VANGUARD SHORT-TERM TREAS

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 2020-12-31 N 153803511.49 112308.02 153691203.47 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 Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 111631.00000000 NS USD 6876469.60000000 4.474211564972 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 49199.00000000 NS USD 4178471.07000000 2.718744453592 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Mar21 N/A 16.00000000 NC USD 38480.00000000 0.025037216920 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US mini MSCI EAFE Index MXEA 2021-03-19 1666160.00000000 USD 38480.00000000 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 22918.00000000 NS USD 1341848.90000000 0.873081132624 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Mar21 N/A 60.00000000 NC USD 17730.60000000 0.011536509311 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2021-03-31 7552109.40000000 USD 17730.60000000 N N N Vaneck Vectors Etf Trust 549300ZLFKNTXC51ZN76 VANECK VECTORS J.P. MORGA 92189H300 125521.00000000 NS USD 4176083.67000000 2.717191079068 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 262963.00000000 NS USD 8257038.20000000 5.372485876598 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 203459.00000000 NS USD 8219743.60000000 5.348219946501 Long EC RF US N 1 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 17536826.06000000 PA USD 17536826.06000000 11.41042926599 Long STIV RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 110186.00000000 NS USD 5519216.74000000 3.591107763742 Long EC RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 127070.00000000 NS USD 4134857.80000000 2.690367247210 Long EC RF US N 1 N N N Vanguard Tax-Managed International Fund 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 265447.00000000 NS USD 12531752.87000000 8.153851741063 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 191863.00000000 NS USD 6868695.40000000 4.469153240341 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 50865.00000000 NS USD 2812325.85000000 1.829854790973 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 39003.00000000 NS USD 2707588.26000000 1.761706720273 Long EC RF US N 1 N N N CME GLOBEX N/A E-Mini Russ 2000 Mar21 N/A 8.00000000 NC USD 21920.00000000 0.014262364732 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long RUSSELL 2000 INDEX RTY 2021-03-19 768000.00000000 USD 21920.00000000 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 167935.00000000 NS USD 8415222.85000000 5.475409561512 Long EC RF US N 1 N N N ISHARES TRUST 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 69900.00000000 NS USD 9655287.00000000 6.282263904508 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 243622.00000000 NS USD 8378160.58000000 5.451294798166 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Mar21 N/A 22.00000000 NC USD 40260.00000000 0.026195383399 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US MSCI Emerging Markets E MXEF 2021-03-19 1376760.00000000 USD 40260.00000000 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BBG BARC IG FLOATING 78468R200 133893.00000000 NS USD 4095786.87000000 2.664945538538 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 76968.00000000 NS USD 4180132.08000000 2.719825198594 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 48626.00000000 NS USD 16712269.94000000 10.87392743545 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 269752.00000000 NS USD 13784327.20000000 8.968845899297 Long EC RF US N 1 N N N CME GLOBEX N/A S&P500 EMINI FUT Mar21 N/A 18.00000000 NC USD 79020.00000000 0.051414783810 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME Standard & Poor's 500 Inde SPX 2021-03-19 3294900.00000000 USD 79020.00000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 50488.00000000 NS USD 2729886.16000000 1.776214967652 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Mar21 N/A 5.00000000 NC USD 30600.00000000 0.019910052956 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME E-Mini Standard & Poor's M MID 2021-03-19 1121150.00000000 USD 30600.00000000 N N N 2021-01-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer