# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-26-008464
**Filing Date:** 2026-5
**Character Count:** 16819
**Document Hash:** 80bfa68a5c4aba0924ba8c9553089a83
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-26-008464.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0000910472-26-008464

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**PERIOD START**: 20261231

**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:** 261043988

**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 |  |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** | **SCHEDULE OF INVESTMENTS (Unaudited)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1%** |  |
|  | **AEROSPACE & DEFENSE - 9.6%** |  |
| 4790 | Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp; $1103903 |
| 42813 | Rolls-Royce Holdings plc - ADR | &nbsp;&nbsp;&nbsp; 660176 |
| 14807 | Rolls-Royce Holdings plc | &nbsp;&nbsp;&nbsp; 221035 |
|  |  | &nbsp;&nbsp; 1985114 |
|  | **ASSET MANAGEMENT - 8.3%** |  |
| 9425 | Charles Schwab Corporation (The) | &nbsp;&nbsp;&nbsp; 885762 |
| 9296 | KKR & Company, Inc. | &nbsp;&nbsp;&nbsp; 859880 |
|  |  | &nbsp;&nbsp; 1745642 |
|  | **BANKING - 8.8%** |  |
| 88308 | Banco Santander S.A. | &nbsp;&nbsp;&nbsp; 996114 |
| 7249 | Citigroup, Inc. | &nbsp;&nbsp;&nbsp; 822109 |
|  |  | &nbsp;&nbsp; 1818223 |
|  | **BIOTECH & PHARMA - 2.6%** |  |
| 2236 | Johnson & Johnson | &nbsp;&nbsp;&nbsp; 546568 |
|  | **DIVERSIFIED INDUSTRIALS - 3.1%** |  |
| 715 | Parker-Hannifin Corporation | &nbsp;&nbsp;&nbsp; 640097 |
|  | **E-COMMERCE DISCRETIONARY - 5.3%** |  |
| 5251 | Amazon.com, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1093627 |
|  | **ELECTRICAL EQUIPMENT - 10.8%** |  |
| 2047 | Hubbell, Inc. | &nbsp;&nbsp;&nbsp; 1004545 |
| 7688 | Siemens Energy A.G. | &nbsp;&nbsp;&nbsp; 1260073 |
|  |  | &nbsp;&nbsp; 2264618 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.3%** |  |
| 5383 | Morgan Stanley | &nbsp;&nbsp;&nbsp; 885880 |
|  | **INSURANCE - 6.6%** |  |
| 15367 | AIA Group Ltd. | &nbsp;&nbsp;&nbsp; 684293 |
| 24162 | Prudential plc | &nbsp;&nbsp;&nbsp; 686925 |
|  |  | &nbsp;&nbsp; 1371218 |

---

---

| | | |
|:---|:---|:---|
| **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.1% (Continued)** |  |
|  | **INTERNET MEDIA & SERVICES - 4.6%** |  |
| 9934 | Netflix, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; $955154 |
|  | **LEISURE FACILITIES & SERVICES - 4.6%** |  |
| 6246 | Live Nation Entertainment, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 952577 |
|  | **MACHINERY - 4.1%** |  |
| 4973 | Crane Company | &nbsp;&nbsp;&nbsp; 850383 |
|  | **MEDICAL EQUIPMENT & DEVICES - 4.2%** |  |
| 19288 | Medline, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 858316 |
|  | **PUBLISHING & BROADCASTING - 3.9%** |  |
| 9496 | Liberty Media Corp-Liberty Formula One<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 807350 |
|  | **RETAIL - DISCRETIONARY - 4.3%** |  |
| 2756 | Burlington Stores, Inc.<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 896747 |
|  | **SEMICONDUCTORS - 5.3%** |  |
| 3249 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | &nbsp;&nbsp;&nbsp; 1098000 |
|  | **TECHNOLOGY HARDWARE - 4.9%** |  |
| 3976 | Apple, Inc. | &nbsp;&nbsp;&nbsp; 1009069 |
|  | **WHOLESALE - CONSUMER STAPLES - 4.8%** |  |
| 11754 | Performance Food Group Company<sup>(a)</sup> | &nbsp;&nbsp;&nbsp; 1006848 |
|  | **TOTAL COMMON STOCKS (Cost $20,173,715)** | &nbsp;&nbsp; 20785431 |

---

---

| | | | |
|:---|:---|:---|:---|
| **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** | **BAIN CAPITAL EQUITY OPPORTUNITIES FUND** |
| **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** | **SCHEDULE OF INVESTMENTS (Unaudited) (Continued)** |
| **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** |
| **Shares** | **Shares** |  | **Fair Value** |
| | | **SHORT-TERM INVESTMENTS — 0.2%** | |
| | | **MONEY MARKET FUNDS - 0.2%** | |
| 40126 | 40126 | Goldman Sachs Financial Square Government Fund, Institutional Shares, 3.55% (Cost $40,126)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; $40126 |
|  |  | **TOTAL INVESTMENTS - 100.3% (Cost $20,213,841)** | &nbsp;&nbsp;&nbsp; $20825557 |
|  |  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.3)%** | &nbsp;&nbsp; (52786) |
|  |  | **NET ASSETS - 100.0%** | &nbsp;&nbsp; $20772771 |
| ADR | American Depositary Receipt | American Depositary Receipt | American Depositary Receipt |

---

A.G. Akiengesellschaft

Ltd. Limited Company

PLC Public Limited Company

S.A. Société Anonyme

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of March 31, 2026.

## 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:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $22807416.91

**Total Liabilities:** $2034645.78

**Net Assets:** $20772771.13

**Cash Not Reported:** $4.19

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254614 | 2.95%                | 0.54%                | -10.26%              |
| Class ID C000254615 | 2.87%                | 0.45%                | -10.20%              |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $356261.43               | $846249.81                                 |
| Month 2  | $1215736.32              | $-995296.96                                |
| Month 3  | $-1395291.76             | $-1163489.36                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| AIA Group Ltd, Hong Kong                     | AIA GROUP LT-ADR          | CUSIP: 001317205<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     15367 | NS      | $684292.51    | 3.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC            | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5251 | NS      | $1093625.77   | 5.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc.                                   | APPLE INC                 | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |      3976 | NS      | $1009069.04   | 4.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander SA                           | BANCO SANTANDER SA-SPON A | CUSIP: 05964H105<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |     88308 | NS      | $996114.24    | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Burlington Stores Inc.                       | BURLINGTON STORE          | CUSIP: 122017106<br>LEI: 5299003Z37DVGKKC1W09 | Long             | EC               | CORP              | US        |      2756 | NS      | $896747.28    | 4.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Citigroup Inc.                               | CITIGROUP INC             | CUSIP: 172967424<br>LEI: 6SHGI4ZSSLCXXQSBB395 | Long             | EC               | CORP              | US        |      7249 | NS      | $822109.09    | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                    | CRANE CO                  | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      4973 | NS      | $850383.00    | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | GS-GOVT-FST               | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |     40126 | PA      | $40126.16     | 0.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Howmet Aerospace Inc                         | HOWMET AEROSPACE          | CUSIP: 443201108<br>LEI: 549300HO5WFZUT5N2T22 | Long             | EC               | CORP              | US        |      4790 | NS      | $1103903.40   | 5.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Incorporated                         | HUBBELL INC               | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      2047 | NS      | $1004544.78   | 4.84%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson                            | JOHNSON&JOHNSON           | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |      2236 | NS      | $546567.84    | 2.63%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                | KKR & CO INC              | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      9296 | NS      | $859880.00    | 4.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp Del                       | LIBERTY MEDIA CO          | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |      9496 | NS      | $807349.92    | 3.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.              | LIVE NATION ENTE          | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      6246 | NS      | $952577.46    | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Medline Inc.                                 | MEDLINE INC-A             | CUSIP: 58507V107<br>LEI: 984500FAN6J1P8566D43 | Long             | EC               | CORP              | US        |     19288 | NS      | $858316.00    | 4.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                               | MORGAN STANLEY            | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |      5383 | NS      | $885880.31    | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix, Inc.                                | NETFLIX INC               | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      9934 | NS      | $955154.10    | 4.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Parker-Hannifin Corp.                        | PARKER HANNIFIN           | CUSIP: 701094104<br>LEI: 5493002CONDB4N2HKI23 | Long             | EC               | CORP              | US        |       715 | NS      | $640096.60    | 3.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                   | PERFORMANCE FOOD          | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     11754 | NS      | $1006847.64   | 4.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                               | PRUDENTIAL PLC-ADR        | CUSIP: 74435K204<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |     24162 | NS      | $686925.66    | 3.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                     | ROLLS-ROYCE-ADR           | CUSIP: 775781206<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     42813 | NS      | $660176.46    | 3.18%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | SCHWAB (CHARLES)          | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      9425 | NS      | $885761.50    | 4.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR          | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      3249 | NS      | $1097999.55   | 5.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                     | ROLLS-ROYCE HOLD          | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |     14807 | NS      | $221034.97    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Siemens Energy AG                            | SIEMENS ENERGY A          | CUSIP: D6T47E106<br>LEI: 5299005CHJZ14D4FDJ62 | Long             | EC               | CORP              | DE        |      7688 | NS      | $1260073.74   | 6.07%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer