TOPS Managed Risk Balanced ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Managed Risk 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	$21	0.42%

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 Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$10,006	$10,742
Jun-2016	$9,803	$11,171
Jun-2017	$10,593	$13,170
Jun-2018	$11,045	$15,064
Jun-2019	$11,516	$16,633
Jun-2020	$11,613	$17,881
Jun-2021	$13,693	$25,175
Jun-2022	$12,452	$22,503
Jun-2023	$12,929	$26,912
Jun-2024	$13,966	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	3.40%	8.02%	3.93%	3.40%
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$61,273,555
Number of Portfolio Holdings29
Advisory Fee $91,761
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.7%
Money Market Funds	11.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	0.4%
Money Market Funds	11.3%
Fixed Income	43.2%
Equity	45.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard FTSE Developed Markets ETF	8.1%
Vanguard S&P 500 ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.2%
SPDR Portfolio Short Term Corporate Bond ETF	6.3%
SPDR Portfolio S&P 500 Value ETF	6.3%
Vanguard Short-Term Treasury ETF	5.4%
SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
SPDR Portfolio S&P 600 Small Cap ETF	3.6%
iShares Global REIT ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk 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	$33	0.67%

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 Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,977	$10,742
Jun-2016	$9,749	$11,171
Jun-2017	$10,510	$13,170
Jun-2018	$10,933	$15,064
Jun-2019	$11,368	$16,633
Jun-2020	$11,440	$17,881
Jun-2021	$13,452	$25,175
Jun-2022	$12,206	$22,503
Jun-2023	$12,630	$26,912
Jun-2024	$13,622	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	3.30%	7.85%	3.68%	3.14%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$61,273,555
Number of Portfolio Holdings29
Advisory Fee $91,761
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.7%
Money Market Funds	11.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	0.4%
Money Market Funds	11.3%
Fixed Income	43.2%
Equity	45.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard FTSE Developed Markets ETF	8.1%
Vanguard S&P 500 ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.2%
SPDR Portfolio Short Term Corporate Bond ETF	6.3%
SPDR Portfolio S&P 500 Value ETF	6.3%
Vanguard Short-Term Treasury ETF	5.4%
SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
SPDR Portfolio S&P 600 Small Cap ETF	3.6%
iShares Global REIT ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk Balanced ETF Portfolio

Class 3

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 3	$38	0.77%

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 Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,974	$10,742
Jun-2016	$9,731	$11,171
Jun-2017	$10,480	$13,170
Jun-2018	$10,896	$15,064
Jun-2019	$11,311	$16,633
Jun-2020	$11,371	$17,881
Jun-2021	$13,360	$25,175
Jun-2022	$12,114	$22,503
Jun-2023	$12,516	$26,912
Jun-2024	$13,492	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	3.20%	7.80%	3.59%	3.04%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$61,273,555
Number of Portfolio Holdings29
Advisory Fee $91,761
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.7%
Money Market Funds	11.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	0.4%
Money Market Funds	11.3%
Fixed Income	43.2%
Equity	45.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard FTSE Developed Markets ETF	8.1%
Vanguard S&P 500 ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.2%
SPDR Portfolio Short Term Corporate Bond ETF	6.3%
SPDR Portfolio S&P 500 Value ETF	6.3%
Vanguard Short-Term Treasury ETF	5.4%
SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
SPDR Portfolio S&P 600 Small Cap ETF	3.6%
iShares Global REIT ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk Balanced ETF Portfolio - Class 3

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 Managed Risk Balanced ETF Portfolio

Class 4

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 4	$51	1.02%

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 Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,939	$10,742
Jun-2016	$9,677	$11,171
Jun-2017	$10,397	$13,170
Jun-2018	$10,782	$15,064
Jun-2019	$11,172	$16,633
Jun-2020	$11,193	$17,881
Jun-2021	$13,122	$25,175
Jun-2022	$11,862	$22,503
Jun-2023	$12,246	$26,912
Jun-2024	$13,152	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	3.12%	7.40%	3.32%	2.78%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$61,273,555
Number of Portfolio Holdings29
Advisory Fee $91,761
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.7%
Money Market Funds	11.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	0.4%
Money Market Funds	11.3%
Fixed Income	43.2%
Equity	45.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard FTSE Developed Markets ETF	8.1%
Vanguard S&P 500 ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.2%
SPDR Portfolio Short Term Corporate Bond ETF	6.3%
SPDR Portfolio S&P 500 Value ETF	6.3%
Vanguard Short-Term Treasury ETF	5.4%
SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
SPDR Portfolio S&P 600 Small Cap ETF	3.6%
iShares Global REIT ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk Balanced ETF Portfolio - Class 4

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 Managed Risk 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	$46	0.92%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,744	$10,139
Jun-2017	$10,468	$11,954
Jun-2018	$10,869	$13,672
Jun-2019	$11,274	$15,096
Jun-2020	$11,346	$16,229
Jun-2021	$13,212	$22,850
Jun-2022	$11,997	$20,424
Jun-2023	$9,647	$24,426
Jun-2024	$10,279	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Managed Risk Balanced ETF Portfolio	2.85%	6.55%	- 1.83%	0.31%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$61,273,555
Number of Portfolio Holdings29
Advisory Fee $91,761
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.7%
Money Market Funds	11.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	0.4%
Money Market Funds	11.3%
Fixed Income	43.2%
Equity	45.1%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard FTSE Developed Markets ETF	8.1%
Vanguard S&P 500 ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.2%
SPDR Portfolio Short Term Corporate Bond ETF	6.3%
SPDR Portfolio S&P 500 Value ETF	6.3%
Vanguard Short-Term Treasury ETF	5.4%
SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
SPDR Portfolio S&P 600 Small Cap ETF	3.6%
iShares Global REIT ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk Growth ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2024

Fund Overview

This semi-annual shareholder report contains important information about TOPS Managed Risk 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	$20	0.41%

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 Managed Risk Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,785	$10,742
Jun-2016	$8,983	$11,171
Jun-2017	$10,116	$13,170
Jun-2018	$10,845	$15,064
Jun-2019	$11,199	$16,633
Jun-2020	$10,965	$17,881
Jun-2021	$13,788	$25,175
Jun-2022	$12,323	$22,503
Jun-2023	$12,958	$26,912
Jun-2024	$14,446	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Growth ETF Portfolio	5.82%	11.48%	5.22%	3.75%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$177,054,665
Number of Portfolio Holdings26
Advisory Fee $268,519
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	87.1%
Money Market Funds	12.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.7%
Money Market Funds	11.4%
Fixed Income	11.7%
Equity	76.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	18.8%
Vanguard FTSE Developed Markets ETF	15.3%
SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
SPDR Portfolio S&P 600 Small Cap ETF	5.5%
SPDR Portfolio S&P 500 Value ETF	4.5%
SPDR Portfolio S&P 500 Growth ETF	4.5%
iShares Global REIT ETF	3.7%
iShares MSCI Emerging Markets ex China ETF	3.6%
Vanguard FTSE Emerging Markets ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk 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	$33	0.66%

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 Managed Risk Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,757	$10,742
Jun-2016	$8,936	$11,171
Jun-2017	$10,030	$13,170
Jun-2018	$10,730	$15,064
Jun-2019	$11,049	$16,633
Jun-2020	$10,793	$17,881
Jun-2021	$13,552	$25,175
Jun-2022	$12,075	$22,503
Jun-2023	$12,673	$26,912
Jun-2024	$14,077	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Growth ETF Portfolio	5.71%	11.08%	4.96%	3.48%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$177,054,665
Number of Portfolio Holdings26
Advisory Fee $268,519
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	87.1%
Money Market Funds	12.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.7%
Money Market Funds	11.4%
Fixed Income	11.7%
Equity	76.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	18.8%
Vanguard FTSE Developed Markets ETF	15.3%
SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
SPDR Portfolio S&P 600 Small Cap ETF	5.5%
SPDR Portfolio S&P 500 Value ETF	4.5%
SPDR Portfolio S&P 500 Growth ETF	4.5%
iShares Global REIT ETF	3.7%
iShares MSCI Emerging Markets ex China ETF	3.6%
Vanguard FTSE Emerging Markets ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk Growth ETF Portfolio

Class 3

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 3	$38	0.76%

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 Managed Risk Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,761	$10,742
Jun-2016	$8,924	$11,171
Jun-2017	$10,014	$13,170
Jun-2018	$10,699	$15,064
Jun-2019	$11,000	$16,633
Jun-2020	$10,742	$17,881
Jun-2021	$13,464	$25,175
Jun-2022	$11,986	$22,503
Jun-2023	$12,572	$26,912
Jun-2024	$13,950	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Growth ETF Portfolio	5.67%	10.96%	4.87%	3.39%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$177,054,665
Number of Portfolio Holdings26
Advisory Fee $268,519
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	87.1%
Money Market Funds	12.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.7%
Money Market Funds	11.4%
Fixed Income	11.7%
Equity	76.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	18.8%
Vanguard FTSE Developed Markets ETF	15.3%
SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
SPDR Portfolio S&P 600 Small Cap ETF	5.5%
SPDR Portfolio S&P 500 Value ETF	4.5%
SPDR Portfolio S&P 500 Growth ETF	4.5%
iShares Global REIT ETF	3.7%
iShares MSCI Emerging Markets ex China ETF	3.6%
Vanguard FTSE Emerging Markets ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%

Material Fund Changes

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

TOPS Managed Risk Growth ETF Portfolio - Class 3

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 Managed Risk Growth ETF Portfolio

Class 4

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 4	$50	1.01%

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 Managed Risk Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,734	$10,742
Jun-2016	$8,874	$11,171
Jun-2017	$9,934	$13,170
Jun-2018	$10,596	$15,064
Jun-2019	$10,866	$16,633
Jun-2020	$10,579	$17,881
Jun-2021	$13,234	$25,175
Jun-2022	$11,754	$22,503
Jun-2023	$12,290	$26,912
Jun-2024	$13,615	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Growth ETF Portfolio	5.49%	10.78%	4.61%	3.13%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$177,054,665
Number of Portfolio Holdings26
Advisory Fee $268,519
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	87.1%
Money Market Funds	12.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.7%
Money Market Funds	11.4%
Fixed Income	11.7%
Equity	76.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	18.8%
Vanguard FTSE Developed Markets ETF	15.3%
SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
SPDR Portfolio S&P 600 Small Cap ETF	5.5%
SPDR Portfolio S&P 500 Value ETF	4.5%
SPDR Portfolio S&P 500 Growth ETF	4.5%
iShares Global REIT ETF	3.7%
iShares MSCI Emerging Markets ex China ETF	3.6%
Vanguard FTSE Emerging Markets ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%

Material Fund Changes

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

TOPS Managed Risk Growth ETF Portfolio - Class 4

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 Managed Risk 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	$45	0.91%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Managed Risk Growth ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,199	$10,139
Jun-2017	$10,290	$11,954
Jun-2018	$10,980	$13,672
Jun-2019	$11,290	$15,096
Jun-2020	$11,037	$16,229
Jun-2021	$13,708	$22,850
Jun-2022	$12,279	$20,424
Jun-2023	$12,792	$24,426
Jun-2024	$14,185	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Managed Risk Growth ETF Portfolio	5.51%	10.89%	4.67%	3.99%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$177,054,665
Number of Portfolio Holdings26
Advisory Fee $268,519
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	87.1%
Money Market Funds	12.9%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.7%
Money Market Funds	11.4%
Fixed Income	11.7%
Equity	76.5%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	18.8%
Vanguard FTSE Developed Markets ETF	15.3%
SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
SPDR Portfolio S&P 600 Small Cap ETF	5.5%
SPDR Portfolio S&P 500 Value ETF	4.5%
SPDR Portfolio S&P 500 Growth ETF	4.5%
iShares Global REIT ETF	3.7%
iShares MSCI Emerging Markets ex China ETF	3.6%
Vanguard FTSE Emerging Markets ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk 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 Managed Risk 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	$21	0.42%

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 Managed Risk Moderate Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,977	$10,742
Jun-2016	$9,417	$11,171
Jun-2017	$10,445	$13,170
Jun-2018	$11,100	$15,064
Jun-2019	$11,508	$16,633
Jun-2020	$11,447	$17,881
Jun-2021	$14,028	$25,175
Jun-2022	$12,601	$22,503
Jun-2023	$13,182	$26,912
Jun-2024	$14,493	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Moderate Growth ETF Portfolio	4.81%	9.95%	4.72%	3.78%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$105,704,570
Number of Portfolio Holdings28
Advisory Fee $160,037
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.6%
Money Market Funds	11.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-%
Money Market Funds	11.4%
Fixed Income	29.8%
Equity	58.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.2%
Vanguard FTSE Developed Markets ETF	11.8%
SPDR Portfolio Short Term Corporate Bond ETF	8.1%
SPDR Portfolio S&P 400 Mid Cap ETF	7.3%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
Xtrackers USD High Yield Corporate Bond ETF	4.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
iShares Global REIT ETF	3.7%
SPDR Portfolio S&P 600 Small Cap ETF	3.7%
Vanguard FTSE Emerging Markets ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk 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	$33	0.67%

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 Managed Risk Moderate Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,950	$10,742
Jun-2016	$9,372	$11,171
Jun-2017	$10,371	$13,170
Jun-2018	$10,988	$15,064
Jun-2019	$11,359	$16,633
Jun-2020	$11,284	$17,881
Jun-2021	$13,788	$25,175
Jun-2022	$12,349	$22,503
Jun-2023	$12,923	$26,912
Jun-2024	$14,141	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Moderate Growth ETF Portfolio	4.64%	9.43%	4.48%	3.53%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$105,704,570
Number of Portfolio Holdings28
Advisory Fee $160,037
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.6%
Money Market Funds	11.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-%
Money Market Funds	11.4%
Fixed Income	29.8%
Equity	58.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.2%
Vanguard FTSE Developed Markets ETF	11.8%
SPDR Portfolio Short Term Corporate Bond ETF	8.1%
SPDR Portfolio S&P 400 Mid Cap ETF	7.3%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
Xtrackers USD High Yield Corporate Bond ETF	4.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
iShares Global REIT ETF	3.7%
SPDR Portfolio S&P 600 Small Cap ETF	3.7%
Vanguard FTSE Emerging Markets ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 Managed Risk Moderate Growth ETF Portfolio

Class 3

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 3	$38	0.77%

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 Managed Risk Moderate Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,945	$10,742
Jun-2016	$9,349	$11,171
Jun-2017	$10,340	$13,170
Jun-2018	$10,942	$15,064
Jun-2019	$11,306	$16,633
Jun-2020	$11,210	$17,881
Jun-2021	$13,694	$25,175
Jun-2022	$12,247	$22,503
Jun-2023	$12,809	$26,912
Jun-2024	$13,999	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Moderate Growth ETF Portfolio	4.63%	9.29%	4.37%	3.42%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$105,704,570
Number of Portfolio Holdings28
Advisory Fee $160,037
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.6%
Money Market Funds	11.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-%
Money Market Funds	11.4%
Fixed Income	29.8%
Equity	58.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.2%
Vanguard FTSE Developed Markets ETF	11.8%
SPDR Portfolio Short Term Corporate Bond ETF	8.1%
SPDR Portfolio S&P 400 Mid Cap ETF	7.3%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
Xtrackers USD High Yield Corporate Bond ETF	4.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
iShares Global REIT ETF	3.7%
SPDR Portfolio S&P 600 Small Cap ETF	3.7%
Vanguard FTSE Emerging Markets ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk Moderate Growth ETF Portfolio - Class 3

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 Managed Risk Moderate Growth ETF Portfolio

Class 4

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 4	$51	1.02%

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 Managed Risk Moderate Growth ETF Portfolio	S&P 500^® Index
Jun-2014	$10,000	$10,000
Jun-2015	$9,912	$10,742
Jun-2016	$9,304	$11,171
Jun-2017	$10,264	$13,170
Jun-2018	$10,838	$15,064
Jun-2019	$11,155	$16,633
Jun-2020	$11,036	$17,881
Jun-2021	$13,444	$25,175
Jun-2022	$12,003	$22,503
Jun-2023	$12,499	$26,912
Jun-2024	$13,649	$33,521

Average Annual Total Returns

	6 Months	1 Year	5 years	10 Years
TOPS Managed Risk Moderate Growth ETF Portfolio	4.48%	9.20%	4.12%	3.16%
S&P 500^® Index	15.29%	24.56%	15.05%	12.86%

Fund Statistics

Net Assets$105,704,570
Number of Portfolio Holdings28
Advisory Fee $160,037
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.6%
Money Market Funds	11.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-%
Money Market Funds	11.4%
Fixed Income	29.8%
Equity	58.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.2%
Vanguard FTSE Developed Markets ETF	11.8%
SPDR Portfolio Short Term Corporate Bond ETF	8.1%
SPDR Portfolio S&P 400 Mid Cap ETF	7.3%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
Xtrackers USD High Yield Corporate Bond ETF	4.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
iShares Global REIT ETF	3.7%
SPDR Portfolio S&P 600 Small Cap ETF	3.7%
Vanguard FTSE Emerging Markets ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk Moderate Growth ETF Portfolio - Class 4

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 Managed Risk 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	$46	0.92%

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

	TOPS Managed Risk Moderate Growth ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,422	$10,139
Jun-2017	$10,380	$11,954
Jun-2018	$10,966	$13,672
Jun-2019	$11,313	$15,096
Jun-2020	$11,246	$16,229
Jun-2021	$13,602	$22,850
Jun-2022	$12,197	$20,424
Jun-2023	$12,721	$24,426
Jun-2024	$13,187	$30,424

Average Annual Total Returns

	6 Months	1 Year	5 years	Since Inception (July 22, 2015)
TOPS Managed Risk Moderate Growth ETF Portfolio	2.27%	3.67%	3.11%	3.14%
S&P 500^® Index	15.29%	24.56%	15.05%	13.25%

Fund Statistics

Net Assets$105,704,570
Number of Portfolio Holdings28
Advisory Fee $160,037
Portfolio Turnover7%

Asset Weighting (% of total investments)

Value	Value
Exchange-Traded Funds	88.6%
Money Market Funds	11.4%

What did the Fund invest in?

