# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-26-008476
**Filing Date:** 2026-5
**Character Count:** 32043
**Document Hash:** df67adaff3bcb2dcbd034e6ee9d319ef
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008476.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008476

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261045172

**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 Moderately Aggressive ETF Portfolio (Series ID: S000031505)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000097928 | TOPS Moderately Aggressive ETF Portfolio Class 2 shares        |  |
| C000097929 | TOPS Moderately Aggressive ETF Portfolio Class 1 shares        |  |
| C000158838 | TOPS Moderately Aggressive ETF Portfolio Investor Class Shares |  |
| C000211503 | TOPS Moderately Aggressive ETF Portfolio Service Class Shares  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **TOPS AGGRESSIVE GROWTH ETF PORTFOLIO** | **TOPS AGGRESSIVE GROWTH ETF PORTFOLIO** | **TOPS AGGRESSIVE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 98.1%** |  |
| 222257 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $12259696 |
| 486845 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 12244152 |
| 197539 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15538418 |
| 122417 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 9241259 |
| 728676 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 43152193 |
| 126868 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 12421646 |
| 216337 | State Street SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12240347 |
| 572620 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 27668998 |
| 872185 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 55889615 |
| 343681 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 18575958 |
| 128938 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 77046902 |
| 154098 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 6179330 |
|  |  | &nbsp;&nbsp; 302458514 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $242,651,660)** | &nbsp;&nbsp; 302458514 |
|  | **SHORT-TERM INVESTMENTS — 6.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.1%** |  |
| 12602874 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $12,602,874)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12602874 |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 6305642 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $6,305,642)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6305642 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $18,908,516)** | 18908516 |
|  | **TOTAL INVESTMENTS - 104.2% (Cost $261,560,176)** | &nbsp;&nbsp;&nbsp; $321367030 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)%** | &nbsp;&nbsp; (12980920) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $308386110 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $15,495,413 at March 31, 2026. The loaned securities were secured with cash collateral of $12,602,874 and non-cash collateral of $3,235,406. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 50.6%** |  |
| 85491 | FlexShares Global Upstream Natural Resources Index Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $4715684 |
| 249661 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 6278974 |
| 40347 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3173695 |
| 20933 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 1580232 |
| 134269 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 7951410 |
| 32535 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 3185502 |
| 194161 | State Street SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 10985629 |
| 131414 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 6349924 |
| 223655 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 14331812 |
| 88134 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 4763643 |
| 23924 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 14295786 |
| 39535 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 1585354 |
|  |  | &nbsp;&nbsp; 79197645 |
|  | **FIXED INCOME - 47.5%** |  |
| 67047 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 3117015 |
| 114634 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12493960 |
| 100406 | State Street SPDR Bloomberg Investment Grade Floating Rate ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3090497 |
| 360062 | State Street SPDR Portfolio Short Term Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10827064 |
| 185864 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 4667045 |
| 130319 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 7760496 |
| 66249 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 3110391 |
| 371592 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 18561020 |
| 105605 | Vanguard Short-Term Treasury ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6182117 |
| 32357 | Vanguard Total International Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1554754 |
| 85670 | Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3097827 |
|  |  | &nbsp;&nbsp; 74462186 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $137,414,173)** | &nbsp;&nbsp; 153659831 |
|  | **SHORT-TERM INVESTMENTS — 12.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 10.3%** |  |
| 16154911 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $16,154,911)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 16154911 |

---

---

| | | |
|:---|:---|:---|
| **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 12.4% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 2.1%** |  |
| 3330230 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $3,330,230)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $3330230 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $19,485,141)** | 19485141 |
|  | **TOTAL INVESTMENTS - 110.5% (Cost $156,899,314)** | &nbsp;&nbsp;&nbsp; $173144972 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (10.5)%** | &nbsp;&nbsp; (16396635) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $156748337 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $33,835,659 at March 31, 2026. The loaned securities were secured with cash collateral of $16,154,911 and non-cash collateral of $18,538,741. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 30.5%** |  |
| 18144 | FlexShares Global Upstream Natural Resources Index Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1000823 |
| 19723 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 496033 |
| 6372 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 501222 |
| 6615 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 499366 |
| 33958 | State Street SPDR Portfolio S&P 400 Mid Cap ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2010993 |
| 10280 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 1006515 |
| 35060 | State Street SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 1983695 |
| 10290 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 497213 |
| 47116 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 3019193 |
| 9283 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 501746 |
| 5042 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 3012847 |
| 12490 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 500849 |
|  |  | &nbsp;&nbsp; 15030495 |
|  | **FIXED INCOME - 67.5%** |  |
| 21184 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 984844 |
| 31615 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3445719 |
| 38573 | JP Morgan Ultra-Short Income ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1952180 |
| 47593 | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | &nbsp;&nbsp;&nbsp; 1464913 |
| 195041 | State Street SPDR Portfolio Short Term Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5864883 |
| 38813 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 974594 |
| 49540 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2950107 |
| 20929 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 982617 |
| 156557 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 7820022 |
| 66739 | Vanguard Short-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 3906901 |
| 40841 | Vanguard Total International Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1962410 |
| 26795 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 968907 |
|  |  | &nbsp;&nbsp; 33278097 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $45,684,106)** | &nbsp;&nbsp; 48308592 |

---

---

| | | |
|:---|:---|:---|
| **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 11.1%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 9.0%** |  |
| 4420608 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $4,420,608)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $4420608 |
|  | **MONEY MARKET FUNDS - 2.1%** |  |
| 1054199 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $1,054,199)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1054199 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $5,474,807)** | 5474807 |
|  | **TOTAL INVESTMENTS - 109.1% (Cost $51,158,913)** | &nbsp;&nbsp;&nbsp; $53783399 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.1)%** | &nbsp;&nbsp; (4467217) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $49316182 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $9,955,242 at March 31, 2026. The loaned securities were secured with cash collateral of $4,420,608 and non-cash collateral of $5,790,006. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **TOPS GROWTH ETF PORTFOLIO** | **TOPS GROWTH ETF PORTFOLIO** | **TOPS GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 85.3%** |  |
| 239862 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $13230788 |
| 525410 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 13214062 |
| 171180 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 13465019 |
| 88084 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 6649461 |
| 619551 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 36689810 |
| 171933 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 16833960 |
| 291838 | State Street SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 16512194 |
| 413113 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 19961620 |
| 888932 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 56962763 |
| 247259 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 13364349 |
| 117135 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 69994018 |
| 166328 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 6669753 |
|  |  | &nbsp;&nbsp; 283547797 |
|  | **FIXED INCOME - 12.8%** |  |
| 70541 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 3279451 |
| 60310 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 6573187 |
| 260853 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 6550019 |
| 109691 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 6532099 |
| 69706 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 3272697 |
| 195476 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 9764026 |
| 180262 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 6518274 |
|  |  | &nbsp;&nbsp; 42489753 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $266,588,476)** | &nbsp;&nbsp; 326037550 |
|  | **SHORT-TERM INVESTMENTS — 2.6%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.5%** |  |
| 1634025 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $1,634,025)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1634025 |
|  | **MONEY MARKET FUNDS - 2.1%** |  |
| 7154662 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $7,154,662)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 7154662 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $8,788,687)** | 8788687 |

---

---

| | |
|:---|:---|
| **TOPS GROWTH ETF PORTFOLIO** | **TOPS GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** |
| **TOTAL INVESTMENTS - 100.7% (Cost $275,377,163)** | &nbsp;&nbsp;&nbsp; $334826237 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%** | &nbsp;&nbsp; (2393027) |
| **NET ASSETS - 100.0%** | &nbsp;&nbsp; $332433210 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $18,924,740 at March 31, 2026. The loaned securities were secured with cash collateral of $1,634,025 and non-cash collateral of $17,702,551. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

---

| | | |
|:---|:---|:---|
| **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 65.4%** |  |
| 181545 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $10014022 |
| 397621 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 10000168 |
| 64246 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5053590 |
| 66676 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 5033371 |
| 340376 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 20157067 |
| 51816 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 5073305 |
| 132531 | State Street SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 7498604 |
| 207434 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 10023211 |
| 514519 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 32970378 |
| 187155 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 10115728 |
| 75942 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 45379141 |
| 62961 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 2524736 |
|  |  | &nbsp;&nbsp; 163843321 |
|  | **FIXED INCOME - 32.6%** |  |
| 106784 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 4964388 |
| 114116 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 12437503 |
| 737296 | State Street SPDR Portfolio Short Term Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 22170491 |
| 197343 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 4955283 |
| 124535 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 7416059 |
| 105516 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 4953976 |
| 295919 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 14781154 |
| 51534 | Vanguard Total International Bond ETF | &nbsp;&nbsp;&nbsp; 2476209 |
| 204663 | Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7400614 |
|  |  | &nbsp;&nbsp; 81555677 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $209,632,948)** | &nbsp;&nbsp; 245398998 |
|  | **SHORT-TERM INVESTMENTS — 11.2%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 9.2%** |  |
| 22856176 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $22,856,176)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 22856176 |

---

---

| | | |
|:---|:---|:---|
| **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 11.2% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 2.0%** |  |
| 5061770 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $5,061,770)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $5061770 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $27,917,946)** | 27917946 |
|  | **TOTAL INVESTMENTS - 109.2% (Cost $237,550,894)** | &nbsp;&nbsp;&nbsp; $273316944 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%** | &nbsp;&nbsp; (23077211) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $250239733 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $46,175,581 at March 31, 2026. The loaned securities were secured with cash collateral of $22,856,176 and non-cash collateral of $24,551,074. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

## 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 Growth ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031505

- **c. LEI of Series:** 549300RZ9W22FGP7P063

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $333213611.39

**Total Liabilities:** $780401.54

**Net Assets:** $332433209.85

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097928 | 3.66%                | 2.77%                | -5.35%               |
| Class ID C000097929 | 3.65%                | 2.81%                | -5.31%               |
| Class ID C000158838 | 3.64%                | 2.74%                | -5.37%               |
| Class ID C000211503 | 3.66%                | 2.77%                | -5.35%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1189417.40              | $10504934.74                               |
| Month 2  | $0.02                    | $9231366.13                                |
| Month 3  | $1335318.38              | $-20607211.55                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    180262 | NS      | $6518273.92   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    239862 | NS      | $13230787.92  | 3.98%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     60310 | NS      | $6573186.90   | 1.98%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    171180 | NS      | $13465018.80  | 4.05%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     88084 | NS      | $6649461.16   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    525410 | NS      | $13214061.50  | 3.97%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHR BB CORP BND                   | CUSIP: 46435U473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     70541 | NS      | $3279451.09   | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    171933 | NS      | $16833960.03  | 5.06%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP500V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    291838 | NS      | $16512194.04  | 4.97%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP400M                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    619551 | NS      | $36689810.22  | 11.04%            |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP600S                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    413113 | NS      | $19961620.16  | 6.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   7154662 | PA      | $7154662.21   | 2.15%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    260853 | NS      | $6550018.83   | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    888932 | NS      | $56962762.56  | 17.14%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    195476 | NS      | $9764026.20   | 2.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    247259 | NS      | $13364348.95  | 4.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |    109691 | NS      | $6532099.05   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     69706 | NS      | $3272696.70   | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    117135 | NS      | $69994019.25  | 21.06%            |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |    166328 | NS      | $6669752.80   | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| FEDERATED GOVT OBLI FD-PRM                | FEDERATED GOVT OBLI FD-PRM (SWEEP) | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer