# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-25-004891
**Filing Date:** 2025-11
**Character Count:** 35917
**Document Hash:** 474aa3cd2b1b08fca88a78543a808426
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004891.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004891

**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:** 251533305

**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 Dividend VIT Fund (Series ID: S000016888)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000186848 | Donoghue Forlines Dividend 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 Dividend VIT Fund

- **b. EDGAR series identifier (if any):** S000016888

- **c. LEI of Series:** 549300A1LHQ12DFBUR05

**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:** $8743430.41

**Total Liabilities:** $56383.26

**Net Assets:** $8687047.15

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000186848 | 1.36%                | 4.27%                | 1.75%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1579.35                 | $103707.56                                 |
| Month 2  | $7058.05                 | $337208.36                                 |
| Month 3  | $53561.46                | $76830.26                                  |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity National Financial, Inc.  | FIDELITY NATIONA                     | CUSIP: 31620R303<br>LEI: 549300CAZYIH39SYQ287 | Long             | EC               | CORP              | US        |      2821 | NS      | $170642.29    | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| CME Group Inc.                     | CME GROUP INC                        | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |       645 | NS      | $174272.55    | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| AbbVie Inc.                        | ABBVIE INC                           | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |       793 | NS      | $183611.22    | 2.11%             |  |  |  | No            | 1                  | On Loan: No      |
| Best Buy Co Inc.                   | BEST BUY CO INC                      | CUSIP: 086516101<br>LEI: HL5XPTVRV0O8TUN5LL90 | Long             | EC               | CORP              | US        |      2190 | NS      | $165607.80    | 1.91%             |  |  |  | No            | 1                  | On Loan: No      |
| Vistra Corp                        | VISTRA CORP                          | CUSIP: 92840M102<br>LEI: 549300KP43CPCUJOOG15 | Long             | EC               | CORP              | US        |       802 | NS      | $157127.84    | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| Morgan Stanley                     | MORGAN STANLEY                       | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      1088 | NS      | $172948.48    | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Bristol-Myers Squibb Company       | BRISTOL-MYER SQB                     | CUSIP: 110122108<br>LEI: HLYYNH7UQUORYSJQCN42 | Long             | EC               | CORP              | US        |      3558 | NS      | $160465.80    | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| Fidelity Colchester Street Trust   | FID-MM GOVT-I                        | CUSIP: 316175108<br>LEI: 549300SHPEJB1OPRCV46 | Long             | STIV             | RF                | US        |    168717 | PA      | $168717.32    | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| CF Industries Holdings, Inc.       | CF INDUSTRIES HO                     | CUSIP: 125269100<br>LEI: 529900CG8YAQFZ2JMV97 | Long             | EC               | CORP              | US        |      1930 | NS      | $173121.00    | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Chevron Corp.                      | CHEVRON CORP                         | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      1063 | NS      | $165073.27    | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Vici Properties Inc                | VICI PROPERTIES                      | CUSIP: 925652109<br>LEI: 254900RKH6RY9KCJQH63 | Long             | EC               | CORP              | US        |      5062 | NS      | $165071.82    | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Citigroup Inc.                     | CITIGROUP INC                        | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      1726 | NS      | $175189.00    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| HP Inc                             | HP INC                               | CUSIP: 40434L105<br>LEI: WHKXQACZ14C5XRO8LW03 | Long             | EC               | CORP              | US        |      5913 | NS      | $161010.99    | 1.85%             |  |  |  | No            | 1                  | On Loan: No      |
| MetLife Inc.                       | METLIFE INC                          | CUSIP: 59156R108<br>LEI: C4BXATY60WC6XEOZDX54 | Long             | EC               | CORP              | US        |      2117 | NS      | $174377.29    | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Medtronic PLC                      | MEDTRONIC PLC                        | CUSIP: G5960L103<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |      1817 | NS      | $173051.08    | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Paychex Inc                        | PAYCHEX INC                          | CUSIP: 704326107<br>LEI: 529900K900DW6SUBM174 | Long             | EC               | CORP              | US        |      1261 | NS      | $159844.36    | 1.84%             |  |  |  | No            | 1                  | On Loan: No      |
| Constellation Energy Corp.         | CONSTELLATION EN                     | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |       524 | NS      | $172432.68    | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Simon Property Group Inc           | SIMON PROPERTY                       | CUSIP: 828806109<br>LEI: 529900GQL5X8H7AO3T64 | Long             | EC               | CORP              | US        |       936 | NS      | $175659.12    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Altria Group, Inc.                 | ALTRIA GROUP INC                     | CUSIP: 02209S103<br>LEI: XSGZFLO9YTNO9VCQV219 | Long             | EC               | CORP              | US        |      2533 | NS      | $167329.98    | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Exxon Mobil Corp.                  | EXXON MOBIL CORP                     | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |      1491 | NS      | $168110.25    | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Price T Rowe Group Inc.            | T ROWE PRICE GRP                     | CUSIP: 74144T108<br>LEI: 549300SIV6FPS9Y7IH33 | Long             | EC               | CORP              | US        |      1573 | NS      | $161452.72    | 1.86%             |  |  |  | No            | 1                  | On Loan: No      |
| Comcast Corporation                | COMCAST CORP-A                       | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |      5010 | NS      | $157414.20    | 1.81%             |  |  |  | No            | 1                  | On Loan: No      |
| U.S. Bancorp.                      | US BANCORP                           | CUSIP: 902973304<br>LEI: N1GZ7BBF3NP8GI976H15 | Long             | EC               | CORP              | US        |      3409 | NS      | $164756.97    | 1.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Fifth Third Bancorp                | FIFTH THIRD BANC                     | CUSIP: 316773100<br>LEI: THRNG6BD57P9QWTQLG42 | Long             | EC               | CORP              | US        |      3686 | NS      | $164211.30    | 1.89%             |  |  |  | No            | 1                  | On Loan: —       |
| AT&T Inc                           | AT&T INC                             | CUSIP: 00206R102<br>LEI: 549300Z40J86GGSTL398 | Long             | EC               | CORP              | US        |      5745 | NS      | $162238.80    | 1.87%             |  |  |  | No            | 1                  | On Loan: No      |
| Principal Financial Group Inc.     | PRINCIPAL FINL                       | CUSIP: 74251V102<br>LEI: CUMYEZJOAF02RYZ1JJ85 | Long             | EC               | CORP              | US        |      2095 | NS      | $173696.45    | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| CVS Health Corp                    | CVS HEALTH CORP                      | CUSIP: 126650100<br>LEI: 549300EJG376EN5NQE29 | Long             | EC               | CORP              | US        |      2268 | NS      | $170984.52    | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Pfizer Inc.                        | PFIZER INC                           | CUSIP: 717081103<br>LEI: 765LHXWGK1KXCLTFYQ30 | Long             | EC               | CORP              | US        |      6827 | NS      | $173951.96    | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Merck & Co., Inc                   | MERCK & CO                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      1996 | NS      | $167524.28    | 1.93%             |  |  |  | No            | 1                  | On Loan: No      |
| Snap-On Incorporated               | SNAP-ON INC                          | CUSIP: 833034101<br>LEI: HHWAT5TDOYZMM26KKQ73 | Long             | EC               | CORP              | US        |       517 | NS      | $179156.01    | 2.06%             |  |  |  | No            | 1                  | On Loan: No      |
| Ford Motor Company                 | FORD MOTOR CO                        | CUSIP: 345370860<br>LEI: 20S05OYHG0MQM4VUIC57 | Long             | EC               | CORP              | US        |     14689 | NS      | $175680.44    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| L3 Harris Technologies Inc         | L3HARRIS TECHNOL                     | CUSIP: 502431109<br>LEI: 549300UTE50ZMDBG8A20 | Long             | EC               | CORP              | US        |       609 | NS      | $185994.69    | 2.14%             |  |  |  | No            | 1                  | On Loan: No      |
| KeyCorp                            | KEYCORP                              | CUSIP: 493267108<br>LEI: RKPI3RZGV1V1FJTH5T61 | Long             | EC               | CORP              | US        |      8723 | NS      | $163032.87    | 1.88%             |  |  |  | No            | 1                  | On Loan: No      |
| Packaging Corporation of America   | PACKAGING CORP                       | CUSIP: 695156109<br>LEI: 549300XZP8MFZFY8TJ84 | Long             | EC               | CORP              | US        |       787 | NS      | $171510.91    | 1.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Phillips 66                        | PHILLIPS 66                          | CUSIP: 718546104<br>LEI: 5493005JBO5YSIGK1814 | Long             | EC               | CORP              | US        |      1276 | NS      | $173561.52    | 2.00%             |  |  |  | No            | 1                  | On Loan: No      |
| ConocoPhillips                     | CONOCOPHILLIPS                       | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |      1778 | NS      | $168181.02    | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Conagra Brands Inc                 | CONAGRA BRANDS I                     | CUSIP: 205887102<br>LEI: 54930035UDEIH090K650 | Long             | EC               | CORP              | US        |      8665 | NS      | $158656.15    | 1.83%             |  |  |  | No            | 1                  | On Loan: No      |
| Citizens Financial Group Inc       | CITIZENS FINANCI                     | CUSIP: 174610105<br>LEI: 2138004JDDA4ZQUPFW65 | Long             | EC               | CORP              | US        |      3238 | NS      | $172132.08    | 1.98%             |  |  |  | No            | 1                  | On Loan: —       |
| PNC Financial Services Group Inc.  | PNC FINANCIAL SE                     | CUSIP: 693475105<br>LEI: CFGNEKW0P8842LEUIA51 | Long             | EC               | CORP              | US        |       831 | NS      | $166972.83    | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Verizon Communications Inc.        | VERIZON COMMUNIC                     | CUSIP: 92343V104<br>LEI: 2S72QS2UO2OESLG6Y829 | Long             | EC               | CORP              | US        |      3857 | NS      | $169515.15    | 1.95%             |  |  |  | No            | 1                  | On Loan: No      |
| Huntington Bancshares Incorporated | HUNTINGTON BANC                      | CUSIP: 446150104<br>LEI: 549300XTVCVV9I7B5T19 | Long             | EC               | CORP              | US        |      9499 | NS      | $164047.73    | 1.89%             |  |  |  | No            | 1                  | On Loan: No      |
| NRG Energy, Inc.                   | NRG ENERGY                           | CUSIP: 629377508<br>LEI: 5E2UPK5SW04M13XY7I38 | Long             | EC               | CORP              | US        |      1041 | NS      | $168589.95    | 1.94%             |  |  |  | No            | 1                  | On Loan: No      |
| Seagate Technology Holdings PLC    | SEAGATE TECHNOLO                     | CUSIP: G7997R103<br>LEI: 635400RUXIFEZSRU8X70 | Long             | EC               | CORP              | IE        |       869 | NS      | $205136.14    | 2.36%             |  |  |  | No            | 1                  | On Loan: No      |
| Oneok Inc.                         | ONEOK INC                            | CUSIP: 682680103<br>LEI: 2T3D6M0JSY48PSZI1Q41 | Long             | EC               | CORP              | US        |      2287 | NS      | $166882.39    | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| Amgen Inc.                         | AMGEN INC                            | CUSIP: 031162100<br>LEI: 62QBXGPJ34PQ72Z12S66 | Long             | EC               | CORP              | US        |       602 | NS      | $169884.40    | 1.96%             |  |  |  | No            | 1                  | On Loan: No      |
| M&T Bank Corporation               | M&T BANK CORP                        | CUSIP: 55261F104<br>LEI: 549300WYXDDBYRASEG81 | Long             | EC               | CORP              | US        |       846 | NS      | $167186.52    | 1.92%             |  |  |  | No            | 1                  | On Loan: —       |
| Lockheed Martin Corporation        | LOCKHEED MARTIN                      | CUSIP: 539830109<br>LEI: DPRBOZP0K5RM2YE8UU08 | Long             | EC               | CORP              | US        |       362 | NS      | $180714.02    | 2.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Paccar Inc                         | PACCAR INC                           | CUSIP: 693718108<br>LEI: KDTEY8BWE486IKZ3CC07 | Long             | EC               | CORP              | US        |      1700 | NS      | $167144.00    | 1.92%             |  |  |  | No            | 1                  | On Loan: No      |
| State Street Corp.                 | STATE ST CORP                        | CUSIP: 857477103<br>LEI: 549300ZFEEJ2IP5VME73 | Long             | EC               | CORP              | US        |      1514 | NS      | $175639.14    | 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      |
| Johnson & Johnson                  | JOHNSON&JOHNSON                      | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |       954 | NS      | $176890.68    | 2.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Northern Trust Corporation         | NORTHERN TRUST                       | CUSIP: 665859104<br>LEI: 549300GLF98S992BC502 | Long             | EC               | CORP              | US        |      1320 | NS      | $177672.00    | 2.05%             |  |  |  | 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