0001314414 2013-04-30 2013-04-30 0001314414 cik0001314414:S000036854_44Member cik0001314414:S000036854Member 2013-04-30 2013-04-30 0001314414 cik0001314414:S000036854_44Member cik0001314414:S000036854Member cik0001314414:C000124015Member 2013-04-30 2013-04-30 iso4217:USD xbrli:pure Based on estimated amounts for the current fiscal year. Princeton Fund Advisors, LLC and Eagle Global Advisors, LLC have contractually agreed to waive management fees and/or to make payments to limit Fund expenses, until at least August 31, 2014 so that the total annual operating expenses (exclusive of any front-end or contingent deferred loads, taxes, brokerage fees and commissions, borrowing costs (such as interest and dividend expense on securities sold short), Acquired Fund Fees and Expenses or extraordinary expenses such as litigation (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the advisers)) of the Fund do not exceed 2.40% of average daily net assets attributable to Class C shares. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to Princeton Fund Advisors, LLC and to Eagle Global Advisors, LLC. Northern Lights Fund Trust 485BPOS false 0001314414 2013-04-30 2013-02-15 2013-02-15 2013-02-15 Eagle MLP Strategy Fund Principal Investment Strategies:  The Fund invests primarily in securities of master limited partnerships ("MLPs") and MLP-related securities.  The Fund defines MLP-related securities as exchange-traded notes ("ETNs") and structured notes that derive their returns from a master limited partnership index.  MLPs are typically engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products.  The Fund invests without restriction as to issuer capitalization or country, except that the Fund does not invest in emerging markets as a principal investment strategy.  The Fund invests in notes of any maturity that are rated BBB- or higher by Standard & Poor's Ratings Group or another nationally recognized statistical rating organization ("NRSRO"), or, if unrated, determined to be of similar credit quality.  In seeking total return, the Fund seeks both income and capital appreciation. 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. As co-adviser, Eagle Global Advisors, LLC ("Eagle"), is responsible for security selection and trade execution.  As co-adviser, Princeton Fund Advisors, LLC ("Princeton"), is responsible for regulatory oversight of the Fund and oversight of the investment portfolio.   Princeton Oversight Process Princeton's investment oversight process combines risk management, due diligence and portfolio monitoring.  Princeton monitors the Fund's strategies as-executed for investment performance and achievement of the Fund's risk objectives.  The Fund's investment portfolio may be rebalanced as a result of Princeton's monitoring policies if the Fund is in violation of its investment objectives, polices or restrictions.  Princeton has compliance and regulatory oversight and supervisory responsibilities for the Fund's securities portfolio.   Eagle's Investment Process Eagle utilizes a two-step proprietary process that involves constructing an investment model that seeks to provide investors with an attractive total rate of return from both income and capital appreciation.  First, in constructing the model, Eagle considers a variety of factors, including but not limited to, market capitalization, liquidity, growth, credit rating, source of qualifying income, business focus, and structure of the MLPs.  Second, Eagle uses the model as the basis for constructing and maintaining the portion of the Fund's portfolio that is invested in MLPs.  MLP investments selected for the Fund's portfolio will be further evaluated based on the Fund's potential tax liabilities, trading costs, cash requirements and other factors, including the relative valuation of related MLP investments.  Eagle believes that the appropriate way to build and preserve wealth through investing in MLPs is to focus on partnerships that have strong, stable and sustainable business models.  The dependability of the cash distribution is extremely important in analyzing and valuing MLP investments.  Eagle’s investment methodology favors companies with limited or no commodity price exposure, strong balance sheets and proven management commitment that are attractively valued based on current and prospective distributions.  Additionally, Eagle selects ETNs and structured notes of issuers that it believes to be credit worthy. Distribution Policy The Fund's distribution policy is to make quarterly distributions to shareholders.  The level of distributions (including any return of capital) is not fixed but is expected to be in a range equivalent to 4% to 7% of the Fund's current net asset value per share, expressed as an annual rate.  For more information about the Fund's distribution policy, please turn to "Distribution Policy and Goals" on page 8 of the Fund's Prospectus. 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. 243 771 ~ http://eaglemlpfund.com/20130215/role/ScheduleExpenseExampleTransposed20003 column dei_LegalEntityAxis compact cik0001314414_S000036854Member row primary compact * ~ The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be Principal Investment Risks: As with all mutual funds, there is the risk that you could lose money through your investment in the Fund.  The Fund is not intended to be a complete investment program.  Many factors affect the Fund's net asset value and performance.   Credit Risk:  There is a risk that note issuers will not make payments on securities 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. Distribution Policy Risk:  The Fund's distribution policy is not designed to guarantee distributions that equal a fixed percentage of the Fund's current net asset value per share.  Shareholders receiving periodic payments from the Fund may be under the impression that they are receiving net profits.  