# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-26-002585
**Filing Date:** 2026-2
**Character Count:** 11360
**Document Hash:** 3ccd881c07001ce302caabb1a213a123
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-002585.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000910472-26-002585

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21853
- **FILM NUMBER:** 26681828

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

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

## Series and Classes Contracts Data

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

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

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Northern Lights Variable Trust

- **b. Investment Company Act file number:** 811-21853

- **c. CIK number of Registrant:** 0001352621

- **d. LEI of Registrant:** 549300JG5J5V82S8VI88

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 225 PICTORIA DRIVE

  - **City:** CINCINNATI

  - **State:** OH

  - **Foreign country:** US

  - **Zip / Postal Code:** 45246

  - **Telephone number:** 631-470-2600

**Item A.2. Information about the Series.**

- **a. Name of Series:** Bain Capital Equity Opportunities Fund

- **b. EDGAR series identifier (if any):** S000088357

- **c. LEI of Series:** 5299006KV15Q2BBYJK43

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-12-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $38428490.59

**Total Liabilities:** $841150.95

**Net Assets:** $37587339.64

**Cash Not Reported:** $0.24

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254614 | -1.34%               | -2.90%               | 0.93%                |
| Class ID C000254615 | -1.34%               | -2.90%               | 0.93%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-287983.16              | $-39030.87                                 |
| Month 2  | $61826.90                | $-976287.96                                |
| Month 3  | $304654.18               | $62265.47                                  |

### Schedule of Portfolio Investments

| Name                                         | Title            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Affiliated Managers Group, Inc.              | AFFIL MANAGERS   | CUSIP: 008252108<br>LEI: 2JE75BUE3T1BLCYYGK54 | Long             | EC               | CORP              | US        |      6419 | NS      | $1850469.32   | 4.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc.                                | ALPHABET INC-A   | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      3556 | NS      | $1113028.00   | 2.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |       877 | NS      | $202429.14    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                               | PRUDENTIAL PLC   | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    102366 | NS      | $1575825.35   | 4.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                  | CAPITAL ONE FINA | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      6566 | NS      | $1591335.76   | 4.23%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | CITIGROUP INC    | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |     15810 | NS      | $1844868.90   | 4.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                    | CRANE CO         | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      6458 | NS      | $1191048.94   | 3.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | GS-GOVT-FST      | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |     95969 | PA      | $95968.93     | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Airbus SE                                    | AIRBUS SE        | CUSIP: N0280G100<br>LEI: MINO79WLOO247M1IL051 | Long             | EC               | CORP              | NL        |      9663 | NS      | $2251590.44   | 5.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                   | HALEON-ADR       | CUSIP: 405552100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     58762 | NS      | $594083.82    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Incorporated                         | HUBBELL INC      | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      4299 | NS      | $1909228.89   | 5.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                | INTERCONT EXCH I | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |     10211 | NS      | $1653773.56   | 4.40%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                | KKR & CO INC     | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |     12058 | NS      | $1537153.84   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Erste Group Bank AG                          | ERSTE GROUP BANK | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |     15319 | NS      | $1851320.20   | 4.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del                       | LIBERTY MEDIA CO | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     30118 | NS      | $2966924.18   | 7.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.              | LIVE NATION ENTE | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      2260 | NS      | $322050.00    | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Bilbao Vizcaya Argentaria SA           | BBVA             | CUSIP: E11805103<br>LEI: K8MS7FD7N5Z2WQ51AZ71 | Long             | EC               | CORP              | ES        |     74922 | NS      | $1764247.41   | 4.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                           | BANCO SANTANDER  | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    140016 | NS      | $1655933.48   | 4.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                   | PERFORMANCE FOOD | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     22390 | NS      | $2013308.80   | 5.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      6333 | NS      | $1924535.37   | 5.12%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV AS                                       | DSV A/S          | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      6189 | NS      | $1571676.68   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd, Hong Kong                     | AIA              | CUSIP: Y002A1105<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    112800 | NS      | $1157926.38   | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                     | ROLLS-ROYCE HOLD | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    219050 | NS      | $3388267.18   | 9.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                            | SIEMENS ENERGY A | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |     12164 | NS      | $1720040.40   | 4.58%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-28

**Name of Applicant:** Northern Lights Variable Trust

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer