# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-26-002632
**Filing Date:** 2026-2
**Character Count:** 13404
**Document Hash:** 8a916d26f8d37214ca56a42c29a476d9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002632.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002632

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**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:** 26682192

**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 Growth ETF Portfolio (Series ID: S000031509)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000097936 | TOPS Managed Risk Growth ETF Portfolio Class 1 shares        |  |
| C000097937 | TOPS Managed Risk Growth ETF Portfolio Class 2 shares        |  |
| C000112457 | TOPS Managed Risk Growth ETF Portfolio Class 3               |  |
| C000112458 | TOPS Managed Risk Growth ETF Portfolio Class 4               |  |
| C000158842 | TOPS Managed Risk 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 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:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**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:** $165196564.42

**Total Liabilities:** $74096.64

**Net Assets:** $165122467.78

**Cash Not Reported:** $711939.84

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097936 | 1.29%                | 0.72%                | 0.86%                |
| Class ID C000097937 | 1.28%                | 0.72%                | 0.79%                |
| Class ID C000112457 | 1.24%                | 0.71%                | 0.80%                |
| Class ID C000112458 | 1.22%                | 0.69%                | 0.79%                |
| Class ID C000158842 | 1.30%                | 0.72%                | 0.84%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $529230.89               | $1240640.09                                |
| Month 2  | $372315.20               | $731695.47                                 |
| Month 3  | $354333.68               | $-257924.22                                |

**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        |     81214 | NS      | $2991111.62   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    130560 | NS      | $5986176.00   | 3.63%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     27006 | NS      | $2975791.14   | 1.80%             |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     82544 | NS      | $5999297.92   | 3.63%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     39394 | NS      | $2949822.72   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    238405 | NS      | $5948204.75   | 3.60%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHR BB CORP BND                   | CUSIP: 46435U473<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     31806 | NS      | $1499016.78   | 0.91%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     69473 | NS      | $7412769.10   | 4.49%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP500V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    130635 | NS      | $7421374.35   | 4.49%             |  |  |  | No            | 1                  | On Loan: —       |
| SPDR Series Trust                         | SS SPDR P SP400M                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    280252 | NS      | $16229393.32  | 9.83%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SS SPDR P SP600S                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    187945 | NS      | $8807102.70   | 5.33%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  18789608 | PA      | $18789608.15  | 11.38%            |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    116233 | NS      | $3001136.06   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    405593 | NS      | $25337394.71  | 15.34%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     90738 | NS      | $4487901.48   | 2.72%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    111607 | NS      | $5999992.32   | 3.63%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     49800 | NS      | $2984514.00   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     31728 | NS      | $1493754.24   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     49663 | NS      | $31145157.19  | 18.86%            |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     76689 | NS      | $2992404.78   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P500 EMINI FUT  Mar26            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |        16 | NC      | $3117.50      | 0.00%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P MID 400 EMINI Mar26            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         7 | NC      | $-35325.00    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Mar26            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        30 | NC      | $-11953.11    | -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      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Mar26            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        31 | NC      | $39810.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Mar26            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        22 | NC      | $8735.00      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | E-Mini Russ 2000  Mar26            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         8 | NC      | $-30142.50    | -0.02%            |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer