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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 Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least January 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 2.35%, 3.10% and 2.10% of the daily average net assets attributable to each of the 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 waive d 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. Reflects the aggregate management fees charged by the investment adviser to the "Master Fund," as defined below, and the Fund. Acquired Fund Fees and Expenses are the estimated average indirect costs of investing in other investment companies (the "Underlying Funds"). 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. Includes expenses allocated from the Master Fund in which the Fund invests. The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least January 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 2.60%, 3.35% and 2.35% of the daily average net assets attributable to each of the 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 estimated average indirect costs of investing in other investment companies (the "Underlying Funds"). 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/or absorb expenses of the Fund, until at least January 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 2.40%, 3.15% and 2.15% of the daily average net assets attributable to each of the 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 waive d 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 advisor has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least January 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)). will not exceed 2.40%, 3.15% and 2.15% of the daily average net assets attributable to each of the 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 advisor. Northern Lights Fund Trust 485BPOS false 0001314414 2012-09-30 2013-01-28 2013-01-28 2013-01-28 Ascendant Balanced Fund 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 25 <strike/>of the Fund's Prospectus.   0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 -0.0200 0.0110 0.0110 0.0110 0.0025 0.0100 0.0000 0.0200 0.0200 0.0200 0.0004 0.0004 0.0004 0.0339 0.0414 0.0314 -0.0100 -0.0100 -0.0100 0.0239 0.0314 0.0214 ~ http://nlft.com/20130128/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001314414_S000032986Member row primary compact * ~ ~ http://nlft.com/20130128/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001314414_S000032986Member row primary compact * ~ 2014-01-31 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 Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Acquired Fund Fees and Expenses are the estimated average indirect costs of investing in other investment companies (the "Underlying Funds"). 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 25% of its assets in common stocks and at least 25% of its assets in fixed income securities.  The Fund invests in common stocks without restriction as to issuer capitalization or country.  The Fund defines fixed income securities as bills, notes, bonds, similar debt obligations and convertible debt issued by the United States Government its agencies or instrumentalities or U.S. or foreign corporations.  The Fund's straight fixed income investments are primarily investment grade credit quality.  The Fund defines investment grade fixed income securities as those rated, at the time purchased, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Group ("S&P"), or, if unrated, determined to be of comparable quality.  However, convertible bonds are purchased without restriction as to credit quality, including those with below investment grade credit quality, commonly known as "junk bonds".  Fixed income securities are purchased without restriction as to maturity, individual issuer country or capitalization. The adviser selects common stocks from the stocks listed on the major US exchanges with, generally, at least five years of historical financial data, including American depositary receipts ("ADRs") representing common stocks of foreign issuers.  The adviser's selection process is primarily based on a bottom up, quantitative process utilizing a broad array of technical and fundamental data items developed through 40 years of proprietary research and statistical modeling.  These data items consider fundamental measures including: stock valuation based on price to earnings ratio, balance sheet leverage, and relative-to-industry earnings.  Based on this analysis, companies and industries are ranked based on prospects for relative price performance over various time horizons.  The adviser also evaluates the most attractive common stocks using qualitative considerations, such as the experience of a company's management, to select securities.  The adviser also uses market cycle analysis as a tool to guide portfolio allocation and repositioning. The adviser selects fixed income securities with the highest yield and/or expected capital appreciation among peers of the same credit rating, maturity and issuer type.  The adviser's selection process for corporate bonds uses multi-factor equity models to evaluate company and industry prospects and further screens based on credit rating and portfolio duration.  Government securities are selected in a similar manner and Treasury Inflation Protected Securities (TIPS) may be utilized for inflation protection.  Convertible securities, like other corporate bonds, are also evaluated based on multifactor equity models to evaluate an issuer's equity prospects and further screens include yield to maturity, maturity date and conversion parity. The adviser may sell a security based on its performance, new research or when the underlying investment thesis has deteriorated. 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 I shares of the Fund for each full calendar year since the Fund's inception.  The performance table compares the performance of the share classes 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 is available at no cost by calling 1-855-527-2363 or visiting ascendantfunds.com. Class I Annual Total Return For Calendar Years Ended December 311 0.0911 ~ http://nlft.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0001314414_S000032986Member row primary compact * ~ Best Quarter: 0.0842 2012-03-31 Worst Quarter: -0.0292 2012-06-30 <table style="margin-top: 0px; font-size: 10pt; width: 415px;" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 0px;"> <td width="153">   </td> <td width="172">   </td> <td width="90">   </td> </tr> <tr> <td style="padding-bottom: 0px; margin-top: 0px; padding-left: 9px; padding-right: 9px; padding-top: 0px; border: #000000 1px solid;" valign="top" width="133"> 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="153"> 1st Quarter 2012 </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="71"> 8.42% </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="133"> 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="153"> 2nd Quarter 2012 </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="71"> (2.92)% </td> </tr> </table> 1  The returns are for Class I Shares, which would have substantially similar annual returns as the other share classes because the shares are invested in the same portfolio of securities and the returns for each class would differ only to the extent that the classes do not have the same expenses. Performance Table 0.0911 0.1643 0.0901 0.1627 0.0593 0.1391 0.0262 0.1058 0.0813 0.1535 0.1600 0.2221 0.0509 0.0519 0.1169 0.1533 2011-10-05 2011-10-05 2011-10-05 2011-10-05 2011-10-05 2011-10-05 ~ http://nlft.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0001314414_S000032986Member 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 (IRAs). After tax returns are not shown for Class A and C shares and would differ from those of Class I shares. The Standard and Poor's 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. Its performance does not reflect any deduction for fees, management expenses or taxes.  An investor cannot invest directly in an index. BofA Merrill Lynch U.S. Corporate & Government Index tracks the performance of U.S. dollar denominated investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities.  The Blended Benchmark Index represents a blend of 60% S&P 500 Total Return Index and 40% BofA Merrill Lynch U.S. Corporate and Government 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. ascendantfunds.com 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 (IRAs). 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. After tax returns are not shown for Class A and C shares and would differ from those of Class I shares. (reflects no deduction for fees, expenses or taxes) 1-855-527-2363 Average Annual Total Returns (For periods ended December 31, 2012) Investment Objective: The Fund seeks total return from income and growth of capital. 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.   803 1469 2157 3976 317 1168 2033 4262 217 875 1558 3379 ~ http://nlft.com/20130128/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001314414_S000032986Member 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 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.  · Convertible Bond Risk.  Convertible bonds are hybrid securities that have characteristics of both fixed income securities and common stocks and are subject to risks associated with both debt and equity securities. · Credit Risk.  Issuers of fixed income securities may suffer from a reduced ability to repay their interest and principal obligations.  They may even default on interest and/or principal payments owed to the Fund.  An increase in credit risk or a default will likely cause the value of Fund fixed income securities to decline.  Issuers with lower credit quality, such as junk bonds issuers, are more susceptible to economic or industry downturns and are more likely to default. · Equity Market Risk. Equity markets can be volatile. In other words, the prices of common stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. · Foreign Risk.  Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies.  The values of foreign issuer common stocks and ADRs may be affected by changes in exchange control regulations, application of foreign tax laws, changes in governmental administration or economic or monetary policy. · Interest Rate Risk.  In general, the price of a fixed income security falls when interest rates rise.  Fixed income securities have varying levels of sensitivity to changes in interest rates.  Securities with longer maturities may be more sensitive to interest rate changes.   · Issuer-Specific Risk.  The value of a specific common stock can be more volatile than the market as a whole and can perform differently from the market as a whole. · Limited History of Operations Risk.  The Fund <strike></strike>has a limited history of operations. · 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. · Small and Medium Capitalization Company Risk.  The value of small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. As with all mutual funds, there is the risk that you could lose money through your investment in the 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 period, the Ascendant Balanced Fund’s portfolio turnover rate was 150% of the average value of its portfolio. 1.50 Ascendant Natural Resources Fund 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 <strike/>other discounts is available from your financial professional and in How to Purchase Shares on page 25 <strike/>of the Fund's Prospectus. 0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 -0.0200 0.0135 0.0135 0.0135 0.0025 0.0100 0.0000 0.0747 0.0747 0.0747 0.0002 0.0002 0.0002 0.0909 0.0984 0.0884 -0.0647 -0.0647 -0.0647 0.0262 0.0337 0.0237 ~ http://nlft.com/20130128/role/ScheduleShareholderFees20008 column dei_LegalEntityAxis compact cik0001314414_S000032987Member row primary compact * ~ ~ http://nlft.com/20130128/role/ScheduleAnnualFundOperatingExpenses20009 column dei_LegalEntityAxis compact cik0001314414_S000032987Member row primary compact * ~ 2014-01-31 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 Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Acquired Fund Fees and Expenses are the estimated average indirect costs of investing in other investment companies (the "Underlying Funds"). 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. Includes expenses allocated from the Master Fund in which the Fund invests. 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 the common stock of natural resource companies.  The Fund defines natural resource companies as those in businesses that are primarily related to (i.e. have a majority of their assets in, or revenues or profits from) oil, gas, metals, forest products, agriculture, chemicals, commodities or other natural resources, including mining, refining or processing.  The Fund invests without restriction as to issuer capitalization or country. The adviser selects natural resource common stocks from the stocks listed on the major US exchanges with, generally, at least five years of historical financial data, including American depositary receipts ("ADRs") representing common stocks of foreign issuers.  The adviser's selection process is primarily based on a bottom up, quantitative process utilizing a broad array of technical and fundamental data items developed through 40 years of proprietary research and statistical analysis.  These data items consider fundamental measures including: stock valuation based on price to earnings ratio, balance sheet leverage, and relative-to-industry earnings.  Based on this analysis, companies and industries are ranked based on prospects for relative price performance over various time horizons.  The adviser also evaluates the most attractive common stocks using qualitative considerations, such as the experience of a company's management, to select securities.   The adviser may sell a security based on its performance, new research or when the underlying investment thesis has deteriorated. The Fund is a “feeder” fund that currently invests all of its assets in the Natural Resources Master Fund, a series of Northern Lights Fund Trust (the “Master Fund”), which has the same investment objective and strategies as the Fund.  Generally all investments are made at the Master Fund level.  This structure is sometimes called a “master-feeder” structure. The Fund’s investment results will correspond directly to the investment results of the Master Fund.  The Fund also may invest in additional master funds, other investment companies managed by Ascendant Advisors, LLC, or directly in a portfolio of securities. 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 share classes 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 is available at no cost by calling 1-855-527-2363 or visiting ascendantfunds.com. Class A Annual Total Return For Calendar Period Ended December 311 (Returns do not reflect sales loads and would be lower if they did) Best Quarter: 0.0931 2012-09-30 Worst Quarter: -0.0955 2012-06-30 <table style="margin-top: 0px; font-size: 10pt; width: 415px;" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 0px;"> <td width="153">   </td> <td width="172">   </td> <td width="90">   </td> </tr> <tr> <td style="padding-bottom: 0px; margin-top: 0px; padding-left: 9px; padding-right: 9px; padding-top: 0px; border: #000000 1px solid;" valign="top" width="133"> 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="153"> 3rd Quarter 2012 </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="71"> 9.31% </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="133"> 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="153"> 2nd Quarter 2012 </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="71"> (9.55)% </td> </tr> </table> 1  The returns are for Class A Shares, which would have substantially similar annual returns as the other share classes because the shares are invested in the same portfolio of securities and the returns for each class would differ only to the extent that the classes do not have the same expenses. Performance Table -0.0721 0.0379 -0.0721 0.0366 -0.0469 0.0315 -0.0223 0.0824 -0.0124 0.0974 0.0220 0.1093 2011-10-05 2011-10-05 2011-10-05 2011-10-05 ~ http://nlft.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20012 column dei_LegalEntityAxis compact cik0001314414_S000032987Member 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 (IRAs). After tax returns are not shown for Class C and I shares and would differ from those of Class A shares. S&P North American Natural Resources Sector Index TR is an equity benchmark that represents U.S. traded securities across a broadly defined North American Natural Resource sector. S&P Indices uses GICS® to determine a company’s classification. The index is modified-capitalization weighted, where a stock’s weight is capped at a level determined on a sector basis. 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 loads and would be lower if they did). ascendantfunds.com 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 (IRAs). 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. After tax returns are not shown for Class C and I shares and would differ from those of Class A shares. (reflects no deduction for fees, expenses or taxes) 1-855-527-2363 Average Annual Total Returns (For periods ended December 31, 2012) Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  Since the Fund is a feeder fund, all references to the investment activities of the Fund also are intended to apply to the Master Fund and any other investment company in which the Fund may invest.  Many factors affect the Fund's net asset value and performance.  · Equity Market Risk. Equity markets can be volatile. In other words, the prices of common stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. · Foreign Risk.  Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies.  The values of foreign issuer common stocks and ADRs may be affected by changes in exchange control regulations, application of foreign tax laws, changes in governmental administration or economic or monetary policy. · Issuer-Specific Risk.  The value of a specific common stock can be more volatile than the market as a whole and can perform differently from the market as a whole. · Limited History of Operations Risk.  The Fund <strike></strike>has a limited history of operations.   · 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. · Natural Resource Risk.  The Fund's exposure to companies primarily engaged in the natural resource markets may subject the Fund to greater volatility than investments in a wider variety of industries.  Natural resource companies may be affected by changes in overall market movements, commodity price volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. · No History of Mutual Fund Management.  The Fund's adviser has not previously managed a mutual fund. · Small and Medium Capitalization Company Risk.  The value of small or medium capitalization company common stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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.   825 2508 4056 7406 340 2244 3969 7601 240 1986 3600 7123 ~ http://nlft.com/20130128/role/ScheduleExpenseExampleTransposed20010 column dei_LegalEntityAxis compact cik0001314414_S000032987Member 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: Investment Objective: The Fund seeks growth of capital. 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 rate was 92% of the average value of its portfolio. 0.92 Ascendant MultiCap Equity Fund 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 <strike/>  27 of the Fund's Prospectus.   0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 -0.0200 0.0115 0.0115 0.0115 0.0025 0.0100 0.0000 0.0605 0.0605 0.0605 0.0002 0.0002 0.0002 0.0747 0.0822 0.0722 -0.0505 -0.0505 -0.0505 0.0242 0.0317 0.0217 ~ http://nlft.com/20130128/role/ScheduleShareholderFees20015 column dei_LegalEntityAxis compact cik0001314414_S000032988Member row primary compact * ~ ~ http://nlft.com/20130128/role/ScheduleAnnualFundOperatingExpenses20016 column dei_LegalEntityAxis compact cik0001314414_S000032988Member row primary compact * ~ 2014-01-31 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 Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Acquired Fund Fees and Expenses are the estimated average indirect costs of investing in other investment companies (the "Underlying Funds"). 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 equity securities.  The Fund defines equity securities as common stocks of domestic or foreign companies.  The Fund invests without restriction as to issuer capitalization or country. The adviser selects common stocks from the stocks listed on the major US exchanges with, generally, at least five years of historical financial data, including American depositary receipts ("ADRs") representing common stocks of foreign issuers.  The adviser's selection process is primarily based on a bottom up, quantitative process utilizing a broad array of technical and fundamental data items developed through 40 years of proprietary research.  These data items include fundamental measures including: stock valuation based on price to earnings ratio, balance sheet leverage, and relative-to-industry earnings.  Based on this analysis, companies and industries are ranked based on prospects for relative price performance over various time horizons.  The adviser also evaluates the most attractive common stocks using qualitative considerations, such as the experience of a company's management, to select securities.  The adviser also uses market cycle analysis as a tool to guide portfolio allocation and repositioning. The adviser may sell a security based on its performance, new research or when the underlying investment thesis has deteriorated. 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 share classes 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 is available at no cost by calling 1-855-527-2363 or visiting ascendantfunds.com. Class A Annual Total Return For Calendar Years Ended December 311 (Returns do not reflect sales loads and would be lower if they did) 0.1023 ~ http://nlft.com/20130128/role/ScheduleAnnualTotalReturnsBarChart20018 column dei_LegalEntityAxis compact cik0001314414_S000032988Member row primary compact * ~ Best Quarter: 0.0997 2012-03-31 Worst Quarter: -0.0310 2012-06-30 <table style="margin-top: 0px; font-size: 10pt; width: 415px;" cellspacing="0" cellpadding="0" align="center"> <tr style="font-size: 0px;"> <td width="153">   </td> <td width="172">   </td> <td width="90">   </td> </tr> <tr> <td style="padding-bottom: 0px; margin-top: 0px; padding-left: 9px; padding-right: 9px; padding-top: 0px; border: #000000 1px solid;" valign="top" width="133"> 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="153"> 1st Quarter 2012 </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="71"> 9.97% </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="133"> 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="153"> 2nd Quarter 2012 </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="71"> (3.10)% </td> </tr> </table> 1  The returns are for Class A Shares, which would have substantially similar annual returns as the other share classes because the shares are invested in the same portfolio of securities and the returns for each class would differ only to the extent that the classes do not have the same expenses. Performance Table 0.0388 0.1343 0.0378 0.1299 0.0253 0.1118 0.0960 0.1844 0.1047 0.1948 0.1616 0.2255 2011-10-05 2011-10-05 2011-10-05 2011-10-05 ~ http://nlft.com/20130128/role/ScheduleAverageAnnualReturnsTransposed20019 column dei_LegalEntityAxis compact cik0001314414_S000032988Member 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 (IRAs). After tax returns are not shown for Class C and I shares and would differ from those of Class A shares. The Standard and Poor's Composite 1500 Index is an investable U.S. equity benchmark. The S&P Composite 1500 combines three leading indices, the S&P 500, the S&P Mid-Cap 400, and the S&P Small-Cap 600 to cover approximately 90% of the U.S. market capitalization. It is designed for investors seeking to replicate the performance of the U.S. equity market or benchmark against a representative universe of tradable stocks. 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 loads and would be lower if they did). ascendantfunds.com 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 (IRAs). 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. After tax returns are not shown for Class C and I shares and would differ from those of Class A shares. (reflects no deduction for fees, expenses or taxes) 1-855-527-2363 Average Annual Total Returns (For periods ended December 31, 2012) 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.  · Equity Market Risk. Equity markets can be volatile. In other words, the prices of common stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. · Foreign Risk.  Changes in foreign economies and political climates are more likely to affect the Fund than a mutual fund that invests exclusively in U.S. companies.  The values of foreign issuer common stocks and ADRs may be affected by changes in exchange control regulations, application of foreign tax laws, changes in governmental administration or economic or monetary policy. · Issuer-Specific Risk.  The value of a specific common stock can be more volatile than the market as a whole and can perform differently from the market as a whole. · Limited History of Operations Risk.  The Fund <strike></strike>has a limited history of operation s . · 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. · Small and Medium Capitalization Company Risk.  The value of small or medium capitalization company common stocks may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. 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.   806 2215 3555 6627 320 1941 3458 6846 220 1672 3060 6270 ~ http://nlft.com/20130128/role/ScheduleExpenseExampleTransposed20017 column dei_LegalEntityAxis compact cik0001314414_S000032988Member 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: Investment Objective: The Fund seeks growth of capital. 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 rate was 158% of the average value of its portfolio. 1.58 Patriot Fund 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 10 <strike/> of the Fund's Prospectus.   0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0200 -0.0200 -0.0200 0.0140 0.0140 0.0140 0.0025 0.0100 0.0000 0.0267 0.0267 0.0267 0.0001 0.0001 0.0001 0.0433 0.0508 0.0408 -0.0192 -0.0192 -0.0192 0.0241 0.0316 0.0216 ~ http://nlft.com/20130128/role/ScheduleShareholderFees20022 column dei_LegalEntityAxis compact cik0001314414_S000035697Member row primary compact * ~ ~ http://nlft.com/20130128/role/ScheduleAnnualFundOperatingExpenses20023 column dei_LegalEntityAxis compact cik0001314414_S000035697Member row primary compact * ~ 2014-01-31 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 Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 Acquired Fund Fees and Expenses are the estimated average indirect costs of investing in other investment companies (the "Underlying Funds"). 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 generally invests in common stocks included in the Standard and Poor's 500 Index, excluding those that fail the adviser's "patriotic" investment screen.  The adviser's patriotic investment screen eliminates common stocks issued by companies doing business in nations supporting terrorism ("Terror Nations"), as defined by the U.S. State Department.  Currently, there are several countries designated under these authorities: Cuba, Iran, Sudan and Syria.  Companies are screened on a quarterly basis and Terror Nations-linked issuers are removed from the investment universe prior to any further company-specific research being conducted.   From a universe of patriotic company common stocks, the adviser's selection process is primarily based on a bottom up, quantitative process utilizing a broad array of technical and fundamental data items developed through 40 years of proprietary research.  These data items include fundamental measures including: stock valuation based on price to earnings ratio, balance sheet leverage, and relative-to-industry earnings.  Based on this analysis, companies and industries are ranked based on prospects for relative price performance over various time horizons.  The adviser also evaluates the most attractive common stocks using qualitative considerations, such as the experience of a company's management, to select securities.  Technical analysis techniques include price momentum and other measures of trend strength.  The adviser also uses market cycle analysis as a tool to guide portfolio allocation and repositioning.   The adviser will sell a security when it fails the adviser's patriotic screen and may sell a security based on its performance, new research, or when the underlying investment thesis has deteriorated. 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 the Prospectus.  Updated performance information will be available at no cost by visiting www.patriotfund.com or by calling 1-855-527-2363. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-855-527-2363 www.patriotfund.com Investment Objective: The Fund seeks growth of capital. 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.   805 1648 2502 4689 319 1353 2385 4958 219 1066 1929 4155 ~ http://nlft.com/20130128/role/ScheduleExpenseExampleTransposed20024 column dei_LegalEntityAxis compact cik0001314414_S000035697Member 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 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.  · Equity Market Risk. Equity markets can be volatile. In other words, the prices of common stocks can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions. · Issuer-Specific Risk.  The value of a specific common stock can be more volatile than the market as a whole and can perform differently from the market as a whole. · Limited History of Operations Risk.  The Fund <strike></strike>has a limited history of operations. · 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.   · Limited History of Mutual Fund Management.  The Fund's adviser has limited experience managing a mutual fund. · Strategy Risk.  Because the adviser screens out Terror Nations-related issuers, this will reduce the number of potential investments available to the Fund and the Fund may not perform as well as unrestricted funds.   As with all mutual funds, there is the risk that you could lose money through your investment in the 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 period ended September 30, 2012, the Fund’s portfolio turnover rate was 34%. 0.34