0001314414 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member cik0001314414:C000080941Member 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member cik0001314414:C000080942Member 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member cik0001314414:C000100690Member 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member rr:AfterTaxesOnDistributionsMember cik0001314414:C000080941Member 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001314414:C000080941Member 2012-09-30 2012-09-30 0001314414 cik0001314414:S000026892_14Member cik0001314414:S000026892Member cik0001314414:index_SP_500_Index_reflects_no_deduction_for_fees_expenses_or_taxesMember 2012-09-30 2012-09-30 xbrli:pure iso4217:USD Purchases of Class C shares prior to November 13, 2012 are not subject to the CDSC. "Other Expenses" include fees and expenses associated with the Fund's investments in Trading Companies (as defined below) through its wholly owned subsidiary (the "Subsidiary") during the fiscal year ended on September 30, 2012. 0.27% of the Other Expenses for Class A, C and I shares are comprised of management fees paid to CTAs (as defined below) by the Trading Companies in which the Fund invested, 0.21% of the Other Expenses for Class A, C and I shares are comprised of performance-based incentive fees ("Performance Fees") paid to such CTAs by such Trading Companies and 0.04% of the other expenses for Class A, C and I are comprised of operating expenses attributable to the Trading Companies. As of September 30, 2012, the aggregate weighted average management fees and weighed average Performance Fees of the Managed Futures Programs (as defined below) in which the Subsidiary invested were approximately 0.81% of notional exposure and 21.90% of trading profits, respectively. Positive performance of any Trading Company will have the effect of increasing Other Expenses to the extent that the relevant CTA earns Performance Fees. The Subsidiary's investments in Trading Companies are also subject to certain derivative trading costs, including brokerage commissions and various exchange fees. "Other Expenses" does not include direct costs associated with any over-the-counter derivatives that provide the Fund with exposure to Managed Futures Programs, which is the primary manner in which the Fund intends to gain exposure to Managed Futures Programs. Costs associated with such derivative instruments include any fee paid to the Fund's counterparty and the fees and expenses associated with the Managed Futures Programs referenced by such derivative instruments. Such costs are included in the return of any such derivative instruments and, therefore, represent an indirect cost of investing in the Fund. The Fund does not anticipate that it will pay fees to derivative counterparties in the fiscal year 2013 in excess of 0.50% (annualized) of the notional exposure to Managed Futures Programs provided by the relevant derivative instrument. Based on the notional amount of the Fund's over-the-counter derivative positions as of September 30, 2012, the Fund was subject to counterparty fees equal to approximately 0.34% (annualized) of Fund assets on such date. 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 adviser has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses, until May 31, 2014 so that the total annual operating expenses (including the Advisory fee, any Rule 12b-1 fees and other expenses described in the Investment Advisory Agreement, but 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 or extraordinary expenses such as litigation) of the Fund do not exceed 1.86% for Class A shares, 2.61% for Class C shares and 1.61% 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. Class I shares commenced operations on May 24, 2011 Northern Lights Fund Trust Other false 0001314414 2012-09-30 2013-02-07 2013-02-07 2013-01-29 MutualHedge Frontier Legends Fund Investment Objective:  The Fund seeks to achieve capital appreciation in both rising and falling (bull and bear) equity markets with an annualized level of volatility that is generally lower than the historic level of volatility experienced by 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.  Many factors affect the Fund’s net asset value and performance. The following describes some of the risks the Fund may bear through direct investments in securities and derivatives as well as indirectly through its investment in the Subsidiary. Commodities Risk. Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The performance of a Managed Futures Program may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, embargoes, tariffs and international economic, political and regulatory developments. Counterparty Risk. The derivative contracts entered into by the Fund, the Subsidiary or a Trading Company may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. If a privately negotiated over-the-counter contract calls for payments by the Fund, the Subsidiary or a Trading Company, the Fund, the Subsidiary or Trading Company must be prepared to make such payments when due. In addition, if a counterparty’s creditworthiness declines, the Fund, the Subsidiary or a Trading Company may not receive payments owed under the contract, or such payments may be delayed under such circumstances and the value of agreements with such counterparty can be expected to decline, potentially resulting in losses by the Fund. Credit Risk.  If a security issuer or a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease significantly.  Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss.  In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.   Currency Risk.  The Fund’s exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar, or, in the case of short positions, that the U.S. Dollar will decline in value relative to the currency that the Fund is short.  Currency rates in foreign countries may fluctuate significantly over short periods of time for any number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. Derivatives Risk.  The use of derivatives may expose the Fund to additional risks that it would not be subject to if it invested directly in the securities, commodities or currencies underlying those derivatives.  Derivatives have economic leverage inherent in their terms that will magnify losses.  There may be an imperfect correlation between the changes in market value of derivatives and the underlying asset upon which they are based.  Purchased options may expire worthless.  Derivative counterparties may default.  There may not always be a liquid secondary market for derivative contracts. Trading restrictions or limitations may be imposed by an exchange, and government regulations may restrict trading in futures contracts and options. Fixed-Income Securities Risk.  Fixed income securities are subject to credit risk and interest rate risk. Credit risk, as described more fully above, refers to the possibility that the issuer of a debt security will be unable to make interest payments or repay principal when it becomes due. Interest rate risk refers to fluctuations in the value of a debt security resulting from changes in the general level of interest rates. Foreign Market Risk.  There is less legal and regulatory protection for investors in foreign markets than that available domestically.  Additionally, trading on foreign exchanges is subject to the risks presented by exchange controls, expropriation, increased tax burdens and exposure to local economic declines and political instability.  Some foreign derivative markets are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation.  International trading activities are subject to foreign exchange risk. Government Intervention and Regulatory Changes Risk. The recent instability of financial markets has led the government to take a number of unprecedented actions designed to support certain financial institutions and segments of the financial markets that are exposed to extreme volatility and in some cases lack of liquidity. For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revises and expands the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. It is unclear how these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund.  There can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from the Dodd-Frank Act or other legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk. In addition, the Dodd-Frank Act established a new regulatory structure for derivatives. If more restrictive position limits are imposed on investors in the commodity futures and other derivative markets, the Managed Futures Programs in which the Fund invests, and as a result, the Fund, may be adversely affected. Similarly, changes in the regulation of foreign currency-related trading arising from the Dodd-Frank Act may make such trading more expensive for the Fund, and otherwise limit the Fund’s ability to engage in such trading, which could adversely affect the Fund. In 2012, the CFTC adopted certain rule amendments that significantly affected the exemptions from CFTC regulations available to the Fund and its Subsidiary.  Effective January 1, 2013, the Fund and its Subsidiary are subject to CFTC regulations as a result of these changes.  At the time of the CFTC’s adoption of the rule amendments, Equinox was (and continues to be) registered as a commodity pool operator and, accordingly, is subject to CFTC regulations.  The on-going compliance implications of these amendments are not yet fully effective and their scope of application is still uncertain.  CFTC-mandated disclosure, reporting and recordkeeping obligations will apply with respect to the Fund once the CFTC proposal that seeks to “harmonize” these obligations with overlapping SEC regulations is finalized.  The effects of these regulatory changes could increase Fund expenses, reduce investment returns or limit the Fund’s ability to implement its investment strategy. Indirect Fees and Expenses Risk.  The cost of investing in the Fund may be higher than the cost of other mutual funds that invest directly in futures, forwards or other derivative instruments. In addition to the Fund's direct fees and expenses, you will indirectly bear fees and expenses paid by the Subsidiary and by any Managed Futures Program in which the Fund or the Subsidiary invest, including commodity brokerage commissions and operating expenses. Further, any investment in a Managed Futures Program is expected to be subject to management and performance-based fees. Management fees typically are based on the leveraged account size or the “notional exposure” of the Fund to the relevant Managed Futures Program and not the actual cash invested. Leverage/Volatility Risk.  The use of leverage by the Fund (or Managed Futures Programs in which the Fund invests) will cause the value of the Fund’s shares to be more volatile than if the Fund did not employ leverage.This is because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio securities or other investments.  Furthermore, derivative contracts are highly volatile and are subject to occasional rapid and substantial fluctuations. Consequently, you could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. Liquidity Risk.  The Fund is subject to liquidity risk primarily due to its investments in derivatives.  Investments in illiquid assets involve the risk that the Fund may be unable to sell such assets or sell them at a reasonable price. Management Risk.  The Adviser’s judgments about the attractiveness, value and potential appreciation or depreciation of a particular security or derivative in which the Fund invests or sells short may prove to be inaccurate and may not produce the desired results. Non-Diversification Risk.  The Fund is a non-diversified investment company, which means that more of the Fund’s assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company.  The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. OTC Trading Risk. Certain of the derivatives in which the Fund may invest may be traded (and privately negotiated) in the “over-the-counter” or “OTC” market. While the OTC derivatives market is the primary trading venue for many derivatives, it is largely unregulated. As a result and similar to other privately negotiated contracts, the Fund is subject to counterparty credit risk with respect to such derivative contracts. Performance Fees Risk. The performance-based fees paid to a CTA may create an incentive for that CTA to make investments that are riskier or more speculative than those it might have made in the absence of such performance-based fees. In addition, because performance-based fees will generally be calculated on a basis that includes unrealized trading profits of the relevant Managed Futures Program, the fee may be greater than if it were based solely on realized gains. Positive performance of the Fund’s investments in a Managed Futures Program is expected to result in performance-based compensation being paid to the relevant CTA, which will be borne indirectly by the Fund, even if the Fund’s overall returns are negative. Further, because performance fees are frequently calculated on a quarterly basis (and, in some cases, upon a withdrawal of capital from a Trading Company), it is possible that a CTA could earn a performance fee in a year in which its overall performance for the entire year was negative. Short Sale Strategy Risk. The trading strategies employed by a Managed Futures Program may involve short positions in the relevant markets and the underlying derivative instruments and futures contracts. The potential gain in respect of a short position is limited by the fact that such positions can never earn a trading profit greater than the price of the relevant asset at the time the short position was executed. Conversely, because losses on a short position arise from increases in the value of the security (or other asset) sold short, such loss is theoretically unlimited. Subsidiary Risk.  The Subsidiary is not registered under the Investment Company Act of 1940 and, unless otherwise noted in this Prospectus, is not subject to all of the investor protections of the Investment Company Act of 1940. Thus, the Fund, as an investor in the Subsidiary, will not have all of the protections offered to investors in registered investment companies.  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 the Subsidiary to operate as described in this Prospectus and could negatively affect the Fund and its shareholders. For example, Cayman Islands law does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax, gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay Cayman Islands governmental authority taxes, Fund shareholders would likely suffer decreased investment returns. Trading Strategy Risk.  The profitability of any Managed Futures Program depends primarily on the ability of its CTA to anticipate price movements in the relevant markets and underlying derivative instruments and futures contracts.  Such price movements are may be influenced by, among other things: · changes in interest rates; · governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies; · weather and climate conditions; · natural disasters, such as hurricanes; · changing supply and demand relationships; · changes in balances of payments and trade; · U.S. and international rates of inflation and deflation; · currency devaluations and revaluations; · U.S. and international political and economic events; and · changes in philosophies and emotions of various market participants. A CTA’s trading methods may not take all of these factors into account. In addition, the Fund will indirectly bear the expenses, including management fees, incentive fees and transaction fees, of the relevant Managed Futures Programs through reduced returns. The successful use of forward and futures contracts relies upon the relevant CTA’s skill and experience with respect to such instruments and is subject to special risk considerations. The primary risks associated with the use of futures contracts are: • Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes in market value of the instruments held; • the imperfect correlation between the change in the price of the forward or futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts; • possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; • possible market disruption or other extraordinary events, including but not limited to, governmental intervention; • losses caused by unanticipated market movements, which are potentially unlimited; • such CTA’s inability to predict correctly the direction of asset prices, interest rates, currency exchange rates and other economic factors; and • the possibility that the counterparty will default in the performance of its obligations. The use of futures contracts, forward contracts and derivative instruments will have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, and potentially greater losses. There is no assurance that the Fund’s investment in Managed Futures Programs with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer. Portfolio Turnover:  The Fund pays transaction costs, such as commissions, when it buys and sells securities or derivative instruments (or "turns over" its portfolio).  A higher portfolio turnover rate 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 9% of the average value of its portfolio. 0.09 Principal Investment Strategies:  The Fund pursues its investment objective by mainly investing, primarily, directly or indirectly through its wholly-owned subsidiary (the “Subsidiary”), in a combination of (i) Trading Companies that employ the Managed Futures Program of one or more commodity trading advisers (“CTAs”) selected by the Fund’s investment adviser, Equinox Fund Management, LLC ("Equinox" or the "Adviser") and/or derivative instruments such as swap agreements that provide exposure to the such Managed Futures Programs, and (ii) an actively managed fixed-income portfolio.  A “Managed Futures Program” generally is a trading program that a CTA uses to guide its investments in futures, forwards, options or spot contracts. Each of these investments may be tied to a particular asset class: commodities, equities, fixed income or foreign currencies.  A “Trading Company” is a pooled investment vehicle organized as a limited liability company and operated as a commodity pool.  The Fund’s return will be derived principally from changes in the value of securities held in the Fund’s portfolio, and the Fund’s assets consist principally of securities (including shares of the Subsidiary).  The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. · Derivative Instruments:  The Fund or the Subsidiary may invest directly in a variety of derivative instruments including exchange-traded futures and option contracts, forward contracts (including interbank currencies), swaps and other over the counter (“OTC”) derivatives, or may invest in one or more Managed Futures Programs that utilize such derivative instruments to gain exposure to a wide variety of global markets for currencies, interest rates, stock market indices, energy resources, metals and agricultural products.  Derivatives may be used as substitutes for securities, commodity, and currencies and for hedging price risk.  In general, a derivative instrument typically involves leverage, i.e., it provides exposure to potential gain or loss from a change in the level of the market price of a security, currency or commodity (or a basket or index) in a notional amount that exceeds the amount of cash or assets required to establish or maintain the derivative contract. Any Managed Futures Program may take a long or short position in such markets.  Any investment in derivative instruments may be subject to fees and transaction costs that will negatively impact the Fund’s performance. To the extent the Fund employs derivatives to gain exposure to Managed Futures Programs, it is anticipated that the Fund will utilize a total return swap (a "Swap"), a type of derivative instrument based on a customized index of Managed Futures Program(s) or a basket of Trading Companies (in each case, a “Reference Program”) designed to replicate the aggregate returns of the Managed Futures Programs selected by the Adviser. Any Swap will be based on a notional amount agreed upon by the Adviser and a counterparty. The Adviser will retain the ability to (i) add or remove Managed Futures Programs from the Reference Program and (ii) adjust the notional exposure between the Managed Futures Programs that comprise the Reference Program. Generally, the fees and expenses of a Swap are based on the notional value of the Swap. The value of a Reference Program typically includes a deduction for fees of the counterparty as well as management and performance fees of the relevant CTAs. Because the Reference Program is designed to replicate the returns of Managed Futures Programs selected by the Adviser, the performance of the Fund will depend on the ability of the relevant CTAs to generate returns in excess of the costs of the relevant Swap(s). · Fixed-Income Securities: The fixed-income securities in which the Fund invests in may have any maturity and may include, without limitation, corporate bonds and other corporate debt securities, securities issued by the U.S. government and its agencies and instrumentalities, money market securities and other interest-bearing instruments or any derivative instrument meant to track the return of any such instrument, and cash. The Fund may buy debt securities for liquidity purposes, to serve as collateral related to other Fund investments, or to seek income. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts. The Fund may also invest, without limitation, in money market funds or other investment companies (such as exchange traded funds) whose assets are comprised primarily of fixed income securities or that seek to track the composition and/or performance of specific fixed income indexes. These fixed-income securities and other investments may serve as margin and collateral for the derivatives positions of the Fund. · Subsidiary:  Generally, the Fund may invest up to approximately 25% of its total assets in the Subsidiary, which has the same investment objective as the Fund. Investments in the Subsidiary are intended to provide the Fund with exposure to futures contracts and commodities in a manner consistent with the limitations of the federal tax requirements that apply to the Fund.  To the extent they are applicable to the investment activities of the Subsidiary, the Subsidiary will be subject to the same investment restrictions and limitations, and follow the same compliance policies and procedures, as the Fund.   Equinox employs a multi-step process to select and allocate across Managed Futures Programs that are consistent with the Fund’s investment objective: i. Screening.  Equinox uses proprietary and commercial databases to identify a universe of Managed Futures Programs that may be suitable for investment by the Subsidiary.  These programs are quantitatively screened primarily based on their historic performance data (i.e., return streams and volatility over selected time frames).  Other criteria are also used to screen programs, including length of track record and assets under management.   ii. Analysis and Selection.  Equinox further analyzes the pre-screened Managed Futures Programs by examining both qualitative and quantitative factors.  The qualitative factors include the business backgrounds of the principals, the trading strategies used, and the depth of the CTA’s research department. Quantitative analyses include a variety of financial and statistical measures that are used to better comprehend and categorize the program trading strategies. All Managed Futures Programs selected for inclusion into the portfolio undergo rigorous due diligence reviews before receiving an allocation.  Due diligence reviews include site visits, track record verification, and background checks of the firm and principals. iii. Portfolio Design.    Equinox invests the assets of the Subsidiary with the aim of providing exposure to a portfolio of complementary Managed Futures Programs that is consistent with the Fund’s investment objective.  Equinox seeks to moderate portfolio risk by diversifying the Fund’s exposure to futures contracts and other derivative instruments across: (i) trading methodologies (e.g., trend following, countertrend, spread, technical, fundamental); (ii) trading time horizons; and (iii) sectors and markets (currencies, interest rates, stock market indices, energy resources, metals and agricultural products).  The relative weightings and overall exposure to Managed Futures Programs in the portfolio are adjusted periodically. iv. Risk Management.  Equinox monitors the trading and performance of the Managed Futures Programs in the portfolio with the aims of identifying and mitigating unusual risks.  Some of the factors monitored are margin usage, daily volatility, and equity drawdowns.  Responses to extraordinary trading patterns or increased risk may include consultation with the CTA to determine the cause of the condition, partial redemption of allocated assets, or complete withdrawal from the trading program. 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 of the Fund’s Prospectus on page 30. 0.0575 0.0000 0.0000 0.0100 0.0100 0.0000 0.0000 0.0000 0.0000 -0.0100 -0.0100 -0.0100 0.0000 0.0000 0.0000 0.0145 0.0145 0.0145 0.0025 0.0100 0.0000 0.0071 0.0071 0.0072 0.0007 0.0007 0.0007 0.0248 0.0323 0.0224 -0.0003 -0.0003 -0.0004 0.0245 0.0320 0.0220 ~ http://nlft.com/20130207/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001314414_S000026892Member row primary compact * ~ ~ http://nlft.com/20130207/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001314414_S000026892Member row primary compact * ~ 2014-05-31 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) Purchases of Class C shares prior to November 13, 2012 are not subject to the CDSC. 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 fees and expenses associated with the Fund's investments in Trading Companies (as defined below) through its wholly owned subsidiary (the "Subsidiary") during the fiscal year ended on September 30, 2012. 0.27% of the Other Expenses for Class A, C and I shares are comprised of management fees paid to CTAs (as defined below) by the Trading Companies in which the Fund invested, 0.21% of the Other Expenses for Class A, C and I shares are comprised of performance-based incentive fees ("Performance Fees") paid to such CTAs by such Trading Companies and 0.04% of the other expenses for Class A, C and I are comprised of operating expenses attributable to the Trading Companies. Shareholder Fees (fees paid directly from your investment) Example:  This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. 909 1300 1817 3227 423 992 1685 3529 223 696 1196 2572 ~ http://nlft.com/20130207/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001314414_S000026892Member 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 on these assumptions your costs would be: 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 the Fund’s Class A shares for each full calendar year since the Fund’s inception.  The performance table compares the performance of the Fund’s Class A, Class C and Class I shares 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 visiting www.mutualhedge.com or by calling 1-888-643-3431. Performance Bar Chart For Class A Shares - Total Return Calendar Years Ended December 31 0.0513 0.0173 -0.0392 ~ http://nlft.com/20130207/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0001314414_S000026892Member row primary compact * ~ Returns do not reflect sales charges and would be lower if they did Best Quarter: 0.0681 2011-09-30 Worst Quarter: -0.0372 2012-12-31 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="425" align="center"> <tr style="FONT-SIZE: 0px"> <td width="140"> </td> <td width="204"> </td> <td width="81"> </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="140"> Best Quarter: </td> <td style="MARGIN-TOP: 0px" valign="top" width="204"> September 30, 2011 </td> <td style="MARGIN-TOP: 0px" valign="top" width="81">  6.81% </td> </tr> <tr> <td style="MARGIN-TOP: 0px" valign="top" width="140"> Worst Quarter: </td> <td style="MARGIN-TOP: 0px" valign="top" width="204"> December 31, 2012 </td> <td style="MARGIN-TOP: 0px" valign="top" width="81"> (3.72)% </td> </tr> </table> -0.0946 -0.0106 -0.0946 -0.0187 -0.0615 -0.0135 -0.0562 0.0016 -0.0371 -0.0155 0.1600 0.1087 2009-12-31 2011-05-24 2009-12-31 2009-12-31 ~ http://nlft.com/20130207/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0001314414_S000026892Member column rr_PerformanceMeasureAxis compact * row primary compact * ~ 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.  An investor cannot invest directly in an index. After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder’s tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts (“IRA”).  After tax returns for Class C shares and Class I shares, which are not shown, will vary from those of Class A shares. After-tax returns are calculated using the highest historical individual federal marginal income tax rate 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. www.mutualhedge.com The after-tax returns are not relevant if you hold your Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts ("IRA"). 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 for Class C shares and Class I shares, which are not shown, will vary from those of Class A shares. (reflects no deduction for fees, expenses or taxes) 1-888-643-3431 Performance Table Average Annual Total Returns (For periods ended December 31, 2012)