# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-25-203103
**Filing Date:** 2025-8
**Character Count:** 13811
**Document Hash:** 101055d41481deb374e51f1e29fc3a7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203103.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203103

**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:** 251252144

**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 Moderate Growth ETF Portfolio (Series ID: S000031508)

| Class ID   | Class Name                                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097934 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 1 shares        |  |
| C000097935 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 2 shares        |  |
| C000112455 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 3 shares        |  |
| C000112456 | TOPS Managed Risk Moderate Growth ETF Portfolio Class 4 shares        |  |
| C000158841 | TOPS Managed Risk Moderate Growth ETF Portfolio Investor 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 Managed Risk Moderate Growth ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031508

- **c. LEI of Series:** 549300NQO6B78XIUUT51

**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:** $100468468.93

**Total Liabilities:** $42050.17

**Net Assets:** $100426418.76

**Cash Not Reported:** $249311.65

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097934 | -2.61%               | 2.36%                | 3.10%                |
| Class ID C000112456 | -2.69%               | 2.34%                | 3.04%                |
| Class ID C000097935 | -2.65%               | 2.27%                | 3.11%                |
| Class ID C000112455 | -2.65%               | 2.31%                | 3.07%                |
| Class ID C000158841 | -2.62%               | 2.28%                | 3.11%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $128888.80               | $-171281.64                                |
| Month 2  | $586148.32               | $2350639.66                                |
| Month 3  | $287230.54               | $2121928.28                                |

**Designated Index Information**

- **Index Name:** TOPS Managed Risk Moderate Growth ETF Port  DRP

- **Index Identifier:** TOPS MANAGED RISK MODERATE GROWTH ETF PORT  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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     26121 | NS      | $900652.08    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P500 EMINI FUT  Sep25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         8 | NC      | $88500.00     | 0.09%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     41079 | NS      | $4502669.19   | 4.48%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    145625 | NS      | $3596937.50   | 3.58%             |  |  |  | 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      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     38743 | NS      | $1795350.62   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | E-Mini Russ 2000  Sep25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         3 | NC      | $10965.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     72856 | NS      | $3603457.76   | 3.59%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     28746 | NS      | $16328590.38  | 16.26%            |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     28622 | NS      | $1807193.08   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     19148 | NS      | $1825187.36   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  11320001 | PA      | $11320001.08  | 11.27%            |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     26838 | NS      | $1823642.10   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Sep25            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        15 | NC      | $15825.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     90185 | NS      | $3617320.35   | 3.60%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Sep25            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        11 | NC      | $13145.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Sep25            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        35 | NC      | $37734.37     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    121704 | NS      | $4493311.68   | 4.47%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 400                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    133621 | NS      | $7266309.98   | 7.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                  | VANGUARD INTL BD                   | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     18081 | NS      | $895190.31    | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    106868 | NS      | $5372254.36   | 5.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     45151 | NS      | $2700481.31   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR-PORT S/T C                    | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    266978 | NS      | $8060065.82   | 8.03%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     71279 | NS      | $1806922.65   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    207943 | NS      | $11854830.43  | 11.80%            |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPD-POR S&P500 V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     52072 | NS      | $2725448.48   | 2.71%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 600                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     85254 | NS      | $3631820.40   | 3.62%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P MID 400 EMINI Sep25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         4 | NC      | $37620.00     | 0.04%             |  |  |  | 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