# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-25-004946
**Filing Date:** 2025-11
**Character Count:** 30827
**Document Hash:** cc9ca1feaa5bbcac1d5730f67ce6f266
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004946.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004946

**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:** 251533635

**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 Moderate Growth ETF Portfolio (Series ID: S000031504)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000097926 | TOPS Moderate Growth ETF Portfolio Class 1 shares        |  |
| C000097927 | TOPS Moderate Growth ETF Portfolio Class 2 shares        |  |
| C000158837 | TOPS Moderate Growth ETF Portfolio Investor Class Shares |  |
| C000211502 | TOPS Moderate Growth ETF Portfolio Service Class Shares  |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **TOPS AGGRESSIVE GROWTH ETF PORTFOLIO** | **TOPS AGGRESSIVE GROWTH ETF PORTFOLIO** | **TOPS AGGRESSIVE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 98.0%** |  |
| 237872 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $10414036 |
| 409993 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 10479421 |
| 193309 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 13050291 |
| 105163 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 7818869 |
| 638255 | SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 36501803 |
| 100077 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 10459047 |
| 188832 | SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 10448075 |
| 507097 | SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 23488733 |
| 784837 | Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 47027433 |
| 289592 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 15690095 |
| 106678 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 65327474 |
| 137498 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 5216674 |
|  |  | &nbsp;&nbsp; 255921951 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $201,537,512)** | &nbsp;&nbsp; 255921951 |
|  | **SHORT-TERM INVESTMENTS — 4.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.6%** |  |
| 4199000 | Federated Hermes Government Obligations Fund, Institutional Class, 4.00% (Cost $4,199,000)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 4199000 |
|  | **MONEY MARKET FUNDS - 2.4%** |  |
| 6217989 | Invesco Government & Agency Portfolio, Institutional Class, 4.04% (Cost $6,217,989)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 6217989 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $10,416,989)** | 10416989 |
|  | **TOTAL INVESTMENTS - 102.0% (Cost $211,954,501)** | &nbsp;&nbsp;&nbsp; $266338940 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (2.0)%** | &nbsp;&nbsp; (5278942) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $261059998 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $6,783,172 at September 30, 2025. The loaned securities were secured with cash collateral of $4,199,000 and non-cash collateral of $2,738,380. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

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

---

| | | |
|:---|:---|:---|
| **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 50.2%** |  |
| 98914 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $4330455 |
| 227320 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 5810299 |
| 42873 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 2894356 |
| 19342 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 1438078 |
| 126387 | SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 7228073 |
| 27743 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 2899421 |
| 183217 | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 10137397 |
| 124960 | SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 5788147 |
| 217575 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 13037094 |
| 80288 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 4350004 |
| 21293 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 13039406 |
| 38119 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 1446235 |
|  |  | &nbsp;&nbsp; 72398965 |
|  | **FIXED INCOME - 47.9%** |  |
| 103495 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11536588 |
| 93579 | SPDR Bloomberg Investment Grade Floating Rate ETF | &nbsp;&nbsp;&nbsp; 2887848 |
| 333917 | SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 10114346 |
| 169752 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 4330374 |
| 120229 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 7217347 |
| 61411 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 2883861 |
| 342194 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 17325281 |
| 98162 | Vanguard Short-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 5776834 |
| 29190 | Vanguard Total International Bond ETF | &nbsp;&nbsp;&nbsp; 1443737 |
| 155549 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 5772423 |
|  |  | &nbsp;&nbsp; 69288639 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $126,185,729)** | &nbsp;&nbsp; 141687604 |

---

---

| | | |
|:---|:---|:---|
| **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** | **TOPS BALANCED ETF PORTFOLIO** |
| **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 — 2.2%** |  |
|  | **MONEY MARKET FUNDS - 2.2%** |  |
| 3232078 | Invesco Government & Agency Portfolio, Institutional Class, 4.04% (Cost $3,232,078)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $3232078 |
|  | **TOTAL INVESTMENTS - 100.3% (Cost $129,417,807)** | &nbsp;&nbsp;&nbsp; $144919682 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (375821) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $144543861 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $11,464,287 at September 30, 2025. The loaned securities were secured with non-cash collateral of $11,704,639. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

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

---

| | | |
|:---|:---|:---|
| **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 30.1%** |  |
| 20752 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $908523 |
| 18151 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 463940 |
| 6959 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 469802 |
| 6095 | iShares MSCI USA Small-Cap Multifactor ETF | &nbsp;&nbsp;&nbsp; 453163 |
| 32235 | SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 1843520 |
| 8900 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 930139 |
| 33191 | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 1836458 |
| 9989 | SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 462690 |
| 46117 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 2763330 |
| 8522 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 461722 |
| 4501 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 2756322 |
| 12319 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 467383 |
|  |  | &nbsp;&nbsp; 13816992 |
|  | **FIXED INCOME - 67.9%** |  |
| 28794 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 3209667 |
| 36178 | JP Morgan Ultra-Short Income ETF | &nbsp;&nbsp;&nbsp; 1835310 |
| 44628 | SPDR Bloomberg Investment Grade Floating Rate ETF | &nbsp;&nbsp;&nbsp; 1377220 |
| 181993 | SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 5512568 |
| 35979 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 917824 |
| 45730 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 2745172 |
| 19314 | Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 906985 |
| 145058 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 7344288 |
| 62418 | Vanguard Short-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 3673299 |
| 37122 | Vanguard Total International Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1836054 |
| 49454 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 1835238 |
|  |  | &nbsp;&nbsp; 31193625 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $42,128,885)** | &nbsp;&nbsp; 45010617 |
|  | **SHORT-TERM INVESTMENTS — 8.0%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 5.7%** |  |
| 2599977 | Federated Hermes Government Obligations Fund, Institutional Class, 4.00% (Cost $2,599,977)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2599977 |

---

---

| | | |
|:---|:---|:---|
| **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** | **TOPS CONSERVATIVE ETF PORTFOLIO** |
| **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 — 8.0% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 2.3%** |  |
| 1057521 | Invesco Government & Agency Portfolio, Institutional Class, 4.04% (Cost $1,057,521)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $1057521 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $3,657,498)** | 3657498 |
|  | **TOTAL INVESTMENTS - 106.0% (Cost $45,786,383)** | &nbsp;&nbsp;&nbsp; $48668115 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (6.0)%** | &nbsp;&nbsp; (2739921) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $45928194 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $5,697,108 at September 30, 2025. The loaned securities were secured with cash collateral of $2,599,977 and non-cash collateral of $3,216,284. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

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

---

| | | |
|:---|:---|:---|
| **TOPS GROWTH ETF PORTFOLIO** | **TOPS GROWTH ETF PORTFOLIO** | **TOPS GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.0%** |  |
|  | **EQUITY - 85.0%** |  |
| 266398 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $11662904 |
| 459150 | iShares Global REIT ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11735874 |
| 173192 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 11692192 |
| 78520 | iShares MSCI USA Small-Cap Multifactor ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5837962 |
| 561619 | SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 32118991 |
| 140160 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 14648122 |
| 264344 | SPDR Portfolio S&P 500 Value ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 14626154 |
| 378598 | SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 17536659 |
| 830106 | Vanguard FTSE Developed Markets ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 49739952 |
| 216219 | Vanguard FTSE Emerging Markets ETF | &nbsp;&nbsp;&nbsp; 11714745 |
| 100355 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 61455394 |
| 153985 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 5842191 |
|  |  | &nbsp;&nbsp; 248611140 |
|  | **FIXED INCOME - 13.0%** |  |
| 52261 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 5825534 |
| 228575 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 5830948 |
| 97135 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 5831014 |
| 62020 | Vanguard Mortgage-Backed Securities ETF | &nbsp;&nbsp;&nbsp; 2912459 |
| 172791 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 8748408 |
| 235641 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 8744638 |
|  |  | &nbsp;&nbsp; 37893001 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $230,799,860)** | &nbsp;&nbsp; 286504141 |
|  | **SHORT-TERM INVESTMENTS — 2.8%** |  |
|  | **MONEY MARKET FUNDS - 2.8%** |  |
| 8130345 | Invesco Government & Agency Portfolio, Institutional Class, 4.04% (Cost $8,130,345)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 8130345 |
|  | **TOTAL INVESTMENTS - 100.8% (Cost $238,930,205)** | &nbsp;&nbsp;&nbsp; $294634486 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8)%** | &nbsp;&nbsp; (2378147) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $292256339 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $10,112,378 at September 30, 2025. The loaned securities were secured with non-cash collateral of $10,327,330. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

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

---

| | | |
|:---|:---|:---|
| **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **EXCHANGE-TRADED FUNDS — 98.1%** |  |
|  | **EQUITY - 65.2%** |  |
| 206786 | FlexShares Global Upstream Natural Resources Index Fund | &nbsp;&nbsp;&nbsp; $9053091 |
| 356427 | iShares Global REIT ETF | &nbsp;&nbsp;&nbsp; 9110274 |
| 67222 | iShares MSCI Emerging Markets ex China ETF | &nbsp;&nbsp;&nbsp; 4538157 |
| 60950 | iShares MSCI USA Small-Cap Multifactor ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4531633 |
| 317066 | SPDR Portfolio S&P 400 Mid Cap ETF | &nbsp;&nbsp;&nbsp; 18133005 |
| 43501 | SPDR Portfolio S&P 500 Growth ETF | &nbsp;&nbsp;&nbsp; 4546290 |
| 123119 | SPDR Portfolio S&P 500 Value ETF | &nbsp;&nbsp;&nbsp; 6812174 |
| 195936 | SPDR Portfolio S&P 600 Small Cap ETF | &nbsp;&nbsp;&nbsp; 9075756 |
| 492764 | Vanguard FTSE Developed Markets ETF | &nbsp;&nbsp;&nbsp; 29526419 |
| 167841 | Vanguard FTSE Emerging Markets ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 9093625 |
| 66772 | Vanguard S&P 500 ETF | &nbsp;&nbsp;&nbsp; 40889836 |
| 59767 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | &nbsp;&nbsp;&nbsp; 2267560 |
|  |  | &nbsp;&nbsp; 147577820 |
|  | **FIXED INCOME - 32.9%** |  |
| 101421 | iShares iBoxx $ Investment Grade Corporate Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 11305399 |
| 673160 | SPDR Portfolio Short Term Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 20390017 |
| 177439 | VanEck Vectors J.P. Morgan EM Local Currency Bond ETF | &nbsp;&nbsp;&nbsp; 4526469 |
| 113108 | Vanguard Intermediate-Term Treasury ETF | &nbsp;&nbsp;&nbsp; 6789873 |
| 96290 | Vanguard Mortgage-Backed Securities ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 4521778 |
| 268271 | Vanguard Short-Term Inflation-Protected Securities ETF | &nbsp;&nbsp;&nbsp; 13582561 |
| 45767 | Vanguard Total International Bond ETF<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 2263636 |
| 304866 | Xtrackers USD High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp; 11313577 |
|  |  | &nbsp;&nbsp; 74693310 |
|  | **TOTAL EXCHANGE-TRADED FUNDS (Cost $188,270,178)** | &nbsp;&nbsp; 222271130 |
|  | **SHORT-TERM INVESTMENTS — 3.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 1.1%** |  |
| 2494290 | Federated Hermes Government Obligations Fund, Institutional Class, 4.00% (Cost $2,494,290)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; 2494290 |

---

---

| | | |
|:---|:---|:---|
| **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** | **TOPS MODERATE GROWTH ETF PORTFOLIO** |
| **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 — 3.4% (Continued)** |  |
|  | **MONEY MARKET FUNDS - 2.3%** |  |
| 5323849 | Invesco Government & Agency Portfolio, Institutional Class, 4.04% (Cost $5,323,849)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $5323849 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $7,818,139)** | 7818139 |
|  | **TOTAL INVESTMENTS - 101.5% (Cost $196,088,317)** | &nbsp;&nbsp;&nbsp; $230089269 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (1.5)%** | &nbsp;&nbsp; (3352211) |
|  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $226737058 |

---

---

| | |
|:---|:---|
| ETF | - Exchange-Traded Fund |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| SPDR | - Standard & Poor's Depositary Receipt |

---

<sup>(a)</sup> All or a portion of this security is on loan. Total loaned securities had a value of $14,615,066 at September 30, 2025. The loaned securities were secured with cash collateral of $2,494,290 and non-cash collateral of $12,433,029. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio's custodian. The Portfolio cannot pledge or resell the collateral.

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of 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:** TOPS Moderate Growth ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031504

- **c. LEI of Series:** 549300YDJH2RX6OEMR02

**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:** $227912856.07

**Total Liabilities:** $1175798.33

**Net Assets:** $226737057.74

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000158837 | 0.46%                | 2.70%                | 2.02%                |
| Class ID C000097926 | 0.55%                | 2.73%                | 2.01%                |
| Class ID C000097927 | 0.45%                | 2.74%                | 2.05%                |
| Class ID C000211502 | 0.34%                | 2.43%                | 1.99%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $242989.10               | $498548.40                                 |
| Month 2  | $293545.07               | $5288826.78                                |
| Month 3  | $69433.25                | $3559387.23                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| SPDR Series Trust                         | SPDR PORTFOLIO S                   | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     43501 | NS      | $4546289.51   | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES GLB REIT                   | CUSIP: 46434V647<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    356427 | NS      | $9110274.12   | 4.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE ET                   | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    492764 | NS      | $29526418.88  | 13.02%            |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HI                   | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    304866 | NS      | $11313577.26  | 4.99%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 600                   | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    195936 | NS      | $9075755.52   | 4.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EM                   | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    167841 | NS      | $9093625.38   | 4.01%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Scottsdale Funds                 | VANGUARD INTERME                   | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |    113108 | NS      | $6789873.24   | 2.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     67222 | NS      | $4538157.22   | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| iShares Trust                             | ISHARES MSCI USA                   | CUSIP: 46434V290<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     60950 | NS      | $4531632.50   | 2.00%             |  |  |  | No            | 1                  | On Loan: —       |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     59767 | NS      | $2267559.98   | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR-PORT S/T C                    | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    673160 | NS      | $20390016.40  | 8.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Malvern Funds                    | VANG SH TERM TIP                   | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    268271 | NS      | $13582560.73  | 5.99%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPDR PORT SP 400                   | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    317066 | NS      | $18133004.54  | 8.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdale Funds                 | VANGUARD MORTGAG                   | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     96290 | NS      | $4521778.40   | 1.99%             |  |  |  | No            | 1                  | On Loan: —       |
| 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 Charlotte Funds                  | VANGUARD INTL BD                   | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     45767 | NS      | $2263635.82   | 1.00%             |  |  |  | No            | 1                  | On Loan: —       |
| iShares Trust                             | ISHARES IBOXX IN                   | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |    101421 | NS      | $11305398.87  | 4.99%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Index Funds                      | VANGUARD S&P 500                   | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     66772 | NS      | $40889837.36  | 18.03%            |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | INV-G&A-INS                        | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   5323849 | PA      | $5323849.27   | 2.35%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBA                   | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    206786 | NS      | $9053091.08   | 3.99%             |  |  |  | No            | 1                  | On Loan: No      |
| SPDR Series Trust                         | SPD-POR S&P500 V                   | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    123119 | NS      | $6812174.27   | 3.00%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | V/E JPM EM L C B                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    177439 | NS      | $4526468.89   | 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