Sector Weighting (% of net assets)

Value	Value
Liabilities in Excess of Other Assets	-%
Money Market Funds	11.4%
Fixed Income	29.8%
Equity	58.8%

Top 10 Holdings (% of net assets)

Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.2%
Vanguard FTSE Developed Markets ETF	11.8%
SPDR Portfolio Short Term Corporate Bond ETF	8.1%
SPDR Portfolio S&P 400 Mid Cap ETF	7.3%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
Xtrackers USD High Yield Corporate Bond ETF	4.5%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
iShares Global REIT ETF	3.7%
SPDR Portfolio S&P 600 Small Cap ETF	3.7%
Vanguard FTSE Emerging Markets ETF	3.6%

Material Fund Changes

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

TOPS Managed Risk 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 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^® Managed Risk ETF Portfolios (each a “Portfolio”, collectively the “Portfolios”) are comprised of three different actively managed portfolios. Each Portfolio is a diversified series of shares of beneficial interest of Northern Lights Variable Trust (the “Trust”), a statutory trust organized on November 2, 2005 under the laws of the State of Delaware and registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Portfolios are intended to be funding vehicles for variable annuity contracts and flexible premium variable life insurance policies offered by the separate accounts of various insurance companies. The assets of each Portfolio are segregated and a shareholder’s interest is limited to the Portfolio in which shares are held. Each Portfolio pays its own expenses. The TOPS^® Managed Risk 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 five classes of shares: Class 1 Shares, Class 2 Shares, Class 3 Shares, Class 4 Shares, and Investor Class Shares. Each class of shares of the Portfolios has identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Portfolios’ share classes differ in the fees and expenses charged to shareholders. The Portfolios’ income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

Effective August 18, 2023, each class of shares of the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio underwent a reverse share split in the following ratios:

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

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. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation.

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

The Porfolios may hold 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 its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

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

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

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Asset and Liabilities as of June 30, 2024:

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Operations for the six months period ended June 30, 2024:

The notional value of the derivative instruments outstanding as of June 30, 2024 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the year as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for each Portfolio.

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

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

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

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

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

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 Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio totaled $2,211,421, $7,468,500 and $2,221,506 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 $2,992,990 for the Managed Risk Growth ETF Portfolio as of June 30, 2024. This amount is offset by a liability recorded as “Collateral on securities loaned.” The Managed Risk Balanced ETF Portfolio and Managed Risk Growth ETF Portfolio did not receive cash collateral as of June 30, 2024. At June 30, 2024, the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio received non-cash collateral of $2,258,147, $4,650,852 and $2,268,449. 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.

For the six months period ended June 30, 2024, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and government securities, 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-Advisor (the “Sub-Advisor”). Pursuant to an advisory agreement with the Trust, the Advisor, under the oversight of the Board, directs the daily operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Portfolios pay the Advisor a management fee, computed on average daily net assets and accrued daily and paid monthly, at an annual rate of 0.30% of each Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement between the Advisor and Sub-Advisor, on behalf of the Portfolios, the Advisor, not the Portfolios, pays the Sub-Advisor a fee, which is computed and accrued daily and paid monthly. For the six months period ended June 30, 2024, the Portfolios paid the following in advisory fees.

The Trust, with respect to the Portfolios, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (“12b-1 Plan” or “Plan”) for each of Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares. The fee is calculated at an annual rate of 0.25%, 0.35%, 0.60%, and 0.50% of the average daily net assets attributable to each Portfolio’s Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months period ended June 30, 2024, the Portfolios paid the following in distribution fees under the Plan.

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

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

For the six months period ended June 30, 2024, the Trustees received fees in the amount $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 customary 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 was 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 and the mark-to-market treatment of Section 1256 futures contracts.

At December 31, 2023, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

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 — 88.3%
		EQUITY - 45.1%
	41,289	FlexShares Global Upstream Natural Resources Index Fund	$	1,657,340
	95,729	iShares Global REIT ETF		2,225,699
	18,709	iShares MSCI Emerging Markets ex China ETF		1,107,573
	9,147	iShares MSCI USA Small-Cap Multifactor ETF		559,888
	53,912	SPDR Portfolio S&P 400 Mid Cap ETF		2,765,686
	13,722	SPDR Portfolio S&P 500 Growth ETF		1,099,544
	79,138	SPDR Portfolio S&P 500 Value ETF		3,857,186
	53,673	SPDR Portfolio S&P 600 Small Cap ETF		2,229,040
	100,564	Vanguard FTSE Developed Markets ETF		4,969,873
	37,756	Vanguard FTSE Emerging Markets ETF		1,652,203
	9,856	Vanguard S&P 500 ETF		4,929,281
	17,961	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		550,145
				27,603,458
		FIXED INCOME - 43.2%
	40,944	iShares iBoxx $ Investment Grade Corporate Bond ETF		4,385,921
	35,859	SPDR Bloomberg Investment Grade Floating Rate ETF		1,106,250
	130,286	SPDR Portfolio Short Term Corporate Bond ETF		3,869,494
	69,722	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		1,657,989
	28,442	Vanguard Intermediate-Term Treasury ETF		1,656,178
	24,272	Vanguard Mortgage-Backed Securities ETF		1,101,949
	136,484	Vanguard Short-Term Inflation-Protected Securities ETF		6,624,933
	57,205	Vanguard Short-Term Treasury ETF		3,317,318
	11,410	Vanguard Total International Bond ETF		555,325
	62,276	Xtrackers USD High Yield Corporate Bond ETF^(a)		2,208,307
				26,483,664

		TOTAL EXCHANGE-TRADED FUNDS (Cost $50,512,377)		54,087,122

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.3%
		MONEY MARKET FUNDS - 11.3%
	6,924,793	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $6,924,793)^(b)	$	6,924,793

		TOTAL INVESTMENTS - 99.6% (Cost $57,437,170)	$	61,011,915
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.4%		261,640
		NET ASSETS - 100.0%	$	61,273,555

OPEN FUTURES CONTRACTS
Number of				Notional		Value and Unrealized
Contracts	Open Long Futures Contracts	Broker	Expiration	Amount^(c)		Appreciation
32	CBOT 5 Year US Treasury Note Future	Bank of America Merrill Lynch	10/01/2024	$	3,410,500	$	30,250
3	CME E-Mini Russell 2000 Index Future	Bank of America Merrill Lynch	09/23/2024		309,750		5,300
4	CME E-Mini Standard & Poor’s 500 Index Future	Bank of America Merrill Lynch	09/23/2024		1,104,300		3,692
1	CME E-Mini Standard & Poor’s MidCap 400 Index Future	Bank of America Merrill Lynch	09/23/2024		295,810		2,880
5	ICE US Mini MSCI EAFE Index Future	Bank of America Merrill Lynch	09/23/2024		585,800		3,700
9	ICE US MSCI Emerging Markets EM Index Future	Bank of America Merrill Lynch	09/23/2024		489,690		4,070
	TOTAL FUTURES CONTRACTS					$	49,892

CBOT	- Chicago Board of Trade

CME	- Chicago Mercantile Exchange

ETF	- Exchange-Traded Fund

ICE	- Intercontinental Exchange

MSCI	- Morgan Stanley Capital International

REIT	- Real Estate Investment Trust

S&P	- Standard & Poor’s

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 76.5%
	158,497	FlexShares Global Upstream Natural Resources Index Fund^(a)	$	6,362,070
	277,967	iShares Global REIT ETF		6,462,733
	108,647	iShares MSCI Emerging Markets ex China ETF		6,431,902
	52,674	iShares MSCI USA Small-Cap Multifactor ETF		3,224,176
	342,764	SPDR Portfolio S&P 400 Mid Cap ETF		17,583,793
	98,760	SPDR Portfolio S&P 500 Growth ETF		7,913,639
	163,014	SPDR Portfolio S&P 500 Value ETF		7,945,302
	232,971	SPDR Portfolio S&P 600 Small Cap ETF		9,675,286
	548,841	Vanguard FTSE Developed Markets ETF		27,123,722
	145,585	Vanguard FTSE Emerging Markets ETF		6,370,800
	66,389	Vanguard S&P 500 ETF		33,203,130
	104,086	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		3,188,154
				135,484,707
		FIXED INCOME - 11.7%
	29,563	iShares iBoxx $ Investment Grade Corporate Bond ETF^(a)		3,166,789
	133,819	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		3,182,216
	34,940	Vanguard Mortgage-Backed Securities ETF		1,586,276
	98,458	Vanguard Short-Term Inflation-Protected Securities ETF		4,779,151
	54,889	Vanguard Short-Term Treasury ETF		3,183,013
	134,439	Xtrackers USD High Yield Corporate Bond ETF^(a)		4,767,207
				20,664,652

		TOTAL EXCHANGE-TRADED FUNDS (Cost $134,480,081)		156,149,359

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 13.1%
		COLLATERAL FOR SECURITIES LOANED - 1.7%
	2,992,990	Federated Hermes Government Obligations Fund, Institutional Class, 5.23% (Cost $2,992,990)^(b)		2,992,990

		MONEY MARKET FUNDS - 11.4%
	20,172,701	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $20,172,701)^(b)		20,172,701

		TOTAL SHORT-TERM INVESTMENTS (Cost $23,165,691)		23,165,691

Shares		Fair Value
	SHORT-TERM INVESTMENTS — 13.1% (Continued)
	MONEY MARKET FUNDS - 11.4% (Continued)

	TOTAL INVESTMENTS - 101.3% (Cost $157,645,772)	$	179,315,050
	LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%		(2,260,385	)
	NET ASSETS - 100.0%	$	177,054,665

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.6%
		EQUITY - 58.8%
	95,108	FlexShares Global Upstream Natural Resources Index Fund	$	3,817,635
	166,553	iShares Global REIT ETF		3,872,357
	32,599	iShares MSCI Emerging Markets ex China ETF		1,929,861
	31,608	iShares MSCI USA Small-Cap Multifactor ETF		1,934,726
	149,586	SPDR Portfolio S&P 400 Mid Cap ETF		7,673,762
	23,705	SPDR Portfolio S&P 500 Growth ETF		1,899,482
	58,691	SPDR Portfolio S&P 500 Value ETF		2,860,599
	93,198	SPDR Portfolio S&P 600 Small Cap ETF		3,870,513
	251,853	Vanguard FTSE Developed Markets ETF		12,446,575
	87,415	Vanguard FTSE Emerging Markets ETF		3,825,280
	34,148	Vanguard S&P 500 ETF		17,078,439
	31,414	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		962,211
				62,171,440
		FIXED INCOME - 29.8%
	44,348	iShares iBoxx $ Investment Grade Corporate Bond ETF		4,750,558
	289,394	SPDR Portfolio Short Term Corporate Bond ETF		8,595,002
	80,300	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		1,909,534
	16,379	Vanguard Intermediate-Term Treasury ETF		953,749
	41,933	Vanguard Mortgage-Backed Securities ETF		1,903,758
	118,163	Vanguard Short-Term Inflation-Protected Securities ETF		5,735,632
	33,066	Vanguard Short-Term Treasury ETF		1,917,497
	19,786	Vanguard Total International Bond ETF		962,985
	134,454	Xtrackers USD High Yield Corporate Bond ETF^(a)		4,767,739
				31,496,454

		TOTAL EXCHANGE-TRADED FUNDS (Cost $84,487,401)		93,667,894

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.4%
		MONEY MARKET FUNDS - 11.4%
	12,079,494	Invesco Government & Agency Portfolio, Institutional Class, 5.24% (Cost $12,079,494)^(b)	$	12,079,494

		TOTAL INVESTMENTS - 100.0% (Cost $96,566,895)	$	105,747,388
		LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%^(c)		(42,818	)
		NET ASSETS - 100.0%	$	105,704,570

	Managed Risk			Managed Risk		Managed Risk
	Balanced			Growth		Moderate Growth
	ETF Portfolio			ETF Portfolio		ETF Portfolio
Assets:
Investments in securities, at cost	$	57,437,170		$	157,645,772	$	96,566,895
Investments in securities, at value (Securities on loan $2,211,421, $7,468,500 and $2,221,506, respectively)	$	61,011,915		$	179,315,050	$	105,747,388
Deposits with Broker		99,545			513,976		238,212
Receivable for securities sold		114,350			—		—
Receivable for Portfolio shares sold		684			6,728		6,888
Unrealized appreciation on futures contracts		49,892			138,867		85,825
Interest and dividends receivable		47,106			202,199		111,457
Total Assets		61,323,492			180,176,820		106,189,770
Liabilities:
Collateral on securities loaned		—			2,992,990		—
Payable for Portfolio shares redeemed		10,742			35,082		423,463
Accrued distribution (12b-1) fees		15,232			41,046		26,631
Accrued investment advisory fees		15,112			43,560		27,099
Payable to related parties and administrative service fees		8,851			9,477		8,007
Total Liabilities		49,937			3,122,155		485,200
Net Assets	$	61,273,555		$	177,054,665	$	105,704,570

Components of Net Assets:
Paid-in capital	$	62,673,827		$	157,359,469	$	107,703,527
Accumulated earnings (losses)		(1,400,272	)		19,695,196		(1,998,957	)
Net Assets	$	61,273,555		$	177,054,665	$	105,704,570

	Managed Risk Balanced ETF Portfolio
	Six Months Ended
	June 30, 2024			Year Ended
	(Unaudited)			December 31, 2023
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	637,049		$	1,520,169
Net realized gain (loss) on investments and futures contracts		557,628			(1,067,966	)
Net change in unrealized appreciation on investments and futures contracts		785,367			4,784,789
Net increase in net assets resulting from operations		1,980,044			5,236,992
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(6,889	)
Class 2		—			(253,996	)
Class 3		—			(128,939	)
Class 4		—			(20,032	)
Investor Class		—			(0	) (a)
Total distributions to shareholders		—			(409,856	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		811			598,107
Class 2		2,265,355			5,862,174
Class 3		126,976			312,975
Class 4		17,971			29,838
Investor Class		—			16
Reinvestment of distributions
Class 1		—			6,889
Class 2		—			253,996
Class 3		—			128,939
Class 4		—			20,032
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(161,009	)		(3,817	)
Class 2		(2,590,883	)		(5,379,287	)
Class 3		(1,532,979	)		(3,317,052	)
Class 4		(341,633	)		(1,378,893	)
Net decrease in net assets from share transactions of beneficial interest		(2,215,391	)		(2,866,083	)
Total Increase (Decrease) In Net Assets		(235,347	)		1,961,053

Net Assets:
Beginning of period		61,508,902			59,547,849
End of period	$	61,273,555		$	61,508,902

	Managed Risk 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	$	1,527,410		$	3,842,314
Net realized gain on investments and futures contracts		4,865,333			4,283,772
Net change in unrealized appreciation on investments and futures contracts		3,589,207			11,392,842
Net increase in net assets resulting from operations		9,981,950			19,518,928
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(69,904	)
Class 2		—			(625,120	)
Class 3		—			(346,299	)
Class 4		—			(8,914	)
Investor Class		—			(0	) (a)
Total distributions to shareholders		—			(1,050,237	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		220,016			209,339
Class 2		1,920,322			6,129,320
Class 3		166,012			345,139
Class 4		27,640			26,758
Investor Class		—			13
Reinvestment of distributions
Class 1		—			69,904
Class 2		—			625,120
Class 3		—			346,299
Class 4		—			8,914
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(1,119,209	)		(10,656,177	)
Class 2		(13,486,361	)		(14,378,621	)
Class 3		(5,378,136	)		(11,206,015	)
Class 4		(280,852	)		(621,658	)
Net decrease in net assets from share transactions of beneficial interest		(17,930,568	)		(29,101,665	)
Total Decrease In Net Assets		(7,948,618	)		(10,632,974	)

Net Assets:
Beginning of period		185,003,283			195,636,257
End of period	$	177,054,665		$	185,003,283

	Managed Risk 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	$	1,059,417		$	2,583,621
Net realized gain (loss) on investments and futures contracts		1,377,259			(3,054,689	)
Net change in unrealized appreciation on investments and futures contracts		2,422,549			10,945,127
Net increase in net assets resulting from operations		4,859,225			10,474,059
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(2,901	)
Class 2		—			(369,548	)
Class 3		—			(306,591	)
Class 4		—			(19,616	)
Investor Class		—			(0	) (a)
Total distributions to shareholders		—			(698,656	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		238,018			20
Class 2		2,080,308			4,854,181
Class 3		106,361			360,540
Class 4		12,599			43,843
Investor Class		—			26
Reinvestment of distributions
Class 1		—			2,901
Class 2		—			369,548
Class 3		—			306,591
Class 4		—			19,616
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(16,741	)		(41,238	)
Class 2		(4,419,296	)		(10,254,341	)
Class 3		(4,568,731	)		(8,313,127	)
Class 4		(328,040	)		(795,208	)
Net decrease in net assets from share transactions of beneficial interest		(6,895,522	)		(13,446,648	)
Total Decrease In Net Assets		(2,036,297	)		(3,671,245	)

Net Assets:
Beginning of period		107,740,867			111,412,112
End of period	$	105,704,570		$	107,740,867

	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	$	13.53		$	12.48		$	38.19		$	35.58		$	34.89		$	32.10
Income (loss) from investment operations:
Net investment income (a)(b)		0.16			0.25			0.66			0.66			0.48			0.69
Net realized and unrealized gain (loss) on investments and futures contracts		0.30			0.93			(5.04	)		2.46			1.56			3.96
Total income (loss) from investment operations		0.46			1.18			(4.38	)		3.12			2.04			4.65
Less distributions from:
Net investment income		—			(0.07	)		(7.05	)		(0.51	)		(0.87	)		(0.87	)
Net realized gain		—			(0.06	)		(14.28	)		—			(0.48	)		(0.99	)
Total distributions		—			(0.13	)		(21.33	)		(0.51	)		(1.35	)		(1.86	)
Net asset value, end of period/year	$	13.99		$	13.53		$	12.48		$	38.19		$	35.58		$	34.89
Total return (c)		3.40	% (e)		9.49	%		(11.75	)%		8.80	%		6.17	%		14.81	%
Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	639		$	775		$	142		$	161		$	148		$	140
Ratio of expenses to average net assets (d)		0.42	% (f)		0.43	%		0.41	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		2.33	% (f)		3.34	%		2.26	%		1.75	%		1.38	%		2.04	%
Portfolio turnover rate		7	% (e)		21	%		14	%		9	%		27	%		36	%

	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	$	13.96		$	12.90		$	38.01		$	35.40		$	34.71		$	31.92
Income (loss) from investment operations:
Net investment income (a)(b)		0.15			0.16			0.54			0.54			0.39			0.66
Net realized and unrealized gain (loss) on investments and futures contracts		0.31			1.00			(5.01	)		2.49			1.56			3.90
Total income (loss) from investment operations		0.46			1.16			(4.47	)		3.03			1.95			4.56
Less distributions from:
Net investment income		—			(0.04	)		(6.36	)		(0.42	)		(0.78	)		(0.78	)
Net realized gain		—			(0.06	)		(14.28	)		—			(0.48	)		(0.99	)
Total distributions		—			(0.10	)		(20.64	)		(0.42	)		(1.26	)		(1.77	)
Net asset value, end of period/year	$	14.42		$	13.96		$	12.90		$	38.01		$	35.40		$	34.71
Total return (c)		3.30	% (e)		9.02	%		(11.85	)%		8.57	%		5.90	%		14.55	%
Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	37,015		$	36,144		$	32,612		$	373,337		$	382,900		$	409,218
Ratio of expenses to average net assets (d)		0.67	% (f)		0.68	%		0.66	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		2.14	% (f)		2.65	%		1.55	%		1.46	%		1.10	%		1.97	%
Portfolio turnover rate		7	% (e)		21	%		14	%		9	%		27	%		36	%

	Class 3 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	$	13.73		$	12.66		$	38.19		$	35.55		$	34.89		$	32.07
Income (loss) from investment operations:
Net investment income (a)(b)		0.14			0.14			0.51			0.51			0.33			0.66
Net realized and unrealized gain (loss) on investments and futures contracts		0.30			1.01			(5.01	)		2.52			1.56			3.90
Total income (loss) from investment operations		0.44			1.15			(4.50	)		3.03			1.89			4.56
Less distributions from:
Net investment income		—			(0.02	)		(6.75	)		(0.39	)		(0.75	)		(0.75	)
Net realized gain		—			(0.06	)		(14.28	)		—			(0.48	)		(0.99	)
Total distributions		—			(0.08	)		(21.03	)		(0.39	)		(1.23	)		(1.74	)
Net asset value, end of period/year	$	14.17		$	13.73		$	12.66		$	38.19		$	35.55		$	34.89
Total return (c)		3.20	% (e)		9.16	%		(12.08	)%		8.51	%		5.66	%		14.48	%
Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	19,755		$	20,522		$	21,739		$	81,163		$	82,899		$	88,729
Ratio of expenses to average net assets (d)		0.77	% (f)		0.78	%		0.76	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		2.03	% (f)		2.49	%		1.56	%		1.35	%		1.00	%		1.90	%
Portfolio turnover rate		7	% (e)		21	%		14	%		9	%		27	%		36	%

	Class 4 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	$	12.84		$	11.88		$	37.53		$	34.86		$	34.20		$	31.47
Income (loss) from investment operations:
Net investment income (a)(b)		0.11			0.11			0.45			0.39			0.24			0.54
Net realized and unrealized gain (loss) on investments and futures contracts		0.29			0.91			(4.98	)		2.49			1.53			3.84
Total income (loss) from investment operations		0.40			1.02			(4.53	)		2.88			1.77			4.38
Less distributions from:
Net investment income		—			—			(6.84	)		(0.21	)		(0.63	)		(0.66	)
Net realized gain		—			(0.06	)		(14.28	)		—			(0.48	)		(0.99	)
Total distributions		—			(0.06	)		(21.12	)		(0.21	)		(1.11	)		(1.65	)
Net asset value, end of period/year	$	13.24		$	12.84		$	11.88		$	37.53		$	34.86		$	34.20
Total return (c)		3.12	% (e)		8.63	%		(12.17	)%		8.28	%		5.46	%		14.17	%
Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	3,865		$	4,068		$	5,055		$	6,494		$	8,104		$	10,059
Ratio of expenses to average net assets (d)		1.02	% (f)		1.03	%		1.01	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		1.78	% (f)		2.18	%		1.61	%		1.05	%		0.74	%		1.64	%
Portfolio turnover rate		7	% (e)		21	%		14	%		9	%		27	%		36	%

	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	$	20.80		$	19.29		$	40.26		$	37.65		$	36.96		$	34.17
Income (loss) from investment operations:
Net investment income (a)(b)		0.18			0.27			0.42			0.90			0.27			0.93
Net realized and unrealized gain (loss) on investments and futures contracts		(4.40	)		1.34			(7.11	)		2.13			1.68			3.63
Total income from investment operations		(4.22	)		1.61			(6.69	)		3.03			1.95			4.56
Less distributions from:
Net investment income		—			(0.04	)		—			(0.42	)		(0.78	)		(0.78	)
Net realized gain		—			(0.06	)		(14.28	)		—			(0.48	)		(0.99	)
Total distributions		—			(0.10	)		(14.28	)		(0.42	)		(1.26	)		(1.77	)
Net asset value, end of year (c)	$	16.58		$	20.80		$	19.29		$	40.26		$	37.65		$	36.96
Total return (d)		2.85	% (h)		8.52	% (g)		(11.73	)%		8.06	%		5.52	%		13.64	%
Ratios and Supplemental Data:
Net assets, end of year (e)	$	29		$	36		$	14		$	16		$	15		$	14
Ratio of expenses to average net assets (f)		0.92	% (i)		0.93	%		0.91	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets (b)(f)		1.68	% (i)		2.08	%		1.51	%		0.95	%		0.64	%		1.54	%
Portfolio turnover rate		7	% (h)		21	%		14	%		9	%		27	%		36	%

Portfolio	Primary Objective

Managed Risk Balanced ETF Portfolio	Income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

Managed Risk Growth ETF Portfolio	Capital appreciation with less volatility than the equity markets as a whole.

Managed Risk Moderate Growth Portfolio	Capital appreciation with less volatility than the equity markets as a whole.

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

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	54,087,122	$	—	$	—	$	54,087,122
Short-Term Investments		6,924,793		—		—		6,924,793
Derivatives
Futures Contracts **		49,892		—		—		49,892
Total	$	61,061,807	$	—	$	—	$	61,061,807

	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized appreciation on futures contracts	$	19,642
Interest Risk	Unrealized appreciation on futures contracts		30,250
Total		$	49,892

							Gross Amounts Not Offset in the Statement of Assets &
							Liabilities *
					Net Amounts
			Gross Amounts		of Assets
			Offset in the		Presented in
	Gross Amounts		Statements of		the Statements		Financial
	of Recognized		Assets &		of Assets &		Instruments		Cash Collateral		Net Amount of
Assets:	Assets		Liabilities		Liabilities		Received		Received		Assets
Managed Risk Balanced ETF Portfolio
Description:
Securities Loaned	$	2,211,421	$	—	$	2,211,421	$	2,258,147	$	—	$	46,726
Total	$	2,211,421	$	—	$	2,211,421	$	2,258,147	$	—	$	46,726

Managed Risk Growth ETF Portfolio
Description:
Securities Loaned	$	7,468,500	$	—	$	7,468,500	$	4,650,852	$	2,817,648	$	—
Total	$	7,468,500	$	—	$	7,468,500	$	4,650,852	$	2,817,648	$	—

Managed Risk Moderate Growth ETF Portfolio
Description:
Securities Loaned	$	2,221,506	$	—	$	2,221,506	$	2,268,449	$	—	$	46,943
Total	$	2,221,506	$	—	$	2,221,506	$	2,268,449	$	—	$	46,943

Securities Lending Transactions
Overnight and Continuous
Managed Risk Growth ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	2,992,990

Portfolio	Purchases		Sales
Managed Risk Balanced ETF Portfolio	$	3,859,466	$	5,320,755
Managed Risk Growth ETF Portfolio		11,361,084		27,090,210
Managed Risk Moderate Growth ETF Portfolio		6,779,813		11,783,082

Portfolio	Advisory Fees
Managed Risk Balanced ETF Portfolio	$	91,761
Managed Risk Growth ETF Portfolio		268,519
Managed Risk Moderate Growth ETF Portfolio		160,037

Portfolio	Distribution Fees
Managed Risk Balanced ETF Portfolio	$	92,548
Managed Risk Growth ETF Portfolio		252,621
Managed Risk Moderate Growth ETF Portfolio		163,189

Managed Risk Balanced ETF Portfolio
Forethought Life Insurance Company	28%

Managed Risk Growth ETF Portfolio
Forethought Life Insurance Company	35%
Minnesota Life Insurance Co.	29%

Managed Risk Moderate Growth ETF Portfolio
Forethought Life Insurance Company	38%

								Tax Net
	Cost for							Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation/
Portfolio	Purposes		Appreciation		Depreciation			(Depreciation)
Managed Risk Balanced ETF Portfolio	$	59,805,043	$	6,652,089	$	(5,445,217	)	$	1,206,872
Managed Risk Growth ETF Portfolio		160,816,950		25,090,039		(6,591,939	)		18,498,100
Managed Risk Moderate Growth ETF Portfolio		100,141,049		13,241,564		(7,635,225	)		5,606,339

	Ordinary		Long-Term
	Income		Capital Gains		Total
Managed Risk Balanced ETF Portfolio	$	132,052	$	277,804	$	409,856
Managed Risk Growth ETF Portfolio		783,195		267,042		1,050,237
Managed Risk Moderate Growth ETF Portfolio		390,620		308,036		698,656

	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)

Managed Risk Balanced ETF Portfolio	$	1,519,715	$	—	$	—	$	(5,185,344	)	$	—	$	285,313	$	(3,380,316	)
Managed Risk Growth ETF Portfolio		3,841,071		—		—		(8,415,693	)		—		14,287,868		9,713,246
Managed Risk Moderate Growth ETF Portfolio		2,583,164		—		—		(12,306,430	)		—		2,865,084		(6,858,182	)