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        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD MORTGAGE-BACKED</title>
        <cusip>92206C771</cusip>
        <identifiers>
          <isin value="US92206C7719"/>
        </identifiers>
        <balance>36705.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1708617.75000000</valUSD>
        <pctVal>0.895218830167</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  Jun23</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESM3 INDEX"/>
        </identifiers>
        <balance>-74.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-818372.50000000</valUSD>
        <pctVal>-0.42878079201</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>2023-06-16</expDate>
            <notionalAmt>-14491302.50000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-818372.50000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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) Jun23</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVM3 COMDTY"/>
        </identifiers>
        <balance>143.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-111613.90000000</valUSD>
        <pctVal>-0.05847935560</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>2023-06-30</expDate>
            <notionalAmt>15771257.90000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-111613.90000000</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>107155.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5124152.10000000</valUSD>
        <pctVal>2.684765184348</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>Flexshares Trust</name>
        <lei>5493007FU2RQX77I4604</lei>
        <title>FLEXSHARES GLOBAL UPSTREA</title>
        <cusip>33939L407</cusip>
        <identifiers>
          <isin value="US33939L4077"/>
        </identifiers>
        <balance>163066.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6896061.14000000</valUSD>
        <pctVal>3.613145062148</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>42397.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3520646.88000000</valUSD>
        <pctVal>1.844619360500</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="3042408.60000000"/>
        </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>136077.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3435944.25000000</valUSD>
        <pctVal>1.800239984633</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="3398220.00000000"/>
        </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>149555.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>5197036.25000000</valUSD>
        <pctVal>2.722952346749</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="5121426.72000000"/>
        </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>18894586.50000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>18894586.50000000</valUSD>
        <pctVal>9.899692089129</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>CME GLOBEX</name>
        <lei>N/A</lei>
        <title>E-Mini Russ 2000  Jun23</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="RTYM3 INDEX"/>
        </identifiers>
        <balance>-43.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>-76255.00000000</valUSD>
        <pctVal>-0.03995329668</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>2023-06-16</expDate>
            <notionalAmt>-3822770.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>-76255.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES EX CHINA</title>
        <cusip>46434G764</cusip>
        <identifiers>
          <isin value="US46434G7640"/>
        </identifiers>
        <balance>69595.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3433121.35000000</valUSD>
        <pctVal>1.798760945079</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="483532.00000000"/>
        </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>125572.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6951665.92000000</valUSD>
        <pctVal>3.642278814331</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>2023-04-28</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>
