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 2023-12-31 2023-03-31 N 145084593.20 1273396.86 143811196.34 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 1339712.08000000 UST TOPS Managed Risk Flex ETF Portfolio DRP TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 109917.00000000 NS USD 6434541.18000000 4.474297790268 Long EC RF US N 1 N N N Vanguard Index Fds 549300OM0CLBHZ9MZW59 VANGUARD REAL ESTATE ETF 922908553 48002.00000000 NS USD 3986086.08000000 2.771749475316 Long EC RF US N 1 N N CME GLOBEX N/A S&P MID 400 EMINI Jun23 N/A -8.00000000 NC USD -56050.00000000 -0.03897471228 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 -1967710.00000000 USD -56050.00000000 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 26304.00000000 NS USD 1286791.68000000 0.894778510122 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 93420.00000000 NS USD 2600812.80000000 1.808491178844 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 154065.00000000 NS USD 3890141.25000000 2.705033647590 Long EC RF US N 1 N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 260853.00000000 NS USD 7729074.39000000 5.374459420897 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 178881.00000000 NS USD 7860031.14000000 5.465521002563 Long EC RF US N 1 N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 15441349.18000000 PA USD 15441349.18000000 10.73723713659 Long STIV RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Jun23 N/A -45.00000000 NC USD -96170.00000000 -0.06687240106 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US MSCI Emerging Markets E MXEF 2023-06-16 -2143705.00000000 USD -96170.00000000 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 150522.00000000 NS USD 5230639.50000000 3.637157351527 Long EC RF US N 1 N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 92321.00000000 NS USD 3904255.09000000 2.714847793053 Long EC RF US N 1 N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 257771.00000000 NS USD 11643516.07000000 8.096390521967 Long EC RF US N 1 N N N CME GLOBEX N/A E-Mini Russ 2000 Jun23 N/A -14.00000000 NC USD -25727.50000000 -0.01788977538 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short RUSSELL 2000 INDEX RTY 2023-06-16 -1243722.50000000 USD -25727.50000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 173301.00000000 NS USD 6545578.77000000 4.551508461500 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 47393.00000000 NS USD 2623676.48000000 1.824389579373 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Jun23 N/A -26.00000000 NC USD -128150.00000000 -0.08910989078 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short ICE US mini MSCI EAFE Index MXEA 2023-06-16 -2597300.00000000 USD -128150.00000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 43083.00000000 NS USD 2583256.68000000 1.796283422809 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 96046.00000000 NS USD 3880258.40000000 2.698161547051 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 82901.00000000 NS USD 9086778.61000000 6.318547401912 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Jun23 N/A 113.00000000 NC USD 112521.15000000 0.078242273803 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 12261882.85000000 USD 112521.15000000 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 192895.00000000 NS USD 7854684.40000000 5.461803114014 Long EC RF US N 1 N N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Jun23 N/A -26.00000000 NC USD -274995.00000000 -0.19121946482 Short DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Short CME Standard & Poor's 500 Inde SPX 2023-06-16 -5104080.00000000 USD -274995.00000000 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 126654.00000000 NS USD 3854081.22000000 2.679959083914 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD GLBL EX-US REAL 922042676 96133.00000000 NS USD 3900115.81000000 2.711969519243 Long EC RF US N 1 N N N Ishares Inc 549300MGJZCNMJLBAJ67 ISHARES EX CHINA 46434G764 26265.00000000 NS USD 1295652.45000000 0.900939901046 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 41662.00000000 NS USD 15667828.34000000 10.89472081364 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 269615.00000000 NS USD 12892989.30000000 8.965219418325 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 55413.00000000 NS USD 2579475.15000000 1.793653912663 Long EC RF US N 1 N N 2023-04-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX