below represents aggregate cost for federal tax purposes for the Portfolios as of June 30, 2024 and differs from market value by net unrealized appreciation/depreciation which consisted of:

The tax character of the Portfolios’ distributions paid for the years ended December 31, 2023 and December 31, 2022 was as follows:

As of December 31, 2023, the components of accumulated earnings/(deficit) on a tax basis were as follows:

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.

The Aggressive Growth ETF Portfolio (the “Fund”) currently seeks to achieve its investment objectives by investing its assets in underlying Funds. As of June 30, 2024, the percentage of the Fund’s net assets invested in the Vanguard S&P 500 ETF was 25.0%. (the “Security”). The Aggressive Growth ETF Portfolio may sell its investments in this Security at any time if the Advisor determines that it is in the best interest of the Aggressive Growth ETF Portfolio and its shareholders to do so.

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

On January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information. Other information, including financial statements, will not appear in a streamlined shareholder report but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the impact of these amendments on the shareholder reports for the Portfolios.

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.

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.

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.

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

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

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

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

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

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

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

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

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

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto

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.

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.

225 Pictoria Drive, Suite 450, Cincinnati, OH	45246
(Address of principal executive offices)	(Zip code)

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 98.0%
	167,953	FlexShares Global Upstream Natural Resources Index Fund	$	6,741,633
	293,061	iShares Global REIT ETF		6,813,668
	143,381	iShares MSCI Emerging Markets ex China ETF		8,488,155
	83,422	iShares MSCI USA Small-Cap Multifactor ETF		5,106,261
	461,512	SPDR Portfolio S&P 400 Mid Cap ETF		23,675,565
	83,561	SPDR Portfolio S&P 500 Growth ETF		6,695,743
	138,415	SPDR Portfolio S&P 500 Value ETF		6,746,347
	368,977	SPDR Portfolio S&P 600 Small Cap ETF		15,323,615
	615,034	Vanguard FTSE Developed Markets ETF		30,394,980
	231,842	Vanguard FTSE Emerging Markets ETF		10,145,406
	83,722	Vanguard S&P 500 ETF		41,871,885
	109,897	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		3,366,145
				165,369,403

		TOTAL EXCHANGE-TRADED FUNDS (Cost $142,880,218)		165,369,403

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.2%
		MONEY MARKET FUNDS - 2.2%
	3,755,125	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $3,755,125)^(a)		3,755,125


		TOTAL INVESTMENTS - 100.2% (Cost $146,635,343)	$	169,124,528
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.2)%		(409,299	)
		NET ASSETS - 100.0%	$	168,715,229

ETF	- Exchange-Traded Fund

MSCI	- Morgan Stanley Capital International

REIT	- Real Estate Investment Trust

S&P	- Standard & Poor’s

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.9%
		EQUITY - 50.0%
	81,237	FlexShares Global Upstream Natural Resources Index Fund	$	3,260,853
	189,691	iShares Global REIT ETF		4,410,316
	37,120	iShares MSCI Emerging Markets ex China ETF		2,197,504
	17,998	iShares MSCI USA Small-Cap Multifactor ETF		1,101,658
	106,479	SPDR Portfolio S&P 400 Mid Cap ETF		5,462,373
	26,999	SPDR Portfolio S&P 500 Growth ETF		2,163,430
	155,982	SPDR Portfolio S&P 500 Value ETF		7,602,563
	106,146	SPDR Portfolio S&P 600 Small Cap ETF		4,408,243
	198,584	Vanguard FTSE Developed Markets ETF		9,814,021
	74,669	Vanguard FTSE Emerging Markets ETF		3,267,515
	19,445	Vanguard S&P 500 ETF		9,725,028
	35,243	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,079,493
				54,492,997
		FIXED INCOME - 47.9%
	80,811	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		8,656,474
	70,555	SPDR Bloomberg Investment Grade Floating Rate ETF		2,176,622
	256,350	SPDR Portfolio Short Term Corporate Bond ETF		7,613,595
	137,182	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		3,262,188
	55,959	Vanguard Intermediate-Term Treasury ETF		3,258,493
	47,717	Vanguard Mortgage-Backed Securities ETF		2,166,352
	269,153	Vanguard Short-Term Inflation-Protected Securities ETF		13,064,686
	112,557	Vanguard Short-Term Treasury ETF		6,527,180
	22,313	Vanguard Total International Bond ETF		1,085,974
	122,505	Xtrackers USD High Yield Corporate Bond ETF^(a)		4,344,027
				52,155,591

		TOTAL EXCHANGE-TRADED FUNDS (Cost $101,182,171)		106,648,588

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 10.1%
		COLLATERAL FOR SECURITIES LOANED - 8.0%
	8,739,940	Federated Hermes Government Obligations Fund, Institutional Class, 5.23% (Cost $8,739,940)^(b)		8,739,940

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 10.1% (Continued)
		MONEY MARKET FUNDS - 2.1%
	2,272,320	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $2,272,320)^(b)	$	2,272,320

		TOTAL SHORT-TERM INVESTMENTS (Cost $11,012,260)		11,012,260

		TOTAL INVESTMENTS - 108.0% (Cost $112,194,431)	$	117,660,848
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.0)%		(8,687,141	)
		NET ASSETS - 100.0%	$	108,973,707

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.8%
		EQUITY - 30.0%
	17,299	FlexShares Global Upstream Natural Resources Index Fund	$	694,382
	15,535	iShares Global REIT ETF		361,189
	6,050	iShares MSCI Emerging Markets ex China ETF		358,160
	5,830	iShares MSCI USA Small-Cap Multifactor ETF		356,854
	27,592	SPDR Portfolio S&P 400 Mid Cap ETF		1,415,470
	8,746	SPDR Portfolio S&P 500 Growth ETF		700,817
	28,891	SPDR Portfolio S&P 500 Value ETF		1,408,147
	8,595	SPDR Portfolio S&P 600 Small Cap ETF		356,950
	42,884	Vanguard FTSE Developed Markets ETF		2,119,328
	7,873	Vanguard FTSE Emerging Markets ETF		344,522
	4,200	Vanguard S&P 500 ETF		2,100,546
	11,368	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		348,202
				10,564,567
		FIXED INCOME - 67.8%
	22,904	iShares iBoxx $ Investment Grade Corporate Bond ETF		2,453,476
	27,884	JP Morgan Ultra-Short Income ETF		1,407,305
	34,282	SPDR Bloomberg Investment Grade Floating Rate ETF		1,057,600
	142,549	SPDR Portfolio Short Term Corporate Bond ETF		4,233,706
	29,624	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		704,459
	30,279	Vanguard Intermediate-Term Treasury ETF		1,763,146
	15,494	Vanguard Mortgage-Backed Securities ETF		703,428
	116,247	Vanguard Short-Term Inflation-Protected Securities ETF		5,642,630
	54,575	Vanguard Short-Term Treasury ETF		3,164,804
	28,781	Vanguard Total International Bond ETF		1,400,771
	39,651	Xtrackers USD High Yield Corporate Bond ETF^(a)		1,406,024
				23,937,349

		TOTAL EXCHANGE-TRADED FUNDS (Cost $34,179,899)		34,501,916

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.2%
		COLLATERAL FOR SECURITIES LOANED - 0.0% ^(b)
	1	Federated Hermes Government Obligations Fund, Institutional Class, 5.23% (Cost $1)^(c)		1

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.2% (Continued)
		MONEY MARKET FUNDS - 2.2%
	761,641	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $761,641)^(c)	$	761,641

		TOTAL SHORT-TERM INVESTMENTS (Cost $761,642)		761,642

		TOTAL INVESTMENTS - 100.0% (Cost $34,941,541)	$	35,263,558
		LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%		(13,406	)
		NET ASSETS - 100.0%	$	35,250,152

Shares		Fair Value
	TOTAL INVESTMENTS - 102.0% (Cost $166,157,876)	$	189,551,337
	LIABILITIES IN EXCESS OF OTHER ASSETS - (2.0)%		(3,710,888	)
	NET ASSETS - 100.0%	$	185,840,449

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.3%
		EQUITY - 65.2%
	161,457	FlexShares Global Upstream Natural Resources Index Fund^(a)	$	6,480,884
	281,077	iShares Global REIT ETF		6,535,040
	54,919	iShares MSCI Emerging Markets ex China ETF		3,251,205
	53,223	iShares MSCI USA Small-Cap Multifactor ETF		3,257,780
	253,273	SPDR Portfolio S&P 400 Mid Cap ETF		12,992,905
	40,244	SPDR Portfolio S&P 500 Growth ETF		3,224,752
	99,648	SPDR Portfolio S&P 500 Value ETF		4,856,844
	157,591	SPDR Portfolio S&P 600 Small Cap ETF		6,544,754
	426,558	Vanguard FTSE Developed Markets ETF		21,080,496
	148,403	Vanguard FTSE Emerging Markets ETF		6,494,115
	57,883	Vanguard S&P 500 ETF		28,949,025
	53,015	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,623,849
				105,291,649
		FIXED INCOME - 33.1%
	75,149	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		8,049,961
	491,295	SPDR Portfolio Short Term Corporate Bond ETF		14,591,462
	136,326	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		3,241,832
	27,804	Vanguard Intermediate-Term Treasury ETF		1,619,027
	71,076	Vanguard Mortgage-Backed Securities ETF		3,226,850
	200,599	Vanguard Short-Term Inflation-Protected Securities ETF		9,737,075
	55,925	Vanguard Short-Term Treasury ETF		3,243,091
	33,261	Vanguard Total International Bond ETF		1,618,813
	228,259	Xtrackers USD High Yield Corporate Bond ETF^(a)		8,094,064
				53,422,175

		TOTAL EXCHANGE-TRADED FUNDS (Cost $144,662,239)		158,713,824

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.5%
		COLLATERAL FOR SECURITIES LOANED - 5.7%
	9,161,380	Federated Hermes Government Obligations Fund, Institutional Class, 5.23% (Cost $9,161,380)^(b)		9,161,380

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 7.5% (Continued)
		MONEY MARKET FUNDS - 1.8%
	2,944,193	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $2,944,193)^(b)	$	2,944,193

		TOTAL SHORT-TERM INVESTMENTS (Cost $12,105,573)		12,105,573

		TOTAL INVESTMENTS - 105.8% (Cost $156,767,812)	$	170,819,397
		LIABILITIES IN EXCESS OF OTHER ASSETS - (5.8)%		(9,294,258	)
		NET ASSETS - 100.0%	$	161,525,139

	Aggressive			Balanced		Conservative
	Growth			ETF		ETF
	ETF Portfolio			Portfolio		Portfolio
Assets:
Investments in securities, at cost	$	146,635,343		$	112,194,431	$	34,941,541
Investments in securities, at value (Securities on loan $0, 12,750,363 and $1,408,007, respectively)	$	169,124,528		$	117,660,848	$	35,263,558
Receivable for Portfolio shares sold		494,078			66,915		1,035
Interest and dividends receivable		163,631			44,618		10,664
Total Assets		169,782,237			117,772,381		35,275,257
Liabilities:
Collateral on securities loaned		—			8,739,940		1
Payable for Portfolio shares redeemed		630,650			15,859		9,827
Payable for securities purchased		372,725			—		—
Accrued investment advisory fees		13,633			8,845		2,885
Accrued distribution (12b-1) fees		34,224			21,675		5,948
Accrued shareholder service fees		—			564		—
Payable to related parties and administrative service fees		15,776			11,791		6,444
Total Liabilities		1,067,008			8,798,674		25,105
Net Assets	$	168,715,229		$	108,973,707	$	35,250,152

Components of Net Assets:
Paid-in capital	$	140,326,110		$	99,623,309	$	33,527,399
Accumulated earnings		28,389,119			9,350,398		1,722,753
Net Assets	$	168,715,229		$	108,973,707	$	35,250,152

Class 1 Shares:
Net assets	$	4,130,715		$	6,687,988	$	11,766,272
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		201,713			461,019		912,854

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	20.48		$	14.51	$	12.89

Class 2 Shares:
Net assets	$	159,689,772		$	93,094,701	$	17,756,622
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		7,929,952			6,718,407		1,394,395

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	20.14		$	13.86	$	12.73

Investor Class Shares:
Net assets	$	4,894,719		$	6,857,987	$	5,727,243
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		225,831			464,812		438,298

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	21.67		$	14.75	$	13.07

Service Class Shares:
Net assets	$	23		$	2,333,031	$	15
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1			168,661		1

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	20.14	(a)	$	13.83	$	12.73	(a)

	Growth			Moderate
	ETF			Growth
	Portfolio			ETF Portfolio
Assets:
Investments in securities, at cost	$	166,157,876		$	156,767,812
Investments in securities, at value (Securities on loan $8,675,687 and $12,584,352, respectively)	$	189,551,337		$	170,819,397
Receivable for securities sold		—			259,375
Receivable for Portfolio shares sold		139,432			4,164
Interest and dividends receivable		153,902			117,525
Total Assets		189,844,671			171,200,461
Liabilities:
Collateral on securities loaned		3,652,000			9,161,380
Payable for Portfolio shares redeemed		38,735			453,225
Payable for securities purchased		247,674			—
Accrued investment advisory fees		14,988			13,199
Accrued distribution (12b-1) fees		35,852			30,942
Accrued shareholder service fees		—			3,107
Payable to related parties and administrative service fees		14,973			13,469
Total Liabilities		4,004,222			9,675,322
Net Assets	$	185,840,449		$	161,525,139

Components of Net Assets:
Paid-in capital	$	156,714,824		$	139,448,109
Accumulated earnings		29,125,625			22,077,030
Net Assets	$	185,840,449		$	161,525,139

Class 1 Shares:
Net assets	$	12,435,053		$	12,000,907
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		628,033			787,820

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	19.80		$	15.23

Class 2 Shares:
Net assets	$	168,996,238		$	122,340,010
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		8,769,912			8,412,978

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	19.27		$	14.54

Investor Class Shares:
Net assets	$	4,409,136		$	14,541,163
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		208,260			904,972

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	21.17		$	16.07

Service Class Shares:
Net assets	$	22		$	12,643,059
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1			871,660

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	19.27	(a)	$	14.50

	Aggressive Growth ETF Portfolio						Balanced ETF Portfolio
	Six Months Ended						Six Months Ended
	June 30, 2024			Year Ended			June 30, 2024			Year Ended
	(Unaudited)			December 31, 2023			(Unaudited)			December 31, 2023
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	1,145,636		$	2,246,807		$	1,080,625		$	2,348,298
Net realized gain on investments		1,308,553			1,391,984			687,866			207,444
Net change in unrealized appreciation on investments		8,068,591			15,044,777			1,697,338			6,939,959
Net increase in net assets resulting from operations		10,522,780			18,683,568			3,465,829			9,495,701
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(53,341	)		—			(229,635	)
Class 2		—			(1,936,674	)		—			(2,382,417	)
Investor Class		—			(46,446	)		—			(162,425	)
Service Class		—			(0	) (a)		—			(54,878	)
Total distributions to shareholders		—			(2,036,461	)		—			(2,829,355	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		709,631			1,083,702			778,980			806,469
Class 2		20,133,179			34,847,880			7,211,537			20,094,356
Investor Class		740,798			1,466,952			920,171			2,415,426
Service Class		—			—			377,417			634,611
Reinvestment of distributions
Class 1		—			53,341			—			229,635
Class 2		—			1,936,675			—			2,382,416
Investor Class		—			46,445			—			162,425
Service Class		—			0	(a)		—			54,878
Cost of shares redeemed
Class 1		(132,805	)		(2,405,841	)		(1,762,079	)		(2,451,184	)
Class 2		(3,335,891	)		(3,608,392	)		(1,275,610	)		(6,037,625	)
Investor Class		(75,551	)		(254,597	)		(240,114	)		(776,256	)
Service Class		—			—			(24,128	)		(41,980	)
Net increase in net assets from share transactions of beneficial interest		18,039,361			33,166,165			5,986,174			17,473,171
Total Increase In Net Assets		28,562,141			49,813,272			9,452,003			24,139,517

Net Assets:
Beginning of period/year		140,153,088			90,339,816			99,521,704			75,382,187
End of period/year	$	168,715,229		$	140,153,088		$	108,973,707		$	99,521,704

	Conservative ETF Portfolio						Growth ETF Portfolio
	Six Months Ended						Six Months Ended
	June 30, 2024			Year Ended			June 30, 2024			Year Ended
	(Unaudited)			December 31, 2023			(Unaudited)			December 31, 2023
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	388,594		$	904,883		$	1,450,819		$	2,750,810
Net realized gain on investments		93,700			178,237			1,804,714			181,266
Net change in unrealized appreciation on investments		497,209			1,569,938			7,170,276			16,274,550
Net increase in net assets resulting from operations		979,503			2,653,058			10,425,809			19,206,626
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(537,794	)		—			(249,625	)
Class 2		—			(684,441	)		—			(2,891,024	)
Investor Class		—			(212,148	)		—			(63,093	)
Service Class		—			(0	) (a)		—			(0	) (a)
Total distributions to shareholders		—			(1,434,383	)		—			(3,203,742	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		1,653,243			3,985,011			1,819,635			3,014,294
Class 2		1,994,099			6,121,184			24,936,120			32,610,762
Investor Class		513,688			1,175,679			749,259			1,666,943
Reinvestment of distributions
Class 1		—			537,793			—			249,625
Class 2		—			684,441			—			2,891,024
Investor Class		—			212,147			—			63,092
Service Class		—			1	(a)		—			0	(a)
Cost of shares redeemed
Class 1		(1,957,069	)		(5,560,550	)		(1,179,620	)		(1,285,259	)
Class 2		(925,483	)		(2,097,594	)		(2,960,813	)		(4,430,173	)
Investor Class		(171,901	)		(314,124	)		(88,291	)		(449,376	)
Net increase in net assets from share transactions of beneficial interest		1,106,577			4,743,988			23,276,290			34,330,932
Total Increase In Net Assets		2,086,080			5,962,663			33,702,099			50,333,816

Net Assets:
Beginning of period/year		33,164,072			27,201,409			152,138,350			101,804,534
End of period/year	$	35,250,152		$	33,164,072		$	185,840,449		$	152,138,350

	Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2024			Year Ended
	(Unaudited)			December 31, 2023
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	1,531,783		$	3,131,891
Net realized gain on investments		1,859,074			2,106,210
Net change in unrealized appreciation on investments		3,846,091			11,071,337
Net increase in net assets resulting from operations		7,236,948			16,309,438
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(306,455	)
Class 2		—			(2,935,620	)
Investor Class		—			(285,867	)
Service Class		—			(332,910	)
Total distributions to shareholders		—			(3,860,852	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		2,061,657			3,584,341
Class 2		13,301,593			20,600,997
Investor Class		2,006,497			3,408,195
Service Class		460,972			890,988
Reinvestment of distributions
Class 1		—			306,455
Class 2		—			2,935,619
Investor Class		—			285,868
Service Class		—			332,910
Cost of shares redeemed
Class 1		(1,537,231	)		(2,428,578	)
Class 2		(4,059,392	)		(13,139,593	)
Investor Class		(312,347	)		(1,077,170	)
Service Class		(340,424	)		(721,799	)
Net increase in net assets from share transactions of beneficial interest		11,581,325			14,978,233
Total Increase In Net Assets		18,818,273			27,426,819

Net Assets:
Beginning of period/year		142,706,866			115,280,047
End of period/year	$	161,525,139		$	142,706,866

	Class 1 Shares
	Six Months Ended
	June 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2023			December 31, 2022			December 31, 2021			December 31, 2020			December 31, 2019
Net asset value, beginning of period/year	$	19.10		$	16.51		$	19.88		$	16.72		$	15.18		$	12.88
Income (loss) from investment operations:
Net investment income (a)(b)		0.18			0.35			0.32			0.35			0.24			0.33
Net realized and unrealized gain (loss) on investments		1.20			2.56			(3.44	)		2.93			1.65			2.78
Total income (loss) from investment operations		1.38			2.91			(3.12	)		3.28			1.89			3.11
Less distributions from:
Net investment income		—			(0.23	)		(0.24	)		(0.12	)		(0.21	)		(0.24	)
Net realized gain		—			(0.09	)		(0.01	)		—			(0.14	)		(0.57	)
Total distributions		—			(0.32	)		(0.25	)		(0.12	)		(0.35	)		(0.81	)
Net asset value, end of period/year	$	20.48		$	19.10		$	16.51		$	19.88		$	16.72		$	15.18
Total return (c)		7.23	% (e)		17.77	%		(15.74	)%		19.66	%		12.92	%		24.70	%
Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	4,131		$	3,287		$	4,007		$	4,517		$	3,058		$	2,199
Ratio of expenses to average net assets (d)		0.21	% (f)		0.21	%		0.21	%		0.22	%		0.23	%		0.25	%
Ratio of net investment income to average net assets (b)(d)		1.74	% (f)		1.93	%		1.87	%		1.86	%		1.68	%		2.28	%
Portfolio turnover rate		8	% (e)		10	%		9	%		9	%		23	%		46	%

	Class 2 Shares
	Six Months Ended
	June 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2023			December 31, 2022			December 31, 2021			December 31, 2020			December 31, 2019
Net asset value, beginning of period/year	$	18.80		$	16.28		$	19.60		$	16.52		$	15.01		$	12.75
Income (loss) from investment operations:
Net investment income (a)(b)		0.15			0.35			0.29			0.32			0.22			0.28
Net realized and unrealized gain (loss) on investments		1.19			2.46			(3.40	)		2.87			1.61			2.76
Total income (loss) from investment operations		1.34			2.81			(3.11	)		3.19			1.83			3.04
Less distributions from:
Net investment income		—			(0.20	)		(0.20	)		(0.11	)		(0.18	)		(0.21	)
Net realized gain		—			(0.09	)		(0.01	)		—			(0.14	)		(0.57	)
Total distributions		—			(0.29	)		(0.21	)		(0.11	)		(0.32	)		(0.78	)
Net asset value, end of period/year	$	20.14		$	18.80		$	16.28		$	19.60		$	16.52		$	15.01
Total return (c)		7.13	% (e)		17.37	%		(15.88	)%		19.31	%		12.68	%		24.37	%
Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	159,690		$	132,931		$	84,109		$	73,834		$	33,897		$	18,077
Ratio of expenses to average net assets (d)		0.46	% (f)		0.46	%		0.46	%		0.47	%		0.48	%		0.50	%
Ratio of net investment income to average net assets (b)(d)		1.50	% (f)		2.01	%		1.70	%		1.73	%		1.56	%		1.99	%
Portfolio turnover rate		8	% (e)		10	%		9	%		9	%		23	%		46	%

	Investor Class Shares
	Six Months Ended
	June 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2023			December 31, 2022			December 31, 2021			December 31, 2020			December 31, 2019
Net asset value, beginning of period/year	$	20.26		$	17.53		$	21.10		$	17.79		$	16.18		$	13.75
Income (loss) from investment operations:
Net investment income (a)(b)		0.13			0.33			0.25			0.33			0.19			0.38
Net realized and unrealized gain (loss) on investments		1.28			2.65			(3.65	)		3.07			1.74			2.86
Total income (loss) from investment operations		1.41			2.98			(3.40	)		3.40			1.93			3.24
Less distributions from:
Net investment income		—			(0.16	)		(0.16	)		(0.09	)		(0.18	)		(0.24	)
Net realized gain		—			(0.09	)		(0.01	)		—			(0.14	)		(0.57	)
Total distributions		—			(0.25	)		(0.17	)		(0.09	)		(0.32	)		(0.81	)
Net asset value, end of period/year	$	21.67		$	20.26		$	17.53		$	21.10		$	17.79		$	16.18
Total return (c)		6.96	% (e)		17.10	%		(16.14	)%		19.11	%		12.34	%		24.06	%
Ratios and Supplemental Data:
Net assets, end of year (in 000’s)	$	4,895		$	3,935		$	2,223		$	2,275		$	1,010		$	624
Ratio of expenses to average net assets (d)		0.71	% (f)		0.71	%		0.71	%		0.72	%		0.73	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		1.28	% (f)		1.78	%		1.38	%		1.61	%		1.26	%		2.47	%
Portfolio turnover rate		8	% (e)		10	%		9	%		9	%		23	%		46	%

	Service Class Shares
	Six Months Ended
	June 30, 2024			Year Ended			Year Ended			Year Ended			Year Ended			Period Ended
	(Unaudited)			December 31, 2023			December 31, 2022			December 31, 2021			December 31, 2020			December 31, 2019 (a)
Net asset value, beginning of period/year	$	18.80		$	16.28		$	19.60		$	16.52		$	15.01		$	14.76
Income (loss) from investment operations:
Net investment income (b)(c)		0.17			0.39			0.35			0.36			0.00	(h)		0.00	(h)
Net realized and unrealized gain (loss) on investments		1.17			2.42			(3.46	)		2.83			1.83			1.03
Total income (loss) from investment operations		1.34			2.81			(3.11	)		3.19			1.83			1.03
Less distributions from:
Net investment income		—			(0.20	)		(0.20	)		(0.11	)		(0.18	)		(0.21	)
Net realized gain		—			(0.09	)		(0.01	)		—			(0.14	)		(0.57	)
Total distributions		—			(0.29	)		(0.21	)		(0.11	)		(0.32	)		(0.78	)
Net asset value, end of period/year (d)	$	20.14		$	18.80		$	16.28		$	19.60		$	16.52		$	15.01
Total return (e)		7.13	% (i)		17.37	%		(15.88	)%		19.31	%		12.68	%		7.42	%
Ratios and Supplemental Data:
Net assets, end of period/year (f)	$	23		$	21		$	18		$	21		$	18		$	16
Ratio of expenses to average net assets (g)		0.51	% (j)		0.51	%		0.51	%		0.52	%		0.53	%		0.55	% (j)
Ratio of net investment income to average net assets (c)(g)		1.76	% (j)		2.23	%		2.03	%		1.41	%		1.06	%		2.27	% (j)
Portfolio turnover rate		8	% (i)		10	%		9	%		9	%		23	%		46	%

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.

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	165,369,404	$	—	$	—	$	165,369,404
Short-Term Investments		3,755,125		—		—		3,755,125
Total	$	169,124,529	$	—	$	—	$	169,124,529

							Gross Amounts Not Offset in the
							Statement of Assets & Liabilities *
					Net Amounts of
			Gross Amounts		Assets
			Offset in the		Presented in the
	Gross Amounts		Statements of		Statements of		Financial
	of Recognized		Assets &		Assets &		Instruments		Cash Collateral		Net Amount of
Assets:	Assets		Liabilities		Liabilities		Received		Received		Assets
Balanced ETF Portfolio
Description:
Securities Loaned	$	12,750,363	$	—	$	12,750,363	$	4,289,997	$	8,460,366	$	—
Total	$	12,750,363	$	—	$	12,750,363	$	4,289,997	$	8,460,366	$	—

Conservative ETF Portfolio
Description:
Securities Loaned	$	1,408,007	$	—	$	1,408,007	$	1,443,530	$	—	$	35,523
Total	$	1,408,007	$	—	$	1,408,007	$	1,443,530	$	—	$	35,523

Growth ETF Portfolio
Description:
Securities Loaned	$	8,675,687	$	—	$	8,675,687	$	5,224,973	$	3,450,714	$	—
Total	$	8,675,687	$	—	$	8,675,687	$	5,224,973	$	3,450,714	$	—

Moderate Growth ETF Portfolio
Description:
Securities Loaned	$	12,584,352	$	—	$	12,584,352	$	3,696,945	$	8,887,407	$	—
Total	$	12,584,352	$	—	$	12,584,352	$	3,696,945	$	8,887,407	$	—

Securities Lending Transactions
Overnight and Continuous
Balanced ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	8,739,940

Conservative ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	1

Growth ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	3,652,000

Moderate Growth ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	9,161,380

Portfolio	Purchases		Sales
Aggressive Growth ETF Portfolio	$	30,065,049	$	11,413,884
Balanced ETF Portfolio		12,654,644		6,086,697
Conservative ETF Portfolio		3,186,750		1,739,723
Growth ETF Portfolio		35,827,800		11,695,290
Moderate Growth ETF Portfolio		23,361,726		10,114,992

Fund	Advisory Fees
Aggressive Growth ETF Portfolio	$	76,355
Balanced ETF Portfolio		51,477
Conservative ETF Portfolio		17,025
Growth ETF Portfolio		82,881
Moderate Growth ETF Portfolio		75,921

Fund	Distribution Fees
Aggressive Growth ETF Portfolio	$	191,615
Balanced ETF Portfolio		125,307
Conservative ETF Portfolio		34,749
Growth ETF Portfolio		197,544
Moderate Growth ETF Portfolio		177,137

Aggressive Growth ETF Portfolio
Pruco Life Insurance Company	81%

Balanced ETF Portfolio
Pruco Life Insurance Company	72%

Conservative ETF Portfolio
Pruco Life Insurance Company	42%
Members Life Insurance Company	31%

Growth ETF Portfolio
Pruco Life Insurance Company	79%

Moderate Growth ETF Portfolio
Pruco Life Insurance Company	54%

								Tax Net
	Cost for							Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation/
Portfolio	Purposes		Appreciation		Depreciation			(Depreciation)
Aggressive Growth ETF Portfolio	$	146,993,193	$	22,632,035	$	(500,700	)	$	22,131,335
Balanced ETF Portfolio		112,964,028		8,183,688		(3,486,868	)		4,696,820
Conservative ETF Portfolio		35,195,561		1,508,252		(1,440,255	)		67,997
Growth ETF Portfolio		166,821,380		24,692,773		(1,962,816	)		22,729,957
Moderate Growth ETF Portfolio		157,676,814		16,903,383		(3,760,800	)		13,142,583

	Ordinary		Long-Term
	Income		Capital Gains		Total
Aggressive Growth ETF Portfolio	$	1,389,435	$	647,026	$	2,036,461
Balanced ETF Portfolio		1,641,040		1,188,315		2,829,355
Conservative ETF Portfolio		649,347		785,036		1,434,383
Growth ETF Portfolio		1,773,387		1,430,355		3,203,742
Moderate Growth ETF Portfolio		2,211,354		1,649,498		3,860,852

	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	$	2,246,005	$	1,557,590	$	—	$	—	$	—	$	14,062,744		$	17,866,339
Balanced ETF Portfolio		2,346,582		538,505		—		—		—		2,999,482			5,884,569
Conservative ETF Portfolio		904,800		267,662		—		—		—		(429,212	)		743,250
Growth ETF Portfolio		2,750,118		390,017		—		—		—		15,559,681			18,699,816
Moderate Growth ETF Portfolio		3,130,949		2,412,641		—		—		—		9,296,492			14,840,082

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