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 2024-12-31 2024-12-31 N 134239301.80 142324.27 134096977.53 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 581126.82000000 N/A UST TOPS Managed Risk Flex ETF Portfolio DRP TOPS MANAGED RISK FLEX ETF PORTFOLIO DRP Vanguard Scottsdale Funds 549300Y88GQ3VLJIBX57 92206C102 62645.00000000 NS USD 3644686.10000000 2.717947985952 Long EC RF US N 1 N N N Chicago Board of Trade 549300EX04Q2QBFQTQ27 N/A 65.00000000 NC USD -59906.25000000 -0.04467382569 Long DIR CORP US N 1 BOFA SECURITIES INC 549300HN4UKV1E2R3U73 Long N/A CBOT 5 Year US Treasury Note 2025-04-01 6969710.97000000 USD -59906.25000000 N N N CHICAGO MERCANTILE EXCHANGE SNZ2OJLFK8MNNCLQOF39 N/A 4.00000000 NC USD -25512.50000000 -0.01902541016 Long DE CORP US N 1 BOFA SECURITIES INC 549300HN4UKV1E2R3U73 Long RUSSELL 2000 INDEX RTY 2025-03-24 475472.50000000 USD -25512.50000000 N N N CHICAGO MERCANTILE EXCHANGE (FLOOR) N/A N/A 6.00000000 NC USD -57762.50000000 -0.04307516922 Long DE CORP US N 1 BOFA SECURITIES INC 549300HN4UKV1E2R3U73 Long CME Standard & Poor's 500 Inde SPX 2025-03-24 1838487.50000000 USD -57762.50000000 N N N Vanguard Charlotte Funds 549300Z9BHDBGHMJLU94 92203J407 24928.00000000 NS USD 1222718.40000000 0.911816524519 Long EC RF US N 1 N N N Wisdomtree Trust 549300SEVJBU47TE8855 97717X578 39340.00000000 NS USD 1199083.20000000 0.894191071332 Long EC RF US N 1 N N N iShares Trust 5493000860OXIC4B5K91 46434V290 21738.00000000 NS USD 1467315.00000000 1.094219293400 Long EC RF US N 1 N N N iShares Trust 5493000860OXIC4B5K91 46434V647 202733.00000000 NS USD 4859510.01000000 3.623877360630 Long EC RF US N 1 N N N VanEck ETF Trust 549300ZLFKNTXC51ZN76 92189H300 156456.00000000 NS USD 3615698.16000000 2.696330839515 Long EC RF US N 1 N N N SPDR Series Trust 5493004JVD6CQEEJSS37 78464A474 324886.00000000 NS USD 9701095.96000000 7.234388230584 Long EC RF US N 1 N N N SPDR Series Trust 5493004JVD6CQEEJSS37 78464A847 132373.00000000 NS USD 7239479.37000000 5.398689443526 Long EC RF US N 1 N N N CHICAGO MERCANTILE EXCHANGE SNZ2OJLFK8MNNCLQOF39 N/A 3.00000000 NC USD -51030.00000000 -0.03805454898 Long DE CORP US N 1 BOFA SECURITIES INC 549300HN4UKV1E2R3U73 Long CME E-Mini Standard & Poor's M MID 2025-03-24 995040.00000000 USD -51030.00000000 N N N Short-Term Invts T 549300UJV6OHYATSFU27 825252885 15462182.91000000 PA USD 15462182.91000000 11.53059762778 Long STIV RF US N 1 N N N DBX ETF Trust DNLQXYGHEZ10Q9SIK386 233051432 134582.00000000 NS USD 4855718.56000000 3.621049966554 Long EC RF US N 1 N N Flexshares Trust 5493007FU2RQX77I4604 33939L407 111274.00000000 NS USD 4045922.64000000 3.017161694859 Long EC RF US N 1 N N N Vanguard Tax Managed Funds 549300PTTIGTMUA02X28 921943858 263249.00000000 NS USD 12588567.18000000 9.387659149277 Long EC RF US N 1 N N N SPDR Series Trust 5493004JVD6CQEEJSS37 78468R853 107218.00000000 NS USD 4816232.56000000 3.591604112719 Long EC RF US N 1 N N N SPDR Series Trust 5493004JVD6CQEEJSS37 78464A409 27046.00000000 NS USD 2377343.40000000 1.772853828467 Long EC RF US N 1 N N N Vanguard Scottsdale Funds 549300Y88GQ3VLJIBX57 92206C706 83950.00000000 NS USD 4869100.00000000 3.631028893929 Long EC RF US N 1 N N Vanguard International Equity Index Funds 549300UR5XWDVDO7NP96 922042858 90809.00000000 NS USD 3999228.36000000 2.982340417855 Long EC RF US N 1 N N N iShares Trust 5493000860OXIC4B5K91 464287242 79295.00000000 NS USD 8471877.80000000 6.317724646780 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 14.00000000 NC USD -28660.00000000 -0.02137259208 Long DE CORP US N 1 BOFA SECURITIES INC 549300HN4UKV1E2R3U73 Long ICE US MSCI Emerging Markets E MXEF 2025-03-24 780320.00000000 USD -28660.00000000 N N N SPDR Series Trust 5493004JVD6CQEEJSS37 78464A508 133017.00000000 NS USD 6802489.38000000 5.072813351425 Long EC RF US N 1 N N N SPDR Series Trust 5493004JVD6CQEEJSS37 78468R200 39458.00000000 NS USD 1212544.34000000 0.904229433306 Long EC RF US N 1 N N N Ishares Inc 549300MGJZCNMJLBAJ67 46434G764 43377.00000000 NS USD 2405254.65000000 1.793668055987 Long EC RF US N 1 N N N Vanguard Index Funds 549300G6KNDK44WUN559 922908363 26597.00000000 NS USD 14330729.57000000 10.68684010181 Long EC RF US N 1 N N N Vanguard Malvern Funds 549300EW16IGZDA38J20 922020805 250342.00000000 NS USD 12121559.64000000 9.039398100742 Long EC RF US N 1 N N N Vanguard Scottsdale Funds 549300Y88GQ3VLJIBX57 92206C771 53608.00000000 NS USD 2430586.72000000 1.812558914279 Long EC RF US N 1 N N ICE FUTURES U.S. 5493004R83R1LVX2IL36 N/A 10.00000000 NC USD -38410.00000000 -0.02864344947 Long DE CORP US N 1 BOFA SECURITIES INC 549300HN4UKV1E2R3U73 Long ICE US mini MSCI EAFE Index MXEA 2025-03-24 1172160.00000000 USD -38410.00000000 N N N 2025-01-28 Northern Lights Variable Trust James Colantino James Colantino Treasurer