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      <managementInvestmentQuestion>
        <mgmtInvFundName>TOPS Moderate Growth ETF Portfolio</mgmtInvFundName>
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        <sharesOutstandings>
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          <sharesOutstanding sharesOutstandingClassName="TOPS Moderate Growth ETF Portfolio Class 2" sharesOutstandingClassId="C000097927" sharesOutstandingTickerSymbol="N/A"/>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
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        <netIncomeSecuritiesLending>35450.00000000</netIncomeSecuritiesLending>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Valmark Advisers, Inc.</investmentAdviserName>
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          <subAdviser>
            <subAdviserName>Milliman Financial Risk Management, LLC</subAdviserName>
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            <isSubAdviserHired>N</isSubAdviserHired>
          </subAdviser>
        </subAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Fifth Third Bank</custodianName>
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            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
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            <idNumberDesc>N/A</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>MESIROW FINANCIAL</brokerName>
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          <broker>
            <brokerName>FCSTONE</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1543.00000000</grossCommission>
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          <broker>
            <brokerName>JANE STREET</brokerName>
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            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
            <grossCommission>1001.00000000</grossCommission>
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          <broker>
            <brokerName>KNIGHT CAPITAL GROUP</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>1501.00000000</grossCommission>
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        <aggregateCommission>5464.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>FCSTONE</principalName>
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            <principalStateCountry principalState="US-NY" principalCountry="US"/>
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        <principalAggregatePurchase>87622.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>85011924.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>TOPS Managed Risk Flex ETF Portfolio</mgmtInvFundName>
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        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="TOPS Managed Risk Flex ETF Portfolio" sharesOutstandingClassId="C000126627" sharesOutstandingTickerSymbol="N/A"/>
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        <fundTypes>
          <fundType>Fund of Funds</fundType>
          <fundType>Underlying fund</fundType>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
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        <netIncomeSecuritiesLending>67446.00000000</netIncomeSecuritiesLending>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isExpenseLimitationInPlace>N</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
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        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Valmark Advisers, Inc.</investmentAdviserName>
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        <subAdvisers>
          <subAdviser>
            <subAdviserName>Milliman Financial Risk Management, LLC</subAdviserName>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <transferAgentLei>N/A</transferAgentLei>
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            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
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        <custodians>
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          <custodian>
            <custodianName>Bank of America Merrill Lynch</custodianName>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
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        <brokers>
          <broker>
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          <broker>
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          <broker>
            <brokerName>JANE STREET</brokerName>
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          <broker>
            <brokerName>KNIGHT CAPITAL GROUP</brokerName>
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            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
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        <aggregateCommission>4748.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>BANK OF AMERICA MERRILL LYNCH</principalName>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
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        <isSwingPricing>N</isSwingPricing>
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      <managementInvestmentQuestion>
        <mgmtInvFundName>Probabilities VIT Fund</mgmtInvFundName>
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          <fundType>Fund of Funds</fundType>
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        <netIncomeSecuritiesLending>0.00000000</netIncomeSecuritiesLending>
        <relyOnRuleTypes>
          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Probabilities Fund Management, LLC.</investmentAdviserName>
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        <transferAgents>
          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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            <transferAgentStateCountry transferAgentState="US-OH" transferAgentCountry="US"/>
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        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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        <admins>
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            <adminName>Ultimus Fund Solutions, LLC</adminName>
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        <brokers>
          <broker>
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          <transferAgent>
            <transferAgentName>Ultimus Fund Solutions, LLC</transferAgentName>
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        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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      <managementInvestmentQuestion>
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          <investmentAdviser>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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          <pricingService>
            <pricingServiceName>Bloomberg</pricingServiceName>
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      <managementInvestmentQuestion>
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          <securityLending>
            <securitiesAgentName>eSecLending, LLC</securitiesAgentName>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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      <managementInvestmentQuestion>
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        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
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        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
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        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
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          <relyOnRuleType>Rule 32a-4 (17 CFR 270.32a-4)</relyOnRuleType>
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        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>Valmark Advisers, Inc.</investmentAdviserName>
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        <subAdvisers>
          <subAdviser>
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        </subAdvisers>
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          </transferAgent>
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        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
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          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
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        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
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          <custodian>
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            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
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        </custodians>
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          <shareholderServicingAgent>
            <shareholderServiceAgentName>Ultimus Fund Solutions, LLC</shareholderServiceAgentName>
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            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-OH" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
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        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Ultimus Fund Solutions, LLC</adminName>
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            <idNumberDesc>N/A</idNumberDesc>
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            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
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          <broker>
            <brokerName>JANE STREET</brokerName>
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            <brokerStateCountry brokerState="US-DE" brokerCountry="US"/>
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          <broker>
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            <grossCommission>399.00000000</grossCommission>
          </broker>
          <broker>
            <brokerName>MESIROW FINANCIAL</brokerName>
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            <brokerStateCountry brokerState="US-IL" brokerCountry="US"/>
            <grossCommission>547.00000000</grossCommission>
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          <broker>
            <brokerName>FCSTONE</brokerName>
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            <grossCommission>331.00000000</grossCommission>
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        </brokers>
        <aggregateCommission>1946.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>FCSTONE</principalName>
            <principalFileNo>8-49291</principalFileNo>
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            <principalLei>549300JUF07L8VF02M60</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>25091.00000000</principalTotalPurchaseSale>
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        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>25009856.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <attachmentsTab>
      <isIPAReportInternalControl>true</isIPAReportInternalControl>
    </attachmentsTab>
    <signature registrantSignedName="Northern Lights Variable Trust" signedDate="2022-03-03" signature="James Colantino" title="Treasurer"/>
  </formData>
</edgarSubmission>
