0000910472-13-000607.txt : 20130227 0000910472-13-000607.hdr.sgml : 20130227 20130227124319 ACCESSION NUMBER: 0000910472-13-000607 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130227 DATE AS OF CHANGE: 20130227 EFFECTIVENESS DATE: 20130227 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: 13645790 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: 13645791 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 S000039774 CAM Hedge VIT Fund C000123312 CAM Hedge VIT Fund Class 1 Shares C000123313 CAM Hedge VIT Fund Class 2 Shares 485BPOS 1 cam485bposxbrl.htm 485BPOS XBRL GemCom, LLC

Securities Act File No. 333-131820

ICA No. 811- 21853


As filed with the Securities and Exchange Commission on February 26, 2013


SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549


FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933   [   ]


 Pre-Effective Amendment No.    ____ [   ]


 Post-Effective Amendment No.   _77 [X]


and/or


REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940  [   ]


Amendment No.                             78                                            [X]

(Check Appropriate Box or Boxes)


Northern Lights Variable Trust

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street

Omaha, NE 68130

Attention:  Michael Miola

 (Address of Principal Executive Offices)(Zip Code)


(631) 470-2600

 (Registrant's Telephone Number, Including Area Code)

The Corporation Trust Company

Corporate Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)


With copies to:

JoAnn M. Strasser, Esq.

Thompson Hine LLP

41 South High Street, Suite 1700

Columbus, Ohio 43215

614-469-3265 (phone)

513-241-4771 (fax)

James P. Ash, Esq.

Gemini Fund Services, LLC

80 Arkay Drive, Suite 110.

Hauppauge, New York 11788

(631) 470-2619 (phone)

(631) 813-2884 (fax)


  Approximate Date of Proposed Public Offering


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

(X)

immediately upon filing pursuant to paragraph (b).

( )

on (date) pursuant to paragraph (b).

(  )

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

( )

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

(  )

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

( )

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

If appropriate check the following box:  

( )

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


This filing relates solely to the CAM Hedge VIT Fund, 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. 77 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 26th day of February, 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


February 26, 2013


John V. Palancia*


Trustee


February 26, 2013


Gary Lanzen*


Trustee


February 26, 2013

 

Anthony Hertl*


Trustee


February 26, 2013

 

Mark Taylor*


Trustee


February 26, 2013


/s/ Andrew Rogers

Andrew Rogers


President and Principal Executive Officer


February 26, 2013


Kevin Wolf*


Treasurer and Principal Accounting Officer


February 26, 2013



By:                                     Date:

/s/ James Ash     

February 26, 2013

James Ash

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



EXHIBIT INDEX

 

 

 

 

Index No.

  

Description of Exhibit

 

 

EX-101.INS

  

XBRL Instance Document

 

 

EX-101.SCH

  

XBRL Taxonomy Extension Schema Document

 

 

EX-101.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 cik0001352621-20130220.xml 0001352621 2012-12-31 2012-12-31 0001352621 cik0001352621:S000039774_57Member cik0001352621:S000039774Member 2012-12-31 2012-12-31 0001352621 cik0001352621:S000039774_57Member cik0001352621:S000039774Member cik0001352621:C000123312Member 2012-12-31 2012-12-31 0001352621 cik0001352621:S000039774_57Member cik0001352621:S000039774Member cik0001352621:C000123313Member 2012-12-31 2012-12-31 iso4217:USD xbrli:pure These expenses are based on estimated amounts for the Portfolio's current fiscal year. This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Portfolio and is not a direct expense incurred by the Portfolio or deducted from the Portfolio assets. Since this number does not represent a direct operating expense of the Portfolio, the operating expenses set forth in the Portfolio's financial highlights do not include this figure. The advisor has contractually agreed to 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 front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) will not exceed 1.25% and 1.65% for Class 1 shares and Class 2 shares, respectively, of the Portfolio. These 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 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 2012-12-31 2013-02-20 2013-02-20 2013-02-20 CAM Hedge VIT Fund Principal Risks. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt">The Portfolio is subject to a number of risks that may affect the value of its shares, including: </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Allocation Risk.</b> The Portfolio&#8217;s particular allocations may have a significant effect on the Portfolio&#8217;s performance. Allocation risk is the risk that the selection of ETPs and the allocation of assets among such ETPs will cause the Portfolio to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Counterparty Credit Risk.</b> The Portfolio may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Portfolio&#8217;s use of such financial instruments, including swap agreements, exposes the Portfolio to risks that are different than those associated with direct investments in portfolio securities. For example, if a swap agreement counterparty defaults on its payment obligations to the Portfolio, this default will cause the value of your investment in the Portfolio to decrease. Swap agreements also may be considered to be illiquid. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Credit Risk.</b> The Portfolio could lose money if the issuer or guarantor of a debt instrument in which the Portfolio invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations<b>.</b> </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Derivatives Risk.</b> The Portfolio intends to invest in derivatives to a significant extent. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Portfolio&#8217;s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&amp;P 500 Index). Many derivatives (including option contracts) create leverage thereby causing the Portfolio to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Portfolio to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Equity Risk.</b> The prices of equity securities in which the Portfolio invests rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time<b>.</b> </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>ETN Risk.</b> ETNs are senior, unsecured unsubordinated debt securities issued by an underwriting bank that are designed to provide returns that are linked to a particular benchmark less investor fees. ETNs have a maturity date and generally are backed only by the creditworthiness of the issuer. As a result, the value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market (e.g., the commodities market), changes in the applicable interest rates, and changes in the issuer&#8217;s credit rating and economic, legal, political or geographic events that affect the referenced market. ETNs also may be subject to commodities market risk and credit risk. <b></b> </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Investment Risk.</b> As with all investments, an investment in the Portfolio is subject to investment risk. Investors in the Portfolio could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Limited History of Operations Risk</b><b><i>.</i></b> The Portfolio is a new mutual fund with a limited history of operations for investors to evaluate. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Liquidity Risk.</b> Trading in shares of an ETP may be halted because of market conditions or for reasons that, in the view of the Exchange or other securities exchange on which shares of an ETP are listed, make trading in shares inadvisable. In addition, the Portfolio&#8217;s investments in ETNs and certain other ETPs may be subject to restrictions on the amount and timing of any redemptions, which may adversely affect the Portfolio&#8217;s performance. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Market Risk.</b> Due to market conditions, the value of the Portfolio&#8217;s investments may fluctuate significantly from day to day. This volatility may cause the value of your investment in the Portfolio to decrease. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>Short Sales Risk.</b> Short sales are transactions in which the Portfolio sells a security it does not own. To complete the transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Portfolio. If the underlying security goes down in price between the time the Portfolio sells the security and buys it back, the Portfolio will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Portfolio will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Portfolio must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Portfolio must pay to the lender of the security. Because a short position loses value as the security&#8217;s price increases, the loss on a short sale is theoretically unlimited. Short sales involve leverage because the Portfolio borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Portfolio. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> <b>ETP Investment Risk.</b> Through its investments in ETPs, the Portfolio will be subject to the risks associated with such investment vehicles&#8217; investments, or reference assets in the case of ETNs, including the possibility that the value of the securities or instruments held or tracked by an ETP could decrease. These risks include any combination of the risks described below. The Portfolio&#8217;s exposure to a particular risk will be proportionate to the Portfolio&#8217;s overall allocation to the ETPs and their exposure to various security types, currencies, market sectors, and geographic regions. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Commodity Risk</i>. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs. An ETP&#8217;s investment in commodities or commodity-linked derivative instruments may subject the ETP (and indirectly the Portfolio) to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Concentration Risk</i>. &#160;An ETP may, at various times, concentrate in the securities or commodities of a particular industry, group of industries, market sector or geographic region. &#160;To the extent an ETP&#8217;s &#160;investments &#160;are &#160;so &#160;concentrated, &#160;the &#160;Fund &#160;may &#160;be &#160;adversely &#160;affected by &#160;political, regulatory, and market conditions affecting the particular industry, group of industries, market sector or geographic region. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Counterparty Risk</i>. Commodity-linked derivatives, repurchase agreements, swap agreements and other forms of financial instruments that involve counterparties subject an ETP to the risk that the counterparty could default on its obligations under the agreement, either through the counterparty&#8217;s bankruptcy or failure to perform its obligations. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Credit Risk</i>. &#160;Certain ETPs are subject to the risk that a decline in the credit quality of a portfolio investment or a counterparty to a portfolio investment could cause the ETP&#8217;s share price to fall. The ETPs could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Emerging Markets Risk</i>. &#160;There is an increased risk of price volatility associated with an ETP&#8217;s investments in, or exposure to, emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Equity Risk</i>. &#160;The prices of equity securities in which an ETP invests or is exposed to rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Foreign Currency Risk</i>. &#160;Currency movements may negatively impact the value of an ETP portfolio security even when there is no change in the value of the security in the issuer&#8217;s home country. Certain ETPs may not hedge against the risk of currency exchange rate fluctuations, while other ETPs may if there is volatility in currency exchange rates. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Foreign Securities Risk</i>. &#160;An ETP&#8217;s investments in, or exposure to, foreign issuers involve certain risks including, but not limited to, risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Investment Risk</i>. &#160;The Portfolio may experience losses with respect to its investment in an ETP. &#160;Further, there is no guarantee that an ETP will achieve its objective. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Large-Cap Risk</i>. &#160;An ETP may invest in large-capitalization companies. Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of small- and mid- cap companies or the market as a whole. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Mid-Cap Risk</i>. &#160;An ETP may invest in mid-capitalization companies. Mid-cap companies may be more volatile and more likely than large-cap companies to have limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of mid- cap companies could trail the returns on investments in stocks of large- or small-cap companies or the market as a whole. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Small-Cap Risk</i>. An ETP may invest in small-capitalization companies. Small-cap companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. In particular, small-cap companies may have limited product lines, markets, and financial resources and may be dependent upon a relatively small management group. These securities may be listed on an exchange or trade over-the-counter, and may or may not pay dividends. &#160;During a period when the performance of small-cap stocks falls behind that of other types of investments, such as large-cap stocks, the ETP&#8217;s performance could be adversely affected. </p> <br/><p style="MARGIN-TOP: 0px; TEXT-INDENT: -24px; FONT-FAMILY: Symbol; MARGIN-BOTTOM: -2px; FLOAT: left; FONT-SIZE: 12pt"> <i>&#183;</i> </p> <br/><p style="TEXT-INDENT: -2px; MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> <i>Tracking Error Risk</i>. Tracking error can arise due to factors such as the effect of transaction fees and expenses incurred by the ETP, changes in composition of the benchmark, and the ability of the ETP manager or sponsor to successfully implement his or her investment strategy. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt" align="justify"> As with any fund, there is no guarantee that the Portfolio will achieve its investment objective<b>.</b> </p> As with all investments, an investment in the Portfolio is subject to investment risk. Investors in the Portfolio could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time Portfolio Turnover. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). &#160;A higher portfolio turnover rate may indicate higher transaction costs. &#160;These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Portfolio&#8217;s performance. &#160; </p> Investment Objective. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt">The CAM Hedge VIT Fund (the &#8220;Portfolio&#8221;) seeks to match the investment performance of the HFRI Equity Hedge (Total) Index, an index of long/short equity hedge funds. </p> Principal Investment Strategies. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt">The Portfolio is a &#8216;&#8216;fund of funds&#8217;&#8217; that seeks to achieve its investment objective by investing primarily in both long and short positions in exchange-traded funds (&#8220;ETFs&#8217;&#8217;) and exchange-traded notes (&#8220;ETNs&#8221;) that offer diversified exposure to global regions, countries, investment styles (i.e., value, growth), sectors and industries. ETFs are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard &amp; Poor's 500, or of a particular segment of the market such as an industry sector or geographic region. &#160;ETNs are debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> Commerce Asset Management, LLC (the &#8220;Advisor&#8221;) seeks to achieve the Portfolio&#8217;s investment objective by taking long and short positions in underlying ETFs and underlying ETNs that the Advisor believes, in the aggregate, will track the performance of the benchmark index (HFRI Equity Hedge (Total) Index), a non-investable index made up of approximately 1,000 individual long/short equity hedge funds.&#160; </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> Long/short equity hedge funds typically buy stocks, ETFs, ETNs or currencies that the hedge fund managers expect will appreciate, and concurrently either sell short stocks, ETFs, ETNs or currencies that the hedge fund managers expect will decline in value or to hedge market or sector exposures. </p> <br/><p style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt" align="justify"> In seeking to establish a long or short position in such instruments, the Portfolio will invest primarily in ETFs and ETNs, but may also use stocks and baskets of stocks, as well as futures, options, or swaps based on published indices, including international indices, to gain exposures not available through ETFs. The Portfolio also may invest in exchange-traded currency trusts (collectively, with ETFs and ETNs, &#8220;ETPs&#8221;). On a day-to-day basis, the Portfolio may hold cash, money market instruments, other cash equivalents, and ETPs that invest in these and other highly liquid instruments to collateralize its derivative positions. </p> Example. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds.</p> 153 476 193 599 ~ http://camhedge.com/20130220/role/ScheduleExpenseExampleTransposed20002 column dei_LegalEntityAxis compact cik0001352621_S000039774Member 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. However, each insurance contract and separate account involves fees and expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would be higher. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be: Fees and Expenses of the Portfolio. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial,Times New Roman; FONT-SIZE: 12pt">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. &#160;However, each insurance contract and separate account involves fees and expenses that are not described in this Prospectus. &#160;If the fees and expenses of your insurance contract or separate account were included in this table, your overall expenses would be higher. &#160;You should review the insurance contract prospectus for a complete description of fees and expenses. &#160; </p> 0.0100 0.0100 0.0000 0.0040 0.0026 0.0026 0.0025 0.0025 0.0151 0.0191 -0.0001 -0.0001 0.0150 0.0151 ~ http://camhedge.com/20130220/role/ScheduleAnnualFundOperatingExpenses20001 column dei_LegalEntityAxis compact cik0001352621_S000039774Member row primary compact * ~ 2014-04-30 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) These expenses are based on estimated amounts for the Portfolio's current fiscal year These expenses are based on estimated amounts for the Portfolio's current fiscal year. Performance. <p align="justify" style="MARGIN: 0px; FONT-FAMILY: Arial; FONT-SIZE: 12pt">Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. &#160;Updated performance information will be available at no cost by calling the Portfolio toll-free at 1-888-515-4510. <strike/> </p> Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. 1-888-515-4510 EX-101.SCH 3 cik0001352621-20130220.xsd 000001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 020000 - Document - Risk/Return Summary {Unlabeled} - CAM Hedge VIT Fund link:presentationLink link:definitionLink link:calculationLink 020001 - Schedule - Annual Fund Operating Expenses link:presentationLink link:definitionLink link:calculationLink 020002 - Schedule - Expense Example {Transposed} link:presentationLink link:definitionLink link:calculationLink 020003 - Disclosure - 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CAM Hedge VIT Fund | CAM Hedge VIT Fund
CAM Hedge VIT Fund
Investment Objective.

The CAM Hedge VIT Fund (the “Portfolio”) seeks to match the investment performance of the HFRI Equity Hedge (Total) Index, an index of long/short equity hedge funds.

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.  

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Annual Fund Operating Expenses CAM Hedge VIT Fund
CAM Hedge VIT Fund Class 1 Shares
CAM Hedge VIT Fund Class 2 Shares
Management Fees 1.00% 1.00%
Distribution and Service (Rule 12b-1) Fees none 0.40%
Other Expenses [1] 0.26% 0.26%
Acquired Fund Fees and Expenses [1][2] 0.25% 0.25%
Total Annual Fund Operating Expenses 1.51% 1.91%
Expense Reimbursements [3] (0.01%) (0.01%)
Total Annual Portfolio Operating Expense After Expense Reimbursements 1.50% 1.51%
[1] These expenses are based on estimated amounts for the Portfolio's current fiscal year.
[2] This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Portfolio and is not a direct expense incurred by the Portfolio or deducted from the Portfolio assets. Since this number does not represent a direct operating expense of the Portfolio, the operating expenses set forth in the Portfolio's financial highlights do not include this figure.
[3] The advisor has contractually agreed to 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 front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) will not exceed 1.25% and 1.65% for Class 1 shares and Class 2 shares, respectively, of the Portfolio. These 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 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. However, each insurance contract and separate account involves fees and expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would be higher. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Expense Example CAM Hedge VIT Fund (USD $)
One Year
Three Years
CAM Hedge VIT Fund Class 1 Shares
153 476
CAM Hedge VIT Fund Class 2 Shares
193 599
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 rate may indicate higher transaction costs.  These costs, which are not reflected in Total Annual Fund Operating Expenses or in the Example, affect the Portfolio’s performance.  

Principal Investment Strategies.

The Portfolio is a ‘‘fund of funds’’ that seeks to achieve its investment objective by investing primarily in both long and short positions in exchange-traded funds (“ETFs’’) and exchange-traded notes (“ETNs”) that offer diversified exposure to global regions, countries, investment styles (i.e., value, growth), sectors and industries. ETFs are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard & Poor's 500, or of a particular segment of the market such as an industry sector or geographic region.  ETNs are debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes.


Commerce Asset Management, LLC (the “Advisor”) seeks to achieve the Portfolio’s investment objective by taking long and short positions in underlying ETFs and underlying ETNs that the Advisor believes, in the aggregate, will track the performance of the benchmark index (HFRI Equity Hedge (Total) Index), a non-investable index made up of approximately 1,000 individual long/short equity hedge funds. 


Long/short equity hedge funds typically buy stocks, ETFs, ETNs or currencies that the hedge fund managers expect will appreciate, and concurrently either sell short stocks, ETFs, ETNs or currencies that the hedge fund managers expect will decline in value or to hedge market or sector exposures.


In seeking to establish a long or short position in such instruments, the Portfolio will invest primarily in ETFs and ETNs, but may also use stocks and baskets of stocks, as well as futures, options, or swaps based on published indices, including international indices, to gain exposures not available through ETFs. The Portfolio also may invest in exchange-traded currency trusts (collectively, with ETFs and ETNs, “ETPs”). On a day-to-day basis, the Portfolio may hold cash, money market instruments, other cash equivalents, and ETPs that invest in these and other highly liquid instruments to collateralize its derivative positions.

Principal Risks.

The Portfolio is subject to a number of risks that may affect the value of its shares, including:


Allocation Risk. The Portfolio’s particular allocations may have a significant effect on the Portfolio’s performance. Allocation risk is the risk that the selection of ETPs and the allocation of assets among such ETPs will cause the Portfolio to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole.


Counterparty Credit Risk. The Portfolio may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Portfolio’s use of such financial instruments, including swap agreements, exposes the Portfolio to risks that are different than those associated with direct investments in portfolio securities. For example, if a swap agreement counterparty defaults on its payment obligations to the Portfolio, this default will cause the value of your investment in the Portfolio to decrease. Swap agreements also may be considered to be illiquid.


Credit Risk. The Portfolio could lose money if the issuer or guarantor of a debt instrument in which the Portfolio invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.


Derivatives Risk. The Portfolio intends to invest in derivatives to a significant extent. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Portfolio’s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&P 500 Index). Many derivatives (including option contracts) create leverage thereby causing the Portfolio to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Portfolio to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk.


Equity Risk. The prices of equity securities in which the Portfolio invests rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.


ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an underwriting bank that are designed to provide returns that are linked to a particular benchmark less investor fees. ETNs have a maturity date and generally are backed only by the creditworthiness of the issuer. As a result, the value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market (e.g., the commodities market), changes in the applicable interest rates, and changes in the issuer’s credit rating and economic, legal, political or geographic events that affect the referenced market. ETNs also may be subject to commodities market risk and credit risk.


Investment Risk. As with all investments, an investment in the Portfolio is subject to investment risk. Investors in the Portfolio could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time.


Limited History of Operations Risk. The Portfolio is a new mutual fund with a limited history of operations for investors to evaluate.


Liquidity Risk. Trading in shares of an ETP may be halted because of market conditions or for reasons that, in the view of the Exchange or other securities exchange on which shares of an ETP are listed, make trading in shares inadvisable. In addition, the Portfolio’s investments in ETNs and certain other ETPs may be subject to restrictions on the amount and timing of any redemptions, which may adversely affect the Portfolio’s performance.


Market Risk. Due to market conditions, the value of the Portfolio’s investments may fluctuate significantly from day to day. This volatility may cause the value of your investment in the Portfolio to decrease.


Short Sales Risk. Short sales are transactions in which the Portfolio sells a security it does not own. To complete the transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Portfolio. If the underlying security goes down in price between the time the Portfolio sells the security and buys it back, the Portfolio will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Portfolio will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Portfolio must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Portfolio must pay to the lender of the security. Because a short position loses value as the security’s price increases, the loss on a short sale is theoretically unlimited. Short sales involve leverage because the Portfolio borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Portfolio.


ETP Investment Risk. Through its investments in ETPs, the Portfolio will be subject to the risks associated with such investment vehicles’ investments, or reference assets in the case of ETNs, including the possibility that the value of the securities or instruments held or tracked by an ETP could decrease. These risks include any combination of the risks described below. The Portfolio’s exposure to a particular risk will be proportionate to the Portfolio’s overall allocation to the ETPs and their exposure to various security types, currencies, market sectors, and geographic regions.


·


Commodity Risk. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs. An ETP’s investment in commodities or commodity-linked derivative instruments may subject the ETP (and indirectly the Portfolio) to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.


·


Concentration Risk.  An ETP may, at various times, concentrate in the securities or commodities of a particular industry, group of industries, market sector or geographic region.  To the extent an ETP’s  investments  are  so  concentrated,  the  Fund  may  be  adversely  affected by  political, regulatory, and market conditions affecting the particular industry, group of industries, market sector or geographic region.


·


Counterparty Risk. Commodity-linked derivatives, repurchase agreements, swap agreements and other forms of financial instruments that involve counterparties subject an ETP to the risk that the counterparty could default on its obligations under the agreement, either through the counterparty’s bankruptcy or failure to perform its obligations.


·


Credit Risk.  Certain ETPs are subject to the risk that a decline in the credit quality of a portfolio investment or a counterparty to a portfolio investment could cause the ETP’s share price to fall. The ETPs could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations.


·


Emerging Markets Risk.  There is an increased risk of price volatility associated with an ETP’s investments in, or exposure to, emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.


·


Equity Risk.  The prices of equity securities in which an ETP invests or is exposed to rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.


·


Foreign Currency Risk.  Currency movements may negatively impact the value of an ETP portfolio security even when there is no change in the value of the security in the issuer’s home country. Certain ETPs may not hedge against the risk of currency exchange rate fluctuations, while other ETPs may if there is volatility in currency exchange rates.


·


Foreign Securities Risk.  An ETP’s investments in, or exposure to, foreign issuers involve certain risks including, but not limited to, risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies.


·


Investment Risk.  The Portfolio may experience losses with respect to its investment in an ETP.  Further, there is no guarantee that an ETP will achieve its objective.


·


Large-Cap Risk.  An ETP may invest in large-capitalization companies. Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of small- and mid- cap companies or the market as a whole.


·


Mid-Cap Risk.  An ETP may invest in mid-capitalization companies. Mid-cap companies may be more volatile and more likely than large-cap companies to have limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of mid- cap companies could trail the returns on investments in stocks of large- or small-cap companies or the market as a whole.


·


Small-Cap Risk. An ETP may invest in small-capitalization companies. Small-cap companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. In particular, small-cap companies may have limited product lines, markets, and financial resources and may be dependent upon a relatively small management group. These securities may be listed on an exchange or trade over-the-counter, and may or may not pay dividends.  During a period when the performance of small-cap stocks falls behind that of other types of investments, such as large-cap stocks, the ETP’s performance could be adversely affected.


·


Tracking Error Risk. Tracking error can arise due to factors such as the effect of transaction fees and expenses incurred by the ETP, changes in composition of the benchmark, and the ability of the ETP manager or sponsor to successfully implement his or her investment strategy.


As with any fund, there is no guarantee that the Portfolio will achieve its investment objective.

Performance.

Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information will be available at no cost by calling the Portfolio toll-free at 1-888-515-4510.

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XML 12 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
0 Months Ended
Dec. 31, 2012
Risk/Return:  
Document Type 485BPOS
Document Period End Date Dec. 31, 2012
Registrant Name Northern Lights Variable Trust
Central Index Key 0001352621
Amendment Flag false
Document Creation Date Feb. 20, 2013
Document Effective Date Feb. 20, 2013
Prospectus Date Feb. 20, 2013
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Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Risk/Return [Heading] rr_RiskReturnHeading CAM Hedge VIT Fund
Objective [Heading] rr_ObjectiveHeading Investment Objective.
Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The CAM Hedge VIT Fund (the “Portfolio”) seeks to match the investment performance of the HFRI Equity Hedge (Total) Index, an index of long/short equity hedge funds.

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.  

Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-04-30
Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover.
Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock

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

Other Expenses, New Fund, Based on Estimates [Text] rr_OtherExpensesNewFundBasedOnEstimates These expenses are based on estimated amounts for the Portfolio's current fiscal year.
Acquired Fund Fees and Expenses, Based on Estimates [Text] rr_AcquiredFundFeesAndExpensesBasedOnEstimates These expenses are based on estimated amounts for the Portfolio's current fiscal year
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. However, each insurance contract and separate account involves fees and expenses that are not included in the Example. If these fees and expenses were included in the Example, your overall expenses would be higher. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
Strategy [Heading] rr_StrategyHeading Principal Investment Strategies.
Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

The Portfolio is a ‘‘fund of funds’’ that seeks to achieve its investment objective by investing primarily in both long and short positions in exchange-traded funds (“ETFs’’) and exchange-traded notes (“ETNs”) that offer diversified exposure to global regions, countries, investment styles (i.e., value, growth), sectors and industries. ETFs are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard & Poor's 500, or of a particular segment of the market such as an industry sector or geographic region.  ETNs are debt obligations of investment banks which are traded on exchanges and the returns of which are linked to the performance of market indexes.


Commerce Asset Management, LLC (the “Advisor”) seeks to achieve the Portfolio’s investment objective by taking long and short positions in underlying ETFs and underlying ETNs that the Advisor believes, in the aggregate, will track the performance of the benchmark index (HFRI Equity Hedge (Total) Index), a non-investable index made up of approximately 1,000 individual long/short equity hedge funds. 


Long/short equity hedge funds typically buy stocks, ETFs, ETNs or currencies that the hedge fund managers expect will appreciate, and concurrently either sell short stocks, ETFs, ETNs or currencies that the hedge fund managers expect will decline in value or to hedge market or sector exposures.


In seeking to establish a long or short position in such instruments, the Portfolio will invest primarily in ETFs and ETNs, but may also use stocks and baskets of stocks, as well as futures, options, or swaps based on published indices, including international indices, to gain exposures not available through ETFs. The Portfolio also may invest in exchange-traded currency trusts (collectively, with ETFs and ETNs, “ETPs”). On a day-to-day basis, the Portfolio may hold cash, money market instruments, other cash equivalents, and ETPs that invest in these and other highly liquid instruments to collateralize its derivative positions.

Risk [Heading] rr_RiskHeading Principal Risks.
Risk Narrative [Text Block] rr_RiskNarrativeTextBlock

The Portfolio is subject to a number of risks that may affect the value of its shares, including:


Allocation Risk. The Portfolio’s particular allocations may have a significant effect on the Portfolio’s performance. Allocation risk is the risk that the selection of ETPs and the allocation of assets among such ETPs will cause the Portfolio to underperform other funds with a similar investment objective that do not allocate their assets in the same manner or the market as a whole.


Counterparty Credit Risk. The Portfolio may invest in financial instruments involving counterparties that attempt to gain exposure to a particular group of securities, index or asset class without actually purchasing those securities or investments, or to hedge a position. The Portfolio’s use of such financial instruments, including swap agreements, exposes the Portfolio to risks that are different than those associated with direct investments in portfolio securities. For example, if a swap agreement counterparty defaults on its payment obligations to the Portfolio, this default will cause the value of your investment in the Portfolio to decrease. Swap agreements also may be considered to be illiquid.


Credit Risk. The Portfolio could lose money if the issuer or guarantor of a debt instrument in which the Portfolio invests becomes unwilling or unable to make timely principal and/or interest payments, or to otherwise meet its obligations.


Derivatives Risk. The Portfolio intends to invest in derivatives to a significant extent. Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions than other types of investments and could result in losses that significantly exceed the Portfolio’s original investment. A derivative is a financial contract the value of which depends on, or is derived from, the value of a financial asset (such as stock, bond or currency), a physical asset (such as gold) or a market index (such as the S&P 500 Index). Many derivatives (including option contracts) create leverage thereby causing the Portfolio to be more volatile than it would be if it had not invested in derivatives. Derivatives also expose the Portfolio to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations) and to credit risk.


Equity Risk. The prices of equity securities in which the Portfolio invests rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles which may cause stock prices to fall over short or extended periods of time.


ETN Risk. ETNs are senior, unsecured unsubordinated debt securities issued by an underwriting bank that are designed to provide returns that are linked to a particular benchmark less investor fees. ETNs have a maturity date and generally are backed only by the creditworthiness of the issuer. As a result, the value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in the underlying market (e.g., the commodities market), changes in the applicable interest rates, and changes in the issuer’s credit rating and economic, legal, political or geographic events that affect the referenced market. ETNs also may be subject to commodities market risk and credit risk.


Investment Risk. As with all investments, an investment in the Portfolio is subject to investment risk. Investors in the Portfolio could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time.


Limited History of Operations Risk. The Portfolio is a new mutual fund with a limited history of operations for investors to evaluate.


Liquidity Risk. Trading in shares of an ETP may be halted because of market conditions or for reasons that, in the view of the Exchange or other securities exchange on which shares of an ETP are listed, make trading in shares inadvisable. In addition, the Portfolio’s investments in ETNs and certain other ETPs may be subject to restrictions on the amount and timing of any redemptions, which may adversely affect the Portfolio’s performance.


Market Risk. Due to market conditions, the value of the Portfolio’s investments may fluctuate significantly from day to day. This volatility may cause the value of your investment in the Portfolio to decrease.


Short Sales Risk. Short sales are transactions in which the Portfolio sells a security it does not own. To complete the transaction, the Portfolio must borrow the security to make delivery to the buyer. The Portfolio is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. The price at such time may be higher or lower than the price at which the security was sold by the Portfolio. If the underlying security goes down in price between the time the Portfolio sells the security and buys it back, the Portfolio will realize a gain on the transaction. Conversely, if the underlying security goes up in price during the period, the Portfolio will realize a loss on the transaction. Any such loss is increased by the amount of premium or interest the Portfolio must pay to the lender of the security. Likewise, any gain will be decreased by the amount of premium or interest the Portfolio must pay to the lender of the security. Because a short position loses value as the security’s price increases, the loss on a short sale is theoretically unlimited. Short sales involve leverage because the Portfolio borrows securities and then sells them, effectively leveraging its assets. The use of leverage may magnify gains or losses for the Portfolio.


ETP Investment Risk. Through its investments in ETPs, the Portfolio will be subject to the risks associated with such investment vehicles’ investments, or reference assets in the case of ETNs, including the possibility that the value of the securities or instruments held or tracked by an ETP could decrease. These risks include any combination of the risks described below. The Portfolio’s exposure to a particular risk will be proportionate to the Portfolio’s overall allocation to the ETPs and their exposure to various security types, currencies, market sectors, and geographic regions.


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Commodity Risk. Because certain ETPs may have a significant portion of their assets exposed directly or indirectly to commodities or commodity-linked securities, developments affecting commodities may have a disproportionate impact on such ETPs. An ETP’s investment in commodities or commodity-linked derivative instruments may subject the ETP (and indirectly the Portfolio) to greater volatility than investments in traditional securities, particularly if the instruments involve leverage. The value of commodities and commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments.


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Concentration Risk.  An ETP may, at various times, concentrate in the securities or commodities of a particular industry, group of industries, market sector or geographic region.  To the extent an ETP’s  investments  are  so  concentrated,  the  Fund  may  be  adversely  affected by  political, regulatory, and market conditions affecting the particular industry, group of industries, market sector or geographic region.


·


Counterparty Risk. Commodity-linked derivatives, repurchase agreements, swap agreements and other forms of financial instruments that involve counterparties subject an ETP to the risk that the counterparty could default on its obligations under the agreement, either through the counterparty’s bankruptcy or failure to perform its obligations.


·


Credit Risk.  Certain ETPs are subject to the risk that a decline in the credit quality of a portfolio investment or a counterparty to a portfolio investment could cause the ETP’s share price to fall. The ETPs could lose money if the issuer or guarantor of a portfolio investment or the counterparty to a derivatives contract fails to make timely principal or interest payments or otherwise honor its obligations.


·


Emerging Markets Risk.  There is an increased risk of price volatility associated with an ETP’s investments in, or exposure to, emerging market countries, which may be magnified by currency fluctuations relative to the U.S. dollar.


·


Equity Risk.  The prices of equity securities in which an ETP invests or is exposed to rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole.


·


Foreign Currency Risk.  Currency movements may negatively impact the value of an ETP portfolio security even when there is no change in the value of the security in the issuer’s home country. Certain ETPs may not hedge against the risk of currency exchange rate fluctuations, while other ETPs may if there is volatility in currency exchange rates.


·


Foreign Securities Risk.  An ETP’s investments in, or exposure to, foreign issuers involve certain risks including, but not limited to, risks of adverse changes in foreign economic, political, regulatory and other conditions, or changes in currency exchange rates or exchange control regulations (including limitations on currency movements and exchanges). In certain countries, legal remedies available to investors may be more limited than those available with respect to investments in the United States. In addition, the securities of some foreign companies may be less liquid and, at times, more volatile than securities of comparable U.S. companies.


·


Investment Risk.  The Portfolio may experience losses with respect to its investment in an ETP.  Further, there is no guarantee that an ETP will achieve its objective.


·


Large-Cap Risk.  An ETP may invest in large-capitalization companies. Returns on investments in stocks of large U.S. companies could trail the returns on investments in stocks of small- and mid- cap companies or the market as a whole.


·


Mid-Cap Risk.  An ETP may invest in mid-capitalization companies. Mid-cap companies may be more volatile and more likely than large-cap companies to have limited product lines, markets or financial resources, or depend on a few key employees. Returns on investments in stocks of mid- cap companies could trail the returns on investments in stocks of large- or small-cap companies or the market as a whole.


·


Small-Cap Risk. An ETP may invest in small-capitalization companies. Small-cap companies may be more vulnerable than larger, more established organizations to adverse business or economic developments. In particular, small-cap companies may have limited product lines, markets, and financial resources and may be dependent upon a relatively small management group. These securities may be listed on an exchange or trade over-the-counter, and may or may not pay dividends.  During a period when the performance of small-cap stocks falls behind that of other types of investments, such as large-cap stocks, the ETP’s performance could be adversely affected.


·


Tracking Error Risk. Tracking error can arise due to factors such as the effect of transaction fees and expenses incurred by the ETP, changes in composition of the benchmark, and the ability of the ETP manager or sponsor to successfully implement his or her investment strategy.


As with any fund, there is no guarantee that the Portfolio will achieve its investment objective.

Risk Lose Money [Text] rr_RiskLoseMoney As with all investments, an investment in the Portfolio is subject to investment risk. Investors in the Portfolio could lose money, including the possible loss of the entire principal amount of an investment, over short or even long periods of time
Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading Performance.
Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock

Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually.  Updated performance information will be available at no cost by calling the Portfolio toll-free at 1-888-515-4510.

Performance One Year or Less [Text] rr_PerformanceOneYearOrLess Because the Portfolio has less than a full calendar year of investment operations, no bar chart or Average Annual Total Returns table is presented for the Portfolio at this time.
Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-888-515-4510
CAM Hedge VIT Fund Class 1 Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses rr_OtherExpensesOverAssets 0.26% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.25% [1],[2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.51%
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.01%) [3]
Total Annual Portfolio Operating Expense After Expense Reimbursements rr_NetExpensesOverAssets 1.50%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 153
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 476
CAM Hedge VIT Fund Class 2 Shares
 
Risk/Return: rr_RiskReturnAbstract  
Management Fees rr_ManagementFeesOverAssets 1.00%
Distribution and Service (Rule 12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.40%
Other Expenses rr_OtherExpensesOverAssets 0.26% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.25% [1],[2]
Total Annual Fund Operating Expenses rr_ExpensesOverAssets 1.91%
Expense Reimbursements rr_FeeWaiverOrReimbursementOverAssets (0.01%) [3]
Total Annual Portfolio Operating Expense After Expense Reimbursements rr_NetExpensesOverAssets 1.51%
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 193
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 599
[1] These expenses are based on estimated amounts for the Portfolio's current fiscal year.
[2] This number represents the combined total fees and operating expenses of the Acquired Funds owned by the Portfolio and is not a direct expense incurred by the Portfolio or deducted from the Portfolio assets. Since this number does not represent a direct operating expense of the Portfolio, the operating expenses set forth in the Portfolio's financial highlights do not include this figure.
[3] The advisor has contractually agreed to 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 front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes and extraordinary or non-recurring expenses, including, but not limited to, litigation) will not exceed 1.25% and 1.65% for Class 1 shares and Class 2 shares, respectively, of the Portfolio. These 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 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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