# EDGAR Filing Document

**Accession Number:** 0001352621
**File Stem:** 0000910472-25-004729
**Filing Date:** 2025-11
**Character Count:** 16385
**Document Hash:** 6739458239ec166d49744c0565483f4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000910472-25-004729.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000910472-25-004729

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**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:** 251532565

**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)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.3%** |  |
|  | **AEROSPACE & DEFENSE - 9.1%** |  |
| 174972 | Rolls-Royce Holdings plc | $2803132 |
|  | **AUTOMOTIVE - 4.5%** |  |
| 601 | Rheinmetall A.G. | 1401411 |
|  | **BANKING - 5.8%** |  |
| 118136 | Banco Santander S.A. | 1231804 |
| 5678 | Erste Group Bank A.G. | 555084 |
|  |  | 1786888 |
|  | **E-COMMERCE DISCRETIONARY - 9.3%** |  |
| 5640 | Amazon.com, Inc.<sup>(a)</sup> | 1238375 |
| 51102 | Coupang, Inc.<sup>(a)</sup> | 1645483 |
|  |  | 2883859 |
|  | **ENGINEERING & CONSTRUCTION - 4.9%** |  |
| 1828 | Comfort Systems USA, Inc. | 1508429 |
|  | **INSTITUTIONAL FINANCIAL SERVICES - 4.8%** |  |
| 4395 | Evercore, Inc., Class A | 1482521 |
|  | **INSURANCE - 5.8%** |  |
| 129407 | Prudential PLC | 1813580 |
|  | **INTERNET MEDIA & SERVICES - 4.9%** |  |
| 2049 | Meta Platforms, Inc., Class A | 1504745 |
|  | **LEISURE FACILITIES & SERVICES - 5.2%** |  |
| 9868 | Live Nation Entertainment, Inc.<sup>(a)</sup> | 1612431 |
|  | **MACHINERY - 4.0%** |  |
| 6708 | Crane Company | 1235211 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **COMMON STOCKS — 100.3% (Continued)** |  |
|  | **PUBLISHING & BROADCASTING - 6.5%** |  |
| 19259 | Liberty Media Corp-Liberty Formula One<sup>(a)</sup> | $2011603 |
|  | **RETAIL - DISCRETIONARY - 6.3%** |  |
| 449 | AutoZone, Inc.<sup>(a)</sup> | 1926318 |
|  | **SEMICONDUCTORS - 9.3%** |  |
| 4420 | Broadcom, Inc. | 1458202 |
| 5080 | Taiwan Semiconductor Manufacturing Company Ltd. - ADR | 1418793 |
|  |  | 2876995 |
|  | **SOFTWARE - 9.7%** |  |
| 3944 | Cadence Design Systems, Inc.<sup>(a)</sup> | 1385369 |
| 3100 | Microsoft Corporation | 1605645 |
|  |  | 2991014 |
|  | **SPECIALTY FINANCE - 2.8%** |  |
| 4015 | Capital One Financial Corporation | 853509 |
|  | **TRANSPORTATION & LOGISTICS - 1.9%** |  |
| 2996 | DSV A/S | 596342 |
|  | **WHOLESALE - CONSUMER STAPLES - 5.5%** |  |
| 16288 | Performance Food Group Company<sup>(a)</sup> | 1694604 |
|  | **TOTAL COMMON STOCKS (Cost $28,105,285)** | 30982592 |

---

---

| | | |
|:---|:---|:---|
| **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)** |
| **September 30, 2025** | **September 30, 2025** | **September 30, 2025** |
| **Shares** |  | **Fair Value** |
|  | **SHORT-TERM INVESTMENTS — 4.3%** |  |
|  | **MONEY MARKET FUNDS - 4.3%** |  |
| 1342706 | Goldman Sachs Financial Square Government Fund, Institutional Shares, 4.02% (Cost $1,342,706)<sup>(b)</sup> | $1342706 |
|  | **TOTAL INVESTMENTS - 104.6% (Cost $29,447,991)** | $32325298 |
|  | **LIABILITIES IN EXCESS OF OTHER ASSETS - (4.6)%** | (1443166) |
|  | **NET ASSETS - 100.0%** | $30882132 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;ADR | &nbsp;&nbsp;&nbsp;American Depositary Receipt |
| &nbsp;&nbsp;&nbsp;A.G. | &nbsp;&nbsp;&nbsp;Akiengesellschaft |
| &nbsp;&nbsp;&nbsp;A/S | &nbsp;&nbsp;&nbsp;Aktieselskab |
| &nbsp;&nbsp;&nbsp;PLC | &nbsp;&nbsp;&nbsp;Public Limited Company |
| &nbsp;&nbsp;&nbsp;S.A. | &nbsp;&nbsp;&nbsp;Société Anonyme |

---

<sup>(a)</sup> Non-income producing security. <br> <sup>(b)</sup> Rate disclosed is the seven day effective yield as of September 30, 2025.

## 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:** 2025-09-30

**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:** $33399312.62

**Total Liabilities:** $2517180.29

**Net Assets:** $30882132.33

**Cash Not Reported:** $4946.86

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254615 | 2.24%                | -1.10%               | 3.32%                |
| Class ID C000254614 | 2.33%                | -1.09%               | 3.32%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-17403.69               | $603505.16                                 |
| Month 2  | $39724.59                | $-321725.90                                |
| Month 3  | $-117732.20              | $971502.61                                 |

### 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        |     19259 | NS      | $2011602.55   | 6.51%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | CURRENCY CONTRACT - EUR | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |    101858 | NC      | $93.30        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Taiwan Semiconductor Manufacturing Co., Ltd. | TAIWAN SEMIC-ADR        | CUSIP: 874039100<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |      5080 | NS      | $1418793.20   | 4.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cadence Design Systems, Inc.                 | CADENCE DESIGN          | CUSIP: 127387108<br>LEI: GCT7RXJOGLXPV0NXZY22 | Long             | EC               | CORP              | US        |      3944 | NS      | $1385369.44   | 4.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Performance Food Group Co.                   | PERFORMANCE FOOD        | CUSIP: 71377A103<br>LEI: 549300EUK8GR9IT1YK57 | Long             | EC               | CORP              | US        |     16288 | NS      | $1694603.52   | 5.49%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | CURRENCY CONTRACT - GBP | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |     93529 | NC      | $93.70        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Broadcom Inc                                 | BROADCOM INC            | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      4420 | NS      | $1458202.20   | 4.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc                           | META PLATFORMS-A        | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      2049 | NS      | $1504744.62   | 4.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Autozone, Inc.                               | AUTOZONE INC            | CUSIP: 053332102<br>LEI: GA3JGKJ41LJKXDN23E90 | Long             | EC               | CORP              | US        |       449 | NS      | $1926317.76   | 6.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Trust                          | GS-GOVT-FST             | CUSIP: 38141W273<br>LEI: S2FHCT8U6D2VORP0J605 | Long             | STIV             | RF                | US        |   1342706 | PA      | $1342706.19   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp.                              | MICROSOFT CORP          | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      3100 | NS      | $1605645.00   | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Live Nation Entertainment, Inc.              | LIVE NATION ENTE        | CUSIP: 538034109<br>LEI: 5493007B9BM9ZXJINO78 | Long             | EC               | CORP              | US        |      9868 | NS      | $1612431.20   | 5.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Coupang Inc.                                 | COUPANG INC             | CUSIP: 22266T109<br>LEI: 549300XR4L1D80AK4W76 | Long             | EC               | CORP              | US        |     51102 | NS      | $1645484.40   | 5.33%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | CURRENCY CONTRACT - GBP | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |     59076 | NC      | $58.31        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Erste Group Bank AG                          | ERSTE GROUP BANK        | CUSIP: A19494102<br>LEI: PQOH26KWDF7CG10L6792 | Long             | EC               | CORP              | AT        |      5678 | NS      | $555083.78    | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com, Inc.                             | AMAZON.COM INC          | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |      5640 | NS      | $1238374.80   | 4.01%             |  |  |  | No            |                  1 | On Loan: No      |
| N/A                                          | CURRENCY CONTRACT - EUR | CUSIP: N/A<br>LEI: N/A                        | N/A              | DFE              | CORP              | N/A       |     15230 | NC      | $13.82        | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Rolls-Royce Holdings PLC                     | ROLLS-ROYCE HOLD        | CUSIP: G76225104<br>LEI: 213800EC7997ZBLZJH69 | Long             | EC               | CORP              | GB        |    174972 | NS      | $2803132.47   | 9.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Evercore Inc                                 | EVERCORE INC            | CUSIP: 29977A105<br>LEI: 529900P6KLPT95DW3W58 | Long             | EC               | CORP              | US        |      4395 | NS      | $1482521.40   | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Comfort Systems USA Inc.                     | COMFORT SYSTEMS         | CUSIP: 199908104<br>LEI: 5299009DT1ZA5HTU6R38 | Long             | EC               | CORP              | US        |      1828 | NS      | $1508429.04   | 4.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Prudential PLC                               | Prudential PLC          | CUSIP: G72899100<br>LEI: 5493001Z3ZE83NGK8Y12 | Long             | EC               | CORP              | GB        |    129407 | NS      | $1813579.52   | 5.87%             |  |  |  | No            |                  1 | On Loan: No      |
| DSV AS                                       | DSV A/S                 | CUSIP: K31864117<br>LEI: 529900X41C0BSLK67H70 | Long             | EC               | CORP              | DK        |      2996 | NS      | $596342.09    | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Rheinmetall AG                               | RHEINMETALL AG          | CUSIP: D65111102<br>LEI: 5299001OU9CSE29O6S05 | Long             | EC               | CORP              | DE        |       601 | NS      | $1401410.59   | 4.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Crane Co.                                    | CRANE CO                | CUSIP: 224408104<br>LEI: 5493000CQRQOTHUODL75 | Long             | EC               | CORP              | US        |      6708 | NS      | $1235211.12   | 4.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Capital One Financial Corp.                  | CAPITAL ONE FINA        | CUSIP: 14040H105<br>LEI: ZUE8T73ROZOF6FLBAR73 | Long             | EC               | CORP              | US        |      4015 | NS      | $853508.70    | 2.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Banco Santander, S.A.                        | BANCO SANTANDER         | CUSIP: E19790109<br>LEI: 5493006QMFDDMYWIAM13 | Long             | EC               | CORP              | ES        |    118136 | NS      | $1231803.70   | 3.99%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-28

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

**Signature:** James Colantino

**Name of Signer:** James Colantino

**Title:** Treasurer