GemCom, LLC

0000910472-12-003405.txt : 20121113 0000910472-12-003405.hdr.sgml : 20121112 20121113112241 ACCESSION NUMBER: 0000910472-12-003405 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20121113 DATE AS OF CHANGE: 20121113 EFFECTIVENESS DATE: 20121113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Fund Trust CENTRAL INDEX KEY: 0001314414 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21720 FILM NUMBER: 121196910 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: Northern Lights Trust DATE OF NAME CHANGE: 20050113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Fund Trust CENTRAL INDEX KEY: 0001314414 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-122917 FILM NUMBER: 121196911 BUSINESS ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 450 WIRELESS BOULEVARD CITY: HAUPPAUGE STATE: NY ZIP: 11788 FORMER COMPANY: FORMER CONFORMED NAME: Northern Lights Trust DATE OF NAME CHANGE: 20050113

0001314414 S000029789 PSI Market Neutral Fund

C000091501 PSI Market Neutral Fund Class A Shares FXMAX

0001314414 S000029790 PSI Total Return Fund

C000091504 PSI Total Return Fund Class A Shares FXBAX

0001314414 S000029791 PSI Strategic Growth Fund

C000091507 PSI Strategic Growth Fund Class A Shares FSAX

0001314414 S000029792 PSI Tactical Growth Fund

C000091510 PSI Tactical Growth Fund Class A Shares FXTAX

0001314414 S000031833 SCA Absolute Return Fund

C000099134 SCA Absolute Return Fund Investor Class SCARX

0001314414 S000031834 SCA Directional Fund

C000099136 SCA Directional Fund Investor Class SCADX

0001314414 S000032982 Altrius Small Cap Value Fund

C000101748 Altrius Small Cap Value Fund Class I Shares ALTSX

0001314414 S000033289 Quantitative Managed Futures Strategy Fund

C000102338 Quantitative Managed Futures Strategy Fund Class A shares QMFAX

C000102339 Quantitative Managed Futures Strategy Fund Class C shares QMFCX

C000102340 Quantitative Managed Futures Strategy Fund Class I shares QMFIX

485BPOS 1 xbrlsignaturepage.htm 485BPOS GemCom, LLC

Securities Act File No. 333-122917

ICA No. 811- 21720

As filed with the Securities and Exchange Commission November 13, 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. 431		[ X ]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940


	Amendment No. 433		[ X ]

(Check Appropriate Box or Boxes)

Northern Lights Fund Trust

(Exact Name of Registrant as Specified in Charter)

17605 Wright Street

Omaha, NE 68154-1150

Attention: Michael Miola

(Address of Principal Executive Offices)(Zip Code)

(402) 895-1600

(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 a copy 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 Altrius Small Cap Value Fund, PSI Market Neutral Fund, PSI Total Return Fund, PSI Strategic Growth Fund, PSI Tactical Growth Fund, Quantitative Managed Futures Strategy Fund, SCA Absolute Return Fund and SCA Directional Fund, each a series of the Trust.

Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 431 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 the 13th day of November, 2012.

NORTHERN LIGHTS FUND 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

November 13, 2012

John V. Palancia*

Trustee

November 13, 2012

Gary Lanzen*

Trustee

November 13, 2012

Anthony Hertl*

Trustee

November 13, 2012

Mark Taylor*

Trustee

November 13, 2012

/s/ Andrew Rogers

Andrew Rogers

President and Principal Executive Officer

November 13, 2012

Kevin Wolf*

Treasurer and Principal Accounting Officer

November 13, 2012

By: Date:

/s/ James Ash

November 13, 2012

James Ash

*Attorney-in-Fact – Pursuant to Powers of Attorney previously filed on April 1, 2011 to the Registrant’s Registration Statement in Post-Effective Amendment No. 234, 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

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The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The adviser has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses, until October 31, 2013 so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.65% for Class I shares. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. The Fund's adviser has contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2013, so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.90% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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 limit. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Fund's adviser has contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2013, so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.75% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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 limit. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Fund's adviser has contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2013, so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.90% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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 limit. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Fund's adviser has contractually agreed to waive management fees and/or to make payments to limit Fund expenses, at least until October 31, 2013 , so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 1.90% of average daily net assets. Fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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 limit. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. "Other Expenses" include the expenses of the Fund's consolidated wholly-owned subsidiary ("Subsidiary"), including the expenses incurred by the commodity pools in which the Subsidiary invests ("Underlying Funds"). The expenses of the Underlying Funds are reflected in the Fund's consolidated financial statements. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2013, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 1.99%, 2.74% and 1.74% of average daily net assets attributable to Class A, Class C and Class I shares, respectively. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2013, to ensure that total annual Fund operating expenses after fee waiver and/or reimbursement (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) will not exceed 2.95% of average daily net assets. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund 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. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the adviser. Northern Lights Fund Trust 485BPOS false 0001314414 2011-12-31 2012-10-26 2012-10-29 2012-10-29 Altrius Small Cap Value Fund Investment Objective: The Fund seeks long-term capital appreciation. Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Many factors affect the Fund's net asset value and performance. · Issuer-Specific Risk:  The value of a specific security can be more volatile than the market as a whole and may perform worse than the market as a whole. · Limited History of Operations:  The Fund <strike></strike>has a limited history of operation s .   · Liquidity Risk:  Some small cap securities may have few market-makers and low trading volume, which tends to increase transaction costs and may make it difficult for the Fund to dispose of a small cap security at all or at a price which represents current or fair market value. · Management Risk:  The adviser's judgments about the attractiveness and potential appreciation of a common stock may prove to be inaccurate and may not produce the desired results.   · No History of Mutual Fund Management:  The Fund's adviser has not previously managed a mutual fund. · Non-Diversification Risk:  The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. · Small Company Risk:  Stocks of small capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Stock Market Risk:  Stock prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. · Turnover Risk:  A higher portfolio turnover will result in higher transactional and brokerage costs. · Value Investing Risk:  Because the Fund's adviser uses a value-oriented approach, there is a risk that the market will not recognize a stock’s intrinsic value for an unexpectedly long time, or that the portfolio manager’s calculation of the underlying value will not be reflected in the market price. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. Performance: Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund 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 visiting www.altriusfunds.com or by calling 1-855-684-3857. www.altriusfunds.com Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-855-684-3857 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. 169 688 1234 2726 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001314414_S000032982Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   0.0000 0.0000 0.0000 -0.0100 0.0095 0.0000 0.0149 0.0001 0.0245 -0.0079 0.0166 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001314414_S000032982Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001314414_S000032982Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies: Under normal market conditions, the Fund invests at least 80% of its assets in common stocks of U.S. small capitalization ("small cap") companies selected using the adviser's "value" strategy.  The Fund defines small cap companies as those with a market capitalization at the time of purchase below $2.5 <strike/>billion.  The adviser's value strategy is a hybrid approach to portfolio construction combining: · Top-Down Economic Analysis:  The adviser gauges the overall macro-economic environment and tailors its investment approach to the Fund. · Bottom-Up Value Analysis:  The adviser identifies small cap stocks of companies that it believes have a proven track record of competitive advantages, sustainable value for shareholders and are trading at prices below what the adviser believes is their intrinsic value. The adviser buys securities using the value strategy described above and sells them when a price target is achieved, if a stock's value proposition has deteriorated, or to adjust the Fund's portfolio to the adviser's top-down economic outlook. While the Fund’s portfolio will typically hold stocks of 30 <strike></strike>-75 companies, the Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. 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 and may result in higher taxes when Fund shares are held in a taxable account.  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 106% of the average value of its portfolio.   1.06 PSI Market Neutral Fund Investment Objective: The Fund seeks positive absolute returns with less volatility than the S&P 500 Index. Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance. The following risks apply to the Fund through its investments in ETFs as well as through any direct investments in non-ETF securities and derivatives. · Commodity Risk:  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or production restrictions.   · Credit Risk:  Security issuers and derivative counterparties might not make payments on securities or instruments held by the Fund resulting in losses.  Credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.  High yield or junk bonds are speculative investments that carry greater risk of default than higher quality debt securities.   · Derivatives Risk:  Derivative instruments involve leverage and tracking risks because a small investment may result in large price changes and derivatives may not be a perfect substitute for securities. · Emerging Markets Risk:  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which offer fewer protections to securities holders.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid. · ETF and Mutual Fund Risk:  The cost of investing in the Fund will be higher than the cost of investing directly in ETFs and mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Inverse ETFs tend to limit the Fund's participation in overall market-wide gains.  Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.   · Fixed Income Risk:   A rise in interest rates causes a decline in the value of fixed income securities and fixed income derivatives. <strike></strike>• Foreign Currency Risk:  Foreign securities and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. <strike></strike>· Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · Issuer-Specific Risk:  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.   · Junk Bond Risk.  Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price. · Management Risk:  The adviser's dependence on the market neutral strategy and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results.   · Market Risk:  Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests.  Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.   · Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. · Small and Medium Capitalization Stock Risk:  The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Turnover Risk:  Higher portfolio turnover will result in higher transactional and brokerage costs. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Class A shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information will be available at no cost by calling 1-888-928-9774. Class A Annual Total Return For Calendar Years Ended December 31 (Returns do not reflect sales charges and would be lower if they did) -0.0836 ~ http://nlft.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20009 column dei_LegalEntityAxis compact cik0001314414_S000029789Member column rr_ProspectusShareClassAxis compact cik0001314414_C000091501Member row primary compact * ~ Best Quarter: 0.0316 2011-06-30 Worst Quarter: -0.0891 2011-09-30 The year-to-date return as of the most recent calendar quarter 0.0099 2012-09-30 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="128"> </td> <td width="132"> </td> <td width="134"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Best Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 2nd Quarter 2011 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> 3.16% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Worst Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 3rd Quarter 2011 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> (8.91)% </td> </tr> </table> The year-to-date return as of the most recent calendar quarter, which ended September 30, 2012, was 0.99%. Performance Table -0.1367 -0.0887 -0.1405 -0.0946 -0.0889 -0.0785 0.0211 0.1522 2010-08-23 ~ http://nlft.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20010 column dei_LegalEntityAxis compact cik0001314414_S000029789Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.   The S&P 500 ® Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index. After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. (Returns do not reflect sales charges and would be lower if they did) Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. Unlike the Fund's returns, however, they do not reflect any fees or expenses. 1-888-928-9774 Average Annual Total Returns (For period ended December 31, 2011) 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. 813 1275 1762 3099 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20008 column dei_LegalEntityAxis compact cik0001314414_S000029789Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page <strike/>40 of the Fund's Prospectus. 0.0575 0.0100 0.0000 -0.0200 0.0100 0.0025 0.0065 0.0059 0.0249 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20006 column dei_LegalEntityAxis compact cik0001314414_S000029789Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20007 column dei_LegalEntityAxis compact cik0001314414_S000029789Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies:  The Fund's investment adviser seeks to achieve the Fund's investment objective by investing long or short in a combination of exchange traded funds ("ETFs"), derivatives and open-end investment companies (mutual funds”) using the adviser's market neutral strategy.  The ETFs and mutual funds in which the Fund invests each primarily invest in (1) US common stocks, (2) foreign common stocks, (3) US fixed income securities, (4) foreign fixed income securities, (5) commodities, or (6) currencies.  The adviser invests Fund assets without restriction as to minimum issuer credit quality, sector, capitalization, country of origin, or security maturity.  Fixed income ETFs and mutual funds may invest in non-investment grade fixed income securities, commonly known as "high yield" or "junk" bonds that are rated below Baa3 by Moody's Investors Service or similarly by another rating agency.  Foreign common stock ETFs and mutual funds may invest in common stock of companies located in emerging market countries. The adviser's market neutral strategy is intended to generate relatively low-volatility positive absolute returns, regardless of the direction of the equity, fixed income, commodity or currency markets, by generating a combination of capital appreciation and interest income.  The adviser seeks returns that are both positive and consistent by (1) hedging market risk by purchasing inverse ETFs (securities designed to produce short positions with returns opposite to the securities index to which they are linked), (2) using futures and options to offset portfolio-level or security-specific risk and (3) diversifying among asset classes that it believes are not highly correlated to eachother or the financial markets in general.  The adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate assets long and short (via inverse ETFs) in the following ranges. <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="842" align="center"> <tr style="FONT-SIZE: 0px"> <td width="100"> </td> <td width="544"> </td> <td width="178"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="100"> Position </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="525"> Asset Class </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="159"> Percent Allocation </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="100"> Long </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="525"> "Strong" Index or Sector ETFs and mutual funds </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="159"> <strike></strike>25 % to 50% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="100"> Short </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="525"> "Weak" Index or Sector ETF </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="159"> <strike></strike>25 % to 50% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="100"> Long </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="525"> Opportunistic Index or Sector ETFs and mutual funds </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="159"> 0% to <strike></strike>50% </td> </tr> </table> The adviser intends to maintain portfolio-level net market exposure in a range from zero (market neutral) to a maximum of +20% in periods when it believes market conditions are most favorable.  The adviser will not invest Fund assets to create a net short position.  However, the Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The adviser buys securities in a hedged combination (via an ETF or mutual fund and an inverse ETF) that its market neutral analysis indicates have a strong and weak short-term outlook.  The adviser also buys securities that it believes present a short-term long only opportunity for gain.  It sells securities when it believes more profitable securities are available or to maintain net market exposure between 0% and 20%.  The adviser will buy and sell derivatives for similar reasons.  The adviser will engage in frequent buying and selling of securities to achieve the Fund's investment objectives.   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 and may result in higher taxes when Fund shares are held in a taxable account.  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 period, the Fund’s portfolio turnover was <strike/>7,681 % of the average value of its portfolio. 76.81 PSI Total Return Fund Investment Objective: The Fund seeks total return from income and capital appreciation. Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance. The following risks apply to the Fund through its investments in ETFs and mutual funds as well as through any direct investments in specific non-fund securities and derivatives. · Credit Risk:  Security issuers and derivative counterparties might not make payments on securities or instruments held by the Fund resulting in losses.  Credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.  High yield or junk bonds are speculative investments that carry greater risk of default than higher quality debt securities.   · Derivatives Risk:  Derivative instruments involve leverage and tracking risks because a small investment may result in large price changes and derivatives may not be a perfect substitute for securities. · Emerging Markets Risk:  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which offer fewer protections to securities holders.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid. · ETF and Mutual Fund Risk:  The cost of investing in the Fund will be higher than the cost of investing directly in ETFs and mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Inverse ETFs tend to limit the Fund's participation in overall market-wide gains.  Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.   · Fixed Income Risk:   A rise in interest rates causes a decline in the value of fixed income securities and fixed income derivatives. <strike></strike>· Foreign Currency Risk:  Foreign securities and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. <strike></strike>· Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · Issuer-Specific Risk:  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.   · Management Risk:  The adviser's dependence on the quantitative analysis strategy and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results.   · Market Risk:  Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests.  Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.   · Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. · Small and Medium Capitalization Stock Risk:  The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Turnover Risk.  Higher portfolio turnover will result in higher transactional and brokerage costs. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Class A shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information will be available at no cost by calling 1-888-928-9774. Class A Annual Total Return For Calendar Years Ended December 31 (Returns do not reflect sales charges and would be lower if they did) -0.0031 ~ http://nlft.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20016 column dei_LegalEntityAxis compact cik0001314414_S000029790Member column rr_ProspectusShareClassAxis compact cik0001314414_C000091504Member row primary compact * ~ Best Quarter: 0.0082 2011-06-30 Worst Quarter: -0.0118 2010-12-31 The year-to-date return as of the most recent calendar quarter, 0.0309 2012-09-30 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="128"> </td> <td width="132"> </td> <td width="134"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Best Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 2nd Quarter 2011 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> 0.82% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Worst Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 4th Quarter 2010 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> (1.18)% </td> </tr> </table> The year-to-date return as of the most recent calendar quarter, which ended September 30, 2012, was 3.09%. Performance Table -0.0604 -0.0511 -0.0624 -0.0546 -0.0393 -0.0454 0.0784 0.0510 2010-08-23 ~ http://nlft.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20017 column dei_LegalEntityAxis compact cik0001314414_S000029790Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.   The Barclays Aggregate Bond Index is a market capitalization-weighted index, meaning the securities in the index are weighted according to the market size of each bond type. Most U.S. traded investment grade bonds are represented. Municipal bonds and Treasury Inflation-Protected Securities are excluded, due to tax treatment issues. The index includes Treasury securities, Government agency bonds, mortgage-backed bonds, corporate bonds, and a small amount of foreign bonds traded in U.S.  Unlike a mutual fund, an index does not reflect any trading costs or management fees.  Investors cannot directly invest in an index. After-tax returns were calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. (Returns do not reflect sales charges and would be lower if they did) Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. Unlike a mutual fund, an index does not reflect any trading costs or management fees. 1-888-928-9774 Average Annual Total Returns (For period ended December 31, 2011) 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. 781 1203 1651 2888 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20015 column dei_LegalEntityAxis compact cik0001314414_S000029790Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 40 <strike/>of the Fund's Prospectus. 0.0575 0.0100 0.0000 -0.0200 0.0090 0.0025 0.0060 0.0040 0.0215 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20013 column dei_LegalEntityAxis compact cik0001314414_S000029790Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20014 column dei_LegalEntityAxis compact cik0001314414_S000029790Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies:  The Fund's investment adviser seeks to achieve the Fund's investment objective by investing in a combination of (1) open-end investment companies ("mutual funds") and (2) exchange traded funds ("ETFs") that each invest primarily in fixed income securities, common stocks, or alternative assets, which the Fund defines as commodity-related or real estate-related securities, and (3) derivatives using the adviser's quantitative analysis strategy.  The adviser selects fixed income ETFs and mutual funds without restriction as to maturity or credit quality.  Fixed income ETFs may invest in non-investment grade fixed income securities, commonly known as "high yield" or "junk" bonds that are rated below Baa3 by Moody's Investors Service or similarly by another rating agency.  The adviser selects common stock ETFs and mutual funds without restriction as to issuer sector, capitalization or country of origin.  Foreign common stock funds may invest in common stock of companies located in emerging market countries.  The adviser may hedge up to 30% of the Fund's portfolio using US Treasury Futures and Options on US Treasury Futures when it believes interest rates are increasing.  The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The adviser's quantitative analysis strategy determines asset allocation between (1) fixed income securities, (2) common stock,(3) derivatives and (4) alternative assets through an assessment of the current-versus-historical averages of (i) interest rates of various maturities, (ii) credit spreads (the yield difference between corporate bonds and risk-free U.S. Treasury bonds) (iii) common stock market return volatility and (iv) alternative asset expected returns.  If the adviser expects interest rates to decline it will allocate more assets to fixed income sectors; if it expects rates to rise it will reduce fixed income allocation or hedge via derivatives.  If it expects credit spreads to narrow or volatility to decline, indicating investor confidence in economy growth or, at least, stability, it will allocate more assets to common stocks.  If it expects these indicators to increase it will reduce common stock allocations.   To execute its asset allocation targets, the adviser selects individual ETFs and mutual funds by analyzing relative price momentum.  Relative price momentum analysis seeks to use publicly available information including previous prices, returns and/or trading volumes to identify individual securities that have exhibited strong performance in prior periods as compared to other investment opportunities.  The adviser sells individual securities identified during its relative price momentum analysis when another individual security exhibits stronger performance or to realign its portfolio-level asset allocation.  The adviser will buy and sell derivatives for similar reasons.  The adviser may engage in frequent buying and selling of securities to achieve the Fund's investment objectives.   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 and may result in higher taxes when Fund shares are held in a taxable account.  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 period, the Fund’s portfolio turnover was 1,446% <strike/>of the average value of its portfolio. 14.46 PSI Strategic Growth Fund Investment Objective: The Fund primarily seeks long-term capital appreciation and secondarily, capital preservation. Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance. The following risks apply to the Fund through its investments in ETFs and mutual funds as well as through any direct investments in specific non-fund securities and derivatives. · Commodity Risk:  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or production restrictions.   · Credit Risk:  Security issuers and derivative counterparties might not make payments on securities or instruments held by the Fund resulting in losses.  Credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.  High yield or junk bonds are speculative investments that carry greater risk of default than higher quality debt securities.   · Derivatives Risk:  Derivative instruments involve leverage and tracking risks because a small investment may result in large price changes and derivatives may not be a perfect substitute for securities. · Emerging Markets Risk:  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which offer fewer protections to securities holders.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid. · ETF and Mutual Fund Risk:  The cost of investing in the Fund will be higher than the cost of investing directly in ETFs and mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Inverse ETFs tend to limit the Fund's participation in overall market-wide gains.  Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.   · Fixed Income Risk:   A rise in interest rates causes a decline in the value of fixed income securities and fixed income derivatives. · Foreign Currency Risk:  Foreign securities and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. <strike></strike>· Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · Issuer-Specific Risk:  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.   · Junk Bond Risk.  Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price. · Management Risk:  The adviser's dependence on the market neutral strategy and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results.   · Market Risk:  Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests.  Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.   · Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. · Real Estate Risk:  Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.  A real estate investment trust's ("REIT") performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.   · Small and Medium Capitalization Stock Risk:  The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Turnover Risk.  Higher portfolio turnover will result in higher transactional and brokerage costs. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Class A shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information will be available at no cost by calling 1-888-928-9774. Class A Annual Total Return For Calendar Year Ended December 31 (Returns do not reflect sales charges and would be lower if they did) -0.1207 ~ http://nlft.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20023 column dei_LegalEntityAxis compact cik0001314414_S000029791Member column rr_ProspectusShareClassAxis compact cik0001314414_C000091507Member row primary compact * ~ Best Quarter: 0.0718 2010-12-31 Worst Quarter: -0.1334 2011-09-30 The year-to-date return as of the most recent calendar quarter, 0.1488 2012-09-30 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="128"> </td> <td width="132"> </td> <td width="134"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Best Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 4th Quarter 2010 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> 7.18% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Worst Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 3rd Quarter 2011 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> (13.34)% </td> </tr> </table> The year-to-date return as of the most recent calendar quarter, which ended September 30, 2012, was 14.88%. Performance Table -0.1715 -0.0534 -0.1917 -0.0728 -0.1114 -0.0561 0.0211 0.1522 2010-08-23 ~ http://nlft.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20024 column dei_LegalEntityAxis compact cik0001314414_S000029791Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns were calculated using the historical highest i n dividual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.   The S&P 500 ® Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index. After-tax returns were calculated using the historical highest i n dividual federal marginal income tax rates and do not reflect the impact of state and local taxes. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. (Returns do not reflect sales charges and would be lower if they did) Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. (reflects no deduction for fees, expenses, or taxes) 1-888-928-9774 Average Annual Total Returns (For period ended December 31, 2011) 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. 782 1258 1758 3129 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20022 column dei_LegalEntityAxis compact cik0001314414_S000029791Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 40 <strike/>of the Fund's Prospectus. 0.0575 0.0100 0.0000 -0.0200 0.0100 0.0025 0.0087 0.0027 0.0239 -0.0022 0.0217 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20020 column dei_LegalEntityAxis compact cik0001314414_S000029791Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20021 column dei_LegalEntityAxis compact cik0001314414_S000029791Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies:  The Fund's investment adviser seeks to achieve the Fund's primary investment objective by investing in a combination of open-end investment companies ("mutual funds") and exchange traded funds ("ETFs") that each invest primarily in (1) U.S. fixed income securities, (2) U.S. equity securities (common and preferred stocks), (3) Foreign equity securities (common and preferred stocks), or (4) alternative assets, which the Fund defines as commodity-related, currency-related or real estate-related securities, using the adviser's market analysis strategy.   The adviser seeks to achieve the Fund's secondary investment objective, in part, by investing in alternative assets, which it believes have returns that are not highly correlated to those of the equity or fixed income markets in general, and by hedging up to 50% of the Fund's assets through derivatives or by purchasing inverse ETFs (securities designed to produce short positions with returns opposite to the securities index to which they are linked).  The adviser may also use derivatives as a substitute for securities to fulfill either the primary or secondary investment objective.   Fund assets are selected by the adviser without restriction as to minimum issuer credit quality, sector, capitalization, country of origin, or security maturity.  Fixed income ETFs may invest in non-investment grade fixed income securities, commonly known as "high yield" or "junk" bonds that are rated below Baa3 by Moody's Investors Service or similarly by another rating agency.  Foreign common stock ETFs may invest in common stock of companies located in emerging market countries. The use of "Growth" in the Fund's name refers, generally, to the goal of growth of investment rather than a strategy of investing in relatively high-growth companies. The adviser's market analysis strategy assesses the return outlook for segments of the capital markets by giving consideration to both the long term historic risk (as measured by volatility of returns) and return characteristics of the various asset classes, as well as how fundamental drivers, such as economic growth rates, could be expected to shape the future return and risk characteristics.  The strategy relies on broad asset class representation and the inclusion of lower correlated asset classes to reduce expected volatility and deliver favorable performance under various market conditions.  The adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate assets in the following ranges. <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="184"> </td> <td width="150"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="164"> Asset Class </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="131"> Percent Allocation </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="164"> Equity </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="131"> 25% to 100% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="164"> Fixed Income </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="131"> 0% to 50% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="164"> Alternative Asset </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="131"> 0% to 50% </td> </tr> </table> However, the Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The adviser buys securities within specific market segments when its market analysis indicates a high probability that the segments and securities are likely to outperform competing investments.  The adviser sells securities to reduce exposure to a market segment or a security when its analysis indicates that the segment or security is likely to underperform competing investments.  The adviser will buy and sell derivatives for similar reasons.  The adviser may engage in frequent buying and selling of securities to achieve the Fund's investment objectives.   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 and may result in higher taxes when Fund shares are held in a taxable account.  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 period, the Fund’s portfolio turnover was 1,277 <strike/>% of the average value of its portfolio. 12.77 PSI Tactical Growth Fund Investment Objective: The Fund primarily seeks total return from income and capital appreciation and secondarily, capital preservation. Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance. The following risks apply to the Fund through its investments in ETFs and mutual funds as well as through any direct investments in specific non-fund securities and derivatives. · Commodity Risk:  Commodity prices are influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or production restrictions.   · Credit Risk:  Security issuers and derivative counterparties might not make payments on securities or instruments held by the Fund resulting in losses.  Credit quality of securities held by the Fund may be lowered if an issuer's financial condition changes.  High yield or junk bonds are speculative investments that carry greater risk of default than higher quality debt securities.   · Derivatives Risk:  Derivative instruments involve leverage and tracking risks because a small investment may result in large price changes and derivatives may not be a perfect substitute for securities. · Emerging Markets Risk:  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems which offer fewer protections to securities holders.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid. · ETF and Mutual Fund Risk:  The cost of investing in the Fund will be higher than the cost of investing directly in ETFs and mutual funds and may be higher than other mutual funds that invest directly in stocks and bonds.  Inverse ETFs tend to limit the Fund's participation in overall market-wide gains.  Each ETF and mutual fund is subject to specific risks, depending on the nature of the fund.   · Fixed Income Risk:   A rise in interest rates causes a decline in the value of fixed income securities and fixed income derivatives. · Foreign Currency Risk:  Foreign securities and currency strategies will subject the Fund to currency trading risks that include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. <strike></strike>· Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · Issuer-Specific Risk:  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.   · Junk Bond Risk <strike></strike>:  Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price. · Management Risk:  The adviser's dependence on its tactical strategy and judgments about the attractiveness, value and potential appreciation of particular asset classes, securities and derivatives in which the Fund invests may prove to be incorrect and may not produce the desired results.   · Market Risk:  Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests.  Factors such as foreign and domestic economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.   · Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. · Real Estate Risk:  Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations.  A real estate investment trust's ("REIT") performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.   · Small and Medium Capitalization Stock Risk:  The value of a small or medium capitalization company stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Turnover Risk.  Higher portfolio turnover will result in higher transactional and brokerage costs. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Performance: The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Class A shares of the Fund for each full calendar year since the Fund's inception. The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  Updated performance information will be available at no cost by calling 1-888-928-9774. Class A Annual Total Return For Calendar Years Ended December 31 (Returns do not reflect sales charges and would be lower if they did) -0.1042 ~ http://nlft.com/20121026/role/ScheduleAnnualTotalReturnsBarChart20030 column dei_LegalEntityAxis compact cik0001314414_S000029792Member column rr_ProspectusShareClassAxis compact cik0001314414_C000091510Member row primary compact * ~ Best Quarter: 0.0496 2010-12-31 Worst Quarter: -0.1198 2011-09-30 The year-to-date return as of the most recent calendar quarter, 0.0864 2012-09-30 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="128"> </td> <td width="132"> </td> <td width="134"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Best Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 4th Quarter 2010 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> 4.96% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="128"> Worst Quarter: </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="132"> 3rd Quarter 2011 </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="134"> (11.98)% </td> </tr> </table> The year-to-date return as of the most recent calendar quarter, which ended September 30, 2012, was 8.64%. Performance Table -0.1554 -0.0611 -0.1641 -0.0716 -0.1010 -0.0577 0.0211 0.1522 2010-08-23 ~ http://nlft.com/20121026/role/ScheduleAverageAnnualReturnsTransposed20031 column dei_LegalEntityAxis compact cik0001314414_S000029792Member column rr_ProspectusShareClassAxis compact * column rr_PerformanceMeasureAxis compact * row primary compact * ~ After-tax returns were calculated using the historical highest i n dividual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.   The S&P 500 ® Index is an unmanaged market capitalization-weighted index of 500 of the largest capitalized U.S. domiciled companies. Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses. An investor cannot invest directly in an index. After-tax returns were calculated using the historical highest i n dividual federal marginal income tax rates and do not reflect the impact of state and local taxes. You should be aware that the Fund's past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. (Returns do not reflect sales charges and would be lower if they did) Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. The bar chart and performance table below show the variability of the Fund's returns, which is some indication of the risks of investing in the Fund. (reflects no deduction for fees, expenses, or taxes) 1-888-928-9774 Average Annual Total Returns (For period ended December 31, 2011) 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. 796 1280 1790 3182 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20029 column dei_LegalEntityAxis compact cik0001314414_S000029792Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page <strike/>  40 of the Fund's Prospectus. 0.0575 0.0100 0.0000 -0.0200 0.0100 0.0025 0.0078 0.0041 0.0244 -0.0013 0.0231 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20027 column dei_LegalEntityAxis compact cik0001314414_S000029792Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20028 column dei_LegalEntityAxis compact cik0001314414_S000029792Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund. Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) Principal Investment Strategies:  The Fund's investment adviser seeks to achieve the Fund's primary investment objective by investing combination of open-end investment companies ("mutual funds") and exchange traded funds ("ETFs") that each invest primarily in (1) U.S. fixed income securities, (2) U.S. equity securities (common and preferred stocks), (3) Foreign equity securities (common and preferred stocks), or (4) alternative assets, which the Fund defines as commodity-related, currency-related or real estate-related securities, using the adviser's tactical strategy.   The adviser's tactical strategy combines two investment disciplines.  The first determines entry and exit points to and from the market based on historical market-price moving average indicators.  Additionally, entry and exit points are refined by stop loss points (a form of automatic sell decision based upon a set drop in a security's price) in an effort to help control losses in any one specific position.  In volatile or downward markets, the adviser seeks to add value by taking hedged or defensive positions.  The second discipline relies on two calendar-based cycles.  The first, a weekly stock rotation cycle indicator seeks to identify sectors and markets likely to outperform the overall market.  The second, a monthly cash flow cycle measure seeks to identify periods of market strength (rising prices) caused by positive changes in cash flow into the market. The adviser seeks to achieve the Fund's secondary investment objective, in part, by investing in alternative assets, which it believes have returns that are not highly correlated to those of the equity or fixed income markets in general, and by hedging up to 50% of the Fund's assets through derivatives or by purchasing inverse ETFs (securities designed to produce short positions with returns opposite to the securities index to which they are linked).  The adviser may also use derivatives as a substitute for securities to fulfill either the primary or secondary investment objective.   Fund assets are selected by the adviser without restriction as to minimum issuer credit quality, sector, capitalization, country of origin, or security maturity.  Fixed income ETFs may invest in non-investment grade fixed income securities, commonly known as "high yield" or "junk" bonds that are rated below Baa3 by Moody's Investors Service or similarly by another rating agency.  Foreign common stock ETFs may invest in common stock of companies located in emerging market countries. The use of "Growth" in the Fund's name refers generally to the goal of growth of investment rather than a strategy of investing in relatively high-growth companies. The adviser's tactical strategy assesses the return outlook for segments of the capital markets by giving consideration to both the long term historic risk (as measured by volatility of returns) and return characteristics of the various asset classes.  Additionally, the adviser employs a technical market analysis method of evaluating securities by analyzing statistics generated by market activity, such as past prices and trading volume, in an effort to determine probable future prices.  The adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Fund will allocate assets in the following ranges. <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="381" align="center"> <tr style="FONT-SIZE: 0px"> <td width="182"> </td> <td width="199"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="162"> Asset Class </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #000000; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="180"> Percent Allocation </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="162"> Equity </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="180"> 0% to 100% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="162"> Fixed Income </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="180"> 0% to 100% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="162"> Alternative Asset </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="180"> 0% to  90% </td> </tr> </table> However, the Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The adviser buys securities within specific market segments when its tactical analysis indicates a high probability that the segments and securities are likely to outperform competing investments.  The adviser sells securities to reduce exposure to a market segment or a security when its tactical analysis indicates that the segment or security is likely to underperform competing investments.  The adviser may engage in frequent buying and selling of securities to achieve the Fund's investment objectives.   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 and may result in higher taxes when Fund shares are held in a taxable account.  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 period, the Fund’s portfolio turnover was <strike/>1,634 % of the average value of its portfolio. 16.34 Quantitative Managed Futures Strategy Fund INVESTMENT OBJECTIVES: The Fund seeks absolute returns regardless of equity market performance with less volatility than equity markets. PRINCIPAL INVESTMENT RISKS: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Many factors affect the Fund’s net asset value and performance.   The following risks apply to the Fund’s direct investments as well the Fund’s indirect risks through investing in Underlying Funds and the Subsidiary. · ABS Risk:  ABS are subject to credit risk because underlying loan borrowers or obligors may default.  Additionally, these securities are subject to prepayment risk because the underlying loans or assets held by the issuers may be paid off prior to maturity.  The value of these securities may go down as a result of changes in prepayment rates on the underlying loans or assets.  During periods of declining interest rates, prepayment rates usually increases and the Fund may have to reinvest prepayment proceeds at a lower interest rate. · Commodity Risk:  Investing in the commodity futures markets may subject the Fund to greater volatility than investments in traditional securities.  Commodity futures prices may be influenced by unfavorable weather, animal and plant disease, geologic and environmental factors as well as changes in government regulation such as tariffs, embargoes or burdensome production rules and restrictions. · Credit Risk:  There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund.  In addition, the credit quality of securities held by the Fund may be lowered if an issuer’s financial condition changes. · Derivatives Risk:  The Fund’s use of derivative instruments involves risks different from, or possibly greater than the risks associated with investing directly in securities including leverage risk, tracking risk and counterparty default risk.  Option positions may expire worthless exposing the Fund to potentially significant losses. · Fixed Income Risk: Typically, a rise in interest rates causes a decline in the value of fixed income securities.  The value of fixed income securities typically falls when an issuer’s credit quality declines and may even become worthless if an issuer defaults. · Foreign Currency Risk:  Currency trading risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short.  Credit risk results because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. · Foreign Investment Risk:  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · Issuer-Specific Risk:  The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.  The value of securities of smaller issuers can be more volatile than those of larger issuers.  The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments. · Leverage Risk:  Using derivatives to increase the Fund’s combined long and short exposure creates leverage, which can magnify the Fund’s potential for gain or loss and, therefore, amplify the effects of market volatility on the Fund’s share price. · Limited History of Operations:  The Fund <strike></strike>has a limited history of operations.   <strike></strike>Underlying Funds in which the Fund invests may be newly formed and have limited operations. · Liquidity Risk:  Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. · Management Risk:  The adviser’s <strike></strike>judgments about the attractiveness, value and potential appreciation of particular asset classes and securities in which the Fund invests may prove to be incorrect and may not produce the desired results.   <strike></strike> · Market Risk:  Overall securities and derivatives market risks may affect the value of individual instruments in which the Fund invests.  Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities and derivatives markets.  When the value of the Fund’s investments goes down, your investment in the Fund decreases in value and you could lose money. · Mutual Fund Risk:  Mutual funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, your cost of investing in the Fund will be higher than the cost of investing directly in other mutual funds and may be higher than other mutual funds that invest directly in fixed income securities.  Each mutual fund is subject to specific risks, depending on the nature of the fund. · Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund’s performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. <strike></strike>· Short Position Risk:  The Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which an offsetting position is purchased.  Short positions may be considered speculative transactions and involve special risks, including greater reliance on the adviser’s ability to accurately anticipate the future value of a security or instrument.  The Fund’s losses are potentially unlimited in a short position transaction. · Structured Notes Risk:  Structured notes involve leverage risk, tracking risk and issuer default risk. · Taxation Risk:   By investing in commodities indirectly through the Subsidiary, the Fund will obtain exposure to the commodities markets within the federal tax requirements that apply to the Fund.   However because the Subsidiary is a controlled foreign corporation, any income received by from its investments in the Underlying Funds will be passed through to the Fund as ordinary income, which may be taxed at less favorable rates than capital gains. · Underlying Funds Risk:  Underlying Funds are subject to management and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in stocks and bonds.  The Underlying Funds will pay management fees, brokerage commissions, and operating expenses and may pay performance-based fees to its manager.  Underlying Funds are subject to specific risks, depending on the nature of the fund.   · Wholly-Owned Subsidiary Risk:  The Subsidiary will not be registered under the Investment Company Act of 1940 ("1940 Act") and, unless otherwise noted in this Prospectus, will not be subject to all of the investor protections of the 1940 Act.  Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Subsidiary, respectively, are organized, could result in the inability of the Fund and/or Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders.  Your cost of investing in the Fund will be higher because you indirectly bear the expenses of the Subsidiary. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. PERFORMANCE: Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund 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 visiting www.qmfsfund.com or by calling 1-855-QMF-FUND. www.qmfsfund.com Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 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. 1364 4406 6634 9930 907 3376 5413 9080 813 3332 5402 9109 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20036 column dei_LegalEntityAxis compact cik0001314414_S000033289Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: FEES AND EXPENSES OF THE FUND: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 26 <strike/>of the Fund’s Prospectus. 0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0100 -0.0100 -0.0100 0.0150 0.0150 0.0150 0.0025 0.0100 0.0000 0.1751 0.1149 0.1265 0.0017 0.0017 0.0017 0.1943 0.1416 0.1432 -0.1091 -0.0489 -0.0605 0.0852 0.0927 0.0827 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20034 column dei_LegalEntityAxis compact cik0001314414_S000033289Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20035 column dei_LegalEntityAxis compact cik0001314414_S000033289Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $25,000 in the Fund. Annual Trust Operating Expenses (Expenses that you pay each year as a percentage of your investment) 25000 Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. "Other Expenses" include the expenses of the Fund's consolidated wholly-owned subsidiary ("Subsidiary"), including the expenses incurred by the commodity pools in which the Subsidiary invests ("Underlying Funds"). The expenses of the Underlying Funds are reflected in the Fund's consolidated financial statements. Shareholder Fees (fees paid directly from your investment) PRINCIPAL INVESTMENT STRATEGIES:  The Fund seeks to achieve its investment objectives by allocating its assets using two principal strategies: · "Managed Futures" Strategy · "Fixed Income" Strategy The Managed Futures strategy is designed to produce returns related to price fluctuations in the commodity futures markets and financial futures (equity, interest rate and currency) markets by investing primarily in securities of (1) limited partnerships, (2) corporations, (3) limited liability companies and (4) other types of pooled investment vehicles that are trading companies, including commodity pools (collectively, "Underlying Funds"), (5) swap contracts and (6) structured notes.   Each Underlying Fund invests according to its manager’s strategy, investing either long or short in one or a combination of: (i) options, (ii) futures, (iii) forwards, (iv) spot contracts, or (v) swaps each of which may be tied to (a) agricultural products, (b) currencies, (c) equity (stock market) indices, (d) energy resources, (e) interest rates or (f) metals.  Derivatives are used as substitutes for securities, currencies and commodities and for hedging.  Swap contracts are designed to substitute for one or more Underlying Funds.  The Fund does not invest more than 25% of its assets in derivative contracts with any one counterparty.  Managed Futures strategy investments will be made without restriction as to the Underlying Fund’s country.  Underlying Funds’ employ investment styles that rely upon a wide variety of trading strategies that may result in high frequency trading. The Fund will execute its Managed Futures strategy, in part, by investing up to 25% of its total assets in a wholly-owned and controlled subsidiary (the "Subsidiary").  The Subsidiary will invest the majority of its assets in Underlying Funds, swap contract and structured notes.  The Subsidiary is subject to the same investment restrictions as the Fund when viewed on a consolidated basis.   The Fixed Income strategy is designed to generate absolute returns from interest income with less volatility than equity markets by investing primarily in mutual funds that invest principally in U.S. Dollar-denominated fixed income securities including: (1) obligations issued or guaranteed by the United States Government, its agencies or instrumentalities, municipal governments or their instrumentalities, (2) bonds, notes, or similar debt obligations issued by U.S. or foreign corporations, (3) U.S. asset-backed securities ("ABS") and (4) U.S. structured notes.  The Fund restricts fixed income mutual fund investments to funds investing, on average, in securities having a short-term rating of prime (highest short-term debt category) by at least two of the three following NRSROs (Nationally Recognized Statistical Rating Organizations, Moody’s Investors Service, Standard and Poor’s or Fitch) and/or a long-term rating of investment grade (BBB- or higher) by two NRSROs, or if unrated, determined to be of similar quality.  The fixed income portion of the Fund’s portfolio will be invested without restriction as to individual security maturity, but the average duration (a measure of interest rate risk similar to maturity) of the fixed income portfolio will not exceed 5 years.  The adviser selects mutual funds with the highest expected interest income, when compared to a peer group, based on asset composition, expenses and management skill.  The adviser sells mutual funds to adjust portfolio maturity or to purchase higher yield alternatives or to allocate Fund assets to the Managed Futures strategy. The Fund seeks to achieve absolute returns with less volatility than equity markets primarily by: (1) diversifying the Managed Futures strategy investments among securities that are not expected to have returns that are highly correlated to each other or the equity market in general and (2) restricting Fixed Income strategy investments to high-quality instruments with an average portfolio duration less than 5 years that are expected to be less volatile than the equity markets in general and that are not expected to have returns that are highly correlated to the equity markets or the Managed Futures strategy.  However, the Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The Fund’s adviser anticipates that, based upon its analysis of long-term historical returns and volatility of various asset classes, the Funds allocate assets in the following ranges, however the ultimate ranges may be higher or lower than those shown in the table below. <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="211"> </td> <td width="108"> </td> <td width="107"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #0c0c0c; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="211"> Asset Class </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #0c0c0c; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="108"> Allocation Range </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; BACKGROUND-COLOR: #0c0c0c; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="107"> Allocation Target </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="211"> Managed Futures </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="108"> 25% to 50% </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="107"> 35% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="211"> Fixed Income </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="108"> 50% to 75% </td> <td style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0px; MARGIN-TOP: 0px; PADDING-LEFT: 9px; PADDING-RIGHT: 9px; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0px" valign="top" width="107"> 65% </td> </tr> </table> <strike></strike>ADVISER’S INVESTMENT PROCESS The adviser’s investment process consists of five primary stages: (1) asset allocation, (2) sourcing, (3) evaluation & due diligence of Underlying Funds and their managers, (4) portfolio construction and (5) ongoing portfolio management. A summary of the adviser’s process is as follows: 1. Asset Allocation · Establish managed futures strategy subsets for portfolio · Assess correlation characteristics between strategy subsets · Set target allocation ranges for each strategy subset 2. Research · Seek out top-tier Underlying Funds within each strategy subset · Filtering process determines those Underlying Funds and their managers with distinct and quantifiable edge 3. Due Diligence · Thorough evaluation of possible Underlying Funds including their managers · Rigorous due diligence process includes qualitative, quantitative and risk analyses 4. Portfolio Design · Create diversified portfolio of Underlying Funds within initial target allocation ranges across strategy subsets · Assess portfolio variables: portfolio risk, correlation among Underlying Funds · Access strategy selected via Underlying Funds 5. Ongoing Portfolio Management · Underlying Funds and manager-level assessment of trading activity, market & sector allocations and risk management · Portfolio-level monitoring of risk, market & sector allocations and strategy subset allocations · Re-balance among Underlying Funds to remain within target ranges · Assess new Underlying Funds for portfolio inclusion The adviser buys securities that it believes offer above-average expected absolute returns and lower-than-average volatility and sells them when it believes they have reached their target price, to adjust asset allocation or when more attractive investments are available. 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 and may result in higher taxes when Fund shares are held in a taxable account.  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 32% of the average value of its portfolio.   0.32 SCA Absolute Return Fund Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Many factors affect the Fund's net asset value and performance.   The following describes the risks the Fund bears directly or indirectly through investments in Underlying <strike></strike>Funds. · Convertible Securities Risk.  Convertible securities are a hybrid that has characteristics of both bonds and common stocks and is subject to risks associated with both debt securities and equity securities. · Credit Risk.  Issuers or counterparties may not make interest, principal or other payments on securities and derivatives, resulting in losses to the Fund.  In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.  These risks are more pronounced for securities with lower credit quality, such as those rated below BBB- by Standard & Poor's Ratings Group or another credit rating agency. · Derivatives Risk.  The use of derivatives exposes the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivatives. Derivative risks include: (i) imperfect correlation between the changes in market value of derivatives and the securities or indices on which they are based; (ii) illiquidity under certain market conditions; (iii) trading restrictions or limitations imposed by an exchange, or government regulations that may restrict trading; (iv) leverage which will magnify losses and (v) counterparty default.   · Emerging Market Risk.  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid. · Fixed Income Risk.  Typically, a rise in interest rates causes a decline in the value of fixed income securities. · Foreign Currency Risk.  Currency risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short.  Credit risk exists because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. · Foreign Investment Risk.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · High Yield Risk.  Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price.  Additionally, high yield issuers may seek bankruptcy protection which will delay resolution of bond holder claims and may eliminate or materially reduce liquidity. · Leverage Risk.  The use of leverage by the Fund or an Underlying Fund, such as borrowing money to purchase securities or the use of derivatives, will indirectly cause the Fund to incur additional expenses and magnify the Fund's gains or losses. · Limited History of Operations.  The Fund <strike></strike>has a limited history of operations.  In addition, the adviser has not previously managed a mutual fund. · Management Risk.  The adviser's dependence on its asset allocation and Underlying Fund selection strategies and the Underlying Funds managers' judgments about the attractiveness, value and potential appreciation of particular investments may prove to be incorrect and may not produce the desired results.   · Market Risk.  Overall equity and fixed income market risk may affect the value of individual instruments in which the Fund invests.  Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. · Non-Diversification Risk.  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. · Short Position and Inverse (Hedging) Risk.  The Fund will incur a loss as a result of an Underlying Fund's short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Underlying Fund purchases an offsetting position.  The Underlying Fund's losses are potentially unlimited in a short position transaction.  ETFs that are inverse funds typically lose value as the index or security tracked by such fund's benchmark increases in value; a result that is the opposite of traditional mutual funds.  If the Fund invests in an inverse fund and markets rise, the Fund will lose money. · Small and Medium Capitalization Company Risk.  Equity securities of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in securities and currencies.  Underlying Funds are subject to specific risks, depending on the nature of the fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Investment Objective: The Fund seeks to generate positive absolute returns with less volatility than traditional equity markets. Performance: Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund 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 visiting www.sca-funds.com or by calling 1-855-282-1100. www.sca-funds.com Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-855-282-1100 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. 388 1178 1986 4087 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20041 column dei_LegalEntityAxis compact cik0001314414_S000031833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Principal Investment Strategies: The Fund seeks to achieve its investment objective by investing primarily in a combination of <strike/>long or short securities of <strike/>(i) fixed income securities, (ii) equity securities (common and preferred stock), (iii) options, (iv) futures, (v) forwards or (vi) swap contracts on (a) commodities, (b) financial indices, (c) foreign currencies, or (d) equity indices, either directly or through Underlying Funds. The adviser may retain sub-advisers to employ specific investment strategies of the Fund.  The Fund will invest without restriction as to issuer capitalization, country, credit quality or trading currency. The <strike></strike>Fund and any Underlying Fund in which it invests may pursues <strike></strike>various investment strategies <strike></strike>including, for example: · Long-Biased Equity.  A strategy that seeks to capitalize on identifying and investing in underpriced equity securities while hedging some, but not all, overall equity market risk. · Long/Short Equity.  A strategy that seeks returns by investing in equities that are undervalued and short equities that are considered overvalued. · Event-Driven.  A strategy that involves investments in companies undergoing significant corporate transactions or structural transformations. · Convertible Arbitrage.  A strategy that seeks returns based on the pricing inefficiencies of the embedded option in a convertible bond by purchasing a convertible bond and hedging a portion of the equity risk by selling short the underlying common stock for which the bond may be converted. · Fixed Income Long/Short Credit and Distressed Debt.  A strategy that seeks returns by investing in debt securities of any type of issuer of any credit quality, such as "high yield" securities (also known as "junk" bonds), while employing selected risk reducing strategies such as interest rate risk hedging via futures or credit risk hedging via credit default swaps. · Global Macro.  A strategy that seeks investment opportunities, long or short, throughout the world by focusing on economic trends and opportunities in equity, fixed income, currencies, precious metals or commodities markets. · Emerging Market.  A strategy that seeks investment opportunities in nations with social or business activity in the process of rapid growth or industrialization by focusing on issuer-specific financial information and analysis. · Relative Value.  A long/short investment strategy that seeks to exploit disparities in pricing relationships between instruments with similar characteristics.  Relative Value strategies are not dependent on market direction and often involve arbitrage techniques. · Tactical Trading.  A strategy based upon speculation on the direction of prices and the volatility of equities, bonds, currencies, and commodities in the cash and derivatives markets. The Fund may employ leverage, including borrowing from banks in an amount of up to 33% of the Fund's assets (defined as net assets plus borrowing for investment purposes).  The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. In selecting Underlying Funds, or investment strategies for investment, the adviser (with the aid of research services employed by the adviser) or a sub-adviser <strike></strike>assesses the likely risks and returns (after all fees and expenses including sales charges and Underlying Fund manager performance-based fees, if any) of the different alternative investment strategies utilized by the Underlying Funds, and evaluates the potential correlation among the investment strategies and Underlying Funds under consideration.  The adviser will use both a quantitative screening process and a qualitative selection process when selecting investment strategies, sub-advisers or Underlying Fund securities for investment or investment strategies by the Fund. <strike></strike>The adviser generally seeks to invest in Underlying Funds whose liquidity and expected absolute and risk-adjusted returns, are determined to be attractive and likely to have low correlations among each other or with the broad equity markets.  The adviser will seek to allocate the Fund's assets so that the Fund may benefit from the expected continuation of a favorable performance record of various Underlying Funds, sub-advisers or investment strategies, and from having access to new and existing Underlying Funds that are often available only at substantial minimum investments.  The adviser does not have pre-set allocation targets, retaining the flexibility to allocate assets in response to market conditions. <strike></strike>The adviser buys and sells Underlying Funds or retains various investment strategies and engages sub-advisers to meet it asset allocation targets.  Additionally, an Underlying Fund may be liquidated or sub-adviser terminated based on manager drift in style, underperformance, change in management team, deviation from risk management discipline and change in the Underlying Fund's investment opportunity set or strategy, or any other factor that the adviser feels will negatively impact future performance. The Fund has received <strike></strike>an exemptive order (the "Order") from the SEC that <strike></strike>permits the adviser, with the Fund's Board of Trustees' approval, to enter into or amend sub-advisory agreements with one or more sub-advisers without obtaining shareholder approval.   Shareholders will be notified if and when a new sub-adviser is employed by the adviser. <strike></strike> Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   0.0000 0.0000 0.0000 0.0000 0.0195 0.0025 0.0074 0.0092 0.0386 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20039 column dei_LegalEntityAxis compact cik0001314414_S000031833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20040 column dei_LegalEntityAxis compact cik0001314414_S000031833Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) 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 and may result in higher taxes when Fund shares are held in a taxable account.  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 58% of the average value of its portfolio.   0.58 SCA Directional Fund Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Many factors affect the Fund's net asset value and performance.   The following describes the risks the Fund bears directly or indirectly through investments in Underlying Funds <strike></strike>. · Credit Risk.  Issuers or counterparties may not make interest, principal or other payments on securities and derivatives, resulting in losses to the Fund.  In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.  These risks are more pronounced for securities with lower credit quality, such as those rated below BBB- by Standard & Poor's Ratings Group or another credit rating agency. · Derivatives Risk.  The use of derivatives exposes the Fund to additional risks that it would not be subject to if it invested directly in the securities and commodities underlying those derivatives. Derivative risks include: (i) imperfect correlation between the changes in market value of derivatives and the securities or indices on which they are based; (ii) illiquidity under certain market conditions; (iii) trading restrictions or limitations imposed by an exchange, or government regulations that may restrict trading; (iv) leverage which will magnify losses and (v) counterparty default.   · Emerging Market Risk.  Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights.  Emerging market economies may be based on only a few industries and security issuers may be more susceptible to economic weakness and more likely to default.  Emerging market securities also tend to be less liquid. · Fixed Income Risk.  Typically, a rise in interest rates causes a decline in the value of fixed income securities. · Foreign Currency Risk.  Currency risks include market risk, credit risk and country risk.  Market risk results from adverse changes in exchange rates in the currencies the Fund is long or short.  Credit risk exists because a currency-trade counterparty may default.  Country risk arises because a government may interfere with transactions in its currency. · Foreign Investment Risk.  Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards.  Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries. · High Yield Risk.  Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default.  An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds.  The lack of a liquid market for these bonds could decrease the Fund's share price.  Additionally, high yield issuers may seek bankruptcy protection which will delay resolution of bond holder claims and may eliminate or materially reduce liquidity. · Leverage Risk.  The use of leverage by the Fund or an Underlying Fund, such as borrowing money to purchase securities or the use of derivatives, will indirectly cause the Fund to incur additional expenses and magnify the Fund's gains or losses. · Limited History of Operations.  The Fund <strike></strike>has a limited history of operations.  In addition, the adviser has not previously managed a mutual fund. · Management Risk.  The adviser's dependence on its asset allocation and Underlying Fund selection strategies and the Underlying Funds managers' judgments about the attractiveness, value and potential appreciation of particular investments may prove to be incorrect and may not produce the desired results.   · Market Risk.  Overall equity and fixed income market risk may affect the value of individual instruments in which the Fund invests.  Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political events affect the securities markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. · Non-Diversification Risk.  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. · Short Position and Inverse (Hedging) Risk.  The Fund will incur a loss as a result of an Underlying Fund's short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Underlying Fund purchases an offsetting position.  The Underlying Fund's losses are potentially unlimited in a short position transaction.  ETFs that are inverse funds typically lose value as the index or security tracked by such fund's benchmark increases in value; a result that is the opposite of traditional mutual funds.  If the Fund invests in an inverse fund and markets rise, the Fund will lose money. · Small and Medium Capitalization Company Risk.  Equity securities of small and medium capitalization companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. · Underlying Funds Risk.  Underlying Funds are subject to investment advisory and other expenses, which will be indirectly paid by the Fund.  As a result, the cost of investing in the Fund will be higher than the cost of investing directly in an Underlying Fund and may be higher than other mutual funds that invest directly in securities and currencies.  Underlying Funds are subject to specific risks, depending on the nature of the fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Investment Objective: The Fund seeks returns similar to equities with less volatility than traditional equity markets.   Performance: Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund 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 visiting www.sca-funds.com or by calling 1-855-282-1100. www.sca-funds.com Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-855-282-1100 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. 378 1165 1970 4065 ~ http://nlft.com/20121026/role/ScheduleExpenseExampleTransposed20046 column dei_LegalEntityAxis compact cik0001314414_S000031834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be: Principal Investment Strategies: The Fund seeks to achieve its investment objective by investing primarily in a combination of long or short securities of (i) fixed income securities, (ii) equity securities (common and preferred stock), (iii) options, (iv) futures, (v) forwards or (vi) swap contracts on (a) commodities, (b) financial indices, (c) foreign currencies, or (d) equity indices, either directly or through Underlying Funds. The adviser may retain sub-advisers to employ specific investment strategies of the Fund.  The Fund will invest without restriction as to issuer capitalization, country, credit quality or trading currency. The Fund <strike></strike>and any Underlying Fund in which it invests may various pursue <strike></strike>investment strategies <strike></strike>including, for example: · Long-Only Equity.  A strategy that seeks to capitalize on identifying and investing in underpriced equity securities. · Long-Biased Equity.  A strategy that seeks to capitalize on identifying and investing in underpriced equity securities while hedging some, but not all, overall equity market risk. · Long/Short Equity.  A strategy that seeks returns by investing in equities that are undervalued and shorting equities that are considered overvalued. · Event-Driven.  A strategy that involves investments in companies undergoing significant corporate transactions or structural transformations. · Fixed Income.  A strategy that seeks returns by investing in debt securities of any type of issuer of any credit quality, such as “high yield” securities (also known as “junk” bonds), and may employ selected risk reducing strategies, such as interest rate risk hedging via futures or credit risk hedging via credit default swaps. · Global Macro.  A strategy that seeks investment opportunities, long or short, throughout the world by focusing on economic trends and opportunities in equity, fixed income, currencies, precious metals or commodities markets.  The strategy is executed in the cash and derivatives markets, where derivatives are used a substitute for securities, currencies or commodities. · Emerging Market.  A strategy that seeks investment opportunities in nations with social or business activity in the process of rapid growth or industrialization by focusing on issuer-specific financial information and analysis. · Tactical Trading.  A strategy based upon speculation on the direction of prices and the volatility of equities, bonds, currencies, and commodities in the cash and derivatives markets, where derivatives are used a substitute for securities, currencies or commodities. The Fund may employ leverage, including borrowing from banks in an amount of up to 33% of the Fund's assets (defined as net assets plus borrowing for investment purposes).  The Fund is "non-diversified" for purposes of the Investment Company Act of 1940, as amended, which means that the Fund may invest in fewer securities at any one time than a diversified fund. The adviser's investment philosophy is to target diverse investments in the global securities markets using tactical and hedging strategies.  The adviser intends to tactically allocate the Fund's assets among various sub-advisers, investment strategies, or Underlying Funds that, in the view of the adviser, represent attractive investment opportunities. In selecting Underlying Funds for investment, the adviser (with the aid of research services employed by the adviser) assesses the likely risks and returns (after all fees and expenses including sales charges and Underlying Fund manager performance-based fees, if any) of the different alternative investment strategies utilized by sub-advisers or the Underlying Funds, and evaluates the potential correlation among the investment strategies and the sub-advisers or Underlying Funds under consideration.  The adviser generally seeks to invest in Underlying Funds whose liquidity, expected absolute, relative and risk-adjusted returns are determined to be attractive and likely to have low correlations among each other or with the broad equity markets.  The adviser will seek to allocate the Fund's assets so that the Fund may benefit from the expected continuation of a favorable performance record of various Underlying Funds, and from having access to new and existing Underlying Funds that are often available only at substantial minimum investments.  The adviser does not have pre-set allocation targets, retaining the flexibility to allocate assets in response to market conditions.  The adviser employs its hedging strategy by employing sub-advisers or investing in Underlying Funds that have an active hedging element in their investment strategy.   <strike></strike>The adviser buys and sells Underlying Funds or employs sub-advisers to meet it asset allocation targets.  Additionally, an Underlying Fund or sub-adviser may be liquidated or terminated based on manager drift in style, underperformance, change in management team, deviation from risk management discipline and change in the sub-advisers/ Underlying Fund's investment opportunity set or strategy, or any other factor that the adviser feels will negatively impact future performance. The Fund has received an exemptive order (the "Order") from the SEC that permits the adviser, with the Fund's Board of Trustees' approval, to enter into or amend sub-advisory agreements with one or more sub-advisers without obtaining shareholder approval.  Shareholders will be notified if and when a new sub-adviser is employed by the adviser. Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   0.0000 0.0000 0.0000 0.0000 0.0195 0.0025 0.0083 0.0081 0.0384 -0.0008 0.0376 ~ http://nlft.com/20121026/role/ScheduleShareholderFees20044 column dei_LegalEntityAxis compact cik0001314414_S000031834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ ~ http://nlft.com/20121026/role/ScheduleOperatingExpenses20045 column dei_LegalEntityAxis compact cik0001314414_S000031834Member column rr_ProspectusShareClassAxis compact * row primary compact * ~ 2013-10-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. 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