united states
securities and exchange commission
washington, d.c. 20549

form n-csr

certified shareholder report of registered management
investment companies

Investment Company Act file number 811-21853

Northern Lights Variable Fund Trust

(Exact name of registrant as specified in charter)

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of principal executive offices) (Zip code)

The Corporation Trust Company

1209 Orange Street, Wilmington, DE 19801

(Name and address of agent for service)

Registrant's telephone number, including area code: 631-470-2619

Date of fiscal year end: 12/31

Date of reporting period: 6/30/2021

Item 1. Reports to Stockholders.

Semi-Annual Report

June 30, 2021

TOPS^® Managed Risk Balanced ETF Portfolio

TOPS^® Managed Risk Growth ETF Portfolio

TOPS^® Managed Risk Moderate Growth ETF Portfolio

Each a series of the Northern Lights Variable Trust

Distributed by Northern Lights Distributors, LLC

Member FINRA

A Message from the TOPS^® Portfolio Management Team

Mid Year 2021 Market Commentary

“It Was Another Very Strong Quarter for The Economy And Financial Markets”

First Half 2021 stock market returns were well above average, marking the fifth consecutive positive quarter for most indexes, both here and abroad. In the U.S., the massive fiscal and monetary stimulus, combined with the efficacy of the COVID vaccines and relatively rapid vaccination process, resulted in a rapidly re-opening economy. These positive factors, in turn, have led to an extremely strong earnings recovery and a flood of liquidity into the stock market. However, concerns about rising inflation and a possible Federal Reserve (the “Fed”) shift away from super-easy policies caused bond yields to rise in the first half.

As a result, the TOPS portfolios earned a wide range of returns for the first half (+6.1% to +9.9%). The more aggressive TOPS portfolios (higher equity allocations) were aided by the continued resurgence of diversified market leadership for the first half overall, although large cap growth returned to its leadership position in Q2.

We continue to note all TOPS portfolio returns for the trailing three-year, five-year and ten-year timeframes remain well into positive territory, with many recording double-digit returns over differing timeframes.

After discussing Q2 and year-to-date 2021 financial market results, we will address three questions that are important to TOPS portfolio returns and strategies:

1) Can the V-Shaped recoveries of the U.S. economy, earnings per share and stock markets continue?

2) Will rising inflation rates force the Fed to change its easy money policies?

3) With inflation rising, why aren’t bond yields higher?

Second Quarter and Year-To-Date Market Review

As noted above, stock market returns have been positive for five consecutive quarters and trailing twelve-month (TTM) returns are remarkable. The TTM return for the large cap S&P 500^® is +40.8%. That is a tremendous return, except in comparison to the gains from S&P SmallCap 600^® +67.4% and S&P MidCap 400^® +53.2%. New all-time highs were reached by all three indexes during Q2 and the S&P 500^® closed the quarter with its 34th new closing high of 2021. S&P MidCap 400^® and S&P SmallCap 600^® were less than 3% below their highs, so the half ended on a strong note.

For Q2, the top indexes were S&P 500 Growth^® +11.9%, S&P North American Natural Resources Index +11.1% and MSCI World Real Estate +10.1%. Of course, we were gratified to see our largest allocation –the S&P 500^® – recorded a strong +8.5% return. The other equity indexes represented by ETFs in the TOPS portfolios also reported solid mid-double-digit gains: FTSE Developed All Cap ex US +5.7%, S&P 500 Value^® +5.0%, FTSE Emerging +5.7%, S&P SmallCap 600^® +4.5% and S&P MidCap 400^® +3.6%.

Rising inflation rates and worries about how the Fed might respond were shrugged off by investors in Q2, so bond yields declined modestly. The 10-year US Treasury yield dipped from 1.73% to 1.45% during Q2. The Barclays Capital Aggregate Bond returned +1.8% and the Barclays Capital U.S. Treasury Inflation Protected Securities index was even stronger at +3.2%. Most bond market sectors posted positive returns for Q2 and Investment Grade and High Yield bonds were among the stronger sectors. 

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Year-to-date equity returns were led by diversifier indexes: S&P North American Natural Resources Index +32.7%, S&P SmallCap 600^® +23.6%, S&P MidCap 400^® +17.6% and MSCI World Real Estate +16.8%. These results are well above normal full-year returns and the S&P 500^®’s +15.3% return was the second highest recorded since 1998. S&P 500 Value^® +16.3% outperformed S&P 500 Growth^® +14.3%. International stocks lagged, but FTSE Developed ex-US (developed) +10.0% and FTSE Emerging +9.0% were still well above average.

Despite the Q2 improvement, the 10-year US Treasury Bond yield rose from 0.93% at yearend to 1.45% for the first half of 2021. Barclay’s US TIPS recorded a positive return of 1.7% versus the broader Barclays Capital Aggregate Bond at -1.6%. Barclays Capital High Yield Very Liquid achieved positive returns while developed international and emerging market bonds were negative.

Will V-Shaped Recoveries Continue?

The short answer to this question is “not forever”. The current +41% 12-month S&P 500^® gain, as well as the forecasted +10% Q2 GDP and +64% Q2 earnings (EPS) gains are simply not sustainable in a slow-growth world. This doesn’t mean any of the “Vs” will collapse, but it does indicate investor expectations should moderate as the year goes along.

Several long-term macro factors behind slower longer term economic growth remain in place: Demographics trends (an aging population and slowing birth rates) will continue to result in older (often nonworking) persons growing as a share of the population. High amounts of debt have been proven to weigh on economic growth, and government, corporate and consumer debt have all ballooned in recent years. Government budget deficits are another factor, as they must eventually be pared back through tax increases or spending cuts.

In the shorter term, the massive stimulus in place has helped create significant wealth and large growth in cash reserves for both companies and consumers. As these funds are spent for business investment and consumption, the US economy should continue to expand, but at a slower pace. EPS comparisons will be harder to beat, so year-over-year EPS growth is likely to slow in the second half of 2021 and beyond. On paper, these factors should be expected to cause a diminution of stock market gains at some point.

Will rising inflation cause the Fed to change policies?

The May Consumer Price Index (CPI) rose to +5.0%, the highest reading in 13 years. The largest contributors were energy (versus very depressed oil prices a year ago); used cars and trucks (shortages); food away from home (restaurants raising menu prices); and car and truck rental (shortages). Many commodities are supply-constrained, so strong demand caused price increases for many building materials, metals and agricultural products.

The Fed has been warning us for months that inflation was likely to exceed their 2% target this spring, but they have consistently stated that the higher prices will be “transitory” and would not cause them to go beyond “thinking about thinking about” a shift from their $120 billion monthly bond purchases (Quantitative Easing or QE) or exiting their Zero Interest Rate Policy (ZIRP).

However, the Fed’s favorite inflation indicator, the price index for Personal Consumption Expenditures (PCE) also surprised everyone in May with a 3.9% rise. The Core indexes (which exclude energy and food) were also well above the Fed’s 2% target, with Core CPI +3.8% and Core PCE +3.4%. As a result, the “Dot Plot”, which is a chart showing the FOMC members’ economic expectations, had some interesting shifts in June. They show the Fed members now think Core PCE could remain elevated and that ZIRP may end in 2023 rather than 2024.

If the PCE remains stubbornly high in coming months, we would expect the Fed to consider shifting toward somewhat tighter policies. The first step would likely be a well-telegraphed reduction of monthly bond purchases. Many pundits question why the Fed continues the aggressive bond purchase program, amidst such high economic success, especially the purchase of mortgage bonds in a red-hot real estate market.

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With inflation rising, why aren’t bond yields higher? 

According to fund flows in Q2, it appears investors bought longer-dated US Treasuries to hedge the risk of the Fed shifting toward anti-inflation policies which would slow the economy. Although that would push interest rates higher in the shorter term, the return to slow growth could lead to lower interest rates over time. Many investors may also agree with the Fed that the current burst of inflation will prove to be transitory.

Another possibility is that until the Fed decides to reduce its $120 billion of monthly bond purchases, investors believe it will continue to overwhelm the supply created by budget deficits. This is important because corporate and mortgage-backed bonds are priced at premiums (wider yield spreads) over Treasuries, so if Treasury yields are low, the broader fixed income markets will also have lower yields than might otherwise be the case.

We continue to expect bond yields to normalize over time. Real (inflation adjusted) yields are currently in negative territory, whereas historically yields have exceeded inflation rates. Therefore, the TOPS fixed income strategy is to reduce “interest rate risk” by owning shorter maturity ETFs and to offset that by accepting a little more “credit risk” by owning ETFs that hold US corporate and international bonds. We also hedge against inflation by diversifying away from nominal US Treasuries into TIPS (Treasury Inflation-Protected Securities) and utilizing floating rate securities.

TOPS Portfolio Strategies

The combination of fiscal and monetary stimulus, along with the desire of businesses and consumers to return to normal spending patterns suggests the US economy will grow throughout 2021, albeit at a somewhat slower pace than the red-hot numbers so far. The TOPS portfolio team will continue to monitor and assess the importance of potential Fed policy shifts and President Biden’s infrastructure and tax initiatives, as well as the constant flow of economic and financial market data as we strategically implement our philosophy of maintaining broadly diversified portfolios.

Summary of the Milliman Managed Risk Strategy™ (MMRS)

After returning more than 17% across the final two months of 2020, the global equity market took a breather to start 2021, declining 0.5%, as measured by the MSCI ACWI Index. Unlike the previous month, when virtually all segments of the equity market were uniformly higher, January provided a mixed bag. In the United States, large-cap stocks were down, while small- and mid-caps were higher. Outside the United States, emerging market equities notched their fourth consecutive positive monthly return, while developed market equities finished the month lower. Amid these disparate returns, global equity market volatility crept higher from its post-COVID correction low at the end of 2020. Coming off such a low level, the increase in volatility didn’t result in any changes in the equity allocations of the TOPS Managed Risk Portfolios until month end. As January ended, the Growth, Moderate, and Balanced portfolios had reduced their equity allocations by 9.5, 1.1., and 0.5 percentage points from their respective levels at the end of December.

After an anemic start to the year, global equities resumed their ascent in February, as measured by the MSCI ACWI Index, only to sell off later in the month amid soaring bond yields. U.S. equities also sold off in late February after the yield on the 10-year U.S. Treasury note jumped to a one-year high in response to rising inflation expectations. The decline notwithstanding, U.S. equities ended the month in the black with investors favoring mid-cap, small-cap, and value stocks. While large-cap stocks also notched gains, their increases were more modest. Equity market volatility shot up in late February, and TOPS Managed Risk Portfolios adjusted by trimming their equity exposure. The Growth, Moderate, and Balanced portfolios reduced their equity allocations by 4.7, 2.6, and 2.2 percentage points, respectively, from their levels at the end of January.

Global equity markets advanced at a steady clip in March, as measured by the MSCI ACWI Index, but stocks also saw pressure from a COVID-19 resurgence in Europe and Asia as vaccinations hit some snags. In the United States, the S&P 500^® Index closed in on an all-time record high of 4000, soaring on the tailwinds of strong fiscal and monetary stimulus, faster-than-expected vaccination rollouts, a robust outlook for the U.S. economy, and pent-up consumer demand. Since 

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hitting a pandemic low during the same month a year ago, the index has climbed 78%. In March, U.S. stocks saw a rotation in leadership, with “Big Tech” taking a breather and value stocks surging by 6% after being in the doldrums for years. Mid-cap names trounced large-cap names, but small-cap stocks settled down after being on a tear since the start of 2021. The Fed vowed to stay dovish on monetary policy through at least 2023, nevertheless concerns about inflation and attendant interest rate hikes buoyed yields on the 10-yr U.S. Treasury to 1.74%—the highest since January 2020. Volatility rose in early March before tapering off, and the TOPS Managed Risk Portfolios adjusted by trimming their equity exposure. Growth, Moderate, and Balanced portfolios lowered their equity allocations by 3.6, 3.1, and 1.5 percentage points, respectively, from their levels at the end of February.

International equity markets mirrored the bullish sentiment in the United States during April, as stocks around the globe continued to hit new highs. The MSCI ACWI Index rose by 4.2% in April, the third consecutive month of gains. U.S. equities set record highs as well across the board among the major indices. But from there, the macroeconomic picture diverges for developed countries. The 19-nation Eurozone reported a decline in GDP for first quarter, its second quarterly drop, and technically entered a recession due to renewed COVID-related lockdowns. In contrast, the U.S. economy, spurred by consumer spending, grew by a robust 6.4% during first quarter. The 10-year U.S. Treasury yield pulled back from its March high to end April at 1.65%, notwithstanding inflation’s uptick to 2.6% in March, its highest level since mid-2018. Equity market volatility declined through most of April, finishing near 14-month lows. The TOPS Managed Risk portfolios adjusted by raising their net equity exposure: the Growth, Moderate, and Balanced Portfolios upped their equity allocations by 17.7, 6.5, and 3.8 percentage points, respectively, and spent most of the month at their respective maximum equity allocations.

International stocks outpaced U.S. equities in May as economic recovery in the European Union and other developed nations offset headwinds from emerging countries still grappling to get COVID-19 under control. The MSCI ACWI Index rose by 1.33% in May while the S&P 500^® Index was up a meager 0.55% and the Nasdaq actually declined by 1.26%. U.S. stocks hit an all-time high in early May, but days later sold off after April’s inflation number came in at a higher-than-expected 4.2%—its highest level since 2008. Energy prices jumped 25% from a year earlier and other prices advanced as well. U.S. manufacturing activity picked up, but shortages are being reported in labor and materials. Volatility increased during the selloff but leveled off as the market found firmer footing in the second half of May. The low market volatility at the end of April meant that the equity allocations for TOPS Managed Risk Portfolios were all at their respective maximums heading into May. As volatility increased in the middle of the month, the Growth portfolio reduced its equity allocation by about seven percentage points before reverting to its maximum allocation by month end. The Moderate and Balanced portfolios both maintained their maximum equity allocations for the duration of the month.

Heading into the summer doldrums, international and U.S. equities ended the month of June mostly in positive territory, led by a 5.55% total return in the Nasdaq Composite. The MSCI ACWI Index rose 1.35% month-over-month, while a rally in tech stocks drove the S&P 500^® Index and Nasdaq to all-time highs. The Fed kept interest rates unchanged and communicated that rising inflation was notable but transitory since much of the overshoot is from categories directly affected by the reopening of the economy. Nevertheless, the FOMC adjusted its expectation for the timing of interest rate increases to one year earlier than the expectation conveyed at the FOMC’s previous meeting. This sparked an equity market pullback, but it proved to be short lived as inflation fears subsided and stocks quickly recovered. After falling to its year-to-date low during the first half of the month, equity market realized volatility edged moderately higher and then leveled off; and the Cboe Volatility Index^® finished the month at 15.8, its lowest level since February 2020. Amid such low volatility, TOPS Growth, Moderate, and Balanced Managed Risk Portfolios all maintained their maximum equity exposure for the duration of the month. 

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

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

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

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

The Barclays Capital High Yield Very Liquid Index includes publicly issued U.S. dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, regardless of optionality, are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody’s, S&P, and Fitch, respectively (before July 1, 2005, the lower of Moody’s and S&P was used), and have $600 million or more of outstanding face value.

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

The S&P North American Natural Resources Index provides investors with a benchmark that represents U.S. traded securities that are classified under the GICS^® energy and materials sector excluding the chemicals industry; and steel sub-industry.

The MSCI World Real Estate Index is a free float-adjusted market capitalization index that consists of large and mid-cap equity across 23 Developed Markets (DM) countries*. All securities in the index are classified in the Real Estate Sector according to the Global Industry Classification Standard (GICS^®).

The FTSE Developed All Cap ex US Index is a market-capitalization weighted index representing the performance of large, mid and small companies in Developed markets, excluding the USA. The index is derived from the FTSE Global Equity Index Series (GEIS), which captures 98% of the world’s investable market capitalization.

The S&P 500 Growth^® Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments.

The S&P 500 Value^® Index measures value stocks using three factors: the ratios of book value, earnings, and sales to price. S&P Style Indices divide the complete market capitalization of each parent index into growth and value segments.

The FTSE Emerging Index provides investors with a comprehensive means of measuring the performance of the most liquid large- and mid-cap companies in the emerging markets. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 99% of the world’s investable market capitalization. The series includes large and mid cap securities from advanced and secondary emerging markets, classified in accordance with FTSE Russell’s transparent Country Classification Review Process.

The MSCI ACWI Index, MSCI’s flagship global equity index, is designed to represent performance of the full opportunity set of large- and mid-cap stocks across 23 developed and 27 emerging markets. As of June 2021, it covers more than 2,900 constituents across 11 sectors and approximately 85% of the free float-adjusted market capitalization in each market. The index is built using MSCI’s Global Investable Market Index (GIMI) methodology, which is designed to take into account variations reflecting conditions across regions, marketcap sizes, sectors, style segments and combinations.

The Cboe Volatility Index^® is a calculation designed to produce a measure of constant, 30-day expected volatility of the U.S. stock market, derived from real-time, mid-quote prices of S&P 500^® Index (SPX℠) call and put options. On a global 

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basis, it is one of the most recognized measures of volatility — widely reported by financial media and closely followed by a variety of market participants as a daily market indicator.

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

5466-NLD-07212021

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TOPS^® Managed Risk Balanced ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2021

Average Annual Total Return through June 30, 2021*, as compared to its benchmark:

					Performance Since	Performance Since	Since
	Six	One	Five	Ten	Inception	Inception	Inception
	Months	Year	Year	Year	(6/9/11)**	(5/1/12)***	(7/22/15)****
Managed Risk Balanced ETF Portfolio
Class 1	6.58%	17.92%	6.91%	5.10%	5.19%	N/A	N/A
Class 2	6.44%	17.59%	6.65%	4.85%	4.93%	N/A	N/A
Class 3	6.41%	17.49%	6.54%	N/A	N/A	4.96%	N/A
Class 4	6.28%	17.23%	6.28%	N/A	N/A	4.57%	N/A
Investor Class	6.06%	16.44%	6.28%	N/A	N/A	N/A	4.80%
S&P 500 Total Return Index *****	15.25%	40.79%	17.65%	14.84%	15.04%	15.28%	14.92%

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

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

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

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

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

Holdings by Asset Class as of June 30, 2021	% of Net Assets
Exchange-Traded Funds - Equity		44.9	%
Exchange-Traded Funds - Fixed Income		43.2	%
Other Assets and Liabilities - net/Short-Term Investments		11.9	%
		100.0	%

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

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TOPS^® Managed Risk Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2021

Average Annual Total Return through June 30, 2021*, as compared to its benchmark:

					Performance Since	Performance Since	Since
	Six	One	Five	Ten	Inception	Inception	Inception
	Months	Year	Year	Year	(4/26/11)**	(5/1/12)***	(7/22/15)****
Managed Risk Growth ETF Portfolio
Class 1	9.90%	25.75%	8.95%	5.66%	5.41%	N/A	N/A
Class 2	9.86%	25.56%	8.69%	5.41%	5.16%	N/A	N/A
Class 3	9.74%	25.34%	8.57%	N/A	N/A	5.71%	N/A
Class 4	9.64%	25.10%	8.32%	N/A	N/A	5.57%	N/A
Investor Class	9.40%	24.20%	8.30%	N/A	N/A	N/A	5.45%
S&P 500 Total Return Index *****	15.25%	40.79%	17.65%	14.84%	14.38%	15.28%	14.92%

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

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

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

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

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

Holdings by Asset Class as of June 30, 2021	% of Net Assets
Exchange-Traded Funds - Equity		76.5	%
Exchange-Traded Funds - Fixed Income		11.7	%
Other Assets and Liabilities - net/Short-Term Investments		11.8	%
		100.0	%

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

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TOPS^® Managed Risk Moderate Growth ETF Portfolio
Portfolio Review (Unaudited)
June 30, 2021

Average Annual Total Return through June 30, 2021*, as compared to its benchmark:

					Performance Since	Performance Since	Since
	Six	One	Five	Ten	Inception	Inception	Inception
	Months	Year	Year	Year	(6/9/11)**	(5/1/12)***	(7/22/15)****
Managed Risk Moderate Growth ETF Portfolio
Class 1	8.46%	22.54%	8.30%	5.73%	5.85%	N/A	N/A
Class 2	8.33%	22.19%	8.03%	5.49%	5.61%	N/A	N/A
Class 3	8.27%	22.15%	7.93%	N/A	N/A	5.66%	N/A
Class 4	8.14%	21.83%	7.64%	N/A	N/A	5.42%	N/A
Investor Class	8.05%	20.95%	7.62%	N/A	N/A	N/A	5.31%
S&P 500 Total Return Index *****	15.25%	40.79%	17.65%	14.84%	15.04%	15.28%	14.92%

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

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

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

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

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

Holdings by Asset Class as of June 30, 2021	% of Net Assets
Exchange-Traded Funds - Equity		58.4	%
Exchange-Traded Funds - Fixed Income		29.8	%
Other Assets and Liabilities - net/Short-Term Investments		11.8	%
		100.0	%

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

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TOPS® Managed Risk Balanced ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.1%
		EQUITY - 44.9%
	336,021	FlexShares Global Upstream Natural Resources Index Fund(a)	$	12,866,244
	452,919	SPDR Portfolio S&P 400 Mid Cap ETF		21,382,306
	136,421	SPDR Portfolio S&P 500 Growth ETF(a)		8,590,431
	760,006	SPDR Portfolio S&P 500 Value ETF		30,050,637
	390,386	SPDR Portfolio S&P 600 Small Cap ETF		17,153,561
	661,143	Vanguard FTSE Developed Markets ETF		34,062,087
	470,349	Vanguard FTSE Emerging Markets ETF		25,544,654
	218,864	Vanguard Global ex-U.S. Real Estate ETF		12,772,903
	125,351	Vanguard Real Estate ETF		12,759,478
	97,856	Vanguard S&P 500 ETF		38,508,294
				213,690,595
		FIXED INCOME - 43.2%
	255,874	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		34,379,231
	559,173	SPDR Bloomberg Barclays Investment Grade Floating Rate ETF		17,138,652
	685,338	SPDR Portfolio Short Term Corporate Bond ETF		21,451,079
	407,031	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		12,772,633
	189,936	Vanguard Intermediate-Term Treasury ETF		12,879,560
	161,545	Vanguard Mortgage-Backed Securities ETF		8,621,657
	983,180	Vanguard Short-Term Inflation-Protected Securities ETF		51,528,463
	418,767	Vanguard Short-Term Treasury ETF		25,724,857
	75,078	Vanguard Total International Bond ETF(a)		4,286,954
	425,664	Xtrackers USD High Yield Corporate Bond ETF(a)		17,158,516
				205,941,602
		TOTAL EXCHANGE-TRADED FUNDS (Cost $334,530,221)		419,632,197

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 20.3%
		COLLATERAL FOR SECURITIES LOANED - 8.8%
	41,953,087	STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $41,953,087)(b)		41,953,087

See accompanying notes to financial statements. 

10

TOPS® Managed Risk Balanced ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 20.3% (Continued)
		MONEY MARKET FUNDS - 11.5%
	54,616,809	STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $54,616,809)(b)	$	54,616,809
		TOTAL SHORT-TERM INVESTMENTS (Cost $96,569,896)		96,569,896
		TOTAL INVESTMENTS - 108.4% (Cost $431,100,117)	$	516,202,093
		LIABILITIES IN EXCESS OF OTHER ASSETS - (8.4)%		(39,975,081	)
		NET ASSETS - 100.0%	$	476,227,012

OPEN FUTURES CONTRACTS
Number of				Notional			Unrealized Appreciation
Contracts		Open Long Futures Contracts	Expiration		Amount(c)		(Depreciation)
	209	CBOT 5 Year US Treasury Note Futures	09/30/2021	$	25,796,870	$	(78,309	)
	17	CME E-Mini Russell 2000 Index Futures	09/17/2021		1,961,630		1,742
	46	CME E-Mini Standard & Poor’s 500 Index Futures	09/17/2021		9,863,780		137,425
	12	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	09/17/2021		3,230,880		(39,900	)
	42	ICE US Mini MSCI EAFE Index Futures	09/17/2021		4,838,610		(115,500	)
	65	ICE US MSCI Emerging Markets EM Index Futures	09/17/2021		4,435,600		(4,225	)
		TOTAL FUTURES CONTRACTS				$	(98,767	)

ETF - Exchange-Traded Fund

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor’s Depositary Receipt

^(a) All or a portion of this security is on loan. Total loaned securities had a value of $55,042,182 at June 30, 2021. The loaned securities were secured with cash collateral of $41,953,087 and non-cash collateral of $14,277,326. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

^(b) Rate disclosed is the seven day effective yield as of June 30, 2021.

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

See accompanying notes to financial statements. 

11

TOPS® Managed Risk Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 76.5%
	769,173	FlexShares Global Upstream Natural Resources Index Fund	$	29,451,634
	1,713,945	SPDR Portfolio S&P 400 Mid Cap ETF		80,915,343
	468,431	SPDR Portfolio S&P 500 Growth ETF		29,497,100
	931,986	SPDR Portfolio S&P 500 Value ETF		36,850,726
	1,340,432	SPDR Portfolio S&P 600 Small Cap ETF		58,898,582
	2,411,976	Vanguard FTSE Developed Markets ETF		124,265,005
	1,211,279	Vanguard FTSE Emerging Markets ETF		65,784,562
	375,740	Vanguard Global ex-U.S. Real Estate ETF		21,928,186
	143,473	Vanguard Real Estate ETF		14,604,117
	391,991	Vanguard S&P 500 ETF		154,256,299
	174,083	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		7,323,672
				623,775,226
		FIXED INCOME - 11.7%
	109,822	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		14,755,684
	465,888	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		14,619,565
	137,604	Vanguard Mortgage-Backed Securities ETF		7,343,925
	421,977	Vanguard Short-Term Inflation-Protected Securities ETF		22,115,815
	239,645	Vanguard Short-Term Treasury ETF		14,721,392
	548,499	Xtrackers USD High Yield Corporate Bond ETF(a)		22,109,995
				95,666,376
		TOTAL EXCHANGE-TRADED FUNDS (Cost $487,724,750)		719,441,602

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 16.0%
		COLLATERAL FOR SECURITIES LOANED - 4.5%
	36,468,330	STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $36,468,330)(b)		36,468,330
		MONEY MARKET FUNDS - 11.5%
	93,645,280	STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $93,645,280)(b)		93,645,280
		TOTAL SHORT-TERM INVESTMENTS (Cost $130,113,610)		130,113,610

See accompanying notes to financial statements. 

12

TOPS® Managed Risk Growth ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Shares		Fair Value
	TOTAL INVESTMENTS - 104.2% (Cost $617,838,360)	$	849,555,212
	LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)%		(34,309,784	)
	NET ASSETS - 100.0%	$	815,245,428

OPEN FUTURES CONTRACTS
Number of				Notional		Unrealized Appreciation
Contracts		Open Long Futures Contracts	Expiration	Amount(c)		(Depreciation)
	106	CBOT 5 Year US Treasury Note Futures	09/30/2021	$	13,083,580	$	(39,717	)
	58	CME E-Mini Russell 2000 Index Futures	09/17/2021		6,692,620		5,945
	120	CME E-Mini Standard & Poor’s 500 Index Futures	09/17/2021		25,731,600		358,500
	37	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	09/17/2021		9,961,880		(123,025	)
	133	ICE US Mini MSCI EAFE Index Futures	09/17/2021		15,322,265		(365,750	)
	166	ICE US MSCI Emerging Markets EM Index Futures	09/17/2021		11,327,840		(10,790	)
		TOTAL FUTURES CONTRACTS				$	(174,837	)

ETF - Exchange-Traded Fund

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor’s Depositary Receipt

^(a) All or a portion of this security is on loan. Total loaned securities had a value of $36,387,202 at June 30, 2021. The loaned securities were secured with cash collateral of $36,468,330 and non-cash collateral of $712,149. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

^(b) Rate disclosed is the seven day effective yield as of June 30, 2021.

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

See accompanying notes to financial statements. 

13

TOPS® Managed Risk Moderate Growth ETF Portfolio

Schedule of Investments (Unaudited)

June 30, 2021

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 58.4%
	763,970	FlexShares Global Upstream Natural Resources Index Fund	$	29,252,411
	1,238,089	SPDR Portfolio S&P 400 Mid Cap ETF		58,450,182
	232,636	SPDR Portfolio S&P 500 Growth ETF		14,649,089
	555,411	SPDR Portfolio S&P 500 Value ETF		21,960,951
	998,530	SPDR Portfolio S&P 600 Small Cap ETF		43,875,408
	1,691,069	Vanguard FTSE Developed Markets ETF		87,123,875
	935,718	Vanguard FTSE Emerging Markets ETF		50,818,844
	373,202	Vanguard Global ex-U.S. Real Estate ETF		21,780,069
	142,503	Vanguard Real Estate ETF		14,505,380
	333,723	Vanguard S&P 500 ETF		131,326,675
				473,742,884
		FIXED INCOME - 29.8%
	272,697	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		36,639,569
	2,103,541	SPDR Portfolio Short Term Corporate Bond ETF		65,840,834
	462,730	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		14,520,467
	107,672	Vanguard Intermediate-Term Treasury ETF		7,301,238
	273,088	Vanguard Mortgage-Backed Securities ETF		14,574,707
	838,254	Vanguard Short-Term Inflation-Protected Securities ETF		43,932,892
	237,245	Vanguard Short-Term Treasury ETF		14,573,960
	128,681	Vanguard Total International Bond ETF(a)		7,347,685
	907,298	Xtrackers USD High Yield Corporate Bond ETF(a)		36,573,182
				241,304,534
		TOTAL EXCHANGE-TRADED FUNDS (Cost $531,859,631)		715,047,418

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 15.1%
		COLLATERAL FOR SECURITIES LOANED - 3.7%
	29,875,008	STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $29,875,008)(b)		29,875,008
		MONEY MARKET FUNDS - 11.4%
	92,964,020	STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $92,964,020)(b)		92,964,020

See accompanying notes to financial statements. 

14

TOPS® Managed Risk Moderate Growth ETF Portfolio

Schedule of Investments (Unaudited) (Continued)

June 30, 2021

Shares		Fair Value
	SHORT-TERM INVESTMENTS — 15.1% (Continued)
	TOTAL SHORT-TERM INVESTMENTS (Cost $122,839,028)	$	122,839,028
	TOTAL INVESTMENTS - 103.3% (Cost $654,698,659)	$	837,886,446
	LIABILITIES IN EXCESS OF OTHER ASSETS - (3.3)%		(27,049,637	)
	NET ASSETS - 100.0%	$	810,836,809

OPEN FUTURES CONTRACTS
Number of				Notional			Unrealized Appreciation
Contracts		Open Long Futures Contracts	Expiration	Amount(c)			(Depreciation)
	247	CBOT 5 Year US Treasury Note Futures	09/30/2021	$	30,487,210	$	(92,548	)
	43	CME E-Mini Russell 2000 Index Futures	09/17/2021		4,961,770		4,407
	96	CME E-Mini Standard & Poor’s 500 Index Futures	09/17/2021		20,585,280		286,801
	29	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	09/17/2021		7,807,960		(96,425	)
	103	ICE US Mini MSCI EAFE Index Futures	09/17/2021		11,866,115		(283,250	)
	129	ICE US MSCI Emerging Markets EM Index Futures	09/17/2021		8,802,960		(8,385	)
		TOTAL FUTURES CONTRACTS				$	(189,400	)

ETF - Exchange-Traded Fund

FTSE - Financial Times Stock Exchange

SPDR - Standard & Poor’s Depositary Receipt

^(a) All or a portion of this security is on loan. Total loaned securities had a value of $75,241,686 at June 30, 2021. The loaned securities were secured with cash collateral of $29,875,008 and non-cash collateral of $47,029,635. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

^(b) Rate disclosed is the seven day effective yield as of June 30, 2021.

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

See accompanying notes to financial statements.

