Form NPORT-P Northern Lights Variable For: Mar 31

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May 27, 2022 1:37 PM EDT

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      Northern Lights Variable Trust
      811-21853
      0001352621
      549300JG5J5V82S8VI88
      225 PICTORIA DRIVE
      SUITE 450
      CINCINNATI
      
      45246
      631-470-2600
      Power Momentum Index VIT Fund
      S000016887
      549300AX848D7L72RN86
      2022-12-31
      2022-03-31
      N
    
    
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        S&P Global Inc
        Y6X4K52KMJMZE7I7MY94
        S&P GLOBAL INC
        78409V104
        
          
        
        1687.00000000
        NS
        USD
        691973.66000000
        1.063797280062
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Broadcom Inc
        549300WV6GIDOZJTV909
        BROADCOM INC
        11135F101
        
          
        
        1077.00000000
        NS
        USD
        678165.36000000
        1.042569258200
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Ameriprise Financial, Inc.
        6ZLKQF7QB6JAEKQS5388
        AMERIPRISE FINAN
        03076C106
        
          
        
        2110.00000000
        NS
        USD
        633759.60000000
        0.974302603791
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Hershey Co (The)
        21X2CX66SU2BR6QTAD08
        HERSHEY CO/THE
        427866108
        
          
        
        3126.00000000
        NS
        USD
        677185.38000000
        1.041062697880
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Lockheed Martin Corporation
        DPRBOZP0K5RM2YE8UU08
        LOCKHEED MARTIN
        539830109
        
          
        
        1456.00000000
        NS
        USD
        642678.40000000
        0.988013812367
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Olin Corporation
        549300GKK294V7W57P06
        OLIN CORP
        680665205
        
          
        
        12304.00000000
        NS
        USD
        643253.12000000
        0.988897351161
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Penske Automotive Group, Inc.
        549300W7UTQ0M4C7LB15
        PENSKE AUTOMOTIV
        70959W103
        
          
        
        6450.00000000
        NS
        USD
        604494.00000000
        0.929311489997
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Arista Networks Inc
        635400H1WKBLOQERUU95
        ARISTA NETWORKS
        040413106
        
          
        
        5153.00000000
        NS
        USD
        716163.94000000
        1.100985912456
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Charter Communications, Inc.
        0J0XRGZE3PBRFEZ7MV65
        CHARTER COMMUN-A
        16119P108
        
          
        
        1050.00000000
        NS
        USD
        572796.00000000
        0.880580955683
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Eli Lilly & Co.
        FRDRIPF3EKNDJ2CQJL29
        ELI LILLY & CO
        532457108
        
          
        
        2532.00000000
        NS
        USD
        725088.84000000
        1.114706498792
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        United Parcel Service, Inc.
        D01LMJZU09ULLNCY6Z23
        UNITED PARCEL-B
        911312106
        
          
        
        3008.00000000
        NS
        USD
        645095.68000000
        0.991729988340
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Regeneron Pharmaceuticals, Inc.
        549300RCBFWIRX3HYQ56
        REGENERON PHARM
        75886F107
        
          
        
        1022.00000000
        NS
        USD
        713785.24000000
        1.097329046976
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pool Corporation
        5493005VZK1KMN6CO617
        POOL CORP
        73278L105
        
          
        
        1378.00000000
        NS
        USD
        582687.30000000
        0.895787225292
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        United Health Group Incorporated
        549300GHBMY8T5GXDE41
        UNITEDHEALTH GRP
        91324P102
        
          
        
        1330.00000000
        NS
        USD
        678260.10000000
        1.042714905585
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Nexstar Media Group Inc
        52990083ZRR5UT591988
        NEXSTAR MEDIA-A
        65336K103
        
          
        
        3418.00000000
        NS
        USD
        644224.64000000
        0.990390905603
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Union Pacific Corporation
        549300LMMRSZZCZ8CL11
        UNION PAC CORP
        907818108
        
          
        
        2575.00000000
        NS
        USD
        703515.75000000
        1.081541371576
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Robert Half International Inc.
        529900VPCUY9H3HLIC08
        ROBERT HALF INTL
        770323103
        
          
        
        5259.00000000
        NS
        USD
        600472.62000000
        0.923129270423
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        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Credit Acceptance Corporation of Michigan
        N/A
        CREDIT ACCEPTANC
        225310101
        
          
        
        1151.00000000
        NS
        USD
        633475.87000000
        0.973866414931
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        American Express Company
        R4PP93JZOLY261QX3811
        AMERICAN EXPRESS
        025816109
        
          
        
        3253.00000000
        NS
        USD
        608311.00000000
        0.935179508468
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Tractor Supply Co
        549300OJ9VZHZRO6I137
        TRACTOR SUPPLY
        892356106
        
          
        
        3102.00000000
        NS
        USD
        723913.74000000
        1.112899973117
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Iron Mountain Incorporated
        SQL3F6CKNNBM3SQGHX24
        IRON MOUNTAIN
        46284V101
        
          
        
        12861.00000000
        NS
        USD
        712628.01000000
        1.095549993527
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Fidelity Institutional Cash Portfolios
        549300SHPEJB1OPRCV46
        FID-MM GOVT-I
        316175108
        
          
        
        916442.76000000
        PA
        USD
        916442.76000000
        1.408882117594
        Long
        STIV
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Extra Space Storage Inc.
        529900SDJHKRQWED6A16
        EXTRA SPACE STOR
        30225T102
        
          
        
        3359.00000000
        NS
        USD
        690610.40000000
        1.061701488901
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Dell Technologies Inc
        549300TJB5YBRUPOG437
        DELL TECHN-C
        24703L202
        
          
        
        12428.00000000
        NS
        USD
        623761.32000000
        0.958931869782
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FirstEnergy Corp.
        549300SVYJS666PQJH88
        FIRSTENERGY CORP
        337932107
        
          
        
        15103.00000000
        NS
        USD
        692623.58000000
        1.064796426660
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        QUALCOMM Incorporated
        H1J8DDZKZP6H7RWC0H53
        QUALCOMM INC
        747525103
        
          
        
        3679.00000000
        NS
        USD
        562224.78000000
        0.864329419341
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Molina Healthcare, Inc.
        549300NQQCEQ46YHZ591
        MOLINA HEALTHCAR
        60855R100
        
          
        
        2062.00000000
        NS
        USD
        687862.58000000
        1.057477161284
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Carlyle Group Inc
        529900NGGVF94UK6PG95
        CARLYLE GROUP IN
        14316J108
        
          
        
        13498.00000000
        NS
        USD
        660187.18000000
        1.014930722097
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Discover Financial Services
        Z1YLO2USPORE63VVUL20
        DISCOVER FINANCI
        254709108
        
          
        
        5128.00000000
        NS
        USD
        565054.32000000
        0.868679378205
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Schwab Strategic T
        549300NAZEQOIX80E226
        SCHWAB SHORT-TERM US TREA
        808524862
        
          
        
        161909.00000000
        NS
        USD
        8020971.86000000
        12.33094341788
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        The Procter & Gamble Company
        2572IBTT8CCZW6AU4141
        PROCTER & GAMBLE
        742718109
        
          
        
        4058.00000000
        NS
        USD
        620062.40000000
        0.953245380162
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Vanguard Scottsdal
        549300Y88GQ3VLJIBX57
        VANGUARD SHORT-TERM TREAS
        92206C102
        
          
        
        160678.00000000
        NS
        USD
        9521778.28000000
        14.63818989240
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        The Coca-Cola Company
        UWJKFUJFZ02DKWI3RY53
        COCA-COLA CO/THE
        191216100
        
          
        
        10166.00000000
        NS
        USD
        630292.00000000
        0.968971731156
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Zoetis Inc.
        549300HD9Q1LOC9KLJ48
        ZOETIS INC
        98978V103
        
          
        
        3262.00000000
        NS
        USD
        615180.58000000
        0.945740373630
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Pepsico Inc
        FJSUNZKFNQ5YPJ5OT455
        PEPSICO INC
        713448108
        
          
        
        3874.00000000
        NS
        USD
        648430.12000000
        0.996856149071
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Microsoft Corporation
        INR2EJN1ERAN0W5ZP974
        MICROSOFT CORP
        594918104
        
          
        
        2117.00000000
        NS
        USD
        652692.27000000
        1.003408513473
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Nvidia Corp
        549300S4KLFTLO7GSQ80
        NVIDIA CORP
        67066G104
        
          
        
        2593.00000000
        NS
        USD
        707525.98000000
        1.087706449834
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        N/A
        N/A
        MOUNT VERNON LIQUID ASSETS PORTFOLIO
        N/A
        
          
        
        0.00000000
        NS
        USD
        0.00000000
        0.000000
        Long
        STIV
        
        US
        N
        
        N/A
        
          
          N
          N
        
      
      
        Pfizer Inc.
        765LHXWGK1KXCLTFYQ30
        PFIZER INC
        717081103
        
          
        
        13488.00000000
        NS
        USD
        698273.76000000
        1.073482662081
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Advanced Micro Devices, Inc.
        R2I72C950HOYXII45366
        ADV MICRO DEVICE
        007903107
        
          
        
        5127.00000000
        NS
        USD
        560586.18000000
        0.861810337584
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Cisco Systems, Inc.
        549300LKFJ962MZ46593
        CISCO SYSTEMS
        17275R102
        
          
        
        11350.00000000
        NS
        USD
        632876.00000000
        0.972944212091
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Costco Wholesale Corporation
        29DX7H14B9S6O3FD6V18
        COSTCO WHOLESALE
        22160K105
        
          
        
        1218.00000000
        NS
        USD
        701385.30000000
        1.078266150211
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        FactSet Research Systems Inc.
        549300ZSJE7NBK6K9P30
        FACTSET RESEARCH
        303075105
        
          
        
        1557.00000000
        NS
        USD
        675971.55000000
        1.039196631110
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Advance Auto Parts Inc.
        529900UCNQ5H9FSL0Y70
        ADVANCE AUTO PAR
        00751Y106
        
          
        
        3093.00000000
        NS
        USD
        640127.28000000
        0.984091879100
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Synopsys Inc
        QG7T915N9S0NY5UKNE63
        SYNOPSYS INC
        871607107
        
          
        
        2029.00000000
        NS
        USD
        676204.83000000
        1.039555261278
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Ishares Trust
        5493000860OXIC4B5K91
        ISHARES 1-3 YEAR TREASURY
        464287457
        
          
        
        101743.00000000
        NS
        USD
        8480279.05000000
        13.03705373345
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Occidental Petroleum Corporation
        IM7X0T3ECJW4C1T7ON55
        OCCIDENTAL PETE
        674599105
        
          
        
        14480.00000000
        NS
        USD
        821595.20000000
        1.263069376184
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        ON Semiconductor Corp.
        ZV20P4CNJVT8V1ZGJ064
        ON SEMICONDUCTOR
        682189105
        
          
        
        10102.00000000
        NS
        USD
        632486.22000000
        0.972344988554
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Alphabet Inc.
        5493006MHB84DD0ZWV18
        ALPHABET INC-A
        02079K305
        
          
        
        234.00000000
        NS
        USD
        650835.90000000
        1.000554645659
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Datadog Inc
        549300F6JNO0KRPO1K63
        DATADOG INC-A
        23804L103
        
          
        
        3929.00000000
        NS
        USD
        595125.63000000
        0.914909140456
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Targa Resources Co
        5493003QENHHS261UR94
        TARGA RESOURCES
        87612G101
        
          
        
        9684.00000000
        NS
        USD
        730851.48000000
        1.123565623225
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Accenture PLC
        N/A
        ACCENTURE PLC-A
        G1151C101
        
          
        
        2000.00000000
        NS
        USD
        674460.00000000
        1.036872868124
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Wyndham Hotels & Resorts Inc
        549300FE3MQ4RVXXC673
        WYNDHAM HOTELS &
        98311A105
        
          
        
        7326.00000000
        NS
        USD
        620438.94000000
        0.953824249345
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
      
        Spdr Series Trust
        5493001XGU6MOBRXUU78
        SPDR PORT SHRT TRM TRSRY
        78468R101
        
          
        
        182983.00000000
        NS
        USD
        5425445.95000000
        8.340743265769
        Long
        EC
        RF
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Blackstone Inc
        5299004LW4QWGZUB8Y96
        BLACKSTONE INC
        09260D107
        
          
        
        4967.00000000
        NS
        USD
        630510.98000000
        0.969308377393
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          N
        
      
      
        LPL Financial Holdings Inc.
        549300XROQ4Y8G2L7682
        LPL FINANCIAL HO
        50212V100
        
          
        
        3499.00000000
        NS
        USD
        639197.32000000
        0.982662216418
        Long
        EC
        CORP
        US
        
        N
        
        1
        
          N
          N
          
        
      
    
    
      
    
    
      2022-04-28
      Northern Lights Variable Trust
      James Colantino
      James Colantino
      Treasurer
    
  
  XXXX

DONOGHUE FORLINES DIVIDEND VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 98.7%
	ADVERTISING & MARKETING - 1.9%
5,921	Interpublic Group of Companies, Inc.	$ 209,899

	AEROSPACE & DEFENSE - 2.0%
501	Lockheed Martin Corporation	221,141

	APPAREL & TEXTILE PRODUCTS - 1.8%
14,115	Hanesbrands, Inc.^(a)	210,172

	ASSET MANAGEMENT - 6.0%
727	Ameriprise Financial, Inc.	218,362
4,653	Carlyle Group, Inc.	227,578
1,509	T Rowe Price Group, Inc.	228,146
		674,086
	BEVERAGES - 3.9%
3,502	Coca-Cola Company	217,124
1,335	PepsiCo, Inc.	223,452
		440,576
	BIOTECH & PHARMA - 12.4%
3,173	Bristol-Myers Squibb Company^(a)	231,724
872	Eli Lilly & Company^(a)	249,716
3,608	Gilead Sciences, Inc.	214,496
1,323	Johnson & Johnson	234,475
2,846	Merck & Company, Inc.^(a)	233,514
4,647	Pfizer, Inc.	240,575
		1,404,500
	CABLE & SATELLITE - 1.9%
4,661	Comcast Corporation, Class A	218,228

	CHEMICALS - 4.2%
7,899	Chemours Company	248,661
2,244	LyondellBasell Industries N.V., Class A	230,728
		479,389

DONOGHUE FORLINES DIVIDEND VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 98.7% (Continued)
	DIVERSIFIED INDUSTRIALS - 1.9%
1,008	Illinois Tool Works, Inc.	$ 211,075

	ELECTRIC UTILITIES - 6.2%
5,208	FirstEnergy Corporation^(a)	238,838
5,769	NRG Energy, Inc.	221,299
8,328	PPL Corporation^(a)	237,848
		697,985
	FOOD - 3.9%
4,847	Campbell Soup Company	216,031
3,410	Kellogg Company^(a)	219,911
		435,942
	HEALTH CARE FACILITIES & SERVICES - 3.9%
2,103	CVS Health Corporation	212,845
1,659	Quest Diagnostics, Inc.^(a)	227,050
		439,895
	INSTITUTIONAL FINANCIAL SERVICES - 5.7%
1,715	Evercore, Inc.	190,914
6,306	Lazard Ltd., Class A	217,557
6,214	Virtu Financial, Inc., Class A	231,285
		639,756
	INSURANCE - 1.9%
8,275	Old Republic International Corporation	214,074

	LEISURE FACILITIES & SERVICES - 1.8%
1,504	Darden Restaurants, Inc.	199,957

	MACHINERY - 2.3%
1,162	Caterpillar, Inc.	258,918

	MEDICAL EQUIPMENT & DEVICES - 1.9%
1,806	Abbott Laboratories	213,758

	OIL & GAS PRODUCERS - 6.1%
21,696	Antero Midstream Corporation	235,836

DONOGHUE FORLINES DIVIDEND VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 98.7% (Continued)
	OIL & GAS PRODUCERS - 6.1% (Continued)
3,660	Devon Energy Corporation	$ 216,416
3,337	ONEOK, Inc.	235,692
		687,944
	PUBLISHING & BROADCASTING - 2.0%
1,178	Nexstar Media Group, Inc., Class A	222,030

	RETAIL REIT - 1.8%
1,585	Simon Property Group, Inc.^(a)	208,523

	SEMICONDUCTORS - 4.2%
3,098	Microchip Technology, Inc.	232,784
1,281	Texas Instruments, Inc.	235,037
		467,821
	SPECIALTY FINANCE - 7.0%
1,766	Discover Financial Services	194,596
4,574	Fidelity National Financial, Inc.	223,393
4,271	OneMain Holdings, Inc.	202,488
5,093	Synchrony Financial	177,287
		797,764
	SPECIALTY REITS - 2.2%
4,432	Iron Mountain, Inc.^(a)	245,577

	TECHNOLOGY HARDWARE - 4.0%
3,908	Cisco Systems, Inc.	217,910
13,700	Hewlett Packard Enterprise Company	228,927
		446,837
	TECHNOLOGY SERVICES - 2.0%
1,779	International Business Machines Corporation^(a)	231,306

	TELECOMMUNICATIONS - 1.8%
4,060	Verizon Communications, Inc.	206,816

DONOGHUE FORLINES DIVIDEND VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 98.7% (Continued)
	TRANSPORTATION & LOGISTICS - 2.1%
886	Union Pacific Corporation	$ 242,064

	TRANSPORTATION EQUIPMENT - 1.9%
5,450	Allison Transmission Holdings, Inc.	213,967


	TOTAL COMMON STOCKS (Cost $10,520,164)	11,140,000

	SHORT-TERM INVESTMENTS — 23.7%
	COLLATERAL FOR SECURITIES LOANED - 22.3%
2,517,347	Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (Cost $2,517,347)^(b),(c)	2,517,347

	MONEY MARKET FUNDS - 1.4%
160,628	Fidelity Government Portfolio, CLASS I, 0.11% (Cost $160,628)^(c)	160,628

	TOTAL SHORT-TERM INVESTMENTS (Cost $2,677,975)	2,677,975

	TOTAL INVESTMENTS - 122.4% (Cost $13,198,139)	$ 13,817,975
	LIABILITIES IN EXCESS OF OTHER ASSETS - (22.4)%	(2,528,080)
	NET ASSETS - 100.0%	$ 11,289,895

LLC	- Limited Liability Company
Ltd.	- Limited Company
N.V.	- Naamioze Vennootschap
REIT	- Real Estate Investment Trust

^(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2022 was $2,438,618.
^(b)	Security was purchased with cash received as collateral for securities on loan at March 31, 2022. Total collateral had a value of $2,517,347 at March 31, 2022.
^(c)	Rate disclosed is the seven day effective yield as of March 31, 2022.

DONOGHUE FORLINES MOMENTUM VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 50.4%
	AEROSPACE & DEFENSE - 1.0%
1,456	Lockheed Martin Corporation	$ 642,678

	ASSET MANAGEMENT - 3.9%
2,110	Ameriprise Financial, Inc.	633,760
4,967	Blackstone, Inc.	630,511
13,498	Carlyle Group, Inc.	660,187
3,499	LPL Financial Holdings, Inc.^(a)	639,197
		2,563,655
	BEVERAGES - 1.9%
10,166	Coca-Cola Company	630,292
3,874	PepsiCo, Inc.	648,431
		1,278,723
	BIOTECH & PHARMA - 4.2%
2,532	Eli Lilly & Company^(a)	725,088
13,488	Pfizer, Inc.	698,274
1,022	Regeneron Pharmaceuticals, Inc.^(b)	713,785
3,262	Zoetis, Inc.	615,181
		2,752,328
	CABLE & SATELLITE - 0.9%
1,050	Charter Communications, Inc., Class A^(a),(b)	572,796

	CHEMICALS - 1.0%
12,304	Olin Corporation	643,253

	COMMERCIAL SUPPORT SERVICES - 0.9%
5,259	Robert Half International, Inc.^(a)	600,473

	ELECTRIC UTILITIES - 1.1%
15,103	FirstEnergy Corporation^(a)	692,624

	FOOD - 1.0%
3,126	Hershey Company	677,185

DONOGHUE FORLINES MOMENTUM VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 50.4% (Continued)
	HEALTH CARE FACILITIES & SERVICES - 2.1%
2,062	Molina Healthcare, Inc.^(b)	$ 687,863
1,330	UnitedHealth Group, Inc.^(a)	678,260
		1,366,123
	HOUSEHOLD PRODUCTS - 1.0%
4,058	Procter & Gamble Company	620,062

	INTERNET MEDIA & SERVICES - 1.0%
234	Alphabet, Inc., Class A^(a),(b)	650,836

	LEISURE FACILITIES & SERVICES - 1.0%
7,326	Wyndham Hotels & Resorts, Inc.^(a)	620,439

	OIL & GAS PRODUCERS - 2.4%
14,480	Occidental Petroleum Corporation	821,596
9,684	Targa Resources Corporation	730,851
		1,552,447
	PUBLISHING & BROADCASTING - 1.0%
3,418	Nexstar Media Group, Inc., Class A	644,225

	RETAIL - CONSUMER STAPLES - 1.1%
1,218	Costco Wholesale Corporation	701,385

	RETAIL - DISCRETIONARY - 3.0%
3,093	Advance Auto Parts, Inc.^(a)	640,127
6,450	Penske Automotive Group, Inc.	604,494
3,102	Tractor Supply Company	723,914
		1,968,535
	SELF-STORAGE REIT - 1.1%
3,359	Extra Space Storage, Inc.	690,610

	SEMICONDUCTORS - 4.8%
5,127	Advanced Micro Devices, Inc.^(b)	560,586
1,077	Broadcom, Inc.^(a)	678,165
2,593	NVIDIA Corporation	707,527

DONOGHUE FORLINES MOMENTUM VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

Shares		Fair Value
	COMMON STOCKS — 50.4% (Continued)
	SEMICONDUCTORS - 4.8% (Continued)
10,102	ON Semiconductor Corporation^(b)	$ 632,486
3,679	QUALCOMM, Inc.	562,225
		3,140,989
	SOFTWARE - 3.0%
3,929	Datadog, Inc.^(b)	595,126
2,117	Microsoft Corporation	652,692
2,029	Synopsys, Inc.^(b)	676,205
		1,924,023
	SPECIALTY FINANCE - 2.8%
3,253	American Express Company	608,311
1,151	Credit Acceptance Corporation^(b)	633,476
5,128	Discover Financial Services	565,054
		1,806,841
	SPECIALTY REITS - 1.1%
12,861	Iron Mountain, Inc.^(a)	712,628

	TECHNOLOGY HARDWARE - 3.0%
5,153	Arista Networks, Inc.^(b)	716,164
11,350	Cisco Systems, Inc.	632,876
12,428	Dell Technologies, Inc., Class C^(b)	623,761
		1,972,801
	TECHNOLOGY SERVICES - 3.1%
2,000	Accenture PLC, Class A	674,460
1,557	FactSet Research Systems, Inc.	675,972
1,687	S&P Global, Inc.	691,973
		2,042,405
	TRANSPORTATION & LOGISTICS - 2.1%
2,575	Union Pacific Corporation	703,515
3,008	United Parcel Service, Inc., Class B	645,096
		1,348,611
	WHOLESALE - DISCRETIONARY - 0.9%
1,378	Pool Corporation	582,687

DONOGHUE FORLINES MOMENTUM VIT FUND
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

Shares		Fair Value

	TOTAL COMMON STOCKS (Cost $32,225,179)	$ 32,769,362

	EXCHANGE-TRADED FUNDS — 48.3%
	FIXED INCOME - 48.3%
101,743	iShares 1-3 Year Treasury Bond ETF	8,480,279
161,909	Schwab Short-Term U.S. Treasury ETF	8,020,972
182,983	SPDR Portfolio Short Term Treasury ETF	5,425,446
160,678	Vanguard Short-Term Treasury ETF	9,521,778
		31,448,475

	TOTAL EXCHANGE-TRADED FUNDS (Cost $32,141,402)	31,448,475

	SHORT-TERM INVESTMENTS — 10.5%
	COLLATERAL FOR SECURITIES LOANED - 9.1%
5,895,090	Mount Vernon Liquid Assets Portfolio, LLC, 0.41% (Cost $5,895,090)^(c),(d)	5,895,090

	MONEY MARKET FUNDS - 1.4%
916,443	Fidelity Government Portfolio, CLASS I, 0.11% (Cost $916,443)^(d)	916,443

	TOTAL SHORT-TERM INVESTMENTS (Cost $6,811,533)	6,811,533

	TOTAL INVESTMENTS - 109.2% (Cost $71,178,114)	$ 71,029,370
	LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%	(5,981,858)
	NET ASSETS - 100.0%	$ 65,047,512

ETF	- Exchange-Traded Fund
LLC	- Limited Liability Company
PLC	- Public Limited Company
REIT	- Real Estate Investment Trust
SPDR	- Standard & Poor's Depositary Receipt

^(a)	All or a portion of the security is on loan. The total fair value of the securities on loan as of March 31, 2022 was $5,681,180.
^(b)	Non-income producing security.
^(c)	Security was purchased with cash received as collateral for securities on loan at March 31, 2022. Total collateral had a value of $5,895,090 at March 31, 2022.
^(d)	Rate disclosed is the seven day effective yield as of March 31, 2022.

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