# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0001580642-26-001600
**Filing Date:** 2026-3
**Character Count:** 128547
**Document Hash:** 1dac94c6fac37211dfddb55d6a951dd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001600.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001580642-26-001600

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**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:** 26731551

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

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

## Series and Classes Contracts Data

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

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

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

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

?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 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>631-490-4300</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>12/31/25</u>

**Item 1. Reports to Stockholders.** 

(a)&nbsp;&nbsp;&nbsp;&nbsp;

# Donoghue Forlines Dividend VIT Fund

# Class 1

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

## Fund Overview
This annual shareholder report contains important information about Donoghue Forlines Dividend VIT Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/mutual-funds/dividend-vit**. You can also request this information by contacting us at 1-877-779-7462.

## 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 | $217 | 2.00% |

---

## How did the Fund perform during the reporting period?
The performance of the Fund over the past year ended December 31, 2025, was driven by a broad rally in equity markets. The Fund remained fully invested in risk-adjusted dividend yielding equities benefiting from both income and capital appreciation. Stock selection, engineered by our proprietary quantitative methodology, played a significant role in the performance of the Fund. The value category underperformed growth and most major benchmark indexes during the period.

During the fiscal year ended December 31, 2025, the performance of the Fund did not deviate from investment team's expectations. The Fund is designed to protect against capital destroying downside while participating in market appreciation. The Fund seeks to track the DF Risk-Managed Dividend Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](i680747701c429029c28de0cc.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Donoghue Forlines Dividend VIT Fund** | **Syntax US LargeCap 500 Total Return Index** | **Syntax US Net Value Total Return Index** |
| **Dec-2015** | $10000 | $10000 | $10000 |
| **Dec-2016** | $10067 | $11182 | $11884 |
| **Dec-2017** | $11163 | $13677 | $13940 |
| **Dec-2018** | $10268 | $13110 | $12553 |
| **Dec-2019** | $9977 | $17256 | $15782 |
| **Dec-2020** | $9253 | $20947 | $15898 |
| **Dec-2021** | $12057 | $26639 | $20696 |
| **Dec-2022** | $10809 | $21422 | $20063 |
| **Dec-2023** | $10637 | $27230 | $22135 |
| **Dec-2024** | $11994 | $34292 | $26108 |
| **Dec-2025** | $14057 | $40521 | $30484 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Donoghue Forlines Dividend VIT Fund | 17.19% | 8.72% | 3.46% |
| Syntax US LargeCap 500 Total Return Index | 18.17% | 14.11% | 15.02% |
| Syntax US Net Value Total Return Index | 16.76% | 13.91% | 11.79% |

---

***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 1-877-779-7462.***

## **Fund Statistics** 
* Net Assets$8,543,244

* Number of Portfolio Holdings53

* Advisory Fee (net of waivers)$19,298

* Portfolio Turnover52%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](ifafb41f318594036cf3ef111.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 10.4% |
| Common Stocks | 87.9% |
| Money Market Funds | 1.7% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](i4e7c977e63ac1409612dd6b5.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -11.5% |
| Money Market Funds | 1.9% |
| Consumer Discretionary | 3.7% |
| Consumer Staples | 3.9% |
| Real Estate | 4.0% |
| Materials | 4.0% |
| Technology | 5.5% |
| Utilities | 5.7% |
| Communications | 6.2% |
| Industrials | 7.9% |
| Energy | 9.6% |
| Collateral for Securities Loaned | 11.6% |
| Health Care | 16.0% |
| Financials | 31.5% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Comcast Corporation - Class A | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Merck & Company, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Bristol-Myers Squibb Company | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Lockheed Martin Corporation - Class B | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;2.0% |
| &nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Donoghue Forlines Dividend VIT 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.donoghueforlinesfunds.com/mutual-funds/dividend-vit**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-DFDIV VIT-AR 123125

# Donoghue Forlines Momentum VIT Fund

# Class 1

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

## Fund Overview
This annual shareholder report contains important information about Donoghue Forlines Momentum VIT Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Fund at **https://www.donoghueforlinesfunds.com/mutual-funds/momentum-vit**. You can also request this information by contacting us at 1-877-779-7462.

## 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 | $174 | 1.56% |

---

## How did the Fund perform during the reporting period?
The performance of the Fund over the past year ended December 31, 2025, was driven by a broad rally in equity markets seen throughout the year. The Fund remained fully invested in risk-adjusted price momentum equities benefiting from the risk-on market environment. Stock selection, engineered by our proprietary quantitative methodology, played a significant role in the performance of the Fund. The growth category outperformed value and most major benchmark indexes during the period. The Fund outperformed its benchmark, the Syntax US LargeCap 500 Total Return Index.

During the fiscal year ended December 31, 2025, the performance of the Fund did not deviate from investment team's expectations. The Fund is designed to protect against capital destroying downside while participating in market appreciation. The Fund seeks to track the DF Risk-Managed Momentum Index.

## How has the Fund performed over the last ten years?

### Total Return Based on $10,000 Investment
![Chart showing performance over last 10 years or since inception](ie16740b54423f6bb1eb2486e.jpg)

---

| | | |
|:---|:---|:---|
| | **Donoghue Forlines Momentum VIT Fund** | **Syntax US LargeCap 500 Total Return Index** |
| **Dec-2015** | $10000 | $10000 |
| **Dec-2016** | $10539 | $11182 |
| **Dec-2017** | $12744 | $13677 |
| **Dec-2018** | $12404 | $13110 |
| **Dec-2019** | $13381 | $17256 |
| **Dec-2020** | $13220 | $20947 |
| **Dec-2021** | $17142 | $26639 |
| **Dec-2022** | $13275 | $21422 |
| **Dec-2023** | $15905 | $27230 |
| **Dec-2024** | $19568 | $34292 |
| **Dec-2025** | $24170 | $40521 |

---

## **Average Annual Total Returns** 

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Donoghue Forlines Momentum VIT Fund | 23.52% | 12.83% | 9.23% |
| Syntax US LargeCap 500 Total Return Index | 18.17% | 14.11% | 15.02% |

---

***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 1-877-779-7462.***

## **Fund Statistics** 
* Net Assets$72,062,743

* Number of Portfolio Holdings52

* Advisory Fee $668,680

* Portfolio Turnover323%

## **Asset Weighting (% of total investments)**![Group By Asset Type Chart](i3779e024048c308e7afdc580.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Collateral for Securities Loaned | 4.5% |
| Common Stocks | 93.9% |
| Money Market Funds | 1.6% |

---

## What did the Fund invest in?

## **Sector Weighting (% of net assets)**![Group By Sector Chart](ic8bfced1a94af887efea8edd.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Liabilities in Excess of Other Assets | -4.9% |
| Money Market Funds | 1.7% |
| Utilities | 1.9% |
| Materials | 2.0% |
| Energy | 3.9% |
| Real Estate | 4.0% |
| Collateral for Securities Loaned | 4.7% |
| Consumer Staples | 6.1% |
| Consumer Discretionary | 7.9% |
| Health Care | 8.2% |
| Industrials | 9.3% |
| Communications | 10.0% |
| Financials | 14.3% |
| Technology | 30.9% |

---

## Top 10 Holdings (% of net assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Holding Name | &nbsp;&nbsp;% of Net Assets |
| &nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Eli Lilly & Company | &nbsp;&nbsp;2.2% |
| &nbsp;&nbsp;Ciena Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;W R Berkley Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Chubb Ltd. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Take-Two Interactive Software, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Monster Beverage Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Loews Corporation | &nbsp;&nbsp;2.1% |
| &nbsp;&nbsp;Sandisk Corporation | &nbsp;&nbsp;2.0% |

---

## Material Fund Changes
No material changes occurred during the year ended December 31, 2025.

# Donoghue Forlines Momentum VIT 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.donoghueforlinesfunds.com/mutual-funds/momentum-vit**), including its:

* Prospectus

* Financial information

* Holdings

* Proxy voting information

TSR-DFMOM VIT-AR 123125

(b)&nbsp;&nbsp;&nbsp;&nbsp; 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) N/A

(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) N/A

(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 3.<br>(a)(2) Not applicable.<br>(a)(3) Not applicable.<br>

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

(a) Audit
 Fees. 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:

---

| | |
|:---|:---|
| 2024 | $33220 |
| 2025 | $34220 |

---

(b) Audit-Related
 Fees. 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) Tax
 Fees. 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:

---

| | |
|:---|:---|
| 2024 | $7380 |
| 2025 | $7620 |

---

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) | All Other Fees. 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, 2024 and 2025 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, 2024 and 2025 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 Registrants.**

Not applicable

**Item 6. Investments.** 

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)&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| ![(DONOGHUE LOGO)](do001_v1.jpg) |
| **Donoghue Forlines Dividend VIT Fund** |
| **Class 1 shares** |
| **Class 2 shares** |
| **Donoghue Forlines Momentum VIT Fund** |
| **Class 1 shares** |
| **Class 2 shares** |
| **Annual Financial Statements and Additional** |
| **Information** |
| **December 31, 2025** |
| **1-877-779-7462** |
| **Distributed by Northern Lights Distributors, LLC** |
| **Member FINRA** |

---

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0%** |  |
|  | **AEROSPACE & DEFENSE - 4.1%** |  |
| 589 | L3Harris Technologies, Inc. | $172913 |
| 360 | Lockheed Martin Corporation, Class B | 174121 |
|  |  | 347034 |
|  | **ASSET MANAGEMENT - 2.0%** |  |
| 1626 | T Rowe Price Group, Inc.<sup>(a)</sup> | 166470 |
|  | **AUTOMOTIVE - 1.9%** |  |
| 12554 | Ford Motor Company | 164709 |
|  | **BANKING - 15.8%** |  |
| 1515 | Citigroup, Inc. | 176786 |
| 2880 | Citizens Financial Group, Inc. | 168221 |
| 3540 | Fifth Third Bancorp<sup>(a)</sup> | 165707 |
| 9587 | Huntington Bancshares, Inc. | 166334 |
| 8204 | KeyCorporation | 169331 |
| 823 | M&T Bank Corporation | 165818 |
| 813 | PNC Financial Services Group, Inc. (The) | 169698 |
| 3143 | US Bancorp | 167710 |
|  |  | 1349605 |
|  | **BIOTECH & PHARMA - 12.1%** |  |
| 748 | AbbVie, Inc. | 170911 |
| 534 | Amgen, Inc. | 174784 |
| 3287 | Bristol-Myers Squibb Company | 177300 |
| 815 | Johnson & Johnson | 168664 |
| 1725 | Merck & Company, Inc.<sup>(a)</sup> | 181573 |
| 6530 | Pfizer, Inc. | 162597 |
|  |  | 1035829 |
|  | **CABLE & SATELLITE - 2.1%** |  |
| 6104 | Comcast Corporation, Class A | 182449 |
|  | **CHEMICALS - 2.0%** |  |
| 2213 | CF Industries Holdings, Inc. | 171153 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **CONTAINERS & PACKAGING - 2.0%** |  |
| 831 | Packaging Corporation of America | $171378 |
|  | **ELECTRIC UTILITIES - 5.7%** |  |
| 465 | Constellation Energy Corporation | 164271 |
| 1001 | NRG Energy, Inc. | 159399 |
| 1019 | Vistra Corporation | 164395 |
|  |  | 488065 |
|  | **FOOD - 2.0%** |  |
| 9653 | Conagra Brands, Inc. | 167093 |
|  | **GAMING REIT - 2.0%** |  |
| 6064 | VICI Properties, Inc. | 170520 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 2132 | CVS Health Corporation | 169196 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 7.9%** |  |
| 632 | CME Group, Inc. | 172586 |
| 937 | Morgan Stanley | 166346 |
| 1224 | Northern Trust Corporation | 167186 |
| 1306 | State Street Corporation | 168487 |
|  |  | 674605 |
|  | **INSURANCE - 3.9%** |  |
| 166 | F&G Annuities & Life, Inc. | 5127 |
| 2109 | MetLife, Inc. | 166484 |
| 1866 | Principal Financial Group, Inc. | 164600 |
|  |  | 336211 |
|  | **MACHINERY - 1.9%** |  |
| 483 | Snap-on, Inc. | 166442 |
|  | **MEDICAL EQUIPMENT & DEVICES - 1.9%** |  |
| 1671 | Medtronic PLC | 160516 |
|  | **OIL & GAS PRODUCERS - 9.6%** |  |
| 1112 | Chevron Corporation | 169479 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.0% (Continued)** |  |
|  | **OIL & GAS PRODUCERS - 9.6% (Continued)** |  |
| 1739 | ConocoPhillips | $162788 |
| 1408 | Exxon Mobil Corporation<sup>(a)</sup> | 169439 |
| 2282 | ONEOK, Inc. | 167727 |
| 1171 | Phillips 66 | 151106 |
|  |  | 820539 |
|  | **RETAIL - DISCRETIONARY - 1.8%** |  |
| 2271 | Best Buy Company, Inc. | 151998 |
|  | **RETAIL REIT - 2.0%** |  |
| 927 | Simon Property Group, Inc. | 171597 |
|  | **SPECIALTY FINANCE - 1.9%** |  |
| 2979 | Fidelity National Financial, Inc. | 162624 |
|  | **TECHNOLOGY HARDWARE - 3.5%** |  |
| 6605 | HP, Inc.<sup>(a)</sup> | 147159 |
| 563 | Seagate Technology Holdings PLC | 155045 |
|  |  | 302204 |
|  | **TECHNOLOGY SERVICES - 2.0%** |  |
| 1491 | Paychex, Inc.<sup>(a)</sup> | 167260 |
|  | **TELECOMMUNICATIONS - 4.1%** |  |
| 6902 | AT&T, Inc. | 171446 |
| 4217 | Verizon Communications, Inc. | 171758 |
|  |  | 343204 |
|  | **TOBACCO & CANNABIS - 1.9%** |  |
| 2868 | Altria Group, Inc. | 165369 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 1502 | PACCAR, Inc. | 164484 |
|  | **TOTAL COMMON STOCKS (Cost $7,639,043)** | 8370554 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES DIVIDEND VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 13.5%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 11.6%** |  |
| 986866 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $986,866)<sup>(b),(c)</sup> | $986866 |
|  | **MONEY MARKET FUNDS - 1.9%** |  |
| 166087 | Fidelity Investments Money Market Government Portfolio, Class I, 3.67% (Cost $166,087)<sup>(b)</sup> | 166087 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $1,152,953)** | 1152953 |
|  | **TOTAL INVESTMENTS - 111.5% (Cost $8,791,996)** | $9523507 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (11.5)%** | (980263) |
|  | **NET ASSETS - 100.0%** | $8543244 |

---

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $954,226.

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

<sup>(c)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $986,866 at December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5%** |  |
|  | **AUTOMOTIVE - 2.0%** |  |
| 3194 | Tesla, Inc.<sup>(a)</sup> | $1436406 |
|  | **BEVERAGES - 2.1%** |  |
| 19524 | Monster Beverage Corporation<sup>(a)</sup> | 1496905 |
|  | **BIOTECH & PHARMA - 4.2%** |  |
| 1451 | Eli Lilly & Company | 1559360 |
| 6982 | Johnson & Johnson | 1444925 |
|  |  | 3004285 |
|  | **ELECTRIC UTILITIES - 1.9%** |  |
| 8575 | NRG Energy, Inc. | 1365483 |
|  | **ELECTRICAL EQUIPMENT - 5.4%** |  |
| 10398 | Amphenol Corporation, Class A | 1405187 |
| 14236 | Bloom Energy Corporation, Class A<sup>(a)</sup> | 1236966 |
| 7931 | Vertiv Holdings Company, Class A | 1284901 |
|  |  | 3927054 |
|  | **ENTERTAINMENT CONTENT - 8.1%** |  |
| 7086 | Electronic Arts, Inc. | 1447882 |
| 20101 | Fox Corporation, Class A | 1468780 |
| 5861 | Take-Two Interactive Software, Inc.<sup>(a)</sup> | 1500593 |
| 48832 | Warner Bros Discovery, Inc.<sup>(a)</sup> | 1407338 |
|  |  | 5824593 |
|  | **HEALTH CARE FACILITIES & SERVICES - 2.0%** |  |
| 4231 | Cencora, Inc. | 1429020 |
|  | **HEALTH CARE REIT - 1.9%** |  |
| 7547 | Welltower, Inc. | 1400799 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 6.0%** |  |
| 5790 | Cboe Global Markets, Inc. | 1453290 |
| 1622 | Goldman Sachs Group, Inc. (The) | 1425738 |
| 8024 | Morgan Stanley | 1424501 |
|  |  | 4303529 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **INSURANCE - 8.3%** |  |
| 4863 | Chubb Ltd. | $1517840 |
| 8867 | Cincinnati Financial Corporation | 1448158 |
| 14053 | Loews Corporation | 1479921 |
| 21647 | W R Berkley Corporation<sup>(b)</sup> | 1517888 |
|  |  | 5963807 |
|  | **INTERNET MEDIA & SERVICES - 2.0%** |  |
| 4503 | Alphabet, Inc., Class A | 1409439 |
|  | **LEISURE FACILITIES & SERVICES - 1.9%** |  |
| 20379 | Restaurant Brands International, Inc.<sup>(b)</sup> | 1390459 |
|  | **MACHINERY - 1.9%** |  |
| 2343 | Caterpillar, Inc. | 1342234 |
|  | **MEDICAL EQUIPMENT & DEVICES - 2.0%** |  |
| 14242 | Exact Sciences Corporation<sup>(a)</sup> | 1446418 |
|  | **OIL & GAS PRODUCERS - 1.9%** |  |
| 12358 | Expand Energy Corporation | 1363829 |
|  | **RENEWABLE ENERGY - 2.0%** |  |
| 5499 | First Solar, Inc.<sup>(a)</sup> | 1436504 |
|  | **RETAIL - CONSUMER STAPLES - 4.0%** |  |
| 2705 | Casey's General Stores, Inc. | 1495080 |
| 12741 | Walmart, Inc. | 1419475 |
|  |  | 2914555 |
|  | **RETAIL - DISCRETIONARY - 4.0%** |  |
| 7931 | Ross Stores, Inc. | 1428691 |
| 9263 | TJX Companies, Inc. (The) | 1422889 |
|  |  | 2851580 |
|  | **RETAIL REIT - 2.0%** |  |
| 7938 | Simon Property Group, Inc. | 1469403 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 98.5% (Continued)** |  |
|  | **SEMICONDUCTORS - 17.4%** |  |
| 5241 | Applied Materials, Inc. | $1346885 |
| 3492 | Broadcom, Inc. | 1208581 |
| 7303 | Coherent Corp.<sup>(a)</sup> | 1347915 |
| 1164 | KLA Corporation | 1414353 |
| 8570 | Lam Research Corporation | 1467013 |
| 15594 | Marvell Technology, Inc.<sup>(b)</sup> | 1325178 |
| 5468 | Micron Technology, Inc. | 1560621 |
| 6193 | Sandisk Corporation<sup>(a)</sup> | 1470094 |
| 7068 | Teradyne, Inc. | 1368082 |
|  |  | 12508722 |
|  | **STEEL - 2.0%** |  |
| 8421 | Steel Dynamics, Inc. | 1426938 |
|  | **TECHNOLOGY HARDWARE - 11.7%** |  |
| 5173 | Apple, Inc. | 1406332 |
| 6500 | Ciena Corporation<sup>(a)(b)</sup> | 1520154 |
| 15308 | Corning, Inc. | 1340368 |
| 3940 | Lumentum Holdings, Inc.<sup>(a)</sup> | 1452245 |
| 4824 | Seagate Technology Holdings PLC | 1328481 |
| 7925 | Western Digital Corporation | 1365240 |
|  |  | 8412820 |
|  | **TECHNOLOGY SERVICES - 1.9%** |  |
| 4612 | International Business Machines Corporation | 1366121 |
|  | **TRANSPORTATION EQUIPMENT - 1.9%** |  |
| 2749 | Cummins, Inc. | 1403227 |
|  | **TOTAL COMMON STOCKS (Cost $66,454,120)** | 70894130 |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **DONOGHUE FORLINES MOMENTUM VIT FUND** |
| **SCHEDULE OF INVESTMENTS (Continued)** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 6.4%** |  |
|  | **COLLATERAL FOR SECURITIES LOANED - 4.7%** |  |
| 3364072 | Mount Vernon Liquid Assets Portfolio, 3.84% (Cost $3,364,072)<sup>(c),(d)</sup> | $3364072 |
|  | **MONEY MARKET FUNDS - 1.7%** |  |
| 1232586 | Fidelity Investments Money Market Government Portfolio, Class I, 3.67% (Cost $1,232,586)<sup>(c)</sup> | 1232586 |
|  | **TOTAL SHORT-TERM INVESTMENTS (Cost $4,596,658)** | 4596658 |
|  | **TOTAL INVESTMENTS - 104.9% (Cost $71,050,778)** | $75490788 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.9)%** | (3428045) |
|  | **NET ASSETS - 100.0%** | $72062743 |

---

---

| | |
|:---|:---|
| Ltd. | - Limited Company |
| PLC | - Public Limited Company |
| REIT | - Real Estate Investment Trust |

---

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

<sup>(b)</sup> All or a portion of the security is on loan. The total fair value of the securities on loan as of December 31, 2025 was $3,258,570.

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

<sup>(d)</sup> Security was purchased with cash received as collateral for securities on loan at December 31, 2025. Total collateral had a value of $3,364,072 at December 31, 2025.

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **STATEMENTS OF ASSETS AND LIABILITIES** |
| **December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Donoghue Forlines**<br>**Dividend VIT Fund** | **Donoghue Forlines**<br>**Momentum VIT Fund** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investment securities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At cost | $8791996 | $71050778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At value (Securities on loan $954,226 and $3,258,570, respectively) | $9523507 | $75490788 |
| &nbsp;&nbsp;&nbsp;Dividends and interest receivable | 21601 | 47807 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 1796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL ASSETS** | 9546904 | 75538595 |
| **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Securities lending collateral (Note 5) | 986866 | 3364072 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 9953 | 20685 |
| &nbsp;&nbsp;&nbsp;Distribution (12b-1) fees payable | 1829 | 15383 |
| &nbsp;&nbsp;&nbsp;Investment advisory fees payable | 1808 | 61531 |
| &nbsp;&nbsp;&nbsp;Payable for Fund shares repurchased | 718 | 2146 |
| &nbsp;&nbsp;&nbsp;Payable to related parties | 2486 | 12035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL LIABILITIES** | 1003660 | 3475852 |
| **NET ASSETS** | $**8543244** | $**72062743** |
| **COMPOSITION OF NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $12172672 | $57352255 |
| &nbsp;&nbsp;&nbsp;Accumulated gains (losses) | (3629428) | 14710488 |
| **NET ASSETS** | $**8543244** | $**72062743** |
| **NET ASSET VALUE PER SHARE:** |  |  |
| Class 1 Shares: |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $**8543244** | $**72062743** |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding ($0 par value, unlimited shares authorized) | 464810 | 2330184 |
| &nbsp;&nbsp;&nbsp;Net asset value (Net Assets ÷ Shares Outstanding), offering and redemption price per share | $**18.38** | $**30.93** |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **STATEMENTS OF OPERATIONS** |
| **For the Year Ended December 31, 2025** |

---

---

| | | |
|:---|:---|:---|
|  | **Donoghue Forlines**<br>**Dividend VIT Fund** | **Donoghue Forlines**<br>**Momentum VIT Fund** |
| **INVESTMENT INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends | $300503 | $613674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 5666 | 46389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Income | 1603 | 6995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENT INCOME** | 307772 | 667058 |
| **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment advisory fees | 83282 | 668680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distribution (12b-1) fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 20821 | 167170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting services fees | 26890 | 31576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 23200 | 80526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 21944 | 22094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trustees' fees and expenses | 18457 | 18458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 16458 | 18158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 6384 | 6223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 4986 | 5782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compliance officer fees | 2979 | 8972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance expense | 2143 | 5089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Printing and postage expenses | 1786 | 9665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 1239 | 1489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 230569 | 1043882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Fees waived/reimbursed by the advisor | (63984) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**NET EXPENSES** | 166585 | 1043882 |
| **NET INVESTMENT INCOME (LOSS)** | 141187 | (376824) |
| **REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 607189 | 10648061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation on investments | 588589 | 4069618 |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 1195778 | 14717679 |
| **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $**1336965** | $**14340855** |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | $141187 | $132979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 607189 | 1138647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 588589 | (249003) |
| Net increase in net assets resulting from operations | 1336965 | 1022623 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (103556) | (130845) |
| Total distributions to shareholders | (103556) | (130845) |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 152769 | 36588 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 103555 | 130845 |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (1176444) | (1137565) |
| Net decrease in net assets resulting from shares of beneficial interest | (920120) | (970132) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS** | 313289 | (78354) |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 8229955 | 8308309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**8543244** | $**8229955** |
| **SHARE ACTIVITY** |  |  |
| **Class 1:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 9811 | 2416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 6090 | 8328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (69329) | (73407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares of beneficial interest outstanding | (53428) | (62663) |

---

See accompanying notes to financial statements.

---

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

---

---

| | | |
|:---|:---|:---|
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** |
| **FROM OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | $(376824) | $(386910) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized gain from security transactions | 10648061 | 20914863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) on investments | 4069618 | (7336226) |
| Net increase in net assets resulting from operations | 14340855 | 13191727 |
| **DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;Total Distributions Paid |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (11852053) |  |
| Total distributions to shareholders | (11852053) |  |
| **FROM SHARES OF BENEFICIAL INTEREST** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares sold |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 1393847 | 3249447 |
| &nbsp;&nbsp;&nbsp;Reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | 11852053 |  |
| &nbsp;&nbsp;&nbsp;Payments for shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class 1 | (7345138) | (11259466) |
| Net increase (decrease) in net assets resulting from shares of beneficial interest | 5900762 | (8010019) |
| **TOTAL INCREASE IN NET ASSETS** | 8389564 | 5181708 |
| **NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning of Year | 63673179 | 58491471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;End of Year | $**72062743** | $**63673179** |
| **SHARE ACTIVITY** |  |  |
| **Class 1:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Sold | 42849 | 112333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Reinvested | 398254 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares Redeemed | (224487) | (387482) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in shares of beneficial interest outstanding | 216616 | (275149) |

---

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Dividend VIT Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $15.88 | $14.30 | $14.79 | $16.74 | $13.01 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (1) | 0.29 | 0.24 | 0.25 | 0.21 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 2.42 | 1.58 | (0.50) | (1.94) | 3.70 |
| Total from investment operations | 2.71 | 1.82 | (0.25) | (1.73) | 3.92 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.24) | (0.24) | (0.22) | (0.20) |
| Total distributions | (0.21) | (0.24) | (0.24) | (0.22) | (0.20) |
| Net asset value, end of year | $18.38 | $15.88 | $14.30 | $14.79 | $16.74 |
| Total return (2) | 17.19% | 12.76% | (1.58)% | (10.35)% | 30.30% |
| Net assets, at end of year (000s) | $8543 | $8230 | $8308 | $9277 | $11822 |
| Ratio of gross expenses to average net assets before waiver (3) | 2.77% | 2.76% | 2.68% | 2.54% | 2.33% |
| Ratio of net expenses to average net assets after waiver (3) | 2.00% | 2.00% | 2.00% | 2.00% | 2.00% |
| Ratio of net investment income to average net assets before waivers (34) | 0.93% | 0.80% | 1.11% | 0.79% | 1.12% |
| Ratio of net investment income to average net assets after waivers (34) | 1.70% | 1.56% | 1.78% | 1.33% | 1.45% |
| Portfolio Turnover Rate | 52% | 181% | 299% | 183% | 180% |

---

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

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines Momentum VIT Fund** |
| **FINANCIAL HIGHLIGHTS** |
| Per Share Data and Ratios for a Share of Beneficial Interest Outstanding Throughout Each Year |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class 1** | **Class 1** | **Class 1** | **Class 1** | **Class 1** |
|  | **For the**<br>**Year Ended**<br>**December 31, 2025** | **For the**<br>**Year Ended**<br>**December 31, 2024** | **For the**<br>**Year Ended**<br>**December 31, 2023** | **For the**<br>**Year Ended**<br>**December 31, 2022** | **For the**<br>**Year Ended**<br>**December 31, 2021** |
| Net asset value, beginning of year | $30.13 | $24.49 | $20.44 | $32.87 | $25.35 |
| Activity from investment operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment loss (1) | (0.18) | (0.17) | (0.07) | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 7.03 | 5.81 | 4.12 | (7.05) | 7.62 |
| Total from investment operations | 6.85 | 5.64 | 4.05 | (7.15) | 7.52 |
| Less distributions from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net realized gains | (6.05) |  |  | (5.28) |  |
| Total distributions | (6.05) |  |  | (5.28) |  |
| Net asset value, end of year | $30.93 | $30.13 | $24.49 | $20.44 | $32.87 |
| Total return | 23.52% | 23.03% | 19.81% | (22.56)% | 29.66% |
| Net assets, at end of year (000s) | $72063 | $63673 | $58491 | $53204 | $76887 |
| Ratio of gross expenses to average net assets before waiver (2) | 1.56% | 1.56% | 1.56% | 1.62% | 1.53% |
| Ratio of net expenses to average net assets after waiver (2) | 1.56% | 1.56% | 1.56% | 1.62% | 1.53% |
| Ratio of net investment loss to average net assets before waivers (23) | (0.56)% | (0.59)% | (0.32)% | (0.36)% | (0.33)% |
| Ratio of net investment loss to average net assets after waivers (23) | (0.56)% | (0.59)% | (0.32)% | (0.36)% | (0.33)% |
| Portfolio Turnover Rate | 323% | 232% | 163% | 308% | 287% |

---

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

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

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

See accompanying notes to financial statements.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS** |
| **December 31, 2025** |

---

**1.** **ORGANIZATION** 

The Donoghue Forlines Dividend VIT Fund and the Donoghue Forlines Momentum VIT Fund, (each a "Fund" and collectively, the "Funds") are each a diversified series of shares of beneficial interest of the Northern Lights Variable Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Funds are intended to be funding vehicles for variable annuity contracts and flexible premium variable life insurance policies offered by the separate accounts of various insurance companies, including Jefferson National Life Insurance Company. The Trust offers shares to affiliated and unaffiliated life insurance company separate accounts (registered as unit investment trusts under the 1940 Act) to fund the benefits under variable annuity and variable life insurance contracts. Jefferson National Life Insurance Company separate accounts own approximately 97% of the shares offered by the Donoghue Forlines Dividend VIT Fund, and 100% of the shares offered by the Donoghue Forlines Momentum VIT Fund.

Each Fund currently offer two classes of shares: Class 1 shares and Class 2 shares. Class 1 and 2 shares are offered at net asset value. Each class of shares of the Funds have identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. The Funds' share classes differ in the fees and expenses charged to shareholders. The Funds', income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class. As of December 31, 2025, Class 2 shares of the Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund have not commenced operations.

The investment objective of each Fund is as follows:

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

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

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

**Operating Segments** - The Funds have adopted FASB ASU 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the standard impacted financial statement disclosures only and did not affect each Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 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. Each Fund's CODM is comprised of the portfolio managers and Chief Financial Officer of the Trust. Each Fund operates as a single operating segment. Each 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 each Fund, using the information presented in the financial statements and financial highlights.

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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**Securities Valuation** – Securities and other assets held by the Funds listed on an exchange are valued at the last reported sale price at the close of the regular trading session of the primary exchange on the business day the value is being determined, or in the case of securities listed on NASDAQ at the NASDAQ Official Closing Price. When the market for these securities is considered active, they will be classified within Level 1 of the fair value hierarchy. In the absence of a sale, such securities shall be valued at the mean between the current bid and ask prices on the primary exchange on the day of valuation. Debt securities (other than short-term obligations) are valued each day by an independent pricing service approved by the Trust's Board of Trustees (the "Board") based on methods which include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type, indications as to values from dealers, and general market conditions or market quotations from a major market maker in the securities. Investments valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. The independent pricing service does not distinguish between smaller-sized bond positions known as "odd lots" and larger institutional-sized bond positions known as "round lots". A Fund may fair value a particular bond if the adviser does not believe that the round lot value provided by the independent pricing service reflects fair value of the Fund's holding. Short-term debt obligations having 60 days or less remaining until maturity, at time of purchase, may be valued at amortized cost. Investments in open-end investment companies are valued at net asset value.

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

The Funds may hold 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 adviser as its valuation designee (the "Valuation Designee"). The Board may also enlist third party consultants such as a valuation specialist at a public accounting firm, valuation consultant or financial officer of a security issuer on an as-needed basis to assist the Valuation Designee in determining a security-specific fair value. The Board is responsible for reviewing and approving fair value methodologies utilized by the Valuation Designee, which approval shall be based upon whether the Valuation Designee followed the valuation procedures established by the Board.

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

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

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

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

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

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

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

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

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

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

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of December 31, 2025 for the Funds' investments measured at fair value:

**Donoghue Forlines Dividend VIT Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | Investments Measured | |
| Assets \* | Level 1 | Level 2 | Level 3 | at Net Asset Value\*\* | Total |
| Common Stock | $8370554 | $— | $— | $— | $8370554 |
| Collateral for Securities Loaned |  |  |  | 986866 | $986866 |
| Money Market Fund | 166087 |  |  |  | $166087 |
| Total | $8536641 | $— | $— | $986866 | $9523507 |

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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**Donoghue Forlines Momentum VIT Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assets \* | Level 1 | Level 2 | Level 3 | Investments Measured<br> at Net Asset Value\*\* | Total |
| Common Stock | $70894130 | $— | $— | $— | $70894130 |
| Collateral for Securities Loaned |  |  |  | 3364072 | 3364072 |
| Money Market Fund | 1232586 |  |  |  | 1232586 |
| Total | $72126716 | $— | $— | $3364072 | $75490788 |

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The Funds did not hold any Level 2 or Level 3 securities during the period.

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

\*\* Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the Statements of Assets and Liabilities.

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

**Exchange Traded Funds** - The Funds may invest in exchange traded funds ("ETFs"). An ETF is a type of open-end fund, however, unlike a mutual fund, its shares are bought and sold on a securities exchange at market price and only certain financial institutions called authorized participants may buy and redeem shares of the ETF at net asset value. ETF shares can trade at either a premium or discount to net asset value. Each ETF like a mutual fund is subject to specific risks depending on the type of strategy (actively managed or passively tracking an index) and the composition of its underlying holdings. Investing in an ETF involves substantially the same risks as investing directly in the ETF's underlying holdings. ETFs pay fees and incur operating expenses, which reduce the total return earned by the ETFs from their underlying holdings. An ETF may not achieve its investment objective or execute its investment strategy effectively, which may adversely affect the Funds' performance.

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

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

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

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

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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

The Funds recognize the tax benefits of uncertain tax positions only when the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years ended December 31, 2022 to December 31, 2024, or expected to be taken in the Funds' December 31, 2025 year-end tax returns. The Funds identify their major tax jurisdictions as U.S. federal and Ohio. The Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

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

**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, amounted to the following:

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| | | |
|:---|:---|:---|
| Fund | Purchases | Sales |
| Donoghue Forlines Dividend VIT Fund | $4287236 | $5180855 |
| Donoghue Forlines Momentum VIT Fund | $214437941 | $221040197 |

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

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

For the year ended December 31, 2025, earned advisory fees for the Funds were as follows:

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| | |
|:---|:---|
| Fund | Advisory Fees |
| Donoghue Forlines Dividend VIT Fund | $83282 |
| Donoghue Forlines Momentum VIT Fund | 668680 |

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Pursuant to a written contract (the "Waiver Agreement"), the Adviser has contractually agreed, at least until October 31, 2026 for the Funds, to ensure that Total Annual Fund Operating Expenses After Expense Waiver and Reimbursements: (exclusive of any (i) front-end or contingent deferred loads, (ii) brokerage fees and commissions, (iii) acquired fund fees and expenses, (iv) fees and expenses associated with investments in other collective investment vehicles or derivative

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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instruments (including for example option and swap fees and expenses), (v) borrowing costs (such as interest and dividend expense on securities sold short), (vi) taxes, and (vii) extraordinary expenses, such as litigation expenses (which may include indemnification of Funds' officers and Trustees and contractual indemnification of Funds' service providers (other than the Adviser))) do not exceed 2.00% and 2.50%, of each Fund's average daily net assets for Class 1 and Class 2 shares, respectively.

During the year ended December 31, 2025, the Adviser waived fees/reimbursed expenses pursuant to the Waiver Agreement for the Funds as follows:

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| | |
|:---|:---|
|  | Fees Waived by |
| Fund | the Advisor |
| Donoghue Forlines Dividend VIT Fund | $63984 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Recapture through | Recapture through | Recapture through | |
| Fund | December 31, 2026 | December 31, 2027 | December 31, 2028 | Total |
| Donoghue Forlines Dividend VIT Fund | $57854 | $64466 | $63984 | $186304 |
| Donoghue Forlines Momentum VIT Fund | $— | $— | $— | $— |

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

For the year ended December 31, 2025, the Funds incurred distribution fees under the Plans as follows:

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| | |
|:---|:---|
| Fund | Class 1 |
| Donoghue Forlines Dividend VIT Fund | $20821 |
| Donoghue Forlines Momentum VIT Fund | 167170 |

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The Distributor acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares. For the year ended December 31, 2025, there were no underwriting commissions paid for sales of Class 1 or Class 2 shares, respectively.

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

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

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

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **SECURITIES LENDING** 

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

The following table is a summary of the Funds' securities loaned and related collateral which are subject to a netting agreement as of December 31, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | Gross Amounts Not Offset in the Statement of Assets & | Gross Amounts Not Offset in the Statement of Assets & | Gross Amounts Not Offset in the Statement of Assets & |
|  | | | | Liabilities \* | Liabilities \* | Liabilities \* |
|  | | **Gross Amounts** | **Net Amounts of** | | | |
|  | | **Offset in the** | **Assets Presented** | | | |
|  | **Gross Amounts** | **Statements of** | **in the Statements** | **Financial** | **Pledged** | |
|  | **of Recognized** | **Assets &** | **of Assets &** | **Instruments** | **Collateral** | **Net Amount of** |
| **<u>Assets:</u>** | **Assets** | **Liabilities** | **Liabilities** | **Pledged** | **Received** | **Assets** |
| **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** | **Donoghue Forlines Dividend VIT Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $954226 | $— | $954226 | $— | $954226 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $954226 | $— | $954226 | $— | $954226 | $— |
| **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** | **Donoghue Forlines Momentum VIT Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Loaned | $3258570 | $— | $3258570 | $— | $3258570 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $3258570 | $— | $3258570 | $— | $3258570 | $— |

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

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| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

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The following table breaks out the holdings received as collateral as of December 31, 2025:

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| | |
|:---|:---|
| **<u>Securities Lending Transactions</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Overnight and Continuous** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Donoghue Forlines Dividend VIT Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC | $986866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Donoghue Forlines Momentum VIT Fund** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mount Vernon Liquid Assets Portfolio, LLC | $3364072 |

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The fair value of the securities loaned for Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund totaled $954,226, and $3,258,570 at December 31, 2025, respectively. The securities loaned are noted in the Schedules of Investments. The fair value of the "Collateral for Securities Loaned" on the Schedule of Investments includes only cash collateral received and reinvested that totaled $986,866 and $3,364,072 for the Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund at December 31, 2025, respectively. This amount is offset by a liability recorded as "Securities lending Collateral."

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

The identified cost of investments in securities owned by each Fund for federal income tax purposes, and their respective gross unrealized appreciation and depreciation at December 31, 2025, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | | Gross | Gross | Net Unrealized |
|  | Tax | Unrealized | Unrealized | Appreciation |
| Fund | Cost | Appreciation | Depreciation | (Depreciation) |
| Donoghue Forlines Dividend VIT Fund | $8798875 | $1048648 | $(324016) | $724632 |
| Donoghue Forlines Momentum VIT Fund | $71050778 | $4918794 | $(478784) | $4440010 |

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

The tax character of distributions paid for the fiscal years ended December 31, 2025 and December 31, 2024 was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **For the year ended December 31, 2025:** | **For the year ended December 31, 2025:** | **For the year ended December 31, 2025:** | **For the year ended December 31, 2025:** | **For the year ended December 31, 2025:** |
|  | **Ordinary** | **Long-Term** | **Return** | |
| **Fund** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| Donoghue Forlines Dividend VIT Fund | $103556 | $— | $— | $103556 |
| Donoghue Forlines Momentum VIT Fund | 1756281 | 10095772 |  | 11852053 |
| **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** | **For the year ended December 31, 2024:** |
|  | **Ordinary** | **Long-Term** | **Return** |  |
| **Fund** | **Income** | **Capital Gains** | **Of Capital** | **Total** |
| Donoghue Forlines Dividend VIT Fund | $130845 | $— | $— | $130845 |
| Donoghue Forlines Momentum VIT Fund |  |  |  |  |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund** | **Undistributed**<br>**Ordinary**<br>**Income** | **Undistributed**<br>**Long-Term**<br>**Capital Gains** | **Post October Loss**<br>**and**<br>**Late Year Loss** | **Capital Loss**<br>**Carry**<br>**Forwards** | **Other**<br>**Book/Tax**<br>**Differences** | **Unrealized**<br>**Appreciation/**<br>**(Depreciation)** | **Total**<br>**Accumulated**<br>**Earnings/(Deficits)** |
| Donoghue Forlines Dividend VIT Fund | $128679 | $— | $— | $(4482739) | $— | $724632 | $(3629428) |
| Donoghue Forlines Momentum VIT Fund | 9651871 | 618607 |  |  |  | 4440010 | 14710488 |

---

The difference between book basis and tax basis accumulated net realized gain/(loss), and unrealized appreciation/(depreciation) from investments is primarily attributable to the tax deferral of losses on wash sales.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **NOTES TO FINANCIAL STATEMENTS (Continued)** |
| **December 31, 2025** |

---

At December 31, 2025, the Portfolios had capital loss carry forwards for federal income tax purposes available to offset future capital gains and capital loss carryforwards utilized as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Non-Expiring** | **Non-Expiring** | | |
| <br>**Fund** | **Short-Term** | **Long-Term** |<br>**Total** |<br>**Utilized** |
| Donoghue Forlines Dividend VIT Fund | $3960909 | $521830 | $4482739 | $613239 |
| Donoghue Forlines Momentum VIT Fund |  |  |  |  |

---

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

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of December 31, 2025, the shareholders listed below held, for the benefit of others, more than 25% of an individual fund and may be deemed to control that fund. The Funds have no knowledge as to whether all or any portion of the shares owned, by the parties noted below, are also owned beneficially by any party who would be presumed to control the respective Funds. Persons controlling the Funds can determine the outcome of any proposal submitted to the shareholders for approval, including changes to a Fund's fundamental policies or the terms of the advisory agreement with the Adviser.

---

| | | |
|:---|:---|:---|
| **Shareholder** | **Fund** | **Percent** |
| Jefferson National Life Insurance Co. | Donoghue Forlines Dividend VIT Fund | 96.76% |
| Jefferson National Life Insurance Co. | Donoghue Forlines Momentum VIT Fund | 99.98% |

---

**9.** **RECENT ACCOUNTING PRONOUNCEMENT** 

In December 2023, the FASB issued Accounting Standards Update 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The Funds have adopted ASU 2023-09 for the year ended December 31, 2025, and concluded that the application of this guidance did not have an impact on the Funds' financial statements.

**10.** **SUBSEQUENT EVENTS** 

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

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of Northern Lights Variable Trust and Shareholders of Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund

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

We have audited the accompanying statements of assets and liabilities of Donoghue Forlines Dividend VIT Fund and Donoghue Forlines Momentum VIT Fund (the "Funds"), each a fund constituting the Northern Lights Variable Trust (the "Trust"), including the schedules of investments, as of December 31, 2025, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Funds as of December 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

![(SIGNATURE)](do002_v1.jpg)

Costa Mesa, California

February 20, 2026

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

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **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**

*Donoghue Forlines, LLC*

*Adviser to Donoghue Forlines Dividend VIT &*

*Donoghue Forlines Momentum VIT\**

In connection with the regular meeting held on September 17-18, 2025 of the Board of Trustees (the "Trustees" or the "Board") of the Northern Lights Variable Trust (the "Trust"), including a majority of the Trustees who are not "interested persons," as that term is defined in the Investment Company Act of 1940, as amended, discussed the renewal of an investment advisory agreement (the "Advisory Agreement") between Donoghue Forlines, LLC ("Donoghue" or "Adviser") and the Trust, with respect to the Donoghue Forlines Dividend VIT Fund ("Dividend VIT") & Donoghue Forlines Momentum VIT Fund ("Momentum VIT") (each the "Fund" and collectively referred to as the "Funds"). In considering the renewal of the Advisory Agreement, the Board received materials specifically relating to the Advisory Agreement.

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

<u>Nature, Extent, and Quality of Services</u>. The Trustees noted that during their discussions held on September 11th they had discussed that Donoghue was originally founded in 1986 and reorganized in 2017, managed approximately $726 million in assets, and specialized in actively managed investment strategies. The Trustees reviewed the background of the key investment personnel responsible for servicing the Funds, considering their education and varied financial industry experience. The Trustees observed that Donoghue conducted research and analysis of technical indicators to identify market trends specific to each strategy, and that Donoghue mitigated risk through non-reactionary shifts of Fund assets to less risky sectors. The Trustees further observed that Donoghue's personnel met regularly to assess risk and volatility, as well as to analyze technical, economic, and political events before deciding to take defensive positions. The Trustees observed that the Adviser reported no material compliance or litigation issues since the previous advisory contract renewal. The Trustees agreed that the Adviser dedicated plentiful resources to support its tactically driven active management style and concluded that they expected the Adviser to continue providing quality service to the Funds for the benefit of their respective shareholders.

<u>Performance</u>.

*Dividend VIT*. The Trustees noted that during their discussions held on September 11th they had observed that Fund had achieved its primary objective of total return. The Trustees noted the Fund had underperformed its benchmark, category, and peer medians, but had performed well in the last twelve months as a result of changing its tracking index in December 2024. The Trustees agreed the Adviser had reviewed ways to improve its performance and had implement its strategy as designed.

*Momentum VIT*. The Trustees during their discussions held on September 11th noted that the Fund's return consistently outpaced its category and peer-median group. The Trustees observed that the Fund's performance ranked in the top two quartiles 54% for its twelve-month rolling return. The Trustees noted that the Fund had met its objective of capital growth but did not meet its secondary objective of generating income. The Trustees agreed that the Fund's performance was satisfactory.

---

| |
|:---|
| **Donoghue Forlines VIT Funds** |
| **ADDITIONAL INFORMATION (Unaudited) (Continued)** |
| **December 31, 2025** |

---

<u>Fees and Expenses</u>.

*Dividend VIT*. The Trustees noted that during their discussions held on September 11th they had observed that Donoghue charged the Fund an annual advisory fee of 1.00%, which was higher than the peer group and category median. The Trustees also observed that the Fund had a net expense ratio of 2.00%, which was also higher than the peer group and category median. The Trustees also considered that Donoghue had an expense limitation agreement in place with respect to the Fund and Donoghue's assertion that the fees and expenses were warranted in light of the resources required to execute the Fund's tactical strategy. The Trustees agreed that the Fund's fees were not unreasonable.

*Momentum VIT*. The Trustees noted during their discussions held on September 11th that Donoghue charged the Fund an annual advisory fee of 1.00%, which was higher than both the category and peer group average. The Trustees further noted that the Fund had a net expense ratio of 1.56%, which was also higher than the category and peer group average. The Trustees considered Donoghue's assertion that the fee was warranted due to the tactical ability of the Fund to preserve capital by moving to short-term treasuries during times of major market downturns and that the Fund's expenses would decrease as it grew in size. The Trustees also acknowledged that Donoghue had an expense limitation agreement in place with respect to the Fund. The Trustees agreed that the Fund's fees were not unreasonable.

<u>Economies of Scale</u>. The Trustees noted that during their discussions held on September 11th they had considered whether Donoghue had achieved economies of scale with respect to the Funds. The Trustees had noted that each of the Funds would provide the benefits from economies of scale at higher asset levels. The Trustees noted that Donoghue had indicated its willingness to implement breakpoints in the future, and that the shareholders of several of the Funds were currently benefitting from expense limitation agreements. The Trustees agreed to monitor and revisit the issue of economies of scale at the appropriate time.

<u>Profitability</u>. The Trustees noted that during their discussions held on September 11th they had reviewed the profitability analysis provided by Donoghue and considered its profitability in connection with its management of each of the Funds. The Trustees noted that Donoghue's profitability with respect to the Funds varied, and that the Adviser had realized a profit with respect to Momentum VIT and realized a loss with respect to Dividend VIT. The Trustees recalled that Donoghue had offered the business, operation, and regulatory risks it assumed in managing the Funds, as well as the necessary resources to support the Funds' tactical investment style, as factors justifying its profits. The Trustees agreed that Donoghue's profitability with respect to each Fund was not excessive.

<u>Conclusion</u>. Having requested and received such information from Donoghue as the Trustees believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of counsel, the Trustees concluded that the renewal of the Advisory Agreements between NLVT and Donoghue on behalf of the Funds was in the best interests of each of the aforementioned Funds and each Fund's respective shareholders.

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

**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)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable

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

**Item 19. Exhibits.** 

(a)(1) [Code of Ethics for Principal Executive and Senior Financial Officers](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](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](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.

Northern Lights Variable Trust

---

| | |
|:---|:---|
| By | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

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 | /s/ Kevin E. Wolf |
| Kevin E. Wolf | Kevin E. Wolf |
| Principal Executive Officer | Principal Executive Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

---

| | |
|:---|:---|
| By | /s/ Jim Colantino |
| Jim Colantino | Jim Colantino |
| Principal Financial Officer | Principal Financial Officer |
| Date: 3/4/2026 | Date: 3/4/2026 |

---

## Ex-99.Cert

**Certification** [Exhibit 99. CERT]

I, Kevin E. Wolf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Variable Trust("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 3/4/2026 | /s/ Kevin E. Wolf |
|  | Kevin E. Wolf |
|  | Principal Executive Officer |

---

**Certification** [Exhibit 99. CERT]

I, Jim Colantino, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I
 have reviewed this report on Form N-CSR of Northern Lights Variable Trust ("registrant");

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: 3/4/2026 | /s/ Jim Colantino |
|  | Jim Colantino |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**CERTIFICATION** [Exhibit 99.906CERT]

Kevin E. Wolf, Principal Executive Officer, and Jim Colantino, Principal Financial Officer of Northern Lights Variable Trust (the "Registrant"), each certify to the best of his/her 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), as applicable, of the Securities Exchange Act of 1934, 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 | Principal Executive Officer | Principal Financial Officer | Principal Financial Officer |
| 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/ Jim Colantino | /s/ Jim Colantino |
| Kevin E. Wolf | Kevin E. Wolf | Jim Colantino | Jim Colantino |
| Date: | 3/4/2026 | Date: | 3/4/2026 |

---

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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