# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-25-203096
**Filing Date:** 2025-8
**Character Count:** 8247
**Document Hash:** 690f5981d390e5b76f686f9befb0e264
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203096.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203096

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250826

**DATE AS OF CHANGE**: 20250825

**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:** 251252113

**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:** 2025-06-30

**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:** $232477885.43

**Total Liabilities:** $169890.69

**Net Assets:** $232307994.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158839 | -0.32%               | 5.14%                | 4.27%                |
| Class ID C000097930 | -0.30%               | 5.19%                | 4.27%                |
| Class ID C000211504 | -0.30%               | 5.19%                | 4.27%                |
| Class ID C000097931 | -0.24%               | 5.19%                | 4.29%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $376542.06               | $-723056.07                                |
| Month 2  | $633973.87               | $10169480.65                               |
| Month 3  | $180586.69               | $8253652.92                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares Trust                             | ISHARES GLB REIT | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    374828 | NS      | $9258251.60   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    102893 | NS      | $6991579.35   | 3.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |    183001 | NS      | $11554683.14  | 4.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SPD-POR S&P500 V | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    177053 | NS      | $9266954.02   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     98020 | NS      | $9343266.40   | 4.02%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 600 | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    490592 | NS      | $20899219.20  | 9.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    280375 | NS      | $13867347.50  | 5.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |    133599 | NS      | $4606493.52   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    230613 | NS      | $9249887.43   | 3.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   4671433 | PA      | $4671433.45   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    736353 | NS      | $41979484.53  | 18.07%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 400 | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    597982 | NS      | $32518261.16  | 14.00%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500 | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    102242 | NS      | $58076523.26  | 25.00%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer