# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-25-004957
**Filing Date:** 2025-11
**Character Count:** 20802
**Document Hash:** cfd081e4b999578e43a7dc76a76674ba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004957.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004957

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251533656

**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 Managed Risk Flex ETF Portfolio (Series ID: S000040836)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000126627 | TOPS Managed Risk Flex ETF Portfolio |  |

## Nport-Ex

er

---

| | | |
|:---|:---|:---|
| **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 88.3%** |  |
|  | **EQUITY - 49.7%** |  |
| 86300 | FlexShares Global Upstream Natural Resources Index Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3778214 |
| 178427 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 4560594 |
| 33651 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 2271779 |
| 18747 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 1393839 |
| 118968 | SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 6803780 |
| 21776 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 2275810 |
| 116418 | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 6441408 |
| 98072 | SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 4542695 |
| 198145 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 11872848 |
| 70015 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 3793413 |
| 22285 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 13646888 |
| 29887 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 1133913 |
|  |  | &nbsp;&nbsp; 62515181 |
|  | **FIXED INCOME - 38.6%** |  |
| 71120 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 7927746 |
| 36727 | SPDR Blbg Investment Grade Floating Rate ETF | &nbsp;&nbsp;&nbsp; 1133395 |
| 299542 | SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 9073127 |
| 133048 | VanEck J. P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 3394054 |
| 75602 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 4538388 |
| 48314 | Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2268825 |
| 223828 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 11332413 |
| 57788 | Vanguard Short-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 3400824 |
| 22913 | Vanguard Total International Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1133277 |
| 122092 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 4530834 |
|  |  | &nbsp;&nbsp; 48732883 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $94,560,102)** | &nbsp;&nbsp; 111248064 |
|  | **SHORT-TERM INVESTMENTS — 13.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 2.3%** |  |
| 2883630 | Federated Hermes Government Obligations Fund, Institutional Class, 4.00% (Cost $2,883,630)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2883630 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** | **TOPS MANAGED RISK FLEX ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 13.5% (Continued)** | **SHORT-TERM INVESTMENTS — 13.5% (Continued)** |  |  |  |
|  | **MONEY MARKET FUNDS - 11.2%** | **MONEY MARKET FUNDS - 11.2%** |  |  |  |
| 14181854 | Invesco Government & Agency Portfolio, Institutional Class, 4.04% (Cost $14,181,854)<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $14181854 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,065,484)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,065,484)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $17,065,484)** |  | 17065484 |
|  | **TOTAL INVESTMENTS - 101.8% (Cost $111,625,586)** | **TOTAL INVESTMENTS - 101.8% (Cost $111,625,586)** |  |  | &nbsp;&nbsp;&nbsp; $128313548 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.8)%** |  |  | &nbsp;&nbsp; (2224020) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $126089528 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 58 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 01/02/2026 | &nbsp;&nbsp;&nbsp; $6333328 | &nbsp;&nbsp;&nbsp; $1812 |
| 4 | CME E-mini Russell 2000 Index Futures | Bank of America Merrill Lynch | 12/22/2025 | &nbsp;&nbsp;&nbsp; 491100 | &nbsp;&nbsp;&nbsp; 7910 |
| 8 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 12/22/2025 | &nbsp;&nbsp;&nbsp; 2695500 | &nbsp;&nbsp;&nbsp; 37180 |
| 3 | CME E-Mini Standard & Poor's MidCap 400 Index | Bank of America Merrill Lynch | 12/22/2025 | &nbsp;&nbsp;&nbsp; 985860 | &nbsp;&nbsp;&nbsp; (6860) |
| 12 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1671180 | &nbsp;&nbsp;&nbsp; (7080) |
| 16 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 12/22/2025 | &nbsp;&nbsp;&nbsp; 1087760 | &nbsp;&nbsp;&nbsp; 10640 |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $43602 |

---

---

| | |
|:---|:---|
| 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 $11,423,360 at March 31, 2025. The loaned securities were secured with cash collateral of $2,883,630 and non-cash collateral of $8,778,678. 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 September 30, 2025.

<sup>(c)</sup> The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Fund's futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

## 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 Managed Risk Flex ETF Portfolio

- **b. EDGAR series identifier (if any):** S000040836

- **c. LEI of Series:** 5493005FJUEPL83Z5820

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $126356389.82

**Total Liabilities:** $266861.75

**Net Assets:** $126089528.07

**Cash Not Reported:** $457775.26

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126627 | 0.31%                | 2.48%                | 1.74%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $650933.58               | $-445304.03                                |
| Month 2  | $372479.69               | $2378624.33                                |
| Month 3  | $1042922.72              | $566714.49                                 |

**Designated Index Information**

- **Index Name:** TOPS Managed Risk Flex ETF Portfolio DRP

- **Index Identifier:** TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CHICAGO MERCANTILE EXCHANGE               | S&P MID 400 EMINI Dec25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         3 | NC      | $-6860.00     | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD SHORT-T                   | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     57788 | NS      | $3400823.80   | 2.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                  | VANGUARD INTL BD                   | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     22913 | NS      | $1133276.98   | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Dec25            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        58 | NC      | $1812.49      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     29887 | NS      | $1133912.78   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     18747 | NS      | $1393839.45   | 1.11%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    178427 | NS      | $4560594.12   | 3.62%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    133048 | NS      | $3394054.48   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR-PORT S/T C                    | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    299542 | NS      | $9073127.18   | 7.20%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 400                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    118968 | NS      | $6803779.92   | 5.40%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  14181854 | PA      | $14181853.60  | 11.25%            |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Dec25            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        16 | NC      | $10640.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    122092 | NS      | $4530834.12   | 3.59%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     86300 | NS      | $3778214.00   | 3.00%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    198145 | NS      | $11872848.40  | 9.42%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 600                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     98072 | NS      | $4542695.04   | 3.60%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     21776 | NS      | $2275809.76   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     75602 | NS      | $4538388.06   | 3.60%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)       | S&P500 EMINI FUT  Dec25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         8 | NC      | $37180.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     70015 | NS      | $3793412.70   | 3.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | E-Mini Russ 2000  Dec25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         4 | NC      | $7910.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     71120 | NS      | $7927746.40   | 6.29%             |  |  |  | No            | 1                  | On Loan: —       |
| ICE FUTURES U.S.                          | MSCI EAFE         Dec25            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        12 | NC      | $-7080.00     | -0.01%            |  |  |  | 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      |
| SPDR Series Trust                         | SPD-POR S&P500 V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    116418 | NS      | $6441407.94   | 5.11%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR BLOOMBERG I                   | CUSIP: 78468R200<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     36727 | NS      | $1133395.22   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     33651 | NS      | $2271779.01   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     22285 | NS      | $13646888.30  | 10.82%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    223828 | NS      | $11332411.64  | 8.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     48314 | NS      | $2268825.44   | 1.80%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer