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 2023-12-31 2023-03-31 N 60860465.12 367741.22 60492723.90 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 356784.71000000 UST TOPS Managed Risk Balanced ETF Portfolio DRP TOPS MANAGED RISK BALANCED ETF PORTFOLIO DRP Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 39870.00000000 NS USD 4370150.70000000 7.224258420275 Long EC RF US N 1 N N N Ishares Inc 549300MGJZCNMJLBAJ67 ISHARES EX CHINA 46434G764 11030.00000000 NS USD 544109.90000000 0.899463381578 Long EC RF US N 1 N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Jun23 N/A -6.00000000 NC USD -57350.00000000 -0.09480479023 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME Standard & Poor's 500 Inde SPX 2023-06-16 -1183975.00000000 USD -57350.00000000 N N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 97193.00000000 NS USD 4390207.81000000 7.257414655781 Long EC RF US N 1 N N N CME GLOBEX N/A E-Mini Russ 2000 Jun23 N/A -3.00000000 NC USD -3137.50000000 -0.00518657418 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short RUSSELL 2000 INDEX RTY 2023-06-16 -268887.50000000 USD -3137.50000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 19901.00000000 NS USD 1101719.36000000 1.821242769330 Long EC RF US N 1 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 6638142.82000000 PA USD 6638142.82000000 10.97345662756 Long STIV RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 38765.00000000 NS USD 1639371.85000000 2.710031462147 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 58215.00000000 NS USD 2198780.55000000 3.634785158021 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 39231.00000000 NS USD 1092191.04000000 1.805491585740 Long EC RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 63207.00000000 NS USD 2196443.25000000 3.630921387555 Long EC RF US N 1 N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 55387.00000000 NS USD 3242354.98000000 5.359909045193 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 13169.00000000 NS USD 4952465.83000000 8.186878537965 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Jun23 N/A -2.00000000 NC USD -17170.00000000 -0.02838357887 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME E-Mini Standard & Poor's M MID 2023-06-16 -488770.00000000 USD -17170.00000000 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 71070.00000000 NS USD 2162660.10000000 3.575074753742 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Jun23 N/A -6.00000000 NC USD -33115.00000000 -0.05474212081 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US mini MSCI EAFE Index MXEA 2023-06-16 -595835.00000000 USD -33115.00000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 23269.00000000 NS USD 1083171.95000000 1.790582205870 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 94500.00000000 NS USD 3848040.00000000 6.361161726427 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 11045.00000000 NS USD 540321.40000000 0.893200644912 Long EC RF US N 1 N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 91280.00000000 NS USD 2704626.40000000 4.470994568654 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 40336.00000000 NS USD 1629574.40000000 2.693835382076 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Jun23 N/A 44.00000000 NC USD 54109.80000000 0.089448443567 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2023-06-30 4764242.20000000 USD 54109.80000000 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 40370.00000000 NS USD 1637810.90000000 2.707451069168 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 135858.00000000 NS USD 6496729.56000000 10.73968758745 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 64696.00000000 NS USD 1633574.00000000 2.700447086331 Long EC RF US N 1 N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Jun23 N/A -11.00000000 NC USD -26160.00000000 -0.04324487031 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US MSCI Emerging Markets E MXEF 2023-06-16 -521365.00000000 USD -26160.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 62596.00000000 NS USD 2750468.24000000 4.546775318874 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 27137.00000000 NS USD 1627134.52000000 2.689802037497 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 20157.00000000 NS USD 1673837.28000000 2.767005967142 Long EC RF US N 1 N N 2023-04-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX