GemCom, LLC

0000910472-12-003191.txt : 20121024 0000910472-12-003191.hdr.sgml : 20121024 20121024144314 ACCESSION NUMBER: 0000910472-12-003191 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121024 DATE AS OF CHANGE: 20121024 EFFECTIVENESS DATE: 20121024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Variable Trust CENTRAL INDEX KEY: 0001352621 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-131820 FILM NUMBER: 121158283 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Variable Trust CENTRAL INDEX KEY: 0001352621 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21853 FILM NUMBER: 121158284 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BLVD. CITY: HAUPPAUGE STATE: NY ZIP: 11788

0001352621 S000038613 Leader Short Term Bond Portfolio

C000119107 Leader Short Term Bond Portfolio Class 1 Shares

C000119108 Leader Short Term Bond Portfolio Class 2 Shares

485BPOS 1 leader485bxbrl.htm 485B GemCom, LLC

Securities Act File No. 333-131820

ICA No. 811- 21853

As filed with the Securities and Exchange Commission on October 24, 2012

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ ]

Pre-Effective Amendment No. ____ [ ]

Post-Effective Amendment No. _69 [X]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ ]

Amendment No. 70 [X]

(Check Appropriate Box or Boxes)

Northern Lights Variable Trust

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street

Omaha, NE 68130

Attention: Michael Miola

(Address of Principal Executive Offices)(Zip Code)

(631) 470-2600

(Registrant's Telephone Number, Including Area Code)

The Corporation Trust Company

Corporate Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)

With copies to:

JoAnn M. Strasser, Esq.

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215

614-469-3265 (phone)

513-241-4771 (fax)

James P. Ash, Esq.

Gemini Fund Services, LLC

450 Wireless Blvd.

Hauppauge, New York 11788

(631) 470-2619 (phone)

(631) 813-2884 (fax)

Approximate Date of Proposed Public Offering

It is proposed that this filing will become effective (check appropriate box):

(X)

immediately upon filing pursuant to paragraph (b).

( )

on (date) pursuant to paragraph (b).

( )

60 days after filing pursuant to paragraph (a)(1).

( )

on (date) pursuant to paragraph (a)(1).

( )

75 days after filing pursuant to paragraph (a)(2).

( )

on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate check the following box:

( )

this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This filing relates solely to the Leader Short-Term Bond Portfolio, a series of the Trust.

Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 69 to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized in the City of Hauppauge, State of New York on this 24th day of October, 2012.

NORTHERN LIGHTS VARIABLE TRUST

(Registrant)

/s/ Andrew Rogers

By: Andrew Rogers,

President and Principal Executive Officer

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

Michael Miola*

Trustee & Chairman

October 24, 2012

John V. Palancia*

Trustee

October 24, 2012

Gary Lanzen*

Trustee

October 24, 2012

Anthony Hertl*

Trustee

October 24, 2012

Mark Taylor*

Trustee

October 24, 2012

/s/ Andrew Rogers

Andrew Rogers

President and Principal Executive Officer

October 24, 2012

Kevin Wolf*

Treasurer and Principal Accounting Officer

October 24, 2012

By: Date:

/s/ James Ash

October 24, 2012

James Ash

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

EXHIBIT INDEX



Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 cik0001352621-20121016.xml 0001352621 2012-10-16 2012-10-16 0001352621 cik0001352621:S000038613Member 2012-10-16 2012-10-16 0001352621 cik0001352621:S000038613Member cik0001352621:C000119107Member 2012-10-16 2012-10-16 0001352621 cik0001352621:S000038613Member cik0001352621:C000119108Member 2012-10-16 2012-10-16 iso4217:USD xbrli:pure Estimated for the Portfolio's current fiscal year. The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights when issued because the financial highlights include only the direct operating expenses incurred by the Portfolio. The Portfolio advisor has contractually agreed to waive its fees and reimburse expenses of the Portfolio, at least until April 30, 2014 to ensure that Total Annual Portfolio Operating Expenses After Expense Reimbursements (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation or reorganization costs) will not exceed 1.35% , and 1.60% for Class 1 shares and Class 2 shares, respectively, of the Portfolio. These fee waivers and expense reimbursements by the advisor are subject to possible recoupment from the Portfolio in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. These agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the advisor. Northern Lights Variable Trust 485BPOS false 0001352621 2012-10-16 2012-10-16 2012-10-16 2012-10-16 Leader Short Term Bond Portfolio Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the <a id="OLE_LINK2" name="OLE_LINK2"></a><a id="OLE_LINK3" name="OLE_LINK3"></a>Portfolio.  Many factors affect the Portfolio's net asset value and performance.  The Portfolio is not intended to be a complete investment program. · Interest Rate Risk:  The value of the Portfolio may fluctuate based on changes in interest rates and market conditions.  As interest rates rise, the value of income producing instruments may decrease.  This risk increases as the term of the note increases.  Income earned on floating- or variable-rate securities will vary as interest rates decrease or increase.  Variable- and floating-rate securities generally are less susceptible to interest rates than fixed-rate obligations.  However, the interest rates on variable-rate securities, as well as certain floating-rate securities whose interest rates are reset only periodically, can fluctuate in value as a result of interest rate changes when there is an imperfect correlation between the interest rates on the securities and prevailing market interest rates.    · Credit Risk:  The issuer of a fixed income security may not be able to make interest or principal payments when due.  Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation.  Credit risks associated with Auction Rate Securities (“ARS”) mirror those of other bond issues in terms of default risk associated with the issuers.  Because ARS do not carry a put feature allowing the bondholder to require the purchase of the bonds by the issuer or a third party, they are very sensitive to changes in credit ratings and normally require the highest ratings (e.g., AAA/Aaa) to make them marketable. · High Yield Bond Risk.  Lower-quality bonds, known as high yield bonds or “junk bonds,” present a significant risk for loss of principal and interest.  These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk).  If that happens, the value of the bond may decrease, and the Portfolio’s share price may decrease and its income distribution may be reduced.  An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce the Portfolio’s ability to sell its bonds (liquidity risk).  The lack of a liquid market for these bonds could decrease the Portfolio’s share price.  The ability of governments to repay their obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events and circumstances on a country’s economy and its government's revenues.  Therefore, government bonds can present a significant risk.  Governments may also repudiate their debts in spite of their ability to pay.  The Portfolio's ability to recover from a defaulting government is limited because that same government may block access to court-mandated legal remedies or other means of recovery.   · Management Risk.  The strategy used by the Advisor may fail to produce the intended results.  The ability of the Portfolio to meet its investment objectives is directly related to the Advisor’s investment strategies for the Portfolio.  Your investment in the Portfolio varies with the effectiveness of the Advisor’s research, analysis and asset allocation among portfolio securities.  If the Advisor’s investment strategies do not produce the expected results, your investment could be diminished or even lost. · Foreign Risk.  Foreign investments involve additional risks not typically associated with investing in U.S. Government securities and/or securities of domestic companies, including currency rate fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets.  Securities subject to these risks may be less liquid than those that are not subject to these risks. · Derivatives Risk.  When writing put and call options, the Portfolio is exposed to declines in the value of the underlying asset against which the option was written.  To the extent required, the Portfolio will cover the financial exposure created by writing put and call options either by purchasing or selling offsetting options or futures or designating liquid assets to cover such financial exposure.  When purchasing options, the Portfolio is exposed to the potential loss of the option purchase price.  Derivatives may be illiquid and the market for derivatives is largely unregulated.  The use of derivatives may not always be a successful strategy and using them could lower the Portfolio’s return. · Legislative Change Risk.  Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Portfolio’s investments in such securities.   · Limited History of Operations:  The Portfolio is a new mutual fund and has a limited history of operation.   · Government Securities Risk.  It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Portfolio invests defaults and the U.S. Government does not stand behind the obligation, the Portfolio’s share price or yield could fall.  Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government.  The U.S. Government’s guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Portfolio does not imply that the Portfolio’s shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Portfolio’s shares will not fluctuate. · Portfolio Turnover Risk. The frequency of the Portfolio’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio’s performance.  The Portfolio’s portfolio turnover is expected to be over 100% annually, as the Portfolio is actively traded. As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Portfolio does not imply that the Portfolio's shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Portfolio's shares will not fluctuate. Example:  This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.   143 469 168 546 ~ http://nlvt.com/20121016/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact cik0001352621_S000038613Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Portfolio Turnover:  The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio).  A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account.  These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance. Principal Investment Strategies: The Portfolio expects to achieve its objectives by investing in a portfolio of investment grade debt securities and non-investment grade <strike></strike>debt securities (also known as “junk bonds”) , both domestic and foreign.  Fixed income securities in which the Portfolio may invest include foreign and domestic bonds, notes, corporate debt, government securities, <strike></strike>separate trading of registered interest and principal of securities (“STRIPS”) (mortgage- and asset-backed securities entitling the holder to disproportionate interests with respect to the allocation of interest and principal of the assets backing the security) and municipal securities.  The Portfolio’s effective average duration will normally be three years or less.  The Portfolio also may hold cash or cash equivalents, and it may enter into repurchase agreements.  The Advisor utilizes a fundamental top-down analysis, meaning the Advisor analyzes the economy, interest rate cycles, the supply and demand for credit and the characteristics of individual securities in making investment selections. Under normal circumstances, the Portfolio will invest at least 80% of its assets in fixed income securities.  This policy may not be changed without at least 60 days’ advance notice to shareholders in writing.  The Portfolio may invest up to 30% of its assets in lower-quality, high yield bonds rated B or higher by Moody’s Investors Service, Standard & Poor’s Ratings Group or other Nationally Recognized Statistical Rating Organization (“NRSRO”) or, if unrated by such NRSROs, determined by the Advisor to be of comparable quality.  The Portfolio also may invest in bonds with the potential for capital appreciation.  The Portfolio may invest up to 20% of its assets, determined at the time of investment, in foreign fixed income securities denominated in foreign currencies.  Foreign fixed income securities may be investment grade, below investment grade or unrated.  The Portfolio may use options and credit default swaps to manage investment risk and liquidity.    The Portfolio may invest up to 20% of its assets in cash, cash equivalents , and other fixed income securities, including floating- and variable-rate securities, and money market funds which invest in short-term U.S. Treasury securities, or their equivalent. <strike></strike>  By keeping some cash or cash equivalents, the Portfolio may avoid realizing gains and losses from selling investments when there are shareholder redemptions.  However, the Portfolio may have difficulty meeting its investment objectives when holding a significant cash position.   <strike></strike> The Advisor will consider a floating- or variable-rate security to have a maturity equal to its stated maturity (or redemption date if it has been called for redemption), except that it may consider: (1) variable-rate securities to have a maturity equal to the period remaining until the next readjustment in the interest rate, unless subject to a demand feature; (2) variable-rate securities subject to a demand feature to have a remaining maturity equal to the longer of (a) the next readjustment in the interest rate or (b) the period remaining until the principal can be recovered through demand; and (3) floating-rate securities subject to a demand feature to have a maturity equal to the period remaining until the principal can be recovered through demand.  Variable- and floating-rate securities generally are subject to less principal fluctuation than securities without these attributes. As noted above, the Portfolio’s effective average duration will normally be three years or less.  Effective duration is a measure of a fixed income security’s average life that reflects the present value of the security’s cash flow, and accordingly, is a measure of price sensitivity to interest rate changes.  Effective duration is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows generated over the security’s life.  Future interest and principal payments are discounted to reflect their present value and then are multiplied by the number of years they will be received to produce a value expressed in years.  You can estimate the effect of interest rates on a fixed income fund’s share price by multiplying the fund’s effective duration by an expected change in interest rates.  For example, the share price of a fixed income fund with an effective duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point. The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist that may have more attractive yields.     Under normal circumstances, the Portfolio will invest at least 80% of its assets in fixed income securities. Performance:  Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time.  In the future, performance information will be presented in this section of the Prospectus.  Also shareholder reports containing financial and performance information will mailed to shareholders semi-annually.  Updated performance information will be available at no cost by calling toll-free at 1 -800-711-9164. Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time. 1-800-711-9164 Investment Objectives:  The primary investment objective of the Portfolio is to deliver a high level of current income, with a secondary objective of capital appreciation. Fees and Expenses of the Portfolio:  This table describes the annual operating expenses that you may indirectly pay if you invest in the Portfolio through your retirement plan or if you allocate your insurance contract premiums or payments to the Portfolio.  However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus.  If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher.  You should review the insurance contract prospectus for a complete description of fees and expenses.  In the table below, acquired fund fees and expenses are the indirect costs of investing in other investment companies. 0.0075 0.0075 0.0000 0.0025 0.0072 0.0072 0.0005 0.0005 0.0152 0.0177 -0.0012 -0.0012 0.0140 0.0165 ~ http://nlvt.com/20121016/role/ScheduleOperatingExpenses20001 column dei_LegalEntityAxis compact cik0001352621_S000038613Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2014-04-30 Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Estimated for the Portfolio's current fiscal year. Estimated for the Portfolio's current fiscal year. The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights when issued because the financial highlights include only the direct operating expenses incurred by the Portfolio. 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Leader Short Term Bond Portfolio

Leader Short Term Bond Portfolio

Investment Objectives:

The primary investment objective of the Portfolio is to deliver a high level of current income,

with a secondary objective of capital appreciation.

Fees and Expenses of the Portfolio:

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

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

Operating Expenses Leader Short Term Bond Portfolio

Leader Short Term Bond Portfolio Class 1 Shares

Leader Short Term Bond Portfolio Class 2 Shares

Management Fees 0.75% 0.75%

Distribution and Service (12b-1) Fees none 0.25%

Other Expenses ^[1] 0.72% 0.72%

Acquired Fund Fees and Expenses ^[1][2] 0.05% 0.05%

Total Annual Portfolio Operating Expenses 1.52% 1.77%

Expense Reimbursements ^[3] (0.12%) (0.12%)

Total Annual Portfolio Operating Expense After Expense Reimbursements 1.40% 1.65%

[1] Estimated for the Portfolio's current fiscal year.

[2] The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights when issued because the financial highlights include only the direct operating expenses incurred by the Portfolio.

[3] The Portfolio advisor has contractually agreed to waive its fees and reimburse expenses of the Portfolio, at least until April 30, 2014 to ensure that Total Annual Portfolio Operating Expenses After Expense Reimbursements (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation or reorganization costs) will not exceed 1.35% , and 1.60% for Class 1 shares and Class 2 shares, respectively, of the Portfolio. These fee waivers and expense reimbursements by the advisor are subject to possible recoupment from the Portfolio in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. These agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the advisor.

Example:

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

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Expense Example Leader Short Term Bond Portfolio (USD $)

1 Year

3 Years

Leader Short Term Bond Portfolio Class 1 Shares
143 469

Leader Short Term Bond Portfolio Class 2 Shares
168 546

Portfolio Turnover:

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance.

Principal Investment Strategies:

The Portfolio expects to achieve its objectives by investing in a portfolio of investment grade debt securities and non-investment grade debt securities (also known as “junk bonds”) , both domestic and foreign. Fixed income securities in which the Portfolio may invest include foreign and domestic bonds, notes, corporate debt, government securities, separate trading of registered interest and principal of securities (“STRIPS”) (mortgage- and asset-backed securities entitling the holder to disproportionate interests with respect to the allocation of interest and principal of the assets backing the security) and municipal securities. The Portfolio’s effective average duration will normally be three years or less. The Portfolio also may hold cash or cash equivalents, and it may enter into repurchase agreements. The Advisor utilizes a fundamental top-down analysis, meaning the Advisor analyzes the economy, interest rate cycles, the supply and demand for credit and the characteristics of individual securities in making investment selections.

Under normal circumstances, the Portfolio will invest at least 80% of its assets in fixed income securities. This policy may not be changed without at least 60 days’ advance notice to shareholders in writing. The Portfolio may invest up to 30% of its assets in lower-quality, high yield bonds rated B or higher by Moody’s Investors Service, Standard & Poor’s Ratings Group or other Nationally Recognized Statistical Rating Organization (“NRSRO”) or, if unrated by such NRSROs, determined by the Advisor to be of comparable quality. The Portfolio also may invest in bonds with the potential for capital appreciation. The Portfolio may invest up to 20% of its assets, determined at the time of investment, in foreign fixed income securities denominated in foreign currencies. Foreign fixed income securities may be investment grade, below investment grade or unrated. The Portfolio may use options and credit default swaps to manage investment risk and liquidity.

The Portfolio may invest up to 20% of its assets in cash, cash equivalents , and other fixed income securities, including floating- and variable-rate securities, and money market funds which invest in short-term U.S. Treasury securities, or their equivalent. By keeping some cash or cash equivalents, the Portfolio may avoid realizing gains and losses from selling investments when there are shareholder redemptions. However, the Portfolio may have difficulty meeting its investment objectives when holding a significant cash position.

The Advisor will consider a floating- or variable-rate security to have a maturity equal to its stated maturity (or redemption date if it has been called for redemption), except that it may consider: (1) variable-rate securities to have a maturity equal to the period remaining until the next readjustment in the interest rate, unless subject to a demand feature; (2) variable-rate securities subject to a demand feature to have a remaining maturity equal to the longer of (a) the next readjustment in the interest rate or (b) the period remaining until the principal can be recovered through demand; and (3) floating-rate securities subject to a demand feature to have a maturity equal to the period remaining until the principal can be recovered through demand. Variable- and floating-rate securities generally are subject to less principal fluctuation than securities without these attributes.

As noted above, the Portfolio’s effective average duration will normally be three years or less. Effective duration is a measure of a fixed income security’s average life that reflects the present value of the security’s cash flow, and accordingly, is a measure of price sensitivity to interest rate changes. Effective duration is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows generated over the security’s life. Future interest and principal payments are discounted to reflect their present value and then are multiplied by the number of years they will be received to produce a value expressed in years. You can estimate the effect of interest rates on a fixed income fund’s share price by multiplying the fund’s effective duration by an expected change in interest rates. For example, the share price of a fixed income fund with an effective duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point.

The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist that may have more attractive yields.

Principal Investment Risks:

As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio's net asset value and performance. The Portfolio is not intended to be a complete investment program.

·

Interest Rate Risk: The value of the Portfolio may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases. Income earned on floating- or variable-rate securities will vary as interest rates decrease or increase. Variable- and floating-rate securities generally are less susceptible to interest rates than fixed-rate obligations. However, the interest rates on variable-rate securities, as well as certain floating-rate securities whose interest rates are reset only periodically, can fluctuate in value as a result of interest rate changes when there is an imperfect correlation between the interest rates on the securities and prevailing market interest rates.

·

Credit Risk: The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation. Credit risks associated with Auction Rate Securities (“ARS”) mirror those of other bond issues in terms of default risk associated with the issuers. Because ARS do not carry a put feature allowing the bondholder to require the purchase of the bonds by the issuer or a third party, they are very sensitive to changes in credit ratings and normally require the highest ratings (e.g., AAA/Aaa) to make them marketable.

·

High Yield Bond Risk. Lower-quality bonds, known as high yield bonds or “junk bonds,” present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, and the Portfolio’s share price may decrease and its income distribution may be reduced. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce the Portfolio’s ability to sell its bonds (liquidity risk). The lack of a liquid market for these bonds could decrease the Portfolio’s share price. The ability of governments to repay their obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events and circumstances on a country’s economy and its government's revenues. Therefore, government bonds can present a significant risk. Governments may also repudiate their debts in spite of their ability to pay. The Portfolio's ability to recover from a defaulting government is limited because that same government may block access to court-mandated legal remedies or other means of recovery.

·

Management Risk. The strategy used by the Advisor may fail to produce the intended results. The ability of the Portfolio to meet its investment objectives is directly related to the Advisor’s investment strategies for the Portfolio. Your investment in the Portfolio varies with the effectiveness of the Advisor’s research, analysis and asset allocation among portfolio securities. If the Advisor’s investment strategies do not produce the expected results, your investment could be diminished or even lost.

·

Foreign Risk. Foreign investments involve additional risks not typically associated with investing in U.S. Government securities and/or securities of domestic companies, including currency rate fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets. Securities subject to these risks may be less liquid than those that are not subject to these risks.

·

Derivatives Risk. When writing put and call options, the Portfolio is exposed to declines in the value of the underlying asset against which the option was written. To the extent required, the Portfolio will cover the financial exposure created by writing put and call options either by purchasing or selling offsetting options or futures or designating liquid assets to cover such financial exposure. When purchasing options, the Portfolio is exposed to the potential loss of the option purchase price. Derivatives may be illiquid and the market for derivatives is largely unregulated. The use of derivatives may not always be a successful strategy and using them could lower the Portfolio’s return.

·

Legislative Change Risk. Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Portfolio’s investments in such securities.

·

Limited History of Operations: The Portfolio is a new mutual fund and has a limited history of operation.

·

Government Securities Risk. It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Portfolio invests defaults and the U.S. Government does not stand behind the obligation, the Portfolio’s share price or yield could fall. Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government. The U.S. Government’s guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Portfolio does not imply that the Portfolio’s shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Portfolio’s shares will not fluctuate.

·

Portfolio Turnover Risk. The frequency of the Portfolio’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio’s performance. The Portfolio’s portfolio turnover is expected to be over 100% annually, as the Portfolio is actively traded.

Performance:

Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time. In the future, performance information will be presented in this section of the Prospectus. Also shareholder reports containing financial and performance information will mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling toll-free at 1 -800-711-9164.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

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Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

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Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.

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Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

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Document and Entity Information
0 Months Ended

Oct. 16, 2012

Risk/Return:

Document Type 485BPOS

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Risk/Return [Heading] rr_RiskReturnHeading Leader Short Term Bond Portfolio

Objective [Heading] rr_ObjectiveHeading Investment Objectives:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock
The primary investment objective of the Portfolio is to deliver a high level of current income,

Objective, Secondary [Text Block] rr_ObjectiveSecondaryTextBlock
with a secondary objective of capital appreciation.

Expense [Heading] rr_ExpenseHeading Fees and Expenses of the Portfolio:

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

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

Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-04-30

Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover:

Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance.

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates Estimated for the Portfolio's current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates Estimated for the Portfolio's current fiscal year.

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights when issued because the financial highlights include only the direct operating expenses incurred by the Portfolio.

Expense Example [Heading] rr_ExpenseExampleHeading Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock
This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Strategy [Heading] rr_StrategyHeading Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock
The Portfolio expects to achieve its objectives by investing in a portfolio of investment grade debt securities and non-investment grade debt securities (also known as “junk bonds”) , both domestic and foreign. Fixed income securities in which the Portfolio may invest include foreign and domestic bonds, notes, corporate debt, government securities, separate trading of registered interest and principal of securities (“STRIPS”) (mortgage- and asset-backed securities entitling the holder to disproportionate interests with respect to the allocation of interest and principal of the assets backing the security) and municipal securities. The Portfolio’s effective average duration will normally be three years or less. The Portfolio also may hold cash or cash equivalents, and it may enter into repurchase agreements. The Advisor utilizes a fundamental top-down analysis, meaning the Advisor analyzes the economy, interest rate cycles, the supply and demand for credit and the characteristics of individual securities in making investment selections.

Under normal circumstances, the Portfolio will invest at least 80% of its assets in fixed income securities. This policy may not be changed without at least 60 days’ advance notice to shareholders in writing. The Portfolio may invest up to 30% of its assets in lower-quality, high yield bonds rated B or higher by Moody’s Investors Service, Standard & Poor’s Ratings Group or other Nationally Recognized Statistical Rating Organization (“NRSRO”) or, if unrated by such NRSROs, determined by the Advisor to be of comparable quality. The Portfolio also may invest in bonds with the potential for capital appreciation. The Portfolio may invest up to 20% of its assets, determined at the time of investment, in foreign fixed income securities denominated in foreign currencies. Foreign fixed income securities may be investment grade, below investment grade or unrated. The Portfolio may use options and credit default swaps to manage investment risk and liquidity.

The Portfolio may invest up to 20% of its assets in cash, cash equivalents , and other fixed income securities, including floating- and variable-rate securities, and money market funds which invest in short-term U.S. Treasury securities, or their equivalent. By keeping some cash or cash equivalents, the Portfolio may avoid realizing gains and losses from selling investments when there are shareholder redemptions. However, the Portfolio may have difficulty meeting its investment objectives when holding a significant cash position.

The Advisor will consider a floating- or variable-rate security to have a maturity equal to its stated maturity (or redemption date if it has been called for redemption), except that it may consider: (1) variable-rate securities to have a maturity equal to the period remaining until the next readjustment in the interest rate, unless subject to a demand feature; (2) variable-rate securities subject to a demand feature to have a remaining maturity equal to the longer of (a) the next readjustment in the interest rate or (b) the period remaining until the principal can be recovered through demand; and (3) floating-rate securities subject to a demand feature to have a maturity equal to the period remaining until the principal can be recovered through demand. Variable- and floating-rate securities generally are subject to less principal fluctuation than securities without these attributes.

As noted above, the Portfolio’s effective average duration will normally be three years or less. Effective duration is a measure of a fixed income security’s average life that reflects the present value of the security’s cash flow, and accordingly, is a measure of price sensitivity to interest rate changes. Effective duration is expressed in years, like maturity, but it is a better indicator of price sensitivity than maturity because it takes into account the time value of cash flows generated over the security’s life. Future interest and principal payments are discounted to reflect their present value and then are multiplied by the number of years they will be received to produce a value expressed in years. You can estimate the effect of interest rates on a fixed income fund’s share price by multiplying the fund’s effective duration by an expected change in interest rates. For example, the share price of a fixed income fund with an effective duration of three years would be expected to fall approximately 3% if interest rates rose by one percentage point.

The Advisor may sell a security if its value becomes unattractive, such as when its fundamentals deteriorate or when other investment opportunities exist that may have more attractive yields.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration Under normal circumstances, the Portfolio will invest at least 80% of its assets in fixed income securities.

Risk [Heading] rr_RiskHeading Principal Investment Risks:

Risk Narrative [Text Block] rr_RiskNarrativeTextBlock
As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio. Many factors affect the Portfolio's net asset value and performance. The Portfolio is not intended to be a complete investment program.

·

Interest Rate Risk: The value of the Portfolio may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases. Income earned on floating- or variable-rate securities will vary as interest rates decrease or increase. Variable- and floating-rate securities generally are less susceptible to interest rates than fixed-rate obligations. However, the interest rates on variable-rate securities, as well as certain floating-rate securities whose interest rates are reset only periodically, can fluctuate in value as a result of interest rate changes when there is an imperfect correlation between the interest rates on the securities and prevailing market interest rates.

·

Credit Risk: The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation. Credit risks associated with Auction Rate Securities (“ARS”) mirror those of other bond issues in terms of default risk associated with the issuers. Because ARS do not carry a put feature allowing the bondholder to require the purchase of the bonds by the issuer or a third party, they are very sensitive to changes in credit ratings and normally require the highest ratings (e.g., AAA/Aaa) to make them marketable.

·

High Yield Bond Risk. Lower-quality bonds, known as high yield bonds or “junk bonds,” present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk). If that happens, the value of the bond may decrease, and the Portfolio’s share price may decrease and its income distribution may be reduced. An economic downturn or period of rising interest rates (interest rate risk) could adversely affect the market for these bonds and reduce the Portfolio’s ability to sell its bonds (liquidity risk). The lack of a liquid market for these bonds could decrease the Portfolio’s share price. The ability of governments to repay their obligations is adversely impacted by default, insolvency, bankruptcy or by political instability, including authoritarian and/or military involvement in governmental decision-making, armed conflict, civil war, social instability and the impact of these events and circumstances on a country’s economy and its government's revenues. Therefore, government bonds can present a significant risk. Governments may also repudiate their debts in spite of their ability to pay. The Portfolio's ability to recover from a defaulting government is limited because that same government may block access to court-mandated legal remedies or other means of recovery.

·

Management Risk. The strategy used by the Advisor may fail to produce the intended results. The ability of the Portfolio to meet its investment objectives is directly related to the Advisor’s investment strategies for the Portfolio. Your investment in the Portfolio varies with the effectiveness of the Advisor’s research, analysis and asset allocation among portfolio securities. If the Advisor’s investment strategies do not produce the expected results, your investment could be diminished or even lost.

·

Foreign Risk. Foreign investments involve additional risks not typically associated with investing in U.S. Government securities and/or securities of domestic companies, including currency rate fluctuations, political and economic instability, differences in financial reporting standards and less strict regulation of securities markets. Securities subject to these risks may be less liquid than those that are not subject to these risks.

·

Derivatives Risk. When writing put and call options, the Portfolio is exposed to declines in the value of the underlying asset against which the option was written. To the extent required, the Portfolio will cover the financial exposure created by writing put and call options either by purchasing or selling offsetting options or futures or designating liquid assets to cover such financial exposure. When purchasing options, the Portfolio is exposed to the potential loss of the option purchase price. Derivatives may be illiquid and the market for derivatives is largely unregulated. The use of derivatives may not always be a successful strategy and using them could lower the Portfolio’s return.

·

Legislative Change Risk. Municipal securities are subject to the risk that legislative changes and local and business developments may adversely affect the yield or value of the Portfolio’s investments in such securities.

·

Limited History of Operations: The Portfolio is a new mutual fund and has a limited history of operation.

·

Government Securities Risk. It is possible that the U.S. Government would not provide financial support to its agencies or instrumentalities if it is not required to do so by law. If a U.S. Government agency or instrumentality in which the Portfolio invests defaults and the U.S. Government does not stand behind the obligation, the Portfolio’s share price or yield could fall. Securities of U.S. Government sponsored entities, such as Freddie Mac or Fannie Mae, are neither issued nor guaranteed by the U.S. Government. The U.S. Government’s guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Portfolio does not imply that the Portfolio’s shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Portfolio’s shares will not fluctuate.

·

Portfolio Turnover Risk. The frequency of the Portfolio’s transactions will vary from year to year. Increased portfolio turnover may result in higher brokerage commissions, dealer mark-ups and other transaction costs. Higher costs associated with increased portfolio turnover may offset gains in the Portfolio’s performance. The Portfolio’s portfolio turnover is expected to be over 100% annually, as the Portfolio is actively traded.

Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Portfolio.

Risk Not Insured Depository Institution [Text] rr_RiskNotInsuredDepositoryInstitution The U.S. Government's guarantee of ultimate payment of principal and timely payment of interest of the U.S. Government securities owned by the Portfolio does not imply that the Portfolio's shares are guaranteed by the Federal Deposit Insurance Corporation or any other government agency, or that the price of the Portfolio's shares will not fluctuate.

Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance:

Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock
Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time. In the future, performance information will be presented in this section of the Prospectus. Also shareholder reports containing financial and performance information will mailed to shareholders semi-annually. Updated performance information will be available at no cost by calling toll-free at 1 -800-711-9164.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio has less than a full calendar year of investment operations, no performance information is presented for the Portfolio at this time.

Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-800-711-9164

Leader Short Term Bond Portfolio Class 1 Shares

Risk/Return: rr_RiskReturnAbstract

Management Fees rr_ManagementFeesOverAssets 0.75%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none

Other Expenses rr_OtherExpensesOverAssets 0.72% ^[1]

Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% ^[1],[2]

Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.52%

Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.12%) ^[3]

Total Annual Portfolio Operating Expense After Expense Reimbursements rr_NetExpensesOverAssets 1.40%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 143

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 469

Leader Short Term Bond Portfolio Class 2 Shares

Risk/Return: rr_RiskReturnAbstract

Management Fees rr_ManagementFeesOverAssets 0.75%

Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%

Other Expenses rr_OtherExpensesOverAssets 0.72% ^[1]

Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.05% ^[1],[2]

Total Annual Portfolio Operating Expenses rr_ExpensesOverAssets 1.77%

Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.12%) ^[3]

Total Annual Portfolio Operating Expense After Expense Reimbursements rr_NetExpensesOverAssets 1.65%

Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 168

Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 546

[1] Estimated for the Portfolio's current fiscal year.

[2] The operating expenses in this fee table will not correlate to the expense ratio in the Portfolio's financial highlights when issued because the financial highlights include only the direct operating expenses incurred by the Portfolio.

[3] The Portfolio advisor has contractually agreed to waive its fees and reimburse expenses of the Portfolio, at least until April 30, 2014 to ensure that Total Annual Portfolio Operating Expenses After Expense Reimbursements (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, or extraordinary expenses such as litigation or reorganization costs) will not exceed 1.35% , and 1.60% for Class 1 shares and Class 2 shares, respectively, of the Portfolio. These fee waivers and expense reimbursements by the advisor are subject to possible recoupment from the Portfolio in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. These agreements may be terminated only by the Portfolio's Board of Trustees, on 60 days' written notice to the advisor.

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Risk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.

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This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown. The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.

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Total Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."

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Total Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.

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This element represents the date of expected termination of any expense reimbursement or fee waiver arrangements that reduce any Fund operating expenses (SEC Form N-1A 2006-09-14 A.3.table.1.11 Total Annual Fund Operating Expenses A.3.instructions.3.e).

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Management Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."

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Total Annual Fund Operating Expenses.

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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Investment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).

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

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"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.

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If applicable, include a statement explaining that updated performance information is available and providing a Web site address and/or toll-free (or collect) telephone number where the updated information may be obtained.

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Risk/Return Bar Chart and Table.

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Disclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.

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Summarize the principal risks of investing in the Fund, including the risks to which the Fund's portfolio as a whole is subject and the circumstances reasonably likely to affect adversely the Fund's net asset value, yield, and total return. Unless the Fund is a Money Market Fund, disclose that loss of money is a risk of investing in the Fund. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

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Risk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicated

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Principal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.

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