# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-25-004892
**Filing Date:** 2025-11
**Character Count:** 35920
**Document Hash:** ec49d91c21621fa8aea6a26ada9ec4a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004892.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004892

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251533307

**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

### Donoghue Forlines Momentum VIT Fund (Series ID: S000016887)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000186847 | Donoghue Forlines Momentum VIT Fund Class 2 shares |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **AEROSPACE & DEFENSE - 4.2%** |  |
| 609 | L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp; $185995 |
| 362 | Lockheed Martin Corporation, Class B | &nbsp;&nbsp;&nbsp; 180714 |
|  |  | &nbsp;&nbsp; 366709 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 1573 | T Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp; 161453 |
|  | **AUTOMOTIVE - 2.0%** |  |
| 14689 | Ford Motor Company | &nbsp;&nbsp;&nbsp; 175680 |
|  | **BANKING - 15.4%** |  |
| 1726 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 175189 |
| 3238 | Citizens Financial Group, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 172132 |
| 3686 | Fifth Third Bancorp<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 164211 |
| 9499 | Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp; 164048 |
| 8723 | KeyCorporation | &nbsp;&nbsp;&nbsp; 163033 |
| 846 | M&T Bank Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 167187 |
| 831 | PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 166973 |
| 3409 | US Bancorp | &nbsp;&nbsp;&nbsp; 164757 |
|  |  | &nbsp;&nbsp; 1337530 |
|  | **BIOTECH & PHARMA - 11.9%** |  |
| 793 | AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 183611 |
| 602 | Amgen, Inc. | &nbsp;&nbsp;&nbsp; 169884 |
| 3558 | Bristol-Myers Squibb Company | &nbsp;&nbsp;&nbsp; 160466 |
| 954 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 176891 |
| 1996 | Merck & Company, Inc. | &nbsp;&nbsp;&nbsp; 167524 |
| 6827 | Pfizer, Inc. | &nbsp;&nbsp;&nbsp; 173952 |
|  |  | &nbsp;&nbsp; 1032328 |
|  | **CABLE & SATELLITE - 1.8%** |  |
| 5010 | Comcast Corporation, Class A | &nbsp;&nbsp;&nbsp; 157414 |
|  | **CHEMICALS - 2.0%** |  |
| 1930 | CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp; 173121 |

---

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 2.0%** |  |
| 787 | Packaging Corporation of America | &nbsp;&nbsp;&nbsp; $171511 |
|  | **ELECTRIC UTILITIES - 5.7%** |  |
| 524 | Constellation Energy Corporation | &nbsp;&nbsp;&nbsp; 172432 |
| 1041 | NRG Energy, Inc. | &nbsp;&nbsp;&nbsp; 168590 |
| 802 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 157128 |
|  |  | &nbsp;&nbsp; 498150 |
|  | **FOOD - 1.8%** |  |
| 8665 | Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp; 158656 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 2268 | CVS Health Corporation | &nbsp;&nbsp;&nbsp; 170985 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 8.1%** |  |
| 645 | CME Group, Inc. | &nbsp;&nbsp;&nbsp; 174273 |
| 1088 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 172948 |
| 1320 | Northern Trust Corporation | &nbsp;&nbsp;&nbsp; 177672 |
| 1514 | State Street Corporation | &nbsp;&nbsp;&nbsp; 175639 |
|  |  | &nbsp;&nbsp; 700532 |
|  | **INSURANCE - 4.0%** |  |
| 2117 | MetLife, Inc. | &nbsp;&nbsp;&nbsp; 174378 |
| 2095 | Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 173696 |
|  |  | &nbsp;&nbsp; 348074 |
|  | **MACHINERY - 2.1%** |  |
| 517 | Snap-on, Inc. | &nbsp;&nbsp;&nbsp; 179156 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 1817 | Medtronic PLC | &nbsp;&nbsp;&nbsp; 173051 |
|  | **OIL & GAS PRODUCERS - 9.7%** |  |
| 1063 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 165073 |
| 1778 | ConocoPhillips | &nbsp;&nbsp;&nbsp; 168181 |
| 1491 | Exxon Mobil Corporation | &nbsp;&nbsp;&nbsp; 168110 |
| 2287 | ONEOK, Inc. | &nbsp;&nbsp;&nbsp; 166882 |

