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 2020-12-31 2020-03-31 N 136890089.26 162074.66 136728014.60 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 78468R853 271969.00000000 NS USD 5939802.96000000 4.344247210329 Long EC RF US N 1 N N N CME GLOBEX N/A N/A -57.00000000 NC USD -328155.00000000 -0.24000567912 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME E-Mini Standard & Poor's M MID 2020-06-19 -7867305.00000000 USD -328155.00000000 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 92203J407 22918.00000000 NS USD 1289366.68000000 0.943015726346 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 N/A 55.00000000 NC USD 211385.62000000 0.154603005549 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2020-06-30 6683359.38000000 USD 211385.62000000 N N N Vanguard Index Fds 549300G6KNDK44WUN559 922908363 60672.00000000 NS USD 14368343.04000000 10.50870451241 Long EC RF US N 1 N N N ISHARES TRUST 5493000860OXIC4B5K91 464287242 69451.00000000 NS USD 8577893.01000000 6.273690900211 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C771 49487.00000000 NS USD 2697041.50000000 1.972559543038 Long EC RF US N 1 N N N CME GLOBEX N/A N/A -177.00000000 NC USD -486575.00000000 -0.35587074194 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME Standard & Poor's 500 Inde SPX 2020-06-19 -22255270.00000000 USD -486575.00000000 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 233051432 112188.00000000 NS USD 4944125.16000000 3.616029366376 Long EC RF US N 1 N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C706 34277.00000000 NS USD 2418242.35000000 1.768651696636 Long EC RF US N 1 N N Vanguard Asset All 549300EW16IGZDA38J20 922020805 247497.00000000 NS USD 12058053.84000000 8.819007483781 Long EC RF US N 1 N N N Vanguard Tax Manag 549300PTTIGTMUA02X28 921943858 322769.00000000 NS USD 10761118.46000000 7.870456169119 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 922042676 84689.00000000 NS USD 3634004.99000000 2.657834973053 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 922908553 52226.00000000 NS USD 3647986.10000000 2.668060463447 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A -228.00000000 NC USD -113110.00000000 -0.08272627985 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US MSCI Emerging Markets E MXEF 2020-06-19 -9495950.00000000 USD -113110.00000000 N N N CME GLOBEX N/A N/A -91.00000000 NC USD -219137.50000000 -0.16027256787 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short RUSSELL 2000 INDEX RTY 2020-06-19 -5002442.50000000 USD -219137.50000000 N N N Flexshares Trust 5493007FU2RQX77I4604 33939L407 157855.00000000 NS USD 3556473.15000000 2.601129812646 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 78468R200 129225.00000000 NS USD 3799215.00000000 2.778666106660 Long EC RF US N 1 N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A409 66975.00000000 NS USD 2393686.50000000 1.750692063365 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A508 276826.00000000 NS USD 7153183.84000000 5.231688517475 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 922042858 208925.00000000 NS USD 7009433.75000000 5.126552718918 Long EC RF US N 1 N N N Vaneck Vectors Etf Trust 549300ZLFKNTXC51ZN76 92189H300 133268.00000000 NS USD 3794139.96000000 2.774954328927 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C102 95897.00000000 NS USD 5978218.98000000 4.372343881017 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A474 244080.00000000 NS USD 7383420.00000000 5.400078412313 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A847 282365.00000000 NS USD 7152305.45000000 5.231046081466 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A -149.00000000 NC USD -717845.00000000 -0.52501676565 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US mini MSCI EAFE Index MXEA 2020-06-19 -10898940.00000000 USD -717845.00000000 N N N Short-Term Invts T 549300UJV6OHYATSFU27 825252885 10849941.40000000 PA USD 10849941.40000000 7.935419403069 Long STIV 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 N/A N N 2020-04-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX