Northern Lights Variable Trust NPORT-P TOPS Managed Risk Flex ETF Portfolio (Sep 2023 report)

TOPS AGGRESSIVE GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.9%
		EQUITY - 97.9%
	116,349	FlexShares Global Upstream Natural Resources Index Fund	$	4,705,154
	222,218	iShares Global REIT ETF		4,704,355
	70,629	iShares MSCI Emerging Markets ex China ETF(a)		3,519,443
	378,319	SPDR Portfolio S&P 400 Mid Cap ETF		16,566,589
	79,338	SPDR Portfolio S&P 500 Growth ETF		4,703,157
	113,535	SPDR Portfolio S&P 500 Value ETF		4,684,454
	384,350	SPDR Portfolio S&P 600 Small Cap ETF		14,182,515
	483,819	Vanguard FTSE Developed Markets ETF		21,152,567
	209,712	Vanguard FTSE Emerging Markets ETF		8,222,808
	74,448	Vanguard S&P 500 ETF		29,235,729
	132,309	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		3,528,681
				115,205,452
		TOTAL EXCHANGE-TRADED FUNDS (Cost $112,969,579)		115,205,452
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 3.4%
		COLLATERAL FOR SECURITIES LOANED - 1.5%
	1,714,311	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $1,714,311)(b)		1,714,311
		MONEY MARKET FUNDS - 1.9%
	2,242,226	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $2,242,226)(b)		2,242,226
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,956,537)		3,956,537
		TOTAL INVESTMENTS - 101.3% (Cost $116,926,116)	$	119,161,989
		LIABILITIES IN EXCESS OF OTHER ASSETS - (1.3)%		(1,538,053	)
		NET ASSETS - 100.0%	$	117,623,936

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or a portion of this security is on loan. Total loaned securities had a value of $1,678,197 at September 30, 2023. The loaned securities were secured with cash collateral of $1,714,311. The Portfolio cannot pledge or resell the collateral.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.

1

TOPS BALANCED ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 50.1%
	64,055	FlexShares Global Upstream Natural Resources Index Fund	$	2,590,384
	162,897	iShares Global REIT ETF		3,448,529
	17,260	iShares MSCI Emerging Markets ex China ETF(a)		860,066
	99,168	SPDR Portfolio S&P 400 Mid Cap ETF		4,342,567
	29,082	SPDR Portfolio S&P 500 Growth ETF		1,723,981
	145,659	SPDR Portfolio S&P 500 Value ETF		6,009,890
	117,927	SPDR Portfolio S&P 600 Small Cap ETF		4,351,506
	177,004	Vanguard FTSE Developed Markets ETF		7,738,615
	65,889	Vanguard FTSE Emerging Markets ETF		2,583,508
	19,700	Vanguard S&P 500 ETF		7,736,190
	64,664	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,724,589
				43,109,825
		FIXED INCOME - 47.9%
	67,410	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		6,877,168
	111,752	SPDR Bloomberg Investment Grade Floating Rate ETF		3,433,021
	146,783	SPDR Portfolio Short Term Corporate Bond ETF		4,303,678
	108,412	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		2,587,794
	45,031	Vanguard Intermediate-Term Treasury ETF		2,573,522
	39,031	Vanguard Mortgage-Backed Securities ETF		1,708,777
	218,624	Vanguard Short-Term Inflation-Protected Securities ETF		10,336,542
	89,711	Vanguard Short-Term Treasury ETF		5,167,354
	17,932	Vanguard Total International Bond ETF(a)		857,688
	101,470	Xtrackers USD High Yield Corporate Bond ETF(a)		3,439,833
				41,285,377
		TOTAL EXCHANGE-TRADED FUNDS (Cost $86,798,170)		84,395,202
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.3%
		COLLATERAL FOR SECURITIES LOANED - 9.2%
	7,907,076	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $7,907,076)(b)		7,907,076

2

TOPS BALANCED ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 11.3% (Continued)
		MONEY MARKET FUNDS - 2.1%
	1,840,982	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $1,840,982)(b)	$	1,840,982
		TOTAL SHORT-TERM INVESTMENTS (Cost $9,748,058)		9,748,058
		TOTAL INVESTMENTS - 109.3% (Cost $96,546,228)	$	94,143,260
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.3)%		(8,014,914	)
		NET ASSETS - 100.0%	$	86,128,346

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $11,184,685 at September 30, 2023. The loaned securities were secured with cash collateral of $7,907,076 and non-cash collateral of $3,509,718. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

(b)

Rate disclosed is the seven day effective yield as of September 30, 2023.

3

TOPS CONSERVATIVE ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 30.0%
	14,848	FlexShares Global Upstream Natural Resources Index Fund	$	600,453
	14,273	iShares Global REIT ETF		302,159
	6,050	iShares MSCI Emerging Markets ex China ETF		301,472
	27,577	SPDR Portfolio S&P 400 Mid Cap ETF		1,207,597
	10,086	SPDR Portfolio S&P 500 Growth ETF		597,898
	28,948	SPDR Portfolio S&P 500 Value ETF		1,194,394
	16,351	SPDR Portfolio S&P 600 Small Cap ETF		603,352
	41,135	Vanguard FTSE Developed Markets ETF		1,798,422
	7,698	Vanguard FTSE Emerging Markets ETF		301,839
	4,591	Vanguard S&P 500 ETF		1,802,886
	11,332	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		302,224
				9,012,696
		FIXED INCOME - 68.0%
	20,515	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		2,092,940
	24,137	JP Morgan Ultra-Short Income ETF(a)		1,211,195
	58,753	SPDR Bloomberg Investment Grade Floating Rate ETF(a)		1,804,892
	92,309	SPDR Portfolio Short Term Corporate Bond ETF		2,706,500
	25,046	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		597,848
	26,306	Vanguard Intermediate-Term Treasury ETF		1,503,388
	13,715	Vanguard Mortgage-Backed Securities ETF		600,443
	101,849	Vanguard Short-Term Inflation-Protected Securities ETF		4,815,420
	47,005	Vanguard Short-Term Treasury ETF		2,707,488
	25,244	Vanguard Total International Bond ETF		1,207,421
	35,659	Xtrackers USD High Yield Corporate Bond ETF		1,208,840
				20,456,375
		TOTAL EXCHANGE-TRADED FUNDS (Cost $31,162,804)		29,469,071
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 12.9%
		COLLATERAL FOR SECURITIES LOANED - 10.9%
	3,269,174	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $3,269,174)(b)		3,269,174

4

TOPS CONSERVATIVE ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 12.9% (Continued)
		MONEY MARKET FUNDS - 2.0%
	606,315	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $606,315)(b)	$	606,315
		TOTAL SHORT-TERM INVESTMENTS (Cost $3,875,489)		3,875,489
		TOTAL INVESTMENTS - 110.9% (Cost $35,038,293)	$	33,344,560
		LIABILITIES IN EXCESS OF OTHER ASSETS - (10.9)%		(3,267,869	)
		NET ASSETS - 100.0%	$	30,076,691

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or a portion of this security is on loan. Total loaned securities had a value of $3,202,314 at September 30, 2023. The loaned securities were secured with cash collateral of $3,269,174. The Portfolio cannot pledge or resell the collateral.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.

5

TOPS GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 98.0%
		EQUITY - 85.1%
	127,841	FlexShares Global Upstream Natural Resources Index Fund	$	5,169,890
	246,277	iShares Global REIT ETF		5,213,684
	51,800	iShares MSCI Emerging Markets ex China ETF(a)		2,581,194
	327,395	SPDR Portfolio S&P 400 Mid Cap ETF		14,336,627
	109,104	SPDR Portfolio S&P 500 Growth ETF		6,467,685
	156,129	SPDR Portfolio S&P 500 Value ETF		6,441,883
	283,157	SPDR Portfolio S&P 600 Small Cap ETF		10,448,493
	503,498	Vanguard FTSE Developed Markets ETF		22,012,933
	164,792	Vanguard FTSE Emerging Markets ETF		6,461,494
	69,136	Vanguard S&P 500 ETF		27,149,707
	145,555	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		3,881,952
				110,165,542
		FIXED INCOME - 12.9%
	25,095	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		2,560,192
	108,108	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		2,580,538
	29,427	Vanguard Mortgage-Backed Securities ETF		1,288,314
	81,762	Vanguard Short-Term Inflation-Protected Securities ETF(a)		3,865,707
	44,722	Vanguard Short-Term Treasury ETF		2,575,987
	114,201	Xtrackers USD High Yield Corporate Bond ETF(a)		3,871,414
				16,742,152
		TOTAL EXCHANGE-TRADED FUNDS (Cost $123,193,428)		126,907,694
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 6.2%
		COLLATERAL FOR SECURITIES LOANED - 4.1%
	5,258,597	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $5,258,597)(b)		5,258,597
		MONEY MARKET FUNDS - 2.1%
	2,753,998	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $2,753,998)(b)		2,753,998
		TOTAL SHORT-TERM INVESTMENTS (Cost $8,012,595)		8,012,595

6

TOPS GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares		Fair Value
	SHORT-TERM INVESTMENTS — 6.2% (Continued)
	MONEY MARKET FUNDS - 2.1%  (Continued)
	TOTAL INVESTMENTS - 104.2% (Cost $131,206,023)	$	134,920,289
	LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)%		(5,377,718	)
	NET ASSETS - 100.0%	$	129,542,571

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $12,327,312 at September 30, 2023. The loaned securities were secured with cash collateral of $5,258,597 and non-cash collateral of $7,334,874. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

(b)

Rate disclosed is the seven day effective yield as of September 30, 2023.

7

TOPS MODERATE GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 97.9%
		EQUITY - 65.0%
	124,066	FlexShares Global Upstream Natural Resources Index Fund	$	5,017,229
	238,632	iShares Global REIT ETF		5,051,839
	25,077	iShares MSCI Emerging Markets ex China ETF(a)		1,249,587
	230,096	SPDR Portfolio S&P 400 Mid Cap ETF		10,075,904
	42,250	SPDR Portfolio S&P 500 Growth ETF		2,504,580
	90,689	SPDR Portfolio S&P 500 Value ETF		3,741,828
	204,824	SPDR Portfolio S&P 600 Small Cap ETF		7,558,006
	372,882	Vanguard FTSE Developed Markets ETF		16,302,401
	127,634	Vanguard FTSE Emerging Markets ETF		5,004,529
	57,179	Vanguard S&P 500 ETF		22,454,192
	93,946	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		2,505,540
				81,465,635
		FIXED INCOME - 32.9%
	61,080	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		6,231,382
	383,581	SPDR Portfolio Short Term Corporate Bond ETF		11,246,596
	105,005	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		2,506,469
	21,838	Vanguard Intermediate-Term Treasury ETF		1,248,042
	57,065	Vanguard Mortgage-Backed Securities ETF		2,498,306
	158,316	Vanguard Short-Term Inflation-Protected Securities ETF		7,485,180
	43,299	Vanguard Short-Term Treasury ETF		2,494,022
	25,909	Vanguard Total International Bond ETF		1,239,227
	184,651	Xtrackers USD High Yield Corporate Bond ETF(a)		6,259,669
				41,208,893
		TOTAL EXCHANGE-TRADED FUNDS (Cost $122,248,923)		122,674,528
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 8.2%
		COLLATERAL FOR SECURITIES LOANED - 6.1%
	7,568,987	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $7,568,987)(b)		7,568,987

8

TOPS MODERATE GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares			Fair Value
		SHORT-TERM INVESTMENTS — 8.2% (Continued)
		MONEY MARKET FUNDS - 2.1%
	2,652,962	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $2,652,962)(b)	$	2,652,962
		TOTAL SHORT-TERM INVESTMENTS (Cost $10,221,949)		10,221,949
		TOTAL INVESTMENTS - 106.1% (Cost $132,470,872)	$	132,896,477
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.1)%		(7,672,205	)
		NET ASSETS - 100.0%	$	125,224,272

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $12,062,704 at September 30, 2023. The loaned securities were secured with cash collateral of $7,568,987 and non-cash collateral of $4,746,090. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

(b)

Rate disclosed is the seven day effective yield as of September 30, 2023.

9

TOPS MANAGED RISK BALANCED ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 45.1%
	37,763	FlexShares Global Upstream Natural Resources Index Fund	$	1,527,136
	96,167	iShares Global REIT ETF		2,035,855
	10,077	iShares MSCI Emerging Markets ex China ETF		502,137
	58,149	SPDR Portfolio S&P 400 Mid Cap ETF		2,546,345
	17,004	SPDR Portfolio S&P 500 Growth ETF		1,007,997
	85,987	SPDR Portfolio S&P 500 Value ETF		3,547,824
	68,842	SPDR Portfolio S&P 600 Small Cap ETF		2,540,270
	104,490	Vanguard FTSE Developed Markets ETF		4,568,302
	38,895	Vanguard FTSE Emerging Markets ETF		1,525,073
	11,599	Vanguard S&P 500 ETF		4,554,927
	38,172	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,018,047
				25,373,913
		FIXED INCOME - 43.1%
	39,489	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		4,028,668
	65,969	SPDR Bloomberg Investment Grade Floating Rate ETF		2,026,568
	86,368	SPDR Portfolio Short Term Corporate Bond ETF		2,532,310
	63,201	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF(a)		1,508,608
	26,582	Vanguard Intermediate-Term Treasury ETF		1,519,161
	23,160	Vanguard Mortgage-Backed Securities ETF		1,013,945
	128,654	Vanguard Short-Term Inflation-Protected Securities ETF		6,082,761
	52,777	Vanguard Short-Term Treasury ETF		3,039,955
	10,722	Vanguard Total International Bond ETF		512,833
	59,899	Xtrackers USD High Yield Corporate Bond ETF(a)		2,030,576
				24,295,385
		TOTAL EXCHANGE-TRADED FUNDS (Cost $50,855,267)		49,669,298
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 21.1%
		COLLATERAL FOR SECURITIES LOANED - 9.7%
	5,457,462	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $5,457,462)(b)		5,457,462

10

TOPS MANAGED RISK BALANCED ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares							Fair Value
		SHORT-TERM INVESTMENTS — 21.1% (Continued)
		MONEY MARKET FUNDS - 11.4%
	6,440,117	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $6,440,117)(b)					$	6,440,117
		TOTAL SHORT-TERM INVESTMENTS (Cost $11,897,579)						11,897,579
		TOTAL INVESTMENTS - 109.3% (Cost $62,752,846)					$	61,566,877
		LIABILITIES IN EXCESS OF OTHER ASSETS - (9.3)%						(5,237,761	)
		NET ASSETS - 100.0%					$	56,329,116
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Broker	Expiration	Notional Amount(c)		Value and Unrealized Depreciation
	30	CBOT 5 Year US Treasury Note	Bank of America Merrill Lynch	12/29/2023	$	3,160,781	$	(28,594	)
	3	CME E-Mini Russell 2000 Index Futures	Bank of America Merrill Lynch	12/15/2023		269,790		(11,078	)
	4	CME E-Mini Standard & Poor’s 500 Index Futures	Bank of America Merrill Lynch	12/15/2023		865,100		(37,170	)
	1	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	Bank of America Merrill Lynch	12/15/2023		252,040		(8,120	)
	5	ICE US Mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	12/15/2023		510,375		(14,015	)
	8	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	12/15/2023		382,200		(11,395	)
		TOTAL FUTURES CONTRACTS					$	(110,372	)

CBOT	- Chicago Board of Trade
CME	- Chicago Mercantile Exchange
ETF	- Exchange-Traded Fund
ICE	- Intercontinental Exchange
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or a portion of this security is on loan. Total loaned securities had a value of $7,067,069 at September 30, 2023. The loaned securities were secured with cash collateral of $5,457,462 and non-cash collateral of $1,764,408. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.
(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

11

TOPS MANAGED RISK GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 76.5%
	157,762	FlexShares Global Upstream Natural Resources Index Fund(a)	$	6,379,895
	301,269	iShares Global REIT ETF		6,377,865
	63,842	iShares MSCI Emerging Markets ex China ETF(a)		3,181,247
	399,949	SPDR Portfolio S&P 400 Mid Cap ETF		17,513,767
	134,469	SPDR Portfolio S&P 500 Growth ETF		7,971,322
	192,423	SPDR Portfolio S&P 500 Value ETF		7,939,373
	344,876	SPDR Portfolio S&P 600 Small Cap ETF		12,725,924
	618,365	Vanguard FTSE Developed Markets ETF		27,034,918
	203,112	Vanguard FTSE Emerging Markets ETF		7,964,022
	84,656	Vanguard S&P 500 ETF		33,244,412
	179,402	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		4,784,651
				135,117,396
		FIXED INCOME - 11.7%
	30,928	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		3,155,275
	132,807	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		3,170,103
	36,093	Vanguard Mortgage-Backed Securities ETF		1,580,152
	100,776	Vanguard Short-Term Inflation-Protected Securities ETF(a)		4,764,689
	55,122	Vanguard Short-Term Treasury ETF		3,175,027
	140,757	Xtrackers USD High Yield Corporate Bond ETF(a)		4,771,662
				20,616,908
		TOTAL EXCHANGE-TRADED FUNDS (Cost $150,878,110)		155,734,304
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 18.1%
		COLLATERAL FOR SECURITIES LOANED - 7.0%
	12,423,644	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $12,423,644)(b)		12,423,644
		MONEY MARKET FUNDS - 11.1%
	19,490,320	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $19,490,320)(b)		19,490,320
		TOTAL SHORT-TERM INVESTMENTS (Cost $31,913,964)		31,913,964

12

TOPS MANAGED RISK GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares							Fair Value
		SHORT-TERM INVESTMENTS — 18.1% (Continued)
		MONEY MARKET FUNDS - 11.1%  (Continued)
		TOTAL INVESTMENTS - 106.3% (Cost $182,792,074)					$	187,648,268
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.3)%						(11,062,277	)
		NET ASSETS - 100.0%					$	176,585,991
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Broker	Expiration	Notional Amount(c)		Value and Unrealized Depreciation
	41	CBOT 5 Year US Treasury Note	Bank of America Merrill Lynch	12/29/2023	$	4,319,734	$	(39,399	)
		TOTAL FUTURES CONTRACTS
OPEN FUTURES CONTRACTS
Number of Contracts		Open Short Futures Contracts	Broker	Expiration	Notional Amount(c)		Value and Unrealized Appreciation (Depreciation)
	16	CME E-Mini Russell 2000 Index Futures	Bank of America Merrill Lynch	12/15/2023	$	1,438,880	$	(2,365	)
	27	CME E-Mini Standard & Poor’s 500 Index Futures	Bank of America Merrill Lynch	12/15/2023		5,839,425		12,813
	9	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	Bank of America Merrill Lynch	12/15/2023		2,268,360		(4,570	)
	35	ICE US Mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	12/15/2023		3,572,625		6,665
	48	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	12/15/2023		2,293,200		4,205
		TOTAL FUTURES CONTRACTS					$	16,748

CBOT	- Chicago Board of Trade
CME	- Chicago Mercantile Exchange
ETF	- Exchange-Traded Fund
ICE	- Intercontinental Exchange
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or a portion of this security is on loan. Total loaned securities had a value of $19,151,590 at September 30, 2023. The loaned securities were secured with cash collateral of $12,423,644 and non-cash collateral of $7,136,694. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.
(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

13

TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 58.6%
	92,588	FlexShares Global Upstream Natural Resources Index Fund	$	3,744,259
	176,827	iShares Global REIT ETF		3,743,428
	18,624	iShares MSCI Emerging Markets ex China ETF		928,034
	170,882	SPDR Portfolio S&P 400 Mid Cap ETF		7,482,923
	31,567	SPDR Portfolio S&P 500 Growth ETF		1,871,292
	67,761	SPDR Portfolio S&P 500 Value ETF		2,795,819
	151,977	SPDR Portfolio S&P 600 Small Cap ETF		5,607,951
	277,531	Vanguard FTSE Developed Markets ETF		12,133,655
	95,364	Vanguard FTSE Emerging Markets ETF		3,739,222
	42,659	Vanguard S&P 500 ETF		16,752,189
	70,193	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		1,872,047
				60,670,819
		FIXED INCOME - 29.6%
	45,384	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		4,630,076
	285,883	SPDR Portfolio Short Term Corporate Bond ETF		8,382,089
	77,803	VanEck Vectors J.P. Morgan EM Local Currency Bond ETF		1,857,158
	16,294	Vanguard Intermediate-Term Treasury ETF		931,202
	42,372	Vanguard Mortgage-Backed Securities ETF		1,855,046
	118,288	Vanguard Short-Term Inflation-Protected Securities ETF		5,592,657
	32,350	Vanguard Short-Term Treasury ETF		1,863,360
	19,416	Vanguard Total International Bond ETF		928,667
	137,682	Xtrackers USD High Yield Corporate Bond ETF(a)		4,667,420
				30,707,675
		TOTAL EXCHANGE-TRADED FUNDS (Cost $92,506,615)		91,378,494
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 16.0%
		COLLATERAL FOR SECURITIES LOANED - 4.6%
	4,755,213	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $4,755,213)(b)		4,755,213

14

TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares							Fair Value
		SHORT-TERM INVESTMENTS — 16.0% (Continued)
		MONEY MARKET FUNDS - 11.4%
	11,865,319	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $11,865,319)(b)					$	11,865,319
		TOTAL SHORT-TERM INVESTMENTS (Cost $16,620,532)						16,620,532
		TOTAL INVESTMENTS - 104.2% (Cost $109,127,147)					$	107,999,026
		LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)%						(4,353,903	)
		NET ASSETS - 100.0%					$	103,645,123
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Broker	Expiration	Notional Amount(c)		Value and Unrealized Depreciation
	44	CBOT 5 Year US Treasury Note	Bank of America Merrill Lynch	12/29/2023	$	4,635,813	$	(42,655	)
	3	CME E-Mini Russell 2000 Index Futures	Bank of America Merrill Lynch	12/15/2023		269,790		(9,725	)
	5	CME E-Mini Standard & Poor’s 500 Index Futures	Bank of America Merrill Lynch	12/15/2023		1,081,375		(46,463	)
	2	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	Bank of America Merrill Lynch	12/15/2023		504,080		(16,240	)
	7	ICE US Mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	12/15/2023		714,525		(24,920	)
	8	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	12/15/2023		382,200		(13,040	)
		TOTAL FUTURES CONTRACTS					$	(153,043	)

CBOT	- Chicago Board of Trade
CME	- Chicago Mercantile Exchange
ETF	- Exchange-Traded Fund
ICE	- Intercontinental Exchange
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or a portion of this security is on loan. Total loaned securities had a value of $6,412,479 at September 30, 2023. The loaned securities were secured with cash collateral of $4,755,213 and non-cash collateral of $1,789,536. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.
(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

15

TOPS MANAGED RISK FLEX ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares			Fair Value
		EXCHANGE-TRADED FUNDS — 88.2%
		EQUITY - 49.6%
	95,033	FlexShares Global Upstream Natural Resources Index Fund(a)	$	3,843,135
	242,000	iShares Global REIT ETF		5,123,140
	25,474	iShares MSCI Emerging Markets ex China ETF		1,269,369
	176,002	SPDR Portfolio S&P 400 Mid Cap ETF		7,707,128
	43,203	SPDR Portfolio S&P 500 Growth ETF		2,561,074
	185,473	SPDR Portfolio S&P 500 Value ETF		7,652,616
	208,427	SPDR Portfolio S&P 600 Small Cap ETF		7,690,956
	292,174	Vanguard FTSE Developed Markets ETF		12,773,847
	97,881	Vanguard FTSE Emerging Markets ETF		3,837,914
	38,920	Vanguard S&P 500 ETF		15,283,884
	96,061	Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund		2,561,947
				70,305,010
		FIXED INCOME - 38.6%
	86,951	iShares iBoxx $ Investment Grade Corporate Bond ETF(a)		8,870,741
	124,510	SPDR Blbg Investment Grade Floating Rate ETF		3,824,947
	260,823	SPDR Portfolio Short Term Corporate Bond ETF		7,647,330
	160,110	VanEck J. P. Morgan EM Local Currency Bond ETF		3,821,826
	44,596	Vanguard Intermediate-Term Treasury ETF		2,548,661
	57,985	Vanguard Mortgage-Backed Securities ETF		2,538,583
	269,802	Vanguard Short-Term Inflation-Protected Securities ETF		12,756,240
	110,679	Vanguard Short-Term Treasury ETF		6,375,110
	26,571	Vanguard Total International Bond ETF(a)		1,270,891
	150,737	Xtrackers USD High Yield Corporate Bond ETF(a)		5,109,984
				54,764,313
		TOTAL EXCHANGE-TRADED FUNDS (Cost $118,562,583)		125,069,323
Shares			Fair Value
		SHORT-TERM INVESTMENTS — 18.7%
		COLLATERAL FOR SECURITIES LOANED - 7.1%
	10,088,975	Federated Hermes Government Obligations Fund, Institutional Class, 5.25% (Cost $10,088,975)(b)		10,088,975

16

TOPS MANAGED RISK FLEX ETF PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited) (Continued)

September 30, 2023

Shares							Fair Value
		SHORT-TERM INVESTMENTS — 18.7% (Continued)
		MONEY MARKET FUNDS - 11.6%
	16,398,028	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $16,398,028)(b)					$	16,398,028
		TOTAL SHORT-TERM INVESTMENTS (Cost $26,487,003)						26,487,003
		TOTAL INVESTMENTS - 106.9% (Cost $145,049,586)					$	151,556,326
		LIABILITIES IN EXCESS OF OTHER ASSETS - (6.9)%						(9,724,560	)
		NET ASSETS - 100.0%					$	141,831,766
OPEN FUTURES CONTRACTS
Number of Contracts		Open Long Futures Contracts	Broker	Expiration	Notional Amount(c)		Value and Unrealized Depreciation
	65	CBOT 5 Year US Treasury Note	Bank of America Merrill Lynch	12/29/2023	$	6,848,359	$	(61,446	)
	1	CME E-Mini Russell 2000 Index Futures	Bank of America Merrill Lynch	12/15/2023		89,930		(4,300	)
	2	CME E-Mini Standard & Poor’s 500 Index Futures	Bank of America Merrill Lynch	12/15/2023		432,550		(20,100	)
	1	CME E-Mini Standard & Poor’s MidCap 400 Index Futures	Bank of America Merrill Lynch	12/15/2023		252,040		(8,120	)
	3	ICE US Mini MSCI EAFE Index Futures	Bank of America Merrill Lynch	12/15/2023		306,225		(9,995	)
	2	ICE US MSCI Emerging Markets EM Index Futures	Bank of America Merrill Lynch	12/15/2023		95,550		(3,060	)
		TOTAL FUTURES CONTRACTS					$	(107,021	)

CBOT	- Chicago Board of Trade
CME	- Chicago Mercantile Exchange
ETF	- Exchange-Traded Fund
ICE	- Intercontinental Exchange
MSCI	- Morgan Stanley Capital International
REIT	- Real Estate Investment Trust
S&P	- Standard & Poor’s
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or a portion of this security is on loan. Total loaned securities had a value of $14,129,280 at September 30, 2023. The loaned securities were secured with cash collateral of $10,088,975 and non-cash collateral of $4,332,210. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.
(c)	The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Portfolio are based. Notional values do not represent the current fair value of, and are not necessarily indicative of the future cash flows of the Portfolio’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Portfolio.

17

TOPS TARGET RANGE PORTFOLIO

SCHEDULE OF INVESTMENTS (Unaudited)

September 30, 2023

Shares									Fair Value
		EXCHANGE-TRADED FUNDS — 63.4%
		FIXED INCOME - 63.4%
	24,639	Goldman Sachs Access Treasury 0-1 Year ETF							$	2,466,610
	32,708	iShares 0-3 Month Treasury Bond ETF(a)								3,292,715
	26,867	SPDR Bloomberg 1-3 Month T-Bill ETF								2,466,928
	42,179	Vanguard Short-Term Treasury ETF(a)								2,429,510
										10,655,763
		TOTAL EXCHANGE-TRADED FUNDS (Cost $10,672,757)								10,655,763
Shares									Fair Value
		SHORT-TERM INVESTMENTS — 18.5%
		MONEY MARKET FUNDS - 18.5%
	3,101,878	STIT - Government & Agency Portfolio, Institutional Class, 5.26% (Cost $3,101,878)(b)								3,101,878
Contracts(c)
			Broker/ Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		FLEX OPTIONS PURCHASED - 17.3%
		CALL OPTIONS PURCHASED - 17.3%
	472	iShares MSCI EAFE ETF	SOC	01/19/2024	$	61	$	3,253,024	$	416,908
	408	iShares MSCI Emerging Markets ETF	SOC	01/19/2024		35		1,548,360		143,473
	181	iShares Russell 2000 ETF	SOC	01/19/2024		160		3,198,994		378,142
	213	SPDR S&P 500 ETF Trust	SOC	01/19/2024		340		9,105,324		1,974,521
		TOTAL CALL OPTIONS PURCHASED (Cost - $3,181,864)								2,913,044
		TOTAL INVESTMENTS - 99.2% (Cost $16,956,499)							$	16,670,685
		CALL OPTIONS WRITTEN - (0.4)% (Proceeds - $379,422)								(72,694	)
		OTHER ASSETS IN EXCESS OF LIABILITIES- 1.2%								194,213
		NET ASSETS - 100.0%							$	16,792,204
Contracts(c)
			Counterparty	Expiration Date	Exercise Price		Notional Value		Fair Value
		WRITTEN FLEX OPTIONS - (0.4)%
		CALL OPTIONS WRITTEN- (0.4)%
	472	iShares MSCI EAFE ETF	SOC	01/19/2024	$	82	$	3,253,024	$	1,100
	408	iShares MSCI Emerging Markets ETF	SOC	01/19/2024		48		1,548,360		767
	181	iShares Russell 2000 ETF	SOC	01/19/2024		215		3,198,994		2,588
	213	SPDR S&P 500 ETF Trust	SOC	01/19/2024		460		9,105,324		68,239
		TOTAL CALL OPTIONS WRITTEN (Proceeds - $379,422)								72,694

ETF	- Exchange-Traded Fund
MSCI	- Morgan Stanley Capital International
S&P	- Standard & Poor’s
SOC	- Societe Generale
SPDR	- Standard & Poor’s Depositary Receipt

(a)	All or part of these securities were held as collateral for call options written as of September 30, 2023. Total collateral for call options written is $338,860 in securities and $194,403 in cash.
(b)	Rate disclosed is the seven day effective yield as of September 30, 2023.
(c)	Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.

18