---

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 9.7% (Continued)** |  |
| 1276 | Phillips 66 | &nbsp;&nbsp;&nbsp; $173562 |
|  |  | &nbsp;&nbsp; 841808 |
|  | **REAL ESTATE INVESTMENT TRUSTS - 1.9%** |  |
| 5062 | VICI Properties, Inc. | &nbsp;&nbsp;&nbsp; 165072 |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 2190 | Best Buy Company, Inc. | &nbsp;&nbsp;&nbsp; 165608 |
|  | **RETAIL REIT - 2.0%** |  |
| 936 | Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp; 175659 |
|  | **SPECIALTY FINANCE - 2.0%** |  |
| 2821 | Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp; 170642 |
|  | **TECHNOLOGY HARDWARE - 4.2%** |  |
| 5913 | HP, Inc. | &nbsp;&nbsp;&nbsp; 161011 |
| 869 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp; 205136 |
|  |  | &nbsp;&nbsp; 366147 |
|  | **TECHNOLOGY SERVICES - 1.8%** |  |
| 1261 | Paychex, Inc. | &nbsp;&nbsp;&nbsp; 159844 |
|  | **TELECOMMUNICATIONS - 3.8%** |  |
| 5745 | AT&T, Inc. | &nbsp;&nbsp;&nbsp; 162239 |
| 3857 | Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 169515 |
|  |  | &nbsp;&nbsp; 331754 |
|  | **TOBACCO & CANNABIS – 1.9%** |  |
| 2533 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 167330 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 1700 | PACCAR, Inc. | &nbsp;&nbsp;&nbsp; 167144 |
|  | **TOTAL COMMON STOCKS (Cost $7,757,549)** | &nbsp;&nbsp; 8515358 |

---

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** | **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 7.8%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 5.9%** |  |
| 515865 | Mount Vernon Liquid Assets Portfolio, 4.22% (Cost $515,865)<sup>(b),(c)</sup> | &nbsp;&nbsp;&nbsp; $515865 |
|  | **MONEY MARKET FUNDS - 1.9%** |  |
| 168717 | Fidelity Investments Money Market Government Portfolio, Class I, 4.04% (Cost $168,717)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 168717 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $684,582)** | 684582 |
|  | **TOTAL INVESTMENTS - 105.8% (Cost $8,442,131)** | &nbsp;&nbsp;&nbsp; $9199940 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.8)%** | &nbsp;&nbsp; (512893) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $8687047 |

---

PLC - Public Limited Company <br> REIT - Real Estate Investment Trust <br>

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $498,349.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $515,865 at September 30, 2025.

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **BANKING - 4.0%** |  |
| 13986 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; $1419579 |
| 26231 | Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp; 1394440 |
|  |  | &nbsp;&nbsp; 2814019 |
|  | **BIOTECH & PHARMA - 5.8%** |  |
| 2896 | Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1320576 |
| 15757 | Incyte Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1336351 |
| 7731 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 1433482 |
|  |  | &nbsp;&nbsp; 4090409 |
|  | **ELECTRIC UTILITIES - 1.8%** |  |
| 6496 | Vistra Corporation | &nbsp;&nbsp;&nbsp; 1272696 |
|  | **ELECTRICAL EQUIPMENT – 4.0%** |  |
| 11412 | Amphenol Corporation, Class A | &nbsp;&nbsp;&nbsp; 1412235 |
| 6461 | TE Connectivity PLC | &nbsp;&nbsp;&nbsp; 1418383 |
|  |  | &nbsp;&nbsp; 2830618 |
|  | **ENGINEERING & CONSTRUCTION - 2.0%** |  |
| 2142 | EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp; 1391315 |
|  | **ENTERTAINMENT CONTENT - 4.3%** |  |
| 7982 | Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp; 1609970 |
| 10231 | ROBLOX Corporation, Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1417198 |
|  |  | &nbsp;&nbsp; 3027168 |
|  | **HEALTH CARE FACILITIES & SERVICES - 3.8%** |  |
| 4968 | Humana, Inc. | &nbsp;&nbsp;&nbsp; 1292525 |
| 7391 | IQVIA Holdings, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1403846 |
|  |  | &nbsp;&nbsp; 2696371 |
|  | **INDUSTRIAL SUPPORT SERVICES - 3.9%** |  |
| 28331 | Fastenal Company | &nbsp;&nbsp;&nbsp; 1389352 |
| 1438 | United Rentals, Inc. | &nbsp;&nbsp;&nbsp; 1372801 |
|  |  | &nbsp;&nbsp; 2762153 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.0%** |  |
| 13068 | Bank of New York Mellon Corporation (The) | &nbsp;&nbsp;&nbsp; 1423889 |
| 1766 | Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp; 1406354 |
|  |  | &nbsp;&nbsp; 2830243 |

---

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 7.3%** |  |
| 5682 | Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp; $1381293 |
| 6307 | Expedia Group, Inc. | &nbsp;&nbsp;&nbsp; 1348121 |
| 38511 | Pinterest, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1238899 |
| 5247 | Reddit, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1206758 |
|  |  | &nbsp;&nbsp; 5175071 |
|  | **LEISURE FACILITIES & SERVICES - 5.5%** |  |
| 43337 | Carnival Corporation<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1252873 |
| 24937 | Las Vegas Sands Corporation | &nbsp;&nbsp;&nbsp; 1341362 |
| 3980 | Royal Caribbean Cruises Ltd.<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 1287848 |
|  |  | &nbsp;&nbsp; 3882083 |
|  | **METALS & MINING - 2.1%** |  |
| 17328 | Newmont Corporation | &nbsp;&nbsp;&nbsp; 1460924 |
|  | **OIL & GAS PRODUCERS - 1.9%** |  |
| 8613 | Chevron Corporation | &nbsp;&nbsp;&nbsp; 1337513 |
|  | **OIL & GAS SERVICES & EQUIPMENT - 2.0%** |  |
| 28965 | Baker Hughes Company | &nbsp;&nbsp;&nbsp; 1411175 |
|  | **REAL ESTATE SERVICES - 1.9%** |  |
| 8357 | CBRE Group, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1316729 |
|  | **RETAIL - DISCRETIONARY - 1.9%** |  |
| 23252 | Tractor Supply Company | &nbsp;&nbsp;&nbsp; 1322341 |
|  | **SEMICONDUCTORS - 10.3%** |  |
| 8519 | Advanced Micro Devices, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1378289 |
| 3677 | Broadcom, Inc. | &nbsp;&nbsp;&nbsp; 1213079 |
| 12659 | Lam Research Corporation | &nbsp;&nbsp;&nbsp; 1695041 |
| 7664 | NVIDIA Corporation | &nbsp;&nbsp;&nbsp; 1429949 |
| 11535 | Teradyne, Inc. | &nbsp;&nbsp;&nbsp; 1587677 |
|  |  | &nbsp;&nbsp; 7304035 |
|  | **SOFTWARE - 4.4%** |  |
| 4015 | Cadence Design Systems, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1410309 |

---

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **SOFTWARE - 4.4% (Continued)** |  |
| 3505 | Synopsys, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $1729332 |
|  |  | &nbsp;&nbsp; 3139641 |
|  | **SPECIALTY FINANCE - 3.8%** |  |
| 53254 | SoFi Technologies, Inc.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1406971 |
| 18184 | Synchrony Financial | &nbsp;&nbsp;&nbsp; 1291973 |
|  |  | &nbsp;&nbsp; 2698944 |
|  | **TECHNOLOGY HARDWARE - 16.3%** |  |
| 5993 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1525998 |
| 9017 | Arista Networks, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1313867 |
| 18138 | Corning, Inc. | &nbsp;&nbsp;&nbsp; 1487860 |
| 8289 | Credo Technology Group Holding Ltd.<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp; 1206961 |
| 55608 | Hewlett Packard Enterprise Company | &nbsp;&nbsp;&nbsp; 1365732 |
| 2821 | Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp; 1290015 |
| 7040 | Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp; 1661862 |
| 14303 | Western Digital Corporation | &nbsp;&nbsp;&nbsp; 1717219 |
|  |  | &nbsp;&nbsp; 11569514 |
|  | **TECHNOLOGY SERVICES - 1.7%** |  |
| 16013 | Affirm Holdings, Inc., Class A<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1170230 |
|  | **TOBACCO & CANNABIS - 1.9%** |  |
| 20520 | Altria Group, Inc. | &nbsp;&nbsp;&nbsp; 1355551 |
|  | **TRANSPORTATION EQUIPMENT - 2.0%** |  |
| 3353 | Cummins, Inc. | &nbsp;&nbsp;&nbsp; 1416207 |
|  | **WHOLESALE - CONSUMER STAPLES - 1.9%** |  |
| 22131 | Archer-Daniels-Midland Company | &nbsp;&nbsp;&nbsp; 1322106 |
|  | **TOTAL COMMON STOCKS (Cost $66,878,999)** | &nbsp;&nbsp; 69597056 |

---

---

| | | |
|:---|:---|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** | **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.7%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED – 4.9%** |  |
| 3503879 | Mount Vernon Liquid Assets Portfolio, 4.22% (Cost $3,503,879)<sup>(c),(d)</sup> | &nbsp;&nbsp;&nbsp; $3503879 |
|  | **MONEY MARKET FUNDS - 1.8%** |  |
| 1283257 | Fidelity Investments Money Market Government Portfolio, Class I, 4.04% (Cost $1,283,257)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1283257 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,787,136)** | 4787136 |
|  | **TOTAL INVESTMENTS - 105.2% (Cost $71,666,135)** | &nbsp;&nbsp;&nbsp; $74384192 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (5.2)%** | &nbsp;&nbsp; (3577063) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $70807129 |

---

Ltd. - Limited Company <br> PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of September 30, 2025 was $3,374,322.

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at September 30, 2025. Total collateral had a value of $3,503,879 at September 30, 2025.

## 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:** Donoghue Forlines Momentum VIT Fund

- **b. EDGAR series identifier (if any):** S000016887

- **c. LEI of Series:** 549300AX848D7L72RN86

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $70910597.34

**Total Liabilities:** $103468.17

**Net Assets:** $70807129.17

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186847 | 0.68%                | -0.41%               | 4.33%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $539969.23                                 |
| Month 2  | $61006.47                | $-309254.29                                |
| Month 3  | $6144155.08              | $-3155739.73                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Broadcom Inc                       | BROADCOM INC                         | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      3677 | NS      | $1213079.07   | 1.71%             |  |  |  | No            | 1                  | On Loan: No      |
| Humana Inc.                        | HUMANA INC                           | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      4968 | NS      | $1292524.56   | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Pinterest Inc                      | PINTEREST INC -A                     | CUSIP: 72352L106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     38511 | NS      | $1238898.87   | 1.75%             |  |  |  | No            | 1                  | On Loan: No      |
| Altria Group, Inc.                 | ALTRIA GROUP INC                     | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |     20520 | NS      | $1355551.20   | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Archer-Daniels-Midland Co.         | ARCHER-DANIELS                       | CUSIP: 039483102<br>LEI: 549300LO13MQ9HYSTR83 | Long             | EC               | CORP              | US        |     22131 | NS      | $1322105.94   | 1.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Arista Networks Inc                | ARISTA NETWORKS                      | CUSIP: 040413205<br>LEI: 635400H1WKBLOQERUU95 | Long             | EC               | CORP              | US        |      9017 | NS      | $1313867.07   | 1.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Royal Caribbean Group              | ROYAL CARIBBEAN                      | CUSIP: V7780T103<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | EC               | CORP              | LR        |      3980 | NS      | $1287848.40   | 1.82%             |  |  |  | No            | 1                  | On Loan: —       |
| Hewlett Packard Enterprise Co.     | HEWLETT PACKA                        | CUSIP: 42824C109<br>LEI: 549300BX44RGX6ANDV88 | Long             | EC               | CORP              | US        |     55608 | NS      | $1365732.48   | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                        | VISTRA CORP                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |      6496 | NS      | $1272696.32   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| United Rentals, Inc.               | UNITED RENTALS                       | CUSIP: 911363109<br>LEI: 5323X5O7RN0NKFCDRY08 | Long             | EC               | CORP              | US        |      1438 | NS      | $1372801.08   | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Synchrony Financial                | SYNCHRONY FINANC                     | CUSIP: 87165B103<br>LEI: 549300RS7EWPM9MA6C78 | Long             | EC               | CORP              | US        |     18184 | NS      | $1291973.20   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Motorola Solutions Inc             | MOTOROLA SOLUTIO                     | CUSIP: 620076307<br>LEI: 6S552MUG6KGJVEBSEC55 | Long             | EC               | CORP              | US        |      2821 | NS      | $1290015.09   | 1.82%             |  |  |  | No            | 1                  | On Loan: No      |
| Affirm Holdings Inc                | AFFIRM HOLDINGS                      | CUSIP: 00827B106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16013 | NS      | $1170230.04   | 1.65%             |  |  |  | No            | 1                  | On Loan: No      |
| Cadence Design Systems, Inc.       | CADENCE DESIGN                       | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      4015 | NS      | $1410308.90   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| TE Connectivity PLC                | TE CONNECTIVITY                      | CUSIP: G87052109<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |      6461 | NS      | $1418383.33   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Tractor Supply Co                  | TRACTOR SUPPLY                       | CUSIP: 892356106<br>LEI: 549300OJ9VZHZRO6I137 | Long             | EC               | CORP              | US        |     23252 | NS      | $1322341.24   | 1.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Colchester Street Trust   | FID-MM GOVT-I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |   1283257 | PA      | $1283256.72   | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Roblox Corporation                 | ROBLOX CORP - A                      | CUSIP: 771049103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10231 | NS      | $1417198.12   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Las Vegas Sands Corp               | LAS VEGAS SANDS                      | CUSIP: 517834107<br>LEI: 549300DUOO1KXOHPM605 | Long             | EC               | CORP              | US        |     24937 | NS      | $1341361.23   | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Johnson & Johnson                  | JOHNSON&JOHNSON                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      7731 | NS      | $1433482.02   | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Electronic Arts Inc.               | ELECTRONIC ARTS                      | CUSIP: 285512109<br>LEI: 549300O7A67PUEYKDL45 | Long             | EC               | CORP              | US        |      7982 | NS      | $1609969.40   | 2.27%             |  |  |  | No            | 1                  | On Loan: No      |
| CBRE Group Inc.                    | CBRE GROUP INC-A                     | CUSIP: 12504L109<br>LEI: 52990016II9MJ2OSWA10 | Long             | EC               | CORP              | US        |      8357 | NS      | $1316728.92   | 1.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Carnival Corporation               | CARNIVAL CORP                        | CUSIP: 143658300<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | EC               | CORP              | PA        |     43337 | NS      | $1252872.67   | 1.77%             |  |  |  | No            | 1                  | On Loan: No      |
| Emcor Group Inc                    | EMCOR GROUP INC                      | CUSIP: 29084Q100<br>LEI: 529900X0SQJB2J7YDU43 | Long             | EC               | CORP              | US        |      2142 | NS      | $1391314.68   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| NVIDIA Corp.                       | NVIDIA CORP                          | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |      7664 | NS      | $1429949.12   | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| N/A                                | MOUNT VERNON LIQUID ASSETS PORTFOLIO | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             |  | US        |         0 | NS      | $0.00         | 0.00%             |  |  |  | No            | N/A                | On Loan: No      |
| Western Digital Corp.              | WESTERN DIGITAL                      | CUSIP: 958102105<br>LEI: 549300QQXOOYEF89IC56 | Long             | EC               | CORP              | US        |     14303 | NS      | $1717218.18   | 2.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Advanced Micro Devices Inc.        | ADV MICRO DEVICE                     | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |      8519 | NS      | $1378289.01   | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Expedia Group Inc                  | EXPEDIA GROUP IN                     | CUSIP: 30212P303<br>LEI: CI7MUJI4USF3V0NJ1H64 | Long             | EC               | CORP              | US        |      6307 | NS      | $1348121.25   | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| IQVIA Holdings Inc.                | IQVIA HOLDINGS I                     | CUSIP: 46266C105<br>LEI: 549300W3R20NM4KQPH86 | Long             | EC               | CORP              | US        |      7391 | NS      | $1403846.54   | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Citizens Financial Group Inc       | CITIZENS FINANCI                     | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |     26231 | NS      | $1394439.96   | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Seagate Technology Holdings PLC    | SEAGATE TECHNOLO                     | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |      7040 | NS      | $1661862.40   | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Synopsys Inc                       | SYNOPSYS INC                         | CUSIP: 871607107<br>LEI: QG7T915N9S0NY5UKNE63 | Long             | EC               | CORP              | US        |      3505 | NS      | $1729331.95   | 2.44%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp.                      | CHEVRON CORP                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      8613 | NS      | $1337512.77   | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Teradyne Inc.                      | TERADYNE INC                         | CUSIP: 880770102<br>LEI: C3X4YJ278QNZHRJULN75 | Long             | EC               | CORP              | US        |     11535 | NS      | $1587677.40   | 2.24%             |  |  |  | No            | 1                  | On Loan: No      |
| Reddit Inc                         | REDDIT INC-A                         | CUSIP: 75734B100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      5247 | NS      | $1206757.53   | 1.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Corning Incorporated               | CORNING INC                          | CUSIP: 219350105<br>LEI: 549300X2937PB0CJ7I56 | Long             | EC               | CORP              | US        |     18138 | NS      | $1487860.14   | 2.10%             |  |  |  | No            | 1                  | On Loan: No      |
| Alnylam Pharmaceuticals Inc.       | ALNYLAM PHARMACE                     | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      2896 | NS      | $1320576.00   | 1.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Fastenal Co.                       | FASTENAL CO                          | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     28331 | NS      | $1389352.24   | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| Alphabet Inc.                      | ALPHABET INC-A                       | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      5682 | NS      | $1381294.20   | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Incyte Corporation.                | INCYTE CORP                          | CUSIP: 45337C102<br>LEI: 549300Z4WN6JVZ3T4680 | Long             | EC               | CORP              | US        |     15757 | NS      | $1336351.17   | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Apple Inc.                         | APPLE INC                            | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      5993 | NS      | $1525997.59   | 2.16%             |  |  |  | No            | 1                  | On Loan: No      |
| Baker Hughes Company               | BAKER HUGHES CO                      | CUSIP: 05722G100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28965 | NS      | $1411174.80   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| The Bank of New York Mellon Corp.  | BANK NY MELLON                       | CUSIP: 064058100<br>LEI: WFLLPEPC7FZXENRZV188 | Long             | EC               | CORP              | US        |     13068 | NS      | $1423889.28   | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Goldman Sachs Group, Inc.          | GOLDMAN SACHS GP                     | CUSIP: 38141G104<br>LEI: 784F5XWPLTWKTBV3E584 | Long             | EC               | CORP              | US        |      1766 | NS      | $1406354.10   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Lam Research Corporation           | LAM RESEARCH                         | CUSIP: 512807306<br>LEI: 549300I4GMO6D34U1T02 | Long             | EC               | CORP              | US        |     12659 | NS      | $1695040.10   | 2.39%             |  |  |  | No            | 1                  | On Loan: No      |
| Cummins Inc.                       | CUMMINS INC                          | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      3353 | NS      | $1416206.61   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Credo Technology Group Holding Ltd | CREDO TECHNOLOGY                     | CUSIP: G25457105<br>LEI: N/A                  | Long             | EC               | CORP              | KY        |      8289 | NS      | $1206961.29   | 1.70%             |  |  |  | No            | 1                  | On Loan: —       |
| Amphenol Corporation               | AMPHENOL CORP-A                      | CUSIP: 032095101<br>LEI: 549300D3L3G0R4U4VT04 | Long             | EC               | CORP              | US        |     11412 | NS      | $1412235.00   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Sofi Technologies Inc              | SOFI TECHNOLOGIE                     | CUSIP: 83406F102<br>LEI: 549300SW81JCMVZDDY09 | Long             | EC               | CORP              | US        |     53254 | NS      | $1406970.68   | 1.99%             |  |  |  | No            | 1                  | On Loan: —       |
| Newmont Corporation                | NEWMONT CORP                         | CUSIP: 651639106<br>LEI: 549300VSP3RIX7FGDZ51 | Long             | EC               | CORP              | US        |     17328 | NS      | $1460923.68   | 2.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Citigroup Inc.                     | CITIGROUP INC                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     13986 | NS      | $1419579.00   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer