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 2022-12-31 2022-09-30 N 145433293.29 5034531.39 140398761.90 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 UST TOPS Managed Risk Flex ETF Portfolio DRP TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 109939.00000000 NS USD 6353374.81000000 4.525235638847 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Dec22 N/A -31.00000000 NC USD 548375.00000000 0.390583928646 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 -7393795.00000000 USD 548375.00000000 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 46896.00000000 NS USD 3759652.32000000 2.677838656923 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 26686.00000000 NS USD 1273722.78000000 0.907217957454 Long EC RF US N 1 N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 100744.00000000 NS USD 2480317.28000000 1.766623328036 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 165488.00000000 NS USD 3773126.40000000 2.687435664630 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 260463.00000000 NS USD 7610728.86000000 5.420794853889 Long EC RF US N 1 N N N CME GLOBEX N/A E-Mini Russ 2000 Dec22 N/A -53.00000000 NC USD 343835.00000000 0.244898883257 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short RUSSELL 2000 INDEX RTY 2022-12-16 -4768805.00000000 USD 343835.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 192992.00000000 NS USD 7441771.52000000 5.300453806922 Long EC RF US N 1 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 17912906.47000000 PA USD 17912906.47000000 12.75859290180 Long STIV RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Dec22 N/A -117.00000000 NC USD 783695.00000000 0.558192244286 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US mini MSCI EAFE Index MXEA 2022-12-16 -10498205.00000000 USD 783695.00000000 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 154097.00000000 NS USD 5045135.78000000 3.593433240952 Long EC RF US N 1 N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 100842.00000000 NS USD 3790650.78000000 2.699917526836 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Dec22 N/A -186.00000000 NC USD 693105.00000000 0.493668883272 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US MSCI Emerging Markets E MXEF 2022-12-16 -8798055.00000000 USD 693105.00000000 N N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 309879.00000000 NS USD 11267200.44000000 8.025142307184 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 182432.00000000 NS USD 6213633.92000000 4.425704212709 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 48711.00000000 NS USD 2440421.10000000 1.738206994829 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 43593.00000000 NS USD 2541907.83000000 1.810491627989 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 136789.00000000 NS USD 4991430.61000000 3.555181358048 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 86120.00000000 NS USD 8822994.00000000 6.284239177468 Long EC RF US N 1 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 CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Dec22 N/A -104.00000000 NC USD 1655107.50000000 1.178861891373 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME Standard & Poor's 500 Inde SPX 2022-12-16 -20382907.50000000 USD 1655107.50000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 215342.00000000 NS USD 7427145.58000000 5.290036378874 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 125903.00000000 NS USD 3814860.90000000 2.717161354113 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 100122.00000000 NS USD 3820655.52000000 2.721288612730 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 44895.00000000 NS USD 14739028.50000000 10.49797612210 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 261986.00000000 NS USD 12604146.46000000 8.977391459461 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Dec22 N/A 64.00000000 NC USD -235628.63000000 -0.16782813951 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 7116140.63000000 USD -235628.63000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 55895.00000000 NS USD 2520305.55000000 1.795105252990 Long EC RF US N 1 N N N 2022-10-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX