TOPS® Managed Risk Balanced ETF PortfolioAbout the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

CLASS 1 | AS OF 9/30/2018

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Balanced ETF 1 0.37 -10.89% 6.14%

S&P Glbl LMC MR Index-Mod Con1 0.36 -11.78% 6.23%

S&P 500 Index 1.00 -18.38% 14.31%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Balanced ETF 1 6/9/11 -0.32% 1.65% 1.65% 0.33% 3.10% 5.95% 3.93% - 4.33%

S&P Glbl LMC MR Index-Mod Con1 0.16% 2.65% 3.08% 1.87% 5.60% 7.55% 5.58% - 5.52%

6/11

9/

11

12/1

1 3/

12

6/12

9/

12

12/1

2 3/

136/

13

9/13

12

/13

3/14

6/

14

9/14

12/1

43/

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1512

/15

3/16

6/16

9/16

12/1

63/

176/

179/

1712

/17

3/18

6/18

9/18

$16k

$15K

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

50%45%40%35%30%25%20%15%10%5%0%

6/11

12

/11

6/12

12

/12

6/13

12

/13

6/14

12/1

46/

1512

/15

6/16

12/1

66/

1712

/17

6/18

TOPS® Managed Risk Balanced ETF 1

S&P Glbl LMC MR Index-Mod Con1

S&P 500 Index

TOPS® Managed Risk Balanced ETF 1

S&P Glbl LMC MR Index-Mod Con1

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7548-NLD-10/10/2018

CLASS 1 | AS OF 9/30/2018TOPS® Managed Risk Balanced ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $12,259,800

S&P Midcap 400 Index E-Mini December 2018

$3,847,880

US Treasury 5 Year Note December 2018 $32,730,680

MSCI Emerging Market Index Mini December 2018

$5,091,045

MSCI EAFE Index Mini December 2018 $5,333,850

Russell 2000 Index Mini December 2018 $2,806,320

Name Ticker Weight

Fixed Income 43.21%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 5.40%

Vanguard Short-Term Treasury ETF VGSH 0.90%

Vanguard Intermediate-Term Treasury ETF VGIT 7.20%

SPDR Bloomberg Barclays Investment Grade Floating FLRN 3.60%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 3.61%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.20%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 4.50%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 2.70%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 5.40%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 44.92%

FlexShares Global Upstream Natural Resources Index Fund GUNR 0.90%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 3.61%

iShares Core S&P Small-Cap ETF IJR 3.62%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.80%

Vanguard S&P 500 ETF VOO 8.10%

SPDR Portfolio S&P 500 Value ETF SPYV 6.29%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 7.14%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.58%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 2.74%

Short Term Investments (Net) 11.87%

Fixed Income 43.21%

Equity 44.92%

Net Cash 11.87%43+45+12

TOPS® Managed Risk Balanced ETF PortfolioAbout the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Balanced ETF 2 0.37 -11.02% 6.13%

S&P Glbl LMC MR Index-Mod Con1 0.36 -11.78% 6.23%

S&P 500 Index 1.00 -18.38% 14.31%

CLASS 2 | AS OF 9/30/2018

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Balanced ETF 2 6/9/11 -0.33% 1.58% 1.50% 0.16% 2.87% 5.67% 3.67% - 4.08%

S&P Glbl LMC MR Index-Mod Con1 0.16% 2.65% 3.08% 1.87% 5.60% 7.55% 5.58% - 5.52%

6/11

9/

11

12/1

1 3/

12

6/12

9/

12

12/1

2 3/

136/

13

9/13

12

/13

3/14

6/

14

9/14

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43/

156/

159/

1512

/15

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6/16

9/16

12/1

63/

176/

179/

1712

/17

3/18

6/18

9/18

$16k

$15K

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

50%45%40%35%30%25%20%15%10%5%0%

6/11

12

/11

6/12

12

/12

6/13

12

/13

6/14

12/1

46/

1512

/15

6/16

12/1

66/

1712

/17

6/18

TOPS® Managed Risk Balanced ETF 2

S&P Glbl LMC MR Index-Mod Con1

TOPS® Managed Risk Balanced ETF 2

S&P Glbl LMC MR Index-Mod Con1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7549-NLD-10/10/2018

CLASS 2 | AS OF 9/30/2018TOPS® Managed Risk Balanced ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $12,259,800

S&P Midcap 400 Index E-Mini December 2018

$3,847,880

US Treasury 5 Year Note December 2018 $32,730,680

MSCI Emerging Market Index Mini December 2018

$5,091,045

MSCI EAFE Index Mini December 2018 $5,333,850

Russell 2000 Index Mini December 2018 $2,806,320

Name Ticker Weight

Fixed Income 43.21%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 5.40%

Vanguard Short-Term Treasury ETF VGSH 0.90%

Vanguard Intermediate-Term Treasury ETF VGIT 7.20%

SPDR Bloomberg Barclays Investment Grade Floating FLRN 3.60%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 3.61%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.20%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 4.50%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 2.70%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 5.40%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 44.92%

FlexShares Global Upstream Natural Resources Index Fund GUNR 0.90%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 3.61%

iShares Core S&P Small-Cap ETF IJR 3.62%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.80%

Vanguard S&P 500 ETF VOO 8.10%

SPDR Portfolio S&P 500 Value ETF SPYV 6.29%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 7.14%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.58%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 2.74%

Short Term Investments (Net) 11.87%

Fixed Income 43.21%

Equity 44.92%

Net Cash 11.87%43+45+12

TOPS® Managed Risk Balanced ETF PortfolioAbout the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Balanced ETF 3 0.45 -11.11% 6.10%

S&P Glbl LMC MR Index-Mod Con1 0.40 -11.78% 5.94%

S&P 500 Index 1.00 -12.96% 12.35%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Balanced ETF 3 5/1/12 -0.41% 1.49% 1.41% 0.00% 2.68% 5.58% 3.56% - 4.05%

S&P Glbl LMC MR Index-Mod Con1 0.16% 2.65% 3.08% 1.87% 5.60% 7.55% 5.58% - 6.17%

CLASS 3 | AS OF 9/30/2018

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$16k

$15K

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

30%

25%

20%

15%

10%

5%

0%

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12

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46/

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6/18

TOPS® Managed Risk Balanced ETF 3

S&P Glbl LMC MR Index-Mod Con1

S&P 500 Index

TOPS® Managed Risk Balanced ETF 3

S&P Glbl LMC MR Index-Mod Con1

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7550-NLD-10/10/2018

CLASS 3 | AS OF 9/30/2018TOPS® Managed Risk Balanced ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $12,259,800

S&P Midcap 400 Index E-Mini December 2018

$3,847,880

US Treasury 5 Year Note December 2018 $32,730,680

MSCI Emerging Market Index Mini December 2018

$5,091,045

MSCI EAFE Index Mini December 2018 $5,333,850

Russell 2000 Index Mini December 2018 $2,806,320

Name Ticker Weight

Fixed Income 43.21%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 5.40%

Vanguard Short-Term Treasury ETF VGSH 0.90%

Vanguard Intermediate-Term Treasury ETF VGIT 7.20%

SPDR Bloomberg Barclays Investment Grade Floating FLRN 3.60%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 3.61%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.20%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 4.50%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 2.70%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 5.40%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 44.92%

FlexShares Global Upstream Natural Resources Index Fund GUNR 0.90%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 3.61%

iShares Core S&P Small-Cap ETF IJR 3.62%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.80%

Vanguard S&P 500 ETF VOO 8.10%

SPDR Portfolio S&P 500 Value ETF SPYV 6.29%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 7.14%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.58%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 2.74%

Short Term Investments (Net) 11.87%

Fixed Income 43.21%

Equity 44.92%

Net Cash 11.87%43+45+12

TOPS® Managed Risk Balanced ETF PortfolioAbout the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Balanced ETF 4 0.45 -11.37% 6.15%

S&P Glbl LMC MR Index-Mod Con1 0.40 -11.78% 5.94%

S&P 500 Index 1.00 -12.96% 12.35%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Balanced ETF 4 5/1/12 -0.41% 1.44% 1.35% -0.17% 2.48% 5.31% 3.31% - 3.61%

S&P Glbl LMC MR Index-Mod Con1 0.16% 2.65% 3.08% 1.87% 5.60% 7.55% 5.58% - 6.17%

CLASS 4 | AS OF 9/30/2018

$16k

$15K

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

5/12

8/12

11/1

2

2/13

5/13

8/13

11/1

3

2/14

5/14

8/14

11/1

4

2/15

5/15

8/15

11/1

5

2/16

5/16

8/16

11/1

6

2/17

5/17

8/17

11/1

7

2/18

5/18

8/18

30%

25%

20%

15%

10%

5%

0%

5/12

11

/12

5/13

11

/13

5/14

11

/14

5/15

11/1

55/

1611

/16

5/17

11/1

75/

18

TOPS® Managed Risk Balanced ETF 4

S&P Glbl LMC MR Index-Mod Con1

TOPS® Managed Risk Balanced ETF 4

S&P Glbl LMC MR Index-Mod Con1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7551-NLD-10/10/2018

CLASS 4 | AS OF 9/30/2018TOPS® Managed Risk Balanced ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $12,259,800

S&P Midcap 400 Index E-Mini December 2018

$3,847,880

US Treasury 5 Year Note December 2018 $32,730,680

MSCI Emerging Market Index Mini December 2018

$5,091,045

MSCI EAFE Index Mini December 2018 $5,333,850

Russell 2000 Index Mini December 2018 $2,806,320

Name Ticker Weight

Fixed Income 43.21%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 5.40%

Vanguard Short-Term Treasury ETF VGSH 0.90%

Vanguard Intermediate-Term Treasury ETF VGIT 7.20%

SPDR Bloomberg Barclays Investment Grade Floating FLRN 3.60%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 3.61%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.20%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 4.50%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 2.70%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 5.40%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 44.92%

FlexShares Global Upstream Natural Resources Index Fund GUNR 0.90%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 3.61%

iShares Core S&P Small-Cap ETF IJR 3.62%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.80%

Vanguard S&P 500 ETF VOO 8.10%

SPDR Portfolio S&P 500 Value ETF SPYV 6.29%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 7.14%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.58%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 2.74%

Short Term Investments (Net) 11.87%

Fixed Income 43.21%

Equity 44.92%

Net Cash 11.87%43+45+12

TOPS® Managed Risk Balanced ETF PortfolioAbout the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Balanced ETF Investor Class 0.41 -8.69% 5.83%

S&P Glbl LMC MR Index-Mod Con1 0.39 -9.91% 5.93%

S&P 500 Index 1.00 -12.71% 12.81%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Balanced ETF Investor Class 7/22/15 -0.31% 1.49% 1.41% 0.15% 2.70% 5.40% - - 3.12%

S&P Glbl LMC MR Index-Mod Con1 0.16% 2.65% 3.08% 1.87% 5.60% 7.55% - - 4.94%

INVESTOR CLASS | AS OF 9/30/2018

$13k

$12k

$11k

$10k

$9k

$8k

$7k

7/15

9/15

11/1

5

1/16

3/16

5/16

7/16

9/16

11/1

6

1/17

3/17

5/17

7/17

9/17

11/1

7

3/18

5/18

7/18

9/18

30%

25%

20%

15%

10%

5%

0%

7/15

9/15

11/1

51/

163/

165/

167/

169/

1611

/16

1/17

3/17

5/17

7/17

9/17

11/1

73/

185/

189/

18

TOPS® Managed Risk Balanced ETF Investor Class

S&P Glbl LMC MR Index-Mod Con1

TOPS® Managed Risk Balanced ETF Investor Class

S&P Glbl LMC MR Index-Mod Con1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7552-NLD-10/10/2018

INVESTOR CLASS | AS OF 9/30/2018TOPS® Managed Risk Balanced ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $12,259,800

S&P Midcap 400 Index E-Mini December 2018

$3,847,880

US Treasury 5 Year Note December 2018 $32,730,680

MSCI Emerging Market Index Mini December 2018

$5,091,045

MSCI EAFE Index Mini December 2018 $5,333,850

Russell 2000 Index Mini December 2018 $2,806,320

Name Ticker Weight

Fixed Income 43.21%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 5.40%

Vanguard Short-Term Treasury ETF VGSH 0.90%

Vanguard Intermediate-Term Treasury ETF VGIT 7.20%

SPDR Bloomberg Barclays Investment Grade Floating FLRN 3.60%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 3.61%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.20%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 4.50%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 2.70%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 5.40%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 44.92%

FlexShares Global Upstream Natural Resources Index Fund GUNR 0.90%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 3.61%

iShares Core S&P Small-Cap ETF IJR 3.62%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.80%

Vanguard S&P 500 ETF VOO 8.10%

SPDR Portfolio S&P 500 Value ETF SPYV 6.29%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 7.14%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.58%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 2.74%

Short Term Investments (Net) 11.87%

Fixed Income 43.21%

Equity 44.92%

Net Cash 11.87%43+45+12

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 1 | AS OF 9/30/2018

TOPS® Managed Risk Flex ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Flex ETF Portfolio 0.47 -11.87% 6.32%

S&P Glbl LMC MR Index-Mod Con1 0.39 -11.78% 5.75%

S&P 500 Index 1.00 -12.96% 12.28%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Flex ETF Portfolio 8/27/13 -0.34% 1.64% 1.64% 0.00% 2.88% 5.47% 3.35% - 3.81%

S&P Glbl LMC MR Index-Mod Con1 0.16% 2.65% 3.08% 1.87% 5.60% 7.55% 5.58% - 6.12%

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

8/13

11/1

3

2/14

5/14

8/14

11/1

4

2/15

5/15

8/15

11/1

5

2/16

5/16

8/16

11/1

6

2/17

5/17

8/17

11/1

7

2/18

5/18

8/18

$15k

$14K

$13k

$12k

$11k

$10k

$9k

$8k

$7k

30%

25%

20%

15%

10%

5%

0%

8/13

2/14

8/14

2/15

8/15

2/16

8/16

2/17

8/17

2/18

8/18

TOPS® Managed Risk Flex ETF

S&P Glbl LMC MR Index-Mod Con1

TOPS® Managed Risk Flex ETF

S&P Glbl LMC MR Index-Mod Con1

S&P 500 Index

Potential Benefits of ETFs

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7553-NLD-10/10/2018

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in ETFs that invest in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

CLASS 1 | AS OF 9/30/2018TOPS® Managed Risk Flex ETF Portfolio

Name Ticker Weight

Fixed Income 38.64%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 4.50%

Vanguard Short-Term Treasury ETF VGSH 0.90%

Vanguard Intermediate-Term Treasury ETF VGIT 5.40%

SPDR Bloomberg Barclays Investment Grade Floating FLRN 2.70%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 3.60%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.19%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 4.49%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 2.69%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 4.50%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 49.41%

FlexShares Global Upstream Natural Resources Index Fund GUNR 1.80%

Guggenheim MSCI Global Timber ETF CUT 0.89%

iShares Core S&P Mid-Cap ETF IJH 4.51%

iShares Core S&P Small-Cap ETF IJR 4.51%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.81%

Vanguard S&P 500 ETF VOO 10.80%

SPDR Portfolio S&P 500 Value ETF SPYV 4.49%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 8.04%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.58%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 2.74%

Short Term Investments (Net) 11.94%

Fixed Income 38.64%

Equity 49.41%

Net Cash 11.94%

Contract Notional Value

S&P 500 Index E-Mini December 2018 $2,919,000

S&P Midcap 400 Index E-Mini December 2018

$1,012,600

US Treasury 5 Year Note December 2018 $6,411,164

MSCI Emerging Market Index Mini December 2018

$1,259,640

MSCI EAFE Index Mini December 2018 $1,382,850

Russell 2000 Index Mini December 2018 $765,360

39+49+12

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 1 | AS OF 9/30/2018

TOPS® Managed Risk Growth ETF Portfolio

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Growth ETF 1 4/26/11 -0.31% 2.82% 2.91% 0.63% 5.38% 7.85% 4.24% - 4.46%

S&P Glbl LMC MR Index-Agg1 0.47% 3.95% 4.60% 3.28% 8.78% 9.98% 6.87% - 6.00%

$17k

$15k

$13k

$11k

$9k

$7k

4/11

10/1

1

4/12

10/1

2

4/13

10/1

3

4/14

10/1

4

4/15

10/1

5

4/16

10/1

6

4/17

10/1

7

4/18

50%45%40%35%30%25%20%15%10%5%0%

4/11

10

/11

4/12

10

/12

4/13

10

/13

4/14

10

/14

4/15

10/1

54/

1610

/16

4/17

10/1

74/

18

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Growth ETF 1 0.56 -15.91% 9.31%

S&P Glbl LMC MR Index-Agg1 0.55 -17.66% 9.33%

S&P 500 Index 1.00 -18.64% 14.28%

TOPS® Managed Risk Growth ETF 1

S&P Glbl LMC MR Index-Agg1

S&P 500 Index

TOPS® Managed Risk Growth ETF 1

S&P Glbl LMC MR Index-Agg1

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7559-NLD-10/11/2018

CLASS 1 | AS OF 9/30/2018TOPS® Managed Risk Growth ETF Portfolio

Name Ticker Weight

Fixed Income 11.72%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 1.80%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 1.80%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 2.71%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 0.90%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 0.90%

Equity 76.45%

FlexShares Global Upstream Natural Resources Index Fund GUNR 3.60%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 9.95%

iShares Core S&P Small-Cap ETF IJR 7.24%

SPDR Portfolio S&P 500 Growth ETF SPYG 3.61%

Vanguard S&P 500 ETF VOO 18.02%

SPDR Portfolio S&P 500 Value ETF SPYV 3.60%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 16.08%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 4.88%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

WisdomTree Emerging Markets SmallCap Dividend Fund DGS 0.50%

Short Term Investments (Net) 11.83%

Contract Notional Value

S&P 500 Index E-Mini December 2018 $29,773,800

S&P Midcap 400 Index E-Mini December 2018

$13,163,800

US Treasury 5 Year Note December 2018 $15,971,672

MSCI Emerging Market Index Mini December 2018

$13,121,250

MSCI EAFE Index Mini December 2018 $15,606,450

Russell 2000 Index Mini December 2018 $8,504,000

Fixed Income 11.72%

Equity 76.45%

Net Cash 11.83%12+77+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 2 | AS OF 9/30/2018

TOPS® Managed Risk Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Growth ETF 2 0.56 -16.07% 9.34%

S&P Glbl LMC MR Index-Agg1 0.55 -17.66% 9.33%

S&P 500 Index 1.00 -18.64% 14.28%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Growth ETF 2 4/26/11 -0.24% 2.84% 2.84% 0.56% 5.15% 7.59% 3.99% - 4.22%

S&P Glbl LMC MR Index-Agg1 0.47% 3.95% 4.60% 3.28% 8.78% 9.98% 6.87% - 6.00%

$17k

$15k

$13k

$11k

$9k

$7k

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

4/11

10/1

1

4/12

10/1

2

4/13

10/1

3

4/14

10/1

4

4/15

10/1

5

4/16

10/1

6

4/17

10/1

7

4/18

50%45%40%35%30%25%20%15%10%5%0%

4/11

10

/11

4/12

10

/12

4/13

10

/13

4/14

10

/14

4/15

10/1

54/

1610

/16

4/17

10/1

74/

18

TOPS® Managed Risk Growth ETF 2

S&P Glbl LMC MR Index-Agg1

S&P 500 Index

TOPS® Managed Risk Growth ETF 2

S&P Glbl LMC MR Index-Agg1

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7560-NLD-10/11/2018

CLASS 2 | AS OF 9/30/2018TOPS® Managed Risk Growth ETF Portfolio

Name Ticker Weight

Fixed Income 11.72%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 1.80%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 1.80%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 2.71%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 0.90%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 0.90%

Equity 76.45%

FlexShares Global Upstream Natural Resources Index Fund GUNR 3.60%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 9.95%

iShares Core S&P Small-Cap ETF IJR 7.24%

SPDR Portfolio S&P 500 Growth ETF SPYG 3.61%

Vanguard S&P 500 ETF VOO 18.02%

SPDR Portfolio S&P 500 Value ETF SPYV 3.60%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 16.08%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 4.88%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

WisdomTree Emerging Markets SmallCap Dividend Fund DGS 0.50%

Short Term Investments (Net) 11.83%

Contract Notional Value

S&P 500 Index E-Mini December 2018 $29,773,800

S&P Midcap 400 Index E-Mini December 2018

$13,163,800

US Treasury 5 Year Note December 2018 $15,971,672

MSCI Emerging Market Index Mini December 2018

$13,121,250

MSCI EAFE Index Mini December 2018 $15,606,450

Russell 2000 Index Mini December 2018 $8,504,000

Fixed Income 11.72%

Equity 76.45%

Net Cash 11.83%12+77+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 3 | AS OF 9/30/2018

TOPS® Managed Risk Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Growth ETF 3 0.68 -16.14% 9.25%

S&P Glbl LMC MR Index-Agg1 0.62 -17.66% 8.92%

S&P 500 Index 1.00 -12.96% 12.35%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Growth ETF 3 5/1/12 -0.24% 2.77% 2.77% 0.48% 5.09% 7.51% 3.88% - 4.89%

S&P Glbl LMC MR Index-Agg1 0.47% 3.95% 4.60% 3.28% 8.78% 9.98% 6.87% - 7.85%

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

$19k

$17k

$15k

$13k

$11k

$9k

$7k

5/12

8/12

11/1

2

2/13

5/13

8/13

11/1

3

2/14

5/14

8/14

11/1

4

2/15

5/15

8/15

11/1

5

2/16

5/16

8/16

11/1

6

2/17

5/17

8/17

11/1

7

2/18

5/18

8/18

30%

25%

20%

15%

10%

5%

0%

5/12

11

/12

5/13

11

/13

5/14

11

/14

5/15

11/1

55/

1611

/16

5/17

11/1

75/

18

TOPS® Managed Risk Growth ETF 3

S&P Glbl LMC MR Index-Agg1

S&P 500 Index

TOPS® Managed Risk Growth ETF 3

S&P Glbl LMC MR Index-Agg1

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7561-NLD-10/11/2018

CLASS 3 | AS OF 9/30/2018TOPS® Managed Risk Growth ETF Portfolio

Name Ticker Weight

Fixed Income 11.72%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 1.80%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 1.80%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 2.71%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 0.90%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 0.90%

Equity 76.45%

FlexShares Global Upstream Natural Resources Index Fund GUNR 3.60%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 9.95%

iShares Core S&P Small-Cap ETF IJR 7.24%

SPDR Portfolio S&P 500 Growth ETF SPYG 3.61%

Vanguard S&P 500 ETF VOO 18.02%

SPDR Portfolio S&P 500 Value ETF SPYV 3.60%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 16.08%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 4.88%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

WisdomTree Emerging Markets SmallCap Dividend Fund DGS 0.50%

Short Term Investments (Net) 11.83%

Contract Notional Value

S&P 500 Index E-Mini December 2018 $29,773,800

S&P Midcap 400 Index E-Mini December 2018

$13,163,800

US Treasury 5 Year Note December 2018 $15,971,672

MSCI Emerging Market Index Mini December 2018

$13,121,250

MSCI EAFE Index Mini December 2018 $15,606,450

Russell 2000 Index Mini December 2018 $8,504,000

Fixed Income 11.72%

Equity 76.45%

Net Cash 11.83%12+77+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

$19k

$17k

$15k

$13k

$11k

$9k

$7k

5/12

8/12

11/1

2

2/13

5/13

8/13

11/1

3

2/14

5/14

8/14

11/1

4

2/15

5/15

8/15

11/1

5

2/16

5/16

8/16

11/1

6

2/17

5/17

8/17

11/1

7

2/18

5/18

8/18

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 4 | AS OF 9/30/2018

TOPS® Managed Risk Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Growth ETF 4 0.68 -16.52% 9.25%

S&P Glbl LMC MR Index-Agg1 0.62 -17.66% 8.92%

S&P 500 Index 1.00 -12.96% 12.35%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Growth ETF 4 5/1/12 -0.32% 2.69% 2.61% 0.24% 4.83% 7.24% 3.64% - 4.80%

