FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

TOPS Managed Risk Balanced ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS Managed Risk Balanced ETF Portfolio for the period of January 1, 2026 to June 30, 2026. 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)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$22	0.42%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

The S&P 500 and the Bloomberg U.S. Aggregate Bond Index both fell during the 1st quarter of 2026 ( 4.3% and 0.1%, respectively), yet all the TOPS portfolios delivered positive returns for investors. As the S&P 500 rebounded +15.2% in the 2nd quarter, the TOPS portfolios had a very strong quarter as well, leading to particularly strong performance for the equity-centric TOPS models versus the S&P 500’s return of +10.2% YTD.

Year-to-date, small cap (S&P Small Cap 600 Total Return Index) leads at +23.9%, followed by mid cap (S&P MidCap 400 Total Return Index) at +17.3%. Large cap growth (S&P 500 Growth Total Return Index) has gained +12.0%, while large cap value (S&P 500 Value Total Return Index) is up +8.0%. Internationally, emerging markets ex-China (MSCI Emerging Markets ex China Net Return USD Index) leads at +38.8%. Emerging markets ex-state-owned enterprises (WisdomTree Emerging Markets ex State Owned Enterprises Index) have returned +22.4%, while developed international (FTSE Developed ex US All Cap Net Tax [US RIC] Index) is up +14.3%. Broad-based emerging markets (FTSE Emerging Markets All Cap China A Inclusion Net Tax [US RIC] Index) have gained +9.3%. Among other asset classes, global real estate (FTSE EPRA Nareit Global REITs Net Tax Index) has gained +11.6%, while global natural resources (Morningstar Global Upstream Natural Resources Net Return Index) are up +8.4%

On the fixed income side, high yield corporate bonds (Solactive USD High Yield Corporates Total Market Index) and emerging market local currency bonds (J.P. Morgan Government Bond Index Emerging Markets Global Core) lead at +1.8%. Short-term TIPS (Bloomberg US Treasury TIPS 0-5 Years Total Return Index Unhedged USD) have gained +1.6%, while global ex-US aggregate bonds (Bloomberg GLA xUSD Float Adjusted RIC Capped Index TR Index Value Hedged USD) are up +1.4%. Short-term corporate bonds (Bloomberg US Corporate 1-3 Yr Total Return Index Value Unhedged USD) have returned +1.2%, followed by mortgage-backed securities (Bloomberg US MBS Float Adjusted Total Return Index Value Unhedged USD) at +1.1% and corporate bonds (ICE BofA US Corporate Index) at +1.0%. Short-term Treasuries (Bloomberg U.S. Treasury: 1-3 Year Total Return Index Value Unhedged USD) are up +0.6%, while intermediate-term Treasuries (Bloomberg U.S. Treasury 3-10 Year Total Return Index Value Unhedged USD) remain slightly negative at -0.1%.

How has the Fund performed over the last ten years?

Total Return Based on $10,000 Investment

Chart showing performance over last 10 years or since inception

Table Summary
	TOPS Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,806	$11,790
Jun-2018	$11,267	$13,484
Jun-2019	$11,748	$14,889
Jun-2020	$11,846	$16,006
Jun-2021	$13,969	$22,536
Jun-2022	$12,703	$20,144
Jun-2023	$13,189	$24,091
Jun-2024	$14,246	$30,006
Jun-2025	$15,056	$34,556
Jun-2026	$17,152	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	7.02%	13.93%	4.19%	5.54%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

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. For updated performance call 1-855-572-5945.

Fund Statistics

Net Assets$62,010,536
Number of Portfolio Holdings29
Advisory Fee $89,627
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	88.5%
Money Market Funds	11.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market	11.5%
Fixed Income	43.1%
Equity	45.1%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard S&P 500 ETF	8.2%
Vanguard FTSE Developed Markets ETF	8.1%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.1%
State Street SPDR Portfolio S&P 500 Value ETF	6.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
Vanguard Intermediate-Term Treasury ETF	4.5%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
Vanguard Short-Term Treasury ETF	3.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

TOPS Managed Risk Balanced ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRB1

TOPS Managed Risk Balanced ETF Portfolio

Class 2

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$34	0.67%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,781	$11,790
Jun-2018	$11,215	$13,484
Jun-2019	$11,662	$14,889
Jun-2020	$11,735	$16,006
Jun-2021	$13,799	$22,536
Jun-2022	$12,520	$20,144
Jun-2023	$12,956	$24,091
Jun-2024	$13,973	$30,006
Jun-2025	$14,730	$34,556
Jun-2026	$16,732	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	6.93%	13.59%	3.93%	5.28%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$62,010,536
Number of Portfolio Holdings29
Advisory Fee $89,627
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	88.5%
Money Market Funds	11.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market	11.5%
Fixed Income	43.1%
Equity	45.1%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard S&P 500 ETF	8.2%
Vanguard FTSE Developed Markets ETF	8.1%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.1%
State Street SPDR Portfolio S&P 500 Value ETF	6.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
Vanguard Intermediate-Term Treasury ETF	4.5%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
Vanguard Short-Term Treasury ETF	3.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

TOPS Managed Risk Balanced ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRB2

TOPS Managed Risk Balanced ETF Portfolio

Class 3

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$39	0.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,770	$11,790
Jun-2018	$11,198	$13,484
Jun-2019	$11,624	$14,889
Jun-2020	$11,685	$16,006
Jun-2021	$13,729	$22,536
Jun-2022	$12,449	$20,144
Jun-2023	$12,862	$24,091
Jun-2024	$13,866	$30,006
Jun-2025	$14,607	$34,556
Jun-2026	$16,571	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	6.85%	13.44%	3.83%	5.18%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$62,010,536
Number of Portfolio Holdings29
Advisory Fee $89,627
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	88.5%
Money Market Funds	11.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market	11.5%
Fixed Income	43.1%
Equity	45.1%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard S&P 500 ETF	8.2%
Vanguard FTSE Developed Markets ETF	8.1%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.1%
State Street SPDR Portfolio S&P 500 Value ETF	6.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
Vanguard Intermediate-Term Treasury ETF	4.5%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
Vanguard Short-Term Treasury ETF	3.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

