# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001580642-23-001327
**Filing Date:** 2023-3
**Character Count:** 137944
**Document Hash:** 532607afb2bc6eb62081ffa31ea74137
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-001327.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001580642-23-001327

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Variable Trust
- **CENTRAL INDEX KEY:** 0001352621
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 23715370

**BUSINESS ADDRESS:**
- **STREET 1:** 225 PICTORIA DRIVE
- **STREET 2:** SUITE 450
- **CITY:** CINCINNATI
- **STATE:** OH
- **ZIP:** 45246
- **BUSINESS PHONE:** 631-470-2600

**MAIL ADDRESS:**
- **STREET 1:** 17645 WRIGHT STREET
- **STREET 2:** SUITE 200
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68130

## Series and Classes Contracts Data

### Donoghue Forlines Momentum VIT Fund (Series ID: S000016887)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000047034 | Donoghue Forlines Momentum VIT Fund Class 1 shares |  |
| C000186847 | Donoghue Forlines Momentum VIT Fund Class 2 shares |  |

### Donoghue Forlines Dividend VIT Fund (Series ID: S000016888)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000047035 | Donoghue Forlines Dividend VIT Fund Class 1 shares |  |
| C000186848 | Donoghue Forlines Dividend VIT Fund Class 2 shares |  |

**united states<br> securities and exchange commission<br> washington, d.c. 20549<br>form n-csr<br>certified shareholder report of registered management<br> investment companies**

Investment Company Act file number <u>811-21853</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Northern Lights Variable Trust</u> 

(Exact name of registrant as specified in charter)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>225 Pictoria Drive, Suite 450 Cincinnati, OH 45246</u> 

(Address of principal executive offices) (Zip code)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>The Corporation Trust Company</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>1209 Orange Street</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Wilmington, DE 19801</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Name and address of agent for service)

Registrant's telephone number, including area code: <u>631-470-2600</u> 

Date of fiscal year end: <u>12/31</u> 

Date of reporting period: <u>12/31/22</u> 

**Item 1. Reports to Stockholders.**![(LOGO)](df001_v1.jpg)

**Donoghue Forlines Dividend VIT Fund**

**Class 1 shares**

**Class 2 shares**

**Donoghue Forlines Momentum VIT Fund**

**Class 1 shares**

**Class 2 shares**

**Annual Report**

**December 31, 2022**

**1-877-779-7462**

**Distributed by Northern Lights Distributors, LLC**

**Member FINRA**

![(LOGO)](df002_v1.jpg)

DONOGHUE FORLINES DIVIDEND VIT FUND

DONOGHUE FORLINES MOMENTUM VIT FUND

ANNUAL LETTER TO SHAREHOLDERS

BY JEFFREY R. THOMPSON, CHIEF EXECUTIVE OFFICER, PORTFOLIO MANAGER

February 3, 2023

Dear Investors,

We are pleased to address our annual letter to shareholders of the Donoghue Forlines Dividend VIT Fund, and the Donoghue Forlines Momentum VIT Fund (each a "VIT Fund" and collectively the "VIT Funds").

During the year ended December 31, 2022, the Donoghue Forlines Dividend VIT Fund, and the Donoghue Forlines Momentum VIT Fund had the following performance relative to their respective benchmark indices:

---

| | |
|:---|:---|
| Returns for Year ended December 31, 2022 | Returns for Year ended December 31, 2022 |
| Dividend VIT Fund | -10.35% |
| Russell 1000 Value Index | -7.54% |
| S&P 500 Value Total Return Index | -5.22% |
| Momentum VIT Fund | -22.56% |
| Russell 1000 Index | -19.13% |
| S&P 500 Total Return Index | -18.11% |
| Source: Ultimus Fund Solutions  | Source: Ultimus Fund Solutions  |

---

Asset prices struggled in 2022, with both stocks and bonds suffering significant losses. Markets grappled with high inflation, slowing economic momentum, geopolitical conflicts, and tighter monetary policy. The chances for elevated market volatility remain high. But with nascent signs of disinflation, markets prepare for a shift toward more accommodative policy and the prospects of a soft landing for the economy.

**800.642.4276** **DonoghueForlines.com** **One International Place, Suite 310<br> Boston, MA 02110** 

UPDATE ON THE DONOGHUE FORLINES DIVIDEND VIT FUND

The Donoghue Forlines Dividend VIT Fund's primary objective is total return from dividend income and capital appreciation. Capital preservation is a secondary objective of the Fund. The Fund seeks to beat the total return performance of the both the Russell 1000 Value Index and the S&P 500 Value Index over a full market cycle on a risk adjusted basis.

The Donoghue Forlines Dividend VIT Fund began the year in a bullish stance invested in dividend stocks. The Fund received one technical sell trigger on June 17<sup>th</sup>, 2022 to sell 50% of the portfolio of stocks and move to short term treasury ETFs. The Fund experienced a subsequent buy signal on November 22<sup>nd</sup>, 2022 to move the portfolio to 100% stocks. The Fund had quarterly reconstitution and rebalanced on March 3, June 3, September 6, and December 6, 2022.

The Donoghue Forlines Dividend VIT underperformed its S&P 500 Value Index during 2022 due to its risk mitigation signal. The Donoghue Forlines Dividend VIT outperformed the S&P 500 Index during 2022 because of the underlying composition and the outperformance of the value factor. We were able to dampen volatility with our risk mitigation signal and our quantitative approach was able to provide positive attribution to the broader market. Our holdings in Energy, Consumer Staples, and Healthcare provided the largest contribution to return. Our holdings in Information Technology and Financials were the biggest detractors to performance.

Our focus continues to be risk-adjusted returns over a full market cycle. This is where we may miss upside in some instances for the greater good of missing the catastrophic downside, which can be devastating to a pre-retiree or retiree.

UPDATE ON THE DONOGHUE FORLINES MOMENTUM VIT FUND

The Donoghue Forlines Momentum VIT Fund's primary objective is capital growth and income. Capital preservation is a secondary objective of the fund. The Fund seeks to beat the total return performance of the S&P 500 Index and the Russell 1000 Index over a full market cycle on a risk adjusted basis.

The Donoghue Forlines Momentum VIT began the year in a bullish stance invested in high Sharpe ratio stocks. The Fund received a technical sell trigger on January 26<sup>th</sup>, 2022 to sell 50% of the portfolio of stocks and move to short term treasury ETFs. On October 12<sup>th</sup>, 2022 we received an additional sell trigger to sell the remaining 50% of the portfolio of stocks and move 100% of the portfolio to short term treasury ETFs. On November 29<sup>th</sup>, 2022 we received a subsequent buy trigger to move the portfolio to 100% stocks. While our initial trigger helped dampen volatility, our secondary trigger provided negative attribution during the Q4 stock rally. The Fund had quarterly reconstitution and rebalanced on March 3, June 3, September 6, and December 6, 2022.

The Donoghue Forlines Momentum VIT underperformed its benchmark during 2022 to its risk mitigation signal and underlying composition. While our initial trigger helped dampen volatility, our secondary trigger provided negative attribution during the Q4 stock rally. Our holdings in Energy provided the largest contribution to return. Our holdings in Information Technology and Financials were the biggest detractors to performance.

![LOGO](df006_v1.jpg)

Our focus continues to be risk-adjusted returns over a full market cycle. This is where we may miss upside in some instances for the greater good of missing the catastrophic downside, which can be devastating to a pre-retiree or retiree.

DIVIDENDS AND DISTRIBUTIONS

The Donoghue Forlines Dividend VIT Fund made the following dividend and capital gain distributions during the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Long-Term | Short-Term | Dividend | Distribution |
| Distribution Date | Capital Gains | Capital Gains | Income | Total |
| 03/29/2022 | 0.0000 | 0.0000 | 0.0406 | 0.0406 |
| 06/29/2022 | 0.0000 | 0.0000 | 0.0793 | 0.0793 |
| 9/29/2022 | 0.0000 | 0.0000 | 0.0312 | 0.0312 |
| 10/26/2022 | 0.0000 | 0.0000 | 0.0690 | 0.0690 |
| Source: Ultimus Fund Solutions |  |  |  |  |

---

The Donoghue Forlines Momentum VIT made the following dividend and capital gain distributions during the year ended December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Long-Term | Short-Term | Dividend | Distribution |
| Distribution Date | Capital Gains | Capital Gains | Income | Total |
| 10/26/2022 | 0.0053 | 5.2699 | 0.0000 | 5.2752 |
| Source: Ultimus Fund Solutions |  |  |  |  |

---

MARKET OUTLOOK AND POTENTIAL Donoghue Forlines VIT FUND IMPLICATION

It was a tough year to navigate as relationships and trends that investors have come to rely on either broke down or reversed—for example, the inverse correlation between government bonds and equities. The 60% equity / 40% bond portfolio had one of its worst years on record. Many investors' portfolios remain stuck in this old paradigm and we believe won't be diversified enough over the next decade. Active, tactical, and risk managed strategies are now more important than ever in this shifting investment environment. As we enter 2023, a multitude of indicators point to an unfolding slowdown across the world. So, let's review the dominant macro factors impacting global economies and markets in the coming year.

**Economy & Policy**

The ongoing impact of aggressive fiscal and monetary policy tightening is sowing the seeds of sharp demand destruction just as the post pandemic normalization of supply chain nears completion. Given that policy impacts growth with a lag, the outlook for growth points increasingly to recession for 2023 as the impact of rate hikes to date continues to take effect.

![LOGO](df006_v1.jpg)

While recent data indicates that the long-awaited reversal in relative price inflation has likely begun, the Federal Reserve (the "Fed") is unlikely to pivot in the immediate future. A good deal of the Fed's progress in fighting inflation is down to the tightening of financial conditions that it has engineered by signaling rate hikes. Hence, to stay credible it needed to follow through on those promises. Looking ahead, Fed Chairman Jerome Powell does not want to undo that progress by prematurely promising a pause. Second, he wants to see "substantially" more evidence that inflation is decisively moderating. However, on a longer-term basis, we believe inflation will be structurally higher. No longer is the Fed at risk of hiking too little, but rather the risk is a policy error by overtightening financial conditions into weaker growth. Nevertheless, the Fed should eventually be forced to pivot in 2023, which all things equal would be good for asset prices via liquidity support.

**Financial Market Implications**

The intermediate trend for equities in both value and momentum factors is currently positive. Concentrated, over-valued markets have not been friendly to investors, and stagflation risks still loom large. Combine this with resolute Fed hawkishness – it makes us cautious. Additionally, while major indices are off their lows, they remain in longer term downtrends.

The structural shift from a 2% CPI to a 5% CPI world implies more risk ahead for the $70 trillion of tech/growth assets that proliferated over the last 20 years and new market leadership in value/free cash flow (FCF). Our current equity allocations focus on high quality companies with resilient earnings. High quality companies are more attractive during late economic cycles, and free cash flow yields (FCF) have been one of the best measures of the quality of a company. We believe that FCF will be an important factor in the shifting economic environment. Additionally, we favor dividend equities, as dividend growth tends to grow faster than prices after downturns. Our allocations prioritize higher-probability earnings and reliable payouts.

Over the past few months, we have made opportunistic moves to equities throughout our funds. The intermediate term trends as mentioned are currently positive. However, the markets could experience more volatility as the Fed balances controlling inflation and avoiding significant erosion to the overall economy. While our current posture is invested, we remain cautious in the near-term, we anticipate a lot of opportunities in the next 6-12 months.

Our intermediate signals are confirmed bullish and would need substantial further deterioration in both indices to trigger sell signals. With elevated volatility in markets, that could happen quickly and our portfolios are ready to adapt.

Regards,

![(SIGNATURE OF Jeffrey R. Thompson)](df007_v1.jpg)

Jeffrey R. Thompson

Chief Executive Officer

Portfolio Manager

7114-NLD 02/06/2023

![LOGO](df006_v1.jpg)

**Donoghue Forlines Dividend VIT Fund** 

**PORTFOLIO REVIEW (Unaudited)**

**December 31, 2022**

The Fund's performance figures\* for the periods ended December 31, 2022, compared to its benchmarks:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>One Year | Annualized<br>Five Year | Annualized<br>Ten Year | Annualized<br>Since Inception (a) |
| Donoghue Forlines Dividend VIT Fund - Class 1 | (10.35)% | (0.64)% | 2.89% | 3.08% |
| Russell 1000 Value Total Return Index (b) | (7.54)% | 6.67% | 10.29% | 6.30% |
| S&P 500 Value Total Return Index (c) | (5.22)% | 7.58% | 10.86% | 6.50% |

---

![(LINE GRAPH)](df008_v1.jpg)

\* The performance data quoted is historical. **Past performance is no guarantee of future results**. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares, as well as other charges and expenses of the insurance contract or separate account. Returns greater than 1 year are annualized. The total annual operating expenses as stated in the fee table of the Fund's Class 1 and Class 2 prospectus dated May 1, 2022 is 2.33% and 2.58% for Class 1 and Class 2 shares, respectively. The Fund's advisor has contractually agreed to waive its fees and reimburse expenses of the Fund, at least until October 31, 2023, to ensure that Total Annual Fund Operating Expenses After Expense Waiver and Reimbursements (exclusive of any (i) front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the advisor)), will not exceed 2.00% and 2.50% of the Fund's average daily net assets for Class 1 and Class 2 shares, respectively. As of December 31, 2022 Class 2 shares have not commenced operations. For performance information current to the most recent month-end, please call 1-877-779-7462.

(a) Inception
date is May 1, 2007

(b) The
Russell 1000 Value Total Return Index is a market-capitalization weighted index of those firms in the Russell 1000 with lower price-to-book
ratios and lower forecasted growth values. The Russell 1000 includes the largest 1000 firms in the Russell 3000, which represents approximately
98% of the investable U.S. equity market. Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly;
unlike the Fund's returns, the indexes do not reflect any fees or expenses.

(c) The
S&P 500 Value Total Return Index measures the performance of the large-capitalization value sector in the US equity market. It is
a subset of the S&P 500 Index and consists of those stocks in the S&P 500 Index exhibiting the strongest value characteristics.
Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund's returns, the
indexes do not reflect any fees or expenses.

---

| | |
|:---|:---|
| **Portfolio Composition as of December 31, 2022** | **Portfolio Composition as of December 31, 2022** |
| **Holdings By Investment Types** | % **of Net Assets** |
| Common Stock | 98.6% |
| Short-Term Investments | 22.9% |
| Liabilities in Excess of Other Assets | (21.5)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

**Donoghue Forlines Momentum VIT Fund**

**PORTFOLIO REVIEW (Unaudited)**

**December 31, 2022**

The Fund's performance figures\* for the periods ended December 31, 2022, compared to its benchmarks:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>One Year | Annualized<br>Five Year | Annualized<br>Ten Year | Annualized<br>Since Inception (a) |
| Donoghue Forlines Momentum VIT Fund - Class 1 | (22.56)% | 0.82% | 6.81% | 4.56% |
| Russell 1000 Total Return Index (b) | (19.13)% | 9.13% | 12.37% | 8.39% |
| S&P 500 Total Return Index (c) | (18.11)% | 9.42% | 12.56% | 8.42% |

---

**Comparison of the Change in Value of a $10,000 Investment**

![(LINE GRAPH)](df009_v1.jpg)

\* The performance data quoted is historical. **Past performance is no guarantee of future results**. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on the redemptions of Fund shares, as well as other charges and expenses of the insurance contract or separate account. Returns greater than 1 year are annualized. The total annual operating expenses as stated in the fee table of the Fund's Class 1 and Class 2 prospectus dated May 1, 2022, is 1.53% and 2.03% for Class 1 and Class 2 shares, respectively. The Fund's advisor has contractually agreed to waive its fees and reimburse expenses of the Fund at least until October 31, 2023, to ensure that Total Annual Fund Operating Expenses After Expense Waiver and Reimbursements (exclusive of any (i) front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the advisor)), will not exceed 2.00% and 2.50% of the Fund's average daily net assets for Class 1 and Class 2 shares, respectively. As of December 31, 2022 Class 2 shares have not commenced operations. For performance information current to the most recent month-end, please call 1-877-779-7462.

(a) Inception
date is May 1, 2007

(b) The
Russell 1000 Total Return Index consists of the 1000 largest companies within the Russell 3000 Index. Also known as Market Oriented Index,
because it represents the group of stocks from which most active money managers choose. The returns for the index are total returns,
which include reinvestment of dividends. Frank Russell Company reports its indexes as one-month total returns. Index returns assume reinvestment
of dividends. Investors may not invest in the indexes directly; unlike the Fund's returns, the indexes do not reflect any fees or
expenses.

(c) The
S&P 500 Total Return Index is an unmanaged market capitalization weighted index of 500 of the largest capitalized US domiciled companies.
Index returns assume reinvestment of dividends. Investors may not invest in the indexes directly; unlike the Fund's returns, the
indexes do not reflect any fees or expenses.

---

| | |
|:---|:---|
| **Portfolio Composition as of December 31, 2022** | **Portfolio Composition as of December 31, 2022** |
| **Holdings By Investment Type** | % **of Net Assets** |
| Common Stock | 99.0% |
| Short-Term Investments | 17.9% |
| Liabilities in Excess of Other Assets | (16.9)% |
|  | 100.0% |

---

Please refer to the Schedule of Investments in this report for a detailed listing of the Fund's holdings.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6%** |  |
|  | **AEROSPACE & DEFENSE - 2.0%** |  |
| 763 | General Dynamics Corporation | $189308 |
|  | **ASSET MANAGEMENT - 1.9%** |  |
| 580 | Ameriprise Financial, Inc. | 180595 |
|  | **BANKING - 1.9%** |  |
| 2639 | Popular, Inc. | 175018 |
|  | **BEVERAGES - 4.1%** |  |
| 3029 | Coca-Cola Company (The) | 192674 |
| 1039 | PepsiCo, Inc. | 187706 |
|  |  | 380380 |
|  | **BIOTECH & PHARMA - 12.4%** |  |
| 2400 | Bristol-Myers Squibb Company | 172680 |
| 2194 | Gilead Sciences, Inc. | 188355 |
| 1082 | Johnson & Johnson<sup>(a)</sup> | 191135 |
| 1750 | Merck & Company, Inc. | 194163 |
| 3844 | Pfizer, Inc. | 196966 |
| 17469 | Viatris, Inc. | 194430 |
|  |  | 1137729 |
|  | **CABLE & SATELLITE - 2.0%** |  |
| 5259 | Comcast Corporation, Class A | 183907 |
|  | **CHEMICALS - 4.1%** |  |
| 3780 | Dow, Inc. | 190474 |
| 2267 | LyondellBasell Industries N.V., Class A | 188229 |
|  |  | 378703 |
|  | **DIVERSIFIED INDUSTRIALS - 2.0%** |  |
| 847 | Illinois Tool Works, Inc. | 186594 |
|  | **ELECTRIC UTILITIES - 5.7%** |  |
| 4672 | FirstEnergy Corporation | 195944 |
| 4539 | NRG Energy, Inc.<sup>(a)</sup> | 144431 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **ELECTRIC UTILITIES - 5.7% (Continued)** |  |
| 4762 | OGE Energy Corporation | $188337 |
|  |  | 528712 |
|  | **FOOD - 4.2%** |  |
| 3590 | Campbell Soup Company | 203733 |
| 2641 | Kellogg Company<sup>(a)</sup> | 188145 |
|  |  | 391878 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.1%** |  |
| 1269 | Quest Diagnostics, Inc. | 198522 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 3.9%** |  |
| 1673 | Evercore, Inc., Class A | 182491 |
| 8687 | Virtu Financial, Inc., Class A | 177302 |
|  |  | 359793 |
|  | **INSURANCE - 5.9%** |  |
| 3053 | American International Group, Inc. | 193072 |
| 6071 | Equitable Holdings, Inc. | 174238 |
| 2149 | Principal Financial Group, Inc. | 180344 |
|  |  | 547654 |
|  | **LEISURE FACILITIES & SERVICES - 2.0%** |  |
| 1311 | Darden Restaurants, Inc.<sup>(a)</sup> | 181351 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.1%** |  |
| 1791 | Abbott Laboratories | 196634 |
|  | **OIL & GAS PRODUCERS - 7.6%** |  |
| 6904 | Coterra Energy, Inc. | 169631 |
| 2812 | Devon Energy Corporation | 172966 |
| 1358 | EOG Resources, Inc. | 175888 |
| 2879 | ONEOK, Inc.<sup>(a)</sup> | 189151 |
|  |  | 707636 |
|  | **PUBLISHING & BROADCASTING - 1.9%** |  |
| 1016 | Nexstar Media Group, Inc. | 177830 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **RETAIL - DISCRETIONARY - 3.9%** |  |
| 2259 | Best Buy Company, Inc.<sup>(a)</sup> | $181194 |
| 1648 | Williams-Sonoma, Inc.<sup>(a)</sup> | 189388 |
|  |  | 370582 |
|  | **RETAIL REIT - 2.0%** |  |
| 1613 | Simon Property Group, Inc.<sup>(a)</sup> | 189495 |
|  | **SEMICONDUCTORS - 3.7%** |  |
| 2433 | Microchip Technology, Inc. | 170918 |
| 1068 | Texas Instruments, Inc. | 176454 |
|  |  | 347372 |
|  | **SOFTWARE - 1.9%** |  |
| 8392 | Gen Digital, Inc. | 179841 |
|  | **SPECIALTY FINANCE - 7.5%** |  |
| 1778 | Discover Financial Services | 173942 |
| 4774 | Fidelity National Financial, Inc. | 179598 |
| 4895 | OneMain Holdings, Inc. | 163052 |
| 5127 | Synchrony Financial | 168473 |
|  |  | 685065 |
|  | **SPECIALTY REITS - 1.9%** |  |
| 3547 | Iron Mountain, Inc. | 176818 |
|  | **TECHNOLOGY HARDWARE - 2.0%** |  |
| 3875 | Cisco Systems, Inc. | 184605 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 1294 | International Business Machines Corporation<sup>(a)</sup> | 182312 |
|  | **TELECOMMUNICATIONS - 2.1%** |  |
| 4943 | Verizon Communications, Inc. | 194755 |
|  | **TRANSPORTATION & LOGISTICS - 3.9%** |  |
| 1923 | CH Robinson Worldwide, Inc.<sup>(a)</sup> | 176070 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.6% (Continued)** |  |
|  | **TRANSPORTATION & LOGISTICS - 3.9% (Continued)** |  |
| 1016 | United Parcel Service, Inc., Class B | $176621 |
|  |  | 352691 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 4301 | Allison Transmission Holdings, Inc. | 178922 |
|  | **TOTAL COMMON STOCKS (Cost $9,278,212)** | 9144702 |
|  | **SHORT-TERM INVESTMENTS — 22.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 21.0%** |  |
| 1951424 | Mount Vernon Liquid Assets Portfolio, LLC, 4.49% (Cost $1,951,424)<sup>(b),(c)</sup> | 1951424 |
|  | **MONEY MARKET FUND - 1.9%** |  |
| 172820 | Fidelity Investments Money Market Government Portfolio, Class I, 4.06% (Cost $172,820)<sup>(a),(c)</sup> | 172820 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $2,124,244)** | 2124244 |
|  | **TOTAL INVESTMENTS - 121.5% (Cost $11,402,456)** | $11268946 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (21.5)%** | (1992013) |
|  | **NET ASSETS - 100.0%** | $9276933 |

---

LLC - Limited Liability Company

N.V. - Naamioze Vennootschap

REIT - Real Estate Investment Trust

 

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $1,895,615.

<sup>(b)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2022. Total collateral had a value of $1,951,424 at December 31, 2022.

 

<sup>(c)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0%** |  |
|  | **AEROSPACE & DEFENSE - 2.1%** |  |
| 2331 | Lockheed Martin Corporation | $1134009 |
|  | **ASSET MANAGEMENT - 3.9%** |  |
| 3408 | Ameriprise Financial, Inc. | 1061150 |
| 4779 | LPL Financial Holdings, Inc. | 1033076 |
|  |  | 2094226 |
|  | **BEVERAGES - 2.1%** |  |
| 17783 | Coca-Cola Company (The) | 1131177 |
|  | **BIOTECH & PHARMA - 12.2%** |  |
| 14090 | Bristol-Myers Squibb Company | 1013776 |
| 3048 | Eli Lilly and Company | 1115080 |
| 12879 | Gilead Sciences, Inc. | 1105662 |
| 7209 | Jazz Pharmaceuticals PLC<sup>(a)</sup> | 1148465 |
| 10272 | Merck & Company, Inc. | 1139678 |
| 3575 | Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 1032389 |
|  |  | 6555050 |
|  | **CHEMICALS - 1.7%** |  |
| 10455 | CF Industries Holdings, Inc. | 890766 |
|  | **CONSUMER SERVICES - 2.0%** |  |
| 10004 | Grand Canyon Education, Inc.<sup>(a)</sup> | 1057023 |
|  | **ELECTRIC UTILITIES - 2.1%** |  |
| 11538 | Consolidated Edison, Inc. | 1099687 |
|  | **FOOD - 4.2%** |  |
| 4810 | Hershey Company (The) | 1113852 |
| 13017 | Lamb Weston Holdings, Inc. | 1163199 |
|  |  | 2277051 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 2057 | Humana, Inc. | 1053575 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **INDUSTRIAL SUPPORT SERVICES - 2.0%** |  |
| 1876 | WW Grainger, Inc. | $1043525 |
|  | **INSURANCE - 3.9%** |  |
| 4006 | Erie Indemnity Company, Class A | 996372 |
| 12613 | Principal Financial Group, Inc.<sup>(b)</sup> | 1058483 |
|  |  | 2054855 |
|  | **INTERNET MEDIA & SERVICES - 1.8%** |  |
| 29783 | Zillow Group, Inc., Class C<sup>(a)(b)</sup> | 959310 |
|  | **OIL & GAS PRODUCERS - 3.7%** |  |
| 30948 | Antero Resources Corporation<sup>(a)(b)</sup> | 959079 |
| 16278 | Occidental Petroleum Corporation | 1025351 |
|  |  | 1984430 |
|  | **PUBLISHING & BROADCASTING - 3.8%** |  |
| 5967 | Nexstar Media Group, Inc. | 1044404 |
| 14161 | World Wrestling Entertainment, Inc., Class A | 970312 |
|  |  | 2014716 |
|  | **RENEWABLE ENERGY - 1.8%** |  |
| 3528 | Enphase Energy, Inc.<sup>(a)(b)</sup> | 934779 |
|  | **RETAIL - CONSUMER STAPLES - 2.0%** |  |
| 4655 | Casey's General Stores, Inc. | 1044349 |
|  | **RETAIL - DISCRETIONARY - 6.0%** |  |
| 9129 | AutoNation, Inc.<sup>(a)(b)</sup> | 979542 |
| 6170 | Genuine Parts Company | 1070557 |
| 2433 | Ulta Beauty, Inc.<sup>(a)</sup> | 1141246 |
|  |  | 3191345 |
|  | **SEMICONDUCTORS - 7.7%** |  |
| 2053 | Broadcom, Inc. | 1147894 |
| 15531 | Lattice Semiconductor Corporation<sup>(a)</sup> | 1007651 |
| 14284 | Microchip Technology, Inc. | 1003451 |
| 15042 | ON Semiconductor Corporation<sup>(a)(b)</sup> | 938170 |
|  |  | 4097166 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 99.0% (Continued)** |  |
|  | **SOFTWARE - 10.0%** |  |
| 28557 | Bentley Systems, Inc. | $1055467 |
| 6575 | Cadence Design Systems, Inc.<sup>(a)</sup> | 1056208 |
| 49266 | Gen Digital, Inc. | 1055770 |
| 8892 | PTC, Inc.<sup>(a)</sup> | 1067395 |
| 3331 | Synopsys, Inc.<sup>(a)</sup> | 1063555 |
|  |  | 5298395 |
|  | **SPECIALTY REITS - 2.0%** |  |
| 20820 | Iron Mountain, Inc.<sup>(b)</sup> | 1037877 |
|  | **STEEL - 2.0%** |  |
| 10884 | Steel Dynamics, Inc.<sup>(b)</sup> | 1063367 |
|  | **TECHNOLOGY HARDWARE - 1.9%** |  |
| 38752 | Pure Storage, Inc., Class A<sup>(a)</sup> | 1037004 |
|  | **TECHNOLOGY SERVICES - 14.1%** |  |
| 12730 | Amdocs Ltd. | 1157156 |
| 10631 | Booz Allen Hamilton Holding Corporation | 1111152 |
| 5996 | CDW Corporation | 1070766 |
| 2452 | FactSet Research Systems, Inc. | 983767 |
| 5974 | Jack Henry & Associates, Inc. | 1048796 |
| 5213 | Visa, Inc., Class A<sup>(b)</sup> | 1083053 |
| 6688 | WEX, Inc.<sup>(a)</sup> | 1094491 |
|  |  | 7549181 |
|  | **TELECOMMUNICATIONS - 2.0%** |  |
| 7468 | T-Mobile US, Inc.<sup>(a)</sup> | 1045520 |
|  | **TRANSPORTATION EQUIPMENT - 2.0%** |  |
| 25249 | Allison Transmission Holdings, Inc. | 1050358 |
|  | **TOTAL COMMON STOCKS (Cost $55,488,944)** | 52698741 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 17.9%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 16.8%** |  |
| 8896991 | Mount Vernon Liquid Assets Portfolio, LLC, 4.49% (Cost $8,896,991)<sup>(c),(d)</sup> | $8896991 |
|  | **MONEY MARKET FUND - 1.1%** |  |
| 603542 | Fidelity Investments Money Market Government Portfolio Class I, 4.06% (Cost $603,542)<sup>(d)</sup> | 603542 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $9,500,533)** | 9500533 |
|  | **TOTAL INVESTMENTS - 116.9% (Cost $64,989,477)** | $62199274 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (16.9)%** | (8994965) |
|  | **NET ASSETS - 100.0%** | $53204309 |

---

LLC - Limited Liability Company

Ltd. - Limited Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

 

<sup>(a)</sup> Non-income producing security.

 

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2022 was $8,672,644.

 

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2022. Total collateral had a value of $8,896,991 at December 31, 2022.

<sup>(d)</sup> Rate disclosed is the seven day effective yield as of December 31, 2022.

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Donoghue Forlines**<br>**Dividend VIT Fund** | **Donoghue Forlines**<br>**Momentum VIT Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $11402456 | $64989477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Securities on loan $1,895,615 and $8,672,644, respectively) | $11268946 | $62199274 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 9554 | 41228 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1571 | 1184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 11280071 | 62241686 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral (Note 5) | 1951424 | 8896991 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 4826 | 18736 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 2003 | 11734 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 897 | 46934 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 561 | 1420 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 43427 | 61562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 2003138 | 9037377 |
| **NET ASSETS** | $**9276933** | $**53204309** |
| **COMPOSITION OF NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $14714537 | $64337195 |
| &nbsp;&nbsp;&nbsp;Accumulated losses | (5437604) | (11132886) |
| **NET ASSETS** | $**9276933** | $**53204309** |
| **NET ASSET VALUE PER SHARE:** |  |  |
| Class 1 Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**9276933** | $**53204309** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 627065 | 2602557 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $**14.79** | $**20.44** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2022** |

---

---

| | | |
|:---|:---|:---|
|  | **Donoghue Forlines**<br>**Dividend VIT Fund** | **Donoghue Forlines**<br>**Momentum VIT Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends (including foreign dividend tax withholding of $288, and $354, respectively) | $336005 | $738651 |
| &nbsp;&nbsp;&nbsp;Interest | 2200 | 14461 |
| &nbsp;&nbsp;&nbsp;Securities Lending Income | 3841 | 10736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 342046 | 763848 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 102771 | 608519 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 25693 | 152130 |
| &nbsp;&nbsp;&nbsp;Accounting services fees | 27200 | 31152 |
| &nbsp;&nbsp;&nbsp;Administration fees | 24689 | 87074 |
| &nbsp;&nbsp;&nbsp;Audit fees | 20788 | 20212 |
| &nbsp;&nbsp;&nbsp;Legal fees | 18078 | 20392 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 13038 | 13038 |
| &nbsp;&nbsp;&nbsp;Compliance officer fees | 8643 | 18754 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7212 | 10716 |
| &nbsp;&nbsp;&nbsp;Custodian fees | 5000 | 5873 |
| &nbsp;&nbsp;&nbsp;Insurance expense | 2591 | 3657 |
| &nbsp;&nbsp;&nbsp;Printing and postage expenses | 1942 | 8724 |
| &nbsp;&nbsp;&nbsp;Other expenses | 3522 | 2723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 261167 | 982964 |
| &nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the advisor | (55764) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 205403 | 982964 |
| **NET INVESTMENT INCOME (LOSS)** | 136643 | (219116) |
| **REALIZED AND UNREALIZED LOSS ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;Net realized loss from security transactions | (103071) | (8347311) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized depreciation on investments | (1177762) | (7909627) |
| **NET REALIZED AND UNREALIZED LOSS ON INVESTMENTS** | (1280833) | (16256938) |
| **NET DECREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**(1144190)** | $**(16476054)** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Dividend VIT Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $136643 | $160681 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (103071) | 1921254 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (1177762) | 800173 |
| Net increase (decrease) in net assets resulting from operations | (1144190) | 2882108 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| Total distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (143414) | (138454) |
| Total distributions to shareholders | (143414) | (138454) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 223003 | 831796 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 143414 | 138454 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (1624174) | (1945792) |
| Net decrease in net assets resulting from shares of beneficial interest | (1257757) | (975542) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (2545361) | 1768112 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 11822294 | 10054182 |
| &nbsp;&nbsp;&nbsp;End of Year | $**9276933** | $**11822294** |
| **SHARE ACTIVITY** |  |  |
| **Class 1:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 13869 | 52200 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 9505 | 8963 |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (102675) | (127455) |
| &nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (79301) | (66292) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Momentum VIT Fund** |
| **STATEMENTS OF CHANGES IN NET ASSETS** |

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss | $(219116) | $(252004) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) from security transactions | (8347311) | 16275050 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | (7909627) | 2605547 |
| Net increase (decrease) in net assets resulting from operations | (16476054) | 18628593 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (11213277) |  |
| Total distributions to shareholders | (11213277) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 516041 | 5705615 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 11213277 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (7722327) | (11586500) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 4006991 | (5880885) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | (23682340) | 12747708 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of Year | 76886649 | 64138941 |
| &nbsp;&nbsp;&nbsp;End of Year | $**53204309** | $**76886649** |
| **SHARE ACTIVITY** |  |  |
| **Class 1:** |  |  |
| &nbsp;&nbsp;&nbsp;Shares Sold | 19146 | 190237 |
| &nbsp;&nbsp;&nbsp;Shares Reinvested | 521548 |  |
| &nbsp;&nbsp;&nbsp;Shares Redeemed | (277345) | (380869) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 263349 | (190632) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Dividend VIT Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** | **For the**<br>**Year Ended**<br>**December 31, 2020** | **For the**<br>**Year Ended**<br>**December 31, 2019** | **For the**<br>**Year Ended**<br>**December 31, 2018** |
| Net asset value, beginning of year | $16.74 | $13.01 | $14.90 | $15.56 | $17.29 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (1) | 0.21 | 0.22 | 0.17 | 0.26 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.94) | 3.70 | (1.35) | (0.71) | (1.78) |
| Total from investment operations | (1.73) | 3.92 | (1.18) | (0.45) | (1.37) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.22) | (0.20) | (0.71) | (0.21) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  |  |  |  | (0.06) |
| Total distributions | (0.22) | (0.20) | (0.71) | (0.21) | (0.36) |
| Net asset value, end of year | $14.79 | $16.74 | $13.01 | $14.90 | $15.56 |
| Total return (2) | (10.35)% | 30.30% | (7.25)% | (2.84)% | (8.02)% |
| Net assets, at end of year (000s) | $9277 | $11822 | $10054 | $22785 | $31865 |
| Ratio of gross expenses to average net assets before waiver (36) | 2.54% | 2.33% | 2.38% | 1.74% | 1.80% |
| Ratio of net expenses to average net assets after waiver (36) | 2.00% | 2.00% | 2.02% | 1.53% (5) | 1.25% |
| Ratio of net investment income to average net assets before waivers (346) | 0.79% | 1.12% | 0.98% | 1.54% | 1.96% |
| Ratio of net investment income to average net assets after waivers (346) | 1.33% | 1.45% | 1.34% | 1.75% | 2.51% |
| Portfolio Turnover Rate | 183% | 180% | 303% | 495% | 322% |

---

(1) Per
 share amounts calculated using the average shares method, which appropriately presents the
 per share data for the period.

(2) Total
 returns are historical in nature and exclude the effect of applicable sales charges and assumes
 reinvestment of dividends and capital gain distributions. Had the advisor not absorbed a
 portion of the expenses, total returns would have been lower.

(3) Does
 not include the expenses of the investment companies in which the Fund invests.

(4) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of dividends
 by the underlying investment companies in which the Fund invests.

(5) Effective
 June 1, 2019, the Advisor agreed to waive expenses greater than 2.00% per annum of the Fund's
 average daily net assets. Prior to June 1, 2019, the advisor waived expenses over 1.25% per
 annum of the Fund's average daily net assets.

(6) Excluding
 interest expense, the following ratios would have been:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gross expenses to average net assets | 2.54% | 2.33% | 2.36% | 1.74% | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expenses to average net assets | 2.0% | 2.0% | 2.0% | 1.53% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets before waivers | 0.79% | 1.12% | 1.0% | 1.54% | 1.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income to average net assets after waivers | 1.33% | 1.45% | 1.36% | 1.75% | 2.51% |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Momentum VIT Fund** |
| **FINANCIAL HIGHLIGHTS** |

---

Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** | **For the**<br>**Year Ended**<br>**December 31, 2020** | **For the**<br>**Year Ended**<br>**December 31, 2019** | **For the**<br>**Year Ended**<br>**December 31, 2018** |
| Net asset value, beginning of year | $32.87 | $25.35 | $28.15 | $26.30 | $33.82 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) (1) | (0.10) | (0.10) | (0.05) | 0.04 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (7.05) | 7.62 | (0.54) | 2.03 | (2.02) |
| Total from investment operations | (7.15) | 7.52 | (0.59) | 2.07 | (1.77) |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  |  | (0.04) | (0.22) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | (5.28) |  | (2.17) |  | (5.64) |
| Total distributions | (5.28) |  | (2.21) | (0.22) | (5.75) |
| Net asset value, end of year | $20.44 | $32.87 | $25.35 | $28.15 | $26.30 |
| Total return | (22.56)% | 29.66% | (1.20)% | 7.87% (2) | (2.66)% (2) |
| Net assets, at end of year (000s) | $53204 | $76887 | $64139 | $75088 | $77657 |
| Ratio of gross expenses to average net assets before waiver (3) | 1.62% | 1.53% | 1.57% | 1.49% | 1.50% |
| Ratio of net expenses to average net assets after waiver (3) | 1.62% | 1.53% | 1.57% | 1.31% (5) | 1.15% |
| Ratio of net investment income (loss) to average net assets before waivers (34) | (0.36)% | (0.33)% | (0.20)% | (0.04)% | 0.40% |
| Ratio of net investment income (loss) to average net assets after waivers (34) | (0.36)% | (0.33)% | (0.20)% | 0.13% | 0.75% |
| Portfolio Turnover Rate | 308% | 287% | 477% | 526% | 458% |

---

(1) Per
 share amounts calculated using the average shares method, which appropriately presents the
 per share data for the period.

(2) Total
 returns are historical in nature and exclude the effect of applicable sales charges and assumes
 reinvestment of dividends and capital gain distributions. Had the advisor not absorbed a
 portion of the expenses, total returns would have been lower.

(3) Does
 not include the expenses of the investment companies in which the Fund invests.

(4) Recognition
 of net investment income by the Fund is affected by the timing of the declaration of dividends
 by the underlying investment companies in which the Fund invests.

(5) Effective
 June 1, 2019, the advisor agreed to waive expenses greater than 2.00% per annum of the Fund's
 average daily net assets. Prior to June 1, 2019, the advisor waived expenses over 1.25% per
 annum of the Fund's average daily net assets.

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2022** |

---

**1.** **ORGANIZATION** 

The Donoghue Forlines Dividend VIT Fund and the Donoghue Forlines Momentum VIT Fund, (each a "Fund" and collectively, the "Funds") are each a diversified series of shares of beneficial interest of the Northern Lights Variable Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Funds are intended to be funding vehicles for variable annuity contracts and flexible premium variable life insurance policies offered by the separate accounts of various insurance companies, including Jefferson National Life Insurance Company. The Trust offers shares to affiliated and unaffiliated life insurance company separate accounts (registered as unit investment trusts under the 1940 Act) to fund the benefits under variable annuity and variable life insurance contracts. Jefferson National Life Insurance Company separate accounts own approximately 92% of the shares offered by the Donoghue Forlines Dividend VIT Fund, and 100% of the shares offered by the Donoghue Forlines Momentum VIT Fund.

Each Fund currently offer two classes of shares: Class 1 shares and Class 2 shares. Class 1 and 2 shares are offered at net asset value. Each class of shares of the Funds have identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds' share classes differ in the fees and expenses charged to shareholders. The Funds, income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. As of December 31, 2022 Class 2 shares of the Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund have not commenced operations.

The investment objective of each Fund is as follows:

---

| | |
|:---|:---|
| **Fund** | **Objective** |
| Donoghue Forlines Dividend VIT Fund | Total return from dividend income and capital appreciation. Capital preservation is a secondary objective of the Fund. |
| Donoghue Forlines Momentum VIT Fund | Capital growth with a secondary objective of generating income. |

---

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of significant accounting policies followed by the Funds in preparation of their financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies" including FASB Accounting Standards Update ("ASU") 2013-08.

**Securities Valuation** – Securities and other assets held by the Funds listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. When the market for these securities is considered active, they will be classified within Level 1 of the fair value hierarchy. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

If market quotations are not readily available or are determined to be unreliable, securities will be valued using the "fair value" procedures approved by the Board. The Board will review the fair value method in use for securities requiring a fair value determination at least quarterly. The Fair Value Procedures consider, among others, the following factors to determine a security's fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.

The Funds may hold securities, such as private investments, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the Adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

**Fair Valuation Process –** The applicable investments are valued by the Valuation Designee pursuant to valuation procedures established by the Board. For example, fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Valuation Designee, the prices or values available do not represent the fair value of the instrument; factors which may cause the Valuation Designee to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; and (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to a Fund's calculation of its net asset value. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted or illiquid securities, such as private investments or non-traded securities are valued based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If a current bid from such independent dealers or other independent parties is unavailable, the Valuation Designee shall determine, the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

**Valuation of Fund of Funds** – The Funds may invest in portfolios of open-end or closed-end investment companies (the "Underlying Funds"). The Underlying Funds value securities in their portfolios for which market quotations are readily available at their fair values (generally the last reported sale price) and all other securities and assets at their fair value based upon methods established by the board of directors of the Underlying Funds.

Open-end investment companies are valued at their respective net asset values as reported by such investment companies. The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by a Fund will not change.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

The Funds utilize various methods to measure the fair value of all of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

**Level 1 –** Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

**Level 2 –** Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

**Level 3 –** Unobservable inputs for the asset, or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2022 for the Funds' investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $9144702 | $— | $— | $9144702 |
| Money Market Fund | 172820 |  |  | 172820 |
| Collateral for Securities Loaned | 1951424 |  |  | 1951424 |
| Total | $11268946 | $— | $— | $11268946 |
| **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** |
| Assets \* | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $52698741 | $— | $— | $52698741 |
| Money Market Fund | 603542 |  |  | 603542 |
| Collateral for Securities Loaned | 8896991 |  |  | 8896991 |
| Total | $62199274 | $— | $— | $62199274 |

---

The Funds did not hold any Level 3 securities during the period.

\* Refer to the Schedules of Investments for classification by asset class.

**Security Transactions and Related Income –** Security transactions are recorded on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the term of the respective securities using the effective interest method. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of cost of investment or as a realized gain, respectively. Dividend income is recorded on the ex-dividend date. Realized gains or losses from sales of securities are determined by comparing the identified cost of the security lot sold with the net sales proceeds. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates.

**Exchange Traded Funds** – The Funds may invest in exchange traded funds ("ETFs"). An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. Each ETF like a mutual fund is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF's underlying holdings.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Funds' performance.

**Exchange Traded Notes –** The Funds may invest in exchange traded notes ("ETNs"). ETNs are a type of index fund bought and sold on a securities exchange. An ETN trades like common stock and represents a fixed portfolio of securities designed to track the performance and dividend yield of a particular domestic or foreign market index. The risks of owning an ETN generally reflect the risks of owning the underlying securities they are designed to track, although the lack of liquidity on an ETN could result in it being more volatile. Additionally, ETNs have fees and expenses that reduce their value.

**Dividends and Distributions to Shareholders –** The following table summarizes each Fund's investment income and capital gain declaration policy:

<u>Fund</u> <u>Income Dividends</u> <u>Capital Gains</u> <br> Donoghue Forlines Dividend VIT Fund Quarterly Annually <br> Donoghue Forlines Momentum VIT Fund Annually Annually

Each Fund records dividends and distributions to its shareholders on the ex-dividend date. Dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are considered either temporary (e.g., deferred losses, capital loss carryforwards) or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax- basis treatment; temporary differences do not require reclassification. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of each Fund.

**Federal Income Tax –** It is each Fund's policy to continue to qualify as a regulated investment company by complying with the provisions of the Internal Revenue Code that are applicable to regulated investment companies and to distribute substantially all of its taxable income and net realized gains to shareholders. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2020 to December 31, 2021, or expected to be taken in the Funds' December 31, 2022 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. federal and Ohio. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**Expenses –** Expenses of the Trust that are directly identifiable to a specific fund are charged to that fund. Expenses, which are not readily identifiable to a specific fund, are allocated in such a manner as deemed equitable, taking into consideration the nature and type of expense and the relative sizes of the funds in the Trust.

**Indemnification –** The Trust indemnifies its officers and Trustees for certain liabilities that may arise from the performance of their duties to the Trust. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and which provide general indemnities. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the risk of loss due to these warranties and indemnities appears to be remote.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**3.** **INVESTMENT TRANSACTIONS** 

For the year ended December 31, 2022, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments, amounted to the following:

---

| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Donoghue Forlines Dividend VIT Fund | $18656240 | $19859209 |
| Donoghue Forlines Momentum VIT Fund | 186221533 | 193300739 |

---

**4.** **INVESTMENT ADVISORY AGREEMENT AND TRANSACTIONS WITH RELATED PARTIES** 

Donoghue Forlines LLC serves as the Funds' investment advisor (the "Advisor"). Pursuant to an investment advisory agreement with the Trust, on behalf of the Funds (the "Advisory Agreement"), under the oversight of the Board, the Advisor supervises the performance of the daily operations of the Funds and the performance of administrative and professional services provided by others. As compensation for its services and the related expenses borne by the Advisor, the Funds pay the Advisor an investment advisory fee, computed and accrued daily and paid monthly, at an annual rate of 1.00% of the Funds' average daily net assets.

For the year ended December 31, 2022, earned advisory fees for the Funds were as follows:

---

| | |
|:---|:---|
| Fund | Advisory Fees |
| Donoghue Forlines Dividend VIT Fund | $102771 |
| Donoghue Forlines Momentum VIT Fund | 608519 |

---

Pursuant to a written contract (the "Waiver Agreement"), the Advisor has contractually agreed, at least until October 31, 2023 for the Donoghue Forlines Dividend VIT Fund and the Donoghue Forlines Momentum VIT Fund, to ensure that Total Annual Fund Operating Expenses After Expense Waiver and Reimbursements: (exclusive of any (i) front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Advisor)) do not exceed 2.00% and 2.50%, of each Fund's average daily net assets for Class 1 and Class 2 shares, respectively.

During the year ended December 31, 2022, the Advisor waived fees/reimbursed expenses pursuant to the Waiver Agreement for the Funds as follows:

---

| | |
|:---|:---|
|  | Fees Waived by |
| Fund | the Advisor |
| Donoghue Forlines Dividend VIT Fund | $55764 |

---

If the Advisor waives any fee or reimburses any expenses and any operating expenses are subsequently lower than their respective expense limitation, the Advisor shall be entitled to reimbursement by the Fund provided that such reimbursement does not cause the Fund's operating expenses to exceed the expense limitation. The Advisor may seek reimbursement only for expenses waived or paid by it during the three years prior to such reimbursement; provided, however, that such expenses may only be reimbursed to the extent they were waived or paid after the date of the Waiver Agreement (or any similar agreement). The table below contains the amounts of fee waivers and expense reimbursements subject to recapture by the Advisor through December 31 of the years indicated:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Recapture through | Recapture through | Recapture through | |
| Fund | December 31, 2023 | December 31, 2024 | December 31, 2025 | Total |
| Donoghue Forlines Dividend VIT Fund | $40282 | $36686 | $55764 | $132732 |
| Donoghue Forlines Momentum VIT Fund | $— | $— | $— | $— |

---

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

Distributor – The distributor of the Funds is Northern Lights Distributors, LLC (the "Distributor"). The Board has adopted, on behalf of the Funds, the Trust's Master Distribution and Shareholder Servicing Plans (the "Plans"), as amended, pursuant to Rule 12b -1 under the 1940 Act, to pay for certain distribution activities and shareholder services. Under the Plans, the Donoghue Forlines Dividend VIT Fund and the Donoghue Forlines Momentum VIT Fund may pay 0.25% and 0.50% per year of the average daily net assets of Class 1 and Class 2 shares, respectively.

For the year ended December 31, 2022, the Funds incurred distribution fees under the Plans as follows:

---

| | |
|:---|:---|
| Fund | Class 1 |
| Donoghue Forlines Dividend VIT Fund | $25693 |
| Donoghue Forlines Momentum VIT Fund | 152130 |

---

The Distributor acts as the Fund's principal underwriter in a continuous public offering of the Fund's shares. For the year ended December 31, 2022, there were no underwriting commissions paid for sales of Class 1 or Class 2 shares, respectively.

In addition, certain affiliates of the Distributor provide services to the Funds as follows:

*<u>Ultimus Fund Solutions, LLC ("UFS")</u>*

UFS, an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to separate servicing agreements with UFS, the Funds pay UFS customary fees for providing administration, fund accounting and transfer agency services to the Funds. Certain officers of the Trust are also officers of UFS and are not paid any fees directly by the Funds for serving in such capacities.

*<u>Northern Lights Compliance Services, LLC ("NLCS")</u>*

NLCS, an affiliate of UFS, provides a Chief Compliance Officer to the Trust, as well as related compliance services, pursuant to a consulting agreement between NLCS and the Trust. Under the terms of such agreement, NLCS receives customary fees from the Funds.

*<u>Blu Giant, LLC ("Blu Giant")</u>*

Blu Giant, an affiliate of UFS, provides EDGAR conversion and filing services as well as print management services for the Funds on an ad-hoc basis. For the provision of these services, Blu Giant receives customary fees from the Funds.

**5.** **SECURITIES LENDING** 

Under an agreement (the "Securities Lending Agreement") with US Bank, the Funds can lend their portfolio securities to brokers, dealers and other financial institutions approved by the Board to earn additional income. For each securities loan, the borrower shall transfer collateral in an amount determined by applying the margin to the market value of the loaned available securities (102% for same currency and 105% for cross currency). Collateral is invested in highly liquid, short-term instruments such as money market funds in accordance with the Funds' security lending procedures. The Funds continue to receive interest or dividends on the securities loaned. The Funds have the right under the Securities Lending Agreement to recover the securities from the borrower on demand; if the borrower fails to deliver the securities on a timely basis, the Funds could experience delays or losses on recovery. Additionally, the Funds are subject to the risk of loss from investments made with the cash received as collateral. The Funds manage credit exposure arising from these lending transactions by, in appropriate circumstances, entering into master netting agreements and collateral agreements with third party borrowers that provide in the event of default (such as bankruptcy or a borrower's failure to pay or perform), the right to net a third-party borrower's rights and obligations under such agreement and liquidate and set off collateral against the net amount owed by the counterparty.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

The following table is a summary of the Funds' securities loaned and related collateral which are subject to a netting agreement as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | Gross Amounts Not Offset in the Statement of Assets & | Gross Amounts Not Offset in the Statement of Assets & | Gross Amounts Not Offset in the Statement of Assets & |
| | | | | Liabilities \* | Liabilities \* | Liabilities \* |
| <br>**Assets:** |<br><br>**Gross Amounts**<br>**of Recognized**<br>**Assets** |<br>**Gross Amounts**<br>**Offset in the**<br>**Statements of**<br>**Assets &**<br>**Liabilities** |<br>**Net Amounts of**<br>**Assets Presented**<br>**in the Statements**<br>**of Assets &**<br>**Liabilities** |<br>**Financial**<br>**Instruments**<br>**Pledged** |<br>**Pledged**<br>**Collateral**<br>**Received** |<br><br>**Net Amount of**<br>**Assets** |
| **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $1895615 | $— | $1895615 | $— | $1895615 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1895615 | $— | $1895615 | $— | $1895615 | $— |
| **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $8672644 | $— | $8672644 | $— | $8672644 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $8672644 | $— | $8672644 | $— | $8672644 | $— |

---

\* The amount is limited to the asset balance and accordingly, does not include excess collateral pledged.

The following table breaks out the holdings received as collateral as of December 31, 2022:

---

| | |
|:---|:---|
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;**Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Donoghue Forlines Dividend VIT Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC | $1951424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Donoghue Forlines Momentum VIT Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC | $8896991 |

---

The fair value of the securities loaned for Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund totaled $1,895,615, and $8,672,644 at December 31, 2022, respectively. The securities loaned are noted in the Schedules of Investments. The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments includes only cash collateral received and reinvested that totaled $1,951,424 and $8,896,991 for the Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund at December 31, 2022, respectively. This amount is offset by a liability recorded as "Securities lending Collateral."

**6.** **AGGREGATE UNREALIZED APPRECIATION AND DEPRECIATION – TAX BASIS** 

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross | Gross | Net Unrealized |
|  | Tax | Unrealized | Unrealized | Appreciation |
| Fund | Cost | Appreciation | Depreciation | (Depreciation) |
| Donoghue Forlines Dividend VIT Fund | $11479163 | $269745 | $(479962) | $(210217) |
| Donoghue Forlines Momentum VIT Fund | 64989477 | 355588 | (3145791) | (2790203) |

---

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**7.** **DISTRIBUTIONS TO SHAREHOLDERS AND TAX COMPONENTS OF CAPITAL** 

The tax character of distributions paid for the fiscal years ended December 31, 2022 and December 31, 2021 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the period ended December 31, 2022:** | **For the period ended December 31, 2022:** | **For the period ended December 31, 2022:** | **For the period ended December 31, 2022:** | **For the period ended December 31, 2022:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Portfolio** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| Donoghue Forlines Dividend Index VIT Fund | $143414 | $— | $— | $143414 |
| Donoghue Forlines Momentum Index VIT Fund | 11202011 | 11266 |  | 11213277 |
| **For the period ended December 31, 2021:** | **For the period ended December 31, 2021:** | **For the period ended December 31, 2021:** | **For the period ended December 31, 2021:** | **For the period ended December 31, 2021:** |
|  | **Ordinary** | **Long-Term** | **Return** |  |
| **Portfolio** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| Donoghue Forlines Dividend Index VIT Fund | $138454 | $— | $— | $138454 |
| Donoghue Forlines Momentum Index VIT Fund |  |  |  |  |

---

As of December 31, 2022, the components of accumulated earnings/ (deficit) on a tax basis were as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Portfolio** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Donoghue Forlines Dividend Index VIT Fund | $96160 | $— | $(112840) | $(5210707) | $— | $(210217) | $(5437604) |
| Donoghue Forlines Momentum Index VIT Fund |  |  | (1475053) | (6867630) |  | (2790203) | (11132886) |

---

The difference between book basis and tax basis accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales, adjustments for partnerships and C-Corporation return of capital distributions.

Capital losses incurred after October 31 within the fiscal year are deemed to arise on the first business day of the following fiscal year for tax purposes. The Funds incurred and elected to defer such capital losses as follows:

---

| | |
|:---|:---|
| <br>**Portfolio** | **Post October**<br>**Losses** |
| Donoghue Forlines Dividend Index VIT Fund | $112840 |
| Donoghue Forlines Momentum Index VIT Fund | $1475053 |

---

At December 31, 2022, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Portfolio** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**Utilized** |
| Donoghue Forlines Dividend Index VIT Fund | $4200381 | $1010326 | $5210707 | $110834 |
| Donoghue Forlines Momentum Index VIT Fund | 6867630 |  | 6867630 |  |

---

Permanent book and tax differences, primarily attributable to tax adjustments for net operating losses, and distributions in excess, resulted in reclassifications for the Fund for the fiscal year ended December 31, 2022, as follows:

---

| | | |
|:---|:---|:---|
| <br>**Portfolio** | **Paid**<br>**In**<br>**Capital** |<br>**Accumulated**<br>**Earnings (Losses)** |
| Donoghue Forlines Dividend Index VIT Fund | $— | $— |
| Donoghue Forlines Momentum Index VIT Fund | (233856) | 233856 |

---

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2022** |

---

**8.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a Fund creates presumption of control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2022, the shareholders listed below held, for the benefit of others, more than 25% of an individual Fund and may be deemed to control that Fund. The Funds have no knowledge as to whether all or any portion of the shares owned, by the parties noted below, are also owned beneficially by any party who would be presumed to control the respective Funds. Persons controlling the Funds can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the advisory agreement with the Advisor.

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Fund** | **Percent** |
| Jefferson National Life Insurance Co. | Donoghue Forlines Dividend VIT Fund | 92.22% |
| Jefferson National Life Insurance Co. | Donoghue Forlines Momentum VIT Fund | 100.00% |

---

**9.** **SUBSEQUENT EVENTS** 

Subsequent events after the date of the Statement of Assets and Liabilities have been evaluated through the date the financial statements were issued. Management has determined that no events or transactions occurred requiring adjustment or disclosure in the financial statements.

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of the Northern Lights Variable Trust and shareholders of Donoghue Forlines Dividend VIT

Fund and Donoghue Forlines Momentum VIT Fund

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund, each a fund constituting the Northern Lights Variable Trust (the "Funds"), as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![(-s- Deloitle & Touch LLP)](df010_v1.jpg)

Costa Mesa, California

February 23, 2023

We have served as the auditor of one or more Donoghue Forlines Funds investment companies since 2018.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **EXPENSE EXAMPLES (Unaudited)** |
| **December 31, 2022** |

---

As a shareholder of one or both of the Funds, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from July 1, 2022 through December 31, 2022.

**Actual Expenses**

The "Actual" columns in the table below provide information about actual account values and actual expenses. You may use the information below together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.6), then multiply the result by the number in the table under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The "Hypothetical" columns in the table below provide information about hypothetical account values and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, as well as other charges and expenses of the insurance contract, or separate account. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The Funds' expenses shown do not reflect the charges and expenses of the insurance company separate accounts and if such expenses were included the costs would have been higher.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | ***Hypothetical*** | ***Hypothetical*** |
|  |  |  |  |  | *(5% return before* | *(5% return before* |
|  |  |  | ***Actual*** | ***Actual*** | *expenses)* | *expenses)* |
|  | *Fund's* |  | *Ending* | *Expenses* | *Ending* | *Expenses* |
|  | *Annualized* | *Beginning* | *Account* | *Paid* | *Account* | *Paid* |
|  | *Expense* | *Account* | *Value* | *During* | *Value* | *During* |
|  | *Ratio* | *Value 7/1/22* | *12/31/22* | *Period\** | *12/31/22* | *Period* |
| Donoghue Forlines Dividend | 2.00% | $1000.00 | $943.50 | $9.80 | $1015.12 | $10.16 |
| VIT Fund Class 1 |  |  |  |  |  |  |
| Donoghue Forlines Momentum | 1.61% | $1000.00 | $1006.20 | $8.14 | $1017.09 | $8.19 |
| VIT Fund Class 1 |  |  |  |  |  |  |

---

\* Actual Expenses Paid During Period are equal to the Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the period (184) divided by the number of days in the fiscal year (365).

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

**LIQUIDITY RISK MANAGEMENT PROGRAM**

The Funds have adopted and implemented a written liquidity risk management program as required by Rule 22e-4 (the "Liquidity Rule") under the 1940 Act. The program is reasonably designed to assess and manage each Fund's liquidity risk, taking into consideration, among other factors, the Fund's investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions; its short and long-term cash flow projections; and its cash holdings and access to other funding sources.

During the fiscal year ended December 31, 2022, the Trust's Liquidity Risk Management Program Committee (the "Committee") reviewed the Funds' investments and determined that each Fund held adequate levels of cash and highly liquid investments to meet shareholder redemption activities in accordance with applicable requirements. Accordingly, the Committee concluded that (i) the Funds' liquidity risk management program is reasonably designed to prevent violations of the Liquidity Rule and (ii) the Funds' liquidity risk management program has been effectively implemented.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

*Donoghue Forlines, LLC*

*Adviser to Donoghue Forlines Dividend VIT &*

*Donoghue Forlines Momentum VIT\**

In connection with the regular meeting held on September 21-22, 2022 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Variable Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the re-approval of an investment advisory agreement (the "Advisory Agreement") between Donoghue Forlines, LLC ("Donoghue" or "Adviser") and the Trust, with respect to the Donoghue Forlines Dividend VIT Fund ("Dividend VIT") & Donoghue Forlines Momentum VIT Fund ("Momentum VIT") (collectively referred to as the "Donoghue Funds"). In considering the re-approval of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

The Trustees were assisted by independent legal counsel throughout the Advisory Agreement review process. The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his conclusions with respect to the Advisory Agreement.

<u>Nature, Extent and Quality of Services</u>. The Board noted that Donoghue was founded in 1986 and had $1 billion in combined assets under management and advisement, providing rules-based tactical allocation strategies and professional investment management services to individuals, corporations, and institutions. The Board reviewed the background information of the key investment personnel who were responsible for servicing the Donohue Funds, considering their education and noting the investment team's diverse financial industry experience. The Board reviewed the investment process for the Donoghue Funds, noting that Donoghue's index funds attempted to replicate and track customized sector specific indexes using technical indicators. The Board discussed that Donoghue utilized an order management system to monitor compliance with each Fund's investment limitations, which automatically sent notifications to the Adviser. The Board commented that Donoghue's CCO and CIO performed a quarterly best execution review of broker dealers for overall quality and service. The Board concluded that Donoghue could be expected to continue providing quality services to the Donohue Funds and their respective shareholders.

<u>Performance</u>.

*Donoghue Forlines Dividend VIT.* The Board noted that the Fund received a one-star Morningstar category rating. The Board observed the Fund's performance, noting that the Fund had outperformed its Morningstar category over the one-year period and underperformed its peer group and benchmark over the same period. The Board noted that the Fund underperformed its peer group, Morningstar category, and benchmark across the three-year, five-year, and since -inception periods. The Board noted that the Fund's Sharpe and Sortino ratios were in the second quartile among both the peer group and the Morningstar category over the one- year period. The Board acknowledged that the Fund's performance had improved since Donoghue implemented enhancements in 2021. The Board agreed that Donoghue should be given the opportunity to continue to improve performance and deliver reasonable returns for the benefit of the Fund and its shareholders.

*Donoghue Forlines Momentum VIT.* The Board noted that the Fund received a four-star Morningstar rating. The Board observed the Fund's performance, noting that the Fund had underperformed its benchmarks, peer group, and Morningstar category over the one-year period. The Board noted that the Fund outperformed the peer group and Morningstar category over the three-year, five-year, and since inception periods while underperforming its benchmark across the same periods. The Board noted that the Fund's Sharpe ratio was in the top quartile among its Morningstar category over the one-year period, and that its standard deviation was in the fourth quartile among its peer group and Morningstar category for the same period. The Board considered Donoghue's explanation regarding the impact of market volatility on the Fund's tactical signals and overall performance and recalled Donoghue's commitment to reviewing and improving the Fund's processes when appropriate. The Board concluded that overall, the Fund's returns were solid over the three- and five-year periods, and Donoghue could be expected to provide reasonable returns to the Fund and its shareholders over the long term.

---

| |
|:---|
| **Donoghue Forlines VIT Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

<u>Fees and Expenses.</u>

*Donoghue Forlines Dividend VIT.* The Board reviewed the Fund's advisory fee was higher than its peer group and Morningstar category medians and averages. The Board further noted the Fund's net expense ratio was significantly higher than its peer group and Morningstar category medians and averages and was the category high. The Board discussed Donoghue's justifications for the higher fees, mainly its risk management and tactical ability to move into 100% short term treasuries. The Board considered that the fees were the same as Donoghue's fees for Donoghue Forlines Dividend, which had the same strategy and required the same level of resources to effectively manage the Fund's strategy. The Board noted that Donoghue intended to renew its expense limitation agreement. After further discussion, the Board concluded that the advisory fee of the Fund was not unreasonable.

*Donoghue Forlines Momentum VIT.* The Board reviewed the Fund's advisory fee, which was higher than its peer group and Morningstar category medians and averages. The Board further noted the Fund's net expense ratio was higher than its peer group and Morningstar category medians and averages and was the category high. The Board noted that Donoghue justified its higher fees in light of its risk management and tactical ability to move into 100% short term treasuries during times of major market downturns in order to protect principal which was unlike the ability of the other funds in its peer group. The Board also considered Donoghue's assertion that the overall expense ratio should decrease as the Fund increases its assets. The Board noted that Donoghue intended to renew the expense limitation agreements. After further discussion, the Board concluded that the advisory fee of the Fund was not unreasonable.

<u>Profitability.</u> The Board reviewed the profitability analysis provided by Donoghue. The Board examined Donoghue's responses and noted that Donoghue's profitability for each Donohue Fund ranged considerably. The Board recalled factors offered by Donoghue to support its levels of profit which included business, operational, regulatory, and reputational risks assumed in managing the Donoghue Funds, as well as the resources required to execute unique components of each Donohue Fund's strategy. After further discussion, the Board determined that Donoghue's profitability with respect to each Donohue Fund was not excessive.

<u>Economies of Scale.</u> The Board noted that the Donohue Funds collectively lost assets over the last twelve months. The Board observed that Donoghue was willing to consider implementing a breakpoint when each Donohue Fund reached a higher targeted asset level. The Board discussed the benefits to shareholders of the expense limitation agreements. The Board agreed to monitor and revisit this issue at the appropriate time.

<u>Conclusion.</u> Having requested and received such information from Donoghue as the Board believed to be reasonably necessary to evaluate the terms of each Advisory Agreement, and as assisted by the advice of counsel, the Board concluded that the renewal of the Advisory Agreement with Donoghue was in the best interests of each Donohue Fund and its respective shareholders.

\* Due to the timing of the contract renewal schedule, these deliberations may or may not relate to the current performance results of the Donoghue Funds.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **SUPPLEMENTAL INFORMATION (Unaudited)** |
| **December 31, 2022** |

---

The Trustees and the executive officers of the Trust are listed below with their present positions with the Trust and principal occupations over at least the last five years. The business address of each Trustee and Officer is 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. All correspondence to the Trustees and Officers should be directed to c/o Ultimus Fund Solutions, LLP, P.O. Box 541150, Omaha, Nebraska 68154.

***Independent Trustees***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address**<br> **and Year of Birth** | &nbsp;&nbsp;**Position/Term of**<br> **Office** | &nbsp;&nbsp;**Principal Occupation**<br> **During the Past Five Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex\*<br> Overseen by<br> Trustee** | &nbsp;&nbsp;**Other Directorships held by Trustee**<br> **During the Past Five Years** |
| &nbsp;&nbsp;Mark Garbin<br> Born in 1951 | &nbsp;&nbsp;Trustee Since 2013 | &nbsp;&nbsp;Managing Principal, Coherent Capital Management LLC (since 2007). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Northern Lights Variable Trust (for series not affiliated with the Funds since 2013); Two Roads Shared Trust (since 2012); Forethought Variable Insurance Trust (since 2013); Northern Lights Fund Trust (since 2013); OHA Mortgage Strategies Fund (offshore), Ltd. (2014 - 2017); and Altegris KKR Commitments Master Fund (since 2014); OFI Carlyle Global Private Credit Fund (since March 2018) and Independent Director OHA CLO Enhanced Equity II Genpar LLP (since June 2021). |
| &nbsp;&nbsp;Mark D. Gersten<br> Born in 1950 | &nbsp;&nbsp;Trustee Since 2013 | &nbsp;&nbsp;Independent Consultant (since 2012). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Northern Lights Variable Trust (for series not affiliated with the Funds since 2013); Northern Lights Fund Trust (since 2013); Two Roads Shared Trust (since 2012); Altegris KKR Commitments Master Fund (since 2014); previously, Ramius Archview Credit and Distressed Fund (2015-2017); Schroder Global Series Trust (2012 - 2017). |
| &nbsp;&nbsp;Anthony J. Hertl<br> Born in 1950 | &nbsp;&nbsp;Trustee Since 2005; Chairman of the Board since 2013 | &nbsp;&nbsp;Retired, previously held several positions in a major Wall Street firm including Capital Markets Controller, Director of Global Taxation, and CFO of the Specialty Finance Group. | &nbsp;&nbsp;2 | &nbsp;&nbsp;Northern Lights Variable Trust (for series not affiliated with the Funds since 2006); Northern Lights Fund Trust (since 2005); Alternative Strategies Fund (since 2010); Satuit Capital Management Trust (2007- 2019). |
| &nbsp;&nbsp;Gary W. Lanzen<br> Born in 1954 | &nbsp;&nbsp;Trustee Since 2005 | &nbsp;&nbsp;Retired since 2012. Formerly, Founder, President, and Chief Investment Officer, Orizon Investment Counsel, Inc. (2000-2012). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Northern Lights Variable Trust (for series not affiliated with the Funds since 2006); Northern Lights Fund Trust (since 2005); AdvisorOne Funds (since 2003); Alternative Strategies Fund (since 2010); and previously, CLA Strategic Allocation Fund (2014-2015). |
| &nbsp;&nbsp;John V. Palancia<br> Born in 1954 | &nbsp;&nbsp;Trustee Since 2011 | &nbsp;&nbsp;Retired (since 2011). Formerly, Director of Futures Operations, Merrill Lynch, Pierce, Fenner & Smith Inc. (1975-2011). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Northern Lights Variable Trust (for series not affiliated with the Funds since 2011); Northern Lights Fund Trust III (since February 2012); Alternative Strategies Fund (since 2012) and Northern Lights Fund Trust (since 2011). |
| &nbsp;&nbsp;Mark H. Taylor<br> Born in 1964 | &nbsp;&nbsp;Trustee Since 2007; Chairman of the Audit Committee since 2013 | &nbsp;&nbsp;Director, Lynn Pippenger School of Accountancy Muma College of Business, University of South Florida, Tampa FL (since 2019); Chair, Department of Accountancy and Andrew D. Braden Professor of Accounting and Auditing, Weatherhead School of Management, Case Western Reserve University (2009- 2019); Vice President- Finance, American Accounting Association (2017-2020); President, Auditing Section of the American Accounting Association (2012-2015). AICPA Auditing Standards Board Member (2009-2012). | &nbsp;&nbsp;2 | &nbsp;&nbsp;Northern Lights Variable Trust (for series not affiliated with the Funds since 2007); Alternative Strategies Fund (since 2010); Northern Lights Fund Trust III (since 2012); and Northern Lights Fund Trust (since 2007). |

---

*12/31/22-NLVT-v1*

---

| |
|:---|
| **Donoghue Forlines VIT Fund** |
| **SUPPLEMENTAL INFORMATION (Unaudited)(Continued)** |
| **December 31, 2022** |

---

***Officers***

 ****

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and**<br> **Year of Birth** | &nbsp;&nbsp;**Position/Term of**<br> **Office\*** | &nbsp;&nbsp;**Principal Occupation During the**<br> **Past Five Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex\*<br> Overseen by<br> Trustee** | &nbsp;&nbsp;**Other Directorships held by**<br> **Trustee During the Past**<br> **Five Years** |
| &nbsp;&nbsp;Kevin E. Wolf<br> Born in 1969 | &nbsp;&nbsp;President Since June 2017 | &nbsp;&nbsp;Executive Vice President, Head of Fund Administration, and Product; Ultimus Fund Solutions, LLC (since 2020); Vice President of The Ultimus Group, LLC (since 2019); Executive Vice President of Gemini Fund Services, LLC (2019-2020) President, Gemini Fund Services, LLC (2012 - 2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Eric Kane<br> Born in 1981 | &nbsp;&nbsp;Vice President Since December 2022 | &nbsp;&nbsp;Vice President and Senior Managing Counsel, Ultimus Fund Solutions, LLC (since 2022); Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (2020-2022); Vice President and Counsel, Gemini Fund Services, LLC (2017-2020); Assistant Vice President, Gemini Fund Services, LLC (2014- 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Colantino<br> Born in 1969 | &nbsp;&nbsp;Treasurer Since June 2017 | &nbsp;&nbsp;Senior Vice President Fund Administration, Ultimus Fund Solutions (since 2020); Senior Vice President Fund Administration, Gemini Fund Services, LLC (2012-2020); Assistant Treasurer of the Trust (2006- June 2017). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Stephanie Shearer<br> Born in 1979 | &nbsp;&nbsp;Secretary Since February 2017 | &nbsp;&nbsp;Assistant Secretary of the Trust (2012-February 2017); Associate Director, Ultimus Fund Solutions (since 2022); Manager of Legal Administration, Ultimus Fund Solutions (since 2020-2022); Manager of Legal Administration, Gemini Fund Services, LLC (2018-2020); Senior Paralegal, Gemini Fund Services, LLC (2013 - 2018). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Michael J. Nanosky<br> Born in 1966 | &nbsp;&nbsp;Chief Compliance Officer since January 2021 | &nbsp;&nbsp;Chief Compliance Officer, of the Trust (Since January 2021); Vice President-Senior Compliance Officer, Ultimus Fund Solutions (Since 2020); Vice President, Chief Compliance Officer for Williamsburg Investment Trust (2020-current); Senior Vice President- Chief Compliance Officer, PNC Funds (2014-2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

---

\* The term of office for each Trustee and officer listed above will continue indefinitely until the individual resigns or is removed.

\*\* As of December 31, 2022, the Trust was comprised of 13 active portfolios managed by unaffiliated investment advisers. The term "Fund Complex" applies only to the Portfolios managed by the Adviser. The Portfolios do not hold themselves out as related to any other series within the Trust for investment purposes, nor do they share the same investment adviser with any other series.

The Fund's Statement of Additional Information includes additional information about the Trustees and is available free of charge, upon request, by calling toll-free at 1-877-779-7462.

*12/31/22-NLVT-v1*

***PRIVACY NOTICE***

 ****

**Northern Lights Variable Trust**

**Rev. February 2014**

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| | |
|:---|:---|
| &nbsp;&nbsp;**FACTS** | &nbsp;&nbsp;**WHAT DOES NORTHERN LIGHTS VARIABLE TRUST DO WITH YOUR PERSONAL INFORMATION?** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**What?** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Social Security number and wire transfer instructions<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● account transactions and transaction history<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● investment experience and purchase history<br>When you are *no longer* our customer, we continue to share your information as described in this notice. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons Northern Lights Variable Trust chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Reasons we can share your<br> personal information:** | &nbsp;&nbsp;**Does Northern Lights Variable<br> Trust share information?** | &nbsp;&nbsp;**Can you limit this sharing?** |
| &nbsp;&nbsp;**For our everyday business purposes -** such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | &nbsp;&nbsp;**YES** | &nbsp;&nbsp;**NO** |
| &nbsp;&nbsp;**For our marketing purposes -** to offer our products and services to you. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For joint marketing with other financial companies.** | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your transactions and records. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes -** information about your credit worthiness. | **NO** | **We don't share** |
| &nbsp;&nbsp;**For nonaffiliates to market to you** | **NO** | **We don't share** |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**QUESTIONS?** | &nbsp;&nbsp;**Call 1-402-493-4603** |

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***PRIVACY NOTICE***

 ****

**Northern Lights Variable Trust**

&nbsp;&nbsp;**Page 2**

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| | |
|:---|:---|
| &nbsp;&nbsp;**What we do:** | &nbsp;&nbsp;**What we do:** |
| &nbsp;&nbsp;<br> **How does Northern Lights Variable Trust protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.<br>Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information. |
| &nbsp;&nbsp;<br> **How does Northern Lights Variable Trust collect my personal information?** | &nbsp;&nbsp;&nbsp;&nbsp;We collect your personal information, for example, when you<br> &nbsp;&nbsp;&nbsp;&nbsp;● open an account or deposit money<br>&nbsp;&nbsp;&nbsp;&nbsp;● direct us to buy securities or direct us to sell your securities<br>&nbsp;&nbsp;&nbsp;&nbsp;● seek advice about your investments<br>We also collect your personal information from others, such as credit bureaus, affiliates, or other companies. |
| &nbsp;&nbsp;<br> **Why can't I limit all sharing?** | &nbsp;&nbsp;&nbsp;&nbsp;Federal law gives you the right to limit only:<br> &nbsp;&nbsp;&nbsp;&nbsp;● sharing for affiliates' everyday business purposes – information about your creditworthiness.<br>&nbsp;&nbsp;&nbsp;&nbsp;● affiliates from using your information to market to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● sharing for nonaffiliates to market to you. <br>State laws and individual companies may give you additional rights to limit sharing. |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Variable Trust does not share with our affiliates.* |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Variable Trust does not share with nonaffiliates so they can market to you.* |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>&nbsp;&nbsp;&nbsp;&nbsp;● *Northern Lights Variable Trust doesn't jointly market*. |

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This Page Intentionally Left Blank

**<u>PROXY VOTING POLICY</u>**

Information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve month period ended June 30 as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies is available without charge, upon request, by calling 1-877-779-7462 or by referring to the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**<u>PORTFOLIO HOLDINGS</u>**

Funds file a complete schedule of portfolio holdings with the Securities and Exchange Commission (the "SEC") for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, within sixty days after the end of the period. Form N-PORT reports are available at the SEC's website at www.sec.gov.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Donoghue Forlines LLC |
| One International Place Suite 310 |
| Boston, MA 02110 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| DONOGHUEVIT-AR22 |

---

**Item 2. Code of Ethics.** 

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party.

(b) For purposes of this item, "code of ethics" means written standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Commission and in other public communications made by the registrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules, and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of the code to an appropriate person or persons identified
in the code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to the code.

(c) Amendments: During the period covered by the report, there have not been any amendments to the provisions of the code of ethics.

(d) Waivers: During the period covered by the report, the registrant has not granted any express or implicit waivers from the provisions of the code of ethics.

(e) The Code of Ethics is not posted on Registrant' website.

(f) A copy of the Code of Ethics is attached as an exhibit.

**Item 3. Audit Committee Financial Expert.**

(a) The Registrant's board of trustees has determined that Mark Gersten, Anthony J. Hertl, and Mark H. Taylor are audit committee financial experts, as defined in Item 3 of Form N-CSR. Mr. Gersten, Mr. Hertl and Mr. Taylor are independent for purposes of this Item 3.

**Item 4. Principal Accountant Fees and Services.**

(a) **<u>Audit Fees</u> <u>2021</u> <u>2022</u>**

Donoghue Forlines Dividend VIT Fund $15,300 $15,360

Donoghue Forlines Momentum VIT Fund $15,300 $15,360

(b)  **<u>Audit-Related Fees</u> <u>2021</u> <u>2022</u>**

Donoghue Forlines Dividend VIT Fund None None

Donoghue Forlines Momentum VIT Fund None None

(c)  **<u>Tax Fees</u> <u>2021</u> <u>2022</u>**

Donoghue Forlines Dividend VIT Fund $3,340 $3,410

Donoghue Forlines Momentum VIT Fund $3,340 $3,410

Preparation of Federal & State income tax returns, assistance with calculation of required income, capital gain and excise distributions and preparation of Federal excise tax returns.

(d) **<u>All Other Fees</u> <u>2021</u> <u>2022</u>**

Donoghue Forlines Dividend VIT Fund None None

Donoghue Forlines Momentum VIT Fund None None

(e) (1)  **<u>Audit Committee's Pre-Approval Policies</u>** 

The registrant's Audit Committee is required to pre-approve all audit services and, when appropriate, any non-audit services (including audit-related, tax and all other services) to the registrant. The registrant's Audit Committee also is required to pre-approve, when appropriate, any non-audit services (including audit-related, tax and all other services) to its adviser, or any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the registrant, to the extent that the services may be determined to have an impact on the operations or financial reporting of the registrant. Services are reviewed on an engagement by engagement basis by the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)  **<u>Percentages of Services Approved by the Audit Committee</u>** 

**<u>Donoghue Forlines Dividend VIT Fund</u>** <u>2021</u> <u>2022</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

**<u>Donoghue Forlines Momentum VIT Fund</u>** <u>2021</u> <u>2022</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit-Related Fees: 0.00% 0.00%

Tax Fees: 0.00% 0.00%

All Other Fees: 0.00% 0.00%

(f) During the audit of registrant's financial statements for the most recent fiscal year, less than 50 percent
of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's
full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant,
and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is
subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with
the adviser that provides ongoing services to the registrant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>2021</u> <u>2022</u>

Donoghue Forlines Dividend VIT Fund $3,340 $3,410

Donoghue Forlines Momentum VIT Fund $3,340 $3,410

(h) The registrant's audit committee has considered whether the provision of non-audit services to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant, that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, is compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

**Item 5. Audit Committee of Listed Companies.** Not applicable to open-end investment companies.

**Item 6. Schedule of Investments.** Schedule of investments in securities of unaffiliated issuers is included under Item 1.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.** Not applicable to open-end investment companies.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 9. Purchases of Equity Securities by Closed-End Funds.** Not applicable to open-end investment companies.

**Item 10. Submission of Matters to a Vote of Security Holders.** None

**Item 11. Controls and Procedures.** 

(a) Based on an evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of filing date of this Form N-CSR, the principal executive officer and principal financial officer of the Registrant have concluded that the disclosure controls and procedures of the Registrant are reasonably designed to ensure that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported by the filing date, including that information required to be disclosed is accumulated and communicated to the Registrant's management, including the Registrant's principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no significant changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** Not applicable to open-end investment companies.

**Item 13. Exhibits.** 

(a)(1) Not applicable.

(a)(2) [Certifications required by Section 302 of the Sarbanes-Oxley Act of 2002 (and Item 11(a)(2) of Form N-CSR) are filed herewith.](cert1.htm)

(a)(3) Not applicable for open-end investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;(b) [Certifications required by Section 906 of the Sarbanes-Oxley Act of 2002 (and Item 11(b) of Form N-CSR) are filed herewith.](cert2.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) <u>Northern Lights Variable Fund Trust</u>

By (Signature and Title)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer/President

Date <u>3/7/23</u> 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

 <u>/s/ Kevin E. Wolf</u> 

Kevin E. Wolf, Principal Executive Officer/President

Date <u>3/7/23</u> 

By (Signature and Title)

 <u>/s/ Jim Colantino</u> 

Jim Colantino, Principal Financial Officer/Treasurer

Date <u>3/7/23</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Donoghue VIT Funds (a series of Northern Lights Variable Fund Trust).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>3/7/23</u> <u>/s/ Kevin E. Wolf</u>

Kevin E. Wolf

Principal Executive Officer/President

I, Jim Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the Donoghue VIT Funds (a series of Northern Lights Variable Fund Trust).

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>3/7/23</u> <u>s/ Jim Colantino</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jim Colantino

Principal Financial Officer/Treasurer

## Exhibit 99.906

**certification**

Kevin E. Wolf, Principal Executive Officer/President, and Jim Colantino, Principal Financial Officer/Treasurer of Northern Lights Variable Fund Trust (the "Registrant"), each certify to the best of his knowledge that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Registrant's periodic report on Form N-CSR for the period ended December 31, 2022 (the "Form N-CSR") fully complies with the requirements of Sections 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Principal Executive Officer/President Principal Financial Officer/Treasurer

Northern Lights Variable Fund Trust Northern Lights Variable Fund Trust

 <u>/s/ Kevin E. Wolf</u> <u>/s/ Jim Colantino</u> 

Kevin E. Wolf Jim Colantino

Date: <u>3/7/23</u> Date: <u>3/7/23</u> 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to Northern Lights Variable Fund Trust and will be retained by Northern Lights Variable Fund Trust and furnished to the Securities and Exchange Commission (the "Commission") or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR filed with the Commission.