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        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBX ETF Trust</name>
        <lei>DNLQXYGHEZ10Q9SIK386</lei>
        <title>XTRACKERS USD HIGH YIELD</title>
        <cusip>233051432</cusip>
        <identifiers>
          <isin value="US2330514322"/>
        </identifiers>
        <balance>893962.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>35829996.96000000</valUSD>
        <pctVal>4.571340243467</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="33515459.70000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR PORTFOLIO S&amp;P 400 MI</title>
        <cusip>78464A847</cusip>
        <identifiers>
          <isin value="US78464A8475"/>
        </identifiers>
        <balance>1209187.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>55816071.92000000</valUSD>
        <pctVal>7.121246928517</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="56244.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INVESCO GOVERNMENT &amp; AGENCY PORTFOLIO</name>
        <lei>N/A</lei>
        <title>INVESCO STIT GOVT &amp; AGENCY-INST ( FUND CUSIP 825252885 ) (#1901)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="22642164.71000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Charlotte Funds</name>
        <lei>549300Z9BHDBGHMJLU94</lei>
        <title>VANGUARD TOTAL INTL BOND</title>
        <cusip>92203J407</cusip>
        <identifiers>
          <isin value="US92203J4076"/>
        </identifiers>
        <balance>125669.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7158106.24000000</valUSD>
        <pctVal>0.913261007486</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE (FLOOR)</name>
        <lei>N/A</lei>
        <title>S&amp;P500 EMINI FUT  Dec21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESZ1 INDEX"/>
        </identifiers>
        <balance>90.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-833175.00000000</valUSD>
        <pctVal>-0.10629993665</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BANK OF AMERICA MERRILL LYNCH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME Standard &amp; Poor's 500 Inde</indexName>
                <indexIdentifier>SPX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-12-17</expDate>
            <notionalAmt>20173050.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-833175.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EAFE         Dec21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MFSZ1 INDEX"/>
        </identifiers>
        <balance>103.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-492340.00000000</valUSD>
        <pctVal>-0.06281478778</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BANK OF AMERICA MERRILL LYNCH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE US mini MSCI EAFE Index</indexName>
                <indexIdentifier>MXEA</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-12-17</expDate>
            <notionalAmt>12167390.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-492340.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Asset All</name>
        <lei>549300EW16IGZDA38J20</lei>
        <title>VANGUARD SHORT-TERM TIPS</title>
        <cusip>922020805</cusip>
        <identifiers>
          <isin value="US9220208055"/>
        </identifiers>
        <balance>818345.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>43028580.10000000</valUSD>
        <pctVal>5.489765462441</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD INTERMEDIATE-TER</title>
        <cusip>92206C706</cusip>
        <identifiers>
          <isin value="US92206C7065"/>
        </identifiers>
        <balance>106997.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7227647.35000000</valUSD>
        <pctVal>0.922133351937</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR PORT SHRT TRM CORP B</title>
        <cusip>78464A474</cusip>
        <identifiers>
          <isin value="US78464A4748"/>
        </identifiers>
        <balance>2057694.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64302937.50000000</valUSD>
        <pctVal>8.204036586860</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>E-Mini Russ 2000  Dec21</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYZ1 INDEX"/>
        </identifiers>
        <balance>43.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-96212.50000000</valUSD>
        <pctVal>-0.01227519147</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DE</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <derivativeInfo>
          <futrDeriv derivCat="FUT">
            <counterparties>
              <counterpartyName>BANK OF AMERICA MERRILL LYNCH</counterpartyName>
              <counterpartyLei>N/A</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>RUSSELL 2000 INDEX</indexName>
                <indexIdentifier>RTY</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2021-12-17</expDate>
            <notionalAmt>4827932.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-96212.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VanEck ETF Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK J. P. MOR</title>
        <cusip>92189H300</cusip>
        <identifiers>
          <isin value="US92189H3003"/>
        </identifiers>
        <balance>475488.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14250375.36000000</valUSD>
        <pctVal>1.818122240992</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Tax-Managed International Fund</name>
        <lei>549300PTTIGTMUA02X28</lei>
        <title>VANGUARD FTSE DEVELOPED E</title>
        <cusip>921943858</cusip>
        <identifiers>
          <isin value="US9219438580"/>
        </identifiers>
        <balance>1661520.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>83890144.80000000</valUSD>
        <pctVal>10.70305407457</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR PORT S&amp;P 500 VALUE</title>
        <cusip>78464A508</cusip>
        <identifiers>
          <isin value="US78464A5083"/>
        </identifiers>
        <balance>538118.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>20986602.00000000</valUSD>
        <pctVal>2.677558091990</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1273407.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR PORTFOLIO SMALL CAP</title>
        <cusip>78468R853</cusip>
        <identifiers>
          <isin value="US78468R8530"/>
        </identifiers>
        <balance>985896.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>41999169.60000000</valUSD>
        <pctVal>5.358428983375</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Returns are reported without deducting sales loads and redemption fees, if any." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2021-10-28</ncom:dateSigned>
      <ncom:nameOfApplicant>Northern Lights Variable Trust</ncom:nameOfApplicant>
      <ncom:signature>James Colantino</ncom:signature>
      <ncom:signerName>James Colantino</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
