# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-23-047732
**Filing Date:** 2023-2
**Character Count:** 11963
**Document Hash:** 79de4251e11bee52bae7a3a26aa027d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047732.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047732

**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:** 23686154

**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 Balanced ETF Portfolio (Series ID: S000031503)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000097924 | TOPS Balanced ETF Portfolio Class 1 shares        |  |
| C000097925 | TOPS Balanced ETF Portfolio Class 2 shares        |  |
| C000158836 | TOPS Balanced ETF Portfolio Investor Class Shares |  |
| C000211501 | TOPS Balanced ETF Portfolio Service 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 Balanced ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031503

- **c. LEI of Series:** 549300VPGO1ULIQDTI28

**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:** $75548950.76

**Total Liabilities:** $209318.20

**Net Assets:** $75339632.56

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097924 | 3.42%                | 5.44%                | -2.41%               |
| Class ID C000158836 | 3.36%                | 5.43%                | -2.44%               |
| Class ID C000097925 | 3.40%                | 5.38%                | -2.36%               |
| Class ID C000211501 | 3.41%                | 5.38%                | -2.36%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $292038.50               | $1788000.00                                |
| Month 2  | $-19222.76               | $3778850.42                                |
| Month 3  | $-9864.08                | $-2423708.16                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Charlotte Funds                  | VANGUARD TOTAL INTL BOND           | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     15799 | NS      | $749346.57    | 0.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EMERGING MA          | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     58344 | NS      | $2274249.12   | 3.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                             | ISHARES IBOXX INVESTMENT           | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     57012 | NS      | $6010775.16   | 7.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD MORTGAGE-BACKED           | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     32801 | NS      | $1493101.52   | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 500 GR          | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     29625 | NS      | $1501098.75   | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD SHORT-TERM TREAS          | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     78067 | NS      | $4513833.94   | 5.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD GLBL EX-US REAL           | CUSIP: 922042676<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     54981 | NS      | $2272914.54   | 3.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD REAL ESTATE ETF           | CUSIP: 922908553<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |     27337 | NS      | $2254755.76   | 2.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO SMALL CAP           | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     81649 | NS      | $3018563.53   | 4.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 400 MI          | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     88501 | NS      | $3761292.50   | 4.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Asset All                        | VANGUARD SHORT-TERM TIPS           | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    194159 | NS      | $9069166.89   | 12.04%            |  |  |  | No            | 1                  | On Loan: —       |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     15816 | NS      | $750785.52    | 1.00%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | VANECK J. P. MOR                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     93510 | NS      | $2265747.30   | 3.01%             |  |  |  | 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      |
| Spdr Series Trust                         | SPDR BLOOMBERG I                   | CUSIP: 78468R200<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |     99456 | NS      | $3022467.84   | 4.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD S&P 500 ETF               | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     19369 | NS      | $6805104.46   | 9.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD INTERMEDIATE-TER          | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     38417 | NS      | $2246626.16   | 2.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE DEVELOPED E          | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    143181 | NS      | $6009306.57   | 7.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT SHRT TRM CORP B          | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    128121 | NS      | $3764194.98   | 5.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBAL UPSTREA          | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     51720 | NS      | $2248268.40   | 2.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     56011 | NS      | $1494373.48   | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HIGH YIELD           | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |     89316 | NS      | $3010842.36   | 4.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT S&P 500 VALUE            | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    136040 | NS      | $5290595.60   | 7.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | STIT GV&A-INS                      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |   1713481 | PA      | $1713480.74   | 2.27%             |  |  |  | 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