15

TOPS^® Managed Risk ETF Portfolios

Statements of Assets and Liabilities (Unaudited)

June 30, 2021

	Managed Risk		Managed Risk		Managed Risk
	Balanced		Growth		Moderate Growth
Assets:	ETF Portfolio		ETF Portfolio		ETF Portfolio
Investments in securities, at cost	$	431,100,117	$	617,838,360	$	654,698,659
Investments in securities, at value (Securities on loan $55,042,182, $36,387,202 and $75,241,686, respectively)	$	516,202,093	$	849,555,212	$	837,886,446
Deposits with Broker		1,509,825		4,002,547		3,233,645
Receivable for securities sold		1,811,984		4,136,433		3,385,991
Receivable for Portfolio shares sold		894,445		161,510		578,356
Unrealized appreciation on future contracts		139,167		364,445		291,208
Interest and dividends receivable		132,734		531,429		452,249
Total Assets		520,690,248		858,751,576		845,827,895
Liabilities:
Collateral on securities loaned		41,953,087		36,468,330		29,875,008
Payable for Portfolio shares redeemed		163,661		579,681		158,230
Payable for securities purchased		1,838,448		5,468,281		4,020,499
Unrealized depreciation on futures contracts		237,934		539,282		480,608
Accrued distribution (12b-1) fees		107,573		175,072		183,068
Accrued investment advisory fees		118,201		201,522		198,951
Payable to related parties and administrative service fees		44,332		73,980		74,722
Total Liabilities		44,463,236		43,506,148		34,991,086
Net Assets	$	476,227,012	$	815,245,428	$	810,836,809
Components of Net Assets:
Paid in capital	$	388,161,166	$	613,332,337	$	628,358,131
Accumulated earnings		88,065,846		201,913,091		182,478,678
Net Assets	$	476,227,012	$	815,245,428	$	810,836,809

See accompanying notes to financial statements.

16

TOPS^® Managed Risk ETF Portfolios

Statements of Assets and Liabilities (Unaudited) (Continued)

June 30, 2021

	Managed Risk			Managed Risk			Managed Risk
	Balanced			Growth			Moderate Growth
	ETF Portfolio			ETF Portfolio			ETF Portfolio
Class 1 Shares:
Net assets	$	157,734		$	30,550,636		$	1,181,994
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		12,480			2,350,980			88,643
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.64		$	12.99		$	13.33
Class 2 Shares:
Net assets	$	384,552,393		$	629,931,378		$	638,840,726
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		30,617,124			48,770,599			48,137,503
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.56		$	12.92		$	13.27
Class 3 Shares:
Net assets	$	84,135,884		$	150,033,275		$	163,706,170
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		6,669,923			11,676,202			12,386,295
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.61		$	12.85		$	13.22
Class 4 Shares:
Net assets	$	7,380,985		$	4,730,123		$	6,594,310
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		597,534			365,014			501,328
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	12.35		$	12.96		$	13.15
Investor Class Shares:
Net assets	$	16		$	16		$	513,609
Total shares of beneficial interest outstanding at end of period ($0 par value, unlimited shares authorized)		1			1			36,461
Net asset value, offering and redemption price per share (Net assets ÷ Total shares of beneficial interest outstanding)	$	13.31	(a)	$	13.50	(a)	$	14.09

(a) NAV does not recalculate due to rounding of net assets.

See accompanying notes to financial statements.

17

TOPS^® Managed Risk ETF Portfolios

Statements of Operations (Unaudited)

For the Six Months Ended June 30, 2021

	Managed Risk			Managed Risk			Managed Risk
	Balanced			Growth			Moderate Growth
	ETF Portfolio			ETF Portfolio			ETF Portfolio
Investment Income:
Dividend income	$	3,101,253		$	5,913,316		$	5,669,831
Interest income		6,799			7,323			9,473
Securities lending income - net		106,969			104,520			151,930
Total Investment Income		3,215,021			6,025,159			5,831,234
Expenses:
Investment advisory fees		712,343			1,207,302			1,204,076
Distribution fees (12b-1)
Class 2 Shares		479,314			775,532			791,403
Class 3 Shares		146,343			262,789			282,550
Class 4 Shares		23,000			14,074			19,980
Investor Shares		—			—			824
Related parties and administrative service fees		242,865			407,852			406,776
Total Expenses		1,603,865			2,667,549			2,705,609
Net Investment Income		1,611,156			3,357,610			3,125,625
Realized and Unrealized Gain (Loss) on Investments and Futures Contracts:
Net realized gain (loss) on:
Investments		10,344,011			28,407,705			21,903,767
Futures contracts		1,361,423			(5,700,198	)		1,753,375
Total net realized gain		11,705,434			22,707,507			23,657,142
Net change in unrealized appreciation (depreciation) on:
Investments		17,337,207			51,564,203			39,234,468
Futures contracts		(754,317	)		(1,896,977	)		(1,573,764	)
Total unrealized appreciation		16,582,890			49,667,226			37,660,704
Net Realized and Unrealized Gain on Investments and Futures Contracts		28,288,324			72,374,733			61,317,846
Net Increase in Net Assets Resulting from Operations	$	29,899,480		$	75,732,343		$	64,443,471

See accompanying notes to financial statements.

18

TOPS^® Managed Risk ETF Portfolios

Statements of Changes in Net Assets

	Managed Risk Balanced ETF Portfolio
	Six Months Ended
	June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	1,611,156		$	5,015,202
Net realized gain (loss) on investments and futures contracts		11,705,434			(13,035,225	)
Net change in unrealized appreciation on investments and futures contracts		16,582,890			32,326,083
Net increase in net assets resulting from operations		29,899,480			24,306,060
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(5,373	)
Class 2		—			(13,352,114	)
Class 3		—			(2,826,328	)
Class 4		—			(288,954	)
Investor		—			(0	) (a)
Total distributions to shareholders		—			(16,472,769	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 2		10,582,258			18,413,961
Class 3		2,462,312			5,363,937
Class 4		152,990			82,374
Reinvestment of distributions
Class 1		—			5,373
Class 2		—			13,352,114
Class 3		—			2,826,327
Class 4		—			288,954
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(120	)		(240	)
Class 2		(33,116,216	)		(64,403,467	)
Class 3		(6,455,003	)		(15,413,079	)
Class 4		(1,350,076	)		(2,444,149	)
Net decrease in net assets from share transactions of beneficial interest		(27,723,855	)		(41,927,895	)
Total Increase (Decrease) In Net Assets		2,175,625			(34,094,604	)
Net Assets:
Beginning of period		474,051,387			508,145,991
End of period	$	476,227,012		$	474,051,387

(a) Represents less than $1.

See accompanying notes to financial statements.

19

TOPS^® Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Balanced ETF Portfolio
	Six Months Ended
	June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020
SHARE ACTIVITY
Class 1
Shares Reinvested		—			493
Shares Redeemed		(10	)		(21	)
Net increase (decrease) in shares of beneficial interest outstanding		(10	)		472
Class 2
Shares Sold		865,524			1,644,551
Shares Reinvested		—			1,231,745
Shares Redeemed		(2,703,435	)		(5,776,639	)
Net decrease in shares of beneficial interest outstanding		(1,837,911	)		(2,900,343	)
Class 3
Shares Sold		200,611			477,923
Shares Reinvested		—			259,296
Shares Redeemed		(523,695	)		(1,375,384	)
Net decrease in shares of beneficial interest outstanding		(323,084	)		(638,165	)
Class 4
Shares Sold		12,807			7,314
Shares Reinvested		—			27,030
Shares Redeemed		(112,506	)		(219,263	)
Net decrease in shares of beneficial interest outstanding		(99,699	)		(184,919	)
Investor
Shares Reinvested		—			0	(b)
Net increase in shares of beneficial interest outstanding		—			0	(b)

(b) Represents less than one share

See accompanying notes to financial statements.

20

TOPS^® Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Growth ETF Portfolio
	Six Months Ended
	June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	3,357,610		$	8,324,725
Net realized gain (loss) on investments and futures contracts		22,707,507			(50,631,244	)
Net change in unrealized appreciation on investments and futures contracts		49,667,226			78,109,427
Net increase in net assets resulting from operations		75,732,343			35,802,908
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(664,474	)
Class 2		—			(12,388,765	)
Class 3		—			(2,920,953	)
Class 4		—			(81,363	)
Investor		—			(0	) (a)
Total distributions to shareholders		—			(16,055,555	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		4,937			378,023
Class 2		10,648,504			21,981,934
Class 3		1,636,469			3,432,665
Class 4		33,754			46,660
Reinvestment of distributions
Class 1		—			664,474
Class 2		—			12,388,764
Class 3		—			2,920,953
Class 4		—			81,363
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(808,426	)		(3,076,272	)
Class 2		(52,552,538	)		(88,113,133	)
Class 3		(15,459,467	)		(23,343,893	)
Class 4		(328,678	)		(725,805	)
Net decrease in net assets from share transactions of beneficial interest		(56,825,445	)		(73,364,267	)
Total Increase (Decrease) In Net Assets		18,906,898			(53,616,914	)
Net Assets:
Beginning of period		796,338,530			849,955,444
End of period	$	815,245,428		$	796,338,530

(a) Represents less than $1.

See accompanying notes to financial statements.

21

TOPS^® Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Growth ETF Portfolio
	Six Months Ended
	June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020
SHARE ACTIVITY
Class 1
Shares Sold		378			37,060
Shares Reinvested		—			63,163
Shares Redeemed		(64,849	)		(281,167	)
Net decrease in shares of beneficial interest outstanding		(64,471	)		(180,944	)
Class 2
Shares Sold		847,411			2,047,124
Shares Reinvested		—			1,182,134
Shares Redeemed		(4,230,441	)		(8,133,456	)
Net decrease in shares of beneficial interest outstanding		(3,383,030	)		(4,904,198	)
Class 3
Shares Sold		130,837			327,579
Shares Reinvested		—			280,053
Shares Redeemed		(1,247,425	)		(2,140,664	)
Net decrease in shares of beneficial interest outstanding		(1,116,588	)		(1,533,032	)
Class 4
Shares Sold		2,766			4,257
Shares Reinvested		—			7,719
Shares Redeemed		(26,198	)		(65,893	)
Net decrease in shares of beneficial interest outstanding		(23,432	)		(53,917	)
Investor
Shares Reinvested		—			0	(b)
Net increase in shares of beneficial interest outstanding		—			0	(b)

(b) Represents less than one share

See accompanying notes to financial statements.

22

TOPS^® Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020
Increase (Decrease) in Net Assets:
From Operations:
Net investment income	$	3,125,625		$	8,813,642
Net realized gain (loss) on investments and futures contracts		23,657,142			(31,192,772	)
Net change in unrealized appreciation on investments and futures contracts		37,660,704			63,848,584
Net increase in net assets resulting from operations		64,443,471			41,469,454
From Distributions to Shareholders:
Total Distributions Paid
Class 1		—			(35,918	)
Class 2		—			(18,828,342	)
Class 3		—			(4,700,770	)
Class 4		—			(177,441	)
Investor		—			(0	) (a)
Total distributions to shareholders		—			(23,742,471	)
From Shares of Beneficial Interest:
Proceeds from shares sold
Class 1		188,410			—
Class 2		7,312,006			17,006,219
Class 3		3,520,135			3,716,608
Class 4		197,000			91,841
Investor		493,679			—
Reinvestment of distributions
Class 1		—			35,918
Class 2		—			18,828,341
Class 3		—			4,700,770
Class 4		—			177,441
Investor Class		—			0	(a)
Cost of shares redeemed
Class 1		(216,337	)		(61,796	)
Class 2		(48,901,461	)		(93,665,734	)
Class 3		(12,637,933	)		(24,035,316	)
Class 4		(779,405	)		(1,207,469	)
Investor		(3,012	)		—
Net decrease in net assets from share transactions of beneficial interest		(50,826,918	)		(74,413,177	)
Total Increase (Decrease) In Net Assets		13,616,553			(56,686,194	)
Net Assets:
Beginning of period		797,220,256			853,906,450
End of period	$	810,836,809		$	797,220,256

(a) Represents less than $1.

See accompanying notes to financial statements.

23

TOPS^® Managed Risk ETF Portfolios

Statements of Changes in Net Assets (Continued)

	Managed Risk Moderate Growth ETF Portfolio
	Six Months Ended
	June 30, 2021			Year Ended
	(Unaudited)			December 31, 2020
SHARE ACTIVITY
Class 1
Shares Sold		14,350			—
Shares Reinvested		—			3,239
Shares Redeemed		(16,436	)		(5,499	)
Net decrease in shares of beneficial interest outstanding		(2,086	)		(2,260	)
Class 2
Shares Sold		565,234			1,488,051
Shares Reinvested		—			1,702,382
Shares Redeemed		(3,807,780	)		(8,168,258	)
Net decrease in shares of beneficial interest outstanding		(3,242,546	)		(4,977,825	)
Class 3
Shares Sold		273,053			326,437
Shares Reinvested		—			426,567
Shares Redeemed		(986,758	)		(2,099,978	)
Net decrease in shares of beneficial interest outstanding		(713,705	)		(1,346,974	)
Class 4
Shares Sold		15,348			7,884
Shares Reinvested		—			16,146
Shares Redeemed		(61,274	)		(105,402	)
Net decrease in shares of beneficial interest outstanding		(45,926	)		(81,372	)
Investor
Shares Sold		36,678			—
Shares Reinvested		—			0	(b)
Shares Redeemed		(218	)		—
Net increase in shares of beneficial interest outstanding		36,460			0	(b)

(b) Represents less than one share

See accompanying notes to financial statements.

24

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

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

	Class 1 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.86		$	11.63		$	10.70		$	12.25		$	11.26		$	10.75
Income (loss) from investment operations:
Net investment income (a)(b)		0.06			0.16			0.23			0.24			0.20			0.18
Net realized and unrealized gain (loss) on investments and futures contracts		0.72			0.52			1.32			(0.92	)		1.02			0.50
Total income (loss) from investment operations		0.78			0.68			1.55			(0.68	)		1.22			0.68
Less distributions from:
Net investment income		—			(0.29	)		(0.29	)		(0.24	)		(0.21	)		(0.17	)
Net realized gain		—			(0.16	)		(0.33	)		(0.63	)		(0.02	)		—
Total distributions		—			(0.45	)		(0.62	)		(0.87	)		(0.23	)		(0.17	)
Net asset value, end of period	$	12.64		$	11.86		$	11.63		$	10.70		$	12.25		$	11.26
Total return (c)		6.58	% (e)		6.17	%		14.81	%		(5.81	)%		10.90	%		6.39	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	158		$	148		$	140		$	246		$	411		$	511
Ratio of expenses to average net assets (d)		0.40	% (f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		0.96	% (f)		1.38	%		2.04	%		2.03	%		1.74	%		1.62	%
Portfolio turnover rate		4	% (e)		27	%		36	%		48	%		30	%		16	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

25

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

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

	Class 2 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.80		$	11.57		$	10.64		$	12.18		$	11.20		$	10.68
Income (loss) from investment operations:
Net investment income (a)(b)		0.04			0.13			0.22			0.23			0.18			0.16
Net realized and unrealized gain (loss) on investments and futures contracts		0.72			0.52			1.30			(0.93	)		1.00			0.50
Total income (loss) from investment operations		0.76			0.65			1.52			(0.70	)		1.18			0.66
Less distributions from:
Net investment income		—			(0.26	)		(0.26	)		(0.21	)		(0.18	)		(0.14	)
Net realized gain		—			(0.16	)		(0.33	)		(0.63	)		(0.02	)		—
Total distributions		—			(0.42	)		(0.59	)		(0.84	)		(0.20	)		(0.14	)
Net asset value, end of period	$	12.56		$	11.80		$	11.57		$	10.64		$	12.18		$	11.20
Total return (c)		6.44	% (e)		5.90	%		14.55	%		(6.04	)%		10.58	%		6.22	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	384,552		$	382,900		$	409,218		$	415,533		$	512,670		$	511,731
Ratio of expenses to average net assets (d)		0.65	% (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		0.70	% (f)		1.10	%		1.97	%		1.91	%		1.57	%		1.50	%
Portfolio turnover rate		4	% (e)		27	%		36	%		48	%		30	%		16	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

26

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

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

	Class 3 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.85		$	11.63		$	10.69		$	12.24		$	11.25		$	10.75
Income (loss) from investment operations:
Net investment income (a)(b)		0.04			0.11			0.22			0.22			0.18			0.16
Net realized and unrealized gain (loss) on investments and futures contracts		0.72			0.52			1.30			(0.94	)		1.01			0.49
Total income (loss) from investment operations		0.76			0.63			1.52			(0.72	)		1.19			0.65
Less distributions from:
Net investment income		—			(0.25	)		(0.25	)		(0.20	)		(0.18	)		(0.15	)
Net realized gain		—			(0.16	)		(0.33	)		(0.63	)		(0.02	)		—
Total distributions		—			(0.41	)		(0.58	)		(0.83	)		(0.20	)		(0.15	)
Net asset value, end of period	$	12.61		$	11.85		$	11.63		$	10.69		$	12.24		$	11.25
Total return (c)		6.41	% (e)		5.66	%		14.48	%		(6.15	)%		10.58	%		6.02	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	84,136		$	82,899		$	88,729		$	85,937		$	96,698		$	86,999
Ratio of expenses to average net assets (d)		0.75	% (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		0.60	% (f)		1.00	%		1.90	%		1.84	%		1.49	%		1.47	%
Portfolio turnover rate		4	% (e)		27	%		36	%		48	%		30	%		16	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

27

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

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

	Class 4 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.62		$	11.40		$	10.49		$	12.02		$	11.05		$	10.54
Income (loss) from investment operations:
Net investment income (a)(b)		0.02			0.08			0.18			0.18			0.14			0.12
Net realized and unrealized gain (loss) on investments and futures contracts		0.71			0.51			1.28			(0.92	)		0.99			0.49
Total income (loss) from investment operations		0.73			0.59			1.46			(0.74	)		1.13			0.61
Less distributions from:
Net investment income		—			(0.21	)		(0.22	)		(0.16	)		(0.14	)		(0.10	)
Net realized gain		—			(0.16	)		(0.33	)		(0.63	)		(0.02	)		—
Total distributions		—			(0.37	)		(0.55	)		(0.79	)		(0.16	)		(0.10	)
Net asset value, end of period	$	12.35		$	11.62		$	11.40		$	10.49		$	12.02		$	11.05
Total return (c)		6.28	% (e)		5.46	%		14.17	%		(6.41	)%		10.24	%		5.82	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	7,381		$	8,104		$	10,059		$	9,733		$	11,531		$	11,587
Ratio of expenses to average net assets (d)		1.00	% (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		0.32	% (f)		0.74	%		1.64	%		1.58	%		1.21	%		1.14	%
Portfolio turnover rate		4	% (e)		27	%		36	%		48	%		30	%		16	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

28

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Balanced ETF Portfolio

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

	Investor Class Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	12.55		$	12.32		$	11.39		$	12.17		$	11.75		$	11.09
Income (loss) from investment operations:
Net investment income (a)(b)		0.09			0.09			0.31			0.20			0.18			0.16
Net realized and unrealized gain (loss) on investments and futures contracts		0.67			0.56			1.21			(0.15	)		0.44			0.50
Total income from investment operations		0.76			0.65			1.52			0.05			0.62			0.66
Less distributions from:
Net investment income		—			(0.26	)		(0.26	)		(0.20	)		(0.18	)		—
Net realized gain		—			(0.16	)		(0.33	)		(0.63	)		(0.02	)		—
Total distributions		—			(0.42	)		(0.59	)		(0.83	)		(0.20	)		—
Net asset value, end of period (c)	$	13.31		$	12.55		$	12.32		$	11.39		$	12.17		$	11.75
Total return (d)		6.06	% (g)		5.52	%		13.64	%		(5.67	)%		9.81	%		5.95	%
Ratios and Supplemental Data:
Net assets, end of period (e)	$	16		$	15		$	14		$	12		$	12		$	12
Ratio of expenses to average net assets (f)		0.90	% (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets (b)(f)		0.22	% (h)		0.64	%		1.54	%		1.66	%		1.32	%		1.25	%
Portfolio turnover rate		4	% (g)		27	%		36	%		48	%		30	%		16	%

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

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

(c) NAV does not recalculate due to rounding of net assets.

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

(e) Rounded net assets, not truncated.

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

29

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

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

	Class 1 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.82		$	11.49		$	10.73		$	12.66		$	10.93		$	10.53
Income (loss) from investment operations:
Net investment income (a)(b)		0.07			0.15			0.25			0.24			0.21			0.19
Net realized and unrealized gain (loss) on investments and futures contracts		1.10			0.44			1.54			(1.27	)		1.74			0.42
Total income (loss) from investment operations		1.17			0.59			1.79			(1.03	)		1.95			0.61
Less distributions from:
Net investment income		—			(0.26	)		(0.26	)		(0.23	)		(0.22	)		(0.21	)
Net realized gain		—			—			(0.77	)		(0.67	)		—			—
Total distributions		—			(0.26	)		(1.03	)		(0.90	)		(0.22	)		(0.21	)
Net asset value, end of period	$	12.99		$	11.82		$	11.49		$	10.73		$	12.66		$	10.93
Total return (c)		9.90	% (e)		5.46	%		17.32	%		(8.50	)%		17.97	%		5.87	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	30,551		$	28,548		$	29,825		$	26,999		$	31,412		$	28,004
Ratio of expenses to average net assets (d)		0.40	% (f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		1.11	% (f)		1.34	%		2.19	%		1.96	%		1.75	%		1.74	%
Portfolio turnover rate		4	% (e)		37	%		36	%		50	%		28	%		12	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

30

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

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

	Class 2 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.76		$	11.43		$	10.67		$	12.59		$	10.87		$	10.47
Income (loss) from investment operations:
Net investment income (a)(b)		0.06			0.12			0.22			0.21			0.17			0.16
Net realized and unrealized gain (loss) on investments and futures contracts		1.10			0.44			1.54			(1.27	)		1.74			0.42
Total income (loss) from investment operations		1.16			0.56			1.76			(1.06	)		1.91			0.58
Less distributions from:
Net investment income		—			(0.23	)		(0.23	)		(0.19	)		(0.19	)		(0.18	)
Net realized gain		—			—			(0.77	)		(0.67	)		—			—
Total distributions		—			(0.23	)		(1.00	)		(0.86	)		(0.19	)		(0.18	)
Net asset value, end of period	$	12.92		$	11.76		$	11.43		$	10.67		$	12.59		$	10.87
Total return (c)		9.86	% (e)		5.19	%		17.08	%		(8.72	)%		17.66	%		5.57	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	629,931		$	613,432		$	652,103		$	640,432		$	770,385		$	752,397
Ratio of expenses to average net assets (d)		0.65	% (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		0.85	% (f)		1.10	%		1.91	%		1.69	%		1.46	%		1.50	%
Portfolio turnover rate		4	% (e)		37	%		36	%		50	%		28	%		12	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

31

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

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

	Class 3 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.71		$	11.37		$	10.62		$	12.54		$	10.84		$	10.44
Income (loss) from investment operations:
Net investment income (a)(b)		0.05			0.11			0.20			0.19			0.16			0.15
Net realized and unrealized gain (loss) on investments and futures contracts		1.09			0.45			1.53			(1.26	)		1.72			0.42
Total income (loss) from investment operations		1.14			0.56			1.73			(1.07	)		1.88			0.57
Less distributions from:
Net investment income		—			(0.22	)		(0.21	)		(0.18	)		(0.18	)		(0.17	)
Net realized gain		—			—			(0.77	)		(0.67	)		—			—
Total distributions		—			(0.22	)		(0.98	)		(0.85	)		(0.18	)		(0.17	)
Net asset value, end of period	$	12.85		$	11.71		$	11.37		$	10.62		$	12.54		$	10.84
Total return (c)		9.74	% (e)		5.18	%		16.93	%		(8.84	)%		17.45	%		5.51	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	150,033		$	149,766		$	162,948		$	159,859		$	188,141		$	168,368
Ratio of expenses to average net assets (d)		0.75	% (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		0.74	% (f)		0.99	%		1.81	%		1.60	%		1.39	%		1.44	%
Portfolio turnover rate		4	% (e)		37	%		36	%		50	%		28	%		12	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

32

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

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

	Class 4 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	11.82		$	11.48		$	10.69		$	12.57		$	10.85		$	10.46
Income (loss) from investment operations:
Net investment income (a)(b)		0.03			0.08			0.18			0.15			0.13			0.12
Net realized and unrealized gain (loss) on investments and futures contracts		1.11			0.45			1.54			(1.25	)		1.74			0.41
Total income (loss) from investment operations		1.14			0.53			1.72			(1.10	)		1.87			0.53
Less distributions from:
Net investment income		—			(0.19	)		(0.16	)		(0.11	)		(0.15	)		(0.14	)
Net realized gain		—			—			(0.77	)		(0.67	)		—			—
Total distributions		—			(0.19	)		(0.93	)		(0.78	)		(0.15	)		(0.14	)
Net asset value, end of period	$	12.96		$	11.82		$	11.48		$	10.69		$	12.57		$	10.85
Total return (c)		9.64	% (e)		4.85	%		16.64	%		(9.09	)%		17.33	%		5.15	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	4,730		$	4,592		$	5,079		$	4,833		$	11,182		$	10,228
Ratio of expenses to average net assets (d)		1.00	% (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		0.50	% (f)		0.74	%		1.58	%		1.23	%		1.14	%		1.17	%
Portfolio turnover rate		4	% (e)		37	%		36	%		50	%		28	%		12	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

33

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Growth ETF Portfolio

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

	Investor Class Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	12.34		$	12.01		$	11.25		$	12.59		$	11.26		$	10.68
Income (loss) from investment operations:
Net investment income (a)(b)		0.08			0.05			0.25			0.17			0.17			0.16
Net realized and unrealized gain (loss) on investments and futures contracts		1.08			0.51			1.51			(0.65	)		1.35			0.42
Total income (loss) from investment operations		1.16			0.56			1.76			(0.48	)		1.52			0.58
Less distributions from:
Net investment income		—			(0.23	)		(0.23	)		(0.19	)		(0.19	)		—
Net realized gain		—			—			(0.77	)		(0.67	)		—			—
Total distributions		—			(0.23	)		(1.00	)		(0.86	)		(0.19	)		—
Net asset value, end of period (c)	$	13.50		$	12.34		$	12.01		$	11.25		$	12.59		$	11.26
Total return (d)		9.40	% (g)		4.92	%		16.12	%		(8.32	)%		17.00	%		5.43	%
Ratios and Supplemental Data:
Net assets, end of period (e)	$	16		$	15		$	14		$	12		$	13		$	11
Ratio of expenses to average net assets (f)		0.90	% (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets (b)(f)		0.40	% (h)		0.64	%		1.48	%		1.44	%		1.21	%		1.25	%
Portfolio turnover rate		4	% (g)		37	%		36	%		50	%		28	%		12	%

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

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

(c) NAV does not recalculate due to rounding of net assets.

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

(e) Rounded net assets, not truncated.

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

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

34

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

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

	Class 1 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	12.29		$	11.99		$	11.02		$	12.71		$	11.34		$	10.84
Income (loss) from investment operations:
Net investment income (a)(b)		0.07			0.16			0.27			0.25			0.24			0.18
Net realized and unrealized gain (loss) on investments and futures contracts		0.97			0.54			1.51			(1.10	)		1.36			0.52
Total income (loss) from investment operations		1.04			0.70			1.78			(0.85	)		1.60			0.70
Less distributions from:
Net investment income		—			(0.30	)		(0.30	)		(0.24	)		(0.23	)		(0.20	)
Net realized gain		—			(0.10	)		(0.51	)		(0.60	)		—			—
Total distributions		—			(0.40	)		(0.81	)		(0.84	)		(0.23	)		(0.20	)
Net asset value, end of period	$	13.33		$	12.29		$	11.99		$	11.02		$	12.71		$	11.34
Total return (c)		8.46	% (e)		6.20	%		16.59	%		(7.00	)%		14.18	%		6.50	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	1,182		$	1,116		$	1,115		$	1,015		$	2,389		$	1,618
Ratio of expenses to average net assets (d)		0.40	% (f)		0.40	%		0.40	%		0.40	%		0.40	%		0.40	%
Ratio of net investment income to average net assets (b)(d)		1.06	% (f)		1.43	%		2.31	%		1.98	%		1.97	%		1.68	%
Portfolio turnover rate		3	% (e)		32	%		35	%		38	%		30	%		13	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

35

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

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

	Class 2 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	12.25		$	11.95		$	10.98		$	12.66		$	11.30		$	10.79
Income (loss) from investment operations:
Net investment income (a)(b)		0.05			0.13			0.24			0.24			0.19			0.17
Net realized and unrealized gain (loss) on investments and futures contracts		0.97			0.54			1.50			(1.11	)		1.37			0.51
Total income (loss) from investment operations		1.02			0.67			1.74			(0.87	)		1.56			0.68
Less distributions from:
Net investment income		—			(0.27	)		(0.26	)		(0.21	)		(0.20	)		(0.17	)
Net realized gain		—			(0.10	)		(0.51	)		(0.60	)		—			—
Total distributions		—			(0.37	)		(0.77	)		(0.81	)		(0.20	)		(0.17	)
Net asset value, end of period	$	13.27		$	12.25		$	11.95		$	10.98		$	12.66		$	11.30
Total return (c)		8.33	% (e)		5.91	%		16.30	%		(7.22	)%		13.85	%		6.31	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	638,841		$	629,522		$	673,353		$	678,295		$	826,964		$	815,029
Ratio of expenses to average net assets (d)		0.65	% (f)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%
Ratio of net investment income to average net assets (b)(d)		0.80	% (f)		1.16	%		2.02	%		1.86	%		1.56	%		1.59	%
Portfolio turnover rate		3	% (e)		32	%		35	%		38	%		30	%		13	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

36

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

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

	Class 3 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	12.21		$	11.90		$	10.94		$	12.63		$	11.27		$	10.78
Income (loss) from investment operations:
Net investment income (a)(b)		0.05			0.12			0.22			0.22			0.18			0.17
Net realized and unrealized gain (loss) on investments and futures contracts		0.96			0.54			1.50			(1.11	)		1.37			0.49
Total income (loss) from investment operations		1.01			0.66			1.72			(0.89	)		1.55			0.66
Less distributions from:
Net investment income		—			(0.25	)		(0.25	)		(0.20	)		(0.19	)		(0.17	)
Net realized gain		—			(0.10	)		(0.51	)		(0.60	)		—			—
Total distributions		—			(0.35	)		(0.76	)		(0.80	)		(0.19	)		(0.17	)
Net asset value, end of period	$	13.22		$	12.21		$	11.90		$	10.94		$	12.63		$	11.27
Total return (c)		8.27	% (e)		5.90	%		16.16	%		(7.38	)%		13.83	%		6.14	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	163,706		$	159,926		$	171,983		$	170,062		$	191,249		$	169,824
Ratio of expenses to average net assets (d)		0.75	% (f)		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
Ratio of net investment income to average net assets (b)(d)		0.70	% (f)		1.06	%		1.92	%		1.79	%		1.48	%		1.56	%
Portfolio turnover rate		3	% (e)		32	%		35	%		38	%		30	%		13	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

37

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

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

	Class 4 Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	12.16		$	11.86		$	10.90		$	12.57		$	11.21		$	10.71
Income (loss) from investment operations:
Net investment income (a)(b)		0.03			0.09			0.20			0.19			0.15			0.14
Net realized and unrealized gain (loss) on investments and futures contracts		0.96			0.53			1.49			(1.10	)		1.36			0.48
Total income (loss) from investment operations		0.99			0.62			1.69			(0.91	)		1.51			0.62
Less distributions from:
Net investment income		—			(0.22	)		(0.22	)		(0.16	)		(0.15	)		(0.12	)
Net realized gain		—			(0.10	)		(0.51	)		(0.60	)		—			—
Total distributions		—			(0.32	)		(0.73	)		(0.76	)		(0.15	)		(0.12	)
Net asset value, end of period	$	13.15		$	12.16		$	11.86		$	10.90		$	12.57		$	11.21
Total return (c)		8.14	% (e)		5.53	%		15.88	%		(7.61	)%		13.53	%		5.84	%
Ratios and Supplemental Data:
Net assets, end of period (in 000’s)	$	6,594		$	6,657		$	7,455		$	6,905		$	8,532		$	8,285
Ratio of expenses to average net assets (d)		1.00	% (f)		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income to average net assets (b)(d)		0.45	% (f)		0.80	%		1.70	%		1.51	%		1.22	%		1.24	%
Portfolio turnover rate		3	% (e)		32	%		35	%		38	%		30	%		13	%

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

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

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

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

(e) Not annualized.

(f) Annualized.

See accompanying notes to financial statements.

38

TOPS^® Managed Risk ETF Portfolios

Financial Highlights

Managed Risk Moderate Growth ETF Portfolio

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

	Investor Class Shares
	Six Months Ended
	June 30, 2021			Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
	(Unaudited)			December 31, 2020			December 31, 2019			December 31, 2018			December 31, 2017			December 31, 2016
Net asset value, beginning of period	$	13.04		$	12.74		$	11.77		$	12.67		$	11.89		$	11.21
Income (loss) from investment operations:
Net investment income (a)(b)		0.07			0.09			0.32			0.20			0.19			0.17
Net realized and unrealized gain (loss) on investments and futures contracts		0.98			0.58			1.42			(0.29	)		0.79			0.51
Total income (loss) from investment operations		1.05			0.67			1.74			(0.09	)		0.98			0.68
Less distributions from:
Net investment income		—			(0.27	)		(0.26	)		(0.21	)		(0.20	)		—
Net realized gain		—			(0.10	)		(0.51	)		(0.60	)		—			—
Total distributions		—			(0.37	)		(0.77	)		(0.81	)		(0.20	)		—
Net asset value, end of period	$	14.09		$	13.04	(f)	$	12.74	(f)	$	11.77	(f)	$	12.67	(f)	$	11.89	(f)
Total return (c)		8.05	% (g)		5.52	%		15.21	%		(6.77	)%		12.99	%		6.07	%
Ratios and Supplemental Data:
Net assets, end of period (d)	$	513,609		$	15		$	14		$	13		$	13		$	12
Ratio of expenses to average net assets (e)		0.90	% (h)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income to average net assets (b)(e)		1.01	% (h)		0.70	%		1.60	%		1.61	%		1.31	%		1.34	%
Portfolio turnover rate		3	% (g)		32	%		35	%		38	%		30	%		13	%

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

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

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

(d) Rounded net assets, not truncated.

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

(f) NAV does not recalculate due to rounding of net assets.

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

39

TOPS^® Managed Risk ETF Portfolios

NOTES TO FINANCIAL STATEMENTS (Unaudited)

June 30, 2021

1. ORGANIZATION

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

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

Securities Valuation – Securities listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price (“NOCP”). In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation . The independent pricing service does not distinguish between smaller-sized bond positions known as “odd lots” and larger institutional-sized bond positions known as “round lots”. The Portfolios may fair value a particular bond if the advisor does not believe that the round lot value provided by the independent pricing service reflects fair value of the Portfolios’ holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation.

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June 30, 2021

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 of the open-end investment companies.

A Portfolio may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the “fair value” procedures approved by the Trust’s Board of Trustees (the “Board”). The Board has delegated execution of these procedures to a fair value committee composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The committee may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

Fair Valuation Process – As noted above, the fair value committee is composed of one or more representatives from each of the (i) Trust, (ii) administrator, and (iii) advisor and/or sub-advisor. The applicable investments are valued collectively via inputs from each of these groups. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the advisor or sub-advisor, the prices or values available do not represent the fair value of the instrument. Factors which may cause the advisor or sub-advisor to make such a judgment include, but are not limited to, the following: only a bid price or an ask price is available; the spread between bid and ask prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a “significant event”) since the closing prices were established on the principal exchange on which they are traded, but prior to a Portfolio’s calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses.

Restricted or illiquid securities, such as private investments or non-traded securities are valued via inputs from the advisor or sub-advisor based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the advisor or sub-advisor is unable to obtain a current bid from such independent dealers or other independent parties, the fair value committee shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Portfolio’s holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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.

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June 30, 2021

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, 2021 for each Portfolio’s investments measured at fair value:

Managed Risk Balanced ETF Portfolio
Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	419,632,197	$	—	$	—	$	419,632,197
Short-Term Investments		96,569,896		—		—		96,569,896
Derivatives
Futures Contracts **		139,167		—		—		139,167
Total	$	516,341,260	$	—	$	—	$	516,341,260
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts **	$	237,934	$	—	$	—	$	237,934
Managed Risk Growth ETF Portfolio
Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	719,441,602	$	—	$	—	$	719,441,602
Short-Term Investments		130,113,610		—		—		130,113,610
Derivatives
Futures Contracts **		364,445		—		—		364,445
Total	$	849,919,657	$	—	$	—	$	849,919,657
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts **	$	539,282	$	—	$	—	$	539,282

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June 30, 2021

Managed Risk Moderate Growth ETF Portfolio
Assets*	Level 1		Level 2		Level 3		Total
Exchange-Traded Funds	$	715,047,418	$	—	$	—	$	715,047,418
Short-Term Investments		122,839,028		—		—		122,839,028
Derivatives
Futures Contracts **		291,208		—		—		291,208
Total	$	838,177,654	$	—	$	—	$	838,177,654
Liabilities	Level 1		Level 2		Level 3		Total
Futures Contracts **	$	480,608	$	—	$	—	$	480,608

The Portfolios did not hold any Level 3 securities during the period ended June 30, 2021.

* Refer to the Schedule of Investments for security classifications.

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

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

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

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

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

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June 30, 2021

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

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Asset and Liabilities as of June 30, 2021:

Managed Risk Balanced ETF Portfolio
	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized depreciation on future contracts	$	(20,458	)
Interest Risk	Unrealized depreciation on future contracts		(78,309	)
Total		$	(98,767	)
Managed Risk Growth ETF Portfolio
	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized depreciation on future contracts	$	(135,120	)
Interest Risk	Unrealized depreciation on future contracts		(39,717	)
Total		$	(174,837	)
Managed Risk Moderate Growth ETF Portfolio
	Statement of Assets and Liabilities	Unrealized Appreciation
Contract Type/Primary Risk Exposure	Location	(Depreciation)
Equity Risk	Unrealized depreciation on future contracts	$	(96,852	)
Interest Risk	Unrealized depreciation on future contracts		(92,548	)
Total		$	(189,400	)

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June 30, 2021

The following is a summary of the location of derivative investments on the Portfolios’ Statements of Operations for the six months ended June 30, 2021:

Managed Risk Balanced ETF Portfolio
			Realized and Unrealized Gain
		Location of Gain (Loss) on Derivatives	(Loss) on Derivatives
Derivative Investment Type	Primary Risk Exposure	recognized in income	recognized in income
Futures Contracts	Equity Risk	Net realized gain on futures transactions	$	1,598,815
Futures Contracts	Interest Risk	Net realized loss on futures transactions		(237,392	)
Total			$	1,361,423
Futures Contracts	Equity Risk	Net change in unrealized depreciation on futures contracts	$	(616,762	)
Futures Contracts	Interest Risk	Net change in unrealized depreciation on futures contracts		(137,555	)
Total			$	(754,317	)
Managed Risk Growth ETF Portfolio
			Realized and Unrealized Gain
		Location of Gain (Loss) on Derivatives	(Loss) on Derivatives
Derivative Investment Type	Primary Risk Exposure	recognized in income	recognized in income
Futures Contracts	Equity Risk	Net realized loss on futures transactions	$	(5,537,338	)
Futures Contracts	Interest Risk	Net realized loss on futures transactions		(162,860	)
Total			$	(5,700,198	)
Futures Contracts	Equity Risk	Net change in unrealized depreciation on futures contracts	$	(1,828,540	)
Futures Contracts	Interest Risk	Net change in unrealized depreciation on futures contracts		(68,437	)
Total			$	(1,896,977	)
Managed Risk Moderate Growth ETF Portfolio
			Realized and Unrealized Gain
		Location of Gain (Loss) on Derivatives	(Loss) on Derivatives
Derivative Investment Type	Primary Risk Exposure	recognized in income	recognized in income
Futures Contracts	Equity Risk	Net realized gain on futures transactions	$	2,054,243
Futures Contracts	Interest Risk	Net realized loss on futures transactions		(300,868	)
Total			$	1,753,375
Futures Contracts	Equity Risk	Net change in unrealized depreciation on futures contracts	$	(1,414,512	)
Futures Contracts	Interest Risk	Net change in unrealized depreciation on futures contracts		(159,252	)
Total			$	(1,573,764	)

The notional value of the derivative instruments outstanding as of June 30, 2021 as disclosed in the Schedule of Investments and the amounts of realized and changes in unrealized gains and losses on derivative instruments during the period as disclosed above and within the Statements of Operations serve as indicators of the volume of derivative activity for each Portfolio.

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June 30, 2021

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

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

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

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

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

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June 30, 2021

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, 2021:

							Gross Amounts Not Offset in the Statement of Assets &
							Liabilities *
			Gross		Net Amounts
			Amounts		of Assets
	Gross		Offset in the		Presented in
	Amounts of		Statements of		the Statements		Financial		Pledged
	Recognized		Assets &		of Assets &		Instruments		Collateral		Net Amount of
Assets:	Assets		Liabilities		Liabilities		Pledged		Received		Assets
Managed Risk Balanced ETF Portfolio
Description:
Securities Loaned	$	55,042,182	$	—	$	55,042,182	$	14,277,326	$	40,764,856	$	—
Total	$	55,042,182	$	—	$	55,042,182	$	14,277,326	$	40,764,856	$	—
Managed Risk Growth ETF Portfolio
Description:
Securities Loaned	$	36,387,202	$	—	$	36,387,202	$	712,149	$	35,675,053	$	—
Total	$	36,387,202	$	—	$	36,387,202	$	712,149	$	35,675,053	$	—
Managed Risk Moderate Growth ETF Portfolio
Description:
Securities Loaned	$	75,241,686	$	—	$	75,241,686	$	47,029,635	$	28,212,051	$	—
Total	$	75,241,686	$	—	$	75,241,686	$	47,029,635	$	28,212,051	$	—

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

The following table breaks out the holdings received as collateral as of June 30, 2021:

Securities Lending Transactions
Overnight and Continuous
Managed Risk Balanced ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	41,953,087
Managed Risk Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	36,468,330
Managed Risk Moderate Growth ETF Portfolio
STIT - Government & Agency Portfolio, Institutional Class	$	29,875,008

The fair value of the securities loaned for the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio totaled $55,042,182, $36,387,202 and $75,241,686 at June 30, 2021, respectively. The securities loaned are noted in the Schedules of Investments. The fair value of the “Investments purchased for securities lending collateral” on the Schedule of Investments includes only cash collateral received and reinvested that totaled $41,953,087, $36,468,330 and $29,875,008 for the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio at June 30, 2021, respectively. This amount is offset by a liability recorded as “Collateral on securities loaned.” At June 30, 2021, the Managed Risk Balanced ETF Portfolio, Managed Risk Growth ETF Portfolio and Managed Risk Moderate Growth ETF Portfolio received non-cash collateral of $14,277,326, $712,149 and $47,029,635, 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.

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June 30, 2021

3. INVESTMENT TRANSACTIONS

For the six months ended June 30, 2021, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and government securities, were as follows:

Portfolio	Purchases		Sales
Managed Risk Balanced ETF Portfolio	$	15,726,789	$	42,090,456
Managed Risk Growth ETF Portfolio		28,461,265		92,236,071
Managed Risk Moderate Growth ETF Portfolio		24,703,424		75,020,594

4. INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES

ValMark Advisers, Inc. serves as the Portfolios’ investment advisor (the “Advisor”). The Advisor has engaged Milliman Financial Risk Management, LLC as the Portfolios’ Sub-Advisor (the “Sub-Advisor”). Pursuant to an advisory agreement with the Trust, the Advisor, under the oversight of the Board, directs the daily operations of the Portfolios and supervises the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Portfolios pay the Advisor a management fee, computed on average daily net assets and accrued daily and paid monthly, at an annual rate of 0.30% of each Portfolio’s average daily net assets. Pursuant to a sub-advisory agreement between the Advisor and Sub-Advisor, on behalf of the Portfolios, the Advisor, not the Portfolios, pays the Sub-Advisor a fee, which is computed and accrued daily and paid monthly. For the six months ended June 30, 2021, the Portfolios paid the following in advisory fees.

Portfolio	Advisory Fees
Managed Risk Balanced ETF Portfolio	$	712,343
Managed Risk Growth ETF Portfolio		1,207,302
Managed Risk Moderate Growth ETF Portfolio		1,204,076

The Trust, with respect to the Portfolios, has adopted the Trust’s Master Distribution and Shareholder Servicing Plan (“12b-1 Plan” or “Plan”) for each of Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares. The fee is calculated at an annual rate of 0.25%, 0.35%, 0.60%, and 0.50% of the average daily net assets attributable to each Portfolio’s Class 2 shares, Class 3 shares, Class 4 shares, and Investor Class shares, respectively, and is paid to Northern Lights Distributors, LLC (the “Distributor”) to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of each Portfolio’s shareholder accounts, not otherwise required to be provided by the Advisor. For the six months ended June 30, 2021, the Portfolios paid the following in distribution fees under the Plan.

Portfolio	Distribution Fees
Managed Risk Balanced ETF Portfolio	$	648,657
Managed Risk Growth ETF Portfolio		1,052,395
Managed Risk Moderate Growth ETF Portfolio		1,094,757

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

Gemini Fund Services, LLC (“GFS”), 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 GFS, each Portfolio pays to GFS a monthly fee for all operating expenses of the Portfolio, which is calculated by each Portfolio on its average daily net assets. Operating expenses include but are not limited to Fund Accounting, Fund Administration, Transfer Agency, Legal Fees, Audit Fees, Compliance Services, Shareholder Reporting Expense, Trustees fees and Custody Fees. All operating expenses are paid by GFS from the administrative service fees.

For the six months ended June 30, 2021, the Trustees received fees in the amount $6,768 on behalf of each Portfolio.

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June 30, 2021

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

Northern Lights Compliance Services, LLC (“NLCS”), an affiliate of GFS 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 GFS under the administrative servicing agreement.

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

5. CONTROL OWNERSHIP

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Portfolio creates presumption of the control of the Portfolio, under Section 2(a)(9) of the 1940 Act. As of June 30, 2021, ownership percentages of the holders of the voting securities of each Portfolio that may be deemed to control the Portfolio was as follows:

Managed Risk Balanced ETF Portfolio
Ohio National Life Insurance Company	83%
Managed Risk Growth ETF Portfolio
Ohio National Life Insurance Company	68%
Managed Risk Moderate Growth ETF Portfolio
Ohio National Life Insurance Company	81%

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

6. DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL

Represents aggregate cost for federal tax purposes for the TOPS Portfolios as of June 30, 2021 and differs from market value by net unrealized appreciation/depreciation which consisted of:

			Gross Unrealized		Gross Unrealized			Total Unrealized
Fund	Aggregate Cost		Appreciation		Depreciation			Appreciation
Managed Risk Balanced ETF Portfolio	$	436,833,971	$	86,675,431	$	(7,307,309	)	$	79,368,122
Managed Risk Growth ETF Portfolio		631,006,493		233,122,580		(14,573,861	)		218,548,719
Managed Risk Moderate Growth ETF Portfolio		665,333,133		184,709,265		(12,155,952	)		172,553,313

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June 30, 2021

The tax character of the Portfolios distributions paid for the years ended December 31, 2020 and December 31, 2019 was as follows:

For the year ended December 31, 2020:
	Ordinary		Long-Term
	Income		Capital Gains		Total
Managed Risk Balanced ETF Portfolio	$	10,728,002	$	5,744,767	$	16,472,769
Managed Risk Growth ETF Portfolio		16,055,555		—		16,055,555
Managed Risk Moderate Growth ETF Portfolio		17,197,505		6,544,966		23,742,471
For the year ended December 31, 2019:
	Ordinary		Long-Term
	Income		Capital Gains		Total
Managed Risk Balanced ETF Portfolio	$	13,828,110	$	11,611,046	$	25,439,156
Managed Risk Growth ETF Portfolio		27,926,021		42,070,456		69,996,477
Managed Risk Moderate Growth ETF Portfolio		27,820,537		26,176,649		53,997,186

As of December 31, 2020, the components of accumulated earnings/(deficit) on a tax basis were as follows:

	Undistributed		Undistributed		Post October Loss		Capital Loss			Other		Unrealized		Total
	Ordinary		Long-Term		and		Carry			Book/Tax		Appreciation/		Accumulated
	Income		Capital Gains		Late Year Loss		Forwards			Differences		(Depreciation)		Earnings/(Deficits)
Managed Risk Balanced ETF Portfolio	$	5,012,447	$	—	$	—	$	(8,876,996	)	$	—	$	62,030,915	$	58,166,366
Managed Risk Growth ETF Portfolio		8,324,689		—		—		(49,128,457	)		—		166,984,516		126,180,748
Managed Risk Moderate Growth ETF Portfolio		8,814,834		—		—		(24,098,472	)		—		133,318,845		118,035,207

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

At December 31, 2020, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains as follows:

	Non-Expiring
Portfolio	Short-Term		Long-Term		Total		CLCF Utilized
Managed Risk Balanced ETF Portfolio	$	2,087,331	$	6,789,665	$	8,876,996	$	—
Managed Risk Growth ETF Portfolio		13,036,865		36,091,592		49,128,457		—
Managed Risk Moderate Growth ETF Portfolio		1,698,836		22,399,636		24,098,472		—

7. SUBSEQUENT EVENTS

Subsequent events after the date of the Statements of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

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TOPS^® Managed Risk ETF Portfolios

EXPENSE EXAMPLES (Unaudited)

June 30, 2021

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

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from January 1, 2021 through June 30, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Class 1	Ratio	1-1-21	6-30-21	Period *	6-30-21	Period*
Managed Risk Balanced ETF Portfolio	0.40%	$1,000.00	$1,065.80	$2.05	$1022.81	$2.01
Managed Risk Growth ETF Portfolio	0.40%	$1,000.00	$1,099.00	$2.08	$1,022.81	$2.01
Managed Risk Moderate Growth ETF Portfolio	0.40%	$1,000.00	$1,084.60	$2.07	$1,022.81	$2.01

51

TOPS^® Managed Risk ETF Portfolios

EXPENSE EXAMPLES (Unaudited) (Continued)

June 30, 2021

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Class 2	Ratio	1-1-21	6-30-21	Period *	6-30-21	Period*
Managed Risk Balanced ETF Portfolio	0.65%	$1,000.00	$1,064.40	$3.33	$1,021.57	$3.26
Managed Risk Growth ETF Portfolio	0.65%	$1,000.00	$1,098.60	$3.38	$1,021.57	$3.26
Managed Risk Moderate Growth ETF Portfolio	0.65%	$1,000.00	$1,083.30	$3.36	$1,021.57	$3.26
					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Class 3	Ratio	1-1-21	6-30-21	Period *	6-30-21	Period*
Managed Risk Balanced ETF Portfolio	0.75%	$1,000.00	$1,064.10	$3.84	$1,021.08	$3.76
Managed Risk Growth ETF Portfolio	0.75%	$1,000.00	$1,097.40	$3.90	$1,021.08	$3.76
Managed Risk Moderate Growth ETF Portfolio	0.75%	$1,000.00	$1,082.70	$3.87	$1,021.08	$3.76
					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Class 4	Ratio	1-1-21	6-30-21	Period *	6-30-21	Period*
Managed Risk Balanced ETF Portfolio	1.00%	$1,000.00	$1,062.80	$5.11	$1,019.84	$5.01
Managed Risk Growth ETF Portfolio	1.00%	$1,000.00	$1,096.40	$5.20	$1,019.84	$5.01
Managed Risk Moderate Growth ETF Portfolio	1.00%	$1,000.00	$1,081.40	$5.16	$1,019.84	$5.01

52

TOPS^® Managed Risk ETF Portfolios

EXPENSE EXAMPLES (Unaudited) (Continued)

June 30, 2021

					Hypothetical
					(5% return before
			Actual		expenses)
	Portfolio’s	Beginning	Ending	Expenses	Ending	Expenses
	Annualized	Account	Account	Paid	Account	Paid
	Expense	Value	Value	During	Value	During
Investor Class	Ratio	1-1-21	6-30-21	Period *	6-30-21	Period*
Managed Risk Balanced ETF Portfolio	0.90%	$1,000.00	$1,060.60	$4.60	$1,020.33	$4.51
Managed Risk Growth ETF Portfolio	0.90%	$1,000.00	$1,094.00	$4.67	$1,020.33	$4.51
Managed Risk Moderate Growth ETF Portfolio	0.90%	$1,000.00	$1,080.50	$4.64	$1,020.33	$4.51

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

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TOPS^® Managed Risk ETF Portfolios

SUPPLEMENTAL INFORMATION (Unaudited)

June 30, 2021

LIQUIDITY RISK MANAGEMENT PROGRAM

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

During the fiscal six months ended June 30, 2021, the Trust’s Liquidity Risk Management Program Committee (the “Committee”) reviewed the Portfolios’ investments and determined that the Portfolios held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Portfolios’ liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Portfolios’ liquidity risk management program has been effectively implemented.

54

PRIVACY NOTICE

Northern Lights Variable Trust

Rev. February 2014

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

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

What? The types of personal information we collect and share depends on the product or service that you have with us. This information can include: ●         Social Security number and wire transfer instructions ●         account transactions and transaction history ●         investment experience and purchase history When you are no longer our customer, we continue to share your information as described in this notice.

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

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

QUESTIONS?   Call 1-631-490-4300

55

PRIVACY NOTICE

Northern Lights Variable Trust

Page 2

What we do:
How does Northern Lights Variable Trust protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.
How does Northern Lights Variable Trust collect my personal information?	We collect your personal information, for example, when you ●     open an account or deposit money ●     direct us to buy securities or direct us to sell your securities ●     seek advice about your investments We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only: ●     sharing for affiliates’ everyday business purposes – information about your creditworthiness. ●     affiliates from using your information to market to you. ●     sharing for nonaffiliates to market to you. State laws and individual companies may give you additional rights to limit sharing.

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

56

PROXY VOTING POLICY

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

PORTFOLIO HOLDINGS

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

INVESTMENT ADVISOR

ValMark Advisers, Inc.

130 Springside Drive

Akron, OH 44333

INVESTMENT SUB-ADVISOR

Milliman Financial Risk Management, LLC

71 S. Wacker Drive, 31st Floor

Chicago, IL 60606

ADMINISTRATOR

Gemini Fund Services, LLC

4221 North 203rd Street, Suite 100

Elkhorn, NE 68022

TMR-SAR21

(b)        Not applicable

Item 2. Code of Ethics.

Item 3. Audit Committee Financial Expert.

Item 4. Principal Accountant Fees and Services.

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

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

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

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

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

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

Item 11. Controls and Procedures.

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

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

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

Item 13. Exhibits.

(a)(1) Not applicable.

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

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Northern Lights Variable Fund Trust

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 8/24/2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ Kevin E. Wolf

Kevin E. Wolf, Principal Executive Officer/President

Date 8/24/2021

By (Signature and Title)

/s/ Jim Colantino

Jim Colantino, Principal Financial Officer/Treasurer

Date 8/24/2021