<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0001352621</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000031508</seriesId>
        <classId>C000097934</classId>
        <classId>C000112456</classId>
        <classId>C000097935</classId>
        <classId>C000112455</classId>
        <classId>C000158841</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>Northern Lights Variable Trust</regName>
      <regFileNumber>811-21853</regFileNumber>
      <regCik>0001352621</regCik>
      <regLei>549300JG5J5V82S8VI88</regLei>
      <regStreet1>225 PICTORIA DRIVE</regStreet1>
      <regStreet2>SUITE 450</regStreet2>
      <regCity>CINCINNATI</regCity>
      <regStateConditional regCountry="US" regState="US-OH"/>
      <regZipOrPostalCode>45246</regZipOrPostalCode>
      <regPhone>631-470-2600</regPhone>
      <seriesName>TOPS Managed Risk Moderate Growth ETF Portfolio</seriesName>
      <seriesId>S000031508</seriesId>
      <seriesLei>549300NQO6B78XIUUT51</seriesLei>
      <repPdEnd>2022-12-31</repPdEnd>
      <repPdDate>2022-09-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>626740779.22</totAssets>
      <totLiabs>22136869.19</totLiabs>
      <netAssets>604603910.03</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="348348.00000000" lei="RCNB6OTYUAMMP879YW96" name="BNP Paribas Securities Corp."/>
        <borrower aggrVal="444825.42000000" lei="549300QQRY1JCFQHYS08" name="Janney Montgomery Scott LLC"/>
        <borrower aggrVal="3434363.43000000" lei="ZBUT11V806EZRVTWT807" name="J.P. Morgan Securities LLC"/>
        <borrower aggrVal="2203709.40000000" lei="AC28XWWI3WIBK2824319" name="Barclays Capital Inc."/>
      </borrowers>
      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="2365600.95758649" collatrl="2251261.03459702">
            <invstCat>UST</invstCat>
          </aggregateInfo>
        </aggregateInfos>
      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000097934" rtn1="3.22000000" rtn2="-2.79000000" rtn3="-4.05000000"/>
          <monthlyTotReturn classId="C000112456" rtn1="3.09000000" rtn2="-2.75000000" rtn3="-4.11000000"/>
          <monthlyTotReturn classId="C000097935" rtn1="3.15000000" rtn2="-2.72000000" rtn3="-4.07000000"/>
          <monthlyTotReturn classId="C000112455" rtn1="3.16000000" rtn2="-2.73000000" rtn3="-4.09000000"/>
          <monthlyTotReturn classId="C000158841" rtn1="3.20000000" rtn2="-2.64000000" rtn3="-4.06000000"/>
        </monthlyTotReturns>
        <monthlyReturnCats>
          <equityContracts>
            <mon1 netRealizedGain="-47182.50000000" netUnrealizedAppr="-11035420.00000000"/>
            <mon2 netRealizedGain="-6196822.50000000" netUnrealizedAppr="8175852.50000000"/>
            <mon3 netRealizedGain="-2643567.50000000" netUnrealizedAppr="19544967.50000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-47182.50000000" netUnrealizedAppr="-11035420.00000000"/>
              <instrMon2 netRealizedGain="-6196822.50000000" netUnrealizedAppr="8175852.50000000"/>
              <instrMon3 netRealizedGain="-2643567.50000000" netUnrealizedAppr="19544967.50000000"/>
            </futureCategory>
          </equityContracts>
          <interestRtContracts>
            <mon1 netRealizedGain="0.00000000" netUnrealizedAppr="372204.00000000"/>
            <mon2 netRealizedGain="-564171.97000000" netUnrealizedAppr="-174795.23000000"/>
            <mon3 netRealizedGain="0.00000000" netUnrealizedAppr="-801504.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="0.00000000" netUnrealizedAppr="372204.00000000"/>
              <instrMon2 netRealizedGain="-564171.97000000" netUnrealizedAppr="-174795.23000000"/>
              <instrMon3 netRealizedGain="0.00000000" netUnrealizedAppr="-801504.00000000"/>
            </futureCategory>
          </interestRtContracts>
          <otherContracts>
            <mon1 netRealizedGain="-1182.20000000" netUnrealizedAppr="0.00000000"/>
            <mon2 netRealizedGain="-3454.57000000" netUnrealizedAppr="0.00000000"/>
            <mon3 netRealizedGain="-6813.20000000" netUnrealizedAppr="0.00000000"/>
            <futureCategory>
              <instrMon1 netRealizedGain="-1182.20000000" netUnrealizedAppr="0.00000000"/>
              <instrMon2 netRealizedGain="-3454.57000000" netUnrealizedAppr="0.00000000"/>
              <instrMon3 netRealizedGain="-6813.20000000" netUnrealizedAppr="0.00000000"/>
            </futureCategory>
          </otherContracts>
        </monthlyReturnCats>
        <othMon1 netRealizedGain="2821124.54000000" netUnrealizedAppr="27539366.52000000"/>
        <othMon2 netRealizedGain="3576330.78000000" netUnrealizedAppr="-22963006.28000000"/>
        <othMon3 netRealizedGain="-170108.25000000" netUnrealizedAppr="-44048877.17000000"/>
      </returnInfo>
      <mon1Flow redemption="-7745585.67000000" reinvestment="0.00000000" sales="753564.62000000"/>
      <mon2Flow redemption="-9379644.93000000" reinvestment="0.00000000" sales="1471363.85000000"/>
      <mon3Flow redemption="-7889856.19000000" reinvestment="0.00000000" sales="1303632.53000000"/>

      <varInfo>

        <fundsDesignatedInfo>
          <nameDesignatedIndex>TOPS Managed Risk Moderate Growth ETF Port  DRP</nameDesignatedIndex>
          <indexIdentifier>TOPS MANAGED RISK MODERATE GROWTH ETF PORT  DRP</indexIdentifier>

        </fundsDesignatedInfo>

      </varInfo>
    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Wisdomtree Trust</name>
        <lei>549300SEVJBU47TE8855</lei>
        <title>WSDTRE EMRG EXST</title>
        <cusip>97717X578</cusip>
        <identifiers>
          <isin value="US97717X5784"/>
        </identifiers>
        <balance>433660.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10676709.20000000</valUSD>
        <pctVal>1.765901447688</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  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYZ2 INDEX"/>
        </identifiers>
        <balance>-256.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>1731432.50000000</valUSD>
        <pctVal>0.286374677913</pctVal>
        <payoffProfile>Short</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>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>RUSSELL 2000 INDEX</indexName>
                <indexIdentifier>RTY</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-12-16</expDate>
            <notionalAmt>-23104872.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>1731432.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES IBOXX INVESTMENT</title>
        <cusip>464287242</cusip>
        <identifiers>
          <isin value="US4642872422"/>
        </identifiers>
        <balance>264927.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27141771.15000000</valUSD>
        <pctVal>4.489182206686</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="2160299.43000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE (FLOOR)</name>
        <lei>N/A</lei>
        <title>S&amp;P500 EMINI FUT  Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESZ2 INDEX"/>
        </identifiers>
        <balance>-467.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7576920.00000000</valUSD>
        <pctVal>1.253203936379</pctVal>
        <payoffProfile>Short</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>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME Standard &amp; Poor's 500 Inde</indexName>
                <indexIdentifier>SPX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-12-16</expDate>
            <notionalAmt>-91671945.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>7576920.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD MORTGAGE-BACKED</title>
        <cusip>92206C771</cusip>
        <identifiers>
          <isin value="US92206C7719"/>
        </identifiers>
        <balance>240766.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10856138.94000000</valUSD>
        <pctVal>1.795578685467</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="348348.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard International Equity Index Funds</name>
        <lei>549300UR5XWDVDO7NP96</lei>
        <title>VANGUARD GLBL EX-US REAL</title>
        <cusip>922042676</cusip>
        <identifiers>
          <isin value="US9220426764"/>
        </identifiers>
        <balance>431146.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16452531.36000000</valUSD>
        <pctVal>2.721208230225</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 International Equity Index Funds</name>
        <lei>549300UR5XWDVDO7NP96</lei>
        <title>VANGUARD FTSE EMERGING MA</title>
        <cusip>922042858</cusip>
        <identifiers>
          <isin value="US9220428588"/>
        </identifiers>
        <balance>736347.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>26869302.03000000</valUSD>
        <pctVal>4.444116484239</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 Index Fds</name>
        <lei>549300OM0CLBHZ9MZW59</lei>
        <title>VANGUARD REAL ESTATE ETF</title>
        <cusip>922908553</cusip>
        <identifiers>
          <isin value="US9229085538"/>
        </identifiers>
        <balance>134583.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10789519.11000000</valUSD>
        <pctVal>1.784559929403</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 SHORT-TERM TREAS</title>
        <cusip>92206C102</cusip>
        <identifiers>
          <isin value="US92206C1027"/>
        </identifiers>
        <balance>189409.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10945946.11000000</valUSD>
        <pctVal>1.810432570549</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>FEDERATED GOVT OBLI FD-PRM</name>
        <lei>N/A</lei>
        <title>FEDERATED GOVT OBLI FD-PRM (SWEEP)</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="4320557.70000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Index Fds</name>
        <lei>549300G6KNDK44WUN559</lei>
        <title>VANGUARD S&amp;P 500 ETF</title>
        <cusip>922908363</cusip>
        <identifiers>
          <isin value="US9229083632"/>
        </identifiers>
        <balance>290035.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>95218490.50000000</valUSD>
        <pctVal>15.74890418675</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 PORTFOLIO S&amp;P 500 GR</title>
        <cusip>78464A409</cusip>
        <identifiers>
          <isin value="US78464A4094"/>
        </identifiers>
        <balance>209733.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10507623.30000000</valUSD>
        <pctVal>1.737935055609</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>Short-Term Invts T</name>
        <lei>549300UJV6OHYATSFU27</lei>
        <title>STIT GV&amp;A-INS</title>
        <cusip>825252885</cusip>
        <identifiers>
          <isin value="US8252528851"/>
        </identifiers>
        <balance>75802935.95000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>75802935.95000000</valUSD>
        <pctVal>12.53761920696</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</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>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EAFE         Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MFSZ2 INDEX"/>
        </identifiers>
        <balance>-609.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4235590.00000000</valUSD>
        <pctVal>0.700556170698</pctVal>
        <payoffProfile>Short</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>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE US mini MSCI EAFE Index</indexName>
                <indexIdentifier>MXEA</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-12-16</expDate>
            <notionalAmt>-54800860.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4235590.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Flexshares Trust</name>
        <lei>5493007FU2RQX77I4604</lei>
        <title>FLEXSHARES GLOBAL UPSTREA</title>
        <cusip>33939L407</cusip>
        <identifiers>
          <isin value="US33939L4077"/>
        </identifiers>
        <balance>579136.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>21769722.24000000</valUSD>
        <pctVal>3.600658526822</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 Board of Trade</name>
        <lei>549300EX04Q2QBFQTQ27</lei>
        <title>US 5YR NOTE (CBT) Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVZ2 COMDTY"/>
        </identifiers>
        <balance>242.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-885720.35000000</valUSD>
        <pctVal>-0.14649596790</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>DIR</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>
              <otherRefInst>
                <issuerName>N/A</issuerName>
                <issueTitle>CBOT 5 Year US Treasury Note</issueTitle>
                <identifiers>
                  <isin value="N/A"/>
                </identifiers>
              </otherRefInst>
            </descRefInstrmnt>
            <expDate>2022-12-30</expDate>
            <notionalAmt>26902656.35000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-885720.35000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>S&amp;P MID 400 EMINI Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FAZ2 INDEX"/>
        </identifiers>
        <balance>-153.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>2904455.00000000</valUSD>
        <pctVal>0.480389714955</pctVal>
        <payoffProfile>Short</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>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME E-Mini Standard &amp; Poor's M</indexName>
                <indexIdentifier>MID</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-12-16</expDate>
            <notionalAmt>-36689915.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>2904455.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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>827355.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27087602.70000000</valUSD>
        <pctVal>4.480222878256</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="2203709.40000000"/>
        </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>1108051.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>42726446.56000000</valUSD>
        <pctVal>7.066849196836</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 Charlotte Funds</name>
        <lei>549300Z9BHDBGHMJLU94</lei>
        <title>VANGUARD TOTAL INTL BOND</title>
        <cusip>92203J407</cusip>
        <identifiers>
          <isin value="US92203J4076"/>
        </identifiers>
        <balance>114566.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5468235.18000000</valUSD>
        <pctVal>0.904432652400</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="444825.42000000"/>
        </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>677011.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32570999.21000000</valUSD>
        <pctVal>5.387163177357</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="1274064.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdal</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD INTERMEDIATE-TER</title>
        <cusip>92206C706</cusip>
        <identifiers>
          <isin value="US92206C7065"/>
        </identifiers>
        <balance>93490.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5451401.90000000</valUSD>
        <pctVal>0.901648469281</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>1682747.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>49169867.34000000</valUSD>
        <pctVal>8.132575149499</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>ICE FUTURES U.S.</name>
        <lei>5493004R83R1LVX2IL36</lei>
        <title>MSCI EmgMkt       Dec22</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MESZ2 INDEX"/>
        </identifiers>
        <balance>-880.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>3425505.00000000</valUSD>
        <pctVal>0.566570103694</pctVal>
        <payoffProfile>Short</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>Short</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE US MSCI Emerging Markets E</indexName>
                <indexIdentifier>MXEF</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2022-12-16</expDate>
            <notionalAmt>-41771505.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>3425505.00000000</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>474238.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10812626.40000000</valUSD>
        <pctVal>1.788381818348</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 Funds</name>
        <lei>549300PTTIGTMUA02X28</lei>
        <title>VANGUARD FTSE DEVELOPED E</title>
        <cusip>921943858</cusip>
        <identifiers>
          <isin value="US9219438580"/>
        </identifiers>
        <balance>1779439.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>64700402.04000000</valUSD>
        <pctVal>10.70128739934</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>463674.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15992116.26000000</valUSD>
        <pctVal>2.645056704844</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 PORTFOLIO SMALL CAP</title>
        <cusip>78468R853</cusip>
        <identifiers>
          <isin value="US78468R8530"/>
        </identifiers>
        <balance>942654.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>32106795.24000000</valUSD>
        <pctVal>5.310384982195</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>2022-10-28</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>
