GemCom, LLC

0000910472-13-000571.txt : 20130222 0000910472-13-000571.hdr.sgml : 20130222 20130222162629 ACCESSION NUMBER: 0000910472-13-000571 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130222 DATE AS OF CHANGE: 20130222 EFFECTIVENESS DATE: 20130222 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: 13634588 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: 1940 Act SEC FILE NUMBER: 811-21720 FILM NUMBER: 13634589 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 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 f485bposxbrl.htm 485BPOS GemCom, LLC

Securities Act File No. 333-122917

ICA No. 811- 21720

As filed with the Securities and Exchange Commission February 22, 2013

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933


	Pre-Effective Amendment No. _______		[ ]

	Post-Effective Amendment No. 465		[ X ]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940


	Amendment No. 467		[ 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

80 Arkay Drive, Suite 110

Hauppauge, New York 11788

(631) 470-2619 (phone)

(631) 813-2884 (fax)

Approximate Date of Proposed Public Offering:

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

(X)

immediately upon filing pursuant to paragraph (b).

( )

on (date) pursuant to paragraph (b).

( )

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

( )

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

( )

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

( )

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

If appropriate, check the following box:

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

This filing relates solely to the Quantitative Managed Futures Strategy Fund, a series of the Trust.

Signatures

Pursuant to the requirements of the Securities Act of 1933, as amended, and Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and has duly caused this Post-Effective Amendment No. 465 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 22^nd day of February, 2013.

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

February 22, 2013

John V. Palancia*

Trustee

February 22, 2013

Gary Lanzen*

Trustee

February 22, 2013

Anthony Hertl*

Trustee

February 22, 2013

Mark Taylor*

Trustee

February 22, 2013

/s/ Andrew Rogers

Andrew Rogers

President and Principal Executive Officer

February 22, 2013

Kevin Wolf*

Treasurer and Principal Accounting Officer

February 22, 2013

By: Date:

/s/ James Ash

February 22 , 2013

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

EX-101.INS 2 cik0001314414-20130131.xml 0001314414 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member cik0001314414:C000102338Member 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member cik0001314414:C000102339Member 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member cik0001314414:C000102340Member 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member rr:AfterTaxesOnDistributionsMember cik0001314414:C000102340Member 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member rr:AfterTaxesOnDistributionsAndSalesMember cik0001314414:C000102340Member 2012-06-30 2012-06-30 0001314414 cik0001314414:S000033289_56Member cik0001314414:S000033289Member cik0001314414:index_Barclays_BTOP50Member 2012-06-30 2012-06-30 xbrli:pure iso4217:USD "Other Expenses," which have been estimated and restated, include both the expenses of the Fund's consolidated wholly-owned subsidiary ("Subsidiary"), as well as any amounts paid to swap counterparties and structured note issuers, as swaps and structured notes are the primary ways by which the Fund currently achieves exposure to managed futures strategies. Amounts paid to swap counterparties and structured note issuers will reduce the returns of the associated reference assets for such swaps and notes (generally "Underlying Pools" as defined below), which provide managed futures exposure. More information regarding the Subsidiary and the investments made to pursue the Fund's Managed Futures strategy can be found in the "Principal Investment Strategies" section of this Prospectus. The cost of swap(s) and structured note(s) include only the costs embedded in the swap(s) and note(s) that reduce returns of the associated reference assets (i.e., Underlying Pools), but do not include the operating expenses of those reference assets. Returns of swap(s) and note(s) will be reduced, and their losses increased, by the operating expenses of the Underlying Pools used as reference assets, and such operating expenses may include management and performance fees of CTAs engaged by Underlying Pools, as well as Underlying Pool operator, administration and audit expenses One or more of the Underlying Pools used as a reference asset for a swap(s) or note(s) may pay a performance fee to a CTA, even if the return of other reference assets associated with the swap(s)/note(s) is negative. The operating expenses of reference assets, which are not reflected in the Annual Fund Operating Expenses table above, are embedded in the returns of the associated swap(s)/note(s) and represent an indirect cost of investing in the Fund. Generally, the management fees and performance fees of CTAs employed by the Underlying Pools that may be used as reference assets range from 0% to 2% of assigned trading level and 0% to 30% of the returns, respectively. 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 statements (or the financial highlights in this Prospectus) 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, 2014, 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. The Barclay BTOP50 Index ("BTOP50 Index") seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. For 2011 there are 28 funds in the BTOP50 Index. Northern Lights Fund Trust 485BPOS false 0001314414 2012-06-30 2013-01-31 2013-01-31 2013-01-31 Quantitative Managed Futures Strategy 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 27 of the Fund's Prospectus. 0.0575 0.0000 0.0000 0.0100 0.0000 0.0000 0.0000 0.0000 0.0000 -0.0100 -0.0100 -0.0100 0.0150 0.0150 0.0150 0.0025 0.0100 0.0000 0.0761 0.0761 0.0761 0.0075 0.0075 0.0075 0.0686 0.0686 0.0686 0.0010 0.0010 0.0010 0.0946 0.1021 0.0921 -0.0662 -0.0662 -0.0662 0.0284 0.0359 0.0259 ~ http://nlft.com/20130131/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001314414_S000033289Member row primary compact * ~ ~ http://nlft.com/20130131/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001314414_S000033289Member row primary compact * ~ 2014-10-31 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 Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 25000 The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the financial highlights in this Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund. Shareholder Fees (fees paid directly from your investment) INVESTMENT OBJECTIVES: The Fund seeks absolute returns regardless of equity market performance with less volatility than equity markets. 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. 846 2587 4176 7570 362 2326 4091 7759 262 2070 3729 7302 ~ http://nlft.com/20130131/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001314414_S000033289Member 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: 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 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 I shares for the full calendar year since the Fund's inception.  The performance for Class A and Class C shares, which is not presented, would differ from the returns of Class I shares.  The performance table compares the performance of the Fund’s 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.qmfsfund.com or by calling 1-855-QMF-FUND. Class I Annual Total Return For Calendar Year Ended December 31 -0.0400 ~ http://nlft.com/20130131/role/ScheduleAnnualTotalReturnsBarChart20004 column dei_LegalEntityAxis compact cik0001314414_S000033289Member row primary compact * ~ Best Quarter 0.0090 2012-03-31 Worst Quarter -0.0495 2012-12-31 <table style="MARGIN-TOP: 0px; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" align="center"> <tr style="FONT-SIZE: 0px"> <td width="114"> </td> <td width="144"> </td> <td width="102"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" width="114"> Best Quarter </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" width="144"> 1st Quarter 2012 </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" width="102"> 0.90% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="114"> Worst Quarter </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="144"> 4th Quarter 2012 </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="102"> (4.95)% </td> </tr> </table> Performance Table -0.0400 -0.0321 -0.0400 -0.0321 -0.0260 -0.0272 -0.0980 -0.0791 -0.0470 -0.0377 -0.0190 -0.0338 2011-09-30 2011-09-30 2011-09-30 ~ http://nlft.com/20130131/role/ScheduleAverageAnnualReturnsTransposed20005 column dei_LegalEntityAxis compact cik0001314414_S000033289Member 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).  The after tax returns for Class A and Class C shares are not shown and would differ from those of Class I Shares.   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. 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. 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. The after tax returns for Class A and Class C shares are not shown and would differ from those of Class I Shares. 1-855-QMF-FUND www.qmfsfund.com Average Annual Total Returns (For periods ended December 31, 2012) 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). 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. · 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 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.   · 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. · 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 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. 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="132"> </td> <td width="85"> </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BACKGROUND-COLOR: #0c0c0c; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" width="211"> Asset Class </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #0c0c0c; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" width="131"> Allocation Range </td> <td style="BORDER-BOTTOM: #000000 1px solid; BACKGROUND-COLOR: #0c0c0c; MARGIN-TOP: 0px; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" valign="top" width="84"> Allocation Target </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="211"> Managed Futures </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="131"> 25% to 50% </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="84"> 35% </td> </tr> <tr> <td style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="211"> Fixed Income </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="131"> 50% to 75% </td> <td style="BORDER-BOTTOM: #000000 1px solid; MARGIN-TOP: 0px; BORDER-RIGHT: #000000 1px solid" valign="top" width="84"> 65% </td> </tr> </table> 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. 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10 Years Annual Return 1990 Annual Return 1991 Annual Return 1992 Annual Return 1993 Annual Return 1994 Annual Return 1995 Annual Return 1996 Annual Return 1997 Annual Return 1998 Annual Return 1999 Annual Return 2000 Annual Return 2001 Annual Return 2002 Annual Return 2003 Annual Return 2004 Annual Return 2005 Annual Return 2006 Annual Return 2007 Annual Return 2008 Annual Return 2009 Annual Return 2010 Annual Return 2011 Annual Return 2012 Annual Return 2013 Annual Return 2014 Annual Return 2015 Annual Return 2016 Annual Return 2017 Annual Return 2018 Annual Return 2019 Annual Return 2020 1 Year 1 Year 5 Years 5 Years 10 Years 10 Years Since Inception Since Inception Inception Date Inception Date After Taxes on Distributions After Taxes on Distributions After Taxes on Distributions and Sales After Taxes on Distributions and Sale of Fund Shares Risk/Return [Heading] Risk/Return [Heading] Objective [Heading] Objective [Heading] Objective, Primary [Text Block] Objective, Primary [Text 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Label Element Value

Risk/Return: rr_RiskReturnAbstract

Prospectus Date rr_ProspectusDate Jan. 31, 2013

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Jan. 31, 2013

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Expense [Heading] rr_ExpenseHeading FEES AND EXPENSES OF THE FUND: Expense Narrative [Text Block] rr_ExpenseNarrativeTextBlock 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 27 of the Fund's Prospectus. Shareholder Fees Caption [Text] rr_ShareholderFeesCaption Shareholder Fees (fees paid directly from your investment) Operating Expenses Caption [Text] rr_OperatingExpensesCaption Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Fee Waiver or Reimbursement over Assets, Date of Termination rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination 2014-10-31 Portfolio Turnover [Heading] rr_PortfolioTurnoverHeading Portfolio Turnover: Portfolio Turnover [Text Block] rr_PortfolioTurnoverTextBlock 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. Portfolio Turnover, Rate rr_PortfolioTurnoverRate 32.00% Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial statements (or the financial highlights in this Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund. Expense Example [Heading] rr_ExpenseExampleHeading Example: Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption The Example assumes that you invest $10,000 in the 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: Strategy [Heading] rr_StrategyHeading PRINCIPAL INVESTMENT STRATEGIES: Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock 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. Asset Class Allocation Range Allocation Target Managed Futures 25% to 50% 35% Fixed Income 50% to 75% 65% 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. Risk [Heading] rr_RiskHeading PRINCIPAL INVESTMENT RISKS: Risk Narrative [Text Block] rr_RiskNarrativeTextBlock As with all mutual funds, there is the risk that you could lose money through your investment in the 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. · 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 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. · 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. · 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. Risk Lose Money [Text] rr_RiskLoseMoney As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Risk Nondiversified Status [Text] rr_RiskNondiversifiedStatus 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. Bar Chart and Performance Table [Heading] rr_BarChartAndPerformanceTableHeading PERFORMANCE: Performance Narrative [Text Block] rr_PerformanceNarrativeTextBlock 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 I shares for the full calendar year since the Fund's inception. The performance for Class A and Class C shares, which is not presented, would differ from the returns of Class I shares. The performance table compares the performance of the Fund’s 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.qmfsfund.com or by calling 1-855-QMF-FUND. Performance Information Illustrates Variability of Returns [Text] rr_PerformanceInformationIllustratesVariabilityOfReturns 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. Performance Availability Phone [Text] rr_PerformanceAvailabilityPhone 1-855-QMF-FUND Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.qmfsfund.com Performance Past Does Not Indicate Future [Text] rr_PerformancePastDoesNotIndicateFuture 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. Bar Chart [Heading] rr_BarChartHeading Class I Annual Total Return For Calendar Year Ended December 31 Bar Chart Closing [Text Block] rr_BarChartClosingTextBlock Best Quarter 1^st Quarter 2012 0.90% Worst Quarter 4^th Quarter 2012 (4.95)% Highest Quarterly Return, Label rr_HighestQuarterlyReturnLabel Best Quarter Highest Quarterly Return, Date rr_BarChartHighestQuarterlyReturnDate Mar. 31, 2012 Highest Quarterly Return rr_BarChartHighestQuarterlyReturn 0.90% Lowest Quarterly Return, Label rr_LowestQuarterlyReturnLabel Worst Quarter Lowest Quarterly Return, Date rr_BarChartLowestQuarterlyReturnDate Dec. 31, 2012 Lowest Quarterly Return rr_BarChartLowestQuarterlyReturn (4.95%) Performance Table Heading rr_PerformanceTableHeading Performance Table Performance Table Uses Highest Federal Rate rr_PerformanceTableUsesHighestFederalRate 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. Performance Table Not Relevant to Tax Deferred rr_PerformanceTableNotRelevantToTaxDeferred 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). Performance Table One Class of after Tax Shown [Text] rr_PerformanceTableOneClassOfAfterTaxShown The after tax returns for Class A and Class C shares are not shown and would differ from those of Class I Shares. Performance Table Closing [Text Block] rr_PerformanceTableClosingTextBlock 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). The after tax returns for Class A and Class C shares are not shown and would differ from those of Class I Shares. Caption rr_AverageAnnualReturnCaption Average Annual Total Returns (For periods ended December 31, 2012) Barclays BTOP50 Risk/Return: rr_RiskReturnAbstract 1 Year rr_AverageAnnualReturnYear01 (1.90%) ^[1] Since Inception rr_AverageAnnualReturnSinceInception (3.38%) ^[1] Quantitative Managed Futures Strategy Fund Class A shares Risk/Return: rr_RiskReturnAbstract Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 5.75% Maximum Deferred Sales Charge (Load) (as a % of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice 1.00% Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%) Management Fees rr_ManagementFeesOverAssets 1.50% Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25% Swap/Structure Note Fees and Expenses rr_Component1OtherExpensesOverAssets 0.75% ^[2] Remaining Other Expenses rr_Component2OtherExpensesOverAssets 6.86% Other Expenses rr_OtherExpensesOverAssets 7.61% ^[3] Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% ^[4] Total Annual Fund Operating Expenses rr_ExpensesOverAssets 9.46% Fee Waiver and/or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.62%) ^[5] Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement rr_NetExpensesOverAssets 2.84% Expense Breakpoint Discounts [Text] rr_ExpenseBreakpointDiscounts 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. Expense Breakpoint, Minimum Investment Required [Amount] rr_ExpenseBreakpointMinimumInvestmentRequiredAmount 25,000 Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 846 Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,587 Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,176 Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 7,570 1 Year rr_AverageAnnualReturnYear01 (9.80%) Since Inception rr_AverageAnnualReturnSinceInception (7.91%) Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2011 Quantitative Managed Futures Strategy Fund Class C shares Risk/Return: rr_RiskReturnAbstract Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none Maximum Deferred Sales Charge (Load) (as a % of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%) Management Fees rr_ManagementFeesOverAssets 1.50% Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00% Swap/Structure Note Fees and Expenses rr_Component1OtherExpensesOverAssets 0.75% ^[2] Remaining Other Expenses rr_Component2OtherExpensesOverAssets 6.86% Other Expenses rr_OtherExpensesOverAssets 7.61% ^[3] Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% ^[4] Total Annual Fund Operating Expenses rr_ExpensesOverAssets 10.21% Fee Waiver and/or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.62%) ^[5] Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement rr_NetExpensesOverAssets 3.59% Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 362 Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,326 Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 4,091 Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 7,759 1 Year rr_AverageAnnualReturnYear01 (4.70%) Since Inception rr_AverageAnnualReturnSinceInception (3.77%) Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2011 Quantitative Managed Futures Strategy Fund Class I shares Risk/Return: rr_RiskReturnAbstract Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice none Maximum Deferred Sales Charge (Load) (as a % of original purchase price) rr_MaximumDeferredSalesChargeOverOfferingPrice none Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther none Redemption Fee (as a percentage of Amount Redeemed) rr_RedemptionFeeOverRedemption (1.00%) Management Fees rr_ManagementFeesOverAssets 1.50% Distribution and/or Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none Swap/Structure Note Fees and Expenses rr_Component1OtherExpensesOverAssets 0.75% ^[2] Remaining Other Expenses rr_Component2OtherExpensesOverAssets 6.86% Other Expenses rr_OtherExpensesOverAssets 7.61% ^[3] Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.10% ^[4] Total Annual Fund Operating Expenses rr_ExpensesOverAssets 9.21% Fee Waiver and/or Reimbursement rr_FeeWaiverOrReimbursementOverAssets (6.62%) ^[5] Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement rr_NetExpensesOverAssets 2.59% Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 262 Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 2,070 Expense Example, with Redemption, 5 Years rr_ExpenseExampleYear05 3,729 Expense Example, with Redemption, 10 Years rr_ExpenseExampleYear10 7,302 Annual Return 2012 rr_AnnualReturn2012 (4.00%) 1 Year rr_AverageAnnualReturnYear01 (4.00%) Since Inception rr_AverageAnnualReturnSinceInception (3.21%) Inception Date rr_AverageAnnualReturnInceptionDate Sep. 30, 2011 Quantitative Managed Futures Strategy Fund Class I shares | After Taxes on Distributions Risk/Return: rr_RiskReturnAbstract 1 Year rr_AverageAnnualReturnYear01 (4.00%) Since Inception rr_AverageAnnualReturnSinceInception (3.21%) Quantitative Managed Futures Strategy Fund Class I shares | After Taxes on Distributions and Sale of Fund Shares Risk/Return: rr_RiskReturnAbstract 1 Year rr_AverageAnnualReturnYear01 (2.60%) Since Inception rr_AverageAnnualReturnSinceInception (2.72%) [1] The Barclay BTOP50 Index ("BTOP50 Index") seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. For 2011 there are 28 funds in the BTOP50 Index. [2] The cost of swap(s) and structured note(s) include only the costs embedded in the swap(s) and note(s) that reduce returns of the associated reference assets (i.e., Underlying Pools), but do not include the operating expenses of those reference assets. Returns of swap(s) and note(s) will be reduced, and their losses increased, by the operating expenses of the Underlying Pools used as reference assets, and such operating expenses may include management and performance fees of CTAs engaged by Underlying Pools, as well as Underlying Pool operator, administration and audit expenses One or more of the Underlying Pools used as a reference asset for a swap(s) or note(s) may pay a performance fee to a CTA, even if the return of other reference assets associated with the swap(s)/note(s) is negative. The operating expenses of reference assets, which are not reflected in the Annual Fund Operating Expenses table above, are embedded in the returns of the associated swap(s)/note(s) and represent an indirect cost of investing in the Fund. Generally, the management fees and performance fees of CTAs employed by the Underlying Pools that may be used as reference assets range from 0% to 2% of assigned trading level and 0% to 30% of the returns, respectively. [3] "Other Expenses," which have been estimated and restated, include both the expenses of the Fund's consolidated wholly-owned subsidiary ("Subsidiary"), as well as any amounts paid to swap counterparties and structured note issuers, as swaps and structured notes are the primary ways by which the Fund currently achieves exposure to managed futures strategies. Amounts paid to swap counterparties and structured note issuers will reduce the returns of the associated reference assets for such swaps and notes (generally "Underlying Pools" as defined below), which provide managed futures exposure. More information regarding the Subsidiary and the investments made to pursue the Fund's Managed Futures strategy can be found in the "Principal Investment Strategies" section of this Prospectus. [4] 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 statements (or the financial highlights in this Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund. [5] The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2014, 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.

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

+ References

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

+ References

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The Fund may clarify in a footnote to the fee table that the total annual fund operating expenses under Item 3 do not correlate to the ratio of expenses to average net assets given in response to Item 8, which reflects the operating expenses of the Fund and does not include Acquired Fund fees and expenses.

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

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

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

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If the Fund has annual returns for at least one calendar year, provide a bar chart showing the Fund's annual total returns for each of the last 10 calendar years (or for the life of the Fund if less than 10 years), but only for periods subsequent to the effective date of the Fund's registration statement. Present the corresponding numerical return adjacent to each bar. If the Fund's fiscal year is other than a calendar year, include the year-to-date return information as of the end of the most recent quarter in a footnote to the bar chart. Following the bar chart, disclose the Fund's highest and lowest return for a quarter during the 10 years or other period of the bar chart.

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

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Maximum Deferred Sales Charge (Load) (as a percentage of ____) A.3.instructions.2.a.i "Maximum Deferred Sales Charge (Load)" includes the maximum total deferred sales charge (load) payable upon redemption, in installments, or both, expressed as a percentage of the amount or amounts stated in response to Item 7(a), except that, for a sales charge (load) based on net asset value at the time of purchase, show the sales charge (load) as a percentage of the offering price at the time of purchase. A Fund may include in a footnote to the table, if applicable, a tabular presentation showing the amount of deferred sales charges (loads) over time or a narrative explanation of the sales charges (loads) (e.g., __% in the first year after purchase, declining to __% in the __ year and eliminated thereafter). A.3.instructions.2.a.ii If more than one type of sales charge (load) is imposed (e.g., a deferred sales charge (load) and a front-end sales charge (load)), the first caption in the table should read "Maximum Sales Charge (Load)" and show the maximum cumulative percentage. Show the percentage amounts and the terms of each sales charge (load) comprising that figure on separate lines below.

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Maximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)

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-Publisher SEC

-Name Form

-Number N-1A

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Total Annual Fund Operating Expenses.

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

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

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

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

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

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-Number N-1A

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-Section 4

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

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Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

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Risk/Return Bar Chart and Table.

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Include the bar chart and table required by paragraphs (b)(2)(ii) and (iii) of this section. Provide a brief explanation of how the information illustrates the variability of the Fund's returns (e.g., by stating that the information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's average annual returns for 1, 5, and 10 years compare with those of a broad measure of market performance). Provide a statement to the effect that the Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

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If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)

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This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.

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Provide a brief explanation that the 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 their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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Provide a brief explanation that if the Fund is a Multiple Class Fund that offers more than one Class in the prospectus, after-tax returns are shown for only one Class and after-tax returns for other Classes will vary.

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Provide a brief explanation that after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.

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

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This element represents the rate of portfolio turnover presented as a percentage (SEC Form N-1A 2006-09-14 A.3.example.3 Portfolio Turnover A.3.instructions.5 Portfolio Turnover).

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

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"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.

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Narrative Risk Disclosure.

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

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Narrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.

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

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Quantitative Managed Futures Strategy Fund | Quantitative Managed Futures Strategy Fund

Quantitative Managed Futures Strategy Fund

INVESTMENT OBJECTIVES:

The Fund seeks absolute returns regardless of equity market performance with less volatility than equity markets.

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 27 of the Fund's Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Quantitative Managed Futures Strategy Fund

Quantitative Managed Futures Strategy Fund Class A shares

Quantitative Managed Futures Strategy Fund Class C shares

Quantitative Managed Futures Strategy Fund Class I shares

Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 5.75% none none

Maximum Deferred Sales Charge (Load) (as a % of original purchase price) 1.00% none none

Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions none none none

Redemption Fee (as a % of amount redeemed, if sold within 30 days) 1.00% 1.00% 1.00%

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

Annual Fund Operating Expenses Quantitative Managed Futures Strategy Fund

Quantitative Managed Futures Strategy Fund Class A shares

Quantitative Managed Futures Strategy Fund Class C shares

Quantitative Managed Futures Strategy Fund Class I shares

Management Fees 1.50% 1.50% 1.50%

Distribution and/or Service (12b-1) Fees 0.25% 1.00% none

Other Expenses ^[1] 7.61% 7.61% 7.61%

Swap/Structure Note Fees and Expenses ^[2] 0.75% 0.75% 0.75%

Remaining Other Expenses 6.86% 6.86% 6.86%

Acquired Fund Fees and Expenses ^[3] 0.10% 0.10% 0.10%

Total Annual Fund Operating Expenses 9.46% 10.21% 9.21%

Fee Waiver and/or Reimbursement ^[4] (6.62%) (6.62%) (6.62%)

Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement 2.84% 3.59% 2.59%

[1] "Other Expenses," which have been estimated and restated, include both the expenses of the Fund's consolidated wholly-owned subsidiary ("Subsidiary"), as well as any amounts paid to swap counterparties and structured note issuers, as swaps and structured notes are the primary ways by which the Fund currently achieves exposure to managed futures strategies. Amounts paid to swap counterparties and structured note issuers will reduce the returns of the associated reference assets for such swaps and notes (generally "Underlying Pools" as defined below), which provide managed futures exposure. More information regarding the Subsidiary and the investments made to pursue the Fund's Managed Futures strategy can be found in the "Principal Investment Strategies" section of this Prospectus.

[2] The cost of swap(s) and structured note(s) include only the costs embedded in the swap(s) and note(s) that reduce returns of the associated reference assets (i.e., Underlying Pools), but do not include the operating expenses of those reference assets. Returns of swap(s) and note(s) will be reduced, and their losses increased, by the operating expenses of the Underlying Pools used as reference assets, and such operating expenses may include management and performance fees of CTAs engaged by Underlying Pools, as well as Underlying Pool operator, administration and audit expenses One or more of the Underlying Pools used as a reference asset for a swap(s) or note(s) may pay a performance fee to a CTA, even if the return of other reference assets associated with the swap(s)/note(s) is negative. The operating expenses of reference assets, which are not reflected in the Annual Fund Operating Expenses table above, are embedded in the returns of the associated swap(s)/note(s) and represent an indirect cost of investing in the Fund. Generally, the management fees and performance fees of CTAs employed by the Underlying Pools that may be used as reference assets range from 0% to 2% of assigned trading level and 0% to 30% of the returns, respectively.

[3] 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 statements (or the financial highlights in this Prospectus) because the financial statements include only the direct operating expenses incurred by the Fund.

[4] The Fund's adviser has contractually agreed to reduce its fees and to reimburse expenses, at least until October 31, 2014, 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.

Example:

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

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then 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:

Expense Example Quantitative Managed Futures Strategy Fund (USD $)

1 Year

3 Years

5 Years

10 Years

Quantitative Managed Futures Strategy Fund Class A shares
846 2,587 4,176 7,570

Quantitative Managed Futures Strategy Fund Class C shares
362 2,326 4,091 7,759

Quantitative Managed Futures Strategy Fund Class I shares
262 2,070 3,729 7,302

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.

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.

Asset

Class

Allocation

Range

Allocation

Target

Managed Futures

25% to 50%

35%

Fixed Income

50% to 75%

65%

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.

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.

·

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 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.

·

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.

·

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.

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 I shares for the full calendar year since the Fund's inception. The performance for Class A and Class C shares, which is not presented, would differ from the returns of Class I shares. The performance table compares the performance of the Fund’s 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.qmfsfund.com or by calling 1-855-QMF-FUND.

Class I Annual Total Return For Calendar Year Ended December 31

Best Quarter

1^st Quarter 2012

0.90%

Worst Quarter

4^th Quarter 2012

(4.95)%

Performance Table

Average Annual Total Returns (For periods ended December 31, 2012)

Average Annual Returns Quantitative Managed Futures Strategy Fund

1 Year

Since Inception

Inception Date

Quantitative Managed Futures Strategy Fund Class I shares
(4.00%) (3.21%) Sep. 30, 2011

Quantitative Managed Futures Strategy Fund Class A shares
(9.80%) (7.91%) Sep. 30, 2011

Quantitative Managed Futures Strategy Fund Class C shares
(4.70%) (3.77%) Sep. 30, 2011

After Taxes on Distributions Quantitative Managed Futures Strategy Fund Class I shares
(4.00%) (3.21%)

After Taxes on Distributions and Sale of Fund Shares Quantitative Managed Futures Strategy Fund Class I shares
(2.60%) (2.72%)

Barclays BTOP50
^[1] (1.90%) (3.38%)

[1] The Barclay BTOP50 Index ("BTOP50 Index") seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50. In each calendar year the selected trading advisors represent, in aggregate, no less than 50% of the investable assets of the Barclay CTA Universe. For 2011 there are 28 funds in the BTOP50 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. 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 after tax returns for Class A and Class C shares are not shown and would differ from those of Class I Shares.

X

- Definition

Total Annual Fund Operating Expenses.

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Distribution [and/or Service] (12b-1) Fees" include all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1 [17 CFR 270.12b-1]. Under an appropriate caption or a subcaption of "Other Expenses," disclose the amount of any distribution or similar expenses deducted from the Fund's assets other than pursuant to a rule 12b-1 plan.

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

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

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

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

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

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Maximum Sales Charge (Load) Imposed on Reinvested Dividends[and other Distributions] (as a percentage of ____)

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

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

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Risk/Return Bar Chart and Table.

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This item represents Average Anuual Total Returns. If a Multiple Class Fund offers a Class in the prospectus that converts into another Class after a stated period, compute average annual total returns in the table by using the returns of the other Class for the period after conversion.

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

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"Redemption Fee" (as a percentage of amount redeemed, if applicable) If the Fund is an Exchange-Traded Fund and issues or redeems shares in creation units of not less than 25,000 shares each, exclude any fees charged for the purchase and redemption of the Fund's creation units. "Redemption Fee" includes a fee charged for any redemption of the Fund's shares, but does not include a deferred sales charge (load) imposed upon redemption.

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

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Document and Entity Information	0 Months Ended
Document and Entity Information	Jun. 30, 2012
Risk/Return:
Document Type	485BPOS
Document Period End Date	Jun. 30, 2012
Registrant Name	Northern Lights Fund Trust
Central Index Key	0001314414
Amendment Flag	false
Document Creation Date	Jan. 31, 2013
Document Effective Date	Jan. 31, 2013
Prospectus Date	Jan. 31, 2013