# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-25-203098
**Filing Date:** 2025-8
**Character Count:** 12332
**Document Hash:** 363af67cedbcdb20e438b245da24b1f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203098.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203098

**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:** 251252127

**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 Conservative ETF Portfolio (Series ID: S000031502)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097922 | TOPS Conservative ETF Portfolio Class 1 shares        |  |
| C000097923 | TOPS Conservative ETF Portfolio Class 2 shares        |  |
| C000158835 | TOPS Conservative ETF Portfolio Investor Class Shares |  |
| C000211500 | TOPS Conservative 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 Conservative ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031502

- **c. LEI of Series:** 549300C5JVVXIIJS4082

**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:** $41765562.28

**Total Liabilities:** $13186.14

**Net Assets:** $41752376.14

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097922 | 0.38%                | 1.61%                | 1.88%                |
| Class ID C000097923 | 0.47%                | 1.55%                | 1.91%                |
| Class ID C000211500 | 0.47%                | 1.55%                | 1.91%                |
| Class ID C000158835 | 0.38%                | 1.51%                | 1.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-2862.82                | $99195.99                                  |
| Month 2  | $53871.99                | $498594.66                                 |
| Month 3  | $37596.90                | $620043.07                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     20956 | NS      | $840545.16    | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     12319 | NS      | $424759.12    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                  | VANGUARD INTL BD                   | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     33606 | NS      | $1663833.06   | 3.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     18215 | NS      | $844083.10    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPD-POR S&P500 V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     32079 | NS      | $1679014.86   | 4.02%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     16731 | NS      | $413255.70    | 0.99%             |  |  |  | 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      |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |      6354 | NS      | $431754.30    | 1.03%             |  |  |  | No            | 1                  | On Loan: —       |
| J P Morgan Exchange Traded Fund Trust     | JPM ULTRA-SHT IN                   | CUSIP: 46641Q837<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     32750 | NS      | $1659770.00   | 3.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |      8522 | NS      | $421498.12    | 1.01%             |  |  |  | No            | 1                  | On Loan: —       |
| SPDR Series Trust                         | SPDR-PORT S/T C                    | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    165328 | NS      | $4991252.32   | 11.95%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD SHORT-T                   | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     56567 | NS      | $3325008.26   | 7.96%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |      8900 | NS      | $848348.00    | 2.03%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 400                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     30713 | NS      | $1670172.94   | 4.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     26800 | NS      | $2937548.00   | 7.04%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 600                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     10076 | NS      | $429237.60    | 1.03%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |     45253 | NS      | $1670740.76   | 4.00%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     33182 | NS      | $841163.70    | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      4430 | NS      | $2516372.90   | 6.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |      6727 | NS      | $424742.78    | 1.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |     44243 | NS      | $2522293.43   | 6.04%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR BLOOMBERG I                   | CUSIP: 78468R200<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     40371 | NS      | $1244637.93   | 2.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    132454 | NS      | $6658462.58   | 15.95%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     41943 | NS      | $2508610.83   | 6.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |    788183 | PA      | $788182.65    | 1.89%             |  |  |  | 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