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 2023-09-30 N 142321746.84 489980.62 141831766.22 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 275306.40000000 UST TOPS Managed Risk Flex ETF Portfolio DRP TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C102 110679.00000000 NS USD 6375110.40000000 4.494839604628 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 92203J407 26571.00000000 NS USD 1270890.93000000 0.896055209542 Long EC RF US N 1 N N Wisdomtree Trust 549300SEVJBU47TE8855 97717X578 96061.00000000 NS USD 2561946.87000000 1.806327974528 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 46434V647 242000.00000000 NS USD 5123140.00000000 3.612124516628 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 92189H300 160110.00000000 NS USD 3821825.70000000 2.694618985475 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A474 260823.00000000 NS USD 7647330.36000000 5.391831860951 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A847 176002.00000000 NS USD 7707127.58000000 5.433992528898 Long EC RF US N 1 N N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A N/A 2.00000000 NC USD -20100.00000000 -0.01417171945 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME Standard & Poor's 500 Inde SPX 2023-12-15 452650.00000000 USD -20100.00000000 N N N Short-Term Invts T 549300UJV6OHYATSFU27 825252885 16398028.08410000 PA USD 16398028.08000000 11.56160465107 Long STIV RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 233051432 150737.00000000 NS USD 5109984.30000000 3.602848949983 Long EC RF US N 1 N N Flexshares Trust 5493007FU2RQX77I4604 33939L407 95033.00000000 NS USD 3843134.52000000 2.709642996364 Long EC RF US N 1 N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 921943858 292174.00000000 NS USD 12773847.28000000 9.006337311054 Long EC RF US N 1 N N N CME GLOBEX N/A N/A 1.00000000 NC USD -8120.00000000 -0.00572509263 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long CME E-Mini Standard & Poor's M MID 2023-12-15 260160.00000000 USD -8120.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78468R853 208427.00000000 NS USD 7690956.30000000 5.422590795400 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A409 43203.00000000 NS USD 2561073.84000000 1.805712435412 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C706 44596.00000000 NS USD 2548661.40000000 1.796960912160 Long EC RF US N 1 N N N CME GLOBEX N/A N/A 1.00000000 NC USD -4300.00000000 -0.00303176087 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long RUSSELL 2000 INDEX RTY 2023-12-15 94230.00000000 USD -4300.00000000 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 922042858 97881.00000000 NS USD 3837914.01000000 2.705962220090 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 464287242 86951.00000000 NS USD 8870741.02000000 6.254410599555 Long EC RF US N 1 N N FEDERATED GOVT OBLI FD-PRM N/A N/A 0.00000000 NS USD 0.00000000 0.000000 Long STIV US N N/A N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A 2.00000000 NC USD -3060.00000000 -0.00215748564 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US MSCI Emerging Markets E MXEF 2023-12-15 98610.00000000 USD -3060.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 78464A508 185473.00000000 NS USD 7652615.98000000 5.395558543725 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A 3.00000000 NC USD -9995.00000000 -0.00704708138 Long DE CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long ICE US mini MSCI EAFE Index MXEA 2023-12-15 316220.00000000 USD -9995.00000000 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 78468R200 124510.00000000 NS USD 3824947.20000000 2.696819832354 Long EC RF US N 1 N N N Ishares Inc 549300MGJZCNMJLBAJ67 46434G764 25474.00000000 NS USD 1269369.42000000 0.894982452683 Long EC RF US N 1 N N N Vanguard Index Fds 549300G6KNDK44WUN559 922908363 38920.00000000 NS USD 15283884.00000000 10.77606548048 Long EC RF US N 1 N N N Vanguard Asset All 549300EW16IGZDA38J20 922020805 269802.00000000 NS USD 12756238.56000000 8.993922095148 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 N/A 65.00000000 NC USD -61445.34000000 -0.04332269253 Long DIR CORP US N 1 BANK OF AMERICA MERRILL LYNCH N/A Long N/A CBOT 5 Year US Treasury Note 2023-12-29 6909804.72000000 USD -61445.34000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 92206C771 57985.00000000 NS USD 2538583.30000000 1.789855240230 Long EC RF US N 1 N N N 2023-10-27 Northern Lights Variable Trust James Colantino James Colantino Treasurer XXXX