# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001580642-26-003046
**Filing Date:** 2026-5
**Character Count:** 24740
**Document Hash:** 98ec81595bed5568efb25f91cf8d4537
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-003046.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001580642-26-003046

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Variable Trust
- **CENTRAL INDEX KEY:** 0001352621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-131820
- **FILM NUMBER:** 26952663

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17645 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### TOPS Balanced ETF Portfolio (Series ID: S000031503)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000097924 | TOPS Balanced ETF Portfolio Class 1 shares        |  |
| C000097925 | TOPS Balanced ETF Portfolio Class 2 shares        |  |
| C000158836 | TOPS Balanced ETF Portfolio Investor Class Shares |  |
| C000211501 | TOPS Balanced ETF Portfolio Service Class Shares  |  |

![](image_001.jpg)

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| | |
|:---|:---|
| **Summary Prospectus** | **May 1, 2026** |

---

**TOPS<sup>®</sup> Balanced ETF Portfolio**

**Class 1 Shares**

**Class 2 Shares**

**Investor Class Shares**

**Service Class Shares**

 

*Before you invest, you may want to review the Portfolio's prospectus, which contains more information about the Portfolio and its risks. The Portfolio's Prospectus and Statement of Additional Information, both dated May 1, 2026, are incorporated by reference into this Summary Prospectus. You can obtain these documents and other information about the Portfolio online at https://topsfunds.com/documents/. You can also obtain these documents at no cost by calling 1-855-572-5945 or by sending an email request to OrderTopsPortfolios@ultimusfundsolutions.com.*

 

**Investment Objectives:** The Portfolio seeks income and capital appreciation.

**Fees and Expenses of the Portfolio:** This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio. However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus. If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher. You should review the insurance contract prospectus for a complete description of fees and expenses.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Annual Portfolio Operating Expenses<br> (expenses that you pay each year as a<br> percentage of the value of your investment)** | **Class 1<br> Shares** | **Class 2<br> Shares** | **Investor Class<br> Shares** | **Service Class<br> Shares** |
| Management Fees | 0.10% | 0.10% | 0.10% | 0.10% |
| Distribution and Service (12b-1) Fees |  | 0.25% | 0.50% | 0.00% |
| Other Expenses<sup>(1)</sup> | 0.11% | 0.11% | 0.11% | 0.40% |
| Acquired Fund Fees and Expenses<sup>(2)</sup> | <u>0.08%</u> | <u>0.08%</u> | <u>0.08%</u> | <u>0.08%</u> |
| Total Annual Portfolio Operating Expenses | 0.29% | 0.54% | 0.79% | 0.58% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Other expenses are contractually limited to 0.10% (does
not include expenses related to certain regulatory filings). Service Class shares also include shareholder servicing and administrative
fees.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Acquired Fund Fees and Expenses are the indirect costs
of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's
financial highlights because the financial statements include only the direct operating expenses incurred by the Portfolio.

 ****

***Example:*** This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. You would pay the same expenses if you did not redeem your shares. However, each insurance contract and separate account involves fees and expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would be higher. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>Class</u>** | **<u>1 Year</u>** | **<u>3 Years</u>** | **<u>5 Years</u>** | **<u>10 Years</u>** |
| Class 1 | $30 | $93 | $163 | $368 |
| Class 2 | $55 | $173 | $302 | $677 |
| Investor Class | $81 | $252 | $439 | $978 |
| Service Class | $59 | $186 | $324 | $726 |

---

***Portfolio Turnover:*** The Portfolio pays transaction costs, such as commissions, when it buys and sells securities<br> (or "turns over" its portfolio). These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance. A higher portfolio turnover rate may indicate higher transaction costs. During the fiscal year ended December 31, 2025, the Portfolio's turnover rate was 9% of the average value of its portfolio.

**Principal Investment Strategies:** The Portfolio employs a fund-of-funds structure that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds ("ETFs"). The ETFs included in the Portfolio invest primarily in securities representing one of the following asset classes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Government Fixed Income Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Corporate Fixed Income Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Common and Preferred Stocks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Real Estate-Related Securities ("REITs")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Natural Resource-Related Securities

The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. Maturity is the time between when a fixed income security is issued and when it matures. No more than 15% of the Portfolio will be allocated to fixed income ETFs with an average portfolio credit quality below investment grade (commonly referred to as "junk bond" credit quality). The Portfolio defines investment grade credit quality as Baa3 or higher by Moody's Investors Service or BBB- or higher by S&P Rating Group. The Portfolio invests in ETFs that may invest in securities without restriction as to underlying issuer country (including foreign and emerging countries), capitalization or currency. The Portfolio considers emerging market countries to be those represented in the MSCI Emerging Markets Index. The Portfolio invests in REIT ETFs and natural resource ETFs without restriction as to underlying issuer capitalization.

The adviser seeks to achieve the Portfolio's investment objectives by allocating assets and selecting individual ETFs using the adviser's TOPS**<sup>®</sup>** (The Optimized Portfolio System) methodology. The TOPS**<sup>®</sup>** methodology utilizes multiple asset classes in an effort to enhance performance and/or reduce risk (as measured by return volatility). Under normal market conditions, the Portfolio invests at least 25% of its assets in equity ETFs and at least 25% of its assets in fixed income ETFs. However, to achieve the Portfolio's income aspect of the Portfolio's investment objectives, the adviser allocates approximately 50% of Portfolio assets to fixed income ETFs. To achieve the capital appreciation aspect of the Portfolio's investment objectives, the adviser allocates approximately 50% of Portfolio assets to a combination of equity ETFs, REIT ETFs and natural resource ETFs. Furthermore, the adviser selects some equity ETFs that are composed of value stocks. The adviser expects value stocks (those with a lower-than-average price-to-earnings ratio) to have returns that are less volatile than the equity market as a whole.

The adviser selects individual ETFs that it believes are reasonably representative of an asset class and have relatively low expenses and/or relatively high returns when compared to a peer group of ETFs. The adviser may sell individual ETFs to rebalance asset allocation or to purchase a substitute ETF with a higher expected return or lower risk profile or for any other reason.

The adviser seeks to enhance the efficiency of trade execution by employing a sub-adviser to execute security trades. The sub-adviser has some discretion on which securities to trade and when in the day to conduct the trade, subject to the adviser's oversight.

The Portfolio and the adviser have received a SEC order that allows the adviser to hire a new sub-adviser or sub-advisers without shareholder approval.

There is no guarantee that the Portfolio will meet its investment objectives.

<u>Who Should Invest in the Portfolio?</u>

The adviser believes the Portfolio is appropriate for investors with short-term to intermediate-term investment horizons who seek capital preservation as well as the opportunity for modest income and modest capital appreciation.

**Principal Investment Risks: *As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio's net asset value ("NAV") and performance.***

The following principal risks apply to the Portfolio. Many of these risks come from the Portfolio's investments in ETFs. The value of your investment in the Portfolio will go up and down with the prices of the securities in which the Portfolio invests.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Credit Risk:* Issuers might not make payments on debt securities, resulting in losses. Credit quality
of securities may be lowered if an issuer's financial condition changes, also resulting in losses.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Duration Risk:* Longer-term securities may be more sensitive to interest rate changes. As interest
rates continue to rise, a heightened risk is posed to a fund whose portfolios include longer-term fixed income securities

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Emerging Markets Risk:* Investing in emerging markets involves not only the risks described below
with respect to foreign investments, but also other risks, including exposure to economic structures that are generally less diverse and
mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that
can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging markets
typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *ETF Risk:* The cost of investing in the Portfolio will be higher than the cost of investing directly
in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETF shares may trade at a discount or premium
to their NAV. Because the value of ETF shares depends on the demand in the market, the adviser may not be able to liquidate the Portfolio's
holdings at the most optimal time, adversely affecting performance. ETFs in which a Portfolio invests will not be able to replicate exactly
the performance of the indices they track, if any, because the total return generated by the securities will be reduced by transaction
costs incurred in adjusting the actual balance of the securities. In addition, the ETFs in which the Portfolio invests will incur expenses
not incurred by their applicable indices. Each ETF is subject to specific risks, depending on the nature of the fund.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Foreign Currency Risk:* Foreign equity securities denominated in non-US dollar currencies will subject
the Portfolio to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange
rates. Country risk arises because a government may interfere with transactions in its currency.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Foreign Investment Risk:* Foreign investing involves risks not typically associated with U.S. investments,
including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater
volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Fund of Funds Risk:* The Portfolio's principal investment strategy involves investing in ETFs.
Investors may be able to invest directly in the ETFs and may not need to invest through the Portfolio. The cost of investing directly
in the Portfolio may be higher than the cost of investing directly in the ETFs. Investors of the Portfolio will indirectly bear fees and
expenses charged by the ETFs in which the Portfolio invests in addition to the Portfolio's direct fees and expenses. The Portfolio
will incur brokerage costs when it purchases shares of investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Interest Rate Risk:* The value of bonds and other fixed income securities will fluctuate with changes
in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Junk Bond Risk:* Lower-quality bonds, known as "high yield" or "junk" bonds,
present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest
rates could adversely affect the market for these bonds and the Portfolio's ETFs holding these bonds. The lack of a liquid market
for these bonds could decrease the Portfolio's share price.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Large Capitalization Company Risk:* Large capitalization companies may underperform stocks of lower
quality, smaller capitalization companies during periods when the stocks of such companies are in favor.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Liquidity Risk:* Liquidity risk exists when particular investments are difficult to purchase or
sell. This can reduce the Portfolio's returns because the Portfolio may be unable to transact at advantageous times or prices. A
rise in interest rates may result in periods of volatility and increased redemptions. As a result of increased redemptions, the Portfolio
may have to liquidate portfolio securities at disadvantageous prices and times, which could reduce the returns of the Portfolio. The reduction
in dealer market-making capacity in the fixed income markets that has occurred in recent years also has the potential to decrease liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Management Risk:* The adviser's dependence on the TOPS **<sup>®</sup>** methodology
and judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Portfolio
invests may prove to be incorrect and may not produce the desired results.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Market Risk:* Overall securities market risks may affect the value of individual ETFs. Factors such
as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the securities
markets.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Market and Geopolitical Risk:* The increasing interconnectivity between global economies and financial
markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different
country, region or financial market. Securities in the Portfolio may underperform due to inflation<br>
(or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change
and climate-related events, pandemics, epidemics, terrorism, tariffs and trade wars, international conflicts, regulatory events and governmental
or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the
world, a worldwide pandemic, natural disasters, social and political discord or debt crises and downgrades, among others, may result in
market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar
events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects.
Any such event(s) could have a significant adverse impact on the value and risk profile of the Portfolio. It is not known how long any
future impacts of the significant events described above would last, but there could be a prolonged period of global economic slowdown,
which may impact your Portfolio investment. Therefore, the Portfolio could lose money over short periods due to short-term market movements
and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively
affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times
of severe market disruptions, you could lose your entire investment.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Model Risk:* The adviser's TOPS **<sup>®</sup>** methodology utilized in the Portfolio's
securities selection process is not certain to produce improved issuer creditworthiness, maximized returns or minimized risk, and may
not be appropriate for every investor. No assurance can be given that the Portfolio will be successful under all or any market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Natural Resource Risk:* Exposure to companies primarily engaged in the natural resource markets
(which for this purpose includes agribusiness) may subject the Portfolio to greater volatility than the securities market as a whole.
Natural resource companies are affected by commodity price volatility, changes in interest rates, or factors affecting a particular industry
or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory
developments.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Preferred Stock Risk:* The value of preferred stocks will fluctuate with changes in interest rates.
Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk,
which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Real Estate Risk:* Real estate values rise and fall in response to a variety of factors, including
local, regional and national economic conditions, interest rates and tax considerations. REIT ETF performance depends on the types and
locations of the properties owned by the relevant REITs and on how well those REITs manage those properties.

&nbsp;&nbsp;&nbsp;&nbsp;▪ *Small and Medium Capitalization Company Risk:* The value of small or medium capitalization companies
may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

**Performance:** The bar chart and performance table below show the variability of the Portfolio's returns, which is some indication of the risks of investing in the Portfolio. The bar chart shows performance of the Class 2 shares of the Portfolio for each full calendar year since the Portfolio's inception. The performance table compares the performance of the share classes of the Portfolio over time to the performance of a broad-based securities market index. You should be aware that the Portfolio's past performance (before and after taxes) may not be an indication of how the Portfolio will perform in the future. Updated performance information is available at no cost by calling 1-855-572-5945.

**Class 2 Annual Total Return for Calendar Years Ended December 31<sup>1</sup>**

![](image_006.jpg)

<sup>1</sup> The returns are for Class 2 shares, which would have substantially similar annual returns as the other share classes because the shares are invested in the same portfolio of securities and the returns for each class would differ only to the extent that the classes do not have the same expenses.

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| | |
|:---|:---|
| Best Quarter: | 11.17% |
| Worst Quarter: 1<sup>st</sup> Quarter 2020 | (13.60)% |

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**Performance Table**

**Average Annual Total Returns**

(For periods ended December 31, 2025)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One<br> Year** | **Five<br> Years** | **Ten <br> Years** | **Since Inception<br> of the Portfolio<sup>(1)</sup>** |
| Class 2 shares | 12.85% | 5.52% | 6.39% | 5.47% |
| Class 1 shares | 13.17% | 5.79% | 6.66% | 5.79% |
| Investor Class shares | 12.59% | 5.26% | 6.10% | 5.46% |
| Service Class shares | 12.81% | 5.47% | N/A | 6.28% |
| S&P 500<sup>®</sup> Total Return Index<br> (reflects no deduction for fees and expenses) | 17.88% | 14.42% | 14.82% | 13.81%<sup>(2)</sup> |

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(1) Inception date of Class 2 and Class 1 shares is April 26, 2011. Inception
date of Investor Class shares is July 22, 2015. Inception date of Service Class shares is April 30, 2019.

(2) As measured from the inception date of Class 2 shares. If a different inception
date was used, returns for the S&P 500 <sup>®</sup> Total Return Index would differ from this
figure.

The SP 500<sup>®</sup> 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. Its performance does not reflect any deduction for fees, management expenses or taxes. An investor cannot invest directly in an index.

**Investment Adviser:** Valmark Advisers, Inc.

**Investment Adviser Portfolio Managers:** Michael McClary, Chief Investment Officer of the adviser, has served as portfolio manager since the Portfolio commenced operations in 2011.

**Sub-Adviser:** Milliman Financial Risk Management, LLC

**Purchase and Sale of Portfolio Shares:** Shares of the Portfolio are intended to be sold to certain separate accounts of the participating life insurance companies, as well as qualified pension and retirement plans and certain unregistered separate accounts. You and other purchasers of variable annuity contracts, variable life contracts, and participants in pension and retirement plans will not own shares of the Portfolio directly. Rather, all shares will be held by the separate accounts or plans for your benefit and the benefit of other purchasers or participants. You may purchase and redeem shares of the Portfolio on any day that the New York Stock Exchange is open, or as permitted under your insurance contract, separate account or retirement plan.

**Tax Information:** It is the Portfolio's intention to distribute all income and gains. Generally, owners of variable insurance contracts are not taxed currently on income or gains realized with respect to such contracts. However, some distributions from such contracts may be taxable at ordinary income tax rates. In addition, distributions made to an owner who is younger than 59 1/2 may be subject to a 10% penalty tax. Investors should ask their own tax advisors for more information on their own tax situation, including possible state or local taxes. Please refer to your insurance contract prospectus or retirement plan documents for additional information on taxes.

**Payments to Broker-Dealers and Other Financial Intermediaries:** If you purchase the Portfolio through a broker-dealer or other financial intermediary (such as a bank or insurance company), the Portfolio and its related companies may pay the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment. Ask your salesperson for more information.