S&P Glbl LMC MR Index-Agg1 0.47% 3.95% 4.60% 3.28% 8.78% 9.98% 6.87% - 7.85%

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

30%

25%

20%

15%

10%

5%

0%

5/12

11

/12

5/13

11

/13

5/14

11

/14

5/15

11/1

55/

1611

/16

5/17

11/1

75/

18

TOPS® Managed Risk Growth ETF 4

S&P Glbl LMC MR Index-Agg1

TOPS® Managed Risk Growth ETF 4

S&P Glbl LMC MR Index-Agg1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7562-NLD-10/11/2018

CLASS 4 | AS OF 9/30/2018TOPS® Managed Risk Growth ETF Portfolio

Name Ticker Weight

Fixed Income 11.72%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 1.80%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 1.80%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 2.71%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 0.90%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 0.90%

Equity 76.45%

FlexShares Global Upstream Natural Resources Index Fund GUNR 3.60%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 9.95%

iShares Core S&P Small-Cap ETF IJR 7.24%

SPDR Portfolio S&P 500 Growth ETF SPYG 3.61%

Vanguard S&P 500 ETF VOO 18.02%

SPDR Portfolio S&P 500 Value ETF SPYV 3.60%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 16.08%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 4.88%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

WisdomTree Emerging Markets SmallCap Dividend Fund DGS 0.50%

Short Term Investments (Net) 11.83%

Contract Notional Value

S&P 500 Index E-Mini December 2018 $29,773,800

S&P Midcap 400 Index E-Mini December 2018

$13,163,800

US Treasury 5 Year Note December 2018 $15,971,672

MSCI Emerging Market Index Mini December 2018

$13,121,250

MSCI EAFE Index Mini December 2018 $15,606,450

Russell 2000 Index Mini December 2018 $8,504,000

Fixed Income 11.72%

Equity 76.45%

Net Cash 11.83%12+77+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

$13k

$12k

$11k

$10k

$9k

$8k

$7k

7/15

9/15

11/1

5

1/16

3/16

5/16

7/16

9/16

11/1

6

1/17

3/17

5/17

7/17

9/17

11/1

7

3/18

5/18

7/18

9/18

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

INVESTOR CLASS | AS OF 9/30/2018

TOPS® Managed Risk Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Growth ETF Investor Class 0.59 -12.61% 8.53%

S&P Glbl LMC MR Index-Agg1 0.60 -15.42% 8.85%

S&P 500 Index 1.00 -12.71% 12.81%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Growth ETF Investor Class 7/22/15 -0.23% 2.72% 2.72% 0.53% 4.91% 7.32% - - 3.84%

S&P Glbl LMC MR Index-Agg1 0.47% 3.95% 4.60% 3.28% 8.78% 9.98% - - 5.92%

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

30%

25%

20%

15%

10%

5%

0%

7/15

9/15

11/1

51/

163/

165/

167/

169/

1611

/16

1/17

3/17

5/17

7/17

9/17

11/1

73/

185/

189/

18

TOPS® Managed Risk Growth ETF Investor Class

S&P Glbl LMC MR Index-Agg1

TOPS® Managed Risk Growth ETF Investor Class

S&P Glbl LMC MR Index-Agg1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7563-NLD-10/11/2018

INVESTOR CLASS | AS OF 9/30/2018TOPS® Managed Risk Growth ETF Portfolio

Name Ticker Weight

Fixed Income 11.72%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 1.80%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 1.80%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 2.71%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 0.90%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 0.90%

Equity 76.45%

FlexShares Global Upstream Natural Resources Index Fund GUNR 3.60%

Guggenheim MSCI Global Timber ETF CUT 0.88%

iShares Core S&P Mid-Cap ETF IJH 9.95%

iShares Core S&P Small-Cap ETF IJR 7.24%

SPDR Portfolio S&P 500 Growth ETF SPYG 3.61%

Vanguard S&P 500 ETF VOO 18.02%

SPDR Portfolio S&P 500 Value ETF SPYV 3.60%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 16.08%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 4.88%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

WisdomTree Emerging Markets SmallCap Dividend Fund DGS 0.50%

Short Term Investments (Net) 11.83%

Contract Notional Value

S&P 500 Index E-Mini December 2018 $29,773,800

S&P Midcap 400 Index E-Mini December 2018

$13,163,800

US Treasury 5 Year Note December 2018 $15,971,672

MSCI Emerging Market Index Mini December 2018

$13,121,250

MSCI EAFE Index Mini December 2018 $15,606,450

Russell 2000 Index Mini December 2018 $8,504,000

Fixed Income 11.72%

Equity 76.45%

Net Cash 11.83%12+77+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 1 | AS OF 9/30/2018

TOPS® Managed Risk Moderate Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Moderate Gr ETF 1 0.45 -13.80% 7.79%

S&P Glbl LMC MR Index-Mod1 0.42 -13.65% 7.21%

S&P 500 Index 1.00 -18.38% 14.31%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Moderate Gr ETF 1 6/9/11 -0.23% 2.31% 2.72% 1.10% 4.81% 7.16% 4.54% - 5.06%

S&P Glbl LMC MR Index-Mod1 0.26% 3.09% 3.59% 2.32% 6.63% 8.29% 5.98% - 5.84%

$16k

$15k

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

6/11

9/

11

12/1

1 3/

12

6/12

9/

12

12/1

2 3/

136/

13

9/13

12

/13

3/14

6/

14

9/14

12/1

43/

156/

159/

1512

/15

3/16

6/16

9/16

12/1

63/

176/

179/

1712

/17

3/18

6/18

9/18

50%45%40%35%30%25%20%15%10%5%0%

6/11

12

/11

6/12

12

/12

6/13

12

/13

6/14

12/1

46/

1512

/15

6/16

12/1

66/

1712

/17

6/18

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

TOPS® Managed Risk Moderate Gr ETF 1

S&P Glbl LMC MR Index-Mod1

TOPS® Managed Risk Moderate Gr ETF 1

S&P Glbl LMC MR Index-Mod1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7554-NLD-10/10/2018

CLASS 1 | AS OF 9/30/2018TOPS® Managed Risk Moderate Growth ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $25,395,300

S&P Midcap 400 Index E-Mini December 2018

$9,923,480

US Treasury 5 Year Note December 2018 $38,242,031

MSCI Emerging Market Index Mini December 2018

$10,916,880

MSCI EAFE Index Mini December 2018 $11,951,775

Russell 2000 Index Mini December 2018 $6,718,160

Name Ticker Weight

Fixed Income 29.75%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 2.71%

Vanguard Short-Term Treasury ETF VGSH 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 0.90%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 4.51%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.21%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 5.41%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 2.71%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 58.48%

FlexShares Global Upstream Natural Resources Index Fund GUNR 2.70%

Guggenheim MSCI Global Timber ETF CUT 0.89%

iShares Core S&P Mid-Cap ETF IJH 7.23%

iShares Core S&P Small-Cap ETF IJR 5.43%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.81%

Vanguard S&P 500 ETF VOO 15.32%

SPDR Portfolio S&P 500 Value ETF SPYV 2.70%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 10.73%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.59%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

Short Term Investments (Net) 11.77%

Fixed Income 29.75%

Equity 58.48%

Net Cash 11.77%30+59+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 2 | AS OF 9/30/2018

TOPS® Managed Risk Moderate Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Moderate Gr ETF 2 0.46 -14.00% 7.82%

S&P Glbl LMC MR Index-Mod1 0.42 -13.65% 7.21%

S&P 500 Index 1.00 -18.38% 14.31%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Moderate Gr ETF 2 6/9/11 -0.31% 2.24% 2.49% 0.87% 4.50% 6.88% 4.27% - 4.82%

S&P Glbl LMC MR Index-Mod1 0.26% 3.09% 3.59% 2.32% 6.63% 8.29% 5.98% - 5.84%

$16k

$15k

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

6/11

9/

11

12/1

1 3/

12

6/12

9/

12

12/1

2 3/

136/

13

9/13

12

/13

3/14

6/

14

9/14

12/1

43/

156/

159/

1512

/15

3/16

6/16

9/16

12/1

63/

176/

179/

1712

/17

3/18

6/18

9/18

50%45%40%35%30%25%20%15%10%5%0%

6/11

12

/11

6/12

12

/12

6/13

12

/13

6/14

12/1

46/

1512

/15

6/16

12/1

66/

1712

/17

6/18

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

TOPS® Managed Risk Moderate Gr ETF 2

S&P Glbl LMC MR Index-Mod1

S&P 500 Index

TOPS® Managed Risk Moderate Gr ETF 2

S&P Glbl LMC MR Index-Mod1

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7555-NLD-10/11/2018

CLASS 2 | AS OF 9/30/2018TOPS® Managed Risk Moderate Growth ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $25,395,300

S&P Midcap 400 Index E-Mini December 2018

$9,923,480

US Treasury 5 Year Note December 2018 $38,242,031

MSCI Emerging Market Index Mini December 2018

$10,916,880

MSCI EAFE Index Mini December 2018 $11,951,775

Russell 2000 Index Mini December 2018 $6,718,160

Name Ticker Weight

Fixed Income 29.75%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 2.71%

Vanguard Short-Term Treasury ETF VGSH 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 0.90%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 4.51%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.21%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 5.41%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 2.71%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 58.48%

FlexShares Global Upstream Natural Resources Index Fund GUNR 2.70%

Guggenheim MSCI Global Timber ETF CUT 0.89%

iShares Core S&P Mid-Cap ETF IJH 7.23%

iShares Core S&P Small-Cap ETF IJR 5.43%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.81%

Vanguard S&P 500 ETF VOO 15.32%

SPDR Portfolio S&P 500 Value ETF SPYV 2.70%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 10.73%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.59%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

Short Term Investments (Net) 11.77%

Fixed Income 29.75%

Equity 58.48%

Net Cash 11.77%30+59+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 3 | AS OF 9/30/2018

TOPS® Managed Risk Moderate Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Moderate Gr ETF 3 0.58 -14.03% 7.78%

S&P Glbl LMC MR Index-Mod1 0.48 -13.65% 6.89%

S&P 500 Index 1.00 -12.96% 12.35%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Moderate Gr ETF 3 5/1/12 -0.31% 2.25% 2.50% 0.79% 4.43% 6.76% 4.16% - 4.83%

S&P Glbl LMC MR Index-Mod1 0.26% 3.09% 3.59% 2.32% 6.63% 8.29% 5.98% - 6.68%

$16k

$15k

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

5/12

8/12

11/1

2

2/13

5/13

8/13

11/1

3

2/14

5/14

8/14

11/1

4

2/15

5/15

8/15

11/1

5

2/16

5/16

8/16

11/1

6

2/17

5/17

8/17

11/1

7

2/18

5/18

8/18

30%

25%

20%

15%

10%

5%

0%

5/12

11

/12

5/13

11

/13

5/14

11

/14

5/15

11/1

55/

1611

/16

5/17

11/1

75/

18

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

TOPS® Managed Risk Moderate Gr ETF 3

S&P Glbl LMC MR Index-Mod1

TOPS® Managed Risk Moderate Gr ETF 3

S&P Glbl LMC MR Index-Mod1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7556-NLD-10/11/2018

CLASS 3 | AS OF 9/30/2018TOPS® Managed Risk Moderate Growth ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $25,395,300

S&P Midcap 400 Index E-Mini December 2018

$9,923,480

US Treasury 5 Year Note December 2018 $38,242,031

MSCI Emerging Market Index Mini December 2018

$10,916,880

MSCI EAFE Index Mini December 2018 $11,951,775

Russell 2000 Index Mini December 2018 $6,718,160

Name Ticker Weight

Fixed Income 29.75%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 2.71%

Vanguard Short-Term Treasury ETF VGSH 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 0.90%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 4.51%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.21%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 5.41%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 2.71%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 58.48%

FlexShares Global Upstream Natural Resources Index Fund GUNR 2.70%

Guggenheim MSCI Global Timber ETF CUT 0.89%

iShares Core S&P Mid-Cap ETF IJH 7.23%

iShares Core S&P Small-Cap ETF IJR 5.43%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.81%

Vanguard S&P 500 ETF VOO 15.32%

SPDR Portfolio S&P 500 Value ETF SPYV 2.70%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 10.73%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.59%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

Short Term Investments (Net) 11.77%

Fixed Income 29.75%

Equity 58.48%

Net Cash 11.77%30+59+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

CLASS 4 | AS OF 9/30/2018

TOPS® Managed Risk Moderate Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Moderate Gr ETF 4 0.58 -14.20% 7.81%

S&P Glbl LMC MR Index-Mod1 0.48 -13.65% 6.89%

S&P 500 Index 1.00 -12.96% 12.35%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Moderate Gr ETF 4 5/1/12 -0.32% 2.10% 2.35% 0.64% 4.20% 6.51% 3.90% - 4.61%

S&P Glbl LMC MR Index-Mod1 0.26% 3.09% 3.59% 2.32% 6.63% 8.29% 5.98% - 6.68%

$16k

$15k

$14k

$13k

$12k

$11k

$10k

$9k

$8k

$7k

5/12

8/12

11/1

2

2/13

5/13

8/13

11/1

3

2/14

5/14

8/14

11/1

4

2/15

5/15

8/15

11/1

5

2/16

5/16

8/16

11/1

6

2/17

5/17

8/17

11/1

7

2/18

5/18

8/18

30%

25%

20%

15%

10%

5%

0%

5/12

11

/12

5/13

11

/13

5/14

11

/14

5/15

11/1

55/

1611

/16

5/17

11/1

75/

18

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

TOPS® Managed Risk Moderate Gr ETF 4

S&P Glbl LMC MR Index-Mod1

TOPS® Managed Risk Moderate Gr ETF 4

S&P Glbl LMC MR Index-Mod1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7557-NLD-10/11/2018

CLASS 4 | AS OF 9/30/2018TOPS® Managed Risk Moderate Growth ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $25,395,300

S&P Midcap 400 Index E-Mini December 2018

$9,923,480

US Treasury 5 Year Note December 2018 $38,242,031

MSCI Emerging Market Index Mini December 2018

$10,916,880

MSCI EAFE Index Mini December 2018 $11,951,775

Russell 2000 Index Mini December 2018 $6,718,160

Name Ticker Weight

Fixed Income 29.75%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 2.71%

Vanguard Short-Term Treasury ETF VGSH 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 0.90%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 4.51%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.21%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 5.41%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 2.71%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 58.48%

FlexShares Global Upstream Natural Resources Index Fund GUNR 2.70%

Guggenheim MSCI Global Timber ETF CUT 0.89%

iShares Core S&P Mid-Cap ETF IJH 7.23%

iShares Core S&P Small-Cap ETF IJR 5.43%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.81%

Vanguard S&P 500 ETF VOO 15.32%

SPDR Portfolio S&P 500 Value ETF SPYV 2.70%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 10.73%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.59%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

Short Term Investments (Net) 11.77%

Fixed Income 29.75%

Equity 58.48%

Net Cash 11.77%30+59+11

About the Portfolio

The benchmark performance shown is for informational purposes only and is not reflective of any investment. As it is not possible to invest in the underlying indices, the data shown does not reflect or compare features of an actual investment, such as its objectives, costs and expenses, liquidity, safety, guarantees or insurance, fluctuation of principal or return, or tax features. Shares of the Portfolio are sold only through variable policies and are not available to the general public. Portfolio data shown is from the inception of the portfolio to the end of the most recent calendar quarter and is for illustrative purposes only. PAST PERFORMANCE IS NO GUARANTEE OF FUTURE RESULTS.

Growth of $10,000

Historical Returns (Net of Scheduled Portfolio Fees)

NOT A DEPOSIT | NOT INSURED BY ANY GOVERNMENT AGENCY | NOT FDIC INSURED | NO BANK GUARANTEE | MAY LOSE VALUE

Portfolio Analysis

Beta is relative to the S&P 500 Index. Standard deviation data is annualized. The S&P 500 Index is a commonly used benchmark comprised of all the stocks in the S&P 500 weighted by market value. Beta is a measure of the volatility relative to the market as a whole. Max drawdown is the largest peak-to-trough decline. Standard deviation is a measure of historical volatility.

Historical Volatility

The Portfolio seeks capital appreciation with less volatility than the equity markets as a whole.

The Portfolio is a fund-of-funds that invests, under normal market conditions, at least 80% of its assets in exchange-traded funds (ETFs).

Launched in 2002 as a wrap fee program, TOPS is one of the longest running ETF portfolio management strategies in the country. Valmark Advisers, Inc. serves as adviser to the Portfolios.

INVESTOR CLASS | AS OF 9/30/2018

TOPS® Managed Risk Moderate Growth ETF Portfolio

Portfolio Beta Max. Drawdown Volatility

TOPS® Managed Risk Moderate Gr ETF Investor Class 0.52 -11.15% 7.27%

S&P Glbl LMC MR Index-Mod1 0.45 -11.71% 6.85%

S&P 500 Index 1.00 -12.71% 12.81%

Portfolio Inception 1mo 3mo 6mo YTD 1yr 3yr 5yr 10yr Since Inception

TOPS® Managed Risk Moderate Gr ETF Investor 7/22/15 -0.29% 2.11% 2.34% 0.82% 4.23% 6.55% - - 3.61%

S&P Glbl LMC MR Index-Mod1 0.26% 3.09% 3.59% 2.32% 6.63% 8.29% - - 5.21%

$13k

$12k

$11k

$10k

$9k

$8k

$7k

7/15

9/15

11/1

5

1/16

3/16

5/16

7/16

9/16

11/1

6

1/17

3/17

5/17

7/17

9/17

11/1

7

3/18

5/18

7/18

9/18

30%

25%

20%

15%

10%

5%

0%

7/15

9/15

11/1

51/

163/

165/

167/

169/

1611

/16

1/17

3/17

5/17

7/17

9/17

11/1

73/

185/

189/

18

The performance figures do not reflect charges specific to an individual’s contract, such as cost of insurance, mortality and expense risks charges, riders and sales charges, which would negatively affect performance. 1 The S&P Global Managed Risk LargeMidCap Index is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indices, while maintaining a fixed allocation to the underlying bond index.Returns greater than one year are annualized. Performance is provided based on rolling periods. PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND DOES NOT GUARANTEE FUTURE RESULTS. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For more information, including performance data current to the most recent month-end, please visit www.geminifund.com/topsportfolios or call ValMark at 800-765-5201 or Milliman at 855-645-5462 (Managed Risk Portfolios only). The 3-year and since-inception trailing average returns are geometric means of the annual returns for the respective years. Please consider the investment objectives, risks, charges and expenses of any investment option before investing.

TOPS® Managed Risk Moderate Gr ETF Investor Class

S&P Glbl LMC MR Index-Mod1

TOPS® Managed Risk Moderate Gr ETF Inv Class

S&P Glbl LMC MR Index-Mod1

S&P 500 Index

Potential Benefits of ETFs

This material must be preceded or accompanied by a prospectus, which outlines specific charges and expenses associated with the product, a hypothetical illustration showing the effect on performance of various assumptions regarding the cost of insurance protection, among other important information. Individuals may also obtain a personalized illustration of historical performance, which reflects the cost of the individual’s policy insurance protection. Please review this material with a current variable annuity prospectus, product material (product brochure or illustration) and the current monthly performance for the specific product.

TOPS® ETF Portfolios assess fees and expenses that are separate and distinct from each respective underlying insurance contract or fund option.

Please read the product and fund prospectuses carefully before you invest or send money. Investors should consider the investment objectives, strategies, risk factors, charges and expenses of the underlying variable portfolios carefully before investing. The fund prospectus contains this and other information about the underlying variable portfolios.

There is the risk that you could lose money through your investment in the portfolios. Many factors affect the portfolios’ net asset value and performance. The portfolios may be subject to credit risk where issuers might not make payments on debt securities, resulting in losses. By investing in ETFs, the cost of investing in a portfolio will be higher than the cost of investing directly in the ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. 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. Foreign equity securities denominated in non-U.S. dollar currencies will subject a portfolio to currency trading risks that include market risk and country risk. It is possible to lose money by investing in securities.

The portfolio’s positions in lower-quality bonds, known as “high yield” or “junk” bonds, present greater risk than bonds of higher quality, including an increased risk of default. The portfolios are also subject to different types of management risk; for example, the sub-adviser’s portfolio protection strategy may not effectively protect the portfolio from market declines and may limit the portfolio’s participation in market gains. The portfolios’ exposure to companies primarily engaged in the natural resource markets may subject a 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. Positions in small or medium capitalization company stocks may subject the portfolios to additional risk since they are subject to more abrupt or erratic market movements than those of larger, more established companies.

Investors should carefully consider the investment objectives, risks, charges and expenses of the TOPS® ETF Portfolios. This and other important information about the portfolios are contained in the prospectus, which can be obtained by calling 1-855-572-5945. The prospectus should be read carefully before investing. The TOPS® Managed Risk ETF Portfolios are managed by ValMark Advisers, Inc. and distributed by Northern Lights Distributors, LLC, member FINRA/SIPC. Northern Lights Distributors, LLC is not affiliated with ValMark Advisers, Inc. or Milliman, Inc.

Portfolio Holdings

Other Important Information

Open Short Futures Contracts (net)

» Low cost

» Reduced cash drag

» Consistent and transparent

» Index tracking

Cash drag is the cost associated with holding cash to cover potential net redemptions within an index fund. Transparency is the ability to see a Portfolio’s holdings at any given time. Index tracking is the ability of a Fund to replicate the holdings of an index. Due to the fact that ETFs track indexes closely, it is unlikely that an individual ETF investment will outperform its respective index.

Portfolio Allocation

Portfolio holdings are subject to change and should not be considered investment advice.

7558-NLD-10/11/2018

INVESTOR CLASS | AS OF 9/30/2018TOPS® Managed Risk Moderate Growth ETF Portfolio

Contract Notional Value

S&P 500 Index E-Mini December 2018 $25,395,300

S&P Midcap 400 Index E-Mini December 2018

$9,923,480

US Treasury 5 Year Note December 2018 $38,242,031

MSCI Emerging Market Index Mini December 2018

$10,916,880

MSCI EAFE Index Mini December 2018 $11,951,775

Russell 2000 Index Mini December 2018 $6,718,160

Name Ticker Weight

Fixed Income 29.75%

FlexShares iBoxx 3-Year Target Duration TIPS Index Fund TDTT 2.71%

Vanguard Short-Term Treasury ETF VGSH 1.80%

Vanguard Intermediate-Term Treasury ETF VGIT 0.90%

iShares iBoxx $ High Yield Corporate Bond ETF HYG 4.51%

iShares iBoxx $ Investment Grade Corporate Bond ETF LQD 7.21%

SPDR Bloomberg Barclays Short Term Corporate Bond ETF SPSB 5.41%

VanEck Vectors J.P. Morgan EM Local Currency Bond ETF EMLC 1.80%

Vanguard Mortgage-Backed Securities ETF VMBS 1.80%

Vanguard Short=Term Inflation-Protected Securities ETF VTIP 2.71%

Vanguard Total International Bond ETF BNDX 0.90%

Equity 58.48%

FlexShares Global Upstream Natural Resources Index Fund GUNR 2.70%

Guggenheim MSCI Global Timber ETF CUT 0.89%

iShares Core S&P Mid-Cap ETF IJH 7.23%

iShares Core S&P Small-Cap ETF IJR 5.43%

SPDR Portfolio S&P 500 Growth ETF SPYG 1.81%

Vanguard S&P 500 ETF VOO 15.32%

SPDR Portfolio S&P 500 Value ETF SPYV 2.70%

Vanguard Energy ETF VDE 0.90%

Vanguard FTSE All-World ex-US ETF VEU 10.73%

Vanguard FTSE All-World ex-US Small-Cap ETF VSS 1.79%

Vanguard FTSE Emerging Markets ETF VWO 3.59%

Vanguard Global ex-U.S. Real Estate ETF VNQI 2.67%

Vanguard Materials ETF VAW 0.89%

Vanguard REIT ETF VNQ 1.83%

Short Term Investments (Net) 11.77%

Fixed Income 29.75%

Equity 58.48%

Net Cash 11.77%30+59+11