# TOPS Balanced ETF Portfolio

TOPS Balanced ETF Portfolio is a registered fund series of Northern Lights Variable Trust (series S000031503). Net assets $156.7M as of 2026-03-31.

## Profile

- Series ID: S000031503
- Registrant: Northern Lights Variable Trust
- LEI: 549300VPGO1ULIQDTI28
- Net assets: $156.7M
- Total assets: $157.0M
- As of: 2026-03-31
- Type: Fund of funds

## Advisers

- [Valmark Advisers, Inc. (Advisor)](https://search.stillhousedata.com/firm/108050)
- [Milliman Financial Risk Management, LLC (Subadvisor)](https://search.stillhousedata.com/firm/159377)

## Top holdings (25 reported)

_Showing 15 of 25 holdings by value._

| Holding | Ticker | Value | % of fund |
| --- | --- | --- | --- |
| [Vanguard Malvern Funds](https://search.stillhousedata.com/security/922020805) | — | $18.6M | 1184.13% |
| [Vanguard Tax Managed Funds](https://search.stillhousedata.com/security/921943858) | — | $14.3M | 914.32% |
| [Vanguard Index Funds](https://search.stillhousedata.com/security/922908363) | — | $14.3M | 912.02% |
| [iShares Trust](https://search.stillhousedata.com/security/464287242) | — | $12.5M | 797.07% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A508) | — | $11.0M | 700.85% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A474) | — | $10.8M | 690.73% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78464A847) | — | $8.0M | 507.27% |
| [Vanguard Scottsdale Funds](https://search.stillhousedata.com/security/92206C706) | — | $7.8M | 495.09% |
| [SPDR Series Trust](https://search.stillhousedata.com/security/78468R853) | — | $6.3M | 405.10% |
| [iShares Trust](https://search.stillhousedata.com/security/46434V647) | — | $6.3M | 400.58% |
| [Vanguard Scottsdale Funds](https://search.stillhousedata.com/security/92206C102) | — | $6.2M | 394.40% |
| [Vanguard International Equity Index Funds](https://search.stillhousedata.com/security/922042858) | — | $4.8M | 303.90% |
| [Flexshares Trust](https://search.stillhousedata.com/security/33939L407) | — | $4.7M | 300.84% |
| [VanEck ETF Trust](https://search.stillhousedata.com/security/92189H300) | — | $4.7M | 297.74% |
| [Short-Term Invts T](https://search.stillhousedata.com/security/825252885) | — | $3.3M | 212.46% |

## Net asset history

| Report date | Net assets |
| --- | --- |
| 2026-03-31 | $156.7M |
| 2025-12-31 | $152.6M |
| 2025-09-30 | $144.5M |
| 2025-06-30 | $134.1M |
| 2025-03-31 | $127.5M |
| 2024-12-31 | $121.5M |
| 2024-09-30 | $119.4M |
| 2024-06-30 | $108.9M |

## More

- [Registrant: Northern Lights Variable Trust](https://search.stillhousedata.com/registrant/1352621)
- [This page as markdown (for LLM agents)](https://search.stillhousedata.com/fund/S000031503.md)
- [Search all SEC filings, advisers and people on Adviser Search](https://search.stillhousedata.com/)

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Source: public SEC filing data via Adviser Search (https://search.stillhousedata.com).
Agents: this data is also queryable via MCP tools and read-only SQL — see https://search.stillhousedata.com/llms.txt.