Securities Act File No. 333-131820
ICA No. 811- 21853
As filed with the Securities and Exchange Commission on October 24, 2012
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]
Pre-Effective Amendment No. ____ [ ]
Post-Effective Amendment No. _70 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]
Amendment No. 71 [X]
(Check Appropriate Box or Boxes)
Northern Lights Variable Trust
(Exact Name of Registrant as Specified in Charter)
17605 Wright Street
Omaha, NE 68130
Attention: Michael Miola
(Address of Principal Executive Offices)(Zip Code)
(631) 470-2600
(Registrant's Telephone Number, Including Area Code)
The Corporation Trust Company
Corporate Trust Center
1209 Orange Street
Wilmington, DE 19801
(Name and Address of Agent for Service)
With copies to:
JoAnn M. Strasser, Esq. Thompson Hine LLP 41 South High Street, Suite 1700 Columbus, Ohio 43215 614-469-3265 (phone) 513-241-4771 (fax) |
James P. Ash, Esq. Gemini Fund Services, LLC 450 Wireless Blvd. Hauppauge, New York 11788 (631) 470-2619 (phone) (631) 813-2884 (fax) |
Approximate Date of Proposed Public Offering
It is proposed that this filing will become effective (check appropriate box):
(X)
immediately upon filing pursuant to paragraph (b).
( )
on (date) pursuant to paragraph (b).
( )
60 days after filing pursuant to paragraph (a)(1).
( )
on (date) pursuant to paragraph (a)(1).
( )
75 days after filing pursuant to paragraph (a)(2).
( )
on (date) pursuant to paragraph (a)(2) of Rule 485.
If appropriate check the following box:
( )
this post-effective amendment designates a new effective date for a previously filed post-effective amendment.
This filing relates solely to the Innealta Capital Country Rotation Portfolio and Innealta Capital Sector Rotation Portfolio, each a series of the Trust.
Signatures
Pursuant to the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 70 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Hauppauge, State of New York on this 24th day of October, 2012.
NORTHERN LIGHTS VARIABLE TRUST
Registrant)
/s/ Andrew Rogers
By: Andrew Rogers,
President and Principal Executive Officer
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.
Michael Miola* | Trustee & Chairman | October 24, 2012 |
John V. Palancia* | Trustee | October 24, 2012 |
Gary Lanzen* | Trustee | October 24, 2012 |
Anthony Hertl* | Trustee | October 24, 2012 |
Mark Taylor* | Trustee | October 24, 2012 |
/s/ Andrew Rogers Andrew Rogers | President and Principal Executive Officer | October 24, 2012 |
Kevin Wolf* | Treasurer and Principal Accounting Officer | October 24, 2012 |
By: Date:
/s/ James Ash
October 24, 2012
James Ash
*Attorney-in-Fact-Pursuant to Powers of Attorney previously filed on April 7, 2011 to the Registrants Registration Statement in Post-Effective Amendment No. 32, and hereby incorporated by reference.
EXHIBIT INDEX
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Index No. |
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Description of Exhibit |
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EX-101.INS |
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XBRL Instance Document |
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EX-101.SCH |
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XBRL Taxonomy Extension Schema Document |
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EX-101.DEF |
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XBRL Taxonomy Extension Definition Linkbase |
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EX-101.LAB |
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XBRL Taxonomy Extension Labels Linkbase |
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EX-101.PRE |
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XBRL Taxonomy Extension Presentation Linkbase |
Label | Element | Value | ||||||
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Risk/Return [Heading] | rr_RiskReturnHeading | Innealta Capital Sector Rotation Portfolio | ||||||
Objective [Heading] | rr_ObjectiveHeading | Investment Objective. | ||||||
Objective, Primary [Text Block] | rr_ObjectivePrimaryTextBlock | The investment objectives of the Innealta Capital Sector Rotation Portfolio (the “Fund” or “Portfolio”) are capital appreciation and current income, consistent with the preservation of capital. |
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Expense [Heading] | rr_ExpenseHeading | Fees and Expenses of the Fund. | ||||||
Expense Narrative [Text Block] | rr_ExpenseNarrativeTextBlock | This table describes the annual operating expenses that you may |
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Operating Expenses Caption [Text] | rr_OperatingExpensesCaption | Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) | ||||||
Fee Waiver or Reimbursement over Assets, Date of Termination | rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination | 2014-04-30 | ||||||
Portfolio Turnover [Heading] | rr_PortfolioTurnoverHeading | Portfolio Turnover. | ||||||
Portfolio Turnover [Text Block] | rr_PortfolioTurnoverTextBlock | The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs |
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Other Expenses, New Fund, Based on Estimates [Text] | rr_OtherExpensesNewFundBasedOnEstimates | These expenses are based on estimated amounts for the Fund's current fiscal year. | ||||||
Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] | rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees | This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Fund and is not a direct expense incurred by the Fund or deducted from the Fund assets. Since this number does not represent a direct operating expense of the Fund, the operating expenses set forth in the Fund's financial highlights do not include this figure. | ||||||
Expense Example [Heading] | rr_ExpenseExampleHeading | Example. | ||||||
Expense Example Narrative [Text Block] | rr_ExpenseExampleNarrativeTextBlock | This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. |
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Expense Example by, Year, Caption [Text] | rr_ExpenseExampleByYearCaption | The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. However, each insurance contract and separate account involves fees and expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would be higher. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: | ||||||
Strategy [Heading] | rr_StrategyHeading | Principal Investment Strategies. | ||||||
Strategy Narrative [Text Block] | rr_StrategyNarrativeTextBlock | The Innealta Capital Sector Rotation strategy is based on a quantitative The strategy The strategy is binary: the portfolio is either entirely in or out of a sector at any given time, with the potential investment in representative ETFs of each sector equal to 10% of portfolio assets. Individual investments in sectors are thus equally weighted in the portfolio. Each sector is modeled independently and its risk/reward profile is compared to an equal investment in fixed income (the “Fixed Income Portfolio,” to be discussed shortly). If the expected return per unit of risk of a sector is more favorable than that of the Fixed Income Portfolio, the portfolio will invest in the sector. If the expected return per unit of risk of a sector is less favorable than that of the Fixed Income Portfolio, the potential allocation—again, 10% is instead allocated to the Fixed Income Portfolio. Without specific restriction in regard to either metric, the Fixed Income Portfolio aims to generate above average yield with strict risk controls by investing in those fixed income sectors that we believe have strong risk-adjusted performance potential and eligible exchange traded fund representation. The portfolio is operated within a quantitative framework that ensures the portfolio-level yield, modified duration and volatility are strictly controlled. Assets in the Fixed Income Portfolio are apportioned across a spectrum of fixed income segments, that include but are not limited to: sovereign debt, short-term, intermediate-term and long-term U.S. Treasury Bonds; emerging market debt, short-term and intermediate corporate debt, inflation-protected Treasury bonds; high-yield corporate bonds (junk bonds) ; and an aggregate bond proxy. The Adviser This strategy seeks to outperform its benchmark (a composite comprised of Barclays Capital US Aggregate (40%), S&P 500 - Total Return (60%) that is rebalanced quarterly) on a risk-adjusted basis using diversification, active management, style integrity, minimized security selection risk and cost efficiency. The Fund normally intends to invest approximately 98% of its assets in ETFs. A small cash position, generally approximately 2% of the Fund’s assets, will be retained for flexibility, although the Fund reserves the right to invest 100% of its assets in ETFs, or to maintain a larger cash position at any given time. Generally speaking, where the drift from intended allocations exceeds 10%, the Fund rebalances back to target weights on a quarterly basis, although the Fund reserves the right to rebalance more or less frequently, or using drift parameters that are lesser or greater than 10% from the target allocation. The Adviser may allocate the Portfolio’s assets between the Sector Allocation Portfolio and Fixed Income Portfolio without limitation, meaning up to 100% of the portfolio could be invested in either. The Fund could be 100% invested in equities ETFs if the Adviser were to find |
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Risk [Heading] | rr_RiskHeading | Principal Risks. | ||||||
Risk Narrative [Text Block] | rr_RiskNarrativeTextBlock | Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. The Fund is not intended to be a complete investment program. The principal risks of investing in the Fund are: · General Risk. Domestic economic growth and market conditions, interest rate levels, and political events are among the factors affecting the securities markets in which the Fund invests. There is risk that these and other factors may adversely affect the Fund’s performance. You could lose money by investing in the Fund. · Exchange Traded Funds Risk. Investment in an exchange traded fund (ETF) carries security specific risk and the market risk. Each ETF is designed to track an underlying index, as specified by the sponsor of such ETF. Also, if the area of the market representing the underlying index or benchmark does not perform as expected for any reason, the value of the investment in the ETF may decline. In addition, due to transactions via market prices rather than at net asset value, the performance of an ETF may not completely replicate the performance of the underlying index. · Equity Securities Risk. The Fund invests in ETFs that hold common stock, which subjects the Fund and its shareholders to the risks associated with common stock investing. Overall stock market risks may affect the value of the Fund. Factors such as domestic economic growth and market conditions, interest rate levels, and political events affect the securities markets. When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money. · Fixed Income Securities Risk. When the Fund invests in ETFs that own fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and thus the value of ETFs that own fixed income securities. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than the market price of shorter-term securities. · High Yield Risk. The Fund invests in ETFs that hold high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) which may be subject to greater levels of credit and liquidity risk than funds that do not invest in such securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments. An economic downturn or period of rising interest rates could adversely affect the market for these securities and reduce the Fund’s ability to sell these securities (liquidity risk). If the issuer of a security is in default with respect to interest or principal payments, the Fund may lose its entire investment. · Small and Medium Sized Companies Risk. To the extent the Fund invests in ETFs that invest in the stocks of small and medium capitalization companies, · Growth Risk. The Fund may invest in ETFs that invest in companies /sectors that appear to be growth oriented. · Fund of Funds Risk. The Fund is a “fund of funds,” a term typically used to describe an investment company whose principal investment strategy involves investing in other investment companies, such as ETFs. The cost of investing in the Fund will generally be higher than the cost of investing directly in ETFs or other investment company shares. Investors in the Fund will indirectly bear fees and expenses charged by the ETFs in which a Fund invests in addition to the Fund’s direct fees and expenses. The Fund also will incur brokerage costs when it purchases ETFs. The ETFs in which the Fund invests will not be able to replicate exactly the performance of the benchmarks they track because of transaction costs incurred in adjusting the actual balance of the securities and because the ETFs will incur expenses not incurred by their applicable benchmarks. · Emerging Markets Risk. Investments in fixed income ETFs which invest in emerging markets instruments involve greater risks than investing in foreign instruments in general. Risks of investing in ETFs which invest in emerging market countries include political or social upheaval, nationalization of businesses, restrictions on foreign ownership and prohibitions on the repatriation of assets and risks from an economy’s dependence on revenues from particular commodities or industries. In addition, currency transfer restrictions, limited potential buyers for such instruments, delays and disruption in settlement procedures and illiquidity or low volumes of transactions may make exits difficult or impossible at times. · Value Investing Risk. Value investing attempts to identify sectors/ companies selling at a discount to their intrinsic value. Value investing is subject to the risk that a company’s intrinsic value may never be fully realized by the market or that a sector/ company judged by the Adviser to be undervalued may actually be appropriately priced. · Foreign Risk. To the extent the Fund invests in fixed income ETFs which invest in foreign securities, · Portfolio Turnover Risk. The Fund may engage in short-term trading to try to achieve its objective and may have portfolio turnover rates significantly in excess of 100%. Increased portfolio turnover may cause the Fund to incur higher brokerage costs, which may adversely affect the Fund’s performance · Sector Risk. Sector risk is the possibility that all stocks within the same group of industries will decline in price due to sector-specific market or economic developments. The Fund may be overweight in certain sectors at various times. · Limited Operating History. The Fund is a new enterprise with no operating history. Accordingly, an investment in the Fund entails a high degree of risk. There can be no assurance that the Fund and the Adviser will achieve the Fund’s investment objective. · Interest Rate Risk. The risks associated with the Fund include interest rate risk, which means that the prices of the Fund’s investments are likely to fall if interest rates rise. · Management Risk. Management risk is the risk that the quantitative models and investment process utilized by the |
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Risk Lose Money [Text] | rr_RiskLoseMoney | Remember that in addition to possibly not achieving your investment goals, you could lose money by investing in the Fund. | ||||||
Bar Chart and Performance Table [Heading] | rr_BarChartAndPerformanceTableHeading | Performance. | ||||||
Performance Narrative [Text Block] | rr_PerformanceNarrativeTextBlock | Because the Fund has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table |
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Performance One Year or Less [Text] | rr_PerformanceOneYearOrLess | Because the Fund has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Fund at this time. | ||||||
Performance Availability Phone [Text] | rr_PerformanceAvailabilityPhone | 1-855-873-3837 | ||||||
Innealta Capital Sector Rotation Portfolio Class 1 Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||||
Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | none | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.42% | [1] | |||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.23% | [2] | |||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.65% | ||||||
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.18%) | ||||||
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | rr_NetExpensesOverAssets | 1.47% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 150 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 503 | ||||||
Innealta Capital Sector Rotation Portfolio Class 2 Shares
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Risk/Return: | rr_RiskReturnAbstract | |||||||
Management Fees | rr_ManagementFeesOverAssets | 1.00% | ||||||
Distribution and Service (Rule 12b-1) Fees | rr_DistributionAndService12b1FeesOverAssets | 0.25% | ||||||
Other Expenses | rr_OtherExpensesOverAssets | 0.42% | [1] | |||||
Acquired Fund Fees and Expenses | rr_AcquiredFundFeesAndExpensesOverAssets | 0.23% | [2] | |||||
Total Annual Fund Operating Expenses | rr_ExpensesOverAssets | 1.90% | ||||||
Fee Waiver/Expense Reimbursement | rr_FeeWaiverOrReimbursementOverAssets | (0.18%) | ||||||
Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | rr_NetExpensesOverAssets | 1.72% | [3] | |||||
Expense Example, with Redemption, 1 Year | rr_ExpenseExampleYear01 | 175 | ||||||
Expense Example, with Redemption, 3 Years | rr_ExpenseExampleYear03 | 580 | ||||||
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