0001193125-12-404471.txt : 20120926 0001193125-12-404471.hdr.sgml : 20120926 20120926123737 ACCESSION NUMBER: 0001193125-12-404471 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20120926 DATE AS OF CHANGE: 20120926 EFFECTIVENESS DATE: 20120926 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CURIAN VARIABLE SERIES TRUST CENTRAL INDEX KEY: 0001532747 IRS NUMBER: 300024958 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-177369 FILM NUMBER: 121110640 BUSINESS ADDRESS: STREET 1: 7601 TECHNOLOGY WAY CITY: DENVER STATE: CO ZIP: 80237 BUSINESS PHONE: (517) 367-4336 MAIL ADDRESS: STREET 1: 7601 TECHNOLOGY WAY CITY: DENVER STATE: CO ZIP: 80237 0001532747 S000035568 Curian Guidance - Maximize Income Fund C000108979 Curian Guidance - Maximize Income Fund 0001532747 S000035569 Curian Tactical Advantage 35 Fund C000108980 Curian Tactical Advantage 35 Fund 0001532747 S000035570 Curian Tactical Advantage 60 Fund C000108981 Curian Tactical Advantage 60 Fund 0001532747 S000035571 Curian Tactical Advantage 75 Fund C000108982 Curian Tactical Advantage 75 Fund 0001532747 S000035572 Curian Dynamic Risk Advantage - Diversified Fund C000108983 Curian Dynamic Risk Advantage - Diversified Fund 0001532747 S000035573 Curian Dynamic Risk Advantage - Aggressive Fund C000108984 Curian Dynamic Risk Advantage - Aggressive Fund 0001532747 S000035574 Curian Dynamic Risk Advantage - Income Fund C000108985 Curian Dynamic Risk Advantage - Income Fund 0001532747 S000035576 Curian/AQR Risk Parity Fund C000108987 Curian/AQR Risk Parity Fund 0001532747 S000035579 Curian Guidance - Balanced Income Fund C000108990 Curian Guidance - Balanced Income Fund 0001532747 S000035581 Curian/Invesco Balanced-Risk Commodities Strategy Fund C000108992 Curian/Invesco Balanced-Risk Commodities Strategy Fund 0001532747 S000035586 Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund C000108997 Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund 0001532747 S000035587 Curian Guidance - Rising Income Fund C000108998 Curian Guidance - Rising Income Fund 0001532747 S000035588 Curian Guidance - Moderate Growth Fund C000108999 Curian Guidance - Moderate Growth Fund 0001532747 S000035589 Curian Guidance - Maximum Growth Fund C000109000 Curian Guidance - Maximum Growth Fund 0001532747 S000035590 Curian Guidance - Tactical Moderate Growth Fund C000109001 Curian Guidance - Tactical Moderate Growth Fund 0001532747 S000035591 Curian Guidance - Tactical Maximum Growth Fund C000109002 Curian Guidance - Tactical Maximum Growth Fund 0001532747 S000035592 Curian Guidance - Institutional Alt 65 Fund C000109003 Curian Guidance - Institutional Alt 65 Fund 0001532747 S000035593 Curian Guidance - Institutional Alt 100 Fund C000109004 Curian Guidance - Institutional Alt 100 Fund 0001532747 S000037896 Curian Guidance - Equity 100 Fund C000116992 Curian Guidance - Equity 100 Fund 0001532747 S000037897 Curian Guidance - Fixed Income 100 Fund C000116993 Curian Guidance - Fixed Income 100 Fund 0001532747 S000037899 Curian/Franklin Templeton Frontier Markets Fund C000116995 Curian/Franklin Templeton Frontier Markets Fund 0001532747 S000037900 Curian/Neuberger Berman Currency Fund C000116996 Curian/Neuberger Berman Currency Fund 497 1 d415188d497.htm 497 497

CURIAN VARIABLE SERIES TRUST

7601 Technology Way, Denver, Colorado 80237

(877) 847-4143

September 26, 2012

Securities and Exchange Commission

450 Fifth Street, NW

Judiciary Plaza

Washington, DC 20549

 

Re: Curian Variable Series Trust

File Nos. 333-177369 and 811-22613

Dear Sir/Madam:

Pursuant to Rule 497(e) under the Securities Act of 1933, as amended, we hereby file exhibits containing interactive data format risk/return summary information that reflects the risk/return summary information in the supplement dated September 10, 2012, filed pursuant to Rule 497(e), for the following Funds, which are funds of the above mentioned Trust:

Curian Guidance – Maximize Income Fund

Curian Guidance – Balanced Income Fund

Curian Guidance – Rising Income Fund

Curian Guidance – Moderate Growth Fund

Curian Guidance – Maximum Growth Fund

Curian Guidance – Tactical Moderate Growth Fund

Curian Guidance – Tactical Maximum Growth Fund

Curian Guidance – Equity 100 Fund

Curian Guidance – Fixed Income 100 Fund

Curian Guidance – Institutional Alt 65 Fund

Curian Guidance – Institutional Alt 100 Fund

Curian Tactical Advantage 35 Fund

Curian Tactical Advantage 60 Fund

Curian Tactical Advantage 75 Fund,

Curian Dynamic Risk Advantage – Diversified Fund

Curian Dynamic Risk Advantage – Aggressive Fund

Curian Dynamic Risk Advantage – Income Fund

Curian/AQR Risk Parity Fund

Curian/Franklin Templeton Frontier Markets Fund

Curian/Invesco Balanced-Risk Commodities Strategy Fund

Curian/Neuberger Berman Currency Fund

Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund


If you have any questions concerning this filing, please contact me at (517) 367-4336.

 

Very truly yours,

/s/ Susan S. Rhee

Susan S. Rhee

enc.

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DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div><div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the summary prospectus for the Curian/Franklin Templeton Frontier Markets Fund, in the section entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal Risks of Investing in the Fund</font>&#8221; please add the following risks:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">China and India country specific risks </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8211; </font>Investment primarily in equity and equity-related securities in the People&#8217;s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Risks of investments in Russia </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia&#8217;s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company&#8217;s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. While a Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the Fund.</font></div> </td> </tr></table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the summary prospectus for the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund, in the section entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal Risks of Investing in the Fund</font>&#8221; please add the following risks:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">China and India country specific risks </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8211; </font>Investment primarily in equity and equity-related securities in the People&#8217;s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Frontier market countries risk</font> &#8211; Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Risks of investments in Russia </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia&#8217;s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company&#8217;s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. While a Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the Fund.</font></div> </td> </tr></table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Curian Variable Series Trust</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">counterparty and settlement risk</font>&#8221; in its entirety and replace it with the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div><table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><tr valign="top"><td style="TEXT-ALIGN: center; WIDTH: 36pt"><div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td><td><div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div></td></tr></table></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Supplement Dated September 10, 2012</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-VARIANT: small-caps; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">To The Summary Prospectus Dated April 30, 2012</font></div> <div style="TEXT-INDENT: 0pt; 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MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">For Curian Guidance &#8211; Maximize Income Fund, Curian Guidance &#8211; Balanced Income Fund, Curian Guidance &#8211; Rising Income Fund, Curian Guidance &#8211; Moderate Growth Fund, Curian Guidance &#8211; Maximum Growth Fund, Curian Guidance &#8211; Tactical Moderate Growth Fund, Curian Guidance &#8211; Tactical Maximum Growth Fund, Curian Guidance &#8211; Equity 100 Fund, Curian Guidance &#8211; Fixed Income 100 Fund, Curian Guidance &#8211; Institutional Alt 65 Fund, Curian Guidance &#8211; Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage &#8211; Diversified Fund, Curian Dynamic Risk Advantage &#8211; Aggressive Fund, Curian Dynamic Risk Advantage &#8211; Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled &#8220;<font style="DISPLAY: inline; 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DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 4.5pt" align="justify"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In the summary prospectus for the Curian/Franklin Templeton Frontier Markets Fund, in the section entitled &#8220;<font style="DISPLAY: inline; FONT-WEIGHT: bold">Principal Risks of Investing in the Fund</font>&#8221; please add the following risks:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br/> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div> </td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">China and India country specific risks </font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#8211; </font>Investment primarily in equity and equity-related securities in the People&#8217;s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Counterparty and settlement risk</font><font style="DISPLAY: inline; FONT-WEIGHT: bold"> &#8211; </font>Trading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Risks of investments in Russia </font><font style="FONT-STYLE: italic; 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Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia&#8217;s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company&#8217;s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. 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The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.</font></div> </td> </tr></table> </div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr valign="top"> <td style="TEXT-ALIGN: center; WIDTH: 36pt"> <div style="TEXT-ALIGN: center"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt"><font style="FONT-STYLE: normal">&#9679;</font></font></div></td> <td> <div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline">Risks of investments in Russia </font><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-WEIGHT: bold">&#8211;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold">&#160;</font>A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia&#8217;s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company&#8217;s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. 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} ..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=%\U9C(V.3!C85\Q96)D7S1A8F9?8F9A,5\W,31D M9&8P,&0T96(B#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-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O6QE#I!8W1I=F53:&5E=#X-"B`@/'@Z4')O M=&5C=%-T#I0#I0#I0&UL/CPA6V5N9&EF72TM/@T*/"]H96%D M/@T*("`\8F]D>3X-"B`@(#QP/E1H:7,@<&%G92!S:&]U;&0@8F4@;W!E;F5D M('=I=&@@36EC'1087)T7S5F,C8Y,&-A7S%E M8F1?-&%B9E]B9F$Q7S'0O:F%V87-C3X- M"B`@("`\=&%B;&4@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\ M+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^0U5224%.(%9!4DE!0DQ%(%-%4DE%4R!44E535#QS<&%N M/CPO'0^4V5P(#$P+`T*"0DR,#$R M/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L M87-S/3-$'0^4V5P(#$P+`T*"0DR,#$R/'-P86X^/"]S<&%N/CPO=&0^ M#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X- M"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP M92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^/&9O;G0@6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^/&9O;G0@6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8SL@1$E3 M4$Q!63H@:6YL:6YE.R!&3TY4+49!34E,63H@5&EM97,@3F5W(%)O;6%N.R!& M3TY4+5-)6D4Z(#$P<'0G/D9O&EM=6T@1W)O=W1H($9U;F0L($-U&5D($EN8V]M92`Q,#`@1G5N9"P@0W5R:6%N M($=U:61A;F-E("8C.#(Q,3L@26YS=&ET=71I;VYA;"!!;'0@-C4@1G5N9"P@ M0W5R:6%N($=U:61A;F-E("8C.#(Q,3L@26YS=&ET=71I;VYA;"!!;'0@,3`P M($9U;F0L($-U6YA;6EC(%)I6YA;6EC(%)I2!&=6YD+"!A M;F0@0W5R:6%N+TYE=6)E6QE/3-$)U1% M6%0M04Q)1TXZ(&-E;G1E6QE/3-$)U1%6%0M24Y$ M14Y4.B`P<'0[($U!4D=)3BU,1494.B`P<'0[($U!4D=)3BU224=(5#H@,'!T M)R!A;&EG;CTS1&IU6QE/3-$)T9/3E0M4U193$4Z(&ET86QI8SL@1$E3 M4$Q!63H@:6YL:6YE)SY#;W5N=&5R<&%R='D@86YD('-E='1L96UE;G0@3X\9F]N="!S='EL93TS1"=&3TY4 M+5-464Q%.B!I=&%L:6,[($1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SY);B!T:&4@2!P6QE/3-$)T9/3E0M4TE:13H@,3!P=#L@1D]. 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Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.


In the summary prospectus for the Curian/Franklin Templeton Frontier Markets Fund, in the section entitled “Principal Risks of Investing in the Fund” please add the following risks:

China and India country specific risks Investment primarily in equity and equity-related securities in the People’s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.
Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Risks of investments in Russia  A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia’s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company’s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. While a Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the Fund.


In the summary prospectus for the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund, in the section entitled “Principal Risks of Investing in the Fund” please add the following risks:

China and India country specific risks Investment primarily in equity and equity-related securities in the People’s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.
Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Frontier market countries risk – Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.
Risks of investments in Russia  A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia’s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company’s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. While a Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the Fund.
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XML 12 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName CURIAN VARIABLE SERIES TRUST
Prospectus Date rr_ProspectusDate Apr. 30, 2012
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.


In the summary prospectus for the Curian/Franklin Templeton Frontier Markets Fund, in the section entitled “Principal Risks of Investing in the Fund” please add the following risks:

China and India country specific risks Investment primarily in equity and equity-related securities in the People’s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.
Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Risks of investments in Russia  A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia’s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company’s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. While a Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the Fund.


In the summary prospectus for the Curian/The Boston Company Multi-Alpha Market Neutral Equity Fund, in the section entitled “Principal Risks of Investing in the Fund” please add the following risks:

China and India country specific risks Investment primarily in equity and equity-related securities in the People’s Republic of China and India will expose, the Fund specifically to their market, currency, and other risks, including volatility and structural risks.
Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Frontier market countries risk – Frontier market countries generally have smaller economies and even less developed capital markets than traditional developing markets, and, as a result, the risks of investing in developing market countries are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.
Risks of investments in Russia  A Fund may invest a portion of its assets in securities issued by companies located in Russia. Because of the recent formation of the Russian securities markets as well as the underdeveloped state of Russia’s banking system, settlement, clearing and registration of securities transactions are subject to significant risks. Ownership of shares is defined according to entries in the company’s share register and normally evidenced by extracts from the register. The registrars are not necessarily subject to effective state supervision nor are they licensed with any governmental entity. Also, there is no central registration system for shareholders and it is possible for a Fund to lose its registration through fraud, negligence or mere oversight. While a Fund will endeavor to ensure that its interest continues to be appropriately recorded either itself or through a custodian or other agent inspecting the share register and by obtaining extracts of share registers through regular confirmations, these extracts have no legal enforceability and it is possible that subsequent illegal amendment or other fraudulent act may deprive the Fund of its ownership rights or improperly dilute its interest. In addition, while applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. While a Fund intends to invest directly in Russian companies that use an independent registrar, there can be no assurance that such investments will not result in a loss to the Fund.
Curian Guidance - Maximize Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Balanced Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Rising Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Moderate Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Maximum Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Tactical Moderate Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Tactical Maximum Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Equity 100 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Fixed Income 100 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Institutional Alt 65 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Guidance - Institutional Alt 100 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Tactical Advantage 35 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Tactical Advantage 60 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Tactical Advantage 75 Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Dynamic Risk Advantage - Diversified Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Dynamic Risk Advantage - Aggressive Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust

For Curian Guidance – Maximize Income Fund, Curian Guidance – Balanced Income Fund, Curian Guidance – Rising Income Fund, Curian Guidance – Moderate Growth Fund, Curian Guidance – Maximum Growth Fund, Curian Guidance – Tactical Moderate Growth Fund, Curian Guidance – Tactical Maximum Growth Fund, Curian Guidance – Equity 100 Fund, Curian Guidance – Fixed Income 100 Fund, Curian Guidance – Institutional Alt 65 Fund, Curian Guidance – Institutional Alt 100 Fund, Curian Tactical Advantage 35 Fund, Curian Tactical Advantage 60 Fund, Curian Tactical Advantage 75 Fund, Curian Dynamic Risk Advantage – Diversified Fund, Curian Dynamic Risk Advantage – Aggressive Fund, Curian Dynamic Risk Advantage – Income Fund, Curian/AQR Risk Parity Fund, Curian/Invesco Balanced-Risk Commodities Strategy Fund, and Curian/Neuberger Berman Currency Fund, please delete the risk entitled “counterparty and settlement risk” in its entirety and replace it with the following:

Counterparty and settlement riskTrading options, futures contracts and other derivative financial instruments, as well as, certain over-the-counter securities entails credit and settlement risk on the counterparties.
Curian Dynamic Risk Advantage - Income Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] cvst1_SupplementTextBlock
Supplement Dated September 10, 2012
To The Summary Prospectus Dated April 30, 2012

Supplement Dated September 10, 2012
To The Prospectus Dated April 30, 2012

Curian Variable Series Trust