# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-25-203102
**Filing Date:** 2025-8
**Character Count:** 13081
**Document Hash:** 0e472e814a0900cbbf9500b0bd3b1197
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-203102.hdr.sgml**: 20250826

**ACCESSION NUMBER**: 0001752724-25-203102

**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:** 251252143

**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:** 2025-06-30

**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:** $159480494.06

**Total Liabilities:** $69258.69

**Net Assets:** $159411235.37

**Cash Not Reported:** $627218.46

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112458 | -2.76%               | 2.67%                | 3.39%                |
| Class ID C000112457 | -2.81%               | 2.72%                | 3.45%                |
| Class ID C000158842 | -2.78%               | 2.71%                | 3.35%                |
| Class ID C000097936 | -2.76%               | 2.75%                | 3.47%                |
| Class ID C000097937 | -2.74%               | 2.74%                | 3.37%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $265099.23               | $-305315.42                                |
| Month 2  | $970747.76               | $5226032.31                                |
| Month 3  | $374152.80               | $4414122.14                                |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    230612 | NS      | $5696116.40   | 3.57%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     26058 | NS      | $2856217.38   | 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        |         8 | NC      | $10605.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     47496 | NS      | $2840735.76   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 400                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    290960 | NS      | $15822404.80  | 9.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Sep25            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        32 | NC      | $34249.98     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 600                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    202526 | NS      | $8627607.60   | 5.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     82736 | NS      | $2852737.28   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    115298 | NS      | $5702639.08   | 3.58%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     42482 | NS      | $2886651.90   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P500 EMINI FUT  Sep25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |        16 | NC      | $81687.50     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPD-POR S&P500 V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    137050 | NS      | $7173197.00   | 4.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     53107 | NS      | $30166369.21  | 18.92%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    430108 | NS      | $24520457.08  | 15.38%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     30653 | NS      | $1420460.02   | 0.89%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     84618 | NS      | $4253746.86   | 2.67%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Sep25            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        31 | NC      | $11600.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Sep25            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Long             | DE               | CORP              | US        |        22 | NC      | $26260.00     | 0.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    142829 | NS      | $5728871.19   | 3.59%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    113145 | NS      | $2868225.75   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    115635 | NS      | $4269244.20   | 2.68%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  17849322 | PA      | $17849321.75  | 11.20%            |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     90659 | NS      | $5724209.26   | 3.59%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE               | S&P MID 400 EMINI Sep25            | CUSIP: N/A<br>LEI: SNZ2OJLFK8MNNCLQOF39       | Long             | DE               | CORP              | US        |         7 | NC      | $22210.00     | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     75804 | NS      | $7225637.28   | 4.53%             |  |  |  | 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      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer