# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-25-000380
**Filing Date:** 2025-8
**Character Count:** 13527
**Document Hash:** 4c8cfbebd77a40f6146f4bbb1ce11810
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-000380.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0000910472-25-000380

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**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:** 251271578

**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:** 2025-06-30

**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:** $21053729.04

**Total Liabilities:** $100129.43

**Net Assets:** $20953599.61

**Cash Not Reported:** $3349.09

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254615 | 1.49%                | 5.47%                | 6.78%                |
| Class ID C000254614 | 1.49%                | 5.47%                | 6.78%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-489310.13              | $566261.11                                 |
| Month 2  | $38976.60                | $424770.70                                 |
| Month 3  | $321584.26               | $670674.97                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Liberty Media Corp Del                       | LIBERTY MEDIA CO | CUSIP: 531229755<br>LEI: 549300ZKUTPIBZLWLL89 | Long             | EC               | CORP              | US        |     10911 | NS      | $1140199.50   | 5.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                   | HALEON PLC       | CUSIP: G4232K100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |    107112 | NS      | $549548.24    | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Intercontinental Exchange Inc                | INTERCONTINENTAL | CUSIP: 45866F104<br>LEI: 5493000F4ZO33MV32P92 | Long             | EC               | CORP              | US        |      2373 | NS      | $435374.31    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp.                        | BANK OF AMERICA  | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     11800 | NS      | $558376.00    | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      2828 | NS      | $640513.72    | 3.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hubbell Incorporated                         | HUBBELL INC      | CUSIP: 443510607<br>LEI: 54930088VDQ6840Y6597 | Long             | EC               | CORP              | US        |      1547 | NS      | $631810.27    | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Okta Inc.                                    | OKTA INC         | CUSIP: 679295105<br>LEI: 549300N8J06I8MRHU620 | Long             | EC               | CORP              | US        |      4350 | NS      | $434869.50    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                 | CADENCE DESIGN   | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      1981 | NS      | $610445.15    | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Dollarama Inc                                | DOLLARAMA INC    | CUSIP: 25675T107<br>LEI: 5493002GJ0NJP1HI0C79 | Long             | EC               | CORP              | CA        |      3281 | NS      | $461359.82    | 2.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                   | PERFORMANCE FOOD | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |      9245 | NS      | $808660.15    | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                                 | BROADCOM INC     | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      2395 | NS      | $660181.75    | 3.15%             |  |  |  | No            |                  1 | On Loan: No      |
| NatWest Group PLC                            | NATWEST GROUP PL | CUSIP: G6422B147<br>LEI: 2138005O9XJIJN4JPN90 | Long             | EC               | CORP              | GB        |     93760 | NS      | $657067.78    | 3.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | META PLATFORMS-A | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      1335 | NS      | $985350.15    | 4.70%             |  |  |  | No            |                  1 | On Loan: No      |
| KKR & Co Inc.                                | KKR & CO INC     | CUSIP: 48251W104<br>LEI: 54930013V5I303TF9571 | Long             | EC               | CORP              | US        |      7019 | NS      | $933737.57    | 4.46%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | MICROSOFT CORP   | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      2937 | NS      | $1460893.17   | 6.97%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                       | SAP SE-SPONS ADR | CUSIP: 803054204<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      1741 | NS      | $529438.10    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Transdigm Group Inc.                         | TRANSDIGM GROUP  | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       407 | NS      | $618900.48    | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.              | LIVE NATION ENTE | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      3188 | NS      | $482280.64    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                                 | COUPANG INC      | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |      6518 | NS      | $195279.28    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Haleon PLC                                   | HALEON-ADR       | CUSIP: 405552100<br>LEI: 549300PSB3WWEODCUP19 | Long             | EC               | CORP              | GB        |     11029 | NS      | $114370.73    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| SAP SE                                       | SAP SE           | CUSIP: D66992104<br>LEI: 529900D6BF99LW9R2E68 | Long             | EC               | CORP              | DE        |      2228 | NS      | $675147.55    | 3.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC   | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      3275 | NS      | $718502.25    | 3.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Rolls-Royce Holdings PLC                     | ROLLS-ROYCE HOLD | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    131928 | NS      | $1749301.57   | 8.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Nasdaq Inc                                   | NASDAQ INC       | CUSIP: 631103108<br>LEI: 549300L8X1Q78ERXFD06 | Long             | EC               | CORP              | US        |      7659 | NS      | $684867.78    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| The Charles Schwab Corporation               | SCHWAB (CHARLES) | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |      7323 | NS      | $668150.52    | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                 | EVERCORE INC     | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      1967 | NS      | $531129.34    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Marks & Spencer Group PLC                    | MARKS & SPENCER  | CUSIP: G5824M107<br>LEI: 213800EJP14A79ZG1X44 | Long             | EC               | CORP              | GB        |    122903 | NS      | $596881.40    | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| ABN AMRO Bank N.V.                           | ABN AMRO BANK-CV | CUSIP: N0162C102<br>LEI: BFXS5XCH7N0Y05NIXW11 | Long             | EC               | CORP              | NL        |      9856 | NS      | $268873.62    | 1.28%             |  |  |  | Yes           |                  1 | On Loan: No      |
| DSV AS                                       | DSV A/S          | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      3259 | NS      | $780420.72    | 3.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                    | CRANE CO         | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      4818 | NS      | $914890.02    | 4.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                  | CAPITAL ONE FINA | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      2358 | NS      | $501688.08    | 2.39%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer