# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-23-047736
**Filing Date:** 2023-2
**Character Count:** 13065
**Document Hash:** 890487439bd3697e321db493ea2a894b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047736.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047736

**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:** 23686161

**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 Growth ETF Portfolio (Series ID: S000031509)

| Class ID   | Class Name                                                   | Ticker Symbol   |
|:---|:---|:---|
| C000097936 | TOPS Managed Risk Growth ETF Portfolio Class 1 shares        |  |
| C000097937 | TOPS Managed Risk Growth ETF Portfolio Class 2 shares        |  |
| C000112457 | TOPS Managed Risk Growth ETF Portfolio Class 3               |  |
| C000112458 | TOPS Managed Risk Growth ETF Portfolio Class 4               |  |
| C000158842 | TOPS Managed Risk Growth 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 Growth ETF Portfolio

- **b. EDGAR series identifier (if any):** S000031509

- **c. LEI of Series:** 549300QYE0XD8DFGBU43

**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:** $195782175.78

**Total Liabilities:** $125015.92

**Net Assets:** $195657159.86

**Cash Not Reported:** $2461955.55

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000112458 | 1.91%                | 3.50%                | -2.30%               |
| Class ID C000112457 | 1.92%                | 3.33%                | -2.16%               |
| Class ID C000158842 | 1.82%                | 3.39%                | -2.55%               |
| Class ID C000097936 | 1.99%                | 3.54%                | -2.30%               |
| Class ID C000097937 | 1.91%                | 3.46%                | -2.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $49875182.89             | $-40040701.44                              |
| Month 2  | $2015911.25              | $11167916.40                               |
| Month 3  | $-919034.46              | $-7414342.76                               |

**Designated Index Information**

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

- **Index Identifier:** TOPS MANAGED RISK GROWTH 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Ishares Trust                             | ISHARES IBOXX INVESTMENT           | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     32981 | NS      | $3477186.83   | 1.78%             |  |  |  | No            | 1                  | On Loan: No      |
| CME GLOBEX                                | E-MINI RUSS 2000  MAR23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -69 | NC      | $139820.00    | 0.07%             |  |  |  | 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      |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)       | S&P500 EMINI FUT  Mar23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |      -124 | NC      | $634665.00    | 0.32%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Mar23            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |      -147 | NC      | $227350.00    | 0.12%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD SHORT-TERM TREAS          | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     60936 | NS      | $3523319.52   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 400 MI          | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    455938 | NS      | $19377365.00  | 9.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO SMALL CAP           | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    380975 | NS      | $14084645.75  | 7.20%             |  |  |  | No            | 1                  | On Loan: No      |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |    197514 | NS      | $5269673.52   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD FTSE EMERGING MA          | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    226020 | NS      | $8810259.60   | 4.50%             |  |  |  | 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     | -0.00%            |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Mar23            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |      -212 | NC      | $131620.00    | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD GLBL EX-US REAL           | CUSIP: 922042676<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |    128749 | NS      | $5322483.66   | 2.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT S&P 500 VALUE            | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    227545 | NS      | $8849225.05   | 4.52%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD S&P 500 ETF               | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |    105363 | NS      | $37018236.42  | 18.92%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE DEVELOPED E          | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    711325 | NS      | $29854310.25  | 15.26%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD MORTGAGE-BACKED           | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     38398 | NS      | $1747876.96   | 0.89%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Asset All                        | VANGUARD SHORT-TERM TIPS           | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    113164 | NS      | $5285890.44   | 2.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBAL UPSTREA          | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |    161487 | NS      | $7019839.89   | 3.59%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard Index Fds                        | VANGUARD REAL ESTATE ETF           | CUSIP: 922908553<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |     42678 | NS      | $3520081.44   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | VANECK J. P. MOR                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    144558 | NS      | $3502640.34   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HIGH YIELD           | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    155420 | NS      | $5239208.20   | 2.68%             |  |  |  | No            | 1                  | On Loan: —       |
| Short-Term Invts T                        | STIT GV&A-INS                      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  19463035 | PA      | $19463034.80  | 9.95%             |  |  |  | No            | 1                  | On Loan: No      |
| CME GLOBEX                                | S&P MID 400 EMINI Mar23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -39 | NC      | $164745.00    | 0.08%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     74071 | NS      | $3516150.37   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 500 GR          | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    138757 | NS      | $7030817.19   | 3.59%             |  |  |  | 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