# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001580642-26-001745
**Filing Date:** 2026-3
**Character Count:** 101261
**Document Hash:** dd6a196b2f6c28e15675109330223e7f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001745.hdr.sgml**: 20260311

**ACCESSION NUMBER**: 0001580642-26-001745

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260311

**DATE AS OF CHANGE**: 20260311

**EFFECTIVENESS DATE**: 20260311

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Northern Lights Variable Trust
- **CENTRAL INDEX KEY:** 0001352621

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 26742675

**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

### Bain Capital Equity Opportunities Fund (Series ID: S000088357)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000254614 | Bain Capital Equity Opportunities Fund Class 2 Shares |  |
| C000254615 | Bain Capital Equity Opportunities Fund Class 1 Shares |  |

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

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

<u>Northern Lights Variable Fund Trust</u> <br> (Exact name of registrant as specified in charter)

<u>225 Pictoria Drive, Suite 450, Cincinnati, OH</u> <u>45246</u> <br> (Address of principal executive offices) (Zip code)

<u>The Corporation Trust Company</u> <br> <u>1209 Orange Street Wilmington, DE 19801</u> <br> (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> <br>Date of reporting period: <u>12/31/2025</u>

**Item 1. Reports to Stockholders.**

(a) # Bain Capital Equity Opportunities Fund

## Class 1

#### Annual Shareholder Report - December 31, 2025

## Fund Overview
This annual shareholder report contains important information about Bain Capital Equity Opportunities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.baincapitalequityopportunitiesfund.com/**. You can also request this information by contacting us at 877-322-0576. **This report describes changes to the Fund that occurred during the reporting period.**

\*Annualized

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 1 | $142 | 1.35% |

---

## How did the Fund perform during the reporting period?
The Fund generated a small positive return for the six-month period ending December 31, 2025, but underperformed the benchmark MSCI World Index as global equities rallied. During this period, equity markets experienced significant rotation between low- and high-quality names, with the latter suffering significant underperformance to the broader index. During the six months through December 31st, the S&P 500 Quality index significantly underperformed the broader S&P 500 Index. Within this environment, the Fund generated negative alpha given its general bias towards quality growth compounders.

The Fund's exposure to the Financial sector was the largest positive contributor to performance, driven primarily by positions in select U.S. and European banks. Other positive contributors included a position in a consumer credit/finance company and a position in a major U.S. securities exchange. A position in an alternative asset management company detracted from performance.

The Industrial sector portfolio was the second largest return driver, led by long-standing exposure to commercial aerospace and electrical component businesses. We continue to see an attractive long-cycle opportunity within commercial aerospace among the engine and parts manufacturers and the original equipment manufacturers (OEM) – who continue to maintain 10-year order backlogs on strong airframe demand.

Consumer sector exposure was the largest detractor to the Fund's performance over the period, driven by positions in UK retail and consumer product companies and a U.S. auto-parts business. The TMT sector also detracted from return, driven by positions in global software companies, a Korean ecommerce business and a cybersecurity company. Partially offsetting these losses were positions in a data center skilled labor business and a global semiconductor manufacturing company.

The portfolio ended December with 23 positions. The largest ten positions represent ~58% of capital. The median market capitalization of the portfolio is $107.6 billion and ~73% of the Fund's assets are not represented in the S&P 500 index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](icefe11ae90fea235cd7ece7e.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Bain Capital Equity Opportunities Fund** | **MSCI World Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2024** | $10000 | $10000 | $10000 |
| **Dec-2024** | $9870 | $9997 | $10126 |
| **Dec-2025** | $10830 | $12106 | $11936 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 28, 2024)** |
| Bain Capital Equity Opportunities Fund | 9.73% | 7.02% |
| MSCI World Index | 21.09% | 17.65% |
| S&P 500<sup>®</sup> Index | 17.88% | 16.25% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 877-322-0576.***

## **Fund Statistics** 
* Net Assets$37,583,602

* Number of Portfolio Holdings25

* Advisory Fee (net of waivers)$0

* Portfolio Turnover516%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i16142a888f658393c5abed4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie7e85cfb828dbe7efd28d555.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 0.3% |
| Consumer Discretionary | 1.4% |
| Technology | 5.1% |
| Consumer Staples | 7.0% |
| Communications | 10.8% |
| Industrials | 32.0% |
| Financials | 43.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rolls-Royce Holdings plc | 9.0% |
| Liberty Media Corp-Liberty Formula One | 7.9% |
| Airbus S.E. | 6.0% |
| Performance Food Group Company | 5.4% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 5.1% |
| Hubbell, Inc. | 5.1% |
| Erste Group Bank A.G. | 4.9% |
| Affiliated Managers Group, Inc. | 4.9% |
| Citigroup, Inc. | 4.9% |
| Banco Bilbao Vizcaya Argentaria S.A. | 4.7% |

---

## Material Fund Changes
The Board of Trustees of Northern Lights Variable Trust (the "Trust") has determined based, in part, on the recommendation of the investment adviser of the Bain Capital Equity Opportunities Fund (the "Portfolio"), that it is in the best interests of the Portfolio and its shareholders that the Portfolio cease operations. The Board has decided to close the Portfolio and redeem all remaining outstanding shares on May 1, 2026.

# Bain Capital Equity Opportunities Fund - Class 1

#### Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.baincapitalequityopportunitiesfund.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

# Bain Capital Equity Opportunities Fund

## Class 2

#### Annual Shareholder Report - December 31, 2025

## Fund Overview
This annual shareholder report contains important information about Bain Capital Equity Opportunities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.baincapitalequityopportunitiesfund.com/**. You can also request this information by contacting us at 877-322-0576. **This report describes changes to the Fund that occurred during the reporting period.**

\*Annualized

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class 2 | $168 | 1.60% |

---

## How did the Fund perform during the reporting period?
The Fund generated a small positive return for the six-month period ending December 31, 2025, but underperformed the benchmark MSCI World Index as global equities rallied. During this period, equity markets experienced significant rotation between low- and high-quality names, with the latter suffering significant underperformance to the broader index. During the six months through December 31st, the S&P 500 Quality index significantly underperformed the broader S&P 500 Index. Within this environment, the Fund generated negative alpha given its general bias towards quality growth compounders.

The Fund's exposure to the Financial sector was the largest positive contributor to performance, driven primarily by positions in select U.S. and European banks. Other positive contributors included a position in a consumer credit/finance company and a position in a major U.S. securities exchange. A position in an alternative asset management company detracted from performance.

The Industrial sector portfolio was the second largest return driver, led by long-standing exposure to commercial aerospace and electrical component businesses. We continue to see an attractive long-cycle opportunity within commercial aerospace among the engine and parts manufacturers and the original equipment manufacturers (OEM) – who continue to maintain 10-year order backlogs on strong airframe demand.

Consumer sector exposure was the largest detractor to the Fund's performance over the period, driven by positions in UK retail and consumer product companies and a U.S. auto-parts business. The TMT sector also detracted from return, driven by positions in global software companies, a Korean ecommerce business and a cybersecurity company. Partially offsetting these losses were positions in a data center skilled labor business and a global semiconductor manufacturing company.

The portfolio ended December with 23 positions. The largest ten positions represent ~58% of capital. The median market capitalization of the portfolio is $107.6 billion and ~73% of the Fund's assets are not represented in the S&P 500 index.

## How has the Fund performed since inception?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](id51655170dc37fbaa21e0cfa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Bain Capital Equity Opportunities Fund** | **MSCI World Index** | **S&P 500<sup>®</sup> Index** |
| **Oct-2024** | $10000 | $10000 | $10000 |
| **Dec-2024** | $9870 | $9997 | $10126 |
| **Dec-2025** | $10820 | $12106 | $11936 |

---

## **Average Annual Total Returns** 

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception (October 28, 2024)** |
| Bain Capital Equity Opportunities Fund | 9.63% | 6.94% |
| MSCI World Index | 21.09% | 17.65% |
| S&P 500<sup>®</sup> Index | 17.88% | 16.25% |

---

***The Fund's past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares. For updated performance call 877-322-0576.***

## **Fund Statistics** 
* Net Assets$37,583,602

* Number of Portfolio Holdings25

* Advisory Fee (net of waivers)$0

* Portfolio Turnover516%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i16142a888f658393c5abed4c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 99.7% |
| Money Market Funds | 0.3% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ie7e85cfb828dbe7efd28d555.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -0.4% |
| Money Market Funds | 0.3% |
| Consumer Discretionary | 1.4% |
| Technology | 5.1% |
| Consumer Staples | 7.0% |
| Communications | 10.8% |
| Industrials | 32.0% |
| Financials | 43.8% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| Holding Name | % of Net Assets |
| Rolls-Royce Holdings plc | 9.0% |
| Liberty Media Corp-Liberty Formula One | 7.9% |
| Airbus S.E. | 6.0% |
| Performance Food Group Company | 5.4% |
| Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 5.1% |
| Hubbell, Inc. | 5.1% |
| Erste Group Bank A.G. | 4.9% |
| Affiliated Managers Group, Inc. | 4.9% |
| Citigroup, Inc. | 4.9% |
| Banco Bilbao Vizcaya Argentaria S.A. | 4.7% |

---

## Material Fund Changes
The Board of Trustees of Northern Lights Variable Trust (the "Trust") has determined based, in part, on the recommendation of the investment adviser of the Bain Capital Equity Opportunities Fund (the "Portfolio"), that it is in the best interests of the Portfolio and its shareholders that the Portfolio cease operations. The Board has decided to close the Portfolio and redeem all remaining outstanding shares on May 1, 2026.

# Bain Capital Equity Opportunities Fund - Class 2

#### Annual Shareholder Report - December 31, 2025

## Where can I find additional information about the Fund?
Additional information is available on the Fund's website (**https://www.baincapitalequityopportunitiesfund.com/**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable

**Item 2. Code of Ethics.** 

(a) The
 registrant has, as of the end of the period covered by this report, adopted a code of ethics that applies to the registrant's principal
 executive officer, principal financial officer, and 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) Not applicable.

(c) During the
 period covered by this report, there were no amendments to any provision of the code of ethics.

(d) During the
 period covered by this report, there were no waivers or implicit waivers of a provision of the code of ethics.

(e) Not applicable.

(f) See Item 19(a)(1)

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

---

| |
|:---|
| (a)(1) 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. |
| (a)(2) Not applicable. |
| (a)(3) Not applicable. |

---

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

---

| | |
|:---|:---|
| (a) | <u>Audit Fees</u>. The aggregate fees billed for each of the last two fiscal years for professional services rendered by the registrant's principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are as follows: |
|  | 2025 - $15500<br> 2024 - $15000 |

---

---

| | |
|:---|:---|
| (b) | <u>Audit-Related Fees</u>. There were no fees billed in each of the last two fiscal years for assurances and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. |
| (c) | <u>Tax Fees</u> - The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance are as follows: |
|  | 2025 - $4000<br> 2024 - $4000 |
|  | 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>. The aggregate fees billed in each of the last two fiscal years for products and services provided by the registrant's principal accountant, other than the services reported in paragraphs (a) through (c) of this item were $0 and $0 for the fiscal years ended December 31, 2025, and 2024, respectively. |
| (e)(1) | The audit committee does not have pre-approval policies and procedures. Instead, the audit committee or audit committee chairman approves on a case-by-case basis each audit or non-audit service before the principal accountant is engaged by the registrant. |
| (e)(2) | There were no services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X. |
| (f) | Not applicable. |
| (g) | All non-audit fees billed by the registrant's principal accountant for services rendered to the registrant for the fiscal years ended December 31, 2025, and 2024, respectively are disclosed in (b)-(d) above. There were no audit or non-audit services performed by the registrant's principal accountant for the registrant's adviser. |
| (h) | Not applicable. |
| (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.** 

(a) &nbsp;&nbsp;&nbsp;&nbsp; The Registrant's schedule of investments in unaffiliated issuers is included in the Financial Statements under Item 7 of this form.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

(a) ---

| |
|:---|
| Bain Capital Equity Opportunities Fund |
| *A series of the Northern Lights Variable Trust* |
| Annual Financial Statements |
| and |
| Additional Information |
| December 31, 2025 |
| Distributed by Northern Lights Distributors, LLC |
| Member FINRA |

---

---

| |
|:---|
| **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.2%** |  |
|  | **AEROSPACE & DEFENSE - 15.0%** |  |
| 9663 | Airbus S.E. | $2251590 |
| 219050 | Rolls-Royce Holdings plc | 3388268 |
|  |  | 5639858 |
|  | **ASSET MANAGEMENT - 9.0%** |  |
| 6419 | Affiliated Managers Group, Inc. | 1850469 |
| 12058 | KKR & Company, Inc. | 1537154 |
|  |  | 3387623 |
|  | **BANKING - 18.9%** |  |
| 74922 | Banco Bilbao Vizcaya Argentaria S.A. | 1764247 |
| 140016 | Banco Santander S.A. | 1655933 |
| 15810 | Citigroup, Inc. | 1844869 |
| 15319 | Erste Group Bank A.G. | 1851320 |
|  |  | 7116369 |
|  | **E-COMMERCE DISCRETIONARY - 0.5%** |  |
| 877 | Amazon.com, Inc.<sup>(a)</sup> | 202429 |
|  | **ELECTRICAL EQUIPMENT - 9.6%** |  |
| 4299 | Hubbell, Inc. | 1909229 |
| 12164 | Siemens Energy A.G. | 1720040 |
|  |  | 3629269 |
|  | **HOUSEHOLD PRODUCTS - 1.6%** |  |
| 58762 | Haleon plc - ADR | 594084 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.4%** |  |
| 10211 | Intercontinental Exchange, Inc. | 1653774 |
|  | **INSURANCE - 7.3%** |  |
| 112800 | AIA Group Ltd. | 1157926 |
| 102366 | Prudential PLC | 1575826 |
|  |  | 2733752 |
|  | **INTERNET MEDIA & SERVICES - 3.0%** |  |
| 3556 | Alphabet, Inc., Class A | 1113028 |

---

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.2% (Continued)** |  |
|  | **LEISURE FACILITIES & SERVICES - 0.9%** |  |
| 2260 | Live Nation Entertainment, Inc.<sup>(a)</sup> | $322050 |
|  | **MACHINERY - 3.2%** |  |
| 6458 | Crane Company | 1191049 |
|  | **PUBLISHING & BROADCASTING - 7.9%** |  |
| 30118 | Liberty Media Corp-Liberty Formula One<sup>(a)</sup> | 2966924 |
|  | **SEMICONDUCTORS - 5.1%** |  |
| 6333 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1924535 |
|  | **SPECIALTY FINANCE - 4.2%** |  |
| 6566 | Capital One Financial Corporation | 1591336 |
|  | **TRANSPORTATION & LOGISTICS - 4.2%** |  |
| 6189 | DSV A/S | 1571677 |
|  | **WHOLESALE - CONSUMER STAPLES - 5.4%** |  |
| 22390 | Performance Food Group Company<sup>(a)</sup> | 2013309 |
|  | **TOTAL COMMON STOCKS (Cost $35,726,813)** | 37651066 |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 0.2%** |  |
|  | **MONEY MARKET FUNDS - 0.2%** |  |
| 95969 | Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.65% (Cost $95,969)<sup>(b)</sup> | 95969 |
|  | **TOTAL INVESTMENTS - 100.4% (Cost $35,822,782)** | $37747035 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.4)%** | (163433) |
|  | **NET ASSETS - 100.0%** | $37583602 |

---

---

| | |
|:---|:---|
| ADR | - American Depositary Receipt |
| A.G. | - Aktiengesellschaft |
| A/S | - Aktieselskab |
| LTD | - Limited Company |
| PLC | - Public Limited Company |
| S.E. | - Société Europeae |

---

 

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

 

<sup>(b)</sup> Rate disclosed is the seven day effective yield as of December 31, 2025.

See accompanying notes which are an integral part of these financial statements.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Statement of Assets and Liabilities** |
| **December 31, 2025** |

---

---

| | |
|:---|:---|
| **Assets:** |  |
| Investments in securities, at cost | $35822782 |
| Investments in securities, at fair value | $37747035 |
| Receivable for securities sold | 381338 |
| Interest and dividends receivable | 7850 |
| Receivable due from advisor, net | 12406 |
| Prepaid expenses and other assets | 1300 |
| **Total Assets** | 38149929 |
| **Liabilities:** |  |
| Payable for securities purchased | 434083 |
| Payable for Fund shares redeemed | 3737 |
| Foreign currency payable | 13 |
| Accrued distribution (12b-1) fees | 17824 |
| Payable to related parties | 43800 |
| Accrued expenses and other liabilities | 66870 |
| **Total Liabilities** | 566327 |
| **Net Assets** | $37583602 |
| **Components of Net Assets:** |  |
| Paid-in capital | $36127851 |
| Accumulated earnings | 1455751 |
| **Net Assets** | $37583602 |
| **Net Asset Value Per Share** |  |
| **Class 1 Shares:** |  |
| Net assets | $2315165 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 213698 |
| Net asset value, offering and redemption price per share<br> (Net assets ÷ Total shares of beneficial interest outstanding) | $10.83 |
| **Class 2 Shares:** |  |
| Net assets | $35268437 |
| Total shares of beneficial interest outstanding <br> ($0 par value, unlimited shares authorized) | 3260563 |
| Net asset value, offering and redemption price per share<br> (Net assets ÷ Total shares of beneficial interest outstanding) | $10.82 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Statement of Operations** |
| **For the Year Ended December 31, 2025** |

---

---

| | |
|:---|:---|
| **Investment Income:** |  |
| Dividend income | $172575 |
| Interest income | 8799 |
| Less: Foreign dividend withholding taxes | (7043) |
| **Total Investment Income** | 174331 |
| **Expenses:** |  |
| Investment advisory fees | 225999 |
| Distribution fees (12b-1) |  |
| &nbsp;&nbsp;&nbsp;Class 2 Shares | 42967 |
| Administrative and accounting service fees | 97299 |
| Transfer agent fees | 64558 |
| Custody Fee | 41476 |
| Legal fees | 41057 |
| Offering fees | 38136 |
| Trustees' fees | 17778 |
| Audit and tax fees | 16745 |
| Professional fees | 16584 |
| Printing and postage expense | 15590 |
| Insurance expense | 2246 |
| Miscellaneous fees and expenses | 1593 |
| **Total Expenses** | 622028 |
| Expenses waived/reimbursed by the Advisor | (332649) |
| **Net Expenses** | 289379 |
| **Net Investment Loss** | (115048) |
| **Realized and Unrealized Gain (Loss) on Investments** |  |
| &nbsp;&nbsp;&nbsp;Net realized loss on investments | (354705) |
| &nbsp;&nbsp;&nbsp;Net realized gain on foreign currency transactions | 5525 |
|  | (349180) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 1936087 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on foreign currency translation | 69 |
|  | 1936156 |
| **Net Realized and Unrealized Gain (Loss) on Investments** | 1586976 |
| **Net Increase in Net Assets Resulting from Operations** | $**1471928** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Statements of Changes in Net Assets** |

---

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>December 31, 2025 | Period Ended<br>December 31, 2024\* |
| **Decrease in Net Assets:** |  |  |
| **From Operations:** |  |  |
| Net investment loss | $(115048) | $(591) |
| Net realized loss on investments and foreign currency transactions | (349180) | (5570) |
| Net change in unrealized appreciation (depreciation) on investments and foreign currency translation | 1936156 | (11834) |
| Net increase (decrease) in net assets resulting from operations | 1471928 | (17995) |
| **From Shares of Beneficial Interest:** |  |  |
| Proceeds from shares sold: |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | 2456736 | 10 |
| &nbsp;&nbsp;&nbsp;Class 2 | 37405971 | 1317293 |
| Payments for shares redeemed: |  |  |
| &nbsp;&nbsp;&nbsp;Class 1 | (197610) |  |
| &nbsp;&nbsp;&nbsp;Class 2 | (4850060) | (2671) |
| Net increase in net assets from share transactions of beneficial interest | 34815037 | 1314632 |
| **Total Increase In Net Assets** | 36286965 | 1296637 |
| **Net Assets:** |  |  |
| Beginning of period/year | 1296637 |  |
| End of period/year | $37583602 | $1296637 |
| **SHARE ACTIVITY** |  |  |
| **Class 1** |  |  |
| Shares Sold | 231955 | 1 |
| Shares Redeemed | (18258) |  |
| Net increase in shares of beneficial interest outstanding | 213697 | 1 |
| **Class 2** |  |  |
| Shares Sold | 3593255 | 131664 |
| Shares Redeemed | (464090) | (266) |
| Net increase in shares of beneficial interest outstanding | 3129165 | 131398 |

---

\* The Bain Capital Equity Opportunities Fund commenced operations on October 25, 2024

See accompanying notes to financial statements.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Financial Highlights** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | |
|:---|:---|:---|
|  | Class 1 Shares | Class 1 Shares |
|  | Year Ended<br>December 31, 2025 | Period Ended<br>December 31, 2024<sup>(a)</sup> |
| Net asset value, beginning of year/period | $9.87 | $10.00 |
| Activity from investment operations: |  |  |
| Net investment loss<sup>(b)</sup> | (0.05) | (0.03) |
| Net realized and unrealized gain (loss) on investments | 1.01 | (0.10) |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | 0.96 | (0.13) |
| Net asset value, end of year/period | $10.83 | $9.87 |
| Total return<sup>(c)</sup> | 9.73% | (1.30)% (g) |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of year/period | $2315165 | $10 |
| Ratio of gross expenses to average net assets<sup>(d)(e)</sup> | 3.21% | 105.47 % (h) |
| Ratio of net expenses to average net assets<sup>(e)</sup> | 1.35% | 1.35 % (h) |
| Ratio of net investment loss to average net assets<sup>(f)</sup> | (0.89)% | (1.05)% (h) |
| Portfolio turnover rate | 516% | 39 % (g) |

---

(a) The Bain Capital Equity Opportunities
 Fund commenced operations on October 25, 2024.

(b) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the period.

(c) Total return represents the rate
 that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(e) Does not include the Fund's
 share of the expenses of the underlying investment companies in which the Fund invests.

(f) The recognition of investment loss
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Financial Highlights** |
| Selected data based on a share outstanding throughout the year/period indicated. |

---

---

| | | |
|:---|:---|:---|
|  | Class 2 Shares | Class 2 Shares |
|  | Year Ended<br>December 31, 2025 | Period Ended<br>December 31, 2024<sup>(a)</sup> |
| Net asset value, beginning of year/period | $9.87 | $10.00 |
| Activity from investment operations: |  |  |
| Net investment loss<sup>(b)</sup> | (0.07) | (0.01) |
| Net realized and unrealized gain (loss) on investments | 1.02 | (0.12) |
| &nbsp;&nbsp;&nbsp;Total gain (loss) from investment operations | 0.95 | (0.13) |
| Net asset value, end of year/period | $10.82 | $9.87 |
| Total return<sup>(c)</sup> | 9.63% | (1.30)% (g) |
| Ratios and Supplemental Data: |  |  |
| Net assets, end of year/period (in 000's) | $35268 | $1297 |
| Ratio of gross expenses to average net assets<sup>(d)(e)</sup> | 3.46% | 105.72 % (h) |
| Ratio of net expenses to average net assets<sup>(e)</sup> | 1.60% | 1.60 % (h) |
| Ratio of net investment loss to average net assets<sup>(f)</sup> | (0.64)% | (0.80)% (h) |
| Portfolio turnover rate | 516% | 39 % (g) |

---

(a) The Bain Capital Equity Opportunities
 Fund commenced operations on October 25, 2024.

(b) Net investment loss has been calculated
 using the average shares method, which more appropriately presents the per share data for the period.

(c) Total return represents the rate
 that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of distributions.

(d) Represents the ratio of expenses
 to average net assets absent fee waivers and/or expense reimbursements by the advisor and affiliates.

(e) Does not include the Fund's
 share of the expenses of the underlying investment companies in which the Fund invests.

(f) The recognition of investment loss
 by the Fund is affected by the timing and declaration of dividends by the underlying investment companies in which the Fund invests.

(g) Not annualized.

(h) Annualized.

See accompanying notes to financial statements.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The Bain Capital Equity Opportunities Fund (the "Fund") is a non-diversified series of shares of beneficial interest of Northern Lights Variable Trust (the "Trust"), a statutory trust organized on November 2, 2005 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 Fund is intended, in part, to be a funding vehicle for variable annuity contracts and flexible premium variable life insurance policies offered by the separate accounts of various insurance companies. The assets of the Fund are segregated and a shareholder's interest is limited to the Fund in which shares are held. The Fund pays its own expenses. The Fund seeks to provide capital appreciation over a multi-year market cycle, generally 3-5 years. The Fund commenced operations on October 25, 2024.

The Fund currently offers two classes of shares: Class 1 Shares, and Class 2 Shares. Each class represents an interest in the same assets of the Fund, and has 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 Fund's share classes differ in the fees and expenses charged to shareholders. The Fund's 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.

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

The following is a summary of significant accounting policies followed by the Fund in the preparation of its 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, 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 Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "Financial Services – Investment Companies", including Accounting Standards Update 2013-08.

**Segment Reporting** - An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The CODM is comprised of the portfolio manager and Chief Financial Officer of the Trust. The Fund operates as a single operating segment. The Fund's income, expenses, assets, changes in net assets resulting from operations and performance are regularly monitored and assessed as a whole by the CODM responsible for oversight functions of the Fund, using the information presented in the financial statements and financial highlights.

**Securities Valuation** – Securities 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 ("NOCP"). 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. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Futures and future options are valued at the final settled price or, in the absence of a settled price, at the last sale price on the day of valuation. The value of foreign currencies and of foreign securities whose value is quoted or calculated in a foreign currency shall be converted into US dollars based on foreign exchange rates provided by a major banking institution(s) or currency dealer(s) selected by the pricing agent providing such price, or by the Advisor in the case of securities for which the Advisor provides a fair value determination, at 4:00 pm ET or the nearest time prior to the Valuation Time, at which such foreign currency quotations are available.

**Valuation of Underlying Funds** - The Fund 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 market values (generally the last reported sale price) and all other securities and assets at their fair value to the 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

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements (Continued)** |
| **December 31, 2025** |

---

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 assurance that the market discount or market premium on shares of any closed-end investment company purchased by the Fund will not change.

The Fund may hold investments, 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 investments will be valued using the "fair value" procedures approved by the Board. The Board has delegated execution of these procedures to the advisor 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 ask price is available; the spread between bid and ask 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 the 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.

The Fund utilizes various methods to measure the fair value of all of its 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 Fund has 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 Fund's 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.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements (Continued)** |
| **December 31, 2025** |

---

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, 2025 for the Fund's investments measured at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Bain Capital Equity Opportunities Fund** | **Bain Capital Equity Opportunities Fund** | **Bain Capital Equity Opportunities Fund** | **Bain Capital Equity Opportunities Fund** | **Bain Capital Equity Opportunities Fund** |
| Assets\* | Level 1 | Level 2 | Level 3 | Total |
| Common Stock | $37651066 | $— | $— | $37651066 |
| Short-Term Investment | 95969 |  |  | 95969 |
| Total | $37747035 | $— | $— | $37747035 |

---

The Fund did not hold any Level 2 or Level 3 securities during the year ended December 31, 2025.

\* Refer to the Schedule of Investments for security classifications.

**Exchange Traded Funds** – The Fund 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. 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 Fund's performance

**Foreign Currency Risk -** Foreign securities and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk. Market risk results from adverse changes in exchange rates. Credit risk results because a currency-trade counterparty may default. Country risk arises because a government may interfere with transactions in its currency.

**Security Transactions and Related Income –** Security transactions are accounted for on the trade date. Interest income is recognized on an accrual basis. Discounts are accreted and premiums are amortized on securities purchased over the lives of the respective securities. 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.

**Dividends and Distributions to Shareholders –** Dividends from net investment income and distributions from net realized capital gains if any, are declared and paid annually. Dividends and distributions to shareholders are recorded on the ex-date and 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. These reclassifications have no effect on net assets, results from operations or net asset value per share of the Fund.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements (Continued)** |
| **December 31, 2025** |

---

**Federal Income Tax –** The Fund has qualified and intends to continue to qualify each year as regulated investment companies ("RIC") under subchapter M of the Internal Revenue Code of 1986, as amended. By complying with the requirements applicable to RICs and annually distributing substantially all net investment company taxable income and net realized capital gains, no provision for federal income tax is required.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has reviewed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken in the current tax year or on returns filed in previous tax years which are still open to examination by all major tax authorities (generally, federal returns are open to examination by the Internal Revenue Service for a period of three years from date of filing) The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations when incurred. During the fiscal year, the Fund did not incur any interest or penalties. The Fund typically intends to annually distribute sufficient net investment company taxable income and net realized capital gains if any, so that they will not be subject to the excise tax on undistributed income of RICs. If the required amount of net investment income or gains is not distributed annually, the Fund could incur a tax expense.

**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 portfolios 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 Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**Cash and Cash Equivalents –** Cash and cash equivalents are held with a financial institution. The assets of the Fund may be placed in deposit accounts at U.S. banks and such deposits can exceed Federal Deposit Insurance Corporation ("FDIC") insurance limits. The FDIC insures deposit accounts up to $250,000 for each account holder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Fund places deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

**Market and Geopolitical Risk –** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund's portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate-change and climate related events, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment in the Fund.

**Organizational and Offering Cost**s - Organizational costs are charged to expense as incurred. Offering costs incurred by the Fund are treated as deferred charges until operations commence and thereafter will be amortized into expense over 12 months using the straight-line method.

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

For the year ended December 31, 2025, cost of purchases and proceeds from sales of portfolio securities, other than short-term investments and government securities, amounted to $128,557,541 and $93,778,496 respectively.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements (Continued)** |
| **December 31, 2025** |

---

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

Bain Capital Public Equity, LP, serves as the Fund's investment advisor (the "Advisor"). Pursuant to an advisory agreement with the Trust, the Advisor, on behalf of the Fund, under the oversight of the Board, directs the daily investment operations of the Fund and supervises the performance of administrative and professional services provided by others. Pursuant to an Investment Advisory Agreement between the Trust and the Adviser, on behalf of the Fund, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee in accordance with the incremental advisory fee schedule below based on the Fund's average daily net assets. For the year ended December 31, 2025, the Advisor earned $225,999 in advisory fees.

---

| | |
|:---|:---|
| <br>**Net Assets of the Fund** | **Incremental**<br>**Advisory**<br>**Fee** |
| $0-$150 million | 1.25% |
| $150 million - $400 million | 1.20% |
| $400 million - $600 million | 1.15% |
| $600 million - $800 million | 1.10% |
| $800 million - $1 billion | 1.05% |
| $1 billion + | 1.00% |

---

The Adviser has contractually agreed to waive its management fees to limit Fund expenses, until April 30, 2026 so that the total annual operating expenses (including organizational and offering costs) of the Fund (excluding any brokerage fees and commissions; acquired fund fees and expenses; fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example options and swap fees and expenses); borrowing costs (such as interest and dividend expense on securities sold short); taxes; and extraordinary expenses) of the Fund do not exceed 1.35% and 1.60% for Class 1 and Class 2 shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years (within the three years after the fees have been waived or reimbursed) if such recoupment does not cause the Fund to exceed existing expense limitations or the limitations in place at the time the reduction was originally made. During the year ended December 31, 2025, the Advisor waived $332,649 in fees pursuant to the agreement.

As of December 31, 2025, the Advisor may recapture $77,083 through December 31, 2027 and $332,649 through December 31, 2028.

The Fund expenses organization costs as incurred. Offering costs include insurance fees and legal fees regarding the preparation of the initial registration statement. Offering costs are accounted for as deferred costs until operations begin. These organization and offering costs were advanced by the Adviser and the Adviser has agreed to reimburse the Fund for these expenses, subject to potential recovery as described above. The total amount of offering costs incurred by the Fund was $38,136. As of December 31, 2025, all offering costs have been fully amortized as shown on the Statement of Operations.

The Trust, with respect to the Fund, has adopted the Trust's Master Distribution and Shareholder Servicing Plan ("12b-1 Plan" or "Plan") for Class 2 shares. The fee is calculated at an annual rate of 0.25% of the average daily net assets attributable to Fund's Class 2 shares and is paid to Northern Lights Distributors, LLC (the "Distributor") to provide compensation for ongoing shareholder servicing and distribution related activities and/or maintenance of the Fund's shareholder accounts, not otherwise required to be provided by the Advisor. For the year ended December 31, 2025, the Fund paid $42,967 in distribution fees under the Plan.

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

Ultimus Fund Solutions, LLC ("UFS"), an affiliate of the Distributor, provides administration, fund accounting, and transfer agent services to the Trust. Pursuant to the terms of an administrative servicing agreement with UFS, the Fund pays to UFS a monthly fee for all operating expenses of the Fund, which is calculated by the Fund on its average daily net assets. Operating expenses include but are not limited to Fund Accounting, Fund Administration, Transfer Agency, Legal Fees, Audit Fees, Compliance Services, Shareholder Reporting Expenses, Trustees Fees and Custody Fees. Certain Officers of the Trust are also Officers of UFS, and are not paid any fees directly by the Fund for serving in such capacities.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements (Continued)** |
| **December 31, 2025** |

---

For the year ended December 31, 2025, the Fund accrued Trustees fees in the amount of $17,778 on behalf of the Fund.

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of UFS and the Distributor, 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 UFS under the administrative servicing agreement.

Blu Giant, LLC ("Blu Giant"), an affiliate of UFS and the Distributor, provides EDGAR conversion and filing services as well as print management services for the Fund on an ad-hoc basis. For the provision of these services, BluGiant receives customary fees from UFS under the administrative servicing agreement.

**5.** **CONTROL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of the Fund creates presumption of the control of the Fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, John Hancock Life Insurance Company held 74% of the voting securities of the Fund. The Trust has no knowledge as to whether all or any portion of the shares owned of record are also owned beneficially.

**6.** **LINE OF CREDIT** 

In June 2025, the Fund entered into a margin facility with The Bank of New York Mellon (the "Facility"). Each Margin Loan made shall be in an amount of not less than U.S. $250,000, or any greater amount that is a whole multiple of U.S. $250,000; provided, that a Margin Loan may be in amount equal to $600,000 and the Aggregate Collateral Value.

For the fiscal year ended December 31, 2025, the average principal balance outstanding and average annualized interest rate under the Facility were approximately $500,000 and 4.77%, respectively. At December 31, 2025, the principal balance outstanding under the Facility was $0.

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

The table below represents aggregate cost for federal tax purposes for the Fund as of December 31, 2025, and differs from market value by net unrealized appreciation/depreciation which consisted of:

---

| | | | |
|:---|:---|:---|:---|
|<br>**Cost of Federal**<br>**Tax Purposes** |<br>**Unrealized**<br>**Appreciation** |<br>**Unrealized**<br>**Depreciation** | **Tax Net**<br>**Unrealized**<br>**Appreciation** |
| $36553752 | $2010774 | $(817491) | $1193283 |

---

There were no Fund distributions for the period ended December 31, 2024 and December 31, 2025.

As of December 31, 2025, the components of accumulated earnings/ deficit) on a tax basis were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**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>**Distributable Earnings/**<br>**(Accumulated/Deficits)** |
| $262252 | $133 | $— | $— | $— | $1193366 | $1455751 |

---

The difference between book basis and tax basis undistributed net investment income/(loss), accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales and open mark-to-market on forward contracts.

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **Notes to Financial Statements (Continued)** |
| **December 31, 2025** |

---

**8.** **ACCOUNTING PRONOUNCEMENT** 

The Fund adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"), which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. The amendments in this ASU are intended to address investor requests for more transparency about income tax information and to improve the effectiveness of income tax disclosures. The Fund's adoption of ASU 2023-09 did not have a material impact on the Fund's financial statements.

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

Subsequent events after the Statement of Assets and Liabilities date 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 other than the following.

The Board of Trustees of Northern Lights Variable Trust (the "Trust") has determined based, in part, on the recommendation of the investment adviser of the Fund, that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has decided to close the Fund and redeem all remaining outstanding shares on May 1, 2026.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Northern Lights Variable Trust and the

Shareholders of Bain Capital Equity Opportunities Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Bain Capital Equity Opportunities Fund (the Fund), a series of Northern Lights Variable Trust, including the schedule of investments, as of December 31, 2025, the related statement of operations for the year then ended, and the statements of changes in net assets for the year then ended and for the period from October 25, 2024 (commencement of operations) to December 31, 2024, and the related notes to the financial statements (collectively, the financial statements), and the financial highlights for the year then ended and for the period from October 25, 2024 (commencement of operations) through December 31, 2024.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in net assets for the year then ended and for the period from October 25, 2024 (commencement of operations) through December 31, 2024, and the financial highlights for the year then ended and for the period from October 25, 2024 (commencement of operations) through December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Emphasis of a Matter**

As described in Note 9 to the financial statements, the Board of Trustees has determined based, in part, on the recommendation of the investment adviser of the Fund, that it is in the best interests of the Fund and its shareholders that the Fund cease operations. The Board has decided to close the Fund and redeem all remaining outstanding shares on May 1, 2026. Our opinion is not modified with respect to this matter.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund in accordance with 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 are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its 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 Fund's 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, 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. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers, and by other appropriate procedures where replies from brokers were not received. 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. We believe that our audits provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of one or more Bain Capital Public Equity, LP advised investment companies since 2024.

Denver, Colorado

February 27, 2026

---

| |
|:---|
| **Bain Capital Equity Opportunities Fund** |
| **ADDITIONAL INFORMATION (Unaudited)** |
| **December 31, 2025** |

---

**Changes in and Disagreements with Accountants**

There were no changes in or disagreements with accountants during the period covered by this report.

**Proxy Disclosures**

Not applicable.

**Remuneration Paid to Directors, Officers and Others** 

Refer to the financial statements included herein.

**Statement Regarding Basis for Approval of Investment Advisory Agreement** 

Not applicable.

---

| |
|:---|
| **INVESTMENT ADVISOR** |
| Bain Capital Public Equity, LP |
| 200 Clarendon Street |
| Boston, MA 02116 |
| **ADMINISTRATOR** |
| Ultimus Fund Solutions, LLC |
| 4221 North 203rd Street, Suite 100 |
| Elkhorn, NE 68022 |

---

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Included under Item 7

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Included under Item 7

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

None.

**Item 16. Controls and Procedures.** 

(a) The registrant's Principal Executive Officer and Principal Financial Officer have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures as of a date within 90 days of this report on Form N-CSR.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

(a) Not applicable.

(b) Not applicable.

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics herewith](coe.htm).

(a)(2) Not applicable

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto. [Exhibit 99. CERT](ex99-cert.htm)

(a)(4) Not applicable.

(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto [Exhibit 99.906CERT](ex99-906cert.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)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>2/24/2026</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)

---

| |
|:---|
| /s/ Kevin E. Wolf |
| Kevin E. Wolf, Principal Executive Officer/President |

---

Date <u>2/24/2026</u>

By (Signature and Title)

---

| |
|:---|
| /s/ James Colantino |
| James Colantino, Principal Financial Officer/Treasurer |

---

Date <u>2/24/2026</u>

## Ex-99.Cert

CERTIFICATIONS

I, Kevin E. Wolf, certify that:

1. I have reviewed this report on Form N-CSR of the Bain Capital Equity Opportunities Fund (a series of Northern Lights Variable 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. The registrant's other certifying officer(s) and I are 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;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;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;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;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;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;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: | 2/24/2026 | /s/ Kevin E. Wolf |
|  |  | Kevin E. Wolf |
|  |  | Principal Executive Officer/President |

---

I, James Colantino, certify that:

1. I have reviewed this report on Form N-CSR of the Bain Capital Equity Opportunities Fund (a series of Northern Lights Variable 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. The registrant's other certifying officer(s) and I are 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;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;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;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;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;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;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: | 2/24/2026 | /s/ James Colantino |
|  |  | James Colantino |
|  |  | Principal Financial Officer/Treasurer |

---

## Exhibit 99.906

**CERTIFICATION**

Kevin E. Wolf, Principal Executive Officer/President, and James Colantino, Principal Financial Officer/Treasurer of Northern Lights Variable 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, 2025 (the "Form N-CSR") fully complies with the requirements of Section 13(a) or 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 Executive Officer/President | Principal Financial Officer/Treasurer | Principal Financial Officer/Treasurer |
| Northern Lights Variable Trust | Northern Lights Variable Trust | Northern Lights Variable Trust | Northern Lights Variable Trust |
| /s/ Kevin E. Wolf | /s/ Kevin E. Wolf | /s/ James Colantino | /s/ James Colantino |
| Kevin E. Wolf | Kevin E. Wolf | James Colantino | James Colantino |
| Date: | 2/24/2026 | Date: | 2/24/2026 |

---

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.

## Ex-99.Code

**<u>Northern Lights Fund Trust and the Northern Lights Variable Trust</u>**

 **CODE OF ETHICS**

February 19, 2007

Northern Lights Fund Trust and the Northern Lights Variable Trust (the "Trusts") and each of its series (the "Funds") has adopted this Code of Ethics (the "Code") in order to set forth guidelines and procedures that promote ethical practices and conduct by all of its Access Persons and to ensure that all Access Persons comply with the federal securities laws. Although this Code contains a number of specific standards and policies, there are four key principles embodied throughout the Code.

**THE INTERESTS OF THE FUNDS MUST ALWAYS BE PARAMOUNT**

Access Persons have a legal, fiduciary duty to place the interests of the Funds ahead of their own. In any decision relating to their personal investments, Access Persons must scrupulously avoid serving their own interests ahead of those of Trusts.

**Access Persons may not take advantage of their relationship with the Funds**

Access Persons should avoid any situation (unusual investment opportunities, perquisites and accepting gifts of more than token value from persons seeking to do business with the Funds) that might compromise, or call into question, the exercise of their fully independent judgment in the interests of the Funds.

**All Personal Securities Transactions should avoid any actual, potential, or apparent conflicts of interest**

Although all Personal Securities Transactions by Access Persons must be conducted in a manner consistent with this Code, the Code itself is based on the premise that Access Persons owe a fiduciary duty to the Funds, and should avoid any activity that creates an actual, potential, or apparent conflict of interest. This includes executing transactions through or for the benefit of a third party when the transaction is not in keeping with the general principles of this Code.

Access Persons must adhere to these general principles as well as comply with the specific provisions of this Code. Technical compliance with the Code and its procedures will not automatically prevent scrutiny of trades that show a pattern of abuse of an individual's fiduciary duty to the Funds.

**Access Persons must comply with all applicable laws**

In both work-related and personal activities, Access Persons must comply with all applicable laws, including the federal securities laws.

**Any violations of this Code should be reported promptly to the Chief Compliance Officer or his designee. Failure to do so will be deemed a violation of the Code.**

***DEFINITIONS***

**"Access Person"** shall have the same meaning as set forth in Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act") and shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. all officers and trustees (or persons occupying a similar status or performing a similar function) of the Advisers with respect to its corresponding series of the Trusts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. any employee of the Trusts or the Advisers (or of any company controlling or controlled by or under common control with the Trusts or the Advisers) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Funds, or whose functions relate to the making of any recommendations with respect to the purchase or sale; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. any other natural person controlling, controlled by or under common control with the Trusts or the Advisers who obtains information concerning recommendations made to the Funds with regard to the purchase or sale of Covered Securities by the Funds.

**"Beneficial Ownership"** means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

**"Chief Compliance Officer"** means the Code of Ethics Compliance Officer of the Trusts with respect to Trustees and officers of the Trusts, or the CCO of the Advisers with respect to Advisers personnel.

**"Code"** means this Code of Ethics.

**"Covered Security"** means any Security, except (i) direct obligations of the U.S. Government, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, and (iii) shares issued by open-end mutual Funds.

"**Decision Making Access Person"** means any Access Person who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by the Funds, or whose functions relate to the making of any recommendations with respect to such purchases or sales. Decision Makers typically are Advisers personnel.

**"Funds"** means series of the Trusts.

**"Immediate family"** means an individual's spouse, child, stepchild, grandchild, parent, stepparent, grandparent, siblings, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law and should include adoptive relationships. For purposes of determining whether an Access Person has an "indirect pecuniary interest" in securities, only ownership by "immediate family" members sharing the same household as the Access Person will be presumed to be an "indirect pecuniary interest" of the Access Person, absent special circumstances.

**"Independent Trustees"** means those Trustees of the Trusts that would not be deemed an "interested person" of the Trusts, as defined in Section 2(a)(19)(A) of the 1940 Act.

**"Indirect Pecuniary Interest"** includes, but is not limited to: (a) securities held by members of the person's Immediate Family sharing the same household (which ownership interest may be rebutted); (b) a general partner's proportionate interest in Fund securities held by a general or limited partnership; (c) a person's right to dividends that is separated or separable from the underlying securities (otherwise, a right to dividends alone will not constitute a pecuniary interest in securities); (d) a person's interest in securities held by a Trusts; (e) a person's right to acquire securities through the exercise or conversion of any derivative security, whether or not presently exercisable; and (f) a performance-related fee, other than an asset based fee, received by any broker, dealer, bank, insurance company, investment company, investment manager, Trustee, or person or entity performing a similar function, with certain exceptions.

**"Pecuniary Interest"** means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in securities.

**"Personal Securities Transaction"** means any transaction in a Covered Security in which an Access Person has a direct or indirect Pecuniary Interest.

**"Purchase or Sale of a Security"** includes the writing of an option to purchase or sell a Security. A Security shall be deemed "being considered for Purchase or Sale" for the Trusts when a recommendation to purchase or sell has been made and communicated by a Decision Making Access Person, and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation. These recommendations are placed on the "Restricted List" until they are no longer being considered for Purchase or Sale, or until the Security has been purchased or sold.

**"Restricted List"** means the list of securities maintained by the Chief Compliance Officer in which trading by Access Persons is generally prohibited.

**"Security"** means any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement, collateral-Trusts certificate, pre-organization certificate or subscription, transferable share, investment contract, voting-Trusts certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, or, in general, an interest or instrument commonly know as "security", or any certificate or interest or participation in temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase (including options) any of the foregoing.

**"Advisers"** means the Advisers to the Trusts.

**"Trusts"** mean Northern Lights Fund Trust and the Northern Lights Variable Trust.

***PROHIBITED ACTIONS AND ACTIVITIES***

&nbsp;&nbsp;&nbsp;&nbsp;A. No Access Person shall purchase or sell directly or indirectly, any Covered Security in which he or she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he or she knows or should have known at the time of such purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) is being considered for purchase or sale by a Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) is being purchased or sold by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;A. Decision-Making Access Persons may not participate in any initial public offering of Covered Securities in any account over which they exercise Beneficial Ownership. All other Access Persons must obtain prior written authorization from the Chief Compliance Officer or his designee prior to such participation;

&nbsp;&nbsp;&nbsp;&nbsp;B. No Access Person may purchase a Covered Security in which by reason of such transaction they acquire Beneficial Ownership in a private placement of a Security, without prior written authorization of the acquisition by the Chief Compliance Officer or his designee;

&nbsp;&nbsp;&nbsp;&nbsp;C. Access Persons may not accept any fee, commission, gift, or services, other than de minimus gifts, from any single person or entity that does business with or on behalf of the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;D. Decision-Making Access Persons may not serve on the board of directors of a publicly traded company without prior authorization from the Chief Compliance Officer or his designee based upon a determination that such service would be consistent with the interests of the Trusts. If such service is authorized, procedures will then be put in place to isolate such Decision-Making Access Persons serving as directors of outside entities from those making investment decisions on behalf of the Trusts.

Advanced notice should be given so that the Trusts or Advisers may take such action concerning the conflict as deemed appropriate by the Chief Compliance Officer or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;E. Decision-Making Access Person may not execute a Personal Securities Transaction involving a Covered Security without authorization of the Chief Compliance Officer or such persons who may be designated by the Chief Compliance Officer from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;F. It shall be a violation of this Code for any Access Person, in connection with the purchase or sale, directly or indirectly, of any Covered Security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to employ any device, scheme or artifice to defraud the Trusts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. to make to the Trusts any untrue statement of a material fact or to omit to state to the Trusts a material fact necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. to engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Trusts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. to engage in any manipulative practice with respect to the Trusts.

EXEMPTED TRANSACTIONS

The provisions described above under the heading Prohibited Actions and Activities and the preclearance procedures under the heading Preclearance of Personal Securities Transactions do not apply to:

· Purchases or Sales of Securities effected in any account in which an Access Person has no Beneficial Ownership;

· Purchases or Sales of Securities which are non-volitional on the part the Access Person (for example, the receipt of stock dividends);

· Purchase of Securities made as part of automatic dividend reinvestment plans;

· Purchases of Securities made as part of an employee benefit plan involving the periodic purchase or company stock or mutual Funds; and

· Purchases of Securities effected upon the exercise of rights issued by an issuer pro rata to all holders of a class of its Securities, to the extent such rights were acquired from such issuer, and sale of such rights so acquired.

**PRECLEARANCE OF PERSONAL SECURITIES TRANSACTIONS**

All Decision-Making Access Persons wishing to engage in a Personal Securities Transaction must obtain prior authorization of any such Personal Securities Transaction from the Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate to make such authorizations. Personal Securities Transactions by the Chief Compliance Officer shall require prior authorization from the President or Chief Executive Officer of the Trusts (unless such person is also the Chief Compliance Officer), who shall perform the review and approval functions relating to reports and trading by the Chief Compliance Officer. The Trusts shall adopt the appropriate forms and procedures for implementing this Code of Ethics.

Any authorization so provided is effective until the close of business on the fifth trading day after the authorization is granted. In the event that an order for the Personal Securities Transaction is not placed within that time period, a new authorization must be obtained. If the order for the transaction is placed but not executed within that time period, no new authorization is required unless the person placing the order originally amends the order in any manner. Authorization for "good until canceled" orders is effective unless the order conflicts with a Trusts order.

If a person wishing to effect a Personal Securities Transaction learns, while the order is pending, that the same Security is being considered for Purchase or Sale by a Fund, such person shall cancel the trade.

***REPORTING AND MONITORING***

The Chief Compliance Officer or such person or persons that the Chief Compliance Officer may from time to time designate shall monitor all personal trading activity of all Access Persons pursuant to the procedures established under this Code.

**Disclosure of Personal Brokerage Accounts**

Within ten days of the commencement of employment or at the commencement of a relationship with the Trusts, all Access Persons, except Independent Trustees, are required to submit to the Chief Compliance Officer or his designee a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of members of their Immediate Family, and any brokerage accounts which they control or in which they or an Immediate Family member has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in the report must be current as of a date no more than 45 days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Chief Compliance Officer or his designee must be notified immediately.

The information required by the above paragraph must be provided to the Chief Compliance Officer or his designee on an annual basis, and the report of such should be submitted with the annual holdings reports described below.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer or his designee. These statements and confirms for each series of the Trusts may be sent to the Advisers.

INITIAL HOLDINGS REPORT

Within ten days of becoming an Access Person (and with information that is current as of a date no more than 45 days prior to the date that the report was submitted), each Access Person, except Independent Trustees must submit a holdings report that must contain, at a minimum, the title and type of Security, and as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person has any direct or indirect Beneficial Ownership. This report must state the date on which it is submitted.

ANNUAL HOLDINGS REPORTS

All Access Persons, except Independent Trustees, must supply the information that is required in the initial holdings report on an annual basis, and such information must be current as of a date no more than 45 days prior to the date that the report was submitted. Such reports must state the date on which they are submitted.

QUARTERLY TRANSACTION REPORTS

All Access Persons shall report to the Chief Compliance Officer or his designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

· The price of the Covered Security at which the transaction was effected; and

· The name of the broker, dealer, or bank with or through whom the transaction was effected.

· The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than 30 days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to each Adviser's address noted above is an acceptable form of a quarterly transaction report.

An Independent Trustee need only make a quarterly transaction report if he or she, at the time of the transaction, knew, or in the ordinary course of fulfilling his or her official duties as a Trustee, should have known that during the 15-day period immediately preceding or following the date of the transaction by the Independent Trustee, the Covered Security was purchased or sold by a Fund or was considered for purchase or sale by a Fund.

***ENFORCEMENTS AND PENALTIES***

The Chief Compliance Officer or his designee shall review the transaction information supplied by Access Persons. If a transaction appears to be a violation of this Code, the transaction will be reported to the Trusts Board of Trustees.

Upon being informed of a violation of this Code, the Trusts Board of Trustees may impose sanctions as it deems appropriate, including but not limited to, a letter of censure or suspension, termination of the employment of the violator, or a request for disgorgement of any profits received from a securities transaction effected in violation of this Code. The Trusts shall impose sanctions in accordance with the principle that no Access Person may profit at the expense of its clients. Any losses are the responsibility of the violator. Any profits realized on personal securities transactions in violation of the Code must be disgorged in a manner directed by the Board of Trustees.

Annually, the Chief Compliance Officer at each regular meeting of the Board shall issue a report on Personal Securities Transactions by Access Person. The report submitted to the board shall:

· Summarize existing procedures concerning Personal Securities investing and any changes in the procedures made during the prior year;

· Identify any violations of this Code and any significant remedial action taken during the prior year; and;

· Identify any recommended changes in existing restrictions or procedures based upon the experience under the Code, evolving industry practices or developments in applicable laws and regulations.

***ACKNOWLEDGMENT***

The Trusts must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein within two calendar weeks of employment.

Existing Access Persons who did not receive this Code upon hire, for whatever reason, must read the Code, complete all relevant forms supplied by the Chief Compliance Officer or his designee (including a written acknowledgement of their receipt of the Code), and schedule a meeting with the Chief Compliance Officer or his designee to discuss the provisions herein at the earliest possible time, but no later than the end of the current quarter.

All Access Persons must certify on an annual basis that they have read and understood the Code.

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