# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-23-047739
**Filing Date:** 2023-2
**Character Count:** 14377
**Document Hash:** dbb2e3ecbc6389133620407ea1a0ffe6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047739.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047739

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**PERIOD START**: 20221231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Variable Trust
- **CENTRAL INDEX KEY:** 0001352621
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 23686160

**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 Managed Risk Balanced ETF Portfolio (Series ID: S000031507)

| Class ID   | Class Name                                                     | Ticker Symbol   |
|:---|:---|:---|
| C000097932 | TOPS Managed Risk Balanced ETF Portfolio Class 2 shares        |  |
| C000097933 | TOPS Managed Risk Balanced ETF Portfolio Class 1 shares        |  |
| C000112453 | TOPS Managed Risk Balanced ETF Portfolio Class 3               |  |
| C000112454 | TOPS Managed Risk Balanced ETF Portfolio Class 4               |  |
| C000158840 | TOPS Managed Risk Balanced ETF Portfolio Investor Class Shares |  |

## 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 Managed Risk Balanced ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031507

- **c. LEI of Series:** 549300VNL87B3B7KW674

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**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:** $59639614.46

**Total Liabilities:** $48226.19

**Net Assets:** $59591388.27

**Cash Not Reported:** $369631.57

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097932 | 1.20%                | 3.23%                | -1.38%               |
| Class ID C000112453 | 1.19%                | 3.24%                | -1.63%               |
| Class ID C000158840 | 1.13%                | -19.89%              | -1.78%               |
| Class ID C000112454 | 1.22%                | 3.27%                | -1.49%               |
| Class ID C000097933 | 1.28%                | 3.28%                | -1.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1421228.16              | $-1217381.42                               |
| Month 2  | $-85732.65               | $2940217.96                                |
| Month 3  | $-163060.85              | $-1608248.82                               |

**Designated Index Information**

- **Index Name:** TOPS Managed Risk Balanced ETF Portfolio DRP

- **Index Identifier:** TOPS MANAGED RISK BALANCED ETF PORTFOLIO DRP

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| CME GLOBEX                                | E-MINI RUSS 2000  MAR23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |        -8 | NC      | $20790.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                             | ISHARES IBOXX INVESTMENT           | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     40259 | NS      | $4244506.37   | 7.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     11302 | NS      | $536505.94    | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE DEVELOPED E          | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    102312 | NS      | $4294034.64   | 7.21%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Mar23            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |       -19 | NC      | $27855.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 500 GR          | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     21170 | NS      | $1072683.90   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | STIT GV&A-INS                      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   6474042 | PA      | $6474041.56   | 10.86%            |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBAL UPSTREA          | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     36962 | NS      | $1606738.14   | 2.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO SMALL CAP           | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     58128 | NS      | $2148992.16   | 3.61%             |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     39869 | NS      | $1063704.92   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HIGH YIELD           | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |     63036 | NS      | $2124943.56   | 3.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD SHORT-TERM TREAS          | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     55785 | NS      | $3225488.70   | 5.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD S&P 500 ETF               | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     13779 | NS      | $4841113.86   | 8.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR BLOOMBERG I                   | CUSIP: 78468R200<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |     71068 | NS      | $2159756.52   | 3.62%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD MORTGAGE-BACKED           | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     23575 | NS      | $1073134.00   | 1.80%             |  |  |  | No            | 1                  | On Loan: —       |
| Spdr Series Trust                         | SPDR PORT S&P 500 VALUE            | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     97211 | NS      | $3780535.79   | 6.34%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Mar23            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        30 | NC      | $-3545.32     | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                  | VANGUARD TOTAL INTL BOND           | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     11174 | NS      | $529982.82    | 0.89%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT SHRT TRM CORP B          | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     91554 | NS      | $2689856.52   | 4.51%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard International Equity Index Funds | VANGUARD FTSE EMERGING MA          | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     41185 | NS      | $1605391.30   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| 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 International Equity Index Funds | VANGUARD GLBL EX-US REAL           | CUSIP: 922042676<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     39288 | NS      | $1624165.92   | 2.73%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Asset All                        | VANGUARD SHORT-TERM TIPS           | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    138131 | NS      | $6452099.01   | 10.83%            |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | VANECK J. P. MOR                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     66172 | NS      | $1603347.56   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 400 MI          | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     63241 | NS      | $2687742.50   | 4.51%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Mar23            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |       -34 | NC      | $19940.00     | 0.03%             |  |  |  | No            | 1                  | On Loan: No      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)       | S&P500 EMINI FUT  Mar23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -19 | NC      | $104032.50    | 0.17%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD INTERMEDIATE-TER          | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     27354 | NS      | $1599661.92   | 2.68%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Index Fds                        | VANGUARD REAL ESTATE ETF           | CUSIP: 922908553<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |     19535 | NS      | $1611246.80   | 2.70%             |  |  |  | No            | 1                  | On Loan: No      |
| CME GLOBEX                                | S&P MID 400 EMINI Mar23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |        -5 | NC      | $30195.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |

### Signature

**Date Signed:** 2023-01-27

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer