0000910472-13-002126.txt : 20130528 0000910472-13-002126.hdr.sgml : 20130527 20130528154551 ACCESSION NUMBER: 0000910472-13-002126 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130528 DATE AS OF CHANGE: 20130528 EFFECTIVENESS DATE: 20130528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Variable Trust CENTRAL INDEX KEY: 0001352621 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-131820 FILM NUMBER: 13875007 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Variable Trust CENTRAL INDEX KEY: 0001352621 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21853 FILM NUMBER: 13875008 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 0001352621 S000040836 TOPS Managed Risk Flex ETF Portfolio C000126627 TOPS Managed Risk Flex ETF Portfolio 485BPOS 1 f485bxbrl.htm 485BPOS GemCom, LLC

Securities Act File No. 333-131820

ICA No. 811- 21853


As filed with the Securities and Exchange Commission on May 28 , 2013


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.   _ 99 [X]


and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  [   ]


Amendment No.                             100                                            [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

80 Arkay Drive, Suite 110.

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 TOPS Managed Risk Flex ETF Portfolio, 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. 99 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 28th day of May, 2013.


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


May 28, 2013


John V. Palancia*


Trustee


May 28, 2013


Gary Lanzen*


Trustee


May 28, 2013

 

Anthony Hertl*


Trustee


May 28, 2013

 

Mark Taylor*


Trustee


May 28, 2013


/s/ Andrew Rogers

Andrew Rogers


President and Principal Executive Officer


May 28, 2013


Kevin Wolf*


Treasurer and Principal Accounting Officer


May 28, 2013



By:                                     Date:

/s/ James Ash     

May 28, 2013

James Ash

*Attorney-in-Fact-Pursuant to Powers of Attorney previously filed on April 7, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 32, and hereby incorporated by reference.


EXHIBIT INDEX

 

Index No.

 

Description of Exhibit

EX-101.INS

 

XBRL Instance Document

EX-101.SCH

 

XBRL Taxonomy Extension Schema Document

EX-101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

 

XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

 

XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase




EX-101.INS 2 nlvt-20130522.xml 0001352621 2013-05-22 2013-05-22 0001352621 nlvt:S000040836Member 2013-05-22 2013-05-22 0001352621 nlvt:S000040836Member nlvt:C000126627Member 2013-05-22 2013-05-22 iso4217:USD xbrli:pure 485BPOS 2012-12-31 Northern Lights Variable Trust 0001352621 false nlvt 2013-05-22 2013-05-22 2013-05-22 <p style="margin: 0px"><b>TOPS<sup>&#174;</sup> Managed Risk Flex ETF Portfolio</b></p> <p style="margin: 0px"><b>Investment Objectives:</b></p> <p style="margin: 0px">The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.</p> <p style="margin: 0px"><b>Fees and Expenses of the Portfolio:</b></p> <p style="margin: 0px"> This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio. However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus. If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher. You should review the insurance contract prospectus for a complete description of fees and expenses. In the table below, Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.</p> <p style="margin: 0px"><b>Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</p> <p style="margin: 0px"><b>Example:</b></p> <p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> <p style="margin: 6px">The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. You would pay the same expenses if you did not redeem your shares. 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 Portfolio&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p> <p style="margin: 0px"><b>Portfolio Turnover:</b></p> <p style="margin: 0px">Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; its portfolio). These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio&#146;s performance. A higher portfolio turnover rate may indicate higher transaction costs.</p> <p style="margin: 0px"><b>Principal Investment Strategies:</b></p> <p style="margin: 0px">The Portfolio employs a fund-of-funds structure pursuant to which, under normal market conditions, at least 80% of its assets in exchange-traded funds (&#147;ETFs&#148;). The Portfolio also employs exchange-traded futures contracts to hedge market risk and reduce return volatility (i.e., the range in which the Portfolio&#146;s return fluctuates over time) . Each ETF included in the Portfolio invests primarily in securities representing one of the following asset class:</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px 0px 0px 20pt">&#149; U.S. Government Fixed Income Securities</p> <p style="margin: 0px 0px 0px 20pt">&#149; U.S. Corporate Fixed Income Securities</p> <p style="margin: 0px 0px 0px 20pt">&#149; U.S. Common and Preferred Stocks</p> <p style="margin: 0px 0px 0px 20pt">&#149; Foreign Common and Preferred Stocks</p> <p style="margin: 0px 0px 0px 20pt">&#149; U.S. Real Estate-Related Securities (&#147;REITS&#148;)</p> <p style="margin: 0px 0px 0px 20pt">&#149; U.S. Natural Resource-Related Securities</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. No more than 15% of the portfolio will be allocated to fixed income ETFs with an average portfolio credit quality below investment grade (commonly referred to as &#147;junk bond&#148; credit quality). The Portfolio defines investment grade credit quality as Baa3 or higher by Moody&#146;s Investors Service or BBB- or higher by Standard and Poor&#146;s Rating Group. The Portfolio invests in common and preferred stock ETFs without restriction as to underlying issuer country, capitalization or currency. The Portfolio invests in REIT ETFs and Natural Resource ETFs without restriction as to underlying issuer capitalization.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Portfolio&#146;s adviser seeks to achieve the Portfolio&#146;s investment objectives by allocating assets and selecting individual ETFs using the adviser&#146;s TOPS&#174; (The Optimized Portfolio System) methodology. The TOPS&#174; methodology utilizes multiple asset classes in an effort to enhance performance and/or reduce risk (as measured by return volatility). Under normal market conditions, the Portfolio invests at least 25% of its assets in equity ETFs and at least 20% of its assets in fixed income ETFs. However, to achieve the Portfolio&#146;s income aspect of the Portfolio&#146;s investment objectives, the adviser may allocate up to 70% of Portfolio assets to fixed income ETFs. To achieve the capital appreciation aspect of the Portfolio&#146;s investment objectives, the adviser may allocate up to 80% of Portfolio assets to a combination of equity ETFs, REIT ETFs and natural resource ETFs. Furthermore, the adviser selects some equity ETFs that are composed of value stocks. The adviser expects value stocks, those with a better than average price-to-earnings ratio, to have returns that are less volatile than the equity market as a whole.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The adviser selects individual ETFs that it believes are representative of an asset class, have relatively low expenses and/or relatively high returns when compared to a peer group of ETFs. The adviser sells individual ETFs to rebalance asset allocation or to purchase a substitute ETF with a higher expected return or lower risk profile.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Portfolio&#146;s adviser seeks to reduce return volatility by employing a sub-adviser to execute the portfolio &#147;protection&#148; strategy. The sub-adviser&#146;s protection strategy consists of using hedge instruments (short positions in exchange-traded futures contracts) to protect the majority of the Portfolio&#146;s securities. The sub-adviser selects individual futures contracts that it believes will have prices that are highly correlated (negatively) to the Portfolio&#146;s ETF positions. The sub-adviser adjusts short futures positions to manage overall net Portfolio risk exposure. During periods of rising security prices, the amount of futures contracts will ratchet upwards to help preserve gains on the Portfolio&#146;s ETF positions. During a market decline, the expectation is that the value of the Portfolio&#146;s ETF securities will decrease while the futures contracts will increase in value. Following declines, a downside rebalancing strategy will be used to decrease the amount of futures contracts used to protect the Portfolio. The sub-adviser also adjusts short futures positions to realign individual hedges when the adviser rebalances the Portfolio&#146;s asset allocation profile. Depending on market conditions, scenarios may occur where the portfolio has no long or short position in any futures contracts.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Portfolio and the adviser have requested that the Securities and Exchange Commission grant an order that allows the adviser to hire a new sub-adviser or sub-advisers without shareholder approval. Until that order is granted, shareholder approval is required if the adviser hires a new sub-adviser or sub-advisers. However, there is no guarantee that such an order will be issued.</p> <p style="margin: 0px"><b>Principal Investment Risks:</b></p> <p style="margin: 0px"><b><i>As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio&#146;s net asset value and performance.</i></b></p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The following risks apply to the Portfolio through its investments in ETFs and futures.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Credit Risk:</i> Issuers might not make payments on debt securities, resulting in losses. Credit quality of securities may be lowered if an issuer's financial condition changes, also resulting in losses. </p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Emerging Market Risk:</i> In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues. </p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>ETF Risk:</i> The cost of investing in the Portfolio will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Fixed Income Risk:</i> The value of bonds and other fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Foreign Currency Risk:</i> Foreign equity securities denominated in non-US dollar currencies will subject the Portfolio to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Foreign Investment Risk:</i> Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Futures Risk:</i> Futures contract short positions may not provide an effective hedge because changes in futures contract prices may not track those of the ETFs they are intended to hedge. Futures create leverage, which can magnify the Portfolio&#146;s potential for gain or loss and, therefore, amplify the effects of market volatility on the Portfolio&#146;s share price.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Junk Bond Risk:</i> Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio&#146;s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio&#146;s share price.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Limited History of Operation:</i> The Portfolio is a new mutual fund and has a limited history of operation for investors to evaluate.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Management Risk:</i> The adviser's dependence on the TOPS&#174; methodology and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and futures in which the Portfolio invests may prove to be incorrect and may not produce the desired results. The sub-adviser's portfolio protection strategy may not effectively protect the Portfolio from market declines and will limit the Portfolio&#146;s participation in market gains.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Market Risk:</i> Overall securities market risks may affect the value of futures and individual ETFs. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the securities and futures markets.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Natural Resource Risk:</i> Exposure to companies primarily engaged in the natural resource markets may subject the Portfolio to greater volatility than the securities market as a whole. Natural resource companies are affected by commodity price volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Real Estate Risk:</i> Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. REIT performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">&#149;<i>Small and Medium Capitalization Stock Risk:</i> The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><u>Who Should Invest in the Portfolio?</u></p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The adviser believes the Portfolio is appropriate for investors with intermediate-term to long-term investment horizons who seek to balance out a desire for investment returns with a desire for lower levels of risk than typically found in funds with medium-to-aggressive asset allocation.</p> <p style="margin: 0px"><b>Performance:</b></p> <p style="margin: 0px">Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.</p> 0.0030 0.0045 0.0010 0.0026 0.0111 <div style="display: none">~ http://northernlights.com/role/OperatingExpensesData column period compact * column dei_LegalEntityAxis compact nlvt_S000040836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> 113 353 <div style="display: none">~ http://northernlights.com/role/ExpenseExample column period compact * column dei_LegalEntityAxis compact nlvt_S000040836Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <p style="margin: 0px">The Portfolio employs a fund-of-funds structure pursuant to which, under normal market conditions, at least 80% of its assets in exchange-traded funds (&#147;ETFs&#148;).</p> <p style="margin: 0px">As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio.</p> <p style="margin: 0px">Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time.</p> Other expenses are contractually limited to 0.10%. The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights because the financial statements include only the direct operating expenses incurred by the Portfolio. EX-101.SCH 3 nlvt-20130522.xsd 0004 - Document - Risk/Return Summary {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 0005 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 0006 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 0007 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 0008 - Schedule - Expense Example, No Redemption {Transposed} link:presentationLink link:calculationLink link:definitionLink 0009 - Schedule - Annual Total Returns link:presentationLink link:calculationLink link:definitionLink 0010 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 0011 - Document - Risk/Return Detail {Unlabeled} link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 nlvt-20130522_cal.xml EX-101.DEF 5 nlvt-20130522_def.xml EX-101.LAB 6 nlvt-20130522_lab.xml TOPS Managed Risk Flex ETF Portfolio Legal Entity [Axis] TOPS Managed Risk Flex ETF Portfolio Share Class [Axis] Prospectus: [Table] Prospectus [Line Items] Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Amendment Description Trading Symbol Document Creation Date Document Effective Date Prospectus Date Risk/Return [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Secondary [Text Block] Expense [Heading] Expense Narrative [Text Block] Shareholder Fees Caption [Text] Shareholder Fees Column [Text] Maximum Cumulative Sales Charge (as a percentage of Offering Price) Maximum Cumulative Sales Charge (as a percentage) Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage of Offering Price) Maximum Deferred Sales Charge (as a percentage) Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage) Redemption Fee (as a percentage of Amount Redeemed) Redemption Fee Exchange Fee (as a percentage of Amount Redeemed) Exchange Fee Maximum Account Fee (as a percentage of Assets) Maximum Account Fee Shareholder Fee, Other Operating Expenses Caption [Text] Operating Expenses Column [Text] Management Fees (as a percentage of Assets) Distribution and Service (12b-1) Fees Distribution or Similar (Non 12b-1) Fees Component1 Other Expenses Component2 Other Expenses Component3 Other Expenses Other Expenses (as a percentage of Assets): Acquired Fund Fees and Expenses Expenses (as a percentage of Assets) Fee Waiver or Reimbursement Net Expenses (as a percentage of Assets) Fee Waiver or Reimbursement over Assets, Date of Termination Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Portfolio Turnover, Rate Expense Footnotes [Text Block] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expense Breakpoint Discounts [Text] Expense Breakpoint, Minimum Investment Required [Amount] Expense Exchange Traded Fund Commissions [Text] Expenses Represent Both Master and Feeder [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Other Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Other Expenses Had Extraordinary Expenses Been Included [Text] Expenses Restated to Reflect Current [Text] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expense Example [Heading] Expense Example by Year [Heading] Expense Example Narrative [Text Block] Expense Example by, Year, Caption [Text] Expense Example, with Redemption, 1 Year Expense Example, with Redemption, 3 Years Expense Example, with Redemption, 5 Years Expense Example, with Redemption, 10 Years Expense Example, No Redemption Narrative [Text Block] Expense Example, No Redemption, By Year, Caption [Text] Expense Example, No Redemption, 1 Year Expense Example, No Redemption, 3 Years Expense Example, No Redemption, 5 Years Expense Example, No Redemption, 10 Years Expense Example Footnotes [Text Block] Expense Example Closing [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Strategy Portfolio Concentration [Text] Risk [Heading] Risk Narrative [Text Block] Risk Footnotes [Text Block] Risk Closing [Text Block] Risk Lose Money [Text] Risk Nondiversified Status [Text] Risk Money Market Fund [Text] Risk Not Insured Depository Institution [Text] Risk Caption Risk Column [Text] Risk [Text] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Performance Information Illustrates Variability of Returns [Text] Performance One Year or Less [Text] Performance Additional Market Index [Text] Performance Availability Phone [Text] Performance Availability Website Address [Text] Performance Past Does Not Indicate Future [Text] Bar Chart [Heading] Bar Chart Narrative [Text Block] Bar Chart Does Not Reflect Sales Loads [Text] Annual Return Caption [Text] Annual Return, Column [Text] Annual Return, Inception Date Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 Bar Chart Footnotes [Text Block] Bar Chart Closing [Text Block] Bar Chart, Reason Selected Class Different from Immediately Preceding Period [Text] Bar Chart, Returns for Class Not Offered in Prospectus [Text] Year to Date Return, Label Bar Chart, Year to Date Return, Date Bar Chart, Year to Date Return Highest Quarterly Return, Label Highest Quarterly Return, Date Highest Quarterly Return Lowest Quarterly Return, Label Lowest Quarterly Return, Date Lowest Quarterly Return Performance Table Heading Performance Table Does Reflect Sales Loads Performance Table Market Index Changed Index No Deduction for Fees, Expenses, Taxes [Text] Performance Table Uses Highest Federal Rate Performance Table Not Relevant to Tax Deferred Performance Table One Class of after Tax Shown [Text] Performance Table Explanation after Tax Higher Performance Table Narrative Performance Table Footnotes, Reason Performance Information for Class Different from Immediately Preceding Period [Text] Performance Table Footnotes Performance Table Closing [Text Block] Caption Column Label 1 Year 5 Years 10 Years Since Inception Inception Date Money Market Seven Day Yield, Caption [Text] Money Market Seven Day Yield Column [Text] Money Market Seven Day Yield Phone Money Market Seven Day Yield Money Market Seven Day Tax Equivalent Yield Thirty Day Yield Caption Thirty Day Yield Column [Text] Thirty Day Yield Phone Thirty Day Yield Thirty Day Tax Equivalent Yield Shareholder Fees [Table] Annual Fund Operating Expenses [Table] Expense Example, With Redemption [Table] Expense Example, No Redemption [Table] Bar Chart [Table] Performance [Table] Market Index Performance [Table] Shareholder Fees: Management Fees Other Expenses Total Annual Portfolio Operating Expenses Expense Example, By Year, Column [Text] 1 Year 3 Years 5 Years 10 Years Expense Example, No Redemption: Expense Example, No Redemption, By Year, Column [Text] Bar Chart Table: Average Annual Return: Risk/Return: Risk/Return Detail [Table] TOPS Managed Risk Flex ETF Portfolio. TOPS Managed Risk Flex ETF Portfolio C000126627Member EX-101.PRE 7 nlvt-20130522_pre.xml XML 8 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } EXCEL 9 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%\S969B,F0Q.5\V-31F7S0S.61?8C`Y95]B.3$X M,C@S9#%B8S0B#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D/@T*("`\8F]D>3X-"B`@ M(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D('=I=&@@36EC'1087)T7S-E9F(R9#$Y7S8U-&9?-#,Y9%]B,#EE7V(Y M,3@R.#-D,6)C-`T*0V]N=&5N="U,;V-A=&EO;CH@9FEL93HO+R]#.B\S969B M,F0Q.5\V-31F7S0S.61?8C`Y95]B.3$X,C@S9#%B8S0O5V]R:W-H965T'0O:F%V87-C3X-"B`@("`\=&%B;&4@8VQA M6QE/3-$)VUA'0^/'`@6QE/3-$)VUA2!T:&%N('1H92!F:7AE9"!I;F-O M;64@86YD(&5Q=6ET>2!M87)K971S(&%S(&$@=VAO;&4N/"]P/CQS<&%N/CPO M6QE/3-$)VUA'!E;G-E'0^ M/'`@'!E;G-E2!P87D@:68@>6]U(&EN=F5S="!I;B!T:&4@4&]R=&9O;&EO M('1H6]U6]U(&%L;&]C M871E('EO=7(@:6YS=7)A;F-E(&-O;G1R86-T('!R96UI=6US(&]R('!A>6UE M;G1S('1O('1H92!0;W)T9F]L:6\N("!(;W=E=F5R+"!E86-H(&EN'!E;G-E'!E;G-E'!E;G-E'!E;G-E'0^/'`@'!E;G-E6]U'!E;G-E'!E;G-E M2!T:&4@9&ER96-T(&]P97)A=&EN9R!E>'!E;G-E M2!T:&4@4&]R=&9O;&EO+CPO=&0^#0H@("`@("`@("`@ M("`\+W1R/@T*("`@("`@("`@(#PO=&%B;&4^/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'`@"<^5&AI&%M<&QE M(&ES(&EN=&5N9&5D('1O(&AE;'`@>6]U(&-O;7!A"<^5&AE($5X86UP;&4@87-S=6UE6]U(&1I9"!N;W0@6]U&%M<&QE(&%L'!E;G-E"!%5$8@4&]R=&9O;&EO/"]T9#X-"B`@("`@("`@("`@("`@/'1D(&-L M87-S/3-$;G5M<#XQ,3,\"<^/&(^4&]R=&9O;&EO(%1U'0^/'`@&%M<&QE+"!A9F9E8W0@=&AE M(%!O2!I;F1I8V%T92!H:6=H97(@=')A;G-A M8W1I;VX@8V]S=',N/"]P/CQS<&%N/CPO6QE/3-$)VUA'0^/'`@"<^)B,Q-C`[/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XZ M(#!P>"`P<'@@,'!X(#(P<'0G/B8C,30Y.R!5+E,N($=O=F5R;FUE;G0@1FEX M960@26YC;VUE(%-E8W5R:71I97,\+W`^#0H-"CQP('-T>6QE/3-$)VUA"`P<'@@,C!P="<^)B,Q-#D[(%4N4RX@0V]R<&]R871E($9I M>&5D($EN8V]M92!396-U"`R,'!T)SXF(S$T.3L@1F]R96EG;B!#;VUM;VX@86YD(%!R M969E6QE/3-$)VUA"`P<'@@,C!P="<^)B,Q-#D[(%4N4RX@4F5A;"!%6QE/3-$)VUA"`P<'@@,C!P="<^)B,Q-#D[(%4N4RX@ M3F%T=7)A;"!297-O=7)C92U296QA=&5D(%-E8W5R:71I97,\+W`^#0H-"CQP M('-T>6QE/3-$)VUA6QE M/3-$)VUA&5D(&EN8V]M92!%5$9S('1O('1H;W-E('=I=&@@86X@ M879E2!O9B`R,"!Y96%R2!I;B!%5$9S('=I=&@@879E&5D(&EN8V]M92!%5$9S('=I=&@@86X@879E6EN M9R!I2P@8V%P:71A;&EZ871I;VX@;W(@8W5RF%T:6]N+CPO<#X-"@T*/'`@F5S M(&UU;'1I<&QE(&%S2!R971U2DN(%5N9&5R(&YO&5D(&EN8V]M92!%5$9S+B!4;R!A8VAI M979E('1H92!C87!I=&%L(&%P<')E8VEA=&EO;B!A'!E8W1S('9A M;'5E('-T;V-K2!M87)K970@87,@ M82!W:&]L92X\+W`^#0H-"CQP('-T>6QE/3-$)VUA6QE/3-$)VUA'!E;G-E2!H:6=H(')E M='5R;G,@=VAE;B!C;VUP87)E9"!T;R!A('!E97(@9W)O=7`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`^ M#0H-"CQP('-T>6QE/3-$)VUA6QE/3-$)VUA2P@ M9W)E871E2!A;F0@9&EF9F5R:6YG(&%U9&ET:6YG(&%N9"!L96=A;"!S=&%N9&%R9',N M/"]P/@T*#0H\<"!S='EL93TS1"=M87)G:6XZ(#!P>"<^)B,Q-C`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`@'0^/'`@7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA5)E9VES=')A;G1.86UE/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&5X=#Y.;W)T:&5R;B!,:6=H=',@5F%R:6%B;&4@5')U M4-E;G1R86Q);F1E>$ME>3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,3,U,C8R,3QS<&%N/CPO'0^9F%L6UB;VP\+W1D/@T*("`@("`@("`\=&0@8VQA2`R,BP-"@D),C`Q,SQS<&%N/CPO6QE/3-$)VUA M'0^/'`@6QE/3-$)VUA2!T:&%N('1H92!F:7AE M9"!I;F-O;64@86YD(&5Q=6ET>2!M87)K971S(&%S(&$@=VAO;&4N/"]P/CQS M<&%N/CPO'!E;G-E2&5A M9&EN9SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@6QE/3-$ M)VUA6]U'!E;G-E'1=/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$=&@^"<^/&(^06YN=6%L(%!O6]U('!A>2!E86-H('EE87(@87,@82!P97)C96YT M86=E(&]F('1H92!V86QU92!O9B!Y;W5R(&EN=F5S=&UE;G0I/"]P/CQS<&%N M/CPO'0^/'`@"<^4&]R=&9O;&EO(%1U7,@86YD('-E;&QS('-E8W5R:71I97,@*&]R M("8C,30W.W1U'!E;G-E($5X86UP;&4@6TAE861I;F==/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$=&@^"<^/&(^17AA;7!L93H\+V(^/"]P/CQS<&%N/CPO&%M<&QE($YA'!E;G-E17AA;7!L94YA'1";&]C:SPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'`@'!E;G-E($5X M86UP;&4@8GDL(%EE87(L($-A<'1I;VX@6U1E>'1=/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$=&@^5EE87)#87!T:6]N M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&5X=#X\<"!S='EL93TS1"=M M87)G:6XZ(#9P>"<^5&AE($5X86UP;&4@87-S=6UE6]U(&1I9"!N;W0@&%M<&QE+B`@268@ M=&AE6]U&%M<&QE(&%L'!E;G-E"<^/&(^ M4')I;F-I<&%L($EN=F5S=&UE;G0@4W1R871E9VEE"<^5&AE(%!O M7,@97AC:&%N9V4M=')A9&5D(&9U='5R97,@8V]N=')A8W1S M('1O(&AE9&=E(&UA2!I;B!S96-U"<^)B,Q-C`[/"]P/@T*/'`@"`R,'!T)SXF(S$T.3L@52Y3+B!';W9E&5D($EN8V]M92!3 M96-U"`R,'!T)SXF(S$T.3L@52Y3+B!#;W)P;W)A=&4@1FEX960@26YC;VUE(%-E M8W5R:71I97,\+W`^#0H\<"!S='EL93TS1"=M87)G:6XZ(#!P>"`P<'@@,'!X M(#(P<'0G/B8C,30Y.R!5+E,N($-O;6UO;B!A;F0@4')E9F5R6QE/3-$)VUA"`P<'@@,C!P="<^ M)B,Q-#D[($9O"`R,'!T)SXF(S$T M.3L@52Y3+B!296%L($5S=&%T92U296QA=&5D(%-E8W5R:71I97,@*"8C,30W M.U)%2513)B,Q-#@[*3PO<#X-"CQP('-T>6QE/3-$)VUA"`P<'@@,C!P="<^)B,Q-#D[(%4N4RX@3F%T=7)A;"!297-O=7)C92U296QA M=&5D(%-E8W5R:71I97,\+W`^#0H\<"!S='EL93TS1"=M87)G:6XZ(#!P>"<^ M)B,Q-C`[/"]P/@T*/'`@2!O9B!I;G9E2!B96QO=R!I;G9E M2!R969E2!-;V]D>28C,30V.W,@26YV97-T;W)S(%-E2X@5&AE(%!O6QE/3-$)VUAF5D(%!O7-T96TI(&UE=&AO9&]L;V=Y+B!4:&4@5$]04R8C,32!U=&EL:7IE2!% M5$9S('1H870@87)E(&-O;7!O6QE/3-$)VUA'!E;G-E2!H:6=H(')E='5R;G,@=VAE;B!C;VUP87)E9"!T;R!A('!E97(@9W)O M=7`@;V8@151&"<^)B,Q-C`[/"]P/@T*/'`@6EN9R!A('-U8BUA9'9I M2!O9B!T M:&4@4&]R=&9O;&EO)B,Q-#8[2!W:6QL M(&)E('5S960@=&\@9&5C6QE/3-$)VUA'0^/'`@&-H86YG92UT6QE/3-$)VUA'0@0FQO8VM=/"]T M9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^'1";&]C:SPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@2!T:')O=6=H('EO=7(@:6YV97-T;65N="!I;B!T:&4@4&]R=&9O;&EO M+B`@36%N>2!F86-T;W)S(&%F9F5C="!T:&4@4&]R=&9O;&EO)B,Q-#8[6QE M/3-$)VUA"<^ M)B,Q-C`[/"]P/@T*/'`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`@6QE/3-$)VUA2!O9B!F86-T;W)S+"!I;F-L=61I;F<@;&]C86PL(')E9VEO;F%L(&%N9"!N M871I;VYA;"!E8V]N;VUI8R!C;VYD:71I;VYS+"!I;G1E7!E6QE/3-$)VUAF%T:6]N(%-T;V-K(%)I MF%T:6]N(&-O;7!A;GD@2!B92!S=6)J96-T('1O(&UO M6QE M/3-$)VUA"<^/'4^5VAO(%-H;W5L9"!);G9E6QE/3-$)VUA'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$=&@^ M3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'`@2!T:')O=6=H('EO=7(@:6YV97-T;65N="!I;B!T:&4@4&]R=&9O M;&EO+CPO<#X\'0^ M/'`@'0@0FQO8VM=/"]T9#X-"B`@("`@("`@/'1D(&-L M87-S/3-$=&@^6QE/3-$)VUA65A'1=/"]T9#X-"B`@("`@("`@/'1D(&-L87-S M/3-$=&@^"<^ M0F5C875S92!T:&4@4&]R=&9O;&EO(&AA&%M<&QE+"!W:71H M(%)E9&5M<'1I;VXL(#$@665A&%M<&QE665A'!E;G-E($5X86UP;&4L('=I=&@@4F5D96UP=&EO;BP@,R!996%R M&%M M<&QE665A&UL/@T*+2TM+2TM/5].97AT4&%R=%\S969B,F0Q.5\V-31F ;7S0S.61?8C`Y95]B.3$X,C@S9#%B8S0M+0T* ` end XML 10 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "

"+ text.join( "

\n" ) +"

"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "

" + text[p] + "

\n"; } } }else{ formatted = '

' + raw + '

'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+' '+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } }
XML 11 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
TOPS Managed Risk Flex ETF Portfolio

TOPS® Managed Risk Flex ETF Portfolio

Investment Objectives:

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

Fees and Expenses of the Portfolio:

This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio. However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus. If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher. You should review the insurance contract prospectus for a complete description of fees and expenses. In the table below, Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses
TOPS Managed Risk Flex ETF Portfolio
Management Fees 0.30%
Distribution and Service (12b-1) Fees 0.45%
Other Expenses [1] 0.10%
Acquired Fund Fees and Expenses 0.26%
Total Annual Portfolio Operating Expenses [2] 1.11%
[1] Other expenses are contractually limited to 0.10%.
[2] The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights because the financial statements include only the direct operating expenses incurred by the Portfolio.

Example:

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. You would pay the same expenses if you did not redeem your shares. 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 Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example (USD $)
1 Year
3 Years
TOPS Managed Risk Flex ETF Portfolio
113 353

Portfolio Turnover:

Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. A higher portfolio turnover rate may indicate higher transaction costs.

Principal Investment Strategies:

The Portfolio employs a fund-of-funds structure pursuant to which, under normal market conditions, at least 80% of its assets in exchange-traded funds (“ETFs”). The Portfolio also employs exchange-traded futures contracts to hedge market risk and reduce return volatility (i.e., the range in which the Portfolio’s return fluctuates over time) . Each ETF included in the Portfolio invests primarily in securities representing one of the following asset class:

 

• U.S. Government Fixed Income Securities

• U.S. Corporate Fixed Income Securities

• U.S. Common and Preferred Stocks

• Foreign Common and Preferred Stocks

• U.S. Real Estate-Related Securities (“REITS”)

• U.S. Natural Resource-Related Securities

 

The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. No more than 15% of the portfolio will be allocated to fixed income ETFs with an average portfolio credit quality below investment grade (commonly referred to as “junk bond” credit quality). The Portfolio defines investment grade credit quality as Baa3 or higher by Moody’s Investors Service or BBB- or higher by Standard and Poor’s Rating Group. The Portfolio invests in common and preferred stock ETFs without restriction as to underlying issuer country, capitalization or currency. The Portfolio invests in REIT ETFs and Natural Resource ETFs without restriction as to underlying issuer capitalization.

 

The Portfolio’s adviser seeks to achieve the Portfolio’s investment objectives by allocating assets and selecting individual ETFs using the adviser’s TOPS® (The Optimized Portfolio System) methodology. The TOPS® methodology utilizes multiple asset classes in an effort to enhance performance and/or reduce risk (as measured by return volatility). Under normal market conditions, the Portfolio invests at least 25% of its assets in equity ETFs and at least 20% of its assets in fixed income ETFs. However, to achieve the Portfolio’s income aspect of the Portfolio’s investment objectives, the adviser may allocate up to 70% of Portfolio assets to fixed income ETFs. To achieve the capital appreciation aspect of the Portfolio’s investment objectives, the adviser may allocate up to 80% of Portfolio assets to a combination of equity ETFs, REIT ETFs and natural resource ETFs. Furthermore, the adviser selects some equity ETFs that are composed of value stocks. The adviser expects value stocks, those with a better than average price-to-earnings ratio, to have returns that are less volatile than the equity market as a whole.

 

The adviser selects individual ETFs that it believes are representative of an asset class, have relatively low expenses and/or relatively high returns when compared to a peer group of ETFs. The adviser sells individual ETFs to rebalance asset allocation or to purchase a substitute ETF with a higher expected return or lower risk profile.

 

The Portfolio’s adviser seeks to reduce return volatility by employing a sub-adviser to execute the portfolio “protection” strategy. The sub-adviser’s protection strategy consists of using hedge instruments (short positions in exchange-traded futures contracts) to protect the majority of the Portfolio’s securities. The sub-adviser selects individual futures contracts that it believes will have prices that are highly correlated (negatively) to the Portfolio’s ETF positions. The sub-adviser adjusts short futures positions to manage overall net Portfolio risk exposure. During periods of rising security prices, the amount of futures contracts will ratchet upwards to help preserve gains on the Portfolio’s ETF positions. During a market decline, the expectation is that the value of the Portfolio’s ETF securities will decrease while the futures contracts will increase in value. Following declines, a downside rebalancing strategy will be used to decrease the amount of futures contracts used to protect the Portfolio. The sub-adviser also adjusts short futures positions to realign individual hedges when the adviser rebalances the Portfolio’s asset allocation profile. Depending on market conditions, scenarios may occur where the portfolio has no long or short position in any futures contracts.

 

The Portfolio and the adviser have requested that the Securities and Exchange Commission grant an order that allows the adviser to hire a new sub-adviser or sub-advisers without shareholder approval. Until that order is granted, shareholder approval is required if the adviser hires a new sub-adviser or sub-advisers. However, there is no guarantee that such an order will be issued.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio’s net asset value and performance.

 

The following risks apply to the Portfolio through its investments in ETFs and futures.

 

Credit Risk: Issuers might not make payments on debt securities, resulting in losses. Credit quality of securities may be lowered if an issuer's financial condition changes, also resulting in losses.

 

Emerging Market Risk: In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

 

ETF Risk: The cost of investing in the Portfolio will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

 

Fixed Income Risk: The value of bonds and other fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities.

 

Foreign Currency Risk: Foreign equity securities denominated in non-US dollar currencies will subject the Portfolio to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.

 

Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

 

Futures Risk: Futures contract short positions may not provide an effective hedge because changes in futures contract prices may not track those of the ETFs they are intended to hedge. Futures create leverage, which can magnify the Portfolio’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Portfolio’s share price.

 

Junk Bond Risk: Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio’s share price.

 

Limited History of Operation: The Portfolio is a new mutual fund and has a limited history of operation for investors to evaluate.

 

Management Risk: The adviser's dependence on the TOPS® methodology and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and futures in which the Portfolio invests may prove to be incorrect and may not produce the desired results. The sub-adviser's portfolio protection strategy may not effectively protect the Portfolio from market declines and will limit the Portfolio’s participation in market gains.

 

Market Risk: Overall securities market risks may affect the value of futures and individual ETFs. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the securities and futures markets.

 

Natural Resource Risk: Exposure to companies primarily engaged in the natural resource markets may subject the Portfolio to greater volatility than the securities market as a whole. Natural resource companies are affected by commodity price volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

 

Real Estate Risk: Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. REIT performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.

 

Small and Medium Capitalization Stock Risk: The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

 

Who Should Invest in the Portfolio?

 

The adviser believes the Portfolio is appropriate for investors with intermediate-term to long-term investment horizons who seek to balance out a desire for investment returns with a desire for lower levels of risk than typically found in funds with medium-to-aggressive asset allocation.

Performance:

Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.

XML 12 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType 485BPOS
Document Period End Date dei_DocumentPeriodEndDate Dec. 31, 2012
Registrant Name dei_EntityRegistrantName Northern Lights Variable Trust
Central Index Key dei_EntityCentralIndexKey 0001352621
Amendment Flag dei_AmendmentFlag false
Trading Symbol dei_TradingSymbol nlvt
Document Creation Date dei_DocumentCreationDate May 22, 2013
Document Effective Date dei_DocumentEffectiveDate May 22, 2013
Prospectus Date rr_ProspectusDate May 22, 2013
TOPS Managed Risk Flex ETF Portfolio
 
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

TOPS® Managed Risk Flex ETF Portfolio

Objective [Heading] rr_ObjectiveHeading

Investment Objectives:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Portfolio seeks to provide income and capital appreciation with less volatility than the fixed income and equity markets as a whole.

Expense [Heading] rr_ExpenseHeading

Fees and Expenses of the Portfolio:

Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock

This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio. However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus. If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher. You should review the insurance contract prospectus for a complete description of fees and expenses. In the table below, Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.

Operating Expenses Caption [Text] rr_OperatingExpensesCaption

Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading

Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

Portfolio Turnover: The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance. A higher portfolio turnover rate may indicate higher transaction costs.

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 Portfolio with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. You would pay the same expenses if you did not redeem your shares. 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 Portfolio’s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Portfolio employs a fund-of-funds structure pursuant to which, under normal market conditions, at least 80% of its assets in exchange-traded funds (“ETFs”). The Portfolio also employs exchange-traded futures contracts to hedge market risk and reduce return volatility (i.e., the range in which the Portfolio’s return fluctuates over time) . Each ETF included in the Portfolio invests primarily in securities representing one of the following asset class:

 

• U.S. Government Fixed Income Securities

• U.S. Corporate Fixed Income Securities

• U.S. Common and Preferred Stocks

• Foreign Common and Preferred Stocks

• U.S. Real Estate-Related Securities (“REITS”)

• U.S. Natural Resource-Related Securities

 

The Portfolio restricts investment in fixed income ETFs to those with an average maturity of 20 years or less and invests primarily in ETFs with average portfolio credit quality of investment grade. No more than 15% of the portfolio will be allocated to fixed income ETFs with an average portfolio credit quality below investment grade (commonly referred to as “junk bond” credit quality). The Portfolio defines investment grade credit quality as Baa3 or higher by Moody’s Investors Service or BBB- or higher by Standard and Poor’s Rating Group. The Portfolio invests in common and preferred stock ETFs without restriction as to underlying issuer country, capitalization or currency. The Portfolio invests in REIT ETFs and Natural Resource ETFs without restriction as to underlying issuer capitalization.

 

The Portfolio’s adviser seeks to achieve the Portfolio’s investment objectives by allocating assets and selecting individual ETFs using the adviser’s TOPS® (The Optimized Portfolio System) methodology. The TOPS® methodology utilizes multiple asset classes in an effort to enhance performance and/or reduce risk (as measured by return volatility). Under normal market conditions, the Portfolio invests at least 25% of its assets in equity ETFs and at least 20% of its assets in fixed income ETFs. However, to achieve the Portfolio’s income aspect of the Portfolio’s investment objectives, the adviser may allocate up to 70% of Portfolio assets to fixed income ETFs. To achieve the capital appreciation aspect of the Portfolio’s investment objectives, the adviser may allocate up to 80% of Portfolio assets to a combination of equity ETFs, REIT ETFs and natural resource ETFs. Furthermore, the adviser selects some equity ETFs that are composed of value stocks. The adviser expects value stocks, those with a better than average price-to-earnings ratio, to have returns that are less volatile than the equity market as a whole.

 

The adviser selects individual ETFs that it believes are representative of an asset class, have relatively low expenses and/or relatively high returns when compared to a peer group of ETFs. The adviser sells individual ETFs to rebalance asset allocation or to purchase a substitute ETF with a higher expected return or lower risk profile.

 

The Portfolio’s adviser seeks to reduce return volatility by employing a sub-adviser to execute the portfolio “protection” strategy. The sub-adviser’s protection strategy consists of using hedge instruments (short positions in exchange-traded futures contracts) to protect the majority of the Portfolio’s securities. The sub-adviser selects individual futures contracts that it believes will have prices that are highly correlated (negatively) to the Portfolio’s ETF positions. The sub-adviser adjusts short futures positions to manage overall net Portfolio risk exposure. During periods of rising security prices, the amount of futures contracts will ratchet upwards to help preserve gains on the Portfolio’s ETF positions. During a market decline, the expectation is that the value of the Portfolio’s ETF securities will decrease while the futures contracts will increase in value. Following declines, a downside rebalancing strategy will be used to decrease the amount of futures contracts used to protect the Portfolio. The sub-adviser also adjusts short futures positions to realign individual hedges when the adviser rebalances the Portfolio’s asset allocation profile. Depending on market conditions, scenarios may occur where the portfolio has no long or short position in any futures contracts.

 

The Portfolio and the adviser have requested that the Securities and Exchange Commission grant an order that allows the adviser to hire a new sub-adviser or sub-advisers without shareholder approval. Until that order is granted, shareholder approval is required if the adviser hires a new sub-adviser or sub-advisers. However, there is no guarantee that such an order will be issued.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration

The Portfolio employs a fund-of-funds structure pursuant to which, under normal market conditions, at least 80% of its assets in exchange-traded funds (“ETFs”).

Risk [Heading] rr_RiskHeading

Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio’s net asset value and performance.

 

The following risks apply to the Portfolio through its investments in ETFs and futures.

 

Credit Risk: Issuers might not make payments on debt securities, resulting in losses. Credit quality of securities may be lowered if an issuer's financial condition changes, also resulting in losses.

 

Emerging Market Risk: In addition to the risks generally associated with investing in securities of foreign companies, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

 

ETF Risk: The cost of investing in the Portfolio will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the fund.

 

Fixed Income Risk: The value of bonds and other fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities.

 

Foreign Currency Risk: Foreign equity securities denominated in non-US dollar currencies will subject the Portfolio to currency trading risks that include market risk and country risk. Market risk results from adverse changes in exchange rates. Country risk arises because a government may interfere with transactions in its currency.

 

Foreign Investment Risk: Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.

 

Futures Risk: Futures contract short positions may not provide an effective hedge because changes in futures contract prices may not track those of the ETFs they are intended to hedge. Futures create leverage, which can magnify the Portfolio’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Portfolio’s share price.

 

Junk Bond Risk: Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Portfolio’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Portfolio’s share price.

 

Limited History of Operation: The Portfolio is a new mutual fund and has a limited history of operation for investors to evaluate.

 

Management Risk: The adviser's dependence on the TOPS® methodology and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and futures in which the Portfolio invests may prove to be incorrect and may not produce the desired results. The sub-adviser's portfolio protection strategy may not effectively protect the Portfolio from market declines and will limit the Portfolio’s participation in market gains.

 

Market Risk: Overall securities market risks may affect the value of futures and individual ETFs. Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events may adversely affect the securities and futures markets.

 

Natural Resource Risk: Exposure to companies primarily engaged in the natural resource markets may subject the Portfolio to greater volatility than the securities market as a whole. Natural resource companies are affected by commodity price volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

 

Real Estate Risk: Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. REIT performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.

 

Small and Medium Capitalization Stock Risk: The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

 

Who Should Invest in the Portfolio?

 

The adviser believes the Portfolio is appropriate for investors with intermediate-term to long-term investment horizons who seek to balance out a desire for investment returns with a desire for lower levels of risk than typically found in funds with medium-to-aggressive asset allocation.

Risk Lose Money [Text] rr_RiskLoseMoney

As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess

Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time.

TOPS Managed Risk Flex ETF Portfolio | TOPS Managed Risk Flex ETF Portfolio
 
Prospectus [Line Items] rr_ProspectusLineItems  
Management Fees (as a percentage of Assets) rr_ManagementFeesOverAssets 0.30%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.45%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.10% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.26%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.11% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 113
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 353
[1] Other expenses are contractually limited to 0.10%.
[2] The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights because the financial statements include only the direct operating expenses incurred by the Portfolio.
ZIP 13 0000910472-13-002126-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000910472-13-002126-xbrl.zip M4$L#!!0````(`,!]O$+0A\,/E1@``,UE```1`!P`;FQV="TR,#$S,#4R,BYX M;6Q55`D``W@)I5%X":51=7@+``$$)0X```0Y`0``[3UI)*&JMT_F(PV1D/A,QG.E7YXL7@P\7HZ.+X[&P@ M?GCYG_\AX)_G?QB-Q*F267HH7NO9Z"R?ZV?BYV0E#\6/,IF6$J39VJQ+)#95CAC?WRPMS?P M_($X/;1$N7,Y%T2.PZ61\Q<#7&OD)^S;M7PQL&JUS@"WNWXIYI>9 MS@MY4PB5OA@X:A,B]4L0E/PW.5XINYDD809+*&+'_^X[,_ M#5X"MT[V#_8>[TV>[S8G5]OM=N[G=EM+HW3:A@)XQQ0H8B^K(_B5JG>M:2#X M/9/\FR98-0#\0X?&V^+VEPL4W$?CI_N/W\K55)I[0W:%/[E8P=OHA7N5`C`W MZTS-5,&PBE3!2%;A(#2';^0BR4X(WJ,;90.])_]FD-^SGS&'[XVV:SD#8WFQ3(P\SA)KHWV;F/TW8QZ6N6*N M_'#QNL5H*YG8TLB7SLX=PAB_F']5WP)7ZUG_/"F4[MW!@0T_WGX#Y"_PE$HD MS"48.N$.>(XFL6G0'CT]>/7^W<7SW>:LKM7>$_I.&+E;ER6[#O_N3^HKUU:( MMV!9.)<+90N3Y`4Z>%MW^-FY!N(-^0;@`QJ53#,I+DUI"]ZU:]'VIL<`ETFR MLSR5-W^2FZV[QOJA=X5XBR,X=8HG/\V2Q=:EYTEF):]:FQ2O=FD2#`PN-JNI MSK:NAG+-B]7F=%'UV$CDP?PV1`URUK=`UP8G\SGH'G4E_^$=:BOX+6IZ[7K-;/_CAY\HA&[+JGXFV2)PN9"@1)G&;R1IQP%MPE2%[3O MC8+M-I<`Z:M,SSY]0;`OE[+"J;!2?K*BT&)M]!78?J$@&`=5E.2IF"5K5229 M2-9K(V>*>%Y3PAQ1S=0,$C-:0OY8X`(#X)$%K M)?"ON%[J3.[T8:5Y]`@])S=K,/)W2!=4%9=+!70DBY!*.S-J"L`CY$F>ET!$O<9<":)-^J,!U0JQT2509P,T M2Q50N<@V8HV_SNF-(M:&_]61`+\972Z6.,8((PN82OR_SH`1M/'3DPR.B9J* MQD%T7QH,[^G<)IG!>)BGRI7%.;`MKD'<6-MM1XB?]+6\DF8H9#);=BV$-+-R MG1C<+9G-=)DCV,"C<``Q]V2MGQU<0Y'K(B`LY8,"(BMU"9N?,0NT%]'SWH/! M>5K@7$M#\I65:;05T6S("VDX(^"LVN%:EUDJIE(LP>I+`\#\#=!JE_38R"LE MKPFV3M3Z(X@Y0)/`&PS_"\\?:Q)G.$+K7'AD)CCSTU1F^GHHCF8@RP8@/RUA M<%M2$)L,"W,2;&@+0A)S$?(>'%JC&^,>$<\@7$FN8-]N@6K+3:PQ/5M[,(X3 M/M@=*(M*4+Q8G8=B,3PQH0YLW@Z&#MO'ZYPI1>Q%`>.P^; M:K+GO&UUN0]$)ZI_J1U*/;2,"/"A;.40Q!V2QEMB9* M$2P=RWR^*@ODF3F(3!]_]QZ_%U.O-G\#5OIRG/XX<@T\ MCB!B!E%K2!6@`4E(5\#H'K95*N4+3 M$-C=8I`.;._ M_NCQ,]OE1X`-3QS@2!(`YR@#Z@7_`!"+,L#F`'V-`#F:2;`M2!$L$Z2B7.O< MH8I.0!QN>1F>[\]^N%68:A(2!U#^2)=P;L3K':K'2C3\9OV:L@^N;:#?A9KL M@)F9JWH!T@=L!7)C@:ZL?X`N0V%+8")@+%"B*V4Q%0_H,YENQ]OL_9&ZWTN][O52XL9-!(^<9 M^!XL2L[U#7.[F!>=U8;0)11]]XL`+`+*;H6:8T<<>5:N=BD]&1GH_('L-D4X)N`M99E\:6"9P-W`%BJ*&`$4"I'`F=N?@5`4Q5P:P- M2C*3"5C$I^-OR/A3>&LQR@6&DC9 ME+B'N[T8`FV#V;+LQ:0+Z0$UF$)!>0,S6(*!<%?[;&Z^+>(E' MWS\3'W8N=L2/>/J<).*4TAYGG/:X".?Y8EL=:P/J!17(W>^T6NF<6.<]Z%)I M,."[*$`ZO\@>I]I(MALZRKD$P3VQ!:!M="XS\D(O(L-3R>+YR=GE122, M7PR$GQ.0&(#B7%KJ!^F`XTZ9N$,7@GP51LU(2P6-#E)8R]RA3'WQEL)/Y5SETK:W:P`%^[Q*DGW$MW,FIAOQ M5NMT$ZMJMM8:Z'(AS94""P#C7[UZ-:K/NRB`7(GAZ.R]UB9>XYP]I1^-+M=- M:#V%52YFE2BO`T(LBG*%;ET6@?'0YTF(N\C"9AN*E\'9E^CB0[QE-D.?>E:_ M<=(9@`9Y,3*?;;9`@F+,>R(P3=G[!Z"I`;'SE24U)D627BF+Y7R?K0=3JR"2 M[;?5$1OI4)-`DCOA"+8TN.4XAC(7J;I2*?K-A+#2XE-*)#,0\2Y4UPG%'/$` M#_`.8JZ5^DVF$9$N-K:0JX=B)0'[J<[TPM&QL4#T7I3HJ/P&0*_*K%`N)>%M M/PD*"K&<@RM.;IO,EQ3+1]XY'FU7F^`$H5/T`*CM:LHIXJ/E&8%D?OB,Z]?M MU`2'<.^@RR'D0DA@SVITE_O8TEH[5>[B=N3G"@QE@%LUC,\RRC`F.$4P(9-? MKA&`)PQTY*\RZ%T*%RA=A[BSKG1GH#[M!Y5RXE.5)SX5'A%IV%`GN5,G)E8G M.^*TI+(\6J8Z)"Q1$&,@&F+BAY019ALU)CU@8T[_DM:T+!E^'0Q4<9UXQ+!F MF,%.%07ZX8S:ZSUUD;/U5OX&?.="-GR_RO>"HQ:2#'OD?%F7='!DB9:L)7;"U#`!];Y5KH[% MMI`#;6Q5-B47+!_8)1HAD&:V$-T)@$;,_M!5W0N?:UHE'[5WJWMU8!4LMX_2 M)20=J8*FQ)#;3`)!2B-2"W/,CEP@G%PU:=-H83&33@HP/4)/U8 M(E898V&'-9_#5@!VOBZ`Z`01N`3A["- M.YQ3TBM*[&/QLX4?0@<0?[:$#/P,$$LOR[VR50H^E`6W;A-E4`AZ6-I(U!G72];ELN^<8*9Y)'`L[06` MGH9DBP,1DUTBU=<@"*D,&HN0ZZ7$AUZE9948(/@PYRSIKR6X9C(J'D69%NX2 M8'5(F1\N#V!\FV/)#8Z;LO_"*+ZVM1U0]I1!`YC+ZQHS()JJ7ZO@CNI]X*3@ MJNAD:F!MH-2''`P,;\,[@J01##(==L[!`7@TZGI0\_JY%94L/P=37'0LB.J* MR+PH$]I9,CQVXI"40@-0"]TU)`@!E_ M4-3'X7-`@.6X/A]1B-+B:&)"^7M&=<<,W>Z5SN6FW@)5SZ4UE=A;$ET05TS( M?*ZZE).;C>J&E3\E5J**$V%5!?PV,'V72J#*PB-J+(H)>`=-+R`@1M5RC#;D M`/%`3H]]!>U5I60#_8\YHX:<=UAA4YQ1U@?4-#984S%QE7R255L::*Q43HO( MV@XQ&L3L!'=\`'-P]]1Q*YT966A7`"?GG-5*DKN,TW<6HN<<;2N5RYT-$:PY MT0JC\>O>\EX0>;*2.&8!#$YFKX51,%JI.X1C$^:F"P]/*'=%!&&"&_&>R5^:(B];8M0Q$%3K0GS MR*`9?K`B+.6MG#^6:F(*[ZE$!@.F2B"77B$DW,B`\1NFB!,QEYA#3DM+@`Y= MNBUB!P:5#2=E?"'D69''6]*G+9@<0O:X/S*#B]DD[>5M6Z38DOFZM\\JM*>& M[M-83=2;16AVNZW*133:>U%S-F#V' M(.>13X?P4O:G*D?"MO>CNFKEORZ:A("!3DQG9XS5TG+-@"&4=%F.G,)!'&*? M'.;*J9>!`KG-6LU0=#$H`'3)]B@Q2TK*H_@`PO-%`*X'F'O"J:])N@I#"Z]^ M@$N%1ARM!7&_0MI-)1$1:%AI2-?* M`J2>HYO$[8]5)POS"VP<2C7W2LZ&8]I%T%AQN18_1CWJ^<(S>LM&46DW\FR& MCDH4WCM\>XGR>`G&R].:9`'-@9NP!FXH<,.:&7)F90:0Q`5^D01"7B71W!@W#0V2J\_*.>@YA5CQW.8LT+`"@9);R92S<0A&JL!I MY?1%B?81&J"R:23KD9F?0ZR"*1>_*-$1\,I9?-_<-DLPL[#( MU7RSI2L-W!((<-$J`JTQ/\4Y8*[)N]AF3G4*['/S:_&1R<%R.B;*Q&[+;Y'_ MPZ>_'\+_#Q;97X&9:Y'^#?K6HU#&UQ3;?3E.@0JI"2$H-H'FMX/`O@#RTZ3&!6KOK/._Y58EG(J8$NA'G'Q ML4P7'"4G4\S`4::L(`4)VC276'.+TAE!5=5*P("Z=6+``I49?2@35?N'L=<5 M)1!ZNA9#31ZU,NIWB-ACY.\N&%LP!!5%)I*=WGO*AV"OJ[J!FYLV+D M5PW&)-MTI[?90ZN7`_ATY"\29VW1]X0JM4Y\?M@M1)6)^^*OSC3`.U?!:46] MSMNBHGVETJHHP=&86\IJI5.TF2Z?YOO.O8=%_@K$%>#8S2IUNS#ZFMJ^TJX< M?4W?DOG-7*1>^43P,'<QC4>5?W0Y!6#U23-">N@D9AB,^K1'U[,E_0 M)]DJ"H/C)@B?O4"L],8W;>^T2@2T>2)J,1"AB2ML6`&)QH31SXT\U(>6ADI? MS1?N#6B':'[KF5DNTD6*R"5O-M2%YC>IOG=(*=M9#,'EUQH]B&LX[1+S_9DB MS0]6-`7%`;9Q*.1J"E335(<$#,_GCLT(*NY#059S7!N[Y&S1%P`1F9DX'K@? MWHK::UMLQ;VWDE]RI,.Y`I*,A`J/2-,U2)_D%HHK0(?D9*FC1^Q88=TMPW3K M@C'D.G+JZ.H7:1;)(KGAKRB7O&V/:%VBY>G<73?>TO?!-NL,,D M0]T.\XF%05]CF933+KE8ZFO@!G*M7#7;^L_:PIS[(=X%)1@1S+5*'-<; M+JD5NTW66H;)IRE!+%:\2*-KDV5UX_-P+ID7I=VHGS>9FG)-'TQ+J@+-O")8 M@=EV'X2SMG`A%I4<7ZP,/2!%R^7%$B@H4A3@NA?KTO0@74AU;*[' M'Y&<6+KF7^)O#;51OVEJF^+;)L@3=#B[PNK$7=:CWWE`(&N_1'WT_X.#FE?;2?P0B^:RO>#83@$/FAF7PS.?CX=O!SOC,?[ M8P*T#X`(QM=X_Y6:EH@4X'WW"<1D;SKYVC`_.B"8;PM0?+$%^I#^DH<[`QEO M9#O5NAB-QZ-QYPDFC/4><"*`_?4@>#L(G@K.>>?@=\"[]YC@O14T[0L6O@:F M)]V8GDPF\8?L/4@FZ<5#M2X"(;7^?U#8$%][E0WARCI+-H=8T)*DM/\N^F^H M-1"J[;;`>9T4V%Z?E:O*%;"U(_T9A?^JYX MC':!D-^%LIOHZ=])\<%I@^J[-5)[+^3`RP;&DR_%,7@%8\0@X\'+R62_XY(# MWG4[4/MW!]3^02]0^[U`_04Q3<0E;ZEAL`OA\6OW*#8$?&$4W4' M".]RDO-WY@VZ[/_*L4&_%UW#4>WR]CFX`;DNY!OXI79!.R"12L/^VG;44ENN MG2#%S7@9ND7@TD;RM^#@$D/ M`B;_#`B8]"-@;QL"_)HU$'T2_?>P5Q.X"$6!#C>K#)[CW]\AL?]I\)*"A>A[ M.E/=L$6Q9RB:@M8?[TS&W^P\WZV!?6^GV>LX#=JTCHN#?&P_E_Z>1`J_L?(7 M/ICR7:]N$G^#V5+`M;9?^N:*KWB>1MJP&D!)==]1S+$36NH\ MHDI)7?MWH[[Q%%45_@TCN]5?,0*__B]02P,$%`````@`P'V\0C/$(=;6`P`` MGA4``!4`'`!N;'9T+3(P,3,P-3(R7V-A;"YX;6Q55`D``W@)I5%X":51=7@+ M``$$)0X```0Y`0``Q9A+;]LX$(#O"_0_<+77E?6JM[6:M'";9!$@319V4O16 MT-+8)D*17I*R703][R5E2_5#5IA=/WR00&EF^&EF.$/Z[,,\HV@*0A+.SIV@ MY3L(6,)3PD;GSD/?[?8_75\[2"K,4DPY@W.'<>?#^U>_(?T[^]UUT14!FL;H M@B?N-1OR=^@69Q"COX&!P(J+=^@+IKEYPK]^[-WHX6*Z&$6M-D:N:V'L"["4 MBX?>=65LK-0D]KS9;-9B?(IG7#S*5L+MS/5Y+A*H;`6M^5!C7F"E!Z$?1)[? M]L(W]WXG;D=Q$%D:55CELC+JS]_ZB]]"_8P2]AB;RP!+0-KO3,9S2D0^]D#E@EV`PH3J$&/-7A@:"QCNU-99 M$.J[:^ZN'RQ)_FBRI[Y/].J0))M0[1_/"IIQH<8@&"6CL3+YFVURK],R.E6& M*?+;8;A!=`B._A@+&'.:@K@"D-ONVP9J4-DGV=W$5!==IB[G$V#2CJU1:9]T M2_N7<[RPUHQ5+WTXGEO>@Q2RB5FU+V.KT]PGYT,!!1NF)IW#U(=%';*O$NOR34P)IDE.B])^H\=K&C!7NB-#6MHQ4/^] M$BNBC+INE;K5H@LB$\IE+D`/C)JWT$,+1=.F,7JZI)`!4_+'WK#M:_$OWM>& MER>Y0=F@[>=9AL5W]/3`*!X`A?3PJ$VUMV)N:U"SL4AS:CR\HH.,TL$AFXMP MA?G7.F:7L1Q3=)6S%%464&FBW"*4T)0G:Z#4[%&X^#^M7XAOY6QW>L/X#?ZJ9_6\#IJ!24--?*Q(Z#*F M!!GDA<=8V@.&7D[DS9LE[K.Z7MXA*=-B[/ M?.LIP]!-_LV)@-24?),D.FVL@V*I:Q>BUZ<-T8O\T!RP,Z^NI1^VW>\XW%1] M_LUZGU^*HZ4\>KH7F,D)E\?8/UD<=BKNMXW[#P;+8\S6N6"Y.,L_ MP?23GU!+`P04````"`#`?;Q"?;;$:WD*``"!FP``%0`<`&YL=G0M,C`Q,S`U M,C)?9&5F+GAM;%54"0`#>`FE47@)I5%U>`L``00E#@``!#D!``#MG5M3XS@6 MQ]^G:KZ#-_,ZP;D0NLDT.T4#O4L5ERY"S^6)4F(E\6!+C&R'4%WSW5=R[%QL M299#HEBUY@%(.$?Y^?SE8QU9%I]^G?N>-8,D<#$Z:[2/6@T+HA%V7#0Y:WP; M-,\'%]?7#2L(`7*`AQ$\:R#<^/7?/_Y@T:]/_VHVK2\N])R^=8E'S6LTQK]8 M=\"'?>L_$$$"0DQ^L7X#7L3>P7]\?KBA+QZ1SU@-9L*C?T&D8/)MX?K M96/3,'SIV_;KZ^L1PC/PBLES<#3":LT-<$1&<-E6^V@^IIB7(*0O.JUVUV[U M[,Z'Q]9IO]?MM[N*C88@C()EHZWYQ];B:^'^R7/1L ML78HK]TC3"9VI]5JVW_PD7JQ5GA^[=/34SO^:VJ:LYP/ MB9=^1M=.<98MT[\ZX=)AW;AG+_ZX;NI*FEZ##MQ^$!_)#1Z!,.YIA426T(*] M:J9F3?96L]UI=JF(@=-(=8J#3;`''^#88C]IW]D\K`".CB9X9A-BL[_;#V[P M_`##B*!+&`+7H[T!4/:XH2F!8Z$W[3`=^K/)?C9;[83D)UE[X=L+/9$"UW_Q M:'QL)6B$23B%!'GN9!JRKNYGN3=ID3<+&5.WU>MT,D3[X!A,`8%3[#F0?($P MR(P%[L(#P;O8X@;V M@K;6JV\A""("WR5RKC55:$!&*3?/F(.4'6BDXQTVPNC%-%/:!!E%0]AT7)]F MNCBQ)1^4"PQKQ46A34WMQ,;F-K!_[N6'-1WL`[.<+88?]<"(?G9=%2'ZU]$HY!Y(5;=\K4?9.9ONTBEXT];NC+#6XX M#VDU"9V4G#6X?6D0NB%SIV4>+1.M2S<8>9@E*OJ"N=D+/VOAR$I,8'V_\B#% M#X-_=D6M7ANL<(\9+AY%C"0#.XA\'Y`WZ_LWY($A]*#S3UI8I:0>'FW@>:RR MP^0]R9Z0I]5%G1X_O`ZAO[S,Q2#QYSRQ,0O7TM8,&8_;"@$3JRS<2NMSDF(F MW5LQARS.J?X(HY#VCJ13T?,23M@O*=>88+\@;DF,L(1^/8P4HF%A0JNVLT:[ MM>*@'1\Z9XV01)S#W5H+![H+,>@O637H6T\W<`*\*T0[]MOYW!7UEYS53N7@ M7MCEX=^,*Y:0"D.O,<@+GLMD`,"-\*;)3L.;'X+P8BL*'!8Q&AC8)W:^[2NV MZ95TF[Q2,OCQ<8CBW]DR_OE:EKWS-&!SL,>MC]V3VV10R`USUNQIYY'>')GR MHLCMGUC.J*,72Z^'JT'&?R%@-PX$`<[9/74.$&+%"R`?5A1KSG'L)];WP[\H MNSN#\E!GS:H<:2[KP3OUDNHK<=E8^)%FPL^TZ>>BB&?MC0@]%WK7Z7E[#0:0 M7HN<,BKD/8S008`M4J*K2XED9E^>=#:-JAQO#JDHQ,>:0WP'"+OM-(-%75UH M;T#@!=`B#7JZ-,COLN-%KG&5HR\A%H7^Y$"ACZOCHE-`ZF.0$!QP MD1X?M%U[L[>_Y2>#R+S**DB910)\U"7`.4(1\+Y$R,EQ*IT6S1-K%2&XA&-("'38PH^)LA9"-P,DD;,+ ME=%64Z>8#P!-X/WX:CZ:LM_B2Z"B.C)7$Q0JY!>JI*WJWES%I53R;=H:H`,' M6!AXW45VPO;Y[4\(2)GP;WB8(T(>6RB%[F(\7-M%) MFS!'.X7C$*JG;5Y`C%P^&0J]S=2L1)+4/27`H=TB18K=S12L1'KD'9\.Q&`5@SE=,DZF:,*EURHB;;9@J^8A&/LN?@Q(@C/ M8$'%*C*OL@Y29J$"VJ8- MJC#,^N[1)U3*M8K8P83@EZQ#.MJJ?[9`LGB]IP'=/(LI#*VV`IT1*7=OOG'5 M`UZV6VLKKQF<\IB?;USUV)<=WVNKE1F9UKUN)<:P7>UU;OIW@CGR,EN M22#/[\6.559$D5ZHC[:J=XU.^:(@]:FR*L7@0D&TE;QISU%60^Q092D*J(4Z M:"M\4T"U+&502E+*/]KJVI1*:;Z:;VQ"T$O,17>U%;LIG/*(5.Q@@@8E1Z9= M;<5N"J@X.A69FZ!!N5&JMIJXW-#4P/'H5H-0;65QEFZ;D:C`T211RHZ%M)7. M6="RLABIAIH(Q]HJZ5M`GF%XC1PX+ZN'BFN5I5'F%ZITB'HZYE,>6Q4[5EDA M17JA/OKN*&=`%<=<16XF:5-J#':\5G!_LC.'13_V>:\[C,FV\%UN-=:SFA;; MRMJ)/+8OVIJ/Q9SVO0N:?"O?)>7))N7BV3.+/7QF+5NPTB;J_=#J_=!$S[G5 M^Z'5^Z'5^Z'5^Z'5^Z']7^Z'MLII\4`GWFM;DHG%YI5-R45'>,`]HU9`TAR2 M-SM`@BX,8W;+$,YQ<;9LT3;?L66L*YNSWZ.'-(&?;)M[!!G\@F:]=N?DI/-! MFL&S9H?(X,)^B^6('<8;269O`%31%,X"N%=/%VR76#_!2.:!-KW;!XS MS<>%:A7Z55DD-7CAY+=V;3I;:B/R,T(;*;Q(&VVKI):8W2VU$?D9H8T47EB1 M:!M&EU+$0!VVB;ZV55/GH[\CET"'W<1B5SPZ=%'60LFWRLJH'X!()]V;>A2+ M8I8")<.M;;44[0V_`Y="W9,'Z/K#B`1Q\548_F+'*LNA2"^L-[55_'>0TW4$ MDG!MJZR"&%@8^+5*7_\*#\%_'%XNF_BPN6PB,;<2>^O[(P$H>&&WPNM_(EM%$O6BB7C1AV*()[J;51>LF MY$Y5+N45R$62'&@[4T;8:BL)L3`U)_QKO`\9%O1>-=8LY,E6U_3"H+=;9@4]X14%_;@ZT[3KNVSGIVP_2J=L?[;NL+5R MWYS!W?.C>NDN%/PG]$ZY3^@]XI!^7_RS[KT_2YA]5),+VFYE0&>0@`GD`FL- M[^J_FE_"$+A>GKQ-<2_Q*&(#?OHK<[`7'M;"Q?K^#<4G]@YQL^EF\60I).X. MG[/<^^3D`6:7JC^WI#0`WE^RY':LN+#258+!O0Q!`^L[_`%!+`P04````"`#`?;Q"S2+V#HX=``!6U`$` M%0`<`&YL=G0M,C`Q,S`U,C)?;&%B+GAM;%54"0`#>`FE47@)I5%U>`L``00E M#@``!#D!``#5G6MSVSB6AK]OU?X'K.=+3Y4=FW+LQ)[NF7)\V7:M8WLE=_=, MI;92M`C9G%"DAZ0<^]\O`%Y$@KA1F>"L'SB`0.2?#GO[TL$_), M\R+.TE^V@C=[6X2F\RR*TX=?MGZ;[9S,3B\OMTA1AFD4)EE*?]E*LZV__?4_ M_X.P/S__U\X.N8AI$AV3LVR^ M7K#[]X]7L_DC788[<9*:*M9N>+/9AG M"9W2!1'=/"Y?GQB21;Q\2K@I\=EC3A=J,TF>[_+XW90^L&1'_(N.^!<%A_R+ M_E1_?!7>TV2+<"5#3MNOHUY;=="N;[.W-(^SZ#S=S+4<#62?_7;R\ALZT(WW MWH6[K`R3C+OW?O_P(UW>TS9(.*ZB%)I=V0%7G^2-C3"?6_I2*W;G&3O0/Y4[2;77JO!% MGBVU7UUW--,(/B?W;3O5WF!?I3'3E[B0>JA4^"#" M8(WSH-@,3H/>D\R"4)%*1CYQX?]]:^HU/_E3QF8P.3R%&UZU-/1%TOG.N]*F#$!/A(H$E3,M$I68S1,B44J&H*.:HTSI0UR4>9B6 MO#*MZ)Y:YHL-D\D^&!1D&8S(8:Y&X0@#'PRFC,P^3RS2B+_]#7[6]&NC\ M$J&QV4="$B%B0NU,AJ)6$2$C3`>!Q0D[7D7\F'61A`^*#DG;?6&@M-6DO[<1 M1=I5CN1TMQK"1:"Y/J/%/(^?^*4Z4V=Z,N^95Y@<`-#1X.)@:$R/0T<+0<5= M'O)K_+/7Y7VFZI.TW1<'2EL-`+V-*#*O+W0U*#@P&-/.%AHMV%RA<7*^6-!Y&3]3"Q>2SC<82ILR&3T1*C14 MSK1LM.+O!H=C85&!A&*[]W*BC,!@(WCJ=8X,]4.05//K6U-:KO+T5RK.4\-^ M*"2>$JXU5^=\L!U#VG6F!M4!IMNMA.13+?5_#>'F_I_5D4:;_J'"4_9UUNKD MRYLQY%[C24Y]*\.0^-L\7H;YZQU]*3^PIK\8>C64^D9!9U9F0M:A@D-C3DO) M-JDCR"<>0T00(#$SRK(5.3*C$ONF1F]8YF:H1$6.UIZ!G38&EI[SER>:%OK3 MC+S=$R-J6S46_8T82%`ZDI-?BP!/+K6#ZS#/0TZAX4!AD/I%0&^V3\-0AP@, MK3D=(VT`[-%!W$'UF"41S2\H+4Y#59G:H/.$BMEFS8E:A`$2HS/E36V5F'`U MJ>45*/"(9,EJF2JN;YNE0*`,S&I8:748<9'-V8D1$5#`?`Q?XN5J>;I:KA)Q MB)N%">L%,_E`;YYI?K-8T)R='MG@>JZ`:&2X)[`VZE0-VZA8#`!N8EB&LFZ# MK!LAHA52-4-^"@L2DB?*'*=ER#[(%J1IEXB&_XR/W/)Q\&B`>Q@64KN=<"64 MQ_P09':,?BN18/QU^G2Y?,H*&MVDMVP'/H8%+=R/H&.;\*>P1,8E\W5]@--[=9Z)48B+3;&SZ8T0AX MG4IYHC]99JNT)%Q)ES0"YLG2:1AF3)2@X\*)!(#K9&QFE#Y0AT.&0>KM.IG% M;'N=3*/#`(7-W/`Z6:7'>Z#H],C870A.]&0@8\$A^U#C[I/YG!-6`WM2%+14 M/.9O%/L=+9L,]P?"*B4&,.SV=,/7.D1_M!"-@,WAUCURZ#0<-S9:4#+B3@;P MI7/-I%PI`KE^*&^-'OJFFV$'#+?=&,5@T.ANO3$H<:)CN_U&10_P M#3A\#3WQ@#RM+B?J1Z\ZI;+4RCU6YM]R2- M9C1_CN3[/E M4Y:R0W,@Y@W-&=Z$H4.()_J9TNE1,64QJ65J@H:I_?%,Z4-\,V4S+S.ETZ-BRF)2R]0^-%/.)$'S MXT8-8E;&$=+'PC2#//;.S,G\7ZLXI]'%*HWX@(U-3%P(<@SSQ-.H3M1T.<5@ M8&V,T<$R>G4LX<%5_8+/',&.4"YH`7)DA08G(># MUJ`%#'AN;GO$88UD_-.JN6VQ.B&'N=.D_W4IF]=OW:WRE+O3KB:D5_I:J])B MM5FU4B/#`)G%VV`ERT9.&CW@`D0#[X85B$Q:*%IT:Q#IA2B)L:U"I&(&FZO5OU3(H6*:*U7!5&I2(3`UKXP[HV"93B$5RZ]'=19:5:5;2PKZZ:V>9W3@QA#AN59DLRY5CG1R1##9 M/&JK2NV#V74@#K:F_,&4FT7G(187OLQ1GAESZ8+$F2D$$VL./K6\B5@^U^H^ M?H2#N@\Y#;\\97%:GL6%>*!!7^E6:OT29K#;YTHA1$23WIWN/+B.(&T(U&W` M@TY\C%/^2,RE>+"?5QJFM+J<4SU+Z;`;K"U`8>;8-1U\EG"42+IYMH.Z3>J6 MR+HITK1%/E6M@=';'(KYVYRJ:Y:GV7(9%P5??D*[ERQ1?BEUZD*?3&,((AI= M?.H(;$^R57!U2;D3#GS8+*;TB>TP]F/XD)6/'\.BI/F)N&(>J9[B^S\S+DK]-XOK+,WI?)7SU<], MCQ&/"O;,X8@.23@Z1&*BTMVN%LY.$WPJTFVD]Y0[U(.)W3O5KNE7?M3^$(H% M+,^+,EZ&);7=(*B-@KA;T-(%U:V#FA`,'([P:;ZI<)NP:'%*WB:B`;XF6-L$ M%'R&6]?L#(X*AK_1T$+DB$@,8(ZW._+60TR8MG>P='^-OX:LQV4>9GD4IV'^ MVG:?TO0RG2T*-DO,+K+IG21T'EYRD8PU%!B,D1XGS.9K0_F2VHY)BHM'@WS MI"J.E!FI(TD="@W8=5:>9LQ)4O>+CY?/5O0NDT\T^KTRH@G/"([NG,2D:UE++&B+KE@2[O"W"&N/_4(PC8%D^?PF73XGU!7VRS'<-4V52+EIV-8C8 M4AK3ER6%&/XE?K61#Z__H*'^ADNC&(01I6$E*3TE/EY4]FS4W+\2'H2&GA%O M@C1$@'#D^EY(K1P?4:/?$ME@A>1MD:K?AW8=.Z,8\,BD7LW.H,3'D_4!E# M\3'HY-?*YG76(1/GO*O;T5%S,$,@.)SN=4$>`$.DSSAG+)+1S3 MQD%WK%-(500.N,Q3RZ'\!X#+>M7>M#`2^WG>G-M:\ZZZ_%0,3:DN#=]S5 M*L#;3AH++G53D]8S"-::J%Z("0_G>F=+"I+*9N.G77+JE*<* MP),,_WJ7$XQ.YS'AUA.+6H0%`^<3BB`"RW&9&.MT'O&P3H+5(BQX.$]X M!1Y(9KGJ7/$83!:G<, MH9!A`I`[PACC,!" ME)M-S7&G)'4L60>33C0D3/6.W>:V85^<2216/!$29I'\*< M+SQ?GJ31+I^!L? MVUPFR:H0%^N*W\,\#N_C)"Y?;Q936JYRU2+:&S;C'[SQG1P"Z=X&,E!'&S;X:K1U@U!GY([CFU0\='B37]'"C+"D]$^ITNH0Q)X,&6LJ;R:< MF+Y:!R?+"0]!`,Q)%,4<[S"I*DF7:41?C)W61/@'R&A]"))2C@PHDT<36.NX MIB`H(C'P]1S&27VHO'W,4M7K"XUJ`*YTEA5,R5)L/&G\&5GJQ!`1A`RC/^C] M+"[Y;R6WG>1,8;!@J3MA)JP?@Q@UI5%GYEATP:))'8Z`OMNP*,\RL1@G.Z[& MK'5ZL6)#/O/!S!#EGSUK%X;H:4.0D6?S:0*/QQ(>7%_LJ,))%0]=8;.6TZ!J M9^9"&<*JF&L)#*[8U3AUJ729M)Y)L-:X]$),?#A7M]:H(*EM-3VH#X#U>N2S M,*'%519&BN&1/<(S0S;K$DDZ.2:>+![U5+6GHF9A>1%+1##8ZV72=!4F58U+ M>]%=*?+UNAB]P>:U,$,%!ESTM@:O>1'*NM`(O9=M[[9 M(.\!=-XGUKY,H/(^,>=]@C#O$]>\3Z#SKEBS;JB`R;N\)IV\&6'>=6O.#?*^ M#YWWM]:^O(7*^UMSWM\BS/M;U[R_AW[GF_1UTWM]; M^_(>*N_OS7E_CS#O[UWS_AXZ[T?6OAQ!Y?W(G/6;#+GG0NA\VZIUU4*F+R;ZG5\,\*\N]7KN!`Z[Y9Z7:6` MR;NI7LNX$#KOEGI=I8#)NZE> MQSEVE@,F[J5['-R/, MNUN]C@NA\VZIUU4*F+R;ZG5\,\*\N]7KN!`Z[Y9Z7:6`R;NI7LNX$#COJC=N#14@>1^\44O>C"_OVC=FR7D/ MH.MU@;5>%T#5ZP)SO2Y`6*\+7.MU`72]+K#6ZP*H>EU@KM<%".MU@6N]+H"N MUP76>ET`5:\+S/6Z`&&]+G"MUP70];K`6J\+H.IU@;E>%R"LUP6N];H`NEX7 M6.MU`52]+C#7ZP*$];K`M5X70-?K`FN]+H"JUP7F>EV`L%X7N-;K`NAZ76"M MUP50];K`7*\+$-;K`M=Z70!=KPNL];H`JEX7F.MU`<)Z7>!:KPN@ZW6!M5X7 M0-7K`G.]+D!8KPM MUF?2>EZ_Q?K2/KT0`Q]6=_K56I"\P:_I@?TM?GJE9V8L;_/3R3#QXOA6OS4M M*%[MU[B?TK#(TAGEBPS1Z#0)B^(L7BQH3M/R@F7KF<\E71 M;FD>9XJW??T[VO3,W[=W7R)U\P8Q,?W-O=#2OTVJMDG3.!&MD[9YPG-$.E]` MVF\@U5=`+\=8#0V*BRP7UJ^S\D9XCR[3VSPKGEBW5&]-'!GN_8'M;MA(LFB&++*\IIBOV%8W1>*4K!N#8I:O,G^7\=5\*K-7ZAVCD7EBT&BR M9DVIP<"4R9C,CECSO\S$ZDKMHDLB`.Q@)MM7+\]E5GL^5)DL2T8W!Z',G!3,U&Q'AGY=?XX9$6Y?^NF".:)Z_&$Y)1[(D8 M!\,U-`8E!F[L]F1TZ@C2AB`Y6ZE[8CYGF6)\KY=NM2\OH:X-P,"5LTMWO$#/ M8NI^C.TW$JI&$86?II$D>6?H*OOJ?'(S:3VQ8[=;#[^6,U+AR"M'@-1KB:=P0(]HRE[,;+3.'@:PQ)ZCL8Q!/G&*_/K MO*'?X>WVXF[$;^L>]XKNX4NY:STX(?QU)0ZOG'$,`Z+'V`D-2\H8C&29C-HY M$Z^C4;R*!AR\SNM1V>$V?:"*R](N,4#(Z>UK>!L&8(1-Z]).6N^UM76P=\K$ MMU]G9S1:S?GK,"ZR_(+2XOSEB:8%+>["%ZHXNKE%>2)M3!=JUEQ",-`VPJ?, M6X75=4;:8''QEH=ODZ:!;2*:0/"^4?&3^(U9JLL<%S2B>9A,E1-#USB@0YVY M&YK#G3H(`X2CG-H/>SR<-,6LN@$RA9@ZRAT3KZ]+Z'.8EG<9^V&Q>N=@U0*_8LC:($TCX"S>I%3<9W.S.%FP&3+S M-GO,OBH*&LZ!0"1:.J(!41.%D4.S53N&++Z^I2I;D)`W(4@4C6`Y,;/Q`NM% MR$<132?%$3RW[QY#*!"1ULYHF-3&8:329M;.9:>%#I95(^!`NKPSVB4&ZO1L M>X>T/0`C=,[OE%:;A`^T^['T:BG=: M#WMNTOIZCMYJMWFB7BO$P)#5G4Q/O14%'EFR6J;7X5+U6GJS'!"2@6D#)ZT6 M*RJRP0$M0H`!%LT=G7HE'"*JNSEU,J1@&._D!+EA4V&2/UNC?`>67@H'1=^L MGHI*AQ2+GCF9BT`\[(0&#-5BC'HI,!B#Y1EU.LQ@Z!9L/!!@^)_M:'PJEU_7 M2V')&"[(KM,A)D.[1'NPAP>-62RJ5CQ%KG,6.00.%;5Y/3)]/5)TE"9EA(2( MM"H,)+5FU,^1V"/@.%):UV/4DR.E2.5Q>'=:K8%Y:.1CEM+7ZO[+&7VFS.GK M/V*:1-KZB37`$T&.QFN`+&H,_+A9E/$14H:'`64 M"$0#DGN'P?%Q)`/61)1 M\>2UN/W/F1>Z)'R?3-4%&+0:&7`P.KE&M8\03[VS`P<,`[M$4UT4N5FET M\T3Y`R[IP_KA?3-*(T*]O@EI1&=ZKTARB,.`VUBSFI+--*D%F%@ MQ^A,_^HP*"CD9X1&/*H%_XR6Z\-9J`"QF3,]C@5%26?9MQ'`N$7YN@@VH@O- M-3"'$`Q$C?`YN`+6790/`VG2]/?DOBCS<%Y:Y\EK(4S103:J+C#[N\S*,-'L M[1$[^HXW0^J*TFV6EXLLB3-%60EX^O[AE3]48KKV;M.#3-5UMI43=%F,X8SE MY-`Z&?_P*IX)VG:_..\C.]+:;]^V[>1_5&(A3)4&]GSOVT#S#J:\"ZV>E M+C'@=7K-7-4>@&\08'`YKBIOG,]ZQFOL^-(<"X[;J'&G*1`W?IN.1WL8;C(\ M_?X7B_3'.XT,XE*1YJBFU&`@R61,?YU(J/T?K!3//>NA,(KAGCW7`&)08L#$ M;F]P2TX5T112JAC_R$SCXHN-%)7&$R!Z>S470P$&'+2N9`JXT#./$ M=J70IO?.A,GV@`^5&!R\^S/?;G[=[[_<./='G? M?V>!4O`YRN;>]CO[KA6_)!,JGLTSN1L4OF]N9Z2ZPA,1G@!RD=`7[G[T17[ M&_NX^8C]YSXL*/OD_P%02P,$%`````@`P'V\0O.;`B,B'0``$Q$"`!4`'`!N M;'9T+3(P,3,P-3(R7W!R92YX;6Q55`D``W@)I5%X":51=7@+``$$)0X```0Y M`0``[5UA4]RXEOV^5?L?>K-?EX"[`PEY,_N*0'A#+0&69MZ\]REEVFKPB]MF M9#>!FIK_OI+=#>ZV)1T9\+VI93Y,"+E7?>\YLEI'EJY^^NO=+!G<"IG'6?KS MF^#MUIN!2"=9%*=7/[_Y=;RQ-]X_.GHSR(LPC<(D2\7/;]+LS5__^]__;:#^ M^^D_-C8&A[%(HH^#@VRR<91.L[\,3L*9^#CXFTB%#(M,_F7P]S"9Z]]D__AT M?JS^6GWV@K=W4Q7F05BHOPRW@M'FUO;F\/W%UN['[=''8`0V6H3% M/']H=.ONPU;U7^7^4Q*GWS[J_UV&N1@HW-/\XUT>__RFELKWT=M,7FT.M[:" MS7]\.1Y/KL4LW(A3C?]$O%EZZ5;:_(+=W=W-\E^7I@W+NTN9+#]CM+D,YZ%E M]:^QQ;X621Y_S,OPCK-)6)3=Q_DQ`Z.%_MO&TFQ#_VHC&&Z,%#-Y]&8)?HF@ MS!)Q+J8#_:?J$`^?6K:7B\G;J^QV4\I-_>^;YW'^[5P4B"*,$T5QJ&(O M&[J68FKT5KU@J/[CCR>W20*GTTHZ#23Q;60:1)? M71>Z_\[6XUZ--DUN"QW3:&M[.%R+Z"7B&%^'4EQG223DH1!Y$[YF0!:7YXSL M]$:/+FJ8^GQW(](9GRHQB%\E%BU[Q)3 MZT![)K/\1DS4%^!3AM?'5D[3Y/[9@QP+&8LG!5BU\"+![2=A_J38R@9>)+1: MK_XBPGPNQ9-(;K2&!GTC12[2HIQM'*M?K+B(NT)-$D6T;$A'WGUR4,2%=E>S M-S7[&QS$^23)=*CJ+]IML_(;5(YZYA@._OBY=Y(<-)L6PP"2]%4G[,5ST4M!EN]A+BX_-=^3JX&&"'%4B%GNA+EFR0!J0R=IQ[D6^@+KX;-B'8FX`EO]L(ZV^M77 M8W$5)I]3-3S<[]W%)J@;5C\&S(VP'[ISCPA7GW^0S<(X-<"[:L(`6T.OJ&.[ M&O,"V*ZX-B=X^C=?QWJUX=W6A]'.%S&[%-(`7]/,!>'#HT8$GBFQ&JE]C[:E MS"VG7)9QP&S.H--ZC;OK\==Z1#_(/P9@'1J:9JR0;N\U*UV]D<#+C!7[ZHD* MACL[P_?6L:)I!HX5HQ<9*WR0-&58HUK%/A52BNBXRMH881G>K9"762Y*VQZ_ M$`^RR5SKB@O5K(&E51.0H1^NFI#,6$'5;DG2@[ZOD9)@>O0B_?@=)N&5`>\U&Q#G=Y0XMZ9%BN^!R"YL%VBU)4H!^(4.]26!\/[O,$@/::S8@S#N4,+>F13DSV9>B M!`B8F*R:@FB_YS`O:4N2$O3/TZD*/KX5`.IKMB#L'SC`WIHFX9J*!>UU(Q#F M74J8VQ/K'=_'5QF_B')P<[XF>K"#M0TES,;\>D?Z]/)?U?-D![IIAN),*B)- MV='!?";C62CO+\1=\4DU_!9Y41SKSI6-@+"99&OEPT.:!LD`J*X&< M>^=AL3G+/MRL&Z%HDXK+]LRH`#X)I=XW>"MB=-;(4^5?)-J=%33@HF)%<\V4*9(Y6LG7/BQIS?V=F6M\D79(E7! M7CA0L52+Z6AVD^4B.DW/YG)R'>8B]WS6?-N"7V4Q8+$;3E2L'BS>[G\ MD/'E7$.;@^0]H5F46=(5A.="K_\5Y(:!DD2Y``#G3 M\H`@CV--NNK0FA?!6H^:QJ17`NWC%GL4==+U!F>^E`RX,<=1)EU6:,F)ZFM[ M;S+)YFFQX'LOST5AVKAN]4!QY[!(8,N9G@<4?1QS#E*_F1_QXJ5M[MEJ"6]S MY+-@23M#;!16L*_3F\U1Y&G?A#NR90"_:[7>ZH&20/M6W)TSP0"?AE?E(7#] M"@'XEC69HPP0ZUE[MKW#7Y?-2D6/A;R-)R(87@80';@[2@^I@O5%@Y2N4SF. M9W$2RI,L[428JP&4,E(A[(]([Z3M9[.;+%7I!N6,8SGX.KD"_%"*2%4SG#\= M,\..S)C]4&9(E3:S`*I.N>&_=[D]WDL M170X3R/]Y:;F*#`3H"]\C([T9)FB?#1T(?KCJ=7@@Y MB]/0LNC8J264,5*E_P2,^C_ME\EBFB5Q=C&7::8"M!]>,)NCS)`*>E>V]/"[ M3C38'%`*2`6[.V-Z$LXM!U_;;5'H216Y-4^JF>QAEA5I5H@IG$YK.U9@:NRN<'T5#O0@*%!1 M]$F*\-M-%J?Z34&YR<*AQEL=4#HXJ')+QO0D?(E3O=_EJ-S!JR?+:"$D2XE=,"$[E59O7/]$JI`"QDJ%.,TE/;0#US3E0)PW/G3:K+QM$*IKM6Z+,L)A M=:,]3V+4/]W_4X2.UW)6#Y0!#LL5MIR)>?`M.F9Q0QGAL2+AR)[%XV$_WV3U M0,G@L/9@RYF8!QW15@`1L#1%D>>PB-":)0?(1SCD(QQRXI/PYBPY0+Z-0[Z- M0TY\+-Z<)0/('R>'3LC;+DKQ>4R?VMQ0=ABI;'/VW&C!IEAM;B@MC*2W.7MNM ML#8WE!9.^MN8/3-:P*E:FQM*"R,E;LZ>F!;?;;46-Y061C*=WR;;16#[29;' MZ94?*4TGE!)&,MZ4>?^UJ`HUQB,8*I[EI9YC9',6_:*(B[GM M)@?$$^6#5*MZ8$#S_6I];[9B@>)-JE!;=T(19=40L3"?B(KQT;8!&'%'X254FCD#_I5H>XX$5 MO\,'I814?T)Y4[)QE)8_:=".DF2>ERMP^=]#&8>7<1(7]Z?3V M4/9(A>R3<*)D]30M-Z:=RF.1`\2MF:/Q:24J`DJ8+2@=MM38@:RY4_"8NQW&ANXV$ M1BN;+TH.;3TW'QPH63H+\^(@*P\\JH'(LKRA&IZO9!@4SJ M8+K&6\20"G)#;F08PW+%Y@`B'VR1RG=WRF0L+)Z_Q4'Y\NK?XRR,3-\6;C>8 M$1:*WI5^_[55TG0>)I7BL2^XMEK"Z).*=TN2M("[5F)-QC#LI*K;GBHI\D=J M.E#V@P-SI6&+/8P_J;)V)DQ*05";GEB0K\Q@P$FULRD]:IQ-QYJ:9C#.I*+8 ME!XUSD,,YZ$'SK1%Q@SI4>-L.@_6-(-Q)M6HIO2H<7Z'X?S.`V=226I*CQIG MTT&ZIAF*`V'C7.'S"< M/WC@S$8PUM.CQGD7PWG7`V'BG.P]J:J07GR@S&F8T>K*='C3.B!RLS M&&K">'C7.B!ZLS&"C!>GK4."-ZL#*#<6:C!^OI4>.,Z,'*#,:9C1ZL MIT>-,Z('*S,4YR$;/5A/CQIG1`]69C#.;/1@/3UJG!$]6)G!.+/1@_7TJ'%& M]&!E!N/,1@_6TZ/&&=&#E1F,,QL]6$^/&&=C):NF&8PS(SU(6*IJ+1!,#P8> M>G#(2`\&7/1@@.G!P$,/#AGIP8"+'@PP/1AXZ,$A(ST8<-&#`:8'`P\].&2D M!P,N>C#`]&#@H0='C/1@P$4/!I@>##STX(B1'@RXZ,$`TX.!AQX<,=*#`1<] M&&!Z,/#0@R-&>C#@H@<#3`\&'GIPQ$@/!ESTX!#3@T,//3ABI`>'='IP>3P! MKB5GS68BBL-")/=G4DR$/MYV)F2D2O7Y("1DOZS^<)C) M,NR3K#@M`X^.TD<0G$1#;<"EX M1RJ>K8F2/37K45G.5=E=8!)8G.>TI/#@@5=VN='O'_Y?XZEKDQ?_. M55!")O?N@8%E()CT/`C)U.S'BP0BKXL=1[ M9^0X^^XW;MD<8"9(Y;\[9;+GHC4T8-"R^,&T0+&OOPBO!.F9PASA1DBE?`^ M,)`_0;^JB!83]T.AT`N3<_.D#'6&>>)2/QF`@IRILL):(F[#M+C(5"PB7PM`O3@.?/N8[`CQE@],7"DRP%_O>/%7,3);`\S0'OZP)4P&PJ,Y_+,]C`%M`<37`ES MHX;=E3`'"L9Q*8\6I>5Q*M;]8$IHC[NC`'"@!KKAP.D&$T-[ M/AY,OW=>:M>=C\6M4,'<_S,62617%4XOF!52`0XFSX<4E\A`'%%JWI,J,).JZ_;4Z!"&OV:M'C#VI`(:2+J%B)\V&RFI3_FV_-?6 M?UQI3=P5(HT>-Z*MI)UFLK@6,DWBJ^LB?SO)9IMETN=Q_FWM_$%<:+^MK:UW M@XW!03:9S]1'JA^UZ69E.QC/9[-0W@_^^#4M^1/1GV]ZZ5"/\>Y=YH4,)X6A M'[49]O0^^J&7E.]C3:^?UZU!"-,-` MN1'V0W?N$>'J\P^R61B;A,ZJ"0-L#;VBCNUJS`M@N^*J&]38C;:VA\,2.?V; MK^,M_56U]6&T\T7,+HT;9YMFZ&3B1:82`'BFQ'J?Q#U^+=B/!K;8@1A3SM:, MV?6.\^GEOU2X\:WC!&;3C+0G@S";DJ-#^4S&>@[KVB=HL0=Q)UV#=:9+1\!8 M3+(T\J&@S0,D@72Y%4BY=QH6QP+M8\VZ$0@VZ:)J>V)4^,*G12SV(.JDJZG. M='LG8'RMETPZ0HFPN*&\D&JDM'LR6@YUY5>3J>?[R9E MS9?RFPZDQNZ*TD,JIGU0H*+H\UTXNW%5\3+8PB6T&9#0GB`^PZOCF:0(DC5?E=4&%$G?\8:/%&"2.5 M_9Y8,.*JP\AH&P0N#,GI@6L`B/RPFEA,.J@"/S M_NLB9;*89DF<75![;,R4!'IR]MYO"&S*I06"[27 M1GZ7\2".*!TL;@!U(T!97K9+Y>\G?!^,2%4ME#?9HP)387-`>2`5MNZ,R4C` M!B?OD8C'59_$P\XR#F@)VF2,(L[B&D\FR\O+<.#)I\T!)8!4SKHS)B,!G(B: MS5$"6%S5R69"VN^5D"-6-U=0#_P@9J MUT[ZDH&YHKS0EK?T0('\(:&X+N<=%^W\>EO.&C&LKM[TF''1U.=:.U5X$!;A M0XP/A;JV!QN#\>1:1/-$Z!\??0;:J9_*7&N1.LIS&:UIS@:[:EU:["E+G#@P MMQT2IB]W^26\BV?SV?Y\-D_*Z5UYSW=UXNGT5LA3?2F8/I(KI:3$>SFRP7T6EZ-I>3ZS`7N><3 MY]L6:946?R*[045%[/*T:/$9DF+TCQI,.T&8/][8![. M/*@4=3B/OS"0:O4@+5_CP1>0-BT5"/C$I6JZPDT&<*V(`=33+?:D-6@\@'>F M3$F"&W;JVC+=D*;^&M^;3+)Y6BPXW\MS49@J65L]:.O(^'_[VO*FYP)E@+I` MS%-P)T-[-6C;G+35DK8:3.>U3=?4D68AOU'QK'TI?V=U*;^JF#;0)=,&#RT, MEDWTL[#?B-RQM&^Q?[V`P][GG5"_WL/QS(B_WL/!!>;7>SA>[^&PBQDB\-C< MP_'X$)43GOTDS'/+.&`V9]!IO<;=]?AK;_UZG$B7`5B'AJ89*Z3;>TUC(KV2 M0.T]P7,.%OOJD0J&.SO#]];!HFE&.ECX0&G*L,:UBKUZZW%<96V,L`Q/B??+ M+!>E+5WU<-=&&:L'Y5:9SB7$.6R42<,KH6]AU$(86+TRF3-Y>*P$N)+]H9Z? M^FNMO30:"WD;3T0PO`P@)G%WTGTR(+.^8/3^G-4#/)7C>!8GH3S)TDY\N1H@ MW1#3@3$,D-XYV\]F-UFJT@W*9;_EJ.VD"O`CW>T",@2G3T?,L",Q9C_2O2V^ MQ+C2IR-FU)$8LQ_IOA1?8ESI]TZ,'QU/)8'TP"L./?\YWM[D]WFL`M3O:,H7 M56D$DPCZDFYH0>_V\8&!JCBIFY$GP,^AQO)S/DQ%5H1)KX^2ZC>_A;'>_2?/ M13R[G,N\5().UA!'VCTS((TX`KT_0B?"TLG6^##8TFZ=`2FPYLEF.\%JS>'F M/H+WJ_L(%N:#A?W@CPL9IGEYL.'/?G81K`;LV$)@,G[=/V#OXG:07S'@_L5Y/LOA`F).FC4Z8QPKD:_1C[`6Q)_L`# M79G(-L[6]H^Q%\"6Y`_]9#V.5TZNVM0DQUT!MB2?E2L.:Y_U&PJ;ZZ`?K.N@ M_S4XR0:/[N3+HO5?!\ ML,V-=&[X$B2U3AMI)W_+NQ+:C\_OMAZ?O]`[6=0\KYC+M*=#\RN7FCBF<@;; MGK:OE1!5V-@OI6^UI)R/63%>V9MFSK'WP6SE$Z M$64_4,,(`OZ:/>F4J1/^K0F34A#L[IJ^:9MFI-.?3H#7TZ/&V23@FF:D,YBN M.--ILK5`AAC.0^(C+%UQ'G+!V:1UFV:D)U*ZXDPG7]<">8?A_([XT$E7G-]Q MP=FT+-`T(ST)TA5G.J6_%L@.AO,.\9&/KCCO<,'Y/8;S>^I#&5V!?L\%Z`\8 MT!^HCUYT!?H#%Z!W,:!WJ0L3">B3*;U,$:PM788XU;(\$JT'LH@.'F["*>.M>.!^$BL*2*C.C+;DY[H>"8B M"$53>T3F-5NS/>E)C^YYG'^KXCP011@_3CT>YKJ!FN`>9).Y+M:N?M0.FY7' MH'(9_/%K6I+:VP3W,6C'O+;-L)^G81W74DQ<*(H^J?:_.<-M=Z*>_\Z;V7.8R'C9[QIOJSNQ_4/V\QC84$BBTDR8E MH9O;`.FF3QUA"]!&EEQ)!K*=_>][Y`M7PT`WF9W9E(?$/OK.IW,^7:RCYOM9 MR-"$2$4%;UE>R;40X;X(*!^UK+N>?=([[70L]/[=KZ\0_)JO;1NU*6%!`YT) MW^[PH7B+KG%(&NB<<"*Q%O(M^HQ9;"SB_D/W$EY3_@:JE*H8V?8>9)\)#X2\ MZW;F9&.MHX;C3*?3$A<3/!7R095\L1]=3\32)W,NKS0;0IAG6,-+V?4JCEMU MRD=]M]ZH5AI>94]2C76LYJ3N[-A-?_NY7U'ESYWKWSJ1.IIUZ?TXYL?QQ9>+ M$W6#SS^5![?UOZ*V^T@>QI.030=_A+\?/3[PVR_MZ>34^5.3B_"DZYZD73:5 M/R8A1C"H7+6L)(.`"R`44D]>=^;++( MDPNIQT1R1D=C;69U:'JJN-5R&=8C(R'ANBUD>$:&.&;@]RW&C`XI"2RDL1P1 M;::4BK!/]N+,9R?F7,`DAK6968PMBBC,4C#\TC3#V9""D3YD@0J[K5YL*RN6[6K7"W>3/GS!&4H_E2]Y#[DE<@A')'.: M[.,!(PMY"UNVRNRY:S)#=81'I%#NGU-Z_<1W1C2F;/W468E M@[2N1M9Q3H&EO\&R408"B8"#BZ9$+==Z:>A4&_?;I6Z0Z4=9R'F*E&'X#TTY MF3'/F.NEX7_2)&'V'9KDVH1]IE1/%[T\:<*P=`Y->'6U/5.^9_-.EM/-:F1G M421G[^N%=!,2A\T2\8VZ?-\TDP%BT@/ M"6(APV%!Y'X_$,2NRY4M012YP'][X?I#"A1?U.PCQ++G=>IHE*@;);S:6C#9 M34[R<32KX&O/W!:^<8\KM2L2#HBTDD"AE-^PXX'2$ONZ96D9PR!QRI@YR^3O MR45;`^8T%4$_67I!+'%ZO$^78GI1U0A$B"GO:!(:&"09`S/5L8&>2Q%'+2OE MH@#9%?LIA.B5:[7RT6KLF_;_,O:FDXXB//X#4$L!`AX#%`````@`P'V\0M"' MPP^5&```S64``!$`&````````0```*2!`````&YL=G0M,C`Q,S`U,C(N>&UL M550%``-X":51=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`P'V\0C/$(=;6 M`P``GA4``!4`&````````0```*2!X!@``&YL=G0M,C`Q,S`U,C)?8V%L+GAM M;%54!0`#>`FE475X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,!]O$)]ML1K M>0H``(&;```5`!@```````$```"D@04=``!N;'9T+3(P,3,P-3(R7V1E9BYX M;6Q55`4``W@)I5%U>`L``00E#@``!#D!``!02P$"'@,4````"`#`?;Q"S2+V M#HX=``!6U`$`%0`8```````!````I('-)P``;FQV="TR,#$S,#4R,E]L86(N M>&UL550%``-X":51=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`P'V\0O.; M`B,B'0``$Q$"`!4`&````````0```*2!JD4``&YL=G0M,C`Q,S`U,C)?<')E M+GAM;%54!0`#>`FE475X"P`!!"4.```$.0$``%!+`0(>`Q0````(`,!]O$)[ M7&*UF`0``.P6```1`!@```````$```"D@1MC``!N;'9T+3(P,3,P-3(R+GAS M9%54!0`#>`FE475X"P`!!"4.```$.0$``%!+!08`````!@`&`!H"``#^9P`` "```` ` end XML 14 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 3 38 1 true 2 0 false 2 false true R1.htm 0004 - Document - Risk/Return Summary {Unlabeled} Sheet http://northernlights.com/role/RiskReturn Risk/Return Summary false false R4.htm 040000 - Disclosure - Risk/Return Detail Data {Elements} Sheet http://xbrl.sec.gov/rr/role/RiskReturnDetailData Risk/Return Detail Data true false All Reports Book All Reports nlvt-20130522.xml nlvt-20130522.xsd nlvt-20130522_cal.xml nlvt-20130522_def.xml nlvt-20130522_lab.xml nlvt-20130522_pre.xml true true