However, all or a portion of a distribution may consist of a return of capital (i.e. from your original investment).  Shareholders should not assume that the source of a distribution from the Fund is net profit.  Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares. ETN Risk:  ETNs are subject to administrative 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 ETNs and may be higher than other mutual funds that invest directly in stocks and bonds.  Each ETN is subject to specific risks, depending on the nature of the ETN.  ETNs are subject to default risks. Foreign Investment Risk:  Investing in notes of foreign issuers involves risks not typically associated with U.S. investments, including 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. Interest Rate Risk:  Typically, a rise in interest rates can cause a decline in the value of notes and MLPs owned by the Fund.   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. Limited History of Operations Risk:  The Fund is a new mutual fund and has a limited history of operations.   Liquidity Risk:  Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations. Management Risk:  Eagle'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.  Additionally, Princeton's judgments about the potential performance of the Fund's investment portfolio, within the Fund's investment policies and risk parameters, may prove incorrect and may not produce the desired results. Market Risk:  Overall securities 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 markets.  When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money. MLP Risk:  Investments in MLPs involve risks different from those of investing in common stock including risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP’s general partner, cash flow risks, dilution risks and risks related to the general partner’s limited call right.  MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Depending on the state of interest rates in general, the use of MLPs could enhance or harm the overall performance of the Fund. MLP Tax Risk.  MLPs, typically, do not pay U.S. federal income tax at the partnership level.  Instead, each partner is allocated a share of the partnership’s income, gains, losses, deductions and expenses.  A change in current tax law or in the underlying business mix of a given MLP could result in an MLP being treated as a corporation for U.S. federal income tax purposes, which would result in such MLP being required to pay U.S. federal income tax on its taxable income.  The classification of an MLP as a corporation for U.S. federal income tax purposes would have the effect of reducing the amount of cash available for distribution by the MLP.  Thus, if any of the MLPs owned by the Fund were treated as corporations for U.S. federal income tax purposes, it could result in a reduction of the value of your investment in the Fund and lower income, as compared to an MLP that is not taxed as a corporation. Energy Related Risk.  The Fund focuses its investments in the energy infrastructure sector, through MLP securities or structured notes.  Because of its focus in this sector, the performance of the Fund is tied closely to and affected by developments in the energy sector, such as the possibility that government regulation will negatively impact companies in this sector.  Energy infrastructure entities are subject to the risks specific to the industry they serve including, but not limited to, the following: Fluctuations in commodity prices; Reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; New construction risk and acquisition risk which can limit potential growth;  A sustained reduced demand for crude oil, natural gas and refined petroleum products resulting from a recession or an increase in market price or higher taxes; Depletion of the natural gas reserves or other commodities if not replaced; Changes in the regulatory environment; Extreme weather; Rising interest rates which could result in a higher cost of capital and drive investors into other investment opportunities; and Threats of attack by terrorists. Non-Diversification Risk:  As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers.  The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Small and Medium Capitalization Company Risk:  The value of a small or medium capitalization company securities may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general. Structured Note Risk:  MLP-related structured notes involve tracking risk, issuer default risk and energy related risk similar to MLPs. In addition structured notes and may involve leverage risk. Tax Risk:  If, in any year, the Fund fails to qualify as a RIC under the applicable tax laws, the Fund would be taxed as an ordinary corporation. As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Performance: Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.  In the future, performance information will be presented in this section of this Prospectus.  Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.eaglemlpfund.com or by calling 1-888-868-9501. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-888-868-9501 www.eaglemlpfund.com Fees and Expenses of the Fund: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.   0.0000 0.0000 0.0000 0.0000 0.0125 0.0100 0.0026 0.0251 -0.0011 0.0240 ~ http://eaglemlpfund.com/20130215/role/ScheduleShareholderFees20001 column dei_LegalEntityAxis compact cik0001314414_S000036854Member row primary compact * ~ ~ http://eaglemlpfund.com/20130215/role/ScheduleAnnualFundOperatingExpenses20002 column dei_LegalEntityAxis compact cik0001314414_S000036854Member row primary compact * ~ 2014-08-31 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Based on estimated amounts for the current fiscal year. Shareholder Fees (fees paid directly from your investment) Investment Objective:  The Fund seeks total return from income and capital appreciation. 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.