497

Northern Lights Fund Trust

CMG SR Tactical Bond Fund

CMG Tactical Equity Strategy Fund

CMG Global Equity Fund

CMG Managed High Yield Fund

Incorporated herein by reference is the definitive version of the supplement for CMG SR Tactical Bond Fund, CMG Tactical Equity Strategy Fund, CMG Global Equity Fund and CMG Managed High Yield Fund, filed pursuant to Rule 497 under the Securities Act of 1933, as amended, on September 17, 2013 (SEC Accession No. 0000910472-13-003858).

XML

Label

Element

Value

Prospectus [Line Items]

rr_ProspectusLineItems

Document Type

dei_DocumentType

Other

Document Period End Date

dei_DocumentPeriodEndDate

Aug. 28, 2013

Registrant Name

dei_EntityRegistrantName

Northern Lights Fund Trust

Central Index Key

dei_EntityCentralIndexKey

0001314414

Amendment Flag

dei_AmendmentFlag

false

Trading Symbol

dei_TradingSymbol

nlfun

Document Creation Date

dei_DocumentCreationDate

Sep. 17, 2013

Document Effective Date

dei_DocumentEffectiveDate

Sep. 17, 2013

Prospectus Date

rr_ProspectusDate

Sep. 17, 2013

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG SR Tactical Bond Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund seeks consistent positive returns throughout various fixed income cycles.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 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

2014-08-31

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 2,984% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

2984.00%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.  Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds").  The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund invests primarily in long and short positions in US Treasury bonds through a combination of (i) Underlying Funds linked to the performance of the current US Long Treasury Bond, (ii) exchange traded funds linked to the performance of various Treasury bonds, (iii) Treasury Bonds and (iv) Treasury bond futures and other derivatives.  The Adviser believes that by applying systematic research (“SR”) and its  multi-factor quantitative model, the strategy can produce returns in excess of buying and holding U.S. Long Treasury Bond mutual funds through various fixed income cycles (periods of rising and falling interest rates both on a shorter-term or long-term basis). 

The Fund may invest in fixed income securities of U.S. companies, both directly and indirectly through mutual funds, including open-end funds (mutual funds), closed-end funds and exchange-traded funds (collectively, “Underlying Funds”).  Exchange-traded funds or “ETFs” are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard & Poor's 500, or of a particular segment of the market such as an industry sector or geographic region.  The Fund may invest in fixed income securities that are sometimes referred to as "high yield" or “junk” bonds.  The Fund defines high yield bonds as those rated lower than Baa3 by Moody's Investors Service ("Moody's") or lower than BBB- by Standard and Poor's Rating Group ("S&P ”), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default.  The Fund may also hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment.  The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. and foreign equities (including equity securities of companies in developing countries or emerging markets), other types of investment companies and derivative investments such as futures and options. Derivative investments may be used by the adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Under normal circumstances, the Fund will invest at least 80% of its assets in US Treasury bonds, corporate bonds or Underlying Funds which invest primarily in US Treasury or corporate bonds (“80% Investment Policy”). The Adviser utilizes its own proprietary research as well as the research of independent third parties such as statistical reporting organizations or signal providers to identify suitable investments for the Fund during various fixed income cycles.  The strategy indicators that have varying weights are used to determine the Fund’s investment in Long Treasury Bond funds, ETFs, Treasury Bonds, futures contracts and derivatives on fixed income securities.  Each indicator will generate a signal indicating a long or short position.  The signals are blended to determine the appropriate investment.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

Under normal circumstances, the Fund will invest at least 80% of its assets in US Treasury bonds, corporate bonds or Underlying Funds which invest primarily in US Treasury or corporate bonds (“80% Investment Policy”).

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.

• Derivatives Risk – The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk – The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• 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.

• Leveraging Risk – The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Management Style Risk – The Adviser's judgments about the potential appreciation of a particular security in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk – The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk – Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Fund’s realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk – The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Short Selling Risk – The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk – Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk – Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Each other investment company and ETF is subject to specific risks, depending on the nature of the fund.

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

The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

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 Class A shares of the Fund for each full calendar year since the Fund's inception. Returns for Class I shares, which are not presented, will vary from the returns for Class A shares.  The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  The Fund’s returns prior to June 2013 were achieved while pursuing a materially different investment objective and strategy.  Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

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

1-866-CMG-9456

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.cmgmutualfunds.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 A Annual Total Return For Calendar Years Ended December 31

(Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.)

Bar Chart Does Not Reflect Sales Loads [Text]

rr_BarChartDoesNotReflectSalesLoads

Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.

Bar Chart Closing [Text Block]

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Best Quarter:	4th Quarter 2010	4.12%
Worst Quarter:	4th Quarter 2012	(2.86)%

The year-to-date return as of the most recent calendar quarter, which ended June 30, 2013, was 0.55%.

Year to Date Return, Label

rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Jun. 30, 2013

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

0.55%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Dec. 31, 2010

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

4.12%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2012

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(2.86%)

Performance Table Heading

rr_PerformanceTableHeading

Performance Table

Average Annual Total Returns

(For period ended December 31, 2012)

Performance Table Market Index Changed

rr_PerformanceTableMarketIndexChanged

The Barclays Index was added in connection with the Fund’s change in strategy in June 2013.

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses.

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.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After tax returns for Class I shares, which are not shown, will vary from those of Class A 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.  After tax returns for Class I shares, which are not shown, will vary from those of Class A shares.

The S&P 500^® Index is a market capitalization-weighted index of 500 of the largest U.S. companies. The Barclays Capital Long Term Treasury Index (the “Barclays Index”) is an unmanaged index comprised of fixed-income securities with various maturities greater than 10 years. The Barclays Index was added in connection with the Fund’s change in strategy in June 2013.  Index returns assume reinvestment of dividends.  Unlike the Fund’s returns, however, they do not reflect any fees or expenses.  An investor cannot invest directly in an index.

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund | Class A Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

CMGTX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.40%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.79%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.60%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

3.04%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.04%)

^[2]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

3.00%

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 $50,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

$ 50,000

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

861

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,457

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

2,076

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

3,735

Annual Return 2010

rr_AnnualReturn2010

2.50%

Annual Return 2011

rr_AnnualReturn2011

1.59%

Annual Return 2012

rr_AnnualReturn2012

(1.82%)

Label

rr_AverageAnnualReturnLabel

Return before taxes

1 Year

rr_AverageAnnualReturnYear01

(7.47%)

Since Inception

rr_AverageAnnualReturnSinceInception

(2.07%)

Inception Date

rr_AverageAnnualReturnInceptionDate

May 01, 2009

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund | Class I Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

CMGOX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.56%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.60%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.41%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

^[2]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

2.41%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

244

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

751

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,285

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,746

Label

rr_AverageAnnualReturnLabel

Return before taxes

1 Year

rr_AverageAnnualReturnYear01

(1.50%)

Since Inception

rr_AverageAnnualReturnSinceInception

(0.70%)

^[3]

Inception Date

rr_AverageAnnualReturnInceptionDate

Oct. 20, 2011

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund | Return after taxes on distributions | Class A Shares

Prospectus [Line Items]

rr_ProspectusLineItems

1 Year

rr_AverageAnnualReturnYear01

(7.47%)

Since Inception

rr_AverageAnnualReturnSinceInception

(2.66%)

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund | Return after taxes on distributions and sale of Fund shares | Class A Shares

Prospectus [Line Items]

rr_ProspectusLineItems

1 Year

rr_AverageAnnualReturnYear01

(4.85%)

Since Inception

rr_AverageAnnualReturnSinceInception

(2.06%)

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund | Barclays Capital Long Term Treasury Index (reflects no deduction for fees, expenses, or taxes)

Prospectus [Line Items]

rr_ProspectusLineItems

1 Year

rr_AverageAnnualReturnYear01

3.56%

Since Inception

rr_AverageAnnualReturnSinceInception

10.29%

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund | Standard & Poor's 500 Index (reflects no deduction for fees, expenses, or taxes)

Prospectus [Line Items]

rr_ProspectusLineItems

1 Year

rr_AverageAnnualReturnYear01

16.00%

Since Inception

rr_AverageAnnualReturnSinceInception

16.63%

CMG SR Tactical Bond Fund Manager Class Shares | CMG SR Tactical Bond Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG SR Tactical Bond Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund seeks consistent positive returns throughout various fixed income cycles.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

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

2014-08-31

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 2,984% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

2984.00%

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Based on estimated amounts for the current fiscal year.

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.  Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds").  The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund invests primarily in long and short positions in US Treasury bonds through a combination of (i) Underlying Funds linked to the performance of the current US Long Treasury Bond, (ii) exchange traded funds linked to the performance of various Treasury bonds, (iii) Treasury Bonds and (iv) Treasury bond futures and other derivatives. The Adviser believes that by applying systematic research (“SR”) and its multi-factor quantitative model, the strategy can produce returns in excess of buying and holding U.S. Long Treasury Bond mutual funds through various fixed income cycles (periods of rising and falling interest rates both on a shorter-term or long-term basis).

The Fund may invest in fixed income securities of U.S. companies, both directly and indirectly through mutual funds, including open-end funds (mutual funds), closed-end funds and exchange-traded funds (collectively, “Underlying Funds”). Exchange-traded funds or “ETFs” are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard & Poor's 500, or of a particular segment of the market such as an industry sector or geographic region. The Fund may invest in fixed income securities that are sometimes referred to as "high yield" or “junk” bonds. The Fund defines high yield bonds as those rated lower than Baa3 by Moody's Investors Service ("Moody's") or lower than BBB- by Standard and Poor's Rating Group ("S&P"), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default. The Fund may also hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment. The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. and foreign equities (including equity securities of companies in developing countries or emerging markets), other types of investment companies and derivative investments such as futures and options. Derivative investments may be used by the adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Under normal circumstances, the Fund will invest at least 80% of its assets in US Treasury bonds, corporate bonds or Underlying Funds which invest primarily in US Treasury or corporate bonds (“80% Investment Policy”). The Adviser utilizes its own proprietary research as well as the research of independent third parties such as statistical reporting organizations or signal providers to identify suitable investments for the Fund during various fixed income cycles. The strategy indicators that have varying weights are used to determine the Fund’s investment in Long Treasury Bond funds, ETFs, Treasury Bonds, futures contracts and derivatives on fixed income securities. Each indicator will generate a signal indicating a long or short position. The signals are blended to determine the appropriate investment.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

Under normal circumstances, the Fund will invest at least 80% of its assets in US Treasury bonds, corporate bonds or Underlying Funds which invest primarily in US Treasury or corporate bonds (“80% Investment Policy”).

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.

• Derivatives Risk - The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk - The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• 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.

• Leveraging Risk - The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's judgments about the potential appreciation of a particular security in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk - The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk - Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Fund’s realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk - The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Short Selling Risk - The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds - Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Each other investment company and ETF is subject to specific risks, depending on the nature of the fund.

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

The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

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 Class A shares of the Fund for each full calendar year since the Fund's inception. Because the Manager Class does not have a full year of performance, performance of Class A shares is presented. The performance table compares the performance of the Fund ’s Class A and Class I shares over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. The Fund’s returns prior to June 2013 were achieved while pursuing a materially different investment objective and strategy. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

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 One Year or Less [Text]

rr_PerformanceOneYearOrLess

Because the Manager Class does not have a full year of performance, performance of Class A shares is presented.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-866-CMG-9456

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.cmgmutualfunds.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 A Annual Total Return For Calendar Years Ended December 31

(Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.)

Bar Chart Does Not Reflect Sales Loads [Text]

rr_BarChartDoesNotReflectSalesLoads

Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.

Bar Chart Closing [Text Block]

rr_BarChartClosingTextBlock

Best Quarter:	4th Quarter 2010	4.12%
Worst Quarter:	4th Quarter 2012	(2.86)%

The year-to-date return as of the most recent calendar quarter, which ended June 30, 2013, was 0.55%.

Year to Date Return, Label

rr_YearToDateReturnLabel

The year-to-date return as of the most recent calendar quarter

Bar Chart, Year to Date Return, Date

rr_BarChartYearToDateReturnDate

Jun. 30, 2013

Bar Chart, Year to Date Return

rr_BarChartYearToDateReturn

0.55%

Highest Quarterly Return, Label

rr_HighestQuarterlyReturnLabel

Best Quarter:

Highest Quarterly Return, Date

rr_BarChartHighestQuarterlyReturnDate

Dec. 31, 2010

Highest Quarterly Return

rr_BarChartHighestQuarterlyReturn

4.12%

Lowest Quarterly Return, Label

rr_LowestQuarterlyReturnLabel

Worst Quarter:

Lowest Quarterly Return, Date

rr_BarChartLowestQuarterlyReturnDate

Dec. 31, 2012

Lowest Quarterly Return

rr_BarChartLowestQuarterlyReturn

(2.86%)

Performance Table Heading

rr_PerformanceTableHeading

Performance Table

Average Annual Total Returns

(For period ended December 31, 2012)

Performance Table Market Index Changed

rr_PerformanceTableMarketIndexChanged

The Barclays Index was added in connection with the Fund’s change in strategy in June 2013.

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

Index returns assume reinvestment of dividends. Unlike the Fund’s returns, however, they do not reflect any fees or expenses.

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.

Performance Table One Class of after Tax Shown [Text]

rr_PerformanceTableOneClassOfAfterTaxShown

After tax returns for Class I shares, which are not shown, will vary from those of Class A 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.  After tax returns for Class I shares, which are not shown, will vary from those of Class A shares.

The S&P 500^® Index is a market capitalization-weighted index of 500 of the largest U.S. companies. The Barclays Capital Long Term Treasury Index (the “Barclays Index”) is an unmanaged index comprised of fixed-income securities with various maturities greater than 10 years. The Barclays Index was added in connection with the Fund’s change in strategy in June 2013.  Index returns assume reinvestment of dividends.  Unlike the Fund’s returns, however, they do not reflect any fees or expenses.  An investor cannot invest directly in an index.

CMG SR Tactical Bond Fund Manager Class Shares | CMG SR Tactical Bond Fund | Manager Class Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

CMGMX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.79%

^[4]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.60%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.89%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.29%)

^[5]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

1.60%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

163

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

773

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,409

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

3,122

CMG Tactical Equity Strategy Fund Class A And I | CMG Tactical Equity Strategy Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG Tactical Equity Strategy Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund's investment objective is to generate capital appreciation in rising and falling markets.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 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

2014-08-31

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 period, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Portfolio Turnover, Rate

rr_PortfolioTurnoverRate

0.00%

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies.  Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds").  The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund seeks to generate capital appreciation in rising and falling markets using two principal strategies:

•Tactical Long Short Investment Strategy

•Fixed Income Investment Strategy

Using the tactical long short investment strategy, the Fund actively trades Standard &P Poor's 500 Index futures contracts. These futures contracts are used as a substitute for investing in the stocks that compose the S&P 500 Index. The objective is to generate capital appreciation by investing, long or short, in positions linked to the S&P 500 Index using a proprietary quantitative investment model. The model is designed to identify long, intermediate and short term trends in the S&P 500 Index. This strategy attempts to generate high probability-of-profit trades, typically with a holding period of one to three days. If the strategy identifies positive price (Bullish) trends across these time frames, the strategy will invest long on a levered basis targeting 200% of the S&P 500 Index. If the strategy identifies negative price (Bearish) trends across these time frames, the strategy will invest short on a levered basis targeting 200% of the inverse S&P 500 Index. The strategy also utilizes certain indicators to identify periods of market dislocation that can result in high probability-of-profit trades. Specifically, when a high volume of stock trades occur at ever-higher prices, an overbought condition is indicated; or when a high volume of stock trades occur at ever-lower prices, an oversold condition is indicated. The Fund may engage in trades based on these indicators in an attempt to profit from mean reverting (back to the average) price movements in the S&P 500 Index, independent of the core trend model.

During periods when the model’s trends are not aligned, absent of a trade signal, the strategy will signal investing in fixed income investments. The Fund invests in a variety of investment grade fixed income securities that are not expected to have returns that are highly correlated to the general equity market or the Fund’s tactical long short investment strategy. The Fund defines fixed income securities to include: bills, notes, debentures, bonds and other evidences of indebtedness issued of the U.S. Government, its agencies and instrumentalities, state and local political subdivisions, corporations and other business entities. The Fund defines investment grade fixed income securities as those rated, at the time of purchase, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard &P Poor's Ratings Group ("S&P"), or, if unrated, determined to be of comparable quality. The Fund's fixed income strategy is designed to generate interest income, capital appreciation and to diversify returns from those of the tactical long short investment strategy. To control interest rate risk, the Fund maintains an average fixed income portfolio maturity that ranges between short-term, (less than 1 year) and intermediate-term (4-7 years). However, the Fund purchases individual fixed income securities of any maturity. The Adviser seeks to reduce volatility, in part, by keeping the Fund's fixed income portfolio average maturity below a maximum of seven years, which can reduce sensitivity to capital losses caused by rising interest rates. The Adviser sells fixed income securities when a security's expected return declines, or issuer credit quality deteriorates and to adjust portfolio-level maturity. Specific weighting and allocation among the various types of fixed income investments will be made on the basis of the Adviser's assessment of the opportunities for income, capital appreciation and capital preservation relative to the risk, as measured by maturity and return volatility.

The Fund's investment adviser, CMG Capital Management Group, Inc. (the "Adviser") manages the fixed income strategy portion of the Fund's portfolio directly and delegates the management of the Fund's tactical long short investment strategy to Scotia Partners, LLC (the "Sub-Adviser"). The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Adviser and Sub-Adviser may each engage in active and frequent trading to achieve the Fund's investment objective.

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. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

• Credit Risk - Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk - The Fund's use of futures involves leverage risk and tracking risk.

• Fixed Income Risk - The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities 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.

• Leveraging Risk - The Fund's use of leverage through futures will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's and/or Sub-Adviser's judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect. The Adviser's judgments about the investment management skill of the Sub-Adviser may prove to be incorrect.

• Non-Diversification Risk - The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk - Portfolio turnover refers to the rate at which the securities and derivatives held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which will reduce the Fund's return. Active trading of securities may also increase the Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk - The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk - Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Each other investment company and ETF is subject to specific risks, depending on the nature of the fund.

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

The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

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 is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-866-CMG-9456

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.cmgmutualfunds.com

CMG Tactical Equity Strategy Fund Class A And I | CMG Tactical Equity Strategy Fund | Class A Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

SCOTX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.50%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.40%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.67%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.10%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.67%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.32%)

^[6]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

2.35%

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 $50,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

50,000

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

799

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,328

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,882

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

3,383

CMG Tactical Equity Strategy Fund Class A And I | CMG Tactical Equity Strategy Fund | Class I Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

SCOIX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.50%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.10%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.75%

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.10%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.45%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.40%)

^[6]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

2.05%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

208

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

725

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,270

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,756

CMG Tactical Equity Strategy Fund Manager Class Shares | CMG Tactical Equity Strategy Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG Tactical Equity Strategy Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund's investment objective is to generate capital appreciation in rising and falling markets.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

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)

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 period, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund seeks to generate capital appreciation in rising and falling markets using two principal strategies:

•Tactical Long Short Investment Strategy

•Fixed Income Investment Strategy

Using the tactical long short investment strategy, the Fund actively trades Standard & Poor's 500 Index futures contracts. These futures contracts are used as a substitute for investing in the stocks that compose the S&P 500 Index. The objective is to generate capital appreciation by investing, long or short, in positions linked to the S&P 500 Index using a proprietary quantitative investment model. The model is designed to identify long, intermediate and short term trends in the S&P 500 Index. This strategy attempts to generate high probability-of-profit trades, typically with a holding period of one to three days. If the strategy identifies positive price (Bullish) trends across these time frames, the strategy will invest long on a levered basis targeting 200% of the S&P 500 Index. If the strategy identifies negative price (Bearish) trends across these time frames, the strategy will invest short on a levered basis targeting 200% of the inverse S&P 500 Index. The strategy also utilizes certain indicators to identify periods of market dislocation that can result in high probability-of-profit trades. Specifically, when a high volume of stock trades occur at ever-higher prices, an overbought condition is indicated; or when a high volume of stock trades occur at ever-lower prices, an oversold condition is indicated. The Fund may engage in trades based on these indicators in an attempt to profit from mean reverting (back to the average) price movements in the S&P 500 Index, independent of the core trend model.

During periods when the model’s trends are not aligned, absent of a trade signal, the strategy will signal investing in fixed income investments. The Fund invests in a variety of investment grade fixed income securities that are not expected to have returns that are highly correlated to the general equity market or the Fund’s tactical long short investment strategy. The Fund defines fixed income securities to include: bills, notes, debentures, bonds and other evidences of indebtedness issued of the U.S. Government, its agencies and instrumentalities, state and local political subdivisions, corporations and other business entities. The Fund defines investment grade fixed income securities as those rated, at the time of purchase, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Group ("S&P"), or, if unrated, determined to be of comparable quality. The Fund's fixed income strategy is designed to generate interest income, capital appreciation and to diversify returns from those of the tactical long short investment strategy. To control interest rate risk, the Fund maintains an average fixed income portfolio maturity that ranges between short-term, (less than 1 year) and intermediate-term (4-7 years). However, the Fund purchases individual fixed income securities of any maturity. The Adviser seeks to reduce volatility, in part, by keeping the Fund's fixed income portfolio average maturity below a maximum of seven years, which can reduce sensitivity to capital losses caused by rising interest rates. The Adviser sells fixed income securities when a security's expected return declines, or issuer credit quality deteriorates and to adjust portfolio-level maturity. Specific weighting and allocation among the various types of fixed income investments will be made on the basis of the Adviser's assessment of the opportunities for income, capital appreciation and capital preservation relative to the risk, as measured by maturity and return volatility.

The Fund's investment adviser, CMG Capital Management Group, Inc. (the "Adviser") manages the fixed income strategy portion of the Fund's portfolio directly and delegates the management of the Fund's tactical long short investment strategy to Scotia Partners, LLC (the "Sub-Adviser"). The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Adviser and Sub-Adviser may each engage in active and frequent trading to achieve the Fund's investment objective.

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. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

• Credit Risk - Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk - The Fund's use of futures involves leverage risk and tracking risk.

• Fixed Income Risk - The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities 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.

• Leveraging Risk - The Fund's use of leverage through futures will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's and/or Sub-Adviser's judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect. The Adviser's judgments about the investment management skill of the Sub-Adviser may prove to be incorrect.

• Non-Diversification Risk - The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk - Portfolio turnover refers to the rate at which the securities and derivatives held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which will reduce the Fund's return. Active trading of securities may also increase the Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk - The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk - Mutual funds, and ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to specific risks, depending on the nature of the fund.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

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 is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

CMG Tactical Equity Strategy Fund Manager Class Shares | CMG Tactical Equity Strategy Fund | Manager Class Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

SCTMX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.50%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.36%

^[1]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.10%

^[1]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.21%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.51%)

^[7]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

0.70%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

72

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

545

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,046

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,426

CMG Global Equity Fund Class A and I | CMG Global Equity Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG Global Equity Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund seeks long term total return with less volatility than global equity markets in general.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 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)

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.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Based on estimated amounts for the current fiscal year.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund intends to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in equity securities of publicly listed companies, and at least 40% of its assets in securities issued by companies domiciled outside of the United States, from a minimum of three foreign countries.

The Fund’s adviser, CMG Capital Management Group, Inc., (the “Adviser”) uses a screening process to construct a portfolio of equity securities that it believes will produce long-term total returns with less volatility than global equity markets in general. The Fund may invest in companies of any size or geographic location. The Fund will invest in foreign securities, including American depositary receipts (“ADRs”), securities issued by foreign companies or a foreign exchange, and may invest in emerging market securities. The adviser delegates execution of the Fund’s active volatility management process (“Active Volatility Management”) to a sub-adviser, AlphaSimplex Group, LLC. The Fund is designed to reduce the portfolio’s risk profile by utilizing a sub-adviser to identify periods of high risk in global equity markets and hedging equity exposure by investing in liquid equity index future contracts (“Active Volatility Management”).

The Adviser manages the Fund’s portfolio by using research from a third party provider for its screening and investment process to:

(1) identify companies with at least 3 years of audited financials;

(2) rank companies by profit per-share and balance leverage;

(3) re-rank favorable companies by variability of profits and leverage;

(4) screen out equities with insufficient liquidity relative to the Fund’s size;

(5) invest in “top” equities, as determined by the this screening process, on an equally-weighted basis;

(6) daily review and replacement of any substantially deteriorating companies with next best ranked equities;

(7) monthly re-identification and purchase of “top” equities, as determined by the Adviser’s screening process; and

(8) annual rebalancing to equally-weight the “top” equities, as determined by the Adviser’s screening process.

The Adviser believes this quantitative investment process will select equities that provide long-term total returns. The Adviser initially intends to build a portfolio of 50 equity positions, but the total number held by the Fund may vary from time-to-time as determined by the Adviser.

The Adviser is responsible for the day to day management and compliance of the equity portfolio, and the Adviser delegates the Active Volatility Management to AlphaSimplex Group, LLC (the "Sub-Adviser"). The Adviser, on behalf of itself and on behalf of the Fund and other funds it advises or may advise in the future that are each a series of Northern Lights Fund Trust, was granted an exemptive order from the Securities and Exchange Commission that permits the Adviser, with Board of Trustee approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. The order eliminates the need for a shareholders meeting and vote to approve sub-advisers. Shareholders will be notified if and when a new sub-adviser is employed by the Adviser.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Adviser and Sub-Adviser may each engage in active and frequent trading to achieve the Fund's investment objective.

Strategy Portfolio Concentration [Text]

rr_StrategyPortfolioConcentration

The Fund intends to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in equity securities of publicly listed companies, and at least 40% of its assets in securities issued by companies domiciled outside of the United States, from a minimum of three foreign countries.

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. The Fund is not intended to be a complete investment program. Many factors affect the Fund's net asset value and performance.

• Derivatives Risk - The Fund's use of futures involves leverage risk and tracking risk.

• 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.

• 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.

• Leveraging Risk - The Fund's use of leverage through futures will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's and/or Sub-Adviser's judgments about the potential appreciation of a particular security in which the Fund invests may prove to be incorrect. The Adviser's judgments about the investment management skill of the Sub-Adviser may prove to be incorrect.

• Limited History of Operations Risk- The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

• Hedging Risk- Although derivative instruments may be used to offset or hedge against losses on an opposite position, such hedges can also potentially offset any gains on the opposite position. The Fund may also be exposed to the risk it may be required to segregate assets or enter into offsetting positions in connection with investments in derivatives, but such segregation will not limit the Fund's exposure to loss. The Fund may also incur risk with respect to the segregated assets to the extent that, but for the applicable segregation requirement in connection with its investments in derivatives, the Fund would sell the segregated assets.

• Short Position Risk- The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Foreign Investment Risk - The Fund's performance may depend on issues other than the performance of a particular company or U.S. market sector. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax) changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

• Foreign Emerging Market Risk - In addition to the risks generally associated with investing in foreign securities, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

• Smaller Company Risk - Smaller companies may experience higher failure rates than do larger companies. Securities of smaller companies may trade less frequently and in smaller volumes than the securities of larger companies, which may disproportionately affect their market price.

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

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 is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-866-CMG-9456

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.cmgmutualfunds.com

CMG Global Equity Fund Class A and I | CMG Global Equity Fund | Class A Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

GEFAX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.30%

^[8]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

1.80%

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 $50,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

50,000

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

747

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,109

CMG Global Equity Fund Class A and I | CMG Global Equity Fund | Class I Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

GEFIX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.30%

^[8]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

1.55%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

158

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

490

CMG Managed High Yield Fund Class A And I | CMG Managed High Yield Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG Managed High Yield Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund’s objective is to generate total returns over a complete market cycle through capital appreciation and income.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 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

2014-08-31

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.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Based on estimated amounts for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

Based on estimated amounts for the current fiscal year.

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund invests primarily in high yield fixed income securities, directly or by investing in other mutual funds or exchange traded funds (” ETFs”) (collectively, “Underlying Funds”) which invest primarily in high yield bonds and other debt securities that are rated below investment grade by Moody’s or Standard and Poor’s respectively. The Fund’s investment adviser (the “Adviser”) adjusts the Fund’s portfolio to obtain maximum total return (income and price appreciation) in up trending high yield bond markets and focuses on capital preservation in down trending price environments. The Adviser utilizes its proprietary risk management “Asset Allocation Program” in managing the Fund. In down trending price environments, the Fund can also invest in put and call options as a means to protect (hedge) the portfolio’s high yield bond exposure and/or move its high yield bond exposure temporarily to cash or short-term cash equivalents in an attempt to mitigate market declines as well as lower portfolio volatility.

The Fund invests in fixed income securities that are sometimes referred to as “high yield” or “junk” bonds. The Fund defines high yield bonds as those rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default. The Fund may hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment. The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. securities), Underlying Funds and derivative investments such as futures and options. Derivative investments may be used by the Adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

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.

• Credit Risk – Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk – The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk – The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• High-Yield Bond Risk – Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

• 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.

• Leveraging Risk – The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Limited History of Operations Risk: The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

• Liquidity Risk – The markets for high-yield, convertible and certain lightly traded equity securities (particularly small cap issues) are often not as liquid as markets for higher-rated securities or large cap equity securities. Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions. These factors may have an adverse effect on the Fund’s ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.

• Management Style Risk – The Adviser's judgment about the potential appreciation of a particular security or currency in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk – The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Sector Risk – The Fund's investments in a sector bear the risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.

• Short Selling Risk – The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk – Market prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk – Underlying Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to specific risks, depending on the nature of the fund.

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

The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-866-CMG-9456

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.cmgmutualfunds.com

CMG Managed High Yield Fund Class A And I | CMG Managed High Yield Fund | Class A Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

CHYAX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

5.75%

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.40%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.51%

^[4]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.20%

^[4],[9]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.36%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.11%)

^[10]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

2.25%

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 $50,000 in the Fund.

Expense Breakpoint, Minimum Investment Required [Amount]

rr_ExpenseBreakpointMinimumInvestmentRequiredAmount

50,000

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

790

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

1,259

CMG Managed High Yield Fund Class A And I | CMG Managed High Yield Fund | Class I Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

CHYOX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.51%

^[4]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.20%

^[4],[9]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

1.96%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(0.11%)

^[10]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

1.85%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

188

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

605

CMG Managed High Yield Fund Manager Class | CMG Managed High Yield Fund

Prospectus [Line Items]

rr_ProspectusLineItems

Risk/Return [Heading]

rr_RiskReturnHeading

FUND SUMMARY: CMG Managed High Yield Fund

Objective [Heading]

rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block]

rr_ObjectivePrimaryTextBlock

The Fund’s objective is to generate total returns over a complete market cycle through capital appreciation and income.

Expense [Heading]

rr_ExpenseHeading

Fees and Expenses of the Fund:

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

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

2014-08-31

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.

Other Expenses, New Fund, Based on Estimates [Text]

rr_OtherExpensesNewFundBasedOnEstimates

Based on estimated amounts for the current fiscal year.

Acquired Fund Fees and Expenses, Based on Estimates [Text]

rr_AcquiredFundFeesAndExpensesBasedOnEstimates

Based on estimated amounts for the current fiscal year.

Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text]

rr_ExpensesNotCorrelatedToRatioDueToAcquiredFundFees

Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

Expense Example by Year [Heading]

rr_ExpenseExampleByYearHeading

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading]

rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block]

rr_StrategyNarrativeTextBlock

The Fund invests primarily in high yield fixed income securities, directly or by investing in other mutual funds or exchange traded funds (“ETF s”) (collectively, “Underlying Funds”) which invest primarily in high yield bonds and other debt securities that are rated below investment grade by Moody’s or Standard and Poor’s respectively. The Fund’s investment adviser (the “Adviser”) adjusts the Fund’s portfolio to obtain maximum total return (income and price appreciation) in up trending high yield bond markets and focuses on capital preservation in down trending price environments. The Adviser utilizes its proprietary risk management “Asset Allocation Program” in managing the Fund. In down trending price environments, the Fund can also invest in put and call options as a means to protect (hedge) the portfolio’s high yield bond exposure and/or move its high yield bond exposure temporarily to cash or short-term cash equivalents in an attempt to mitigate market declines as well as lower portfolio volatility. The Fund invests in fixed income securities that are sometimes referred to as “high yield” or “junk” bonds. The Fund defines high yield bonds as those rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default. The Fund may hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment. The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. securities), Underlying Funds and derivative investments such as futures and options. Derivative investments may be used by the Adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

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.

• Credit Risk – Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk – The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk – The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• High-Yield Bond Risk – Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

• 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.

• Leveraging Risk – The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Limited History of Operations Risk: The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

• Liquidity Risk – The markets for high-yield, convertible and certain lightly traded equity securities (particularly small cap issues) are often not as liquid as markets for higher-rated securities or large cap equity securities. Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions. These factors may have an adverse effect on the Fund’s ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.

• Management Style Risk – The Adviser's judgment about the potential appreciation of a particular security or currency in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk – The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Sector Risk – The Fund's investments in a sector bear the risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.

• Short Selling Risk – The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk – Market prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk – Mutual funds, and ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to specific risks, depending on the nature of the fund.

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

The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

Bar Chart and Performance Table [Heading]

rr_BarChartAndPerformanceTableHeading

Performance:

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

Performance One Year or Less [Text]

rr_PerformanceOneYearOrLess

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time.

Performance Availability Phone [Text]

rr_PerformanceAvailabilityPhone

1-866-CMG-9456

Performance Availability Website Address [Text]

rr_PerformanceAvailabilityWebSiteAddress

www.cmgmutualfunds.com

CMG Managed High Yield Fund Manager Class | CMG Managed High Yield Fund | Manager Class Shares

Prospectus [Line Items]

rr_ProspectusLineItems

Trading Symbol

dei_TradingSymbol

CHYMX

Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Deferred Sales Charge (as a percentage of Offering Price)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

Maximum Sales Charge on Reinvested Dividends and Distributions (as a percentage)

rr_MaximumSalesChargeOnReinvestedDividendsAndDistributionsOverOther

none

Redemption Fee (as a percentage of Amount Redeemed)

rr_RedemptionFeeOverRedemption

none

Management Fees (as a percentage of Assets)

rr_ManagementFeesOverAssets

1.25%

Distribution and Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses (as a percentage of Assets):

rr_OtherExpensesOverAssets

0.51%

^[4]

Acquired Fund Fees and Expenses

rr_AcquiredFundFeesAndExpensesOverAssets

0.20%

^[4],[9]

Expenses (as a percentage of Assets)

rr_ExpensesOverAssets

2.21%

Fee Waiver or Reimbursement

rr_FeeWaiverOrReimbursementOverAssets

(1.36%)

^[11]

Net Expenses (as a percentage of Assets)

rr_NetExpensesOverAssets

0.85%

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

87

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

$ 560

[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

[2] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 2.40% and 2.00% of the daily average net assets attributable to each of the Class A 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.

[3] Inception date for Class I shares was October 20, 2011.

[4] Estimated for the current fiscal year.

[5] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until August 31, 2014, to ensure that Net Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; (v) extraordinary expenses, such as litigation expenses (which may include indemnification of Funds' officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.00% of the Fund's average daily net assets attributable to Manager Class shares, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fiscal year end during which the fees were waived or expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Board of Trustees may terminate this expense reimbursement arrangement at any time, on 60 days' written notice to the adviser.

[6] The adviser has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses, until August 31, 2014 so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 2.25% for Class A shares and 1.95% for Class I shares. Waivers and expense payments may be recouped by the adviser from the Fund, to the extent that overall expenses fall below specified limits, within three years of when the amounts were waived or recouped. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the adviser.

[7] The Fund's adviser has contractually agreed to waive its fees and absorb expenses of the Fund, until at least August 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 0.60% of the daily average net assets of the Fund. The expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the reimbursement) if such recoupment can be achieved within the foregoing expense limits. Manager Class fee waivers are not subject to recoupment from the Fund. The Operating Expense Limitation Agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the adviser.

[8] Based on estimated amounts for the current fiscal year.

[9] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

[10] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 31, 2014, to ensure that Net Annual Fund Operating Expenses for each class of shares (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 2.05% and 1.65% of the Fund's average daily net assets attributable to Class A shares and Class I shares, respectively, 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 expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Board of Trustees may terminate this expense reimbursement arrangement at any time.

[11] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 31 , 2014 , to ensure that Net Annual Fund Operating Expenses for each class of shares (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.65% of the Fund's average daily net assets attributable to Manager Class shares, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the end of the fiscal year during which the fees were waived or expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Board of Trustees may terminate this expense reimbursement arrangement at any time, on 60 days' written notice to the adviser.

XML

CMG SR Tactical Bond Fund Class A and I | CMG SR Tactical Bond Fund

FUND SUMMARY: CMG SR Tactical Bond Fund

Investment Objective:

The Fund seeks consistent positive returns throughout various fixed income cycles.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 of the Fund’s Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees CMG SR Tactical Bond Fund Class A and I CMG SR Tactical Bond Fund	Class A Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)	5.75%	none
Maximum Deferred Sales Charge (Load) (as a % of the lower of original purchase price or redemption proceeds)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none	none
Redemption Fee (as a % of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses CMG SR Tactical Bond Fund Class A and I CMG SR Tactical Bond Fund		Class A Shares	Class I Shares
Management Fees		1.25%	1.25%
Distribution and Service (12b-1) Fees		0.40%	none
Other Expenses		0.79%	0.56%
Acquired Fund Fees and Expenses	[1]	0.60%	0.60%
Total Annual Fund Operating Expenses		3.04%	2.41%
Fee Waiver and Reimbursement	[2]	(0.04%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement		3.00%	2.41%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example CMG SR Tactical Bond Fund Class A and I CMG SR Tactical Bond Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Class A Shares	861	1,457	2,076	3,735
Class I Shares	244	751	1,285	2,746

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 2,984% of the average value of its portfolio.

Principal Investment Strategies:

The Fund invests primarily in long and short positions in US Treasury bonds through a combination of (i) Underlying Funds linked to the performance of the current US Long Treasury Bond, (ii) exchange traded funds linked to the performance of various Treasury bonds, (iii) Treasury Bonds and (iv) Treasury bond futures and other derivatives.  The Adviser believes that by applying systematic research (“SR”) and its  multi-factor quantitative model, the strategy can produce returns in excess of buying and holding U.S. Long Treasury Bond mutual funds through various fixed income cycles (periods of rising and falling interest rates both on a shorter-term or long-term basis). 

The Fund may invest in fixed income securities of U.S. companies, both directly and indirectly through mutual funds, including open-end funds (mutual funds), closed-end funds and exchange-traded funds (collectively, “Underlying Funds”).  Exchange-traded funds or “ETFs” are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard & Poor's 500, or of a particular segment of the market such as an industry sector or geographic region.  The Fund may invest in fixed income securities that are sometimes referred to as "high yield" or “junk” bonds.  The Fund defines high yield bonds as those rated lower than Baa3 by Moody's Investors Service ("Moody's") or lower than BBB- by Standard and Poor's Rating Group ("S&P ”), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default.  The Fund may also hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment.  The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. and foreign equities (including equity securities of companies in developing countries or emerging markets), other types of investment companies and derivative investments such as futures and options. Derivative investments may be used by the adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Under normal circumstances, the Fund will invest at least 80% of its assets in US Treasury bonds, corporate bonds or Underlying Funds which invest primarily in US Treasury or corporate bonds (“80% Investment Policy”). The Adviser utilizes its own proprietary research as well as the research of independent third parties such as statistical reporting organizations or signal providers to identify suitable investments for the Fund during various fixed income cycles.  The strategy indicators that have varying weights are used to determine the Fund’s investment in Long Treasury Bond funds, ETFs, Treasury Bonds, futures contracts and derivatives on fixed income securities.  Each indicator will generate a signal indicating a long or short position.  The signals are blended to determine the appropriate investment.

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.

• Derivatives Risk – The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk – The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• 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.

• Leveraging Risk – The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Management Style Risk – The Adviser's judgments about the potential appreciation of a particular security in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk – The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk – Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Fund’s realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk – The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Short Selling Risk – The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk – Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk – Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Each other investment company and ETF is subject to specific risks, depending on the nature of the fund.

Performance:

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Class A shares of the Fund for each full calendar year since the Fund's inception. Returns for Class I shares, which are not presented, will vary from the returns for Class A shares.  The performance table compares the performance of the Fund over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future.  The Fund’s returns prior to June 2013 were achieved while pursuing a materially different investment objective and strategy.  Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

Class A Annual Total Return For Calendar Years Ended December 31

(Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.)

Best Quarter:	4th Quarter 2010	4.12%
Worst Quarter:	4th Quarter 2012	(2.86)%

The year-to-date return as of the most recent calendar quarter, which ended June 30, 2013, was 0.55%.

Performance Table

Average Annual Total Returns

(For period ended December 31, 2012)

Average Annual Total Returns CMG SR Tactical Bond Fund Class A and I CMG SR Tactical Bond Fund	Label	One Year	Since Inception		Inception Date
Class A Shares	Return before taxes	(7.47%)	(2.07%)		May 01, 2009
Class A Shares Return after taxes on distributions		(7.47%)	(2.66%)
Class A Shares Return after taxes on distributions and sale of Fund shares		(4.85%)	(2.06%)
Class I Shares	Return before taxes	(1.50%)	(0.70%)	[1]	Oct. 20, 2011
Barclays Capital Long Term Treasury Index (reflects no deduction for fees, expenses, or taxes)		3.56%	10.29%
Standard & Poor's 500 Index (reflects no deduction for fees, expenses, or taxes)		16.00%	16.63%

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.  After tax returns for Class I shares, which are not shown, will vary from those of Class A shares.

The S&P 500^® Index is a market capitalization-weighted index of 500 of the largest U.S. companies. The Barclays Capital Long Term Treasury Index (the “Barclays Index”) is an unmanaged index comprised of fixed-income securities with various maturities greater than 10 years. The Barclays Index was added in connection with the Fund’s change in strategy in June 2013.  Index returns assume reinvestment of dividends.  Unlike the Fund’s returns, however, they do not reflect any fees or expenses.  An investor cannot invest directly in an index.

CMG Tactical Equity Strategy Fund Class A And I | CMG Tactical Equity Strategy Fund

FUND SUMMARY: CMG Tactical Equity Strategy Fund

Investment Objective:

The Fund's investment objective is to generate capital appreciation in rising and falling markets.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 of the Fund’s Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees CMG Tactical Equity Strategy Fund Class A And I CMG Tactical Equity Strategy Fund	Class A Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)	5.75%	none
Maximum Deferred Sales Charge (Load) (as a % of the lower of original purchase price or redemption proceeds)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none	none
Redemption Fee (as a % of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses CMG Tactical Equity Strategy Fund Class A And I CMG Tactical Equity Strategy Fund		Class A Shares	Class I Shares
Management Fees		1.50%	1.50%
Distribution and Service (12b-1) Fees		0.40%	0.10%
Other Expenses		0.67%	0.75%
Acquired Fund Fees and Expenses	[1]	0.10%	0.10%
Total Annual Fund Operating Expenses		2.67%	2.45%
Fee Waiver and Reimbursement	[2]	(0.32%)	(0.40%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement		2.35%	2.05%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example CMG Tactical Equity Strategy Fund Class A And I CMG Tactical Equity Strategy Fund (USD $)	1 Year	3 Years	5 Years	10 Years
Class A Shares	799	1,328	1,882	3,383
Class I Shares	208	725	1,270	2,756

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies:

The Fund seeks to generate capital appreciation in rising and falling markets using two principal strategies:

•Tactical Long Short Investment Strategy

•Fixed Income Investment Strategy

Using the tactical long short investment strategy, the Fund actively trades Standard &P Poor's 500 Index futures contracts. These futures contracts are used as a substitute for investing in the stocks that compose the S&P 500 Index. The objective is to generate capital appreciation by investing, long or short, in positions linked to the S&P 500 Index using a proprietary quantitative investment model. The model is designed to identify long, intermediate and short term trends in the S&P 500 Index. This strategy attempts to generate high probability-of-profit trades, typically with a holding period of one to three days. If the strategy identifies positive price (Bullish) trends across these time frames, the strategy will invest long on a levered basis targeting 200% of the S&P 500 Index. If the strategy identifies negative price (Bearish) trends across these time frames, the strategy will invest short on a levered basis targeting 200% of the inverse S&P 500 Index. The strategy also utilizes certain indicators to identify periods of market dislocation that can result in high probability-of-profit trades. Specifically, when a high volume of stock trades occur at ever-higher prices, an overbought condition is indicated; or when a high volume of stock trades occur at ever-lower prices, an oversold condition is indicated. The Fund may engage in trades based on these indicators in an attempt to profit from mean reverting (back to the average) price movements in the S&P 500 Index, independent of the core trend model.

During periods when the model’s trends are not aligned, absent of a trade signal, the strategy will signal investing in fixed income investments. The Fund invests in a variety of investment grade fixed income securities that are not expected to have returns that are highly correlated to the general equity market or the Fund’s tactical long short investment strategy. The Fund defines fixed income securities to include: bills, notes, debentures, bonds and other evidences of indebtedness issued of the U.S. Government, its agencies and instrumentalities, state and local political subdivisions, corporations and other business entities. The Fund defines investment grade fixed income securities as those rated, at the time of purchase, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard &P Poor's Ratings Group ("S&P"), or, if unrated, determined to be of comparable quality. The Fund's fixed income strategy is designed to generate interest income, capital appreciation and to diversify returns from those of the tactical long short investment strategy. To control interest rate risk, the Fund maintains an average fixed income portfolio maturity that ranges between short-term, (less than 1 year) and intermediate-term (4-7 years). However, the Fund purchases individual fixed income securities of any maturity. The Adviser seeks to reduce volatility, in part, by keeping the Fund's fixed income portfolio average maturity below a maximum of seven years, which can reduce sensitivity to capital losses caused by rising interest rates. The Adviser sells fixed income securities when a security's expected return declines, or issuer credit quality deteriorates and to adjust portfolio-level maturity. Specific weighting and allocation among the various types of fixed income investments will be made on the basis of the Adviser's assessment of the opportunities for income, capital appreciation and capital preservation relative to the risk, as measured by maturity and return volatility.

The Fund's investment adviser, CMG Capital Management Group, Inc. (the "Adviser") manages the fixed income strategy portion of the Fund's portfolio directly and delegates the management of the Fund's tactical long short investment strategy to Scotia Partners, LLC (the "Sub-Adviser"). The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Adviser and Sub-Adviser may each engage in active and frequent trading to achieve the Fund's investment objective.

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 - Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk - The Fund's use of futures involves leverage risk and tracking risk.

• Fixed Income Risk - The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities 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.

• Leveraging Risk - The Fund's use of leverage through futures will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's and/or Sub-Adviser's judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect. The Adviser's judgments about the investment management skill of the Sub-Adviser may prove to be incorrect.

• Non-Diversification Risk - The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk - Portfolio turnover refers to the rate at which the securities and derivatives held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which will reduce the Fund's return. Active trading of securities may also increase the Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk - The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk - Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Each other investment company and ETF is subject to specific risks, depending on the nature of the fund.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

CMG Global Equity Fund Class A and I | CMG Global Equity Fund

FUND SUMMARY: CMG Global Equity Fund

Investment Objective:

The Fund seeks long term total return with less volatility than global equity markets in general.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 of the Fund’s Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees CMG Global Equity Fund CMG Global Equity Fund Class A and I	Class A Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)	5.75%	none
Maximum Deferred Sales Charge (Load) (as a % of the lower of original purchase price or redemption proceeds)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none	none
Redemption Fee (as a % of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses CMG Global Equity Fund CMG Global Equity Fund Class A and I		Class A Shares	Class I Shares
Management Fees		1.25%	1.25%
Distribution and Service (12b-1) Fees		0.25%	none
Other Expenses	[1]	0.30%	0.30%
Total Annual Fund Operating Expenses		1.80%	1.55%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example CMG Global Equity Fund CMG Global Equity Fund Class A and I (USD $)	1 Year	3 Years
Class A Shares	747	1,109
Class I Shares	158	490

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.

Principal Investment Strategies:

The Fund intends to achieve its investment objective by investing, under normal circumstances, at least 80% of its total assets in equity securities of publicly listed companies, and at least 40% of its assets in securities issued by companies domiciled outside of the United States, from a minimum of three foreign countries.

The Fund’s adviser, CMG Capital Management Group, Inc., (the “Adviser”) uses a screening process to construct a portfolio of equity securities that it believes will produce long-term total returns with less volatility than global equity markets in general. The Fund may invest in companies of any size or geographic location. The Fund will invest in foreign securities, including American depositary receipts (“ADRs”), securities issued by foreign companies or a foreign exchange, and may invest in emerging market securities. The adviser delegates execution of the Fund’s active volatility management process (“Active Volatility Management”) to a sub-adviser, AlphaSimplex Group, LLC. The Fund is designed to reduce the portfolio’s risk profile by utilizing a sub-adviser to identify periods of high risk in global equity markets and hedging equity exposure by investing in liquid equity index future contracts (“Active Volatility Management”).

The Adviser manages the Fund’s portfolio by using research from a third party provider for its screening and investment process to:

(1) identify companies with at least 3 years of audited financials;

(2) rank companies by profit per-share and balance leverage;

(3) re-rank favorable companies by variability of profits and leverage;

(4) screen out equities with insufficient liquidity relative to the Fund’s size;

(5) invest in “top” equities, as determined by the this screening process, on an equally-weighted basis;

(6) daily review and replacement of any substantially deteriorating companies with next best ranked equities;

(7) monthly re-identification and purchase of “top” equities, as determined by the Adviser’s screening process; and

(8) annual rebalancing to equally-weight the “top” equities, as determined by the Adviser’s screening process.

The Adviser believes this quantitative investment process will select equities that provide long-term total returns. The Adviser initially intends to build a portfolio of 50 equity positions, but the total number held by the Fund may vary from time-to-time as determined by the Adviser.

The Adviser is responsible for the day to day management and compliance of the equity portfolio, and the Adviser delegates the Active Volatility Management to AlphaSimplex Group, LLC (the "Sub-Adviser"). The Adviser, on behalf of itself and on behalf of the Fund and other funds it advises or may advise in the future that are each a series of Northern Lights Fund Trust, was granted an exemptive order from the Securities and Exchange Commission that permits the Adviser, with Board of Trustee approval, to enter into or amend sub-advisory agreements with sub-advisers without obtaining shareholder approval. The order eliminates the need for a shareholders meeting and vote to approve sub-advisers. Shareholders will be notified if and when a new sub-adviser is employed by the Adviser.

The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Adviser and Sub-Adviser may each engage in active and frequent trading to achieve the Fund's investment objective.

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.

• Derivatives Risk - The Fund's use of futures involves leverage risk and tracking risk.

• 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.

• 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.

• Leveraging Risk - The Fund's use of leverage through futures will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's and/or Sub-Adviser's judgments about the potential appreciation of a particular security in which the Fund invests may prove to be incorrect. The Adviser's judgments about the investment management skill of the Sub-Adviser may prove to be incorrect.

• Limited History of Operations Risk- The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

• Hedging Risk- Although derivative instruments may be used to offset or hedge against losses on an opposite position, such hedges can also potentially offset any gains on the opposite position. The Fund may also be exposed to the risk it may be required to segregate assets or enter into offsetting positions in connection with investments in derivatives, but such segregation will not limit the Fund's exposure to loss. The Fund may also incur risk with respect to the segregated assets to the extent that, but for the applicable segregation requirement in connection with its investments in derivatives, the Fund would sell the segregated assets.

• Short Position Risk- The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Foreign Investment Risk - The Fund's performance may depend on issues other than the performance of a particular company or U.S. market sector. The values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax) changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations. The value of foreign securities is also affected by the value of the local currency relative to the U.S. dollar.

• Foreign Emerging Market Risk - In addition to the risks generally associated with investing in foreign securities, countries with emerging markets also may have relatively unstable governments, social and legal systems that do not protect shareholders, economies based on only a few industries, and securities markets that trade a small number of issues.

• Smaller Company Risk - Smaller companies may experience higher failure rates than do larger companies. Securities of smaller companies may trade less frequently and in smaller volumes than the securities of larger companies, which may disproportionately affect their market price.

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 is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

CMG Managed High Yield Fund Class A And I | CMG Managed High Yield Fund

FUND SUMMARY: CMG Managed High Yield Fund

Investment Objective:

The Fund’s objective is to generate total returns over a complete market cycle through capital appreciation and income.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.  You may qualify for sales charge discounts on purchases of Class A shares if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund.  More information about these and other discounts is available from your financial professional and in How to Purchase Shares on page 25 of the Fund’s Prospectus.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees CMG Managed High Yield Fund Class A And I CMG Managed High Yield Fund	Class A Shares	Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)	5.75%	none
Maximum Deferred Sales Charge (Load) (as a % of the lower of original purchase price or redemption proceeds)	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none	none
Redemption Fee (as a % of amount redeemed, if applicable)	none	none

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

Annual Fund Operating Expenses CMG Managed High Yield Fund Class A And I CMG Managed High Yield Fund		Class A Shares	Class I Shares
Management Fees		1.25%	1.25%
Distribution and Service (12b-1) Fees		0.40%	none
Other Expenses	[1]	0.51%	0.51%
Acquired Fund Fees and Expenses	[1][2]	0.20%	0.20%
Total Annual Fund Operating Expenses		2.36%	1.96%
Fee Waiver and Reimbursement	[3]	(0.11%)	(0.11%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement		2.25%	1.85%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example CMG Managed High Yield Fund Class A And I CMG Managed High Yield Fund (USD $)	1 Year	3 Years
Class A Shares	790	1,259
Class I Shares	188	605

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.

Principal Investment Strategies:

The Fund invests primarily in high yield fixed income securities, directly or by investing in other mutual funds or exchange traded funds (” ETFs”) (collectively, “Underlying Funds”) which invest primarily in high yield bonds and other debt securities that are rated below investment grade by Moody’s or Standard and Poor’s respectively. The Fund’s investment adviser (the “Adviser”) adjusts the Fund’s portfolio to obtain maximum total return (income and price appreciation) in up trending high yield bond markets and focuses on capital preservation in down trending price environments. The Adviser utilizes its proprietary risk management “Asset Allocation Program” in managing the Fund. In down trending price environments, the Fund can also invest in put and call options as a means to protect (hedge) the portfolio’s high yield bond exposure and/or move its high yield bond exposure temporarily to cash or short-term cash equivalents in an attempt to mitigate market declines as well as lower portfolio volatility.

The Fund invests in fixed income securities that are sometimes referred to as “high yield” or “junk” bonds. The Fund defines high yield bonds as those rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default. The Fund may hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment. The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. securities), Underlying Funds and derivative investments such as futures and options. Derivative investments may be used by the Adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

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.

• Credit Risk – Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk – The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk – The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• High-Yield Bond Risk – Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

• 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.

• Leveraging Risk – The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Limited History of Operations Risk: The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

• Liquidity Risk – The markets for high-yield, convertible and certain lightly traded equity securities (particularly small cap issues) are often not as liquid as markets for higher-rated securities or large cap equity securities. Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions. These factors may have an adverse effect on the Fund’s ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.

• Management Style Risk – The Adviser's judgment about the potential appreciation of a particular security or currency in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk – The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Sector Risk – The Fund's investments in a sector bear the risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.

• Short Selling Risk – The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk – Market prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk – Underlying Funds in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to specific risks, depending on the nature of the fund.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

CMG SR Tactical Bond Fund Manager Class Shares | CMG SR Tactical Bond Fund

FUND SUMMARY: CMG SR Tactical Bond Fund

Investment Objective:

The Fund seeks consistent positive returns throughout various fixed income cycles.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees1	CMG SR Tactical Bond Fund Manager Class Shares CMG SR Tactical Bond Fund Manager Class Shares
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none
Redemption Fee	none

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

Annual Fund Operating Expenses		CMG SR Tactical Bond Fund Manager Class Shares CMG SR Tactical Bond Fund Manager Class Shares
Management Fees		1.25%
Distribution and Service (12b-1) Fees		0.25%
Other Expenses	[1]	0.79%
Acquired Fund Fees and Expenses	[2]	0.60%
Total Annual Fund Operating Expenses		2.89%
Fee Waiver and Reimbursement	[3]	(1.29%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement		1.60%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	1 Year	3 Years	5 Years	10 Years
CMG SR Tactical Bond Fund Manager Class Shares CMG SR Tactical Bond Fund Manager Class Shares	163	773	1,409	3,122

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 2,984% of the average value of its portfolio.

Principal Investment Strategies:

The Fund invests primarily in long and short positions in US Treasury bonds through a combination of (i) Underlying Funds linked to the performance of the current US Long Treasury Bond, (ii) exchange traded funds linked to the performance of various Treasury bonds, (iii) Treasury Bonds and (iv) Treasury bond futures and other derivatives. The Adviser believes that by applying systematic research (“SR”) and its multi-factor quantitative model, the strategy can produce returns in excess of buying and holding U.S. Long Treasury Bond mutual funds through various fixed income cycles (periods of rising and falling interest rates both on a shorter-term or long-term basis).

The Fund may invest in fixed income securities of U.S. companies, both directly and indirectly through mutual funds, including open-end funds (mutual funds), closed-end funds and exchange-traded funds (collectively, “Underlying Funds”). Exchange-traded funds or “ETFs” are registered investment companies that generally seek to track the performance of a particular market index, such as the Standard & Poor's 500, or of a particular segment of the market such as an industry sector or geographic region. The Fund may invest in fixed income securities that are sometimes referred to as "high yield" or “junk” bonds. The Fund defines high yield bonds as those rated lower than Baa3 by Moody's Investors Service ("Moody's") or lower than BBB- by Standard and Poor's Rating Group ("S&P"), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default. The Fund may also hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment. The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. and foreign equities (including equity securities of companies in developing countries or emerging markets), other types of investment companies and derivative investments such as futures and options. Derivative investments may be used by the adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

Under normal circumstances, the Fund will invest at least 80% of its assets in US Treasury bonds, corporate bonds or Underlying Funds which invest primarily in US Treasury or corporate bonds (“80% Investment Policy”). The Adviser utilizes its own proprietary research as well as the research of independent third parties such as statistical reporting organizations or signal providers to identify suitable investments for the Fund during various fixed income cycles. The strategy indicators that have varying weights are used to determine the Fund’s investment in Long Treasury Bond funds, ETFs, Treasury Bonds, futures contracts and derivatives on fixed income securities. Each indicator will generate a signal indicating a long or short position. The signals are blended to determine the appropriate investment.

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.

• Derivatives Risk - The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk - The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• 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.

• Leveraging Risk - The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's judgments about the potential appreciation of a particular security in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk - The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk - Portfolio turnover refers to the rate at which the securities held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which may reduce the Fund’s return, unless the securities traded can be bought and sold without corresponding commission costs. Active trading of securities may also increase a Fund’s realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk - The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Short Selling Risk - The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds - Mutual funds, closed-end funds and ETFs are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in other investment companies and may be higher than other mutual funds that invest directly in stocks and bonds. Each other investment company and ETF is subject to specific risks, depending on the nature of the fund.

Performance:

The bar chart and performance table below show the variability of the Fund’s returns, which is some indication of the risks of investing in the Fund. The bar chart shows performance of Class A shares of the Fund for each full calendar year since the Fund's inception. Because the Manager Class does not have a full year of performance, performance of Class A shares is presented. The performance table compares the performance of the Fund ’s Class A and Class I shares over time to the performance of a broad-based securities market index. You should be aware that the Fund’s past performance (before and after taxes) may not be an indication of how the Fund will perform in the future. The Fund’s returns prior to June 2013 were achieved while pursuing a materially different investment objective and strategy. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

Class A Annual Total Return For Calendar Years Ended December 31

(Sales loads are not reflected in the bar chart and if these amounts were reflected, returns would be less than those shown.)

Best Quarter:	4th Quarter 2010	4.12%
Worst Quarter:	4th Quarter 2012	(2.86)%

The year-to-date return as of the most recent calendar quarter, which ended June 30, 2013, was 0.55%.

Performance Table

Average Annual Total Returns

(For period ended December 31, 2012)

Average Annual Total Returns CMG SR Tactical Bond Fund Class A and I CMG SR Tactical Bond Fund	Label	One Year	Since Inception		Inception Date
Class A Shares	Return before taxes	(7.47%)	(2.07%)		May 01, 2009
Class A Shares Return after taxes on distributions		(7.47%)	(2.66%)
Class A Shares Return after taxes on distributions and sale of Fund shares		(4.85%)	(2.06%)
Class I Shares	Return before taxes	(1.50%)	(0.70%)	[1]	Oct. 20, 2011
Barclays Capital Long Term Treasury Index (reflects no deduction for fees, expenses, or taxes)		3.56%	10.29%
Standard & Poor's 500 Index (reflects no deduction for fees, expenses, or taxes)		16.00%	16.63%

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.  After tax returns for Class I shares, which are not shown, will vary from those of Class A shares.

The S&P 500^® Index is a market capitalization-weighted index of 500 of the largest U.S. companies. The Barclays Capital Long Term Treasury Index (the “Barclays Index”) is an unmanaged index comprised of fixed-income securities with various maturities greater than 10 years. The Barclays Index was added in connection with the Fund’s change in strategy in June 2013.  Index returns assume reinvestment of dividends.  Unlike the Fund’s returns, however, they do not reflect any fees or expenses.  An investor cannot invest directly in an index.

CMG Tactical Equity Strategy Fund Manager Class Shares | CMG Tactical Equity Strategy Fund

FUND SUMMARY: CMG Tactical Equity Strategy Fund

Investment Objective:

The Fund's investment objective is to generate capital appreciation in rising and falling markets.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees1	CMG Tactical Equity Strategy Fund Manager Class Shares CMG Tactical Equity Strategy Fund Manager Class Shares
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none
Redemption Fee	none

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

Annual Fund Operating Expenses		CMG Tactical Equity Strategy Fund Manager Class Shares CMG Tactical Equity Strategy Fund Manager Class Shares
Management Fees		1.50%
Distribution and Service (12b-1) Fees		0.25%
Other Expenses	[1]	0.36%
Acquired Fund Fees and Expenses	[1]	0.10%
Total Annual Fund Operating Expenses		2.21%
Fee Waiver and Reimbursement	[2]	(1.51%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement		0.70%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	1 Year	3 Years	5 Years	10 Years
CMG Tactical Equity Strategy Fund Manager Class Shares CMG Tactical Equity Strategy Fund Manager Class Shares	72	545	1,046	2,426

Portfolio Turnover:

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the most recent fiscal period, the Fund’s portfolio turnover rate was 0% of the average value of its portfolio.

Principal Investment Strategies:

The Fund seeks to generate capital appreciation in rising and falling markets using two principal strategies:

•Tactical Long Short Investment Strategy

•Fixed Income Investment Strategy

Using the tactical long short investment strategy, the Fund actively trades Standard & Poor's 500 Index futures contracts. These futures contracts are used as a substitute for investing in the stocks that compose the S&P 500 Index. The objective is to generate capital appreciation by investing, long or short, in positions linked to the S&P 500 Index using a proprietary quantitative investment model. The model is designed to identify long, intermediate and short term trends in the S&P 500 Index. This strategy attempts to generate high probability-of-profit trades, typically with a holding period of one to three days. If the strategy identifies positive price (Bullish) trends across these time frames, the strategy will invest long on a levered basis targeting 200% of the S&P 500 Index. If the strategy identifies negative price (Bearish) trends across these time frames, the strategy will invest short on a levered basis targeting 200% of the inverse S&P 500 Index. The strategy also utilizes certain indicators to identify periods of market dislocation that can result in high probability-of-profit trades. Specifically, when a high volume of stock trades occur at ever-higher prices, an overbought condition is indicated; or when a high volume of stock trades occur at ever-lower prices, an oversold condition is indicated. The Fund may engage in trades based on these indicators in an attempt to profit from mean reverting (back to the average) price movements in the S&P 500 Index, independent of the core trend model.

During periods when the model’s trends are not aligned, absent of a trade signal, the strategy will signal investing in fixed income investments. The Fund invests in a variety of investment grade fixed income securities that are not expected to have returns that are highly correlated to the general equity market or the Fund’s tactical long short investment strategy. The Fund defines fixed income securities to include: bills, notes, debentures, bonds and other evidences of indebtedness issued of the U.S. Government, its agencies and instrumentalities, state and local political subdivisions, corporations and other business entities. The Fund defines investment grade fixed income securities as those rated, at the time of purchase, in the top four categories by a rating agency such as Moody's Investors Service, Inc. ("Moody's") or Standard & Poor's Ratings Group ("S&P"), or, if unrated, determined to be of comparable quality. The Fund's fixed income strategy is designed to generate interest income, capital appreciation and to diversify returns from those of the tactical long short investment strategy. To control interest rate risk, the Fund maintains an average fixed income portfolio maturity that ranges between short-term, (less than 1 year) and intermediate-term (4-7 years). However, the Fund purchases individual fixed income securities of any maturity. The Adviser seeks to reduce volatility, in part, by keeping the Fund's fixed income portfolio average maturity below a maximum of seven years, which can reduce sensitivity to capital losses caused by rising interest rates. The Adviser sells fixed income securities when a security's expected return declines, or issuer credit quality deteriorates and to adjust portfolio-level maturity. Specific weighting and allocation among the various types of fixed income investments will be made on the basis of the Adviser's assessment of the opportunities for income, capital appreciation and capital preservation relative to the risk, as measured by maturity and return volatility.

The Fund's investment adviser, CMG Capital Management Group, Inc. (the "Adviser") manages the fixed income strategy portion of the Fund's portfolio directly and delegates the management of the Fund's tactical long short investment strategy to Scotia Partners, LLC (the "Sub-Adviser"). The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund. The Adviser and Sub-Adviser may each engage in active and frequent trading to achieve the Fund's investment objective.

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 - Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk - The Fund's use of futures involves leverage risk and tracking risk.

• Fixed Income Risk - The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities 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.

• Leveraging Risk - The Fund's use of leverage through futures will magnify the Fund's gains or losses.

• Management Style Risk - The Adviser's and/or Sub-Adviser's judgments about the potential appreciation of a particular security or derivative in which the Fund invests may prove to be incorrect. The Adviser's judgments about the investment management skill of the Sub-Adviser may prove to be incorrect.

• Non-Diversification Risk - The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Portfolio Turnover Risk - Portfolio turnover refers to the rate at which the securities and derivatives held by the Fund are replaced. The higher the rate, the higher the transactional and brokerage costs associated with the turnover which will reduce the Fund's return. Active trading of securities may also increase the Fund's realized capital gains or losses, which may affect the taxes you pay as a Fund shareholder.

• Short Position Risk - The Fund may invest in short futures positions which will prevent the Fund from participating in market gains.

• Stock Market Risk - Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk - Mutual funds, and ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to specific risks, depending on the nature of the fund.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of this Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

CMG Managed High Yield Fund Manager Class | CMG Managed High Yield Fund

FUND SUMMARY: CMG Managed High Yield Fund

Investment Objective:

The Fund’s objective is to generate total returns over a complete market cycle through capital appreciation and income.

Fees and Expenses of the Fund:

The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees1	CMG Managed High Yield Fund Manager Class CMG Managed High Yield Fund Manager Class Shares
Maximum Sales Charge (Load) Imposed on Purchases	none
Maximum Deferred Sales Charge (Load)	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions	none
Redemption Fee	none

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

Annual Fund Operating Expenses		CMG Managed High Yield Fund Manager Class CMG Managed High Yield Fund Manager Class Shares
Management Fees		1.25%
Distribution and Service (12b-1) Fees		0.25%
Other Expenses	[1]	0.51%
Acquired Fund Fees and Expenses	[1][2]	0.20%
Total Annual Fund Operating Expenses		2.21%
Fee Waiver and Reimbursement	[3]	(1.36%)
Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement		0.85%

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, you reinvest all dividends and capital gains distributions and that the Fund’soperating expenses remain the same.  Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example (USD $)	1 Year	3 Years
CMG Managed High Yield Fund Manager Class CMG Managed High Yield Fund Manager Class Shares	87	560

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.

Principal Investment Strategies:

The Fund invests primarily in high yield fixed income securities, directly or by investing in other mutual funds or exchange traded funds (“ETF s”) (collectively, “Underlying Funds”) which invest primarily in high yield bonds and other debt securities that are rated below investment grade by Moody’s or Standard and Poor’s respectively. The Fund’s investment adviser (the “Adviser”) adjusts the Fund’s portfolio to obtain maximum total return (income and price appreciation) in up trending high yield bond markets and focuses on capital preservation in down trending price environments. The Adviser utilizes its proprietary risk management “Asset Allocation Program” in managing the Fund. In down trending price environments, the Fund can also invest in put and call options as a means to protect (hedge) the portfolio’s high yield bond exposure and/or move its high yield bond exposure temporarily to cash or short-term cash equivalents in an attempt to mitigate market declines as well as lower portfolio volatility. The Fund invests in fixed income securities that are sometimes referred to as “high yield” or “junk” bonds. The Fund defines high yield bonds as those rated lower than Baa3 by Moody’s Investors Service (“Moody’s”) or lower than BBB- by Standard and Poor’s Rating Group (“S&P”), or determined to be of similar quality by the Fund’s Adviser. Such securities are considered speculative investments that carry greater risk of default. The Fund may hold U.S. Government securities or cash equivalents for collateralization obligations, to pay redemption requests or while pending investment. The Fund may invest in a wide range of instruments, markets and asset classes, including but not limited to U.S. securities), Underlying Funds and derivative investments such as futures and options. Derivative investments may be used by the Adviser for hedging purposes or for speculative purposes. The Fund (or the Underlying Funds in which the Fund may invest) may sell securities short or leverage its assets through borrowings for investment purposes. The Fund is non-diversified, which means that it can invest a greater percentage of its assets in any one issuer than a diversified fund.

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.

• Credit Risk – Debt issuers may not make interest and principal 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 deteriorates.

• Derivatives Risk – The Fund may use derivatives (including futures and options) to enhance returns or hedge against market declines. The Fund’s use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments.

• Fixed Income Risk – The value of the Fund's investments in fixed income securities will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of bonds and bond funds owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities generally increases. Your investment will decline in value if the value of the Fund’s investments decreases.

• High-Yield Bond Risk – Lower-quality bonds, known as "high yield" or "junk" bonds, present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund’s ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund’s share price.

• 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.

• Leveraging Risk – The use of leverage, such as borrowing money to purchase securities, will magnify the Fund's gains or losses.

• Limited History of Operations Risk: The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.

• Liquidity Risk – The markets for high-yield, convertible and certain lightly traded equity securities (particularly small cap issues) are often not as liquid as markets for higher-rated securities or large cap equity securities. Accordingly, these secondary markets (generally or for a particular security) could contract under real or perceived adverse market or economic conditions. These factors may have an adverse effect on the Fund’s ability to dispose of particular portfolio investments and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.

• Management Style Risk – The Adviser's judgment about the potential appreciation of a particular security or currency in which the Fund invests or calls it writes may prove to be incorrect.

• Non-Diversification Risk – The Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

• Sector Risk – The Fund's investments in a sector bear the risk that securities within the same group of industries will decline in price due to sector-specific market or economic developments.

• Short Selling Risk – The Fund (and the Underlying Funds) may engage in short selling activities, which are more risky than "long" positions (purchases) because the cost of the replacement security or instrument is unknown.

• Stock Market Risk – Market prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

• Underlying Funds Risk – Mutual funds, and ETFs (“Underlying Funds”) in which the Fund invests are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in the Underlying Funds and may be higher than other mutual funds that invest directly in stocks and bonds. Each of the Underlying Funds is subject to specific risks, depending on the nature of the fund.

Performance:

Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information is available at no cost by calling 1-866-CMG-9456 or visiting www.cmgmutualfunds.com.

[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

[2] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 31, 2014, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the adviser)) will not exceed 2.40% and 2.00% of the daily average net assets attributable to each of the Class A 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.

[1] Inception date for Class I shares was October 20, 2011.

[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

[2] The adviser has contractually agreed to waive its management fees and/or to make payments to limit Fund expenses, until August 31, 2014 so that the total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation) of the Fund do not exceed 2.25% for Class A shares and 1.95% for Class I shares. Waivers and expense payments may be recouped by the adviser from the Fund, to the extent that overall expenses fall below specified limits, within three years of when the amounts were waived or recouped. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the adviser.

[1] Based on estimated amounts for the current fiscal year.

[1] Estimated for the current fiscal year.

[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

[3] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 31, 2014, to ensure that Net Annual Fund Operating Expenses for each class of shares (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 2.05% and 1.65% of the Fund's average daily net assets attributable to Class A shares and Class I shares, respectively, 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 expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Board of Trustees may terminate this expense reimbursement arrangement at any time.

[1] Estimated for the current fiscal year.

[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

[3] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, at least until August 31, 2014, to ensure that Net Annual Fund Operating Expenses (exclusive of any front-end or contingent deferred sales loads, brokerage fees and commissions, acquired fund fees and expenses; borrowing costs (such as interest and dividend expense on securities sold short); taxes; (v) extraordinary expenses, such as litigation expenses (which may include indemnification of Funds' officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 1.00% of the Fund's average daily net assets attributable to Manager Class shares, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the fiscal year end during which the fees were waived or expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Board of Trustees may terminate this expense reimbursement arrangement at any time, on 60 days' written notice to the adviser.

[1] Inception date for Class I shares was October 20, 2011.

[1] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. Acquired Fund Fees and Expenses are the average indirect costs of investing in other investment companies (the "Underlying Funds"). The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund.

[2] The Fund's adviser has contractually agreed to waive its fees and absorb expenses of the Fund, until at least August 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 0.60% of the daily average net assets of the Fund. The expense reimbursement is subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the reimbursement) if such recoupment can be achieved within the foregoing expense limits. Manager Class fee waivers are not subject to recoupment from the Fund. The Operating Expense Limitation Agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the adviser.

[1] Estimated for the current fiscal year.

[2] Acquired Fund Fees and Expenses are the indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the Fund's financial highlights because the financial statements include only the direct operating expenses incurred by the Fund, not the indirect costs of investing in other investment companies.

[3] The Fund's adviser has contractually agreed to reduce its fees and/or absorb expenses of the Fund, until at least August 31 , 2014 , to ensure that Net Annual Fund Operating Expenses for each class of shares (exclusive of any front-end or contingent deferred loads, brokerage fees and commissions, acquired fund fees and expenses, borrowing costs (such as interest and dividend expense on securities sold short), taxes, and extraordinary expenses, such as litigation expenses (which may include indemnification of Fund officers and Trustees, contractual indemnification of Fund service providers (other than the Adviser)) will not exceed 0.65% of the Fund's average daily net assets attributable to Manager Class shares, subject to possible recoupment from the Fund in future years on a rolling three year basis (within the three years after the end of the fiscal year during which the fees were waived or expenses reimbursed) if such recoupment can be achieved within the foregoing expense limits. The Board of Trustees may terminate this expense reimbursement arrangement at any time, on 60 days' written notice to the adviser.