SPDR PORT S&P 500 VALUE

NPORT-P false 0001352621 XXXXXXXX S000031509 C000158842 C000097937 C000112457 C000097936 C000112458 Northern Lights Variable Trust 811-21853 0001352621 549300JG5J5V82S8VI88 225 PICTORIA DRIVE SUITE 450 CINCINNATI 45246 631-470-2600 TOPS Managed Risk Growth ETF Portfolio S000031509 549300QYE0XD8DFGBU43 2019-12-31 2019-09-30 N 825689029.29 3101690.28 822587339.01 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 1160755.00000000 NS USD 37097729.80000000 4.509883393616 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 1552729.00000000 NS USD 62512869.54000000 7.599541905815 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WISDOMTREE EM SMALL CAP 97717W281 92960.00000000 NS USD 4118128.00000000 0.500631094681 Long EC RF US N 1 N N N Blackrock Liquidit 5493007YVNX55LTRQ706 BLACKROCK LIQ FDS FEDFUND 09248U700 30000000.00000000 PA USD 30000000.00000000 3.647029145392 Long STIV RF US N 1 N N N Vaneck Vectors Etf Trust 549300ZLFKNTXC51ZN76 VANECK VECTORS J.P. MORGA 92189H300 446954.00000000 NS USD 14749482.00000000 1.793059691114 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 158583.00000000 NS USD 14787864.75000000 1.797725791378 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Dec19 N/A 180.00000000 NC USD -137265.48000000 -0.01668704020 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2019-12-31 21583984.32000000 USD -137265.48000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 242371.00000000 NS USD 14772512.45000000 1.795859448527 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 138722.00000000 NS USD 7388333.72000000 0.898182280424 Long EC RF US N 1 N N N CME GLOBEX N/A S&P500 EMINI FUT Dec19 N/A 152.00000000 NC USD -269800.00000000 -0.03279894878 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME Standard & Poor's 500 Inde SPX 2019-12-20 22906400.00000000 USD -269800.00000000 N N N Money Market 25490005VWJDWX717014 FEDERATED GOVT OBLI FD-PR 608919718 30000000.00000000 PA USD 30000000.00000000 3.647029145392 Long STIV RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 442265.00000000 NS USD 22148631.20000000 2.692556783898 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Dec19 N/A 51.00000000 NC USD -136170.00000000 -0.01655386529 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME E-Mini Standard & Poor's M MID 2019-12-20 10019970.00000000 USD -136170.00000000 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Dec19 N/A 208.00000000 NC USD -354640.00000000 -0.04311274720 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US MSCI Emerging Markets E MXEF 2019-12-20 10774400.00000000 USD -354640.00000000 N N N ISHARES TRUST 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 116183.00000000 NS USD 14811008.84000000 1.800539363738 Long EC RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 1418573.00000000 NS USD 44188548.95000000 5.371897530441 Long EC RF US N 1 N N N Vanguard Tax Manag 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 3065859.00000000 NS USD 125945487.72000000 15.31089548151 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Dec19 N/A 157.00000000 NC USD -165635.00000000 -0.02013585574 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US mini MSCI EAFE Index MXEA 2019-12-20 15068075.00000000 USD -165635.00000000 N N N ISHARES TRUST 5493000860OXIC4B5K91 ISHARES CORE S&P SMALL-CA 464287804 759124.00000000 NS USD 59090212.16000000 7.183457531830 Long EC RF US N 1 N N N CME GLOBEX N/A E-Mini Russ 2000 Dec19 N/A 81.00000000 NC USD -228217.50000000 -0.02774386246 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long RUSSELL 2000 INDEX RTY 2019-12-20 6404467.50000000 USD -228217.50000000 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GOVT & AGENCY-INST 825252885 31501068.50000000 PA USD 31501068.50000000 3.829510497683 Long STIV RF US N 1 N N N ISHARES TRUST 5493000860OXIC4B5K91 ISHARES CORE S&P MIDCAP E 464287507 423279.00000000 NS USD 81790201.17000000 9.943041582482 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 544231.00000000 NS USD 148357370.60000000 18.03545515039 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 451288.00000000 NS USD 22135676.40000000 2.690981899458 Long EC RF US N 1 N N N United States Treasury Bills 254900HROIFWPRGM1V77 B 0 12/19/19 912796SX8 5700000.00000000 PA USD 5678482.50000000 0.690319705969 Long DBT UST US N 2 2019-12-19 Fixed 0.00000000 N N N N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 379577.00000000 NS USD 22239416.43000000 2.703593329890 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 763486.00000000 NS USD 29691970.54000000 3.609582731450 Long EC RF US N 1 N N N 2019-10-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX