# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-23-047762
**Filing Date:** 2023-2
**Character Count:** 11666
**Document Hash:** 6e07cb8ce955ca04c0be97fa019147e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047762.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047762

**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:** 23686192

**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 Conservative ETF Portfolio (Series ID: S000031502)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000097922 | TOPS Conservative ETF Portfolio Class 1 shares        |  |
| C000097923 | TOPS Conservative ETF Portfolio Class 2 shares        |  |
| C000158835 | TOPS Conservative ETF Portfolio Investor Class Shares |  |
| C000211500 | TOPS Conservative 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 Conservative ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031502

- **c. LEI of Series:** 549300C5JVVXIIJS4082

**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:** $27178264.82

**Total Liabilities:** $11922.03

**Net Assets:** $27166342.79

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097922 | 2.35%                | 3.73%                | -1.64%               |
| Class ID C000097923 | 2.37%                | 3.65%                | -1.65%               |
| Class ID C000211500 | 2.37%                | 3.65%                | -1.65%               |
| Class ID C000158835 | 2.32%                | 3.60%                | -1.69%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $73248.51                | $434331.02                                 |
| Month 2  | $15448.98                | $926048.77                                 |
| Month 3  | $-853.01                 | $-688432.34                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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      |
| Flexshares Trust                          | FLEXSHARES GLOBAL UPSTREA          | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     12462 | NS      | $541723.14    | 1.99%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                  | VANGUARD TOTAL INTL BOND           | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     22726 | NS      | $1077894.18   | 3.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD MORTGAGE-BACKED           | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     11822 | NS      | $538137.44    | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT S&P 500 VALUE            | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     28085 | NS      | $1092225.65   | 4.02%             |  |  |  | No            | 1                  | On Loan: No      |
| J P Morgan Exchange Traded Fund Trust     | JPM ULTRA-SHT IN                   | CUSIP: 46641Q837<br>LEI: 5493001E1K1DVWDV2464 | Long             | EC               | RF                | US        |     21930 | NS      | $1099350.90   | 4.05%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard International Equity Index Funds | VANGUARD FTSE EMERGING MA          | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |      6821 | NS      | $265882.58    | 0.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT SHRT TRM CORP B          | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     83640 | NS      | $2457343.20   | 9.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD SHORT-TERM TREAS          | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     42470 | NS      | $2455615.40   | 9.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 500 GR          | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     10602 | NS      | $537203.34    | 1.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 400 MI          | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     25678 | NS      | $1091315.00   | 4.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                             | ISHARES IBOXX INVESTMENT           | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     17988 | NS      | $1896474.84   | 6.98%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO SMALL CAP           | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     14751 | NS      | $545344.47    | 2.01%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HIGH YIELD           | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |     32101 | NS      | $1082124.71   | 3.98%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | VANECK J. P. MOR                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |     22600 | NS      | $547598.00    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD S&P 500 ETF               | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |      4662 | NS      | $1637947.08   | 6.03%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE DEVELOPED E          | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |     32369 | NS      | $1358526.93   | 5.00%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD GLBL EX-US REAL           | CUSIP: 922042676<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     13284 | NS      | $549160.56    | 2.02%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR BLOOMBERG I                   | CUSIP: 78468R200<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |     53978 | NS      | $1640391.42   | 6.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Asset All                        | VANGUARD SHORT-TERM TIPS           | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |     93044 | NS      | $4346085.24   | 16.00%            |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Scottsdal                        | VANGUARD INTERMEDIATE-TER          | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     23109 | NS      | $1351414.32   | 4.97%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | STIT GV&A-INS                      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |    488530 | PA      | $488530.47    | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD REAL ESTATE ETF           | CUSIP: 922908553<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |      6546 | NS      | $539914.08    | 1.99%             |  |  |  | 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