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 2023-12-31 N 149835947.66 1550658.32 148285289.34 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 0 UST TOPS Managed Risk Flex ETF Portfolio DRP TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD SHORT-TERM TREAS 92206C102 114877.00000000 NS USD 6700775.41000000 4.518840297526 Long EC RF US N 1 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 VANGUARD TOTAL INTL BOND 92203J407 26947.00000000 NS USD 1330238.66000000 0.897080665196 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 WSDTRE EMRG EXST 97717X578 93478.00000000 NS USD 2699644.64000000 1.820574820345 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES GLOBAL REIT ETF 46434V647 219475.00000000 NS USD 5306905.50000000 3.578848261766 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 VANECK J. P. MOR 92189H300 158006.00000000 NS USD 4005452.10000000 2.701179677247 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EmgMkt Mar24 N/A 22.00000000 NC USD 48970.00000000 0.033024179416 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long ICE US MSCI Emerging Markets E MXEF 2024-03-15 1088100.00000000 USD 48970.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT SHRT TRM CORP B 78464A474 360071.00000000 NS USD 10722914.38000000 7.231273194884 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 400 MI 78464A847 163344.00000000 NS USD 7958119.68000000 5.366762755375 Long EC RF US N 1 N N Short-Term Invts T 549300UJV6OHYATSFU27 STIT GV&A-INS 825252885 17261495.46410000 PA USD 17261495.46000000 11.64073357298 Long STIV RF US N 1 N N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A S&P500 EMINI FUT Mar24 N/A 13.00000000 NC USD 96047.50000000 0.064772102767 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long CME Standard & Poor's 500 Inde SPX 2024-03-15 3036952.50000000 USD 96047.50000000 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 XTRACKERS USD HIGH YIELD 233051432 149594.00000000 NS USD 5318066.70000000 3.586375104145 Long EC RF US N 1 N N Flexshares Trust 5493007FU2RQX77I4604 FLEXSHARES GLOBAL UPSTREA 33939L407 97170.00000000 NS USD 3979111.50000000 2.683416215937 Long EC RF US N 1 N N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 VANGUARD FTSE DEVELOPED E 921943858 279114.00000000 NS USD 13369560.60000000 9.016107167141 Long EC RF US N 1 N N N CME GLOBEX N/A S&P MID 400 EMINI Mar24 N/A 4.00000000 NC USD 59255.00000000 0.039960133782 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long CME E-Mini Standard & Poor's M MID 2024-03-15 1064545.00000000 USD 59255.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO SMALL CAP 78468R853 187621.00000000 NS USD 7913853.78000000 5.336910906822 Long EC RF US N 1 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORTFOLIO S&P 500 GR 78464A409 40985.00000000 NS USD 2666484.10000000 1.798212157030 Long EC RF US N 1 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD INTERMEDIATE-TER 92206C706 45017.00000000 NS USD 2670408.44000000 1.800858636676 Long EC RF US N 1 N N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 VANGUARD FTSE EMERGING MA 922042858 98325.00000000 NS USD 4041157.50000000 2.725258532378 Long EC RF US N 1 N N N Ishares Trust 5493000860OXIC4B5K91 ISHARES IBOXX INVESTMENT 464287242 84199.00000000 NS USD 9317461.34000000 6.283469777393 Long EC RF US N 1 N N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 MSCI EAFE Mar24 N/A 15.00000000 NC USD 62050.00000000 0.041845013943 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long ICE US mini MSCI EAFE Index MXEA 2024-03-15 1627250.00000000 USD 62050.00000000 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 CME GLOBEX N/A E-Mini Russ 2000 Mar24 N/A 9.00000000 NC USD 65370.00000000 0.044083941361 Long DE CORP US N 1 BANK OF AMERICA NA N/A Long RUSSELL 2000 INDEX RTY 2024-03-15 856095.00000000 USD 65370.00000000 N N N Spdr Series Trust 5493004JVD6CQEEJSS37 SPDR PORT S&P 500 VALUE 78464A508 172208.00000000 NS USD 8030059.04000000 5.415276913671 Long EC RF US N 1 N N N Spdr Series Trust 5493001XGU6MOBRXUU78 SPDR BLOOMBERG I 78468R200 43857.00000000 NS USD 1341585.63000000 0.904732786354 Long EC RF US N 1 N N N Ishares Inc 549300MGJZCNMJLBAJ67 ISHARES EX CHINA 46434G764 24372.00000000 NS USD 1350452.52000000 0.910712401756 Long EC RF US N 1 N N N Vanguard Index Funds 549300G6KNDK44WUN559 VANGUARD S&P 500 ETF 922908363 36706.00000000 NS USD 16033180.80000000 10.81238797952 Long EC RF US N 1 N N N Vanguard Malvern Funds 549300EW16IGZDA38J20 VANGUARD SHORT-TERM TIPS 922020805 281763.00000000 NS USD 13380924.87000000 9.023770954999 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 US 5YR NOTE (CBT) Mar24 N/A 65.00000000 NC USD 155039.09000000 0.104554599239 Long DIR CORP US N 1 BANK OF AMERICA NA N/A Long N/A CBOT 5 Year US Treasury Note 2024-03-28 6915234.38000000 USD 155039.09000000 N N N Vanguard Scottsdal 549300Y88GQ3VLJIBX57 VANGUARD MORTGAGE-BACKED 92206C771 57689.00000000 NS USD 2674462.04000000 1.803592286128 Long EC RF US N 1 N N 2024-01-26 Northern Lights Variable Trust James Colantino James Colantino Treasurer