TOPS Managed Risk Balanced ETF Portfolio - Class 3

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRB3

TOPS Managed Risk Balanced ETF Portfolio

Class 4

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$52	1.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Balanced ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,744	$11,790
Jun-2018	$11,142	$13,484
Jun-2019	$11,545	$14,889
Jun-2020	$11,567	$16,006
Jun-2021	$13,560	$22,536
Jun-2022	$12,258	$20,144
Jun-2023	$12,654	$24,091
Jun-2024	$13,591	$30,006
Jun-2025	$14,278	$34,556
Jun-2026	$16,159	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	6.71%	13.17%	3.57%	4.92%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$62,010,536
Number of Portfolio Holdings29
Advisory Fee $89,627
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	88.5%
Money Market Funds	11.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market	11.5%
Fixed Income	43.1%
Equity	45.1%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard S&P 500 ETF	8.2%
Vanguard FTSE Developed Markets ETF	8.1%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.1%
State Street SPDR Portfolio S&P 500 Value ETF	6.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
Vanguard Intermediate-Term Treasury ETF	4.5%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
Vanguard Short-Term Treasury ETF	3.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

TOPS Managed Risk Balanced ETF Portfolio - Class 4

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRB4

TOPS Managed Risk Balanced ETF Portfolio

Investor Class

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$47	0.92%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	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
Jun-2025	$10,762	$35,037
Jun-2026	$12,036	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Balanced ETF Portfolio	6.07%	11.84%	-1.85%	2.13%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$62,010,536
Number of Portfolio Holdings29
Advisory Fee $89,627
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	88.5%
Money Market Funds	11.5%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Other Assets in Excess of Liabilities	0.3%
Money Market	11.5%
Fixed Income	43.1%
Equity	45.1%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard Short-Term Inflation-Protected Securities ETF	10.8%
Vanguard S&P 500 ETF	8.2%
Vanguard FTSE Developed Markets ETF	8.1%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.1%
State Street SPDR Portfolio S&P 500 Value ETF	6.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.5%
Vanguard Intermediate-Term Treasury ETF	4.5%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
Vanguard Short-Term Treasury ETF	3.6%

Material Fund Changes

No material changes occurred during the period ended June 30, 2026.

TOPS Managed Risk Balanced ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRBI

TOPS Managed Risk Moderately Aggressive ETF Portfolio

(formerly TOPS Managed Risk Growth ETF Portfolio)

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS Managed Risk Moderately Aggressive ETF Portfolio for the period of January 1, 2026 to June 30, 2026. 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. This report describes changes to the Fund that occurred during the reporting period.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$22	0.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,262	$11,790
Jun-2018	$12,074	$13,484
Jun-2019	$12,467	$14,889
Jun-2020	$12,206	$16,006
Jun-2021	$15,350	$22,536
Jun-2022	$13,719	$20,144
Jun-2023	$14,426	$24,091
Jun-2024	$16,082	$30,006
Jun-2025	$16,769	$34,556
Jun-2026	$20,503	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderately Aggressive ETF Portfolio	11.68%	22.27%	5.96%	7.44%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$174,234,308
Number of Portfolio Holdings27
Advisory Fee $252,268
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	87.7%
Money Market Funds	12.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Collateral for Securities Loaned	1.2%
Money Market	11.2%
Fixed Income	11.6%
Equity	76.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	19.0%
Vanguard FTSE Developed Markets ETF	15.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
State Street SPDR Portfolio S&P 600 Small Cap ETF	5.4%
State Street SPDR Portfolio S&P 500 Growth ETF	4.5%
State Street SPDR Portfolio S&P 500 Value ETF	4.5%
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%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Growth ETF Portfolio" to "TOPS Managed Risk Moderately Aggressive ETF Portfolio."

TOPS Managed Risk Moderately Aggressive ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRG1

TOPS Managed Risk Moderately Aggressive ETF Portfolio

(formerly TOPS Managed Risk Growth ETF Portfolio)

Class 2

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$35	0.66%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,224	$11,790
Jun-2018	$12,007	$13,484
Jun-2019	$12,364	$14,889
Jun-2020	$12,078	$16,006
Jun-2021	$15,165	$22,536
Jun-2022	$13,513	$20,144
Jun-2023	$14,181	$24,091
Jun-2024	$15,753	$30,006
Jun-2025	$16,387	$34,556
Jun-2026	$19,992	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderately Aggressive ETF Portfolio	11.55%	22.00%	5.68%	7.17%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$174,234,308
Number of Portfolio Holdings27
Advisory Fee $252,268
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	87.7%
Money Market Funds	12.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Collateral for Securities Loaned	1.2%
Money Market	11.2%
Fixed Income	11.6%
Equity	76.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	19.0%
Vanguard FTSE Developed Markets ETF	15.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
State Street SPDR Portfolio S&P 600 Small Cap ETF	5.4%
State Street SPDR Portfolio S&P 500 Growth ETF	4.5%
State Street SPDR Portfolio S&P 500 Value ETF	4.5%
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%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Growth ETF Portfolio" to "TOPS Managed Risk Moderately Aggressive ETF Portfolio."

TOPS Managed Risk Moderately Aggressive ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRG2

TOPS Managed Risk Moderately Aggressive ETF Portfolio

(formerly TOPS Managed Risk Growth ETF Portfolio)

Class 3

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$40	0.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,221	$11,790
Jun-2018	$11,989	$13,484
Jun-2019	$12,327	$14,889
Jun-2020	$12,037	$16,006
Jun-2021	$15,088	$22,536
Jun-2022	$13,431	$20,144
Jun-2023	$14,088	$24,091
Jun-2024	$15,632	$30,006
Jun-2025	$16,250	$34,556
Jun-2026	$19,801	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderately Aggressive ETF Portfolio	11.54%	21.86%	5.59%	7.07%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$174,234,308
Number of Portfolio Holdings27
Advisory Fee $252,268
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	87.7%
Money Market Funds	12.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Collateral for Securities Loaned	1.2%
Money Market	11.2%
Fixed Income	11.6%
Equity	76.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	19.0%
Vanguard FTSE Developed Markets ETF	15.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
State Street SPDR Portfolio S&P 600 Small Cap ETF	5.4%
State Street SPDR Portfolio S&P 500 Growth ETF	4.5%
State Street SPDR Portfolio S&P 500 Value ETF	4.5%
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%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Growth ETF Portfolio" to "TOPS Managed Risk Moderately Aggressive ETF Portfolio."

TOPS Managed Risk Moderately Aggressive ETF Portfolio - Class 3

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRG3

TOPS Managed Risk Moderately Aggressive ETF Portfolio

(formerly TOPS Managed Risk Growth ETF Portfolio)

Class 4

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$53	1.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,194	$11,790
Jun-2018	$11,941	$13,484
Jun-2019	$12,245	$14,889
Jun-2020	$11,921	$16,006
Jun-2021	$14,913	$22,536
Jun-2022	$13,246	$20,144
Jun-2023	$13,850	$24,091
Jun-2024	$15,342	$30,006
Jun-2025	$15,907	$34,556
Jun-2026	$19,340	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderately Aggressive ETF Portfolio	11.39%	21.58%	5.34%	6.82%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$174,234,308
Number of Portfolio Holdings27
Advisory Fee $252,268
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	87.7%
Money Market Funds	12.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Collateral for Securities Loaned	1.2%
Money Market	11.2%
Fixed Income	11.6%
Equity	76.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	19.0%
Vanguard FTSE Developed Markets ETF	15.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
State Street SPDR Portfolio S&P 600 Small Cap ETF	5.4%
State Street SPDR Portfolio S&P 500 Growth ETF	4.5%
State Street SPDR Portfolio S&P 500 Value ETF	4.5%
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%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Growth ETF Portfolio" to "TOPS Managed Risk Moderately Aggressive ETF Portfolio."

TOPS Managed Risk Moderately Aggressive ETF Portfolio - Class 4

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRG4

TOPS Managed Risk Moderately Aggressive ETF Portfolio

(formerly TOPS Managed Risk Growth ETF Portfolio)

Investor Class

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$48	0.91%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderately Aggressive 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
Jun-2025	$14,797	$35,037
Jun-2026	$18,065	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderately Aggressive ETF Portfolio	11.65%	22.08%	5.67%	6.98%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$174,234,308
Number of Portfolio Holdings27
Advisory Fee $252,268
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	87.7%
Money Market Funds	12.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.6%
Collateral for Securities Loaned	1.2%
Money Market	11.2%
Fixed Income	11.6%
Equity	76.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	19.0%
Vanguard FTSE Developed Markets ETF	15.3%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	9.9%
State Street SPDR Portfolio S&P 600 Small Cap ETF	5.4%
State Street SPDR Portfolio S&P 500 Growth ETF	4.5%
State Street SPDR Portfolio S&P 500 Value ETF	4.5%
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%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Growth ETF Portfolio" to "TOPS Managed Risk Moderately Aggressive ETF Portfolio."

TOPS Managed Risk Moderately Aggressive ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRGI

TOPS Managed Risk Moderate ETF Portfolio

(formerly TOPS Moderate Growth ETF Portfolio)

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS Managed Risk Moderate ETF Portfolio for the period of January 1, 2026 to June 30, 2026. 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. This report describes changes to the Fund that occurred during the reporting period.

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 1	$21	0.41%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderate ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,092	$11,790
Jun-2018	$11,788	$13,484
Jun-2019	$12,221	$14,889
Jun-2020	$12,156	$16,006
Jun-2021	$14,897	$22,536
Jun-2022	$13,382	$20,144
Jun-2023	$13,998	$24,091
Jun-2024	$15,391	$30,006
Jun-2025	$16,256	$34,556
Jun-2026	$19,093	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderate ETF Portfolio	8.98%	17.45%	5.09%	6.68%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$108,505,901
Number of Portfolio Holdings29
Advisory Fee $158,241
Portfolio Turnover8%

Asset Weighting (% of total investments)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.9%
Money Market	11.2%
Fixed Income	29.6%
Equity	58.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.3%
Vanguard FTSE Developed Markets ETF	11.7%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	7.2%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
Vanguard FTSE Emerging Markets ETF	3.6%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Moderate Growth ETF Portfolio" to "TOPS Managed Risk Moderate ETF Portfolio."

TOPS Managed Risk Moderate ETF Portfolio - Class 1

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRMG1

TOPS Managed Risk Moderate ETF Portfolio

(formerly TOPS Moderate Growth ETF Portfolio)

Class 2

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 2	$34	0.66%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderate ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,066	$11,790
Jun-2018	$11,723	$13,484
Jun-2019	$12,120	$14,889
Jun-2020	$12,039	$16,006
Jun-2021	$14,711	$22,536
Jun-2022	$13,176	$20,144
Jun-2023	$13,788	$24,091
Jun-2024	$15,088	$30,006
Jun-2025	$15,900	$34,556
Jun-2026	$18,641	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderate ETF Portfolio	8.89%	17.23%	4.85%	6.43%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$108,505,901
Number of Portfolio Holdings29
Advisory Fee $158,241
Portfolio Turnover8%

Asset Weighting (% of total investments)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.9%
Money Market	11.2%
Fixed Income	29.6%
Equity	58.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.3%
Vanguard FTSE Developed Markets ETF	11.7%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	7.2%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
Vanguard FTSE Emerging Markets ETF	3.6%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Moderate Growth ETF Portfolio" to "TOPS Managed Risk Moderate ETF Portfolio."

TOPS Managed Risk Moderate ETF Portfolio - Class 2

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRMG2

TOPS Managed Risk Moderate ETF Portfolio

(formerly TOPS Moderate Growth ETF Portfolio)

Class 3

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 3	$40	0.76%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderate ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,060	$11,790
Jun-2018	$11,704	$13,484
Jun-2019	$12,093	$14,889
Jun-2020	$11,992	$16,006
Jun-2021	$14,648	$22,536
Jun-2022	$13,100	$20,144
Jun-2023	$13,702	$24,091
Jun-2024	$14,974	$30,006
Jun-2025	$15,767	$34,556
Jun-2026	$18,456	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderate ETF Portfolio	8.74%	17.05%	4.73%	6.32%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$108,505,901
Number of Portfolio Holdings29
Advisory Fee $158,241
Portfolio Turnover8%

Asset Weighting (% of total investments)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.9%
Money Market	11.2%
Fixed Income	29.6%
Equity	58.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.3%
Vanguard FTSE Developed Markets ETF	11.7%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	7.2%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
Vanguard FTSE Emerging Markets ETF	3.6%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Moderate Growth ETF Portfolio" to "TOPS Managed Risk Moderate ETF Portfolio."

TOPS Managed Risk Moderate ETF Portfolio - Class 3

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRMG3

TOPS Managed Risk Moderate ETF Portfolio

(formerly TOPS Moderate Growth ETF Portfolio)

Class 4

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class 4	$52	1.01%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderate ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,032	$11,790
Jun-2018	$11,648	$13,484
Jun-2019	$11,989	$14,889
Jun-2020	$11,861	$16,006
Jun-2021	$14,450	$22,536
Jun-2022	$12,901	$20,144
Jun-2023	$13,434	$24,091
Jun-2024	$14,669	$30,006
Jun-2025	$15,402	$34,556
Jun-2026	$17,991	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderate ETF Portfolio	8.69%	16.81%	4.48%	6.05%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$108,505,901
Number of Portfolio Holdings29
Advisory Fee $158,241
Portfolio Turnover8%

Asset Weighting (% of total investments)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.9%
Money Market	11.2%
Fixed Income	29.6%
Equity	58.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.3%
Vanguard FTSE Developed Markets ETF	11.7%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	7.2%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
Vanguard FTSE Emerging Markets ETF	3.6%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Moderate Growth ETF Portfolio" to "TOPS Managed Risk Moderate ETF Portfolio."

TOPS Managed Risk Moderate ETF Portfolio - Class 4

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRMG4

TOPS Managed Risk Moderate ETF Portfolio

(formerly TOPS Moderate Growth ETF Portfolio)

Investor Class

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$47	0.91%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

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

Table Summary
	TOPS Managed Risk Moderate 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
Jun-2025	$13,631	$35,037
Jun-2026	$15,999	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Managed Risk Moderate ETF Portfolio	8.82%	17.37%	3.30%	5.44%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$108,505,901
Number of Portfolio Holdings29
Advisory Fee $158,241
Portfolio Turnover8%

Asset Weighting (% of total investments)

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

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-1.3%
Collateral for Securities Loaned	1.9%
Money Market	11.2%
Fixed Income	29.6%
Equity	58.6%

• May represent asset weighting given fund’s investment approach/investments in other investment companies.

Top 10 Holdings (% of net assets)

Table Summary
Holding Name	% of Net Assets
Vanguard S&P 500 ETF	16.3%
Vanguard FTSE Developed Markets ETF	11.7%
State Street SPDR Portfolio Short Term Corporate Bond ETF	8.1%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	7.2%
Vanguard Short-Term Inflation-Protected Securities ETF	5.4%
iShares iBoxx $ Investment Grade Corporate Bond ETF	4.5%
Vanguard FTSE Emerging Markets ETF	3.6%
State Street SPDR Portfolio S&P 600 Small Cap ETF	3.6%
FlexShares Global Upstream Natural Resources Index Fund	3.6%
iShares Global REIT ETF	3.5%

Material Fund Changes

Effective May 1, 2026, the name of the Fund changed from "TOPS Managed Risk Moderate Growth ETF Portfolio" to "TOPS Managed Risk Moderate ETF Portfolio."

TOPS Managed Risk Moderate ETF Portfolio - Investor Class

Semi-Annual Shareholder Report - June 30, 2026

Where can I find additional information about the Fund?

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

Prospectus
Financial information
Holdings
Proxy voting information

TSR-SAR 063026-TMRMGI

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.

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

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 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 each 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 Portfolios have adopted FASB ASU 2023-07, Segment Reporting (“Topic 280”) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Portfolios’ financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolios’ CODM is comprised of the portfolio managers and Chief Financial Officer of the

Trust. The Portfolios operate as a single operating segment. The Portfolios’ income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Portfolios, using the information presented in the financial statements and financial highlights.

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

Accounting Pronouncement – The Portfolios adopted the FASB ASU 2023-09, “Income Taxes (Topic 740) Improvements to Income Tax Disclosures”, which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in ASU 2023-09 are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Portfolios’ adoption of ASU 2023-09 did not have a material impact on their financial statements.

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

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

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

Fair Valuation Process – The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not

limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that affects the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Portfolio’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of a Portfolio’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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, 2026 for each Portfolio’s investments measured at fair value:

The Portfolios did not hold any Level 2 or 3 securities during the six months ended June 30, 2026.

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, 2023 through December 31, 2025 or expected to be taken in the Portfolios’ December 31, 2026 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, 2026:

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Operations for the six months ended June 30, 2026:

The notional value of the derivative instruments outstanding as of June 30, 2026 as disclosed in the Schedules of Investments and the amounts realized and changes in unrealized gains and losses on derivative instruments during the six months 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 Portfolios may invest in exchange traded funds (“ETFs”). An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. Each ETF like a mutual fund is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF’s underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect a Portfolio’s performance.

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

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

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

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

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, 2026:

The following table breaks out the holdings received as collateral as of June 30, 2026:

The fair value of the securities loaned for the Managed Risk Balanced ETF Portfolio, Managed Risk Moderately Aggressive ETF Portfolio and Managed Risk Moderate ETF Portfolio totaled $2,560,668, $3,942,004 and $2,696,000 as of June 30, 2026, 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 $0, $2,004,582, and $2,015,279 for the Managed Risk Balanced ETF Portfolio, Managed Risk Moderately Aggressive ETF Portfolio and Managed Risk Moderate ETF Portfolio as of June 30, 2026, respectively. This amount is offset by a liability recorded as “Collateral on securities loaned.” Managed Risk Balanced ETF Portfolio did not receive cash collateral as of June 30, 2026. At June 30, 2026, the Managed Risk Balanced ETF Portfolio, Managed Risk Moderately Aggressive ETF Portfolio and Managed Risk Moderate ETF Portfolio received non-cash collateral of $2,615,966, $2,036,958 and $736,639, 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.

For the six months ended June 30, 2026, 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 ended June 30, 2026, 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 (the “Plan”) for each of Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares. The fee is calculated at an annual rate of 0.25%, 0.35%, 0.60%, and 0.50% of the average daily net assets attributable to each Portfolio’s Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio’s shareholder accounts, not otherwise required to be provided by the Advisor.

For the six months ended June 30, 2026, 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 ended June 30, 2026, the trustees received fees in the amount $11,111 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 Trust engages an insurance broker affiliated with UFS for the purposes of assisting the Trust in obtaining its insurance policies.

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, 2026, 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, 2026 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, 2025, and December 31, 2024 was as follows:

As of December 31, 2025, 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, 2025, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains, along with capital loss carry forwards utilized, as follows:

Subsequent events after the date of the Statement 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.

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

Information regarding how the Portfolios voted proxies related to portfolio securities for the 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 (i) called (855) 538-5278; (ii) visiting the Portfolios’ website at http://topsfunds.com/documents/; or (iii) referring to the Securities and Exchange Commission’s website at http://www.sec.gov.

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 — 88.2%
		EQUITY - 45.1%
	34,007	FlexShares Global Upstream Natural Resources Index Fund	$	1,675,865
	79,459	iShares Global REIT ETF		2,194,658
	11,090	iShares MSCI Emerging Markets ex China ETF		1,134,507
	6,291	iShares MSCI USA Small-Cap Multifactor ETF		560,780
	41,575	State Street SPDR Portfolio S&P 400 Mid Cap ETF		2,808,807
	9,491	State Street SPDR Portfolio S&P 500 Growth ETF		1,129,334
	64,165	State Street SPDR Portfolio S&P 500 Value ETF		3,900,590
	38,924	State Street SPDR Portfolio S&P 600 Small Cap ETF		2,244,747
	70,723	Vanguard FTSE Developed Markets ETF		5,039,014
	28,247	Vanguard FTSE Emerging Markets ETF^(a)		1,686,063
	7,364	Vanguard S&P 500 ETF		5,057,668
	11,525	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		566,800
				27,998,833
		FIXED INCOME - 43.1%
	23,893	iShares BB Rated Corporate Bond ETF, USD Class		1,117,476
	40,643	iShares iBoxx $ Investment Grade Corporate Bond ETF		4,432,932
	167,031	State Street SPDR Portfolio Short Term Corporate Bond ETF		5,012,601
	65,308	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		1,669,272
	47,095	Vanguard Intermediate-Term Treasury ETF^(a)		2,777,663
	23,914	Vanguard Mortgage-Backed Securities ETF		1,119,414
	132,988	Vanguard Short-Term Inflation-Protected Securities ETF		6,679,988
	38,272	Vanguard Short-Term Treasury ETF		2,227,430
	11,502	Vanguard Total International Bond ETF		557,042
	30,535	Xtrackers USD High Yield Corporate Bond ETF		1,115,138
				26,708,956

		TOTAL EXCHANGE-TRADED FUNDS (Cost $45,417,928)		54,707,789

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.5%
		MONEY MARKET FUNDS - 11.5%
	7,129,706	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $7,129,706)^(b)	$	7,129,706

		TOTAL INVESTMENTS - 99.7% (Cost $52,547,634)	$	61,837,495
		OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%		173,041
		NET ASSETS - 100.0%	$	62,010,536

OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Broker	Expiration	Notional Amount^(c)		Value and Unrealized Appreciation
	32	CBOT 5 Year US Treasury Note	Bank of America Merrill Lynch	10/01/2026	$	3,425,500	$	735
	1	CME E-mini Russell 2000 Index Futures	Bank of America Merrill Lynch	09/21/2026		152,280		5,175
	3	CME E-Mini Standard & Poor's 500 Index Future	Bank of America Merrill Lynch	09/21/2026		1,132,238		13,455
	1	CME E-Mini Standard & Poor's MidCap 400 Index	Bank of America Merrill Lynch	09/21/2026		388,500		8,545
	4	ICE US mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	09/21/2026		629,060		1,500
	6	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	09/21/2026		527,190		6,510
		TOTAL FUTURES CONTRACTS					$	35,920

CBOT	- Chicago Board of Trade

CME	- Chicago Mercantile Exchange

ETF	- Exchange-Traded Fund

FTSE	- Financial Times Stock Exchange

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
		SHORT-TERM INVESTMENTS — 12.4% (Continued)
		MONEY MARKET FUNDS - 11.2%
	19,534,651	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $19,534,651)^(b)	$	19,534,651

		TOTAL SHORT-TERM INVESTMENTS (Cost $21,539,233)		21,539,233

		TOTAL INVESTMENTS - 100.6% (Cost $125,557,560)	$	175,261,644
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%		(1,027,336	)
		NET ASSETS - 100.0%	$	174,234,308

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 13.1% (Continued)
		MONEY MARKET FUNDS - 11.2%
	12,185,542	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $12,185,542)^(b)	$	12,185,542

		TOTAL SHORT-TERM INVESTMENTS (Cost $14,200,821)		14,200,821

		TOTAL INVESTMENTS - 101.3% (Cost $87,321,402)	$	109,937,928
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%		(1,432,027	)
		NET ASSETS - 100.0%	$	108,505,901

	Managed Risk		Managed Risk Moderately		Managed Risk
	Balanced		Aggressive		Moderate
Assets:	ETF Portfolio		ETF Portfolio		ETF Portfolio
Investments in securities, at cost	$	52,547,634	$	125,557,560	$	87,321,402
Investments in securities, at value (Securities on loan $2,560,668, $3,942,004, and $2,696,000, respectively)	$	61,837,495	$	175,261,644	$	109,937,928
Deposits with Broker		203,666		927,279		454,495
Receivable for securities sold		—		—		68,574
Interest and dividends receivable		19,876		54,741		34,576
Unrealized appreciation on futures contracts		35,920		198,526		89,325
Prepaid expenses and other assets		14,989		29,247		30,402
Receivable for Portfolio shares sold		238		3,180		6,702
Total Assets		62,112,184		176,474,617		110,622,002

Liabilities:
Collateral on securities loaned		—		2,004,582		2,015,279
Accrued investment advisory fees		14,999		42,128		22,926
Payable for securities purchased		59,503		102,871		—
Accrued distribution (12b-1) fees		9,353		32,444		25,820
Payable for Portfolio shares redeemed		8,051		30,893		34,866
Accrued expenses and other liabilities		9,742		27,391		17,210
Total Liabilities		101,648		2,240,309		2,116,101
Net Assets	$	62,010,536	$	174,234,308	$	108,505,901

Components of Net Assets:
Paid-in capital	$	55,793,589	$	122,022,163	$	93,756,878
Accumulated earnings		6,216,947		52,212,145		14,749,023
Net Assets	$	62,010,536	$	174,234,308	$	108,505,901

	Managed Risk Balanced ETF Portfolio

	Period Ended			Year Ended
	June 30, 2026			December 31, 2025
Increase (Decrease) in Net Assets:	(Unaudited)
From Operations:
Net investment income	$	492,108		$	1,550,173
Net realized gain (loss) on investments and futures contracts		1,544,350			(159,145	)
Net change in unrealized appreciation on investments and futures contracts		2,025,424			3,576,792
Net increase in net assets resulting from operations		4,061,882			4,967,820

From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(25,976	)
Class 2		—			(1,023,995	)
Class 3		—			(449,881	)
Class 4		—			(84,925	)
Investor Class		—			(1	)
Total distributions to shareholders		—			(1,584,778	)

From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		1,237,946			274,846
Class 2		2,664,859			3,552,212
Class 3		165,946			201,787
Class 4		97,717			43,383
Reinvestment of distributions
Class 1		—			25,976
Class 2		—			1,023,994
Class 3		—			449,881
Class 4		—			84,925
Investor Class		—			1
Cost of shares redeemed
Class 1		(72,257	)		(12,563	)
Class 2		(1,981,086	)		(4,043,380	)
Class 3		(2,142,437	)		(3,725,669	)
Class 4		(270,358	)		(373,415	)
Net decrease in net assets from share transactions of beneficial interest		(299,670	)		(2,498,022	)
Total Increase In Net Assets		3,762,212			885,020

Net Assets:
Beginning of period/year		58,248,324			57,363,304
End of period/year	$	62,010,536		$	58,248,324

	Managed Risk Moderately Aggressive ETF Portfolio

	Period Ended			Year Ended
	June 30, 2026			December 31, 2025
Increase (Decrease) in Net Assets:	(Unaudited)
From Operations:
Net investment income	$	960,719		$	3,133,444
Net realized gain (loss) on investments and futures contracts		6,166,637			(1,453,974	)
Net change in unrealized appreciation on investments and futures contracts		11,469,731			16,079,041
Net increase in net assets resulting from operations		18,597,087			17,758,511

From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(114,205	)
Class 2		—			(2,075,746	)
Class 3		—			(1,203,953	)
Class 4		—			(43,099	)
Investor Class		—			(1	)
Total distributions to shareholders		—			(3,437,004	)

From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		—			23,157
Class 2		3,544,022			5,256,249
Class 3		333,522			499,338
Class 4		2,079			10,349
Investor Class		—			—
Reinvestment of distributions
Class 1		—			114,205
Class 2		—			2,075,746
Class 3		—			1,203,953
Class 4		—			43,099
Investor Class		—			1
Cost of shares redeemed
Class 1		(502,619	)		(1,832,495	)
Class 2		(7,097,692	)		(11,531,166	)
Class 3		(5,659,076	)		(10,269,211	)
Class 4		(90,523	)		(315,289	)
Net decrease in net assets from share transactions of beneficial interest		(9,470,287	)		(14,722,064	)
Total Increase (Decrease) In Net Assets		9,126,800			(400,557	)

Net Assets:
Beginning of period/year		165,107,508			165,508,065
End of period/year	$	174,234,308		$	165,107,508

	Managed Risk Moderate ETF Portfolio

	Period Ended			Year Ended
	June 30, 2026			December 31, 2025
Increase (Decrease) in Net Assets:	(Unaudited)
From Operations:
Net investment income	$	788,900		$	2,455,079
Net realized gain (loss) on investments and futures contracts		3,216,073			(660,960	)
Net change in unrealized appreciation on investments and futures contracts		5,013,714			8,088,103
Net increase in net assets resulting from operations		9,018,687			9,882,222

From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(16,026	)
Class 2		—			(1,434,702	)
Class 3		—			(1,010,222	)
Class 4		—			(103,591	)
Investor Class		—			(1	)
Total distributions to shareholders		—			(2,564,542	)

From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		5,365			2,470
Class 2		2,327,873			6,157,327
Class 3		1,446,875			273,388
Class 4		2,639			148,395
Reinvestment of distributions
Class 1		—			16,026
Class 2		—			1,434,702
Class 3		—			1,010,222
Class 4		—			103,591
Investor Class		—			1
Cost of shares redeemed
Class 1		(740	)		(24,921	)
Class 2		(3,336,262	)		(7,266,601	)
Class 3		(3,664,363	)		(7,998,574	)
Class 4		(346,745	)		(752,149	)
Net decrease in net assets from share transactions of beneficial interest		(3,565,358	)		(6,896,123	)
Total Increase In Net Assets		5,453,329			421,557

Net Assets:
Beginning of period/year		103,052,572			102,631,015
End of period/year	$	108,505,901		$	103,052,572

	Class 1 Shares

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2026			December 31, 2025			December 31, 2024			December 31, 2023 *			December 31, 2022 *			December 31, 2021 *
	(Unaudited)
Net asset value, beginning of period/year	$	14.82		$	13.98		$	13.53		$	12.48		$	38.19		$	35.58

Income (loss) from investment operations:
Net investment income (a)(b)		0.16			0.45			0.40			0.25			0.66			0.66
Net realized and unrealized gain (loss) on investments and futures contracts		0.88			0.85			0.47			0.93			(5.04	)		2.46
Total income (loss) from investment operations		1.04			1.30			0.87			1.18			(4.38	)		3.12

Less distributions from:
Net investment income		—			(0.46	)		(0.42	)		(0.07	)		(7.05	)		(0.51	)
Net realized gain		—			—			—			(0.06	)		(14.28	)		—
Total distributions		—			(0.46	)		(0.42	)		(0.13	)		(21.33	)		(0.51	)

Net asset value, end of period/year	$	15.86		$	14.82		$	13.98		$	13.53		$	12.48		$	38.19
Total return (c)		7.02	% (e)		9.35	%		6.38	%		9.49	%		(11.75	)%		8.80	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000's)	$	2,317		$	991		$	652		$	775		$	142		$	161
Ratio of expenses to average net assets (d)		0.42	% (f)		0.42	%		0.42	%		0.43	%		0.41	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		2.12	% (f)		3.09	%		2.88	%		3.34	%		2.26	%		1.75	%
Portfolio turnover rate		11	% (e)		10	%		13	%		21	%		14	%		9	%

	Class 2 Shares

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2026			December 31, 2025			December 31, 2024			December 31, 2023 *			December 31, 2022 *			December 31, 2021 *
	(Unaudited)
Net asset value, beginning of period/year	$	15.30		$	14.43		$	13.96		$	12.90		$	38.01		$	35.40

Income (loss) from investment operations:
Net investment income (a)(b)		0.13			0.42			0.39			0.16			0.54			0.54
Net realized and unrealized gain (loss) on investments and futures contracts		0.93			0.89			0.48			1.00			(5.01	)		2.49
Total income (loss) from investment operations		1.06			1.30			0.86			1.16			(4.47	)		3.03

Less distributions from:
Net investment income		—			(0.43	)		(0.39	)		(0.04	)		(6.36	)		(0.42	)
Net realized gain		—			—			—			(0.06	)		(14.28	)		—
Total distributions		—			(0.43	)		(0.39	)		(0.10	)		(20.64	)		(0.42	)

Net asset value, end of period/year	$	16.36		$	15.30		$	14.43		$	13.96		$	12.90		$	38.01
Total return (c)		6.93	% (e)		9.03	%		6.09	%		9.02	%		(11.85	)%		8.57	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000's)	$	40,837		$	37,528		$	34,845		$	36,144		$	32,612		$	373,337
Ratio of expenses to average net assets (d)		0.67	% (f)		0.67	%		0.67	%		0.68	%		0.66	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		1.69	% (f)		2.80	%		2.66	%		2.65	%		1.55	%		1.46	%
Portfolio turnover rate		11	% (e)		10	%		13	%		21	%		14	%		9	%

	Class 3 Shares

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2026			December 31, 2025			December 31, 2024			December 31, 2023 *			December 31, 2022 *			December 31, 2021 *
	(Unaudited)
Net asset value, beginning of period/year	$	15.03		$	14.18		$	13.73		$	12.66		$	38.19		$	35.55

Income (loss) from investment operations:
Net investment income (a)(b)		0.12			0.39			0.36			0.14			0.51			0.51
Net realized and unrealized gain (loss) on investments and futures contracts		0.91			0.87			0.46			1.01			(5.01	)		2.52
Total income (loss) from investment operations		1.03			1.26			0.82			1.15			(4.50	)		3.03

Less distributions from:
Net investment income		—			(0.41	)		(0.37	)		(0.02	)		(6.75	)		(0.39	)
Net realized gain		—			—			—			(0.06	)		(14.28	)		—
Total distributions		—			(0.41	)		(0.37	)		(0.08	)		(21.03	)		(0.39	)

Net asset value, end of period/year	$	16.06		$	15.03		$	14.18		$	13.73		$	12.66		$	38.19
Total return (c)		6.85	% (e)		8.94	%		5.96	%		9.16	%		(12.08	)%		8.51	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000's)	$	15,677		$	16,587		$	18,654		$	20,522		$	21,739		$	81,163
Ratio of expenses to average net assets (d)		0.76	% (f)		0.76	%		0.77	%		0.78	%		0.76	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		1.57	% (f)		2.65	%		2.54	%		2.49	%		1.56	%		1.35	%
Portfolio turnover rate		11	% (e)		10	%		13	%		21	%		14	%		9	%

	Class 4 Shares

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2026			December 31, 2025			December 31, 2024			December 31, 2023 *			December 31, 2022 *			December 31, 2021 *
	(Unaudited)
Net asset value, beginning of period/year	$	14.00		$	13.24		$	12.84		$	11.88		$	37.53		$	34.86

Income (loss) from investment operations:
Net investment income (a)(b)		0.10			0.33			0.30			0.11			0.45			0.39
Net realized and unrealized gain (loss) on investments and futures contracts		0.84			0.82			0.45			0.91			(4.98	)		2.49
Total income (loss) from investment operations		0.94			1.15			0.75			1.02			(4.53	)		2.88

Less distributions from:
Net investment income		—			(0.39	)		(0.34	)		—			(6.84	)		(0.21	)
Net realized gain		—			—			—			(0.06	)		(14.28	)		—
Total distributions		—			(0.39	)		(0.34	)		(0.06	)		(21.12	)		(0.21	)

Net asset value, end of period/year	$	14.94		$	14.00		$	13.24		$	12.84		$	11.88		$	37.53
Total return (c)		6.71	% (e)		8.70	%		5.69	%		8.63	%		(12.17	)%		8.28	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000's)	$	3,178		$	3,142		$	3,212		$	4,068		$	5,055		$	6,494
Ratio of expenses to average net assets (d)		1.01	% (f)		1.01	%		1.02	%		1.03	%		1.01	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		1.34	% (f)		2.44	%		2.25	%		2.18	%		1.61	%		1.05	%
Portfolio turnover rate		11	% (e)		10	%		13	%		21	%		14	%		9	%

	Investor Class Shares

	Six Months Ended			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	June 30, 2026			December 31, 2025			December 31, 2024			December 31, 2023 *			December 31, 2022 *			December 31, 2021 *
	(Unaudited)
Net asset value, beginning of period/year	$	23.09		$	21.63		$	20.80		$	19.29		$	40.26		$	37.65

Income (loss) from investment operations:
Net investment income (a)(b)		0.17			0.17			0.18			0.27			0.42			0.90
Net realized and unrealized gain (loss) on investments and futures contracts		1.22			1.72			1.04			1.34			(7.11	)		2.13
Total income (loss) from investment operations		1.39			1.90			1.22			1.61			(6.69	)		3.03

Less distributions from:
Net investment income		—			(0.43	)		(0.39	)		(0.04	)		—			(0.42	)
Net realized gain		—			—			—			(0.06	)		(14.28	)		—
Total distributions		—			(0.43	)		(0.39	)		(0.10	)		(14.28	)		(0.42	)

Net asset value, end of period/year (c)	$	24.48		$	23.09		$	21.63		$	20.80		$	19.29		$	40.26
Total return (d)		6.07	% (g),(h)		8.78	% (g)		5.84	% (g)		8.52	% (g)		(11.73	)%		8.06	%

Ratios and Supplemental Data:
Net assets, end of period/year (e)	$	38		$	46		$	39		$	36		$	14		$	16
Ratio of expenses to average net assets (f)		0.92	% (i)		0.92	%		0.92	%		0.93	%		0.91	%		0.90	%
Ratio of net investment income to average net assets (b)(f)		1.24	% (i)		2.34	%		2.15	%		2.08	%		1.51	%		0.95	%
Portfolio turnover rate		11	% (h)		10	%		13	%		21	%		14	%		9	%

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 Moderately Aggressive ETF Portfolio	Capital appreciation with less volatility than the equity markets as a whole.

Managed Risk Moderate ETF 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 Moderately Aggressive ETF Portfolio	2 for 1
Managed Risk Moderate ETF Portfolio	5 for 1

Managed Risk Balanced ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	54,707,789	$	—	$	—	$	54,707,789
Short-Term Investments		7,129,706		—		—		7,129,706
Futures Contracts		35,920		—		—		35,920
Total	$	61,873,415	$	—	$	—	$	61,873,415

Managed Risk Moderately Aggressive ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	153,722,411	$	—	$	—	$	153,722,411
Short-Term Investments		21,539,233		—		—		21,539,233
Futures Contracts		198,526		—		—		198,526
Total	$	175,460,170	$	—	$	—	$	175,460,170

Managed Risk Moderate ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	95,737,107	$	—	$	—	$	95,737,107
Short-Term Investments		14,200,821		—		—		14,200,821
Futures Contracts		89,325		—		—		89,325
Total	$	110,027,253	$	—	$	—	$	110,027,253

Managed Risk Balanced ETF Portfolio

Contract Type/Primary Risk Exposure	Statement of Assets and Liabilities Location	Unrealized depreciation
Futures Contracts / Equity Risk	Unrealized appreciation on futures contracts	$	35,185
Futures Contracts / Interest Risk	Unrealized appreciation on futures contracts		735
Total		$	35,920

Managed Risk Moderately Aggressive ETF Portfolio

Contract Type/Primary Risk Exposure	Statement of Assets and Liabilities Location		Unrealized depreciation
Futures Contracts / Equity Risk	Unrealized appreciation on futures contracts	$	198,315
Futures Contracts / Interest Risk	Unrealized appreciation on futures contracts		211
Total		$	198,526

Managed Risk Moderate ETF Portfolio

Contract Type/Primary Risk Exposure	Statement of Assets and Liabilities Location	Unrealized depreciation
Futures Contracts / Equity Risk	Unrealized appreciation on futures contracts	$	89,325
Futures Contracts / Interest Risk	Unrealized appreciation on futures contracts		—
Total		$	89,325

Derivative Investment Type	Primary Risk Exposure	Location of Gain (Loss) on Derivatives recognized in income	Realized and Unrealized Gain (Loss) on Derivatives recognized in income
Futures Contracts	Equity Risk	Net realized gain (loss) on futures contracts	$	54,912
Futures Contracts	Interest Risk	Net realized gain (loss) on futures contracts		(77,979	)
Total			$	(23,067	)

Futures Contracts	Equity Risk	Net change in unrealized appreciation on futures contracts	$	36,676
Futures Contracts	Interest Risk	Net change in unrealized appreciation on futures contracts		12,273
Total			$	48,949

Managed Risk Moderately Aggressive ETF Portfolio

Derivative Investment Type	Primary Risk Exposure	Location of Gain (Loss) on Derivatives recognized in income	Realized and Unrealized Gain (Loss) on Derivatives recognized in income
Futures Contracts	Equity Risk	Net realized gain (loss) on futures contracts	$	(222,889	)
Futures Contracts	Interest Risk	Net realized gain (loss) on futures contracts		(75,898	)
Total			$	(298,787	)

Futures Contracts	Equity Risk	Net change in unrealized appreciation on futures contracts	$	212,119
Futures Contracts	Interest Risk	Net change in unrealized appreciation on futures contracts		12,164
Total			$	224,283

Managed Risk Moderate ETF Portfolio

Derivative Investment Type	Primary Risk Exposure	Location of Gain (Loss) on Derivatives recognized in income	Realized and Unrealized Gain (Loss) on Derivatives recognized in income
Futures Contracts	Equity Risk	Net realized gain (loss) on futures contracts	$	148,294
Futures Contracts	Interest Risk	Net realized gain (loss) on futures contracts		(93,406	)
Total			$	54,888

Futures Contracts	Equity Risk	Net change in unrealized appreciation on futures contracts	$	96,930
Futures Contracts	Interest Risk	Net change in unrealized appreciation on futures contracts		13,672
Total			$	110,602


Assets:	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets & Liabilities		Net Amounts of Assets Presented in the Statements of Assets & Liabilities		Financial Instruments Received		Cash Collateral Received			Net Amount of Assets

Managed Risk Balanced ETF Portfolio
Description:
Securities Loaned	$	2,560,668	$	—	$	2,560,668	$	2,615,966	$	(55,298	)	$	—
Total	$	2,560,668	$	—	$	2,560,668	$	2,615,966	$	(55,298	)	$	—

Managed Risk Moderately Aggressive ETF Portfolio
Description:
Securities Loaned	$	3,942,004	$	—	$	3,942,004	$	2,036,958	$	1,905,046		$	—
Total	$	3,942,004	$	—	$	3,942,004	$	2,036,958	$	1,905,046		$	—

Managed Risk Moderate ETF Portfolio
Description:
Securities Loaned	$	2,696,000	$	—	$	2,696,000	$	736,639	$	1,959,361		$	—
Total	$	2,696,000	$	—	$	2,696,000	$	736,639	$	1,959,361		$	—

Securities Lending Transactions
Overnight and Continuous
Managed Risk Moderately Aggressive ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	2,004,582

Managed Risk Moderate ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	2,015,279

Portfolio	Purchases		Sales
Managed Risk Balanced ETF Portfolio	$	6,084,951	$	6,263,077
Managed Risk Moderately Aggressive ETF Portfolio		9,583,495		19,234,279
Managed Risk Moderate ETF Portfolio		7,087,506		10,982,248

Portfolio	Advisory Fees
Managed Risk Balanced ETF Portfolio	$	89,627
Managed Risk Moderately Aggressive ETF Portfolio		252,268
Managed Risk Moderate ETF Portfolio		158,241

Portfolio	Distribution Fees
Managed Risk Balanced ETF Portfolio	$	86,019
Managed Risk Moderately Aggressive ETF Portfolio		237,436
Managed Risk Moderate ETF Portfolio		157,758

Managed Risk Balanced ETF Portfolio
Pruco Life Insurance Co.	34%

Managed Risk Moderately Aggressive ETF Portfolio
Forethought Life Insurance Company	30%
Pruco Life Insurance Co.	28%

Managed Risk Moderate ETF Portfolio
Forethought Life Insurance Company	30%
Pruco Life Insurance Co.	32%

								Tax Net
	Cost for							Unrealized
	Federal Tax		Unrealized		Unrealized			Appreciation/
Portfolio	Purposes		Appreciation		Depreciation			(Depreciation)
Managed Risk Balanced ETF Portfolio	$	54,691,341	$	7,655,319	$	(509,165	)	$	7,146,154
Managed Risk Moderately Aggressive ETF Portfolio		128,346,323		47,578,687		(663,366	)	$	46,915,321
Managed Risk Moderate ETF Portfolio		90,464,329		20,328,923		(855,324	)	$	19,473,599

For the year ended December 31, 2025:
	Ordinary
	Income		Total
Managed Risk Balanced ETF Portfolio	$	1,584,778	$	1,584,778
Managed Risk Moderately Aggressive ETF Portfolio		3,437,004		3,437,004
Managed Risk Moderate ETF Portfolio		2,564,542		2,564,542

For the year ended December 31, 2024:
	Ordinary
	Income		Total
Managed Risk Balanced ETF Portfolio	$	1,519,747	$	1,519,747
Managed Risk Moderately Aggressive ETF Portfolio		3,841,717		3,841,717
Managed Risk Moderate ETF Portfolio		2,583,439		2,583,439

	Undistributed		Capital Loss			Unrealized		Total
	Ordinary		Carry			Appreciation/		Accumulated
	Income		Forwards			(Depreciation)		Earnings/(Deficits)
Managed Risk Balanced ETF Portfolio	$	1,549,942	$	(4,564,556	)	$	5,169,679	$	2,155,065
Managed Risk Moderately
Aggressive ETF Portfolio		3,133,268		(5,188,083	)		35,669,873		33,615,058
Managed Risk Moderate ETF
Portfolio		2,454,854		(11,295,005	)		14,570,487		5,730,336

	Non-Expiring

Portfolio	Short-Term		Long-Term		Total
Managed Risk Balanced ETF Portfolio	$	592,462	$	3,972,094	$	4,564,556
Managed Risk Moderately Aggressive ETF Portfolio		5,188,083		—		5,188,083
Managed Risk Moderate ETF Portfolio		2,452,207		8,842,798		11,295,005