# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001752724-23-047734
**Filing Date:** 2023-2
**Character Count:** 13609
**Document Hash:** 035b9b85132badc414a282e3837f09e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-047734.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001752724-23-047734

**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:** 23686153

**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 Flex ETF Portfolio (Series ID: S000040836)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000126627 | TOPS Managed Risk Flex ETF Portfolio |  |

## 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 Flex ETF Portfolio

- **b. EDGAR series identifier (if any):** S000040836

- **c. LEI of Series:** 5493005FJUEPL83Z5820

**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:** $142490908.21

**Total Liabilities:** $129565.97

**Net Assets:** $142361342.24

**Cash Not Reported:** $1091036.98

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000126627 | 1.23%                | 3.07%                | -1.54%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $805143.46               | $3636241.31                                |
| Month 2  | $368048.60               | $6725523.51                                |
| Month 3  | $-194577.35              | $-4310808.16                               |

**Designated Index Information**

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

- **Index Identifier:** TOPS MANAGED RISK FLEX 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Vanguard Scottsdal                        | VANGUARD SHORT-TERM TREAS          | CUSIP: 92206C102<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |    110961 | NS      | $6415765.02   | 4.51%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EAFE         Mar23            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |       -56 | NC      | $94595.00     | 0.07%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD REAL ESTATE ETF           | CUSIP: 922908553<br>LEI: 549300OM0CLBHZ9MZW59 | Long             | EC               | RF                | US        |     46628 | NS      | $3845877.44   | 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        |       -16 | NC      | $73720.00     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| ICE FUTURES U.S.                          | MSCI EmgMkt       Mar23            | CUSIP: N/A<br>LEI: 5493004R83R1LVX2IL36       | Short            | DE               | CORP              | US        |       -93 | NC      | $57195.00     | 0.04%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Charlotte Funds                  | VANGUARD TOTAL INTL BOND           | CUSIP: 92203J407<br>LEI: 549300Z9BHDBGHMJLU94 | Long             | EC               | RF                | US        |     26946 | NS      | $1278048.78   | 0.90%             |  |  |  | No            | 1                  | On Loan: —       |
| Wisdomtree Trust                          | WSDTRE EMRG EXST                   | CUSIP: 97717X578<br>LEI: 549300SEVJBU47TE8855 | Long             | EC               | RF                | US        |     95483 | NS      | $2547486.44   | 1.79%             |  |  |  | No            | 1                  | On Loan: No      |
| Chicago Board of Trade                    | US 5YR NOTE (CBT) Mar23            | CUSIP: N/A<br>LEI: 549300EX04Q2QBFQTQ27       | Long             | DIR              | CORP              | US        |        64 | NC      | $-7542.50     | -0.01%            |  |  |  | No            | 1                  | On Loan: No      |
| VanEck ETF Trust                          | VANECK J. P. MOR                   | CUSIP: 92189H300<br>LEI: 549300ZLFKNTXC51ZN76 | Long             | EC               | RF                | US        |    157923 | NS      | $3826474.29   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORT SHRT TRM CORP B          | CUSIP: 78464A474<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    262231 | NS      | $7704346.78   | 5.41%             |  |  |  | No            | 1                  | On Loan: —       |
| CHICAGO MERCANTILE EXCHANGE (FLOOR)       | S&P500 EMINI FUT  Mar23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -57 | NC      | $301417.50    | 0.21%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 400 MI          | CUSIP: 78464A847<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    181141 | NS      | $7698492.50   | 5.41%             |  |  |  | No            | 1                  | On Loan: No      |
| Short-Term Invts T                        | STIT GV&A-INS                      | CUSIP: 825252885<br>LEI: 549300UJV6OHYATSFU27 | Long             | STIV             | RF                | US        |  15207699 | PA      | $15207699.31  | 10.68%            |  |  |  | No            | 1                  | On Loan: No      |
| DBX ETF Trust                             | XTRACKERS USD HIGH YIELD           | CUSIP: 233051432<br>LEI: DNLQXYGHEZ10Q9SIK386 | Long             | EC               | RF                | US        |    150959 | NS      | $5088827.89   | 3.57%             |  |  |  | No            | 1                  | On Loan: No      |
| Flexshares Trust                          | FLEXSHARES GLOBAL UPSTREA          | CUSIP: 33939L407<br>LEI: 5493007FU2RQX77I4604 | Long             | EC               | RF                | US        |     88219 | NS      | $3834879.93   | 2.69%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Tax Managed Funds                | VANGUARD FTSE DEVELOPED E          | CUSIP: 921943858<br>LEI: 549300PTTIGTMUA02X28 | Long             | EC               | RF                | US        |    274338 | NS      | $11513965.86  | 8.09%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO SMALL CAP           | CUSIP: 78468R853<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    173432 | NS      | $6411781.04   | 4.50%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR PORTFOLIO S&P 500 GR          | CUSIP: 78464A409<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |     50532 | NS      | $2560456.44   | 1.80%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD INTERMEDIATE-TER          | CUSIP: 92206C706<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     43593 | NS      | $2549318.64   | 1.79%             |  |  |  | No            | 1                  | On Loan: —       |
| Vanguard International Equity Index Funds | VANGUARD FTSE EMERGING MA          | CUSIP: 922042858<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     98532 | NS      | $3840777.36   | 2.70%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Trust                             | ISHARES IBOXX INVESTMENT           | CUSIP: 464287242<br>LEI: 5493000860OXIC4B5K91 | Long             | EC               | RF                | US        |     84081 | NS      | $8864659.83   | 6.23%             |  |  |  | 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 PORT S&P 500 VALUE            | CUSIP: 78464A508<br>LEI: 5493004JVD6CQEEJSS37 | Long             | EC               | RF                | US        |    198883 | NS      | $7734559.87   | 5.43%             |  |  |  | No            | 1                  | On Loan: No      |
| Spdr Series Trust                         | SPDR BLOOMBERG I                   | CUSIP: 78468R200<br>LEI: 5493001XGU6MOBRXUU78 | Long             | EC               | RF                | US        |    127227 | NS      | $3866428.53   | 2.72%             |  |  |  | No            | 1                  | On Loan: No      |
| CME GLOBEX                                | E-MINI RUSS 2000  MAR23            | CUSIP: N/A<br>LEI: N/A                        | Short            | DE               | CORP              | US        |       -29 | NC      | $73457.50     | 0.05%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard International Equity Index Funds | VANGUARD GLBL EX-US REAL           | CUSIP: 922042676<br>LEI: 549300UR5XWDVDO7NP96 | Long             | EC               | RF                | US        |     93777 | NS      | $3876741.18   | 2.72%             |  |  |  | No            | 1                  | On Loan: No      |
| Ishares Inc                               | ISHARES EX CHINA                   | CUSIP: 46434G764<br>LEI: 549300MGJZCNMJLBAJ67 | Long             | EC               | RF                | US        |     26976 | NS      | $1280550.72   | 0.90%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Index Fds                        | VANGUARD S&P 500 ETF               | CUSIP: 922908363<br>LEI: 549300G6KNDK44WUN559 | Long             | EC               | RF                | US        |     43853 | NS      | $15407313.02  | 10.82%            |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Asset All                        | VANGUARD SHORT-TERM TIPS           | CUSIP: 922020805<br>LEI: 549300EW16IGZDA38J20 | Long             | EC               | RF                | US        |    274753 | NS      | $12833712.63  | 9.01%             |  |  |  | No            | 1                  | On Loan: No      |
| Vanguard Scottsdal                        | VANGUARD MORTGAGE-BACKED           | CUSIP: 92206C771<br>LEI: 549300Y88GQ3VLJIBX57 | Long             | EC               | RF                | US        |     55944 | NS      | $2546570.88   | 1.79%             |  |  |  | No            | 1                  | On Loan: —       |

### Signature

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

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer