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 2023-12-31 N 62122881.61 596521.44 61526360.17 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 Balanced ETF Portfolio DRP TOPS MANAGED RISK BALANCED ETF PORTFOLIO DRP Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 39914.00000000 NS USD 4416883.24000000 7.178846965424 Long EC RF US N 1 N N Ishares Inc 549300MGJZCNMJLBAJ67 ISHARES EX CHINA 46434G764 10094.00000000 NS USD 559308.54000000 0.909055140682 Long EC RF US N 1 N N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 104136.00000000 NS USD 4988114.40000000 8.107280174249 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Mar24 N/A 6.00000000 NC USD 24795.00000000 0.040299799844 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long ICE US mini MSCI EAFE Index MXEA 2024-03-15 650925.00000000 USD 24795.00000000 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 PORTFOLIO S&P 500 GR 78464A409 16895.00000000 NS USD 1099188.70000000 1.786532954270 Long EC RF US N 1 N N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 7412483.59710000 PA USD 7412483.60000000 12.04765498807 Long STIV RF US N 1 N N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 40307.00000000 NS USD 1650571.65000000 2.682706478067 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 64851.00000000 NS USD 2735415.18000000 4.445923946162 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 38502.00000000 NS USD 1111937.76000000 1.807254251556 Long EC RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 62132.00000000 NS USD 2208792.60000000 3.589993937390 Long EC RF US N 1 N N CME GLOBEX N/A S&P MID 400 EMINI Mar24 N/A 1.00000000 NC USD 14825.00000000 0.024095363286 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long CME E-Mini Standard & Poor's M MID 2024-03-15 266125.00000000 USD 14825.00000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 57180.00000000 NS USD 3335309.40000000 5.420943788620 Long EC RF US N 1 N N N Vanguard Index Funds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 11419.00000000 NS USD 4987819.20000000 8.106800379899 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 36383.00000000 NS USD 1112955.97000000 1.808909168240 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 23923.00000000 NS USD 1109070.28000000 1.802593680067 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 83258.00000000 NS USD 3882320.54000000 6.310011723874 Long EC RF US N 1 N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Mar24 N/A 30.00000000 NC USD 72656.25000000 0.118089628249 Long DIR CORP US N 1 BANK OF AMERICA NA N/A Long N/A CBOT 5 Year US Treasury Note 2024-03-28 3190546.89000000 USD 72656.25000000 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 11177.00000000 NS USD 551752.61000000 0.896774339446 Long EC RF US N 1 N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 130684.00000000 NS USD 3891769.52000000 6.325369336406 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 40906.00000000 NS USD 1681236.60000000 2.732546822784 Long EC RF US N 1 N N N Vanguard Malvern Funds 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 140248.00000000 NS USD 6660377.52000000 10.82524222397 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 65207.00000000 NS USD 1652997.45000000 2.686649178389 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 56461.00000000 NS USD 2750779.92000000 4.470896559457 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Mar24 N/A 9.00000000 NC USD 20025.00000000 0.032547025282 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long ICE US MSCI Emerging Markets E MXEF 2024-03-15 445140.00000000 USD 20025.00000000 N N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Mar24 N/A 4.00000000 NC USD 31987.50000000 0.051989911172 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long CME Standard & Poor's 500 Inde SPX 2024-03-15 932012.50000000 USD 31987.50000000 N N N CME GLOBEX N/A E-Mini Russ 2000 Mar24 N/A 3.00000000 NC USD 21795.00000000 0.035423841000 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long RUSSELL 2000 INDEX RTY 2024-03-15 285360.00000000 USD 21795.00000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 28009.00000000 NS USD 1661493.88000000 2.700458592722 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES GLOBAL REIT ETF 46434V647 91538.00000000 NS USD 2213388.84000000 3.597464296415 Long EC RF US N 1 N N N 2024-01-26 Northern Lights Variable Trust James Colantino James Colantino Treasurer