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 2022-12-31 N 142490908.21 129565.97 142361342.24 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 1091036.98000000 N TOPS Managed Risk Flex ETF Portfolio DRP TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 110961.00000000 NS USD 6415765.02000000 4.506676404598 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Mar23 N/A -56.00000000 NC USD 94595.00000000 0.066447111632 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US mini MSCI EAFE Index MXEA 2023-03-17 -5552915.00000000 USD 94595.00000000 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 46628.00000000 NS USD 3845877.44000000 2.701490010902 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Mar23 N/A -16.00000000 NC USD 73720.00000000 0.051783720805 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME E-Mini Standard & Poor's M MID 2023-03-17 -3981880.00000000 USD 73720.00000000 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Mar23 N/A -93.00000000 NC USD 57195.00000000 0.040175934772 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US MSCI Emerging Markets E MXEF 2023-03-17 -4518405.00000000 USD 57195.00000000 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 26946.00000000 NS USD 1278048.78000000 0.897749880613 Long EC RF US N 1 N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 95483.00000000 NS USD 2547486.44000000 1.789450984316 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Mar23 N/A 64.00000000 NC USD -7542.50000000 -0.00529813773 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2023-03-31 6915062.50000000 USD -7542.50000000 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 157923.00000000 NS USD 3826474.29000000 2.687860503274 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 262231.00000000 NS USD 7704346.78000000 5.411825049395 Long EC RF US N 1 N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Mar23 N/A -57.00000000 NC USD 301417.50000000 0.211727070886 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME Standard & Poor's 500 Inde SPX 2023-03-17 -11305267.50000000 USD 301417.50000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 181141.00000000 NS USD 7698492.50000000 5.407712781340 Long EC RF US N 1 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 15207699.31000000 PA USD 15207699.31000000 10.68246412313 Long STIV RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 150959.00000000 NS USD 5088827.89000000 3.574585494860 Long EC RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 88219.00000000 NS USD 3834879.93000000 2.693764943249 Long EC RF US N 1 N N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 274338.00000000 NS USD 11513965.86000000 8.087845814623 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 173432.00000000 NS USD 6411781.04000000 4.503877906117 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 50532.00000000 NS USD 2560456.44000000 1.798561603671 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 43593.00000000 NS USD 2549318.64000000 1.790737991007 Long EC RF US N 1 N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 98532.00000000 NS USD 3840777.36000000 2.697907521499 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 84081.00000000 NS USD 8864659.83000000 6.226872892962 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 Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 198883.00000000 NS USD 7734559.87000000 5.433047868402 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 127227.00000000 NS USD 3866428.53000000 2.715925875074 Long EC RF US N 1 N N N CME GLOBEX N/A E-MINI RUSS 2000 MAR23 N/A -29.00000000 NC USD 73457.50000000 0.051599330860 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short RUSSELL 2000 INDEX RTY 2023-03-17 -2641262.50000000 USD 73457.50000000 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 93777.00000000 NS USD 3876741.18000000 2.723169871118 Long EC RF US N 1 N N N Ishares Inc 549300MGJZCNMJLBAJ67 ISHARES EX CHINA 46434G764 26976.00000000 NS USD 1280550.72000000 0.899507338053 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 43853.00000000 NS USD 15407313.02000000 10.82268035519 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 274753.00000000 NS USD 12833712.63000000 9.014885943098 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 55944.00000000 NS USD 2546570.88000000 1.788807860287 Long EC RF US N 1 N N 2023-01-27 Northern Lights Variable Trust James Colantino James Colantino Treasurer