# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-26-007575
**Filing Date:** 2026-5
**Character Count:** 36091
**Document Hash:** 1f935a5856fee851fe54481305a4b575
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-007575.hdr.sgml**: 20260528

**ACCESSION NUMBER**: 0000910472-26-007575

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260528

**DATE AS OF CHANGE**: 20260528

**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:** 261029627

**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 Moderately Aggressive ETF Portfolio (Series ID: S000031509)

| Class ID   | Class Name                                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000097936 | TOPS Managed Risk Moderately Aggressive ETF Portfolio Class 1 shares        |  |
| C000097937 | TOPS Managed Risk Moderately Aggressive ETF Portfolio Class 2 shares        |  |
| C000112457 | TOPS Managed Risk Moderately Aggressive ETF Portfolio Class 3               |  |
| C000112458 | TOPS Managed Risk Moderately Aggressive ETF Portfolio Class 4               |  |
| C000158842 | TOPS Managed Risk Moderately Aggressive ETF Portfolio Investor Class Shares |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK 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 — 88.4%** |  |
|  | **EQUITY - 45.5%** |  |
| 28943 | FlexShares Global Upstream Natural Resources Index Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1596496 |
| 84531 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 2125955 |
| 13649 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1073630 |
| 7087 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 534998 |
| 44883 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 2657971 |
| 11015 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 1078479 |
| 65735 | State Street SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3719286 |
| 44178 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 2134681 |
| 75719 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 4852073 |
| 29837 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 1612690 |
| 8059 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 4815655 |
| 13380 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 536538 |
|  |  | &nbsp;&nbsp; 26738452 |
|  | **FIXED INCOME - 42.9%** |  |
| 22711 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 1055834 |
| 38787 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4227395 |
| 33993 | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | &nbsp;&nbsp;&nbsp; 1046305 |
| 121896 | State Street SPDR Portfolio Short Term Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3665413 |
| 62923 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 1579997 |
| 44117 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2627167 |
| 22427 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 1052948 |
| 125798 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 6283610 |
| 35752 | Vanguard Short-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2092922 |
| 10878 | Vanguard Total International Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 522688 |
| 29003 | Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1048748 |
|  |  | &nbsp;&nbsp; 25203027 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $45,200,593)** | &nbsp;&nbsp; 51941479 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK BALANCED ETF PORTFOLIO** | **TOPS MANAGED RISK BALANCED 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)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 19.4%** | **SHORT-TERM INVESTMENTS — 19.4%** |  |  |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 8.0%** | **COLLATERAL FOR SECURITIES LOANED - 8.0%** |  |  |  |
| 4687552 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $4,687,552)<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $4687552 |
|  | **MONEY MARKET FUNDS - 11.4%** | **MONEY MARKET FUNDS - 11.4%** |  |  |  |
| 6722961 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $6,722,961)<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; 6722961 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,410,513)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,410,513)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $11,410,513)** |  | 11410513 |
|  | **TOTAL INVESTMENTS - 107.8% (Cost $56,611,106)** | **TOTAL INVESTMENTS - 107.8% (Cost $56,611,106)** |  |  | &nbsp;&nbsp;&nbsp; $63351992 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (7.8)%** |  |  | &nbsp;&nbsp; (4564336) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $58787656 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Depreciation** |
| 30 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 07/01/2026 | &nbsp;&nbsp;&nbsp; $3245391 | &nbsp;&nbsp;&nbsp; $(47343) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Short Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Depreciation** |
| 1 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; $328538 | &nbsp;&nbsp;&nbsp; $(5113) |
| 1 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 145055 | &nbsp;&nbsp;&nbsp; (3370) |
| 1 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 72730 | &nbsp;&nbsp;&nbsp; (1950) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $(10433) |

---

---

| | |
|:---|:---|
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| 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 $10,845,036 at March 31, 2026. The loaned securities were secured with cash collateral of $4,687,552 and non-cash collateral of $6,434,864. 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.

<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.

---

| | | |
|:---|:---|:---|
| **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK 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 — 88.7%** |  |
|  | **EQUITY - 77.1%** |  |
| 105486 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $5818608 |
| 231061 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 5811184 |
| 74643 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5871418 |
| 38744 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 2924785 |
| 270829 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 16038493 |
| 75263 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 7369000 |
| 128354 | State Street SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 7262269 |
| 180775 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 8735048 |
| 389930 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 24986714 |
| 108743 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 5877559 |
| 51404 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 30716461 |
| 73148 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 2933235 |
|  |  | &nbsp;&nbsp; 124344774 |
|  | **FIXED INCOME - 11.6%** |  |
| 31025 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 1442352 |
| 26528 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2891287 |
| 114654 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 2878962 |
| 48245 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2872990 |
| 30661 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 1439534 |
| 85972 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 4294301 |
| 79279 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 2866729 |
|  |  | &nbsp;&nbsp; 18686155 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $106,617,998)** | &nbsp;&nbsp; 143030929 |
|  | **SHORT-TERM INVESTMENTS — 11.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 0.9%** |  |
| 1435500 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $1,435,500)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1435500 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK GROWTH 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)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 11.9% (Continued)** | **SHORT-TERM INVESTMENTS — 11.9% (Continued)** |  |  |  |
|  | **MONEY MARKET FUNDS - 11.0%** | **MONEY MARKET FUNDS - 11.0%** |  |  |  |
| 17735717 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $17,735,717)<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $17735717 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $19,171,217)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $19,171,217)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $19,171,217)** |  | 19171217 |
|  | **TOTAL INVESTMENTS - 100.6% (Cost $125,789,215)** | **TOTAL INVESTMENTS - 100.6% (Cost $125,789,215)** |  |  | &nbsp;&nbsp;&nbsp; $162202146 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%** |  |  | &nbsp;&nbsp; (988812) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $161213334 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Depreciation** |
| 29 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 07/01/2026 | &nbsp;&nbsp;&nbsp; $3137211 | &nbsp;&nbsp;&nbsp; $(45766) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Short Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Appreciation (Depreciation)** |
| 10 | CME E-mini Russell 2000 Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; $1256100 | &nbsp;&nbsp;&nbsp; $(16895) |
| 20 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 6570750 | &nbsp;&nbsp;&nbsp; 16013 |
| 9 | CME E-Mini Standard & Poor's MidCap 400 Index | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 3056850 | &nbsp;&nbsp;&nbsp; (23660) |
| 27 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 3916485 | &nbsp;&nbsp;&nbsp; (38245) |
| 32 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 2327360 | &nbsp;&nbsp;&nbsp; (5365) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $(68152) |

---

---

| | |
|:---|:---|
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| 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 $7,837,973 at March 31, 2026. The loaned securities were secured with cash collateral of $1,435,500 and non-cash collateral of $6,577,609. 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.

<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.

---

| | | |
|:---|:---|:---|
| **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK 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 — 88.4%** |  |
|  | **EQUITY - 59.0%** |  |
| 67081 | FlexShares Global Upstream Natural Resources Index Fund<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $3700188 |
| 146917 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 3694963 |
| 23739 | iShares MSCI Emerging Markets ex China ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1867310 |
| 24635 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 1859696 |
| 125263 | State Street SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 7418075 |
| 19145 | State Street SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 1874487 |
| 48881 | State Street SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2765687 |
| 76645 | State Street SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 3703486 |
| 190109 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 12182185 |
| 69153 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 3737720 |
| 28019 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 16742752 |
| 23262 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 932806 |
|  |  | &nbsp;&nbsp; 60479355 |
|  | **FIXED INCOME - 29.4%** |  |
| 39457 | iShares BB Rated Corporate Bond ETF, USD Class | &nbsp;&nbsp;&nbsp; 1834356 |
| 41805 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4556327 |
| 272428 | State Street SPDR Portfolio Short Term Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 8191909 |
| 72887 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 1830193 |
| 46017 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2740312 |
| 38990 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 1830581 |
| 109341 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 5461583 |
| 19042 | Vanguard Total International Bond ETF | &nbsp;&nbsp;&nbsp; 914968 |
| 75623 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 2734528 |
|  |  | &nbsp;&nbsp; 30094757 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $73,772,559)** | &nbsp;&nbsp; 90574112 |
|  | **SHORT-TERM INVESTMENTS — 24.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 12.7%** |  |
| 12989117 | Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $12,989,117)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 12989117 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO** | **TOPS MANAGED RISK MODERATE GROWTH 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)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  |  |  |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 24.0% (Continued)** | **SHORT-TERM INVESTMENTS — 24.0% (Continued)** |  |  |  |
|  | **MONEY MARKET FUNDS - 11.3%** | **MONEY MARKET FUNDS - 11.3%** |  |  |  |
| 11542057 | Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $11,542,057)<sup>(b)</sup> |  |  |  | &nbsp;&nbsp;&nbsp; $11542057 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $24,531,174)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $24,531,174)** | **TOTAL SHORT-TERM INVESTMENTS (Cost $24,531,174)** |  | 24531174 |
|  | **TOTAL INVESTMENTS - 112.4% (Cost $98,303,733)** | **TOTAL INVESTMENTS - 112.4% (Cost $98,303,733)** |  |  | &nbsp;&nbsp;&nbsp; $115105286 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.4)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (12.4)%** |  |  | &nbsp;&nbsp; (12738058) |
|  | **NET ASSETS - 100.0%** |  |  |  | &nbsp;&nbsp; $102367228 |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Long Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Depreciation** |
| 35 | CBOT 5 Year US Treasury Note | Bank of America Merrill Lynch | 07/01/2026 | &nbsp;&nbsp;&nbsp; $3786289 | &nbsp;&nbsp;&nbsp; $(54985) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  |  |
| **OPEN FUTURES CONTRACTS** | **OPEN FUTURES CONTRACTS** |  |  |  |  |
| **Number of Contracts** | **Open Short Futures Contracts** | **Broker** | **Expiration** | **Notional Amount<sup>(c)</sup>** | **Value and Unrealized Depreciation** |
| 1 | CME E-mini Russell 2000 Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; $125610 | &nbsp;&nbsp;&nbsp; $(2335) |
| 2 | CME E-Mini Standard & Poor's 500 Index Future | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 657075 | &nbsp;&nbsp;&nbsp; (11787) |
| 1 | CME E-Mini Standard & Poor's MidCap 400 Index | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 339650 | &nbsp;&nbsp;&nbsp; (4800) |
| 3 | ICE US mini MSCI EAFE Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 435165 | &nbsp;&nbsp;&nbsp; (9500) |
| 4 | ICE US MSCI Emerging Markets EM Index Futures | Bank of America Merrill Lynch | 06/22/2026 | &nbsp;&nbsp;&nbsp; 290920 | &nbsp;&nbsp;&nbsp; (8000) |
|  | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** | **TOTAL FUTURES CONTRACTS** |  | &nbsp;&nbsp; $(36422) |

---

---

| | |
|:---|:---|
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| 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 $17,074,528 at March 31, 2026. The loaned securities were secured with cash collateral of $12,989,117 and non-cash collateral of $4,554,423. 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.

<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 Growth ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031509

- **c. LEI of Series:** 549300QYE0XD8DFGBU43

**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:** $161284643.14

**Total Liabilities:** $71308.99

**Net Assets:** $161213334.15

**Cash Not Reported:** $551808.05

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097936 | 3.63%                | 2.68%                | -5.22%               |
| Class ID C000097937 | 3.61%                | 2.67%                | -5.26%               |
| Class ID C000112457 | 3.63%                | 2.66%                | -5.25%               |
| Class ID C000112458 | 3.56%                | 2.68%                | -5.29%               |
| Class ID C000158842 | 3.60%                | 2.67%                | -5.32%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $942435.89               | $4534175.10                                |
| Month 2  | $889205.06               | $3303450.17                                |
| Month 3  | $676026.62               | $-9218943.39                               |

**Designated Index Information**

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

- **Index Identifier:** TOPS MANAGED RISK GROWTH 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |     79279 | NS      | $2866728.64   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    105486 | NS      | $5818607.76   | 3.61%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     26528 | NS      | $2891286.72   | 1.79%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     74643 | NS      | $5871418.38   | 3.64%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     38744 | NS      | $2924784.56   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    231061 | NS      | $5811184.15   | 3.60%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHR BB CORP BND                   | CUSIP: 46435U473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     31025 | NS      | $1442352.25   | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     75263 | NS      | $7369000.33   | 4.57%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP500V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    128354 | NS      | $7262269.32   | 4.50%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP400M                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    270829 | NS      | $16038493.38  | 9.95%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP600S                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    180775 | NS      | $8735048.00   | 5.42%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  17697064 | PA      | $17697063.81  | 10.98%            |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    114654 | NS      | $2878961.94   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    389930 | NS      | $24986714.40  | 15.50%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     85972 | NS      | $4294301.40   | 2.66%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    108743 | NS      | $5877559.15   | 3.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     48245 | NS      | $2872989.75   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     30661 | NS      | $1439533.95   | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     51404 | NS      | $30716460.20  | 19.05%            |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     73148 | NS      | $2933234.80   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P500 EMINI FUT  Jun26            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |       -20 | NC      | $16012.50     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P MID 400 EMINI Jun26            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |        -9 | NC      | $-23660.00    | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Jun26            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        29 | NC      | $-45765.63    | -0.03%            |  |  |  | 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      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Jun26            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |       -32 | NC      | $-5365.00     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Jun26            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |       -27 | NC      | $-38245.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | E-Mini Russ 2000  Jun26            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Short            | DE               | CORP              | US        |       -10 | NC      | $-16895.00    | -0.01%            |  |  |  | No            | 1                  | 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