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 2022-12-31 2022-09-30 N 370139092.90 10380682.10 359758410.80 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 N TOPS Managed Risk Balanced ETF Portfolio DRP TOPS MANAGED RISK BALANCED ETF PORTFOLIO DRP Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 252111.00000000 NS USD 25828771.95000000 7.179476886326 Long EC RF US N 1 N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 705602.00000000 NS USD 25655688.72000000 7.131365924968 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Dec22 N/A -68.00000000 NC USD 1162130.00000000 0.323030668668 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME E-Mini Standard & Poor's M MID 2022-12-16 -16177890.00000000 USD 1162130.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 124742.00000000 NS USD 6249574.20000000 1.737158607661 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Dec22 N/A -270.00000000 NC USD 1675515.00000000 0.465733378206 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US mini MSCI EAFE Index MXEA 2022-12-16 -24093615.00000000 USD 1675515.00000000 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 43567447.37000000 PA USD 43567447.37000000 12.11019563743 Long STIV RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 258331.00000000 NS USD 9710662.29000000 2.699217585603 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Dec22 N/A -471.00000000 NC USD 1660765.00000000 0.461633404569 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US MSCI Emerging Markets E MXEF 2022-12-16 -22184590.00000000 USD 1660765.00000000 N N N CME GLOBEX N/A E-Mini Russ 2000 Dec22 N/A -107.00000000 NC USD 652300.00000000 0.181316122269 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short RUSSELL 2000 INDEX RTY 2022-12-16 -9585730.00000000 USD 652300.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 373771.00000000 NS USD 12730640.26000000 3.538663691473 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 257891.00000000 NS USD 6349276.42000000 1.764872266886 Long EC RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 393666.00000000 NS USD 12888624.84000000 3.582577766935 Long EC RF US N 1 N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Dec22 N/A -240.00000000 NC USD 3531777.50000000 0.981708111325 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME Standard & Poor's 500 Inde SPX 2022-12-16 -46749777.50000000 USD 3531777.50000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 337953.00000000 NS USD 19530303.87000000 5.428727524832 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 86274.00000000 NS USD 28323754.20000000 7.872992916834 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 430028.00000000 NS USD 13029848.40000000 3.621832876964 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 143763.00000000 NS USD 6482273.67000000 1.801840756296 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 643568.00000000 NS USD 22196660.32000000 6.169879467346 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 68139.00000000 NS USD 3252274.47000000 0.904016243224 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 555997.00000000 NS USD 16246232.34000000 4.515872833625 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 350361.00000000 NS USD 12784672.89000000 3.553682834425 Long EC RF US N 1 N N N FEDERATED GOVT OBLI FD-PRM N/A FEDERATED GOVT OBLI FD-PRM (SWEEP) N/A 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N N/A N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 256430.00000000 NS USD 9785368.80000000 2.719983329434 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 805308.00000000 NS USD 38743367.88000000 10.76927368948 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 423082.00000000 NS USD 9646269.60000000 2.681318715676 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 411893.00000000 NS USD 15882594.08000000 4.414794374002 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 166810.00000000 NS USD 9726691.10000000 2.703673022785 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 120068.00000000 NS USD 9625851.56000000 2.675643229186 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Dec22 N/A 188.00000000 NC USD -694621.00000000 -0.19307985001 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2022-12-30 20906125.00000000 USD -694621.00000000 N N N 2022-10-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX