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        <classId>C000112453</classId>
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      <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 Balanced ETF Portfolio</seriesName>
      <seriesId>S000031507</seriesId>
      <seriesLei>549300VNL87B3B7KW674</seriesLei>
      <repPdEnd>2025-12-31</repPdEnd>
      <repPdDate>2025-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
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      <assetsInvested>0.00000000</assetsInvested>
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        <name>Ishares Inc</name>
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          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="351044.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPD-POR S&amp;P500 V</title>
        <cusip>78464A508</cusip>
        <identifiers>
          <isin value="US78464A5083"/>
        </identifiers>
        <balance>69451.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3635065.34000000</valUSD>
        <pctVal>6.322848943813</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       Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MESU5 INDEX"/>
        </identifiers>
        <balance>7.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>7385.00000000</valUSD>
        <pctVal>0.012845502097</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>BOFA SECURITIES INC</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE US MSCI Emerging Markets EM Index</indexName>
                <indexIdentifier>MXEF</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-22</expDate>
            <notionalAmt>424340.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>7385.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CHICAGO MERCANTILE EXCHANGE</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>S&amp;P MID 400 EMINI Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FAU5 INDEX"/>
        </identifiers>
        <balance>1.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>9390.00000000</valUSD>
        <pctVal>0.016333008083</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>BOFA SECURITIES INC</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME E-Mini Standard &amp; Poor's MidCap 400 Index</indexName>
                <indexIdentifier>MID</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-22</expDate>
            <notionalAmt>303160.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>9390.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Charlotte Funds</name>
        <lei>549300Z9BHDBGHMJLU94</lei>
        <title>VANGUARD INTL BD</title>
        <cusip>92203J407</cusip>
        <identifiers>
          <isin value="US92203J4076"/>
        </identifiers>
        <balance>10215.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>505744.65000000</valUSD>
        <pctVal>0.879694510826</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 EAFE         Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="MFSU5 INDEX"/>
        </identifiers>
        <balance>4.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>4780.00000000</valUSD>
        <pctVal>0.008314353422</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>BOFA SECURITIES INC</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>ICE US mini MSCI EAFE Index</indexName>
                <indexIdentifier>MXEA</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-22</expDate>
            <notionalAmt>531560.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>4780.00000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <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/T C</title>
        <cusip>78464A474</cusip>
        <identifiers>
          <isin value="US78464A4748"/>
        </identifiers>
        <balance>119434.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3605712.46000000</valUSD>
        <pctVal>6.271792412789</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 EM</title>
        <cusip>922042858</cusip>
        <identifiers>
          <isin value="US9220428588"/>
        </identifiers>
        <balance>31303.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1548246.38000000</valUSD>
        <pctVal>2.693026692209</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 Malvern Funds</name>
        <lei>549300EW16IGZDA38J20</lei>
        <title>VANG SH TERM TIP</title>
        <cusip>922020805</cusip>
        <identifiers>
          <isin value="US9220208055"/>
        </identifiers>
        <balance>122968.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6181601.36000000</valUSD>
        <pctVal>10.75230510991</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>VanEck ETF Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>V/E JPM EM L C B</title>
        <cusip>92189H300</cusip>
        <identifiers>
          <isin value="US92189H3003"/>
        </identifiers>
        <balance>61288.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1553650.80000000</valUSD>
        <pctVal>2.702427164578</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="455758.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SPDR Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR PORT SP 400</title>
        <cusip>78464A847</cusip>
        <identifiers>
          <isin value="US78464A8475"/>
        </identifiers>
        <balance>47937.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2606814.06000000</valUSD>
        <pctVal>4.534304059026</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</name>
        <lei>SNZ2OJLFK8MNNCLQOF39</lei>
        <title>S&amp;P500 EMINI FUT  Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="ESU5 INDEX"/>
        </identifiers>
        <balance>3.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>33187.50000000</valUSD>
        <pctVal>0.057726486237</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>BOFA SECURITIES INC</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</counterpartyLei>
            </counterparties>
            <payOffProf>Long</payOffProf>
            <descRefInstrmnt>
              <indexBasketInfo>
                <indexName>CME E-Mini Standard &amp; Poor's 500 Index</indexName>
                <indexIdentifier>SPX</indexIdentifier>
              </indexBasketInfo>
            </descRefInstrmnt>
            <expDate>2025-09-22</expDate>
            <notionalAmt>904875.00000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>33187.50000000</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) Sep25</title>
        <cusip>N/A</cusip>
        <identifiers>
          <ticker value="FVU5 COMDTY"/>
        </identifiers>
        <balance>29.00000000</balance>
        <units>NC</units>
        <curCd>USD</curCd>
        <valUSD>31265.62000000</valUSD>
        <pctVal>0.054383559552</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>BOFA SECURITIES INC</counterpartyName>
              <counterpartyLei>549300HN4UKV1E2R3U73</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>2025-10-01</expDate>
            <notionalAmt>3129734.38000000</notionalAmt>
            <curCd>USD</curCd>
            <unrealizedAppr>31265.62000000</unrealizedAppr>
          </futrDeriv>
        </derivativeInfo>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Scottsdale Funds</name>
        <lei>549300Y88GQ3VLJIBX57</lei>
        <title>VANGUARD INTERME</title>
        <cusip>92206C706</cusip>
        <identifiers>
          <isin value="US92206C7065"/>
        </identifiers>
        <balance>42980.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2570633.80000000</valUSD>
        <pctVal>4.471371952632</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>iShares Trust</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES GLB REIT</title>
        <cusip>46434V647</cusip>
        <identifiers>
          <isin value="US46434V6478"/>
        </identifiers>
        <balance>83475.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2061832.50000000</valUSD>
        <pctVal>3.586360691097</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="1828629.10000000"/>
        </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>2025-07-28</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>
</edgarSubmission>
