FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

TOPS Aggressive ETF Portfolio

(formerly TOPS Aggressive Growth ETF Portfolio)

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS 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	$11	0.21%^{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 Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,785	$11,790
Jun-2018	$13,193	$13,484
Jun-2019	$13,642	$14,889
Jun-2020	$13,318	$16,006
Jun-2021	$19,067	$22,536
Jun-2022	$16,345	$20,144
Jun-2023	$18,463	$24,091
Jun-2024	$21,184	$30,006
Jun-2025	$23,869	$34,556
Jun-2026	$30,446	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Aggressive ETF Portfolio	15.25%	27.55%	9.81%	11.78%
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$374,911,127
Number of Portfolio Holdings14
Advisory Fee $161,353
Portfolio Turnover4%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.7%
Money Market Funds	4.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.8%
Money Market Funds	2.6%
Equity	97.8%

• 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	25.0%
Vanguard FTSE Developed Markets ETF	17.9%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	9.0%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
State Street SPDR Portfolio S&P 500 Growth ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TAG1

TOPS Aggressive ETF Portfolio

(formerly TOPS Aggressive 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	$25	0.46%^{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 Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,757	$11,790
Jun-2018	$13,124	$13,484
Jun-2019	$13,536	$14,889
Jun-2020	$13,191	$16,006
Jun-2021	$18,823	$22,536
Jun-2022	$16,095	$20,144
Jun-2023	$18,137	$24,091
Jun-2024	$20,763	$30,006
Jun-2025	$23,335	$34,556
Jun-2026	$29,688	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Aggressive ETF Portfolio	15.10%	27.23%	9.54%	11.50%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$374,911,127
Number of Portfolio Holdings14
Advisory Fee $161,353
Portfolio Turnover4%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.7%
Money Market Funds	4.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.8%
Money Market Funds	2.6%
Equity	97.8%

• 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	25.0%
Vanguard FTSE Developed Markets ETF	17.9%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	9.0%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
State Street SPDR Portfolio S&P 500 Growth ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TAG2

TOPS Aggressive ETF Portfolio

(formerly TOPS Aggressive 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	$38	0.71%^{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 Aggressive ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,727	$10,139
Jun-2017	$11,325	$11,954
Jun-2018	$12,549	$13,672
Jun-2019	$12,882	$15,096
Jun-2020	$12,517	$16,229
Jun-2021	$17,829	$22,850
Jun-2022	$15,203	$20,424
Jun-2023	$17,097	$24,426
Jun-2024	$19,519	$30,424
Jun-2025	$21,879	$35,037
Jun-2026	$27,766	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Aggressive ETF Portfolio	14.95%	26.91%	9.26%	11.06%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$374,911,127
Number of Portfolio Holdings14
Advisory Fee $161,353
Portfolio Turnover4%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.7%
Money Market Funds	4.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.8%
Money Market Funds	2.6%
Equity	97.8%

• 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	25.0%
Vanguard FTSE Developed Markets ETF	17.9%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	9.0%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
State Street SPDR Portfolio S&P 500 Growth ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TAGI

TOPS Aggressive ETF Portfolio

(formerly TOPS Aggressive Growth ETF Portfolio)

Service 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
Service Class	$27	0.51%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	TOPS Aggressive ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$9,959	$10,024
Jun-2020	$9,704	$10,777
Jun-2021	$13,848	$15,173
Jun-2022	$11,841	$13,562
Jun-2023	$13,343	$16,220
Jun-2024	$15,275	$20,203
Jun-2025	$17,167	$23,266
Jun-2026	$21,841	$28,460

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	Since Inception (April 30, 2019)
TOPS Aggressive ETF Portfolio	15.10%	27.23%	9.54%	11.52%
S&P 500^® Index	10.21%	22.32%	13.41%	15.71%

Fund Statistics

Net Assets$374,911,127
Number of Portfolio Holdings14
Advisory Fee $161,353
Portfolio Turnover4%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.7%
Money Market Funds	4.3%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.8%
Money Market Funds	2.6%
Equity	97.8%

• 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	25.0%
Vanguard FTSE Developed Markets ETF	17.9%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	14.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	9.0%
Vanguard FTSE Emerging Markets ETF	6.0%
iShares MSCI Emerging Markets ex China ETF	5.0%
State Street SPDR Portfolio S&P 500 Growth ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS Aggressive ETF Portfolio - Service 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-TAGS

TOPS Balanced ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS 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	$11	0.21%^{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 Balanced ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,837	$11,790
Jun-2018	$11,404	$13,484
Jun-2019	$11,980	$14,889
Jun-2020	$12,126	$16,006
Jun-2021	$14,703	$22,536
Jun-2022	$13,274	$20,144
Jun-2023	$14,208	$24,091
Jun-2024	$15,511	$30,006
Jun-2025	$17,030	$34,556
Jun-2026	$19,562	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Balanced ETF Portfolio	7.75%	14.87%	5.88%	6.94%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$168,205,469
Number of Portfolio Holdings24
Advisory Fee $79,688
Portfolio Turnover10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.9%
Money Market Funds	4.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.9%
Money Market Funds	2.3%
Fixed Income	47.9%
Equity	50.1%

• 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	12.0%
Vanguard S&P 500 ETF	9.1%
Vanguard FTSE Developed Markets ETF	9.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
State Street SPDR Portfolio S&P 500 Value ETF	7.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
Vanguard Short-Term Treasury ETF	4.0%

Material Fund Changes

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

TOPS 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-TB1

TOPS 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	$24	0.46%^{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 Balanced ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,809	$11,790
Jun-2018	$11,348	$13,484
Jun-2019	$11,885	$14,889
Jun-2020	$12,005	$16,006
Jun-2021	$14,516	$22,536
Jun-2022	$13,070	$20,144
Jun-2023	$13,959	$24,091
Jun-2024	$15,202	$30,006
Jun-2025	$16,650	$34,556
Jun-2026	$19,084	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Balanced ETF Portfolio	7.67%	14.62%	5.62%	6.68%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$168,205,469
Number of Portfolio Holdings24
Advisory Fee $79,688
Portfolio Turnover10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.9%
Money Market Funds	4.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.9%
Money Market Funds	2.3%
Fixed Income	47.9%
Equity	50.1%

• 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	12.0%
Vanguard S&P 500 ETF	9.1%
Vanguard FTSE Developed Markets ETF	9.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
State Street SPDR Portfolio S&P 500 Value ETF	7.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
Vanguard Short-Term Treasury ETF	4.0%

Material Fund Changes

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

TOPS 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-TB2

TOPS Balanced ETF Portfolio

Service 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
Service Class	$26	0.50%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	TOPS Balanced ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,090	$10,024
Jun-2020	$10,193	$10,777
Jun-2021	$12,325	$15,173
Jun-2022	$11,088	$13,562
Jun-2023	$11,834	$16,220
Jun-2024	$12,880	$20,203
Jun-2025	$14,100	$23,266
Jun-2026	$16,157	$28,460

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	Since Inception (April 30, 2019)
TOPS Balanced ETF Portfolio	7.63%	14.59%	5.56%	6.92%
S&P 500^® Index	10.21%	22.32%	13.41%	15.71%

Fund Statistics

Net Assets$168,205,469
Number of Portfolio Holdings24
Advisory Fee $79,688
Portfolio Turnover10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.9%
Money Market Funds	4.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.9%
Money Market Funds	2.3%
Fixed Income	47.9%
Equity	50.1%

• 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	12.0%
Vanguard S&P 500 ETF	9.1%
Vanguard FTSE Developed Markets ETF	9.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
State Street SPDR Portfolio S&P 500 Value ETF	7.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
Vanguard Short-Term Treasury ETF	4.0%

Material Fund Changes

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

TOPS Balanced ETF Portfolio - Service 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-TBS

TOPS 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	$37	0.71%^{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 Balanced ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$10,079	$10,139
Jun-2017	$10,855	$11,954
Jun-2018	$11,357	$13,672
Jun-2019	$11,869	$15,096
Jun-2020	$11,953	$16,229
Jun-2021	$14,424	$22,850
Jun-2022	$12,952	$20,424
Jun-2023	$13,798	$24,426
Jun-2024	$14,982	$30,424
Jun-2025	$16,372	$35,037
Jun-2026	$18,720	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Balanced ETF Portfolio	7.48%	14.34%	5.35%	6.39%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$168,205,469
Number of Portfolio Holdings24
Advisory Fee $79,688
Portfolio Turnover10%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	95.9%
Money Market Funds	4.1%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-2.2%
Collateral for Securities Loaned	1.9%
Money Market Funds	2.3%
Fixed Income	47.9%
Equity	50.1%

• 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	12.0%
Vanguard S&P 500 ETF	9.1%
Vanguard FTSE Developed Markets ETF	9.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.9%
State Street SPDR Portfolio S&P 500 Value ETF	7.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	5.0%
Vanguard Intermediate-Term Treasury ETF	5.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
Vanguard Short-Term Treasury ETF	4.0%

Material Fund Changes

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

TOPS 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-TBI

TOPS Conservative ETF Portfolio

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS Conservative 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	$11	0.22%^{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 Conservative ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,533	$11,790
Jun-2018	$10,920	$13,484
Jun-2019	$11,489	$14,889
Jun-2020	$11,823	$16,006
Jun-2021	$13,378	$22,536
Jun-2022	$12,403	$20,144
Jun-2023	$13,042	$24,091
Jun-2024	$14,068	$30,006
Jun-2025	$15,270	$34,556
Jun-2026	$16,838	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Conservative ETF Portfolio	5.09%	10.27%	4.71%	5.35%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$51,688,982
Number of Portfolio Holdings24
Advisory Fee $24,696
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	98.0%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.0%
Equity	30.2%
Fixed Income	67.9%

• 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	16.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	15.0%
Vanguard Short-Term Treasury ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard S&P 500 ETF	6.1%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	6.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%

Material Fund Changes

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

TOPS Conservative 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-TC1

TOPS Conservative 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	$24	0.47%^{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 Conservative ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$10,508	$11,790
Jun-2018	$10,866	$13,484
Jun-2019	$11,406	$14,889
Jun-2020	$11,706	$16,006
Jun-2021	$13,219	$22,536
Jun-2022	$12,215	$20,144
Jun-2023	$12,816	$24,091
Jun-2024	$13,786	$30,006
Jun-2025	$14,938	$34,556
Jun-2026	$16,426	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Conservative ETF Portfolio	4.93%	9.96%	4.44%	5.09%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$51,688,982
Number of Portfolio Holdings24
Advisory Fee $24,696
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	98.0%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.0%
Equity	30.2%
Fixed Income	67.9%

• 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	16.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	15.0%
Vanguard Short-Term Treasury ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard S&P 500 ETF	6.1%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	6.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%

Material Fund Changes

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

TOPS Conservative 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-TC2

TOPS Conservative ETF Portfolio

Service 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
Service Class	$27	0.53%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	TOPS Conservative ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,126	$10,024
Jun-2020	$10,391	$10,777
Jun-2021	$11,734	$15,173
Jun-2022	$10,842	$13,562
Jun-2023	$11,376	$16,220
Jun-2024	$12,237	$20,203
Jun-2025	$13,259	$23,266
Jun-2026	$14,580	$28,460

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	Since Inception (April 30, 2019)
TOPS Conservative ETF Portfolio	4.93%	9.96%	4.44%	5.40%
S&P 500^® Index	10.21%	22.32%	13.41%	15.71%

Fund Statistics

Net Assets$51,688,982
Number of Portfolio Holdings24
Advisory Fee $24,696
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	98.0%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.0%
Equity	30.2%
Fixed Income	67.9%

• 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	16.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	15.0%
Vanguard Short-Term Treasury ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard S&P 500 ETF	6.1%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	6.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%

Material Fund Changes

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

TOPS Conservative ETF Portfolio - Service 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-TCS

TOPS Conservative 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	$37	0.72%^{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 Conservative ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$10,108	$10,139
Jun-2017	$10,609	$11,954
Jun-2018	$10,959	$13,672
Jun-2019	$11,485	$15,096
Jun-2020	$11,754	$16,229
Jun-2021	$13,251	$22,850
Jun-2022	$12,220	$20,424
Jun-2023	$12,780	$24,426
Jun-2024	$13,724	$30,424
Jun-2025	$14,829	$35,037
Jun-2026	$16,261	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Conservative ETF Portfolio	4.87%	9.66%	4.18%	4.87%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$51,688,982
Number of Portfolio Holdings24
Advisory Fee $24,696
Portfolio Turnover11%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	98.0%
Money Market Funds	2.0%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.1%
Money Market Funds	2.0%
Equity	30.2%
Fixed Income	67.9%

• 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	16.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	15.0%
Vanguard Short-Term Treasury ETF	8.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	7.0%
Vanguard S&P 500 ETF	6.1%
Vanguard FTSE Developed Markets ETF	6.0%
Vanguard Intermediate-Term Treasury ETF	6.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	4.0%
JP Morgan Ultra-Short Income ETF	4.0%
State Street SPDR Portfolio S&P 500 Value ETF	4.0%

Material Fund Changes

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

TOPS Conservative 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-TCI

TOPS Moderately Aggressive ETF Portfolio

(formerly TOPS Growth ETF Portfolio)

Class 1

Semi-Annual Shareholder Report - June 30, 2026

Fund Overview

This semi-annual shareholder report contains important information about TOPS 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	$11	0.21%^{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 Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,529	$11,790
Jun-2018	$12,708	$13,484
Jun-2019	$13,211	$14,889
Jun-2020	$13,024	$16,006
Jun-2021	$17,810	$22,536
Jun-2022	$15,448	$20,144
Jun-2023	$17,271	$24,091
Jun-2024	$19,625	$30,006
Jun-2025	$22,060	$34,556
Jun-2026	$27,340	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Moderately Aggressive ETF Portfolio	12.96%	23.94%	8.95%	10.58%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$394,403,316
Number of Portfolio Holdings21
Advisory Fee $174,734
Portfolio Turnover5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Money Market Funds	2.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.7%
Collateral for Securities Loaned	0.4%
Money Market Funds	2.4%
Fixed Income	12.9%
Equity	85.0%

• 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	21.1%
Vanguard FTSE Developed Markets ETF	17.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	6.0%
State Street SPDR Portfolio S&P 500 Growth ETF	5.0%
State Street SPDR Portfolio S&P 500 Value ETF	5.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TG1

TOPS Moderately Aggressive ETF Portfolio

(formerly TOPS 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	$24	0.46%^{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 Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,499	$11,790
Jun-2018	$12,641	$13,484
Jun-2019	$13,113	$14,889
Jun-2020	$12,890	$16,006
Jun-2021	$17,582	$22,536
Jun-2022	$15,216	$20,144
Jun-2023	$16,975	$24,091
Jun-2024	$19,234	$30,006
Jun-2025	$21,565	$34,556
Jun-2026	$26,664	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Moderately Aggressive ETF Portfolio	12.85%	23.64%	8.68%	10.30%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$394,403,316
Number of Portfolio Holdings21
Advisory Fee $174,734
Portfolio Turnover5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Money Market Funds	2.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.7%
Collateral for Securities Loaned	0.4%
Money Market Funds	2.4%
Fixed Income	12.9%
Equity	85.0%

• 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	21.1%
Vanguard FTSE Developed Markets ETF	17.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	6.0%
State Street SPDR Portfolio S&P 500 Growth ETF	5.0%
State Street SPDR Portfolio S&P 500 Value ETF	5.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TG2

TOPS Moderately Aggressive ETF Portfolio

(formerly TOPS Growth ETF Portfolio)

Service 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
Service Class	$27	0.51%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	TOPS Moderately Aggressive ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,013	$10,024
Jun-2020	$9,845	$10,777
Jun-2021	$13,429	$15,173
Jun-2022	$11,621	$13,562
Jun-2023	$12,965	$16,220
Jun-2024	$14,690	$20,203
Jun-2025	$16,471	$23,266
Jun-2026	$20,365	$28,460

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	Since Inception (April 30, 2019)
TOPS Moderately Aggressive ETF Portfolio	12.85%	23.64%	8.68%	10.43%
S&P 500^® Index	10.21%	22.32%	13.41%	15.71%

Fund Statistics

Net Assets$394,403,316
Number of Portfolio Holdings21
Advisory Fee $174,734
Portfolio Turnover5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Money Market Funds	2.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.7%
Collateral for Securities Loaned	0.4%
Money Market Funds	2.4%
Fixed Income	12.9%
Equity	85.0%

• 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	21.1%
Vanguard FTSE Developed Markets ETF	17.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	6.0%
State Street SPDR Portfolio S&P 500 Growth ETF	5.0%
State Street SPDR Portfolio S&P 500 Value ETF	5.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS Moderately Aggressive ETF Portfolio - Service 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-TGS

TOPS Moderately Aggressive ETF Portfolio

(formerly TOPS 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	$37	0.71%^{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 Moderately Aggressive ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,800	$10,139
Jun-2017	$11,169	$11,954
Jun-2018	$12,191	$13,672
Jun-2019	$12,610	$15,096
Jun-2020	$12,371	$16,229
Jun-2021	$16,819	$22,850
Jun-2022	$14,527	$20,424
Jun-2023	$16,161	$24,426
Jun-2024	$18,266	$30,424
Jun-2025	$20,437	$35,037
Jun-2026	$25,192	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Moderately Aggressive ETF Portfolio	12.67%	23.26%	8.42%	9.90%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$394,403,316
Number of Portfolio Holdings21
Advisory Fee $174,734
Portfolio Turnover5%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	97.2%
Money Market Funds	2.8%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-0.7%
Collateral for Securities Loaned	0.4%
Money Market Funds	2.4%
Fixed Income	12.9%
Equity	85.0%

• 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	21.1%
Vanguard FTSE Developed Markets ETF	17.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	11.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	6.0%
State Street SPDR Portfolio S&P 500 Growth ETF	5.0%
State Street SPDR Portfolio S&P 500 Value ETF	5.0%
iShares MSCI Emerging Markets ex China ETF	4.0%
Vanguard FTSE Emerging Markets ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TGI

TOPS 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 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	$11	0.21%^{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 Moderate ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,163	$11,790
Jun-2018	$12,036	$13,484
Jun-2019	$12,595	$14,889
Jun-2020	$12,679	$16,006
Jun-2021	$16,230	$22,536
Jun-2022	$14,397	$20,144
Jun-2023	$15,710	$24,091
Jun-2024	$17,479	$30,006
Jun-2025	$19,431	$34,556
Jun-2026	$23,017	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Moderate ETF Portfolio	9.72%	18.45%	7.24%	8.69%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$290,745,132
Number of Portfolio Holdings23
Advisory Fee $130,676
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	92.3%
Money Market Funds	7.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.2%
Money Market Funds	2.3%
Collateral for Securities Loaned	5.8%
Fixed Income	32.8%
Equity	65.3%

• 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	18.1%
Vanguard FTSE Developed Markets ETF	13.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TMG1

TOPS 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	$23	0.45%^{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 Moderate ETF Portfolio	S&P 500^® Index
Jun-2016	$10,000	$10,000
Jun-2017	$11,142	$11,790
Jun-2018	$11,974	$13,484
Jun-2019	$12,501	$14,889
Jun-2020	$12,555	$16,006
Jun-2021	$16,038	$22,536
Jun-2022	$14,185	$20,144
Jun-2023	$15,449	$24,091
Jun-2024	$17,139	$30,006
Jun-2025	$19,012	$34,556
Jun-2026	$22,455	$42,271

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Moderate ETF Portfolio	9.61%	18.11%	6.96%	8.43%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$290,745,132
Number of Portfolio Holdings23
Advisory Fee $130,676
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	92.3%
Money Market Funds	7.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.2%
Money Market Funds	2.3%
Collateral for Securities Loaned	5.8%
Fixed Income	32.8%
Equity	65.3%

• 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	18.1%
Vanguard FTSE Developed Markets ETF	13.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TMG2

TOPS Moderate ETF Portfolio

(formerly TOPS Moderate Growth ETF Portfolio)

Service 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
Service Class	$26	0.51%^{Footnote Reference*}

Footnote	Description
Footnote^*	Annualized

How did the Fund perform during the reporting period?

How has the Fund performed since inception?

Total Return Based on $10,000 Investment

Table Summary
	TOPS Moderate ETF Portfolio	S&P 500^® Index
Apr-2019	$10,000	$10,000
Jun-2019	$10,058	$10,024
Jun-2020	$10,094	$10,777
Jun-2021	$12,885	$15,173
Jun-2022	$11,387	$13,562
Jun-2023	$12,395	$16,220
Jun-2024	$13,748	$20,203
Jun-2025	$15,237	$23,266
Jun-2026	$17,996	$28,460

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	Since Inception (April 30, 2019)
TOPS Moderate ETF Portfolio	9.57%	18.11%	6.91%	8.54%
S&P 500^® Index	10.21%	22.32%	13.41%	15.71%

Fund Statistics

Net Assets$290,745,132
Number of Portfolio Holdings23
Advisory Fee $130,676
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	92.3%
Money Market Funds	7.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.2%
Money Market Funds	2.3%
Collateral for Securities Loaned	5.8%
Fixed Income	32.8%
Equity	65.3%

• 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	18.1%
Vanguard FTSE Developed Markets ETF	13.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS Moderate ETF Portfolio - Service 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-TMGS

TOPS 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	$36	0.70%^{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 Moderate ETF Portfolio	S&P 500^® Index
Jul-2015	$10,000	$10,000
Jun-2016	$9,938	$10,139
Jun-2017	$10,971	$11,954
Jun-2018	$11,720	$13,672
Jun-2019	$12,262	$15,096
Jun-2020	$12,289	$16,229
Jun-2021	$15,645	$22,850
Jun-2022	$13,809	$20,424
Jun-2023	$14,999	$24,426
Jun-2024	$16,607	$30,424
Jun-2025	$18,365	$35,037
Jun-2026	$21,647	$42,859

Average Annual Total Returns

Table Summary
	6 Months	1 Year	5 Years	10 Years
TOPS Moderate ETF Portfolio	9.52%	17.87%	6.71%	8.10%
S&P 500^® Index	10.21%	22.32%	13.41%	15.51%

Fund Statistics

Net Assets$290,745,132
Number of Portfolio Holdings23
Advisory Fee $130,676
Portfolio Turnover6%

Asset Weighting (% of total investments)

Table Summary
Value	Value
Exchange-Traded Funds	92.3%
Money Market Funds	7.7%

What did the Fund invest in?

Sector Weighting (% of net assets)

Table Summary
Value	Value
Liabilities in Excess of Other Assets	-6.2%
Money Market Funds	2.3%
Collateral for Securities Loaned	5.8%
Fixed Income	32.8%
Equity	65.3%

• 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	18.1%
Vanguard FTSE Developed Markets ETF	13.0%
State Street SPDR Portfolio Short Term Corporate Bond ETF	9.0%
State Street SPDR Portfolio S&P 400 Mid Cap ETF	8.0%
Vanguard Short-Term Inflation-Protected Securities ETF	6.0%
iShares iBoxx $ Investment Grade Corporate Bond ETF	5.0%
Vanguard FTSE Emerging Markets ETF	4.0%
State Street SPDR Portfolio S&P 600 Small Cap ETF	4.0%
FlexShares Global Upstream Natural Resources Index Fund	4.0%
iShares Global REIT ETF	3.9%

Material Fund Changes

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

TOPS 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-TMGI

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

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

The following is a summary of significant accounting policies followed by the Portfolios in the preparation of their financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”), and require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Portfolios are each an investment company and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”, including Accounting Standards Update (“ASU”) 2013-08.

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

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

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 their taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

Each Portfolio will recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Portfolios’ tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2023 through December 31, 2025 or expected to be taken in the Portfolios’ December 31, 2026 year-end tax returns. Each Portfolio identified its major tax jurisdictions as U.S. federal, Ohio and foreign jurisdictions where the Portfolio makes significant investments. The Portfolios are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

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

Security Loans – The Portfolios have entered into a securities lending arrangement with The Bank of New York Mellon (the “Borrower”). Under the terms of the agreement, the Portfolios are authorized to loan securities to the Borrower. In exchange, the Portfolios receive cash and securities as collateral in the amount of at least 102% of the value of the securities loaned. The cash collateral is invested in short-term instruments as noted in the Schedules of Investments. Securities received as collateral are U.S. government securities; securities received as collateral, if any, are not recognized as 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 Aggressive ETF Portfolio, Balanced ETF Portfolio, Conservative ETF Portfolio, Moderately Aggressive ETF Portfolio and Moderate ETF Portfolio totaled $16,388,768, $5,767,922, $1,027,436, $23,720,419, and $37,806,685, 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 $6,686,961, $3,152,711, $0, $1,453,566, and $17,116,904 for the Aggressive ETF Portfolio, Balanced ETF Portfolio, Conservative ETF Portfolio, Moderately Aggressive ETF Portfolio and Moderate ETF Portfolio as of June 30, 2026, respectively. This amount is offset by a liability recorded as “Collateral on securities loaned”. At June 30, 2026, the Aggressive ETF Portfolio, Balanced ETF Portfolio, Conservative ETF Portfolio, Moderately Aggressive ETF Portfolio and Moderate ETF Portfolio received non-cash collateral of $10,059,787, $2,775,883, $1,050,246, $22,841,587, $21,598,158, 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, 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, on behalf of the Portfolios, the Advisor, under the oversight of the Board, directs the daily investment

operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Portfolios pay the Advisor a management fee, computed on average daily net assets and accrued daily and paid monthly, at an annual rate of 0.10% of each Portfolio’s average daily net assets. For the six months ended June 30, 2026, the Portfolios paid the following in advisory fees:

The Trust, on behalf of the Portfolios, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (the “Plan”) for each of Class 2 shares and Investor Class shares. The fee is calculated at an annual rate of 0.25% and 0.50% of the average daily net assets attributable to each Portfolio’s Class 2 shares and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended June 30, 2026, the Portfolios paid the following in distribution fees under the Plan:

Service Class shares also include shareholder servicing and administrative fees for Balanced ETF Portfolio and Moderate ETF Portfolio in the amounts of $4,915 and $23,892, respectively.

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

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

For the six months ended June 30, 2026, the trustees received fees in the amount of $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 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 were as follows:

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

The table below represents aggregate cost for federal tax purposes for the Portfolios as of June 30, 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.

The Aggressive ETF Portfolio currently seeks to achieve its investment objectives by investing its assets in underlying funds. As of June 30, 2026, the percentage of the Aggressive ETF Portfolio’s net assets invested in the Vanguard S&P 500 ETF was 25.0%. (the “Security”). The Aggressive ETF Portfolio may sell its investments in this Security at any time if the Advisor determines that it is in the best interest of the Aggressive ETF Portfolio and its shareholders to do so.

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

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 — 97.8%
		EQUITY - 97.8%
	302,477	FlexShares Global Upstream Natural Resources Index Fund^(a)	$	14,906,067
	530,082	iShares Global REIT ETF		14,640,865
	184,986	iShares MSCI Emerging Markets ex China ETF		18,924,068
	125,875	iShares MSCI USA Small-Cap Multifactor ETF		11,220,498
	776,479	State Street SPDR Portfolio S&P 400 Mid Cap ETF^(a)		52,458,921
	126,630	State Street SPDR Portfolio S&P 500 Growth ETF		15,067,704
	244,577	State Street SPDR Portfolio S&P 500 Value ETF		14,867,836
	584,178	State Street SPDR Portfolio S&P 600 Small Cap ETF		33,689,545
	943,539	Vanguard FTSE Developed Markets ETF		67,227,154
	376,856	Vanguard FTSE Emerging Markets ETF^(a)		22,494,535
	136,472	Vanguard S&P 500 ETF		93,730,333
	153,740	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		7,560,933
		TOTAL EXCHANGE-TRADED FUNDS (Cost $267,892,483)		366,788,459

		SHORT-TERM INVESTMENTS — 4.4%
		COLLATERAL FOR SECURITIES LOANED - 1.8%
	6,686,961	Federated Hermes Government Obligations Fund, Institutional Class, 3.56% (Cost $6,686,961)^(b)		6,686,961

		MONEY MARKET FUNDS - 2.6%
	9,653,356	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $9,653,356)^(b)		9,653,356

		TOTAL SHORT-TERM INVESTMENTS (Cost $16,340,317)		16,340,317

		TOTAL INVESTMENTS - 102.2% (Cost $284,232,800)	$	383,128,776
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%		(8,217,649	)
		NET ASSETS - 100.0%	$	374,911,127

ETF	- Exchange-Traded Fund

FTSE	- Financial Times Stock Exchange

MSCI	- Morgan Stanley Capital International

REIT	- Real Estate Investment Trust

S&P	- Standard & Poor’s

SPDR	- Standard & Poor’s Depositary Receipt

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 50.1%
	102,513	FlexShares Global Upstream Natural Resources Index Fund	$	5,051,841
	239,522	iShares Global REIT ETF		6,615,598
	33,433	iShares MSCI Emerging Markets ex China ETF		3,420,196
	18,961	iShares MSCI USA Small-Cap Multifactor ETF		1,690,184
	125,316	State Street SPDR Portfolio S&P 400 Mid Cap ETF		8,466,349
	28,609	State Street SPDR Portfolio S&P 500 Growth ETF		3,404,185
	193,414	State Street SPDR Portfolio S&P 500 Value ETF		11,757,637
	117,325	State Street SPDR Portfolio S&P 600 Small Cap ETF		6,766,133
	213,180	Vanguard FTSE Developed Markets ETF		15,189,074
	85,150	Vanguard FTSE Emerging Markets ETF		5,082,604
	22,200	Vanguard S&P 500 ETF		15,247,181
	34,737	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,708,366
				84,399,348
		FIXED INCOME - 47.9%
	71,894	iShares BB Rated Corporate Bond ETF, USD Class^(a)		3,362,482
	122,512	iShares iBoxx $ Investment Grade Corporate Bond ETF		13,362,384
	503,486	State Street SPDR Portfolio Short Term Corporate Bond ETF		15,109,615
	196,948	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		5,033,991
	141,960	Vanguard Intermediate-Term Treasury ETF		8,372,801
	71,472	Vanguard Mortgage-Backed Securities ETF		3,345,604
	400,867	Vanguard Short-Term Inflation-Protected Securities ETF		20,135,550
	115,477	Vanguard Short-Term Treasury ETF^(a)		6,720,761
	34,808	Vanguard Total International Bond ETF		1,685,751
	91,990	Xtrackers USD High Yield Corporate Bond ETF^(a)		3,359,475
				80,488,414

		TOTAL EXCHANGE-TRADED FUNDS (Cost $140,942,419)		164,887,762

		SHORT-TERM INVESTMENTS — 4.2%
		COLLATERAL FOR SECURITIES LOANED - 1.9%
	3,152,711	Federated Hermes Government Obligations Fund, Institutional Class, 3.56% (Cost $3,152,711)^(b)		3,152,711

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 4.2% (Continued)
		MONEY MARKET FUNDS - 2.3%
	3,893,821	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $3,893,821)^(b)	$	3,893,821

		TOTAL SHORT-TERM INVESTMENTS (Cost $7,046,532)		7,046,532

		TOTAL INVESTMENTS - 102.2% (Cost $147,988,951)	$	171,934,294
		LIABILITIES IN EXCESS OF OTHER ASSETS - (2.2)%		(3,728,825	)
		NET ASSETS - 100.0%	$	168,205,469

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.1%
		EQUITY - 30.2%
	21,043	FlexShares Global Upstream Natural Resources Index Fund	$	1,036,999
	18,438	iShares Global REIT ETF		509,258
	5,146	iShares MSCI Emerging Markets ex China ETF		526,436
	5,839	iShares MSCI USA Small-Cap Multifactor ETF		520,488
	30,870	State Street SPDR Portfolio S&P 400 Mid Cap ETF^(a)		2,085,577
	8,748	State Street SPDR Portfolio S&P 500 Growth ETF		1,040,925
	34,030	State Street SPDR Portfolio S&P 500 Value ETF		2,068,684
	9,032	State Street SPDR Portfolio S&P 600 Small Cap ETF		520,875
	43,762	Vanguard FTSE Developed Markets ETF		3,118,043
	8,654	Vanguard FTSE Emerging Markets ETF		516,557
	4,558	Vanguard S&P 500 ETF		3,130,480
	10,696	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		526,029
				15,600,351
		FIXED INCOME - 67.9%
	22,162	iShares BB Rated Corporate Bond ETF, USD Class		1,036,517
	33,008	iShares iBoxx $ Investment Grade Corporate Bond ETF		3,600,183
	41,002	JP Morgan Ultra-Short Income ETF		2,073,471
	258,381	State Street SPDR Portfolio Short Term Corporate Bond ETF		7,754,014
	40,129	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		1,025,697
	52,454	Vanguard Intermediate-Term Treasury ETF		3,093,737
	22,108	Vanguard Mortgage-Backed Securities ETF		1,034,875
	164,643	Vanguard Short-Term Inflation-Protected Securities ETF		8,270,017
	71,158	Vanguard Short-Term Treasury ETF		4,141,396
	42,645	Vanguard Total International Bond ETF		2,065,297
	28,353	Xtrackers USD High Yield Corporate Bond ETF		1,035,452
				35,130,656

		TOTAL EXCHANGE-TRADED FUNDS (Cost $46,870,344)		50,731,007

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.0%
		MONEY MARKET FUNDS - 2.0%
	1,015,132	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $1,015,132)^(b)	$	1,015,132

		TOTAL INVESTMENTS - 100.1% (Cost $47,885,476)	$	51,746,139
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%		(57,157	)
		NET ASSETS - 100.0%	$	51,688,982

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.9%
		EQUITY - 85.0%
	318,986	FlexShares Global Upstream Natural Resources Index Fund	$	15,719,630
	558,968	iShares Global REIT ETF		15,438,696
	156,059	iShares MSCI Emerging Markets ex China ETF		15,964,836
	88,501	iShares MSCI USA Small-Cap Multifactor ETF		7,888,979
	643,416	State Street SPDR Portfolio S&P 400 Mid Cap ETF^(a)		43,469,185
	166,928	State Street SPDR Portfolio S&P 500 Growth ETF		19,862,763
	322,415	State Street SPDR Portfolio S&P 500 Value ETF		19,599,608
	410,712	State Street SPDR Portfolio S&P 600 Small Cap ETF		23,685,761
	939,766	Vanguard FTSE Developed Markets ETF		66,958,327
	264,950	Vanguard FTSE Emerging Markets ETF		15,814,866
	120,892	Vanguard S&P 500 ETF		83,029,834
	162,149	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		7,974,488
				335,406,973
		FIXED INCOME - 12.9%
	83,834	iShares BB Rated Corporate Bond ETF, USD Class		3,920,916
	71,478	iShares iBoxx $ Investment Grade Corporate Bond ETF		7,796,105
	306,108	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		7,824,120
	132,518	Vanguard Intermediate-Term Treasury ETF^(a)		7,815,912
	83,398	Vanguard Mortgage-Backed Securities ETF^(a)		3,903,860
	233,881	Vanguard Short-Term Inflation-Protected Securities ETF		11,747,844
	214,712	Xtrackers USD High Yield Corporate Bond ETF^(a)		7,841,282
				50,850,039

		TOTAL EXCHANGE-TRADED FUNDS (Cost $290,721,424)		386,257,012

		SHORT-TERM INVESTMENTS — 2.8%
		COLLATERAL FOR SECURITIES LOANED - 0.4%
	1,453,566	Federated Hermes Government Obligations Fund, Institutional Class, 3.56% (Cost $1,453,566)^(b)		1,453,566

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 2.8% (Continued)
		MONEY MARKET FUNDS - 2.4%
	9,495,575	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $9,495,575)^(b)	$	9,495,575

		TOTAL SHORT-TERM INVESTMENTS (Cost $10,949,141)		10,949,141

		TOTAL INVESTMENTS - 100.7% (Cost $301,670,565)	$	397,206,153
		LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%		(2,802,837	)
		NET ASSETS - 100.0%	$	394,403,316

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 8.1% (Continued)
		MONEY MARKET FUNDS - 2.3%
	6,564,261	Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $6,564,261)^(b)	$	6,564,261

		TOTAL SHORT-TERM INVESTMENTS (Cost $23,681,165)		23,681,165

		TOTAL INVESTMENTS - 106.2% (Cost $254,737,174)	$	308,650,563
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.2)%		(17,905,431	)
		NET ASSETS - 100.0%	$	290,745,132

	Aggressive			Balanced		Conservative			Moderately			Moderate
	ETF			ETF		ETF			Aggressive			ETF
Assets:	Portfolio			Portfolio		Portfolio			ETF Portfolio			Portfolio
Investments in securities, at cost	$	284,232,800		$	147,988,951	$	47,885,476		$	301,670,565		$	254,737,174
Investments in securities, at value (Securities on loan $16,388,768, $5,767,922, $1,027,436, $23,720,419, and $37,806,685 respectively)	$	383,128,776		$	171,934,294	$	51,746,139		$	397,206,153		$	308,650,563
Receivable for Portfolio shares sold		794,731			32,027		7,005			488,022			69,851
Interest and dividends receivable		22,611			9,943		2,839			23,732			17,512
Receivable for securities sold		—			—		17,071			—			—
Other Assets		—			6,950		—			—			—
Total Assets		383,946,118			171,983,214		51,773,054			397,717,907			308,737,926

Liabilities:
Collateral on securities loaned		6,686,961			3,152,711		—			1,453,566			17,116,904
Payable for securities purchased		2,216,653			550,510		—			1,645,110			761,386
Accrued investment advisory fees		29,159			12,923		4,091			30,932			22,903
Accrued distribution (12b-1) fees		45,331			34,442		6,398			75,742			72,508
Payable for Portfolio shares redeemed		6,983			13,993		70,223			87,236			14,390
Payable to related parties and administrative service fees		49,904			13,166		3,360			22,005			4,703
Total Liabilities		9,034,991			3,777,745		84,072			3,314,591			17,992,794
Net Assets	$	374,911,127		$	168,205,469	$	51,688,982		$	394,403,316		$	290,745,132

Components of Net Assets:
Paid-in capital	$	262,063,055		$	134,717,969	$	44,929,814		$	282,729,663		$	222,669,072
Accumulated earnings		112,848,072			33,487,500		6,759,168			111,673,653			68,076,060
Net Assets	$	374,911,127		$	168,205,469	$	51,688,982		$	394,403,316		$	290,745,132

Class 1 Shares:
Net assets	$	8,074,452		$	6,040,044	$	14,970,240		$	24,962,147		$	20,652,439
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		288,007			350,117		1,036,146			948,034			1,102,576

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	28.04		$	17.25	$	14.45		$	26.33		$	18.73

Class 2 Shares:
Net assets	$	358,478,768		$	149,957,813	$	29,856,908		$	362,638,139		$	223,891,410
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		13,031,090			9,135,117		2,095,856			14,188,787			12,577,419

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	27.51		$	16.42	$	14.25		$	25.56		$	17.80

Investor Class Shares:
Net assets	$	8,357,875		$	8,692,130	$	6,861,817		$	6,803,000		$	29,520,292
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		281,600			495,863		468,864			241,373			1,491,889

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	29.68		$	17.53	$	14.63		$	28.18		$	19.79

Service Class Shares:
Net assets	$	32		$	3,515,482	$	17		$	30		$	16,680,991
Total shares of beneficial interest outstanding ($0 par value, unlimited shares authorized)		1			214,770		1			1			939,623

Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	27.51	(a)	$	16.37	$	14.25	(a)	$	25.56	(a)	$	17.75

	Aggressive ETF Portfolio						Balanced ETF Portfolio

	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2026			December 31, 2025			June 30, 2026			December 31, 2025
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	1,551,581		$	4,227,711		$	1,405,168		$	3,998,297
Net realized gain on investments		5,145,897			3,703,903			3,226,252			1,750,251
Net change in unrealized appreciation on investments		39,317,287			33,870,494			7,157,700			10,671,378
Net increase in net assets resulting from operations		46,014,765			41,802,108			11,789,120			16,419,926

From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(163,465	)		—			(201,286	)
Class 2		—			(6,679,891	)		—			(4,223,274	)
Investor Class		—			(146,750	)		—			(232,677	)
Service Class		—			—			—			(97,690	)
Total distributions to shareholders		—			(6,990,106	)		—			(4,754,927	)

From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		944,613			1,579,422			34,826			2,701,926
Class 2		49,564,325			49,509,455			11,433,502			21,474,851
Investor Class		564,529			1,079,419			256,057			743,369
Service Class		—			—			209,671			605,535
Reinvestment of distributions
Class 1		—			163,466			—			201,286
Class 2		—			6,679,889			—			4,223,274
Investor Class		—			146,750			—			232,677
Service Class		—			1			—			97,689
Cost of shares redeemed
Class 1		(264,452	)		(819,144	)		(643,651	)		(3,717,160	)
Class 2		(4,341,745	)		(8,604,442	)		(7,110,443	)		(5,743,162	)
Investor Class		(280,380	)		(1,125,630	)		(346,180	)		(1,162,117	)
Service Class		—			—			(37,453	)		(168,679	)
Net increase in net assets from share transactions of beneficial interest		46,186,890			48,609,186			3,796,329			19,489,489
Total Increase In Net Assets		92,201,655			83,421,188			15,585,449			31,154,488

Net Assets:
Beginning of period/year		282,709,472			199,288,284			152,620,020			121,465,532
End of period/year	$	374,911,127		$	282,709,472		$	168,205,469		$	152,620,020

	Conservative ETF Portfolio						Moderately Aggressive ETF Portfolio

	Six Months Ended			Year Ended			Six Months Ended			Year Ended
	June 30, 2026			December 31, 2025			June 30, 2026			December 31, 2025
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	493,903		$	1,419,497		$	2,199,030		$	5,664,734
Net realized gain on investments		939,023			390,119			5,762,232			3,374,027
Net change in unrealized appreciation on investments		983,376			2,330,119			34,664,968			35,149,023
Net increase in net assets resulting from operations		2,416,302			4,139,735			42,626,230			44,187,784

From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(481,146	)		—			(582,151	)
Class 2		—			(781,534	)		—			(7,996,479	)
Investor Class		—			(171,714	)		—			(127,321	)
Service Class		—			—			—			—
Total distributions to shareholders		—			(1,434,394	)		—			(8,705,951	)

From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		1,838,147			8,007,891			2,460,700			4,973,087
Class 2		3,994,272			7,856,707			37,250,503			59,053,438
Investor Class		967,642			1,148,700			58,178			2,037,322
Reinvestment of distributions
Class 1		—			481,147			—			582,152
Class 2		—			781,533			—			7,996,477
Investor Class		—			171,714			—			127,322
Service Class		—			1			—			1
Cost of shares redeemed
Class 1		(2,370,380	)		(8,098,298	)		(715,122	)		(1,348,515	)
Class 2		(1,737,458	)		(3,194,785	)		(3,535,078	)		(7,431,828	)
Investor Class		(645,623	)		(1,259,458	)		(270,313	)		(1,344,155	)
Net increase in net assets from share transactions of beneficial interest		2,046,600			5,895,152			35,248,868			64,645,301
Total Increase In Net Assets		4,462,902			8,600,493			77,875,098			100,127,134

Net Assets:
Beginning of period/year		47,226,080			38,625,587			316,528,218			216,401,084
End of period/year	$	51,688,982		$	47,226,080		$	394,403,316		$	316,528,218

	Moderate ETF Portfolio

	Six Months Ended			Year Ended
	June 30, 2026			December 31, 2025
	(Unaudited)
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	2,131,781		$	5,524,188
Net realized gain on investments		5,249,214			2,298,672
Net change in unrealized appreciation on investments		16,657,327			21,713,732
Net increase in net assets resulting from operations		24,038,322			29,536,592

From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(620,169	)
Class 2		—			(6,305,078	)
Investor Class		—			(585,295	)
Service Class		—			(525,282	)
Total distributions to shareholders		—			(8,035,824	)

From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		2,099,124			4,418,115
Class 2		24,120,337			33,185,548
Investor Class		7,668,801			3,691,238
Service Class		310,824			932,789
Reinvestment of distributions
Class 1		—			620,170
Class 2		—			6,305,079
Investor Class		—			585,295
Service Class		—			525,281
Cost of shares redeemed
Class 1		(1,182,707	)		(2,739,796	)
Class 2		(7,032,909	)		(5,770,587	)
Investor Class		(530,229	)		(1,995,426	)
Service Class		(448,661	)		(842,387	)
Net increase in net assets from share transactions of beneficial interest		25,004,580			38,915,319
Total Increase In Net Assets		49,042,902			60,416,087

Net Assets:
Beginning of period/year		241,702,230			181,286,143
End of period/year	$	290,745,132		$	241,702,230

	Class 1 Shares

	Period 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	$	24.33		$	20.99		$	19.10		$	16.51		$	19.88		$	16.72

Income (loss) from investment operations:
Net investment income (a)(b)		0.15			0.46			0.43			0.35			0.32			0.35
Net realized and unrealized gain (loss) on investments		3.56			3.55			1.91			2.56			(3.44	)		2.93
Total income (loss) from investment operations		3.71			4.01			2.34			2.91			(3.12	)		3.28

Less distributions from:
Net investment income		—			(0.33	)		(0.28	)		(0.23	)		(0.24	)		(0.12	)
Net realized gain		—			(0.34	)		(0.17	)		(0.09	)		(0.01	)		—
Total distributions		—			(0.67	)		(0.45	)		(0.32	)		(0.25	)		(0.12	)

Net asset value, end of period/year	$	28.04		$	24.33		$	20.99		$	19.10		$	16.51		$	19.88
Total return (c)		15.25	% (e)		19.17	%		12.21	%		17.77	%		(15.74	)%		19.66	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	8,074		$	6,365		$	4,672		$	3,287		$	4,007		$	4,517
Ratio of expenses to average net assets (d)		0.21	% (f)		0.21	%		0.21	%		0.21	%		0.21	%		0.22	%
Ratio of net investment income to average net assets (b)(d)		1.18	% (f)		2.05	%		2.07	%		1.93	%		1.87	%		1.86	%
Portfolio turnover rate		4	% (e)		6	%		11	%		10	%		9	%		9	%

	Class 2 Shares

	Period 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	$	23.90		$	20.65		$	18.80		$	16.28		$	19.60		$	16.52

Income (loss) from investment operations:
Net investment income (a)(b)		0.12			0.40			0.37			0.35			0.29			0.32
Net realized and unrealized gain (loss) on investments		3.49			3.47			1.90			2.46			(3.40	)		2.87
Total income (loss) from investment operations		3.61			3.87			2.27			2.81			(3.11	)		3.19

Less distributions from:
Net investment income		—			(0.28	)		(0.25	)		(0.20	)		(0.20	)		(0.11	)
Net realized gain		—			(0.34	)		(0.17	)		(0.09	)		(0.01	)		—
Total distributions		—			(0.62	)		(0.42	)		(0.29	)		(0.21	)		(0.11	)

Net asset value, end of period/year	$	27.51	(e)	$	23.90		$	20.65		$	18.80		$	16.28		$	19.60
Total return (c)		15.10	%		18.83	%		11.99	%		17.37	%		(15.88	)%		19.31	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	358,479	(f)	$	269,326		$	188,645		$	132,931		$	84,109		$	73,834
Ratio of expenses to average net assets (d)		0.46	%		0.46	%		0.46	%		0.46	%		0.46	%		0.47	%
Ratio of net investment income to average net assets (b)(d)		0.96	% (f)		1.80	%		1.84	%		2.01	%		1.70	%		1.73	%
Portfolio turnover rate		4	% (e)		6	%		11	%		10	%		9	%		9	%

	Investor Class Shares

	Period 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	$	25.82		$	22.27		$	20.26		$	17.53		$	21.10		$	17.79

Income (loss) from investment operations:
Net investment income (a)(b)		0.09			0.35			0.36			0.33			0.25			0.33
Net realized and unrealized gain (loss) on investments		3.77			3.76			2.02			2.65			(3.65	)		3.07
Total income (loss) from investment operations		3.86			4.11			2.38			2.98			(3.40	)		3.40

Less distributions from:
Net investment income		—			(0.22	)		(0.20	)		(0.16	)		(0.16	)		(0.09	)
Net realized gain		—			(0.34	)		(0.17	)		(0.09	)		(0.01	)		—
Total distributions		—			(0.56	)		(0.37	)		(0.25	)		(0.17	)		(0.09	)

Net asset value, end of period/year	$	29.68		$	25.82		$	22.27		$	20.26		$	17.53		$	21.10
Total return (c)		14.95	% (e)		18.53	%		11.72	%		17.10	%		(16.14	)%		19.11	%

Ratios and Supplemental Data:
Net assets, end of period/year (in 000’s)	$	8,358		$	7,018		$	5,971		$	3,935		$	2,223		$	2,275
Ratio of expenses to average net assets (d)		0.71	% (f)		0.71	%		0.71	%		0.71	%		0.71	%		0.72	%
Ratio of net investment income to average net assets (b)(d)		0.66	% (f)		1.48	%		1.63	%		1.78	%		1.38	%		1.61	%
Portfolio turnover rate		4	% (e)		6	%		11	%		10	%		9	%		9	%

	Service Class Shares

	Period 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	$	23.90		$	20.65		$	18.80		$	16.28		$	19.60		$	16.52

Income (loss) from investment operations:
Net investment income (a)(b)		0.16			0.17			0.17			0.39			0.35			0.36
Net realized and unrealized gain (loss) on investments		3.45			3.70			2.10			2.42			(3.46	)		2.83
Total income (loss) from investment operations		3.61			3.87			2.27			2.81			(3.11	)		3.19

Less distributions from:
Net investment income		—			(0.28	)		(0.25	)		(0.20	)		(0.20	)		(0.11	)
Net realized gain		—			(0.34	)		(0.17	)		(0.09	)		(0.01	)		—
Total distributions		—			(0.62	)		(0.42	)		(0.29	)		(0.21	)		(0.11	)

Net asset value, end of period/year (c)	$	27.51		$	23.90		$	20.65		$	18.80		$	16.28		$	19.60
Total return (d)		15.10	% (g)		18.83	%		11.99	%		17.37	%		(15.88	)%		19.31	%

Ratios and Supplemental Data:
Net assets, end of period/year (e)	$	32		$	28		$	24		$	21		$	18		$	21
Ratio of expenses to average net assets (f)		0.51	% (h)		0.51	%		0.51	%		0.51	%		0.51	%		0.52	%
Ratio of net investment income to average net assets (b)(f)		1.28	% (h)		0.75	%		0.84	%		2.23	%		2.03	%		1.41	%
Portfolio turnover rate		4	% (g)		6	%		11	%		10	%		9	%		9	%

Portfolio	Primary Objective
Aggressive ETF Portfolio	Capital appreciation.
Balanced ETF Portfolio	Income and capital appreciation.
Conservative ETF Portfolio	Preserve capital and provide moderate income and moderate capital appreciation.
Moderately Aggressive ETF Portfolio	Capital appreciation.
Moderate ETF Portfolio	Capital appreciation.

Aggressive ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	366,788,459	$	—	$	—	$	366,788,459
Short-Term Investments		16,340,317		—		—		16,340,317
Total	$	383,128,776	$	—	$	—	$	383,128,776

Balanced ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	164,887,762	$	—	$	—	$	164,887,762
Short-Term Investments		7,046,532		—		—		7,046,532
Total	$	171,934,294	$	—	$	—	$	171,934,294

Conservative ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	50,731,007	$	—	$	—	$	50,731,007
Short-Term Investments		1,015,132		—		—		1,015,132
Total	$	51,746,139	$	—	$	—	$	51,746,139

Moderately Aggressive ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	386,257,012	$	—	$	—	$	386,257,012
Short-Term Investments		10,949,141		—		—		10,949,141
Total	$	397,206,153	$	—	$	—	$	397,206,153

Moderate ETF Portfolio

Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	284,969,398	$	—	$	—	$	284,969,398
Short-Term Investments		23,681,165		—		—		23,681,165
Total	$	308,650,563	$	—	$	—	$	308,650,563

							Gross Amounts Not Offset in the Statement of Assets & Liabilities *

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

Aggressive ETF Portfolio
Description:
Securities Loaned	$	16,388,768	$	—	$	16,388,768	$	10,059,787	$	6,328,981		$	—
Total	$	16,388,768	$	—	$	16,388,768	$	10,059,787	$	6,328,981		$	—

Balanced ETF Portfolio
Description:
Securities Loaned	$	5,767,922	$	—	$	5,767,922	$	2,775,883	$	2,992,039		$	—
Total	$	5,767,922	$	—	$	5,767,922	$	2,775,883	$	2,992,039		$	—

Conservative ETF Portfolio
Description:
Securities Loaned	$	1,027,436	$	—	$	1,027,436	$	1,050,246	$	(22,810	)	$	—
Total	$	1,027,436	$	—	$	1,027,436	$	1,050,246	$	(22,810	)	$	—

Moderately Aggressive ETF Portfolio
Description:
Securities Loaned	$	23,720,419	$	—	$	23,720,419	$	22,841,587	$	878,832		$	—
Total	$	23,720,419	$	—	$	23,720,419	$	22,841,587	$	878,832		$	—

Moderate ETF Portfolio
Description:
Securities Loaned	$	37,806,685	$	—	$	37,806,685	$	21,598,158	$	16,208,527		$	—
Total	$	37,806,685	$	—	$	37,806,685	$	21,598,158	$	16,208,527		$	—

Securities Lending Transactions
Overnight and Continuous
Aggressive ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	6,686,961

Balanced ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	3,152,711

Moderately Aggressive ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	1,453,566

Moderate ETF Portfolio
Federated Hermes Government Obligations Fund, Institutional Class	$	17,116,904

Portfolio	Purchases		Sales
Aggressive ETF Portfolio	$	58,273,591	$	13,172,856
Balanced ETF Portfolio		21,261,834		16,368,644
Conservative ETF Portfolio		7,884,223		5,284,612
Moderately Aggressive ETF Portfolio		52,974,695		16,884,106
Moderate ETF Portfolio		42,714,982		16,767,632

Portfolio	Advisory Fees
Aggressive ETF Portfolio	$	161,353
Balanced ETF Portfolio		79,688
Conservative ETF Portfolio		24,696
Moderately Aggressive ETF Portfolio		174,734
Moderate ETF Portfolio		130,676

Portfolio	Distribution Fees
Aggressive ETF Portfolio	$	403,723
Balanced ETF Portfolio		198,048
Conservative ETF Portfolio		51,055
Moderately Aggressive ETF Portfolio		416,457
Moderate ETF Portfolio		312,381

Aggressive ETF Portfolio
Pruco Life Insurance Company	74%

Balanced ETF Portfolio
Pruco Life Insurance Company	73%

Conservative ETF Portfolio
Pruco Life Insurance Company	44%

Moderately Aggressive ETF Portfolio
Pruco Life Insurance Company	74%

Moderate ETF Portfolio
Pruco Life Insurance Company	53%

	Cost for							Tax Net
	Federal Tax		Unrealized		Unrealized			Unrealized
Portfolio	Purposes		Appreciation		Depreciation			Appreciation
Aggressive ETF Portfolio	$	284,980,715	$	98,148,061	$	—		$	98,148,061
Balanced ETF Portfolio		148,933,820		24,315,711		(1,315,237	)	$	23,000,474
Conservative ETF Portfolio		48,534,463		3,646,998		(435,322	)	$	3,211,676
Moderately Aggressive ETF Portfolio		302,587,674		94,986,676		(368,197	)	$	94,618,479
Moderate ETF Portfolio		255,986,970		53,791,168		(1,127,575	)	$	52,663,593

For the year ended December 31, 2025:

	Ordinary		Long-Term
	Income		Capital Gains		Total
Aggressive ETF Portfolio	$	3,209,982	$	3,780,124	$	6,990,106
Balanced ETF Portfolio		3,083,803		1,671,124		4,754,927
Conservative ETF Portfolio		1,138,230		296,164		1,434,394
Moderately Aggressive ETF Portfolio		3,953,363		4,752,588		8,705,951
Moderate ETF Portfolio		4,218,408		3,817,416		8,035,824

For the year ended December 31, 2024:

	Ordinary		Long-Term
	Income		Capital Gains		Total
Aggressive ETF Portfolio	$	2,246,906	$	1,557,674	$	3,804,580
Balanced ETF Portfolio		2,347,641		539,225		2,886,866
Conservative ETF Portfolio		904,879		267,899		1,172,778
Moderately Aggressive ETF Portfolio		2,750,767		390,578		3,141,345
Moderate ETF Portfolio		3,131,354		2,412,967		5,544,321

	Undistributed		Undistributed				Total
	Ordinary		Long-Term		Unrealized		Accumulated
	Income		Capital Gains		Appreciation		Earnings
Aggressive ETF Portfolio	$	4,227,617	$	3,774,916	$	58,830,774	$	66,833,307
Balanced ETF Portfolio		3,997,167		1,858,439		15,842,774		21,698,380
Conservative ETF Portfolio		1,419,432		695,134		2,228,300		4,342,866
Moderately Aggressive ETF Portfolio		5,664,131		3,429,781		59,953,511		69,047,423
Moderate ETF Portfolio		5,524,511		2,506,961		36,006,266		44,037,738

/s/ Kevin E. Wolf
Kevin E. Wolf, Principal Executive Officer/President

/s/ Jim Colantino
Jim Colantino, Principal Financial Officer/Treasurer