ISHARES IBOXX INVESTMENT

NPORT-P false 0001352621 XXXXXXXX S000031507 C000097932 C000112453 C000158840 C000112454 C000097933 Northern Lights Variable Trust 811-21853 0001352621 549300JG5J5V82S8VI88 225 PICTORIA DRIVE SUITE 450 CINCINNATI 45246 631-470-2600 TOPS Managed Risk Balanced ETF Portfolio S000031507 549300VNL87B3B7KW674 2021-12-31 2021-12-31 N 464561731.98 4426245.27 460135486.71 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 974413.41999999 UST Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 250795.00000000 NS USD 33235353.40000000 7.222949405105 Long EC RF US N 1 N N Vanguard Tax-Managed International Fund 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 647557.00000000 NS USD 33064260.42000000 7.185766230814 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Mar22 N/A 68.00000000 NC USD -3405.00000000 -0.00073999943 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US MSCI Emerging Markets E MXEF 2022-03-18 4172825.00000000 USD -3405.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 113271.00000000 NS USD 8208749.37000000 1.783985284137 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Mar22 N/A 39.00000000 NC USD 74470.00000000 0.016184363551 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US mini MSCI EAFE Index MXEA 2022-03-18 4453040.00000000 USD 74470.00000000 N N N CME GLOBEX N/A E-Mini Russ 2000 Mar22 N/A 16.00000000 NC USD 30615.00000000 0.006653475092 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long RUSSELL 2000 INDEX RTY 2022-03-18 1763625.00000000 USD 30615.00000000 N N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Mar22 N/A 38.00000000 NC USD 158325.00000000 0.034408343753 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME Standard & Poor's 500 Inde SPX 2022-03-18 8882825.00000000 USD 158325.00000000 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 54765675.89000000 PA USD 54765675.89000000 11.90207612144 Long STIV RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 315143.00000000 NS USD 12444997.07000000 2.704637531650 Long EC RF US N 1 N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 369133.00000000 NS USD 16496553.77000000 3.585151383987 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 226744.00000000 NS USD 8355516.40000000 1.815881765551 Long EC RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 415787.00000000 NS USD 16564954.08000000 3.600016638238 Long EC RF US N 1 N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 409046.00000000 NS USD 24882268.18000000 5.407596001323 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 84964.00000000 NS USD 37092733.48000000 8.061263378144 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 541570.00000000 NS USD 16566626.30000000 3.600380057285 Long EC RF US N 1 N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 157130.00000000 NS USD 8302749.20000000 1.804414012786 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 690076.00000000 NS USD 28983192.00000000 6.298838676241 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 75199.00000000 NS USD 4147976.84000000 0.901468580408 Long EC RF US N 1 N N INVESCO GOVERNMENT & AGENCY PORTFOLIO N/A INVESCO STIT GOVT & AGENCY-INST ( FUND CUSIP 825252885 ) (#1901) N/A 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N N/A N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Mar22 N/A 207.00000000 NC USD 770.25000000 0.000167396347 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2022-03-31 25041468.75000000 USD 770.25000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 669525.00000000 NS USD 20735189.25000000 4.506322561265 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 337336.00000000 NS USD 16684638.56000000 3.626027342358 Long EC RF US N 1 N N N Vanguard Intl Equi 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 230815.00000000 NS USD 12452469.25000000 2.706261440306 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 968490.00000000 NS USD 49780386.00000000 10.81863656201 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 436592.00000000 NS USD 12486531.20000000 2.713664031713 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Mar22 N/A 11.00000000 NC USD 82335.00000000 0.017893642715 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME E-Mini Standard & Poor's M MID 2022-03-18 3039135.00000000 USD 82335.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 415956.00000000 NS USD 20689651.44000000 4.496425952262 Long EC RF US N 1 N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 187240.00000000 NS USD 12445842.80000000 2.704821331862 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 107945.00000000 NS USD 12522699.45000000 2.721524379599 Long EC RF US N 1 N N 2022-01-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer