X0102 24F-2NT LIVE 0001352621 XXXXXXXX 333-131820 false false N-1A Northern Lights Variable Trust 225 Pictoria Drive Suite 450 Cincinnati OH X1 45246 TOPS Conservative ETF Portfolio S000031502 TOPS Conservative ETF Portfolio Service Class Shares C000211500 TOPS Conservative ETF Portfolio Class 1 shares C000097922 TOPS Conservative ETF Portfolio Class 2 shares C000097923 TOPS Conservative ETF Portfolio Investor Class Shares C000158835 TOPS Balanced ETF Portfolio S000031503 TOPS Balanced ETF Portfolio Service Class Shares C000211501 TOPS Balanced ETF Portfolio Class 1 shares C000097924 TOPS Balanced ETF Portfolio Class 2 shares C000097925 TOPS Balanced ETF Portfolio Investor Class Shares C000158836 TOPS Moderate Growth ETF Portfolio S000031504 TOPS Moderate Growth ETF Portfolio Service Class Shares C000211502 TOPS Moderate Growth ETF Portfolio Class 1 shares C000097926 TOPS Moderate Growth ETF Portfolio Class 2 shares C000097927 TOPS Moderate Growth ETF Portfolio Investor Class Shares C000158837 TOPS Growth ETF Portfolio S000031505 TOPS Growth ETF Portfolio Service Class Shares C000211503 TOPS Growth ETF Portfolio Class 2 shares C000097928 811-21853 C000097929 TOPS Growth ETF Portfolio Investor Class Shares C000158838 TOPS Aggressive Growth ETF Portfolio S000031506 TOPS Aggressive Growth ETF Portfolio Service Class Shares C000211504 TOPS Aggressive Growth ETF Portfolio Class 2 shares C000097930 TOPS Aggressive Growth ETF Portfolio Class 1 shares C000097931 TOPS Aggressive Growth ETF Portfolio Investor Class Shares C000158839 TOPS Managed Risk Balanced ETF Portfolio S000031507 TOPS Managed Risk Balanced ETF Portfolio Class 3 C000112453 TOPS Managed Risk Balanced ETF Portfolio Class 4 C000112454 TOPS Managed Risk Balanced ETF Portfolio Investor Class Shares C000158840 TOPS Managed Risk Balanced ETF Portfolio Class 2 shares C000097932 TOPS Managed Risk Balanced ETF Portfolio Class 1 shares C000097933 TOPS Managed Risk Moderate Growth ETF Portfolio S000031508 TOPS Managed Risk Moderate Growth ETF Portfolio Class 1 shares C000097934 TOPS Managed Risk Moderate Growth ETF Portfolio Class 2 shares C000097935 TOPS Managed Risk Moderate Growth ETF Portfolio Class 3 shares C000112455 TOPS Managed Risk Moderate Growth ETF Portfolio Class 4 shares C000112456 TOPS Managed Risk Moderate Growth ETF Portfolio Investor Class Shares C000158841 TOPS Managed Risk Growth ETF Portfolio S000031509 TOPS Managed Risk Growth ETF Portfolio Class 1 shares C000097936 TOPS Managed Risk Growth ETF Portfolio Class 2 shares C000097937 TOPS Managed Risk Growth ETF Portfolio Class 3 C000112457 TOPS Managed Risk Growth ETF Portfolio Class 4 C000112458 TOPS Managed Risk Growth ETF Portfolio Investor Class Shares C000158842 TOPS Managed Risk Flex ETF Portfolio S000040836 TOPS Managed Risk Flex ETF Portfolio C000126627 811-21853 333-131820 12/31/2025 1375647.00 918184.00 29361447.00 30279631.00 0.00 (28903984.00) 0.000138100 0.00 0.00 0.00 /s/ Jim Colantino Jim Colantino, Principal Financial Officer/Treasurer 03/24/2026