NPORT-P false 0001352621 XXXXXXXX S000040836 C000126627 Northern Lights Variable Trust 811-21853 0001352621 549300JG5J5V82S8VI88 225 PICTORIA DRIVE SUITE 450 CINCINNATI 45246 631-470-2600 TOPS Managed Risk Flex ETF Portfolio S000040836 5493005FJUEPL83Z5820 2019-12-31 2019-12-31 N 152493146.39 124970.02 152368176.37 0 0 0 0 0 0 0 0 0 0 0 0 0 0 N Vanguard Index Fds 549300OM0CLBHZ9MZW59 922908553 44852.00000000 NS USD 4161817.08000000 2.731421468150 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A 17.00000000 NC USD 13770.00000000 0.009037320212 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US mini MSCI EAFE Index MXEA 2020-03-20 1717255 USD 13770 N N N Vanguard Tax Manag 549300PTTIGTMUA02X28 921943858 280464.00000000 NS USD 12357243.84000000 8.110121243423 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 922042676 70277.00000000 NS USD 4152667.93000000 2.725416835019 Long EC RF US N 1 N N N CME GLOBEX N/A N/A 5.00000000 NC USD 12225.00000000 0.008023328946 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME E-Mini Standard & Poor's M MID 2020-03-20 1020175 USD 12225 N N N ISHARES TRUST 5493000860OXIC4B5K91 464287507 33270.00000000 NS USD 6847631.40000000 4.494134906078 Long EC RF US N 1 N N N Short-Term Invts T 549300UJV6OHYATSFU27 825252885 17227306.54000000 PA USD 17227306.54000000 11.30636787183 Long STIV RF US N 1 N N N ISHARES TRUST 5493000860OXIC4B5K91 464287804 81624.00000000 NS USD 6844172.40000000 4.491864746992 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A 29.00000000 NC USD 45820.00000000 0.030071896305 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US MSCI Emerging Markets E MXEF 2020-03-20 1578470 USD 45820 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A508 196306.00000000 NS USD 6853042.46000000 4.497686211954 Long EC RF US N 1 N N N ISHARES TRUST 5493000860OXIC4B5K91 464287242 74804.00000000 NS USD 9571919.84000000 6.282099102345 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A409 65123.00000000 NS USD 2729304.93000000 1.791256543868 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C706 41630.00000000 NS USD 2745082.20000000 1.801611245470 Long EC RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 233051432 108903.00000000 NS USD 5485444.11000000 3.600124540888 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 92203J407 24189.00000000 NS USD 1368613.62000000 0.898227997870 Long EC RF US N 1 N N N Vaneck Vectors Etf Trust 549300ZLFKNTXC51ZN76 92189H300 121328.00000000 NS USD 4126365.28000000 2.708154273619 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C771 51676.00000000 NS USD 2747612.92000000 1.803272169726 Long EC RF US N 1 N N N CME GLOBEX N/A N/A 20.00000000 NC USD 60100.00000000 0.039443932080 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME Standard & Poor's 500 Inde SPX 2020-03-20 3171000 USD 60100 N N N CME GLOBEX N/A N/A 9.00000000 NC USD 9765.00000000 0.006408818581 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long RUSSELL 2000 INDEX RTY 2020-03-20 742005 USD 9765 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 N/A 62.00000000 NC USD -28062.50000000 -0.01841755980 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2020-03-31 7381843.75 USD -28062.5 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 922042858 184762.00000000 NS USD 8216366.14000000 5.392442395614 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A474 267312.00000000 NS USD 8243902.08000000 5.410514371440 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 922908363 55488.00000000 NS USD 16413350.40000000 10.77216436596 Long EC RF US N 1 N N N United States Treasury Bills 254900HROIFWPRGM1V77 912796TL3 700000.00000000 PA USD 697789.10000000 0.457962493628 Long DBT UST US N 2 2020-03-19 Fixed 0.00000000 N N N N N N Vanguard Asset All 549300EW16IGZDA38J20 922020805 278689.00000000 NS USD 13733793.92000000 9.013557979882 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C102 112902.00000000 NS USD 6867828.66000000 4.507390469334 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 78468R200 133961.00000000 NS USD 4116621.53000000 2.701759401519 Long EC RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 33939L407 205249.00000000 NS USD 6881998.97000000 4.516690515011 Long EC RF US N 1 N N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A N/A 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N 1 N N 2020-01-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer