# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-26-002626
**Filing Date:** 2026-2
**Character Count:** 8246
**Document Hash:** 75f82542ba25498fd51c6cf55b4502e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002626.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002626

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 26682148

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

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

## Series and Classes Contracts Data

### TOPS Aggressive Growth ETF Portfolio (Series ID: S000031506)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000097930 | TOPS Aggressive Growth ETF Portfolio Class 2 shares        |  |
| C000097931 | TOPS Aggressive Growth ETF Portfolio Class 1 shares        |  |
| C000158839 | TOPS Aggressive Growth ETF Portfolio Investor Class Shares |  |
| C000211504 | TOPS Aggressive Growth ETF Portfolio Service Class Shares  |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Lights Variable Trust

- **b. Investment Company Act file number:** 811-21853

- **c. CIK number of Registrant:** 0001352621

- **d. LEI of Registrant:** 549300JG5J5V82S8VI88

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** TOPS Aggressive Growth ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031506

- **c. LEI of Series:** 5493008CBBL2Q5QGII10

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $283116206.05

**Total Liabilities:** $271436.01

**Net Assets:** $282844770.04

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097930 | 1.30%                | 0.84%                | 0.89%                |
| Class ID C000097931 | 1.36%                | 0.84%                | 0.91%                |
| Class ID C000158839 | 1.29%                | 0.78%                | 0.90%                |
| Class ID C000211504 | 1.30%                | 0.84%                | 0.89%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $635070.07               | $2940132.94                                |
| Month 2  | $388548.75               | $1939664.65                                |
| Month 3  | $37451.24                | $314452.60                                 |

### Schedule of Portfolio Investments

| Name                                      | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Flexshares Trust                          | FLEXSHARES GLOBA | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    248586 | NS      | $11397668.10  | 4.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    196488 | NS      | $14280747.84  | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    112538 | NS      | $8426845.44   | 2.98%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    454007 | NS      | $11327474.65  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    105870 | NS      | $11296329.00  | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP500V | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    199022 | NS      | $11306439.82  | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP400M | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    680194 | NS      | $39390034.54  | 13.93%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP600S | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    538973 | NS      | $25256274.78  | 8.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   5872042 | PA      | $5872042.32   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    817623 | NS      | $51076908.81  | 18.06%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    318827 | NS      | $17140139.52  | 6.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500 | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    112624 | NS      | $70629889.12  | 24.97%            |  |  |  | No            |                  1 | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |    145971 | NS      | $5695788.42   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** Northern Lights Variable Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer