0000910472-14-001087.txt : 20140310 0000910472-14-001087.hdr.sgml : 20140310 20140310120616 ACCESSION NUMBER: 0000910472-14-001087 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20140310 DATE AS OF CHANGE: 20140310 EFFECTIVENESS DATE: 20140310 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Northern Lights Fund Trust CENTRAL INDEX KEY: 0001314414 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-122917 FILM NUMBER: 14679737 BUSINESS ADDRESS: STREET 1: 17605 WRIGHT STREET CITY: OMAHA STATE: NE ZIP: 68130 BUSINESS PHONE: 631-470-2600 MAIL ADDRESS: STREET 1: 17605 WRIGHT STREET CITY: OMAHA STATE: NE ZIP: 68130 FORMER COMPANY: FORMER CONFORMED NAME: Northern Lights Trust DATE OF NAME CHANGE: 20050113 0001314414 S000044265 Navigator Tactical Fixed Income Fund C000137888 Navigator Tactical Fixed Income Fund Class A Shares NTBAX C000137889 Navigator Tactical Fixed Income Fund Class C Shares NTBCX C000137890 Navigator Tactical Fixed Income Fund Class I Shares NTBIX 497 1 xbrl497.htm 497 GemCom, LLC

Northern Lights Fund Trust

Navigator Tactical Fixed Income Fund


Incorporated herein by reference is the definitive version of the supplement for Navigator Tactical Fixed Income Fund filed pursuant to Rule 497 (c) under the Securities Act of 1933, as amended, on March 6, 2014, (SEC Accession No. 0000910472-14-001040).









EX-101.INS 2 nlfun-20140306.xml 0001314414 2014-03-06 2014-03-06 0001314414 nlfun:S000044265Member 2014-03-06 2014-03-06 0001314414 nlfun:S000044265Member nlfun:C000137888Member 2014-03-06 2014-03-06 0001314414 nlfun:S000044265Member nlfun:C000137889Member 2014-03-06 2014-03-06 0001314414 nlfun:S000044265Member nlfun:C000137890Member 2014-03-06 2014-03-06 iso4217:USD xbrli:pure Other 2014-03-06 Northern Lights Fund Trust 0001314414 false nlfun NTBAX NTBCX NTBIX 2014-03-06 2014-03-06 2014-03-03 <p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p> <p style="margin: 0px"><b>Investment Objective:</b></p> <p style="margin: 0px">The Fund&#146;s investment objective is to seek total return with a secondary goal of current income.</p> <p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p> <p style="margin: 0px">The following table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. &#160;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. &#160;More information about these and other discounts is available from your financial professional and in <b>How to Purchase Shares</b> on page 18 of the Fund&#146;s Prospectus.</p> <p style="margin: 0px"><b>Shareholder Fees</b></p> <p style="margin: 0px"><b>(fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p> <p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Example:</b></p> <p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="margin: 0px">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&#146;s<i> </i>operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:</p> <p style="margin: 0px"><b>Portfolio Turnover:</b></p> <p style="margin: 0px">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#147;turns over&#148; 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&#146;s performance.</p> <p style="margin: 0px"><b>Principal Investment Strategies:</b></p> <p style="margin: 0px">In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities (&#147;80% investment policy&#148;). For purposes of the 80% investment policy, the Fund defines fixed income securities as including (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) preferred stocks, (vi) any other debt or debt-related securities of any maturities, whether issued by U.S. or non-U.S. governments, agencies or instrumentalities thereof or corporate entities, and having fixed, variable, floating or inverse floating rates, (vii) fixed income derivatives including options, financial futures, options on futures and swaps, and (viii) underlying funds (defined below) that invest primarily in fixed income securities, or (ix) other evidences of indebtedness. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade (&#147;high yield securities&#148;). Below investment grade debt securities are those rated below Baa3 by Moody&#146;s Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund may invest in underlying funds including mutual funds, exchange traded funds (&#147;ETFs&#148;) and inverse ETFs (collectively, &#147;Underlying Funds&#148;).</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Fund may also purchase or write (sell) credit default swaps (&#147;CDS&#148;) or credit default swap indexes (&#147;CDX&#148;), which are credit derivatives used to hedge credit risk and/or take a position on a basket of credit entities. Unlike a credit default swap, which is an over the counter derivative, a CDX may be exchange traded, or sold over the counter. Each CDX is designed to track a basket of credit entities, which may be standard or customized. This means that it may be more liquid than a credit default swap, and it may be cheaper to hedge the Fund&#146;s portfolio with a CDX than it would be to buy many single name credit default swaps to achieve a similar effect. The Fund may also purchase or sell total return swaps or invest in inverse ETFs to hedge its long positions.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Fund&#146;s strategy is primarily driven by a modeling process which measures the relative strength or momentum of various fixed income assets classes against one another. Using this momentum-based strategy, the Fund will tactically shift its holdings and asset allocations accordingly. . The adviser&#146;s process uses relative strength models to determine the Fund&#146;s allocation among high yield securities, intermediate to long-term Treasuries, and T-bills. That analysis assists the adviser to determine the preferred asset class, which in turn drives the individual security selection. Thus, when the high yield asset class is favored, the Fund will invest in other high yield mutual funds, ETFs, individual high yield securities, preferred stocks, and synthetic high yield investments. Conversely, when the favored asset class is Treasuries, the adviser will sell and/or hedge the Fund&#146;s high yield exposure by short-selling common stocks, entering into puts or put spreads on individual stocks or equity indices, futures, selected to replicate the credit component of high yield corporate bonds and increase the Fund&#146;s exposure to Treasuries through bonds, notes, ETFs and synthetic investments designed to do so.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">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 may engage in active and frequent trading to achieve the Fund&#146;s investment objective.</p> <p style="margin: 0px"><b>Principal Investment Risks:</b></p> <p style="margin: 0px"><b><i>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&#146;s net asset value and performance.</i></b></p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Credit Default Swap Risk &#150; </i>Credit default swaps (&#147;CDS&#148;), a type of derivative instrument, involve special risks and may result in losses to the Fund. CDS are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the &#147;seller&#148;) receives pre-determined periodic payments from the other party (the &#147;buyer&#148;). The seller agrees to make compensating specific payments to the buyer if a negative</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; CDX Risk &#150; </i>A CDX is subject to the risks of the underlying credit default swap obligations, which include risks such as concentration risk and counterparty risk. Concentration risk refers to the certain large institutional buyers may take large positions in credit default swaps, and the failure of such a buyer could materially adversely affect the credit default swap market as a whole. Counterparty risk refers to the risk that the counterparty to the swap will default on its obligation to pay.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Credit Risk &#150; </i>The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Derivatives Risk &#150; </i>The Fund may execute an investment strategy or hedge by entering into derivative contracts such as futures, options and swaps, which can be riskier than traditional investments because they may involve leverage, be illiquid, suffer counterparty default and limit gains. Equity market-related swap contracts (including total return swaps and CDS) and options involve leverage risk, tracking risk and counterparty default risk. Option positions may expire worthless exposing the Fund to potentially significant losses. There is a risk that adverse price movements in a swap instrument can result in a loss substantially greater than the Fund&#146;s initial investment in that instrument (in some cases, the potential loss is unlimited).</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Equity Market Risk &#150; </i>Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Fixed Income Risk &#150; </i>The value of the Fund&#146;s investments in fixed income securities and derivatives will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. Your investment will decline in value if the value of the Fund&#146;s investments decreases.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Government-Sponsored Entities Risk &#150; </i>The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Hedging Risk &#150; </i>When the adviser believes market conditions are unfavorable, the adviser may attempt to &#147;hedge&#148; with defensive positions and strategies including, for example, holding substantial positions in lower-yield fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; High-Yield Bond Risk &#150; </i>Lower-quality bonds, known as high-yield bonds or &#147;junk bonds,&#148; present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond&#146;s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk).</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Interest Rate Risk &#150; </i>The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Issuer-Specific Risk &#150; </i>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.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Leverage Risk &#150; </i>The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund&#146;s gains or losses.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Limited History of Operations Risk &#150; </i>The Fund is a new mutual fund and has a limited history of operations for investors to evaluate.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Management Style Risk &#150; </i>The adviser&#146;s judgments about the potential appreciation of a particular security in which the Fund invests may prove to be incorrect.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Non-Diversification Risk &#150; </i>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&#146;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.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Options Risk &#150; </i>The Fund may lose the entire put or call option premium paid if the reference asset or index does not decrease below or rise above the respective strike price before expiration. Options may not be an effective hedge because they may have imperfect correlation to the value of the Fund&#146;s assets.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Portfolio Turnover Risk &#150; </i>A higher portfolio turnover may result in higher transactional and brokerage costs.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Preferred Stock Risk &#150; </i>Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Short Selling and Short Position Risk: </i>The Fund may engage in short selling and short position derivative activities, which are significantly different from the investment activities commonly associated with conservative stock or bond funds. Positions in shorted securities and derivatives are speculative and more risky than &#147;long&#148; positions (purchases) because the cost of the replacement security or derivative is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund&#146;s return, and may result in higher taxes.<i></i></p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Small and Medium Company Credit Risk &#150; </i>Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Therefore, equity or fixed income securities issued by smaller companies may pose greater credit risk than is generally associated with the securities of larger, more established companies.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Stock Market Risk &#150; </i>Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Structured Notes Risk &#150; </i>Structured notes involve leverage risk, tracking risk and issuer default risk.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Swap Risk &#150; </i>Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund&#146;s gains from a swap agreement or may cause the Fund to lose money.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px"><i>&#149; Underlying Funds Risk &#150; </i>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.</p> <p style="margin: 0px"><b>Performance:</b></p> <p style="margin: 0px">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. 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Based on estimated amounts for the current fiscal year. 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. In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities ("80% investment policy"). As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. As a non-diversified fund, the Fund may invest more than 5% of its total assets in the securities of one or more issuers. The Fund's performance may be more sensitive to any single economic, business, political or regulatory occurrence than the value of shares of a diversified investment company. Because the Fund has less than a full calendar year of investment operations, no performance information is presented for the Fund at this time. 1-877-766-2264 www.navigatorfund.com Based on estimated amounts for the current fiscal year. 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. 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Navigator Tactical Fixed Income Fund

FUND SUMMARY

Investment Objective:

The Fund’s investment objective is to seek total return with a secondary goal of current 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 18 of the Fund’s Prospectus.

Shareholder Fees

(fees paid directly from your investment)

Shareholder Fees Navigator Tactical Fixed Income Fund
Class A Shares
Class C Shares
Class I Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price) 3.75% none none
Maximum Deferred Sales Charge (Load) (as a % of the lower of original purchase price or redemption proceeds none none none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends and Other Distributions none none none
Redemption Fee none 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 Navigator Tactical Fixed Income Fund
Class A Shares
Class C Shares
Class I Shares
Management Fees 0.85% 0.85% 0.85%
Distribution and Service (12b-1) Fees 0.25% 1.00% none
Other Expenses [1] 0.14% 0.14% 0.14%
Acquired Fund Fees and Expenses 0.33% 0.33% 0.33%
Total Annual Fund Operating Expenses [2] 1.57% 2.32% 1.32%
[1] Based on estimated amounts 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.

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’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Expense Example Navigator Tactical Fixed Income Fund (USD $)
1 Year
3 Years
Class A Shares
629 852
Class C Shares
235 724
Class I Shares
134 418

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:

In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities (“80% investment policy”). For purposes of the 80% investment policy, the Fund defines fixed income securities as including (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) preferred stocks, (vi) any other debt or debt-related securities of any maturities, whether issued by U.S. or non-U.S. governments, agencies or instrumentalities thereof or corporate entities, and having fixed, variable, floating or inverse floating rates, (vii) fixed income derivatives including options, financial futures, options on futures and swaps, and (viii) underlying funds (defined below) that invest primarily in fixed income securities, or (ix) other evidences of indebtedness. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade (“high yield securities”). Below investment grade debt securities are those rated below Baa3 by Moody’s Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund may invest in underlying funds including mutual funds, exchange traded funds (“ETFs”) and inverse ETFs (collectively, “Underlying Funds”).

 

The Fund may also purchase or write (sell) credit default swaps (“CDS”) or credit default swap indexes (“CDX”), which are credit derivatives used to hedge credit risk and/or take a position on a basket of credit entities. Unlike a credit default swap, which is an over the counter derivative, a CDX may be exchange traded, or sold over the counter. Each CDX is designed to track a basket of credit entities, which may be standard or customized. This means that it may be more liquid than a credit default swap, and it may be cheaper to hedge the Fund’s portfolio with a CDX than it would be to buy many single name credit default swaps to achieve a similar effect. The Fund may also purchase or sell total return swaps or invest in inverse ETFs to hedge its long positions.

 

The Fund’s strategy is primarily driven by a modeling process which measures the relative strength or momentum of various fixed income assets classes against one another. Using this momentum-based strategy, the Fund will tactically shift its holdings and asset allocations accordingly. . The adviser’s process uses relative strength models to determine the Fund’s allocation among high yield securities, intermediate to long-term Treasuries, and T-bills. That analysis assists the adviser to determine the preferred asset class, which in turn drives the individual security selection. Thus, when the high yield asset class is favored, the Fund will invest in other high yield mutual funds, ETFs, individual high yield securities, preferred stocks, and synthetic high yield investments. Conversely, when the favored asset class is Treasuries, the adviser will sell and/or hedge the Fund’s high yield exposure by short-selling common stocks, entering into puts or put spreads on individual stocks or equity indices, futures, selected to replicate the credit component of high yield corporate bonds and increase the Fund’s exposure to Treasuries through bonds, notes, ETFs and synthetic investments designed to do so.

 

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 may 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 Default Swap Risk – Credit default swaps (“CDS”), a type of derivative instrument, involve special risks and may result in losses to the Fund. CDS are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative

 

• CDX Risk – A CDX is subject to the risks of the underlying credit default swap obligations, which include risks such as concentration risk and counterparty risk. Concentration risk refers to the certain large institutional buyers may take large positions in credit default swaps, and the failure of such a buyer could materially adversely affect the credit default swap market as a whole. Counterparty risk refers to the risk that the counterparty to the swap will default on its obligation to pay.

 

• Credit Risk – The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation.

 

• Derivatives Risk – The Fund may execute an investment strategy or hedge by entering into derivative contracts such as futures, options and swaps, which can be riskier than traditional investments because they may involve leverage, be illiquid, suffer counterparty default and limit gains. Equity market-related swap contracts (including total return swaps and CDS) and options involve leverage risk, tracking risk and counterparty default risk. Option positions may expire worthless exposing the Fund to potentially significant losses. There is a risk that adverse price movements in a swap instrument can result in a loss substantially greater than the Fund’s initial investment in that instrument (in some cases, the potential loss is unlimited).

 

• Equity Market Risk – Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.

 

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

 

• Government-Sponsored Entities Risk – The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.

 

• Hedging Risk – When the adviser believes market conditions are unfavorable, the adviser may attempt to “hedge” with defensive positions and strategies including, for example, holding substantial positions in lower-yield fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds.

 

• High-Yield Bond Risk – Lower-quality bonds, known as high-yield bonds or “junk bonds,” present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk).

 

• Interest Rate Risk – The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases.

 

• 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.

 

• Leverage Risk – The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and 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.

 

• Management Style Risk – The adviser’s judgments about the potential appreciation of a particular security in which the Fund invests may prove to be incorrect.

 

• 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.

 

• Options Risk – The Fund may lose the entire put or call option premium paid if the reference asset or index does not decrease below or rise above the respective strike price before expiration. Options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s assets.

 

• Portfolio Turnover Risk – A higher portfolio turnover may result in higher transactional and brokerage costs.

 

• Preferred Stock Risk – Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

• Short Selling and Short Position Risk: The Fund may engage in short selling and short position derivative activities, which are significantly different from the investment activities commonly associated with conservative stock or bond funds. Positions in shorted securities and derivatives are speculative and more risky than “long” positions (purchases) because the cost of the replacement security or derivative is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund’s return, and may result in higher taxes.

 

• Small and Medium Company Credit Risk – Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Therefore, equity or fixed income securities issued by smaller companies may pose greater credit risk than is generally associated with the securities of larger, more established companies.

 

• 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.

 

• Structured Notes Risk – Structured notes involve leverage risk, tracking risk and issuer default risk.

 

• Swap Risk – Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund’s gains from a swap agreement or may cause the Fund to lose money.

 

• 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 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 1-877-766-2264 or visiting www.navigatorfund.com.

XML 14 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Label Element Value
Prospectus [Line Items] rr_ProspectusLineItems  
Document Type dei_DocumentType Other
Document Period End Date dei_DocumentPeriodEndDate Mar. 06, 2014
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 Mar. 06, 2014
Document Effective Date dei_DocumentEffectiveDate Mar. 06, 2014
Prospectus Date rr_ProspectusDate Mar. 03, 2014
Navigator Tactical Fixed Income Fund
 
Prospectus [Line Items] rr_ProspectusLineItems  
Risk/Return [Heading] rr_RiskReturnHeading

FUND SUMMARY

Objective [Heading] rr_ObjectiveHeading

Investment Objective:

Objective, Primary [Text Block] rr_ObjectivePrimaryTextBlock

The Fund’s investment objective is to seek total return with a secondary goal of current 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 18 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.
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.
Expense Example [Heading] rr_ExpenseExampleHeading

Example:

Expense Example Narrative [Text Block] rr_ExpenseExampleNarrativeTextBlock

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

Expense Example by, Year, Caption [Text] rr_ExpenseExampleByYearCaption

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, you reinvest all dividends and capital gains distributions and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

Strategy [Heading] rr_StrategyHeading

Principal Investment Strategies:

Strategy Narrative [Text Block] rr_StrategyNarrativeTextBlock

In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities (“80% investment policy”). For purposes of the 80% investment policy, the Fund defines fixed income securities as including (i) bills, (ii) notes, (iii) structured notes, (iv) bonds, (v) preferred stocks, (vi) any other debt or debt-related securities of any maturities, whether issued by U.S. or non-U.S. governments, agencies or instrumentalities thereof or corporate entities, and having fixed, variable, floating or inverse floating rates, (vii) fixed income derivatives including options, financial futures, options on futures and swaps, and (viii) underlying funds (defined below) that invest primarily in fixed income securities, or (ix) other evidences of indebtedness. The Fund may invest in debt securities of any maturity or credit quality, including those rated below investment grade (“high yield securities”). Below investment grade debt securities are those rated below Baa3 by Moody’s Investors Service or equivalently by another nationally recognized statistical rating organization (NRSRO). The Fund may invest in underlying funds including mutual funds, exchange traded funds (“ETFs”) and inverse ETFs (collectively, “Underlying Funds”).

 

The Fund may also purchase or write (sell) credit default swaps (“CDS”) or credit default swap indexes (“CDX”), which are credit derivatives used to hedge credit risk and/or take a position on a basket of credit entities. Unlike a credit default swap, which is an over the counter derivative, a CDX may be exchange traded, or sold over the counter. Each CDX is designed to track a basket of credit entities, which may be standard or customized. This means that it may be more liquid than a credit default swap, and it may be cheaper to hedge the Fund’s portfolio with a CDX than it would be to buy many single name credit default swaps to achieve a similar effect. The Fund may also purchase or sell total return swaps or invest in inverse ETFs to hedge its long positions.

 

The Fund’s strategy is primarily driven by a modeling process which measures the relative strength or momentum of various fixed income assets classes against one another. Using this momentum-based strategy, the Fund will tactically shift its holdings and asset allocations accordingly. . The adviser’s process uses relative strength models to determine the Fund’s allocation among high yield securities, intermediate to long-term Treasuries, and T-bills. That analysis assists the adviser to determine the preferred asset class, which in turn drives the individual security selection. Thus, when the high yield asset class is favored, the Fund will invest in other high yield mutual funds, ETFs, individual high yield securities, preferred stocks, and synthetic high yield investments. Conversely, when the favored asset class is Treasuries, the adviser will sell and/or hedge the Fund’s high yield exposure by short-selling common stocks, entering into puts or put spreads on individual stocks or equity indices, futures, selected to replicate the credit component of high yield corporate bonds and increase the Fund’s exposure to Treasuries through bonds, notes, ETFs and synthetic investments designed to do so.

 

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 may engage in active and frequent trading to achieve the Fund’s investment objective.

Strategy Portfolio Concentration [Text] rr_StrategyPortfolioConcentration In seeking to achieve its investment objective, the Fund will invest, under normal circumstances, at least 80% of its assets, defined as net assets plus the amount of any borrowings for investment purposes, in long and/or short positions in fixed income securities ("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. The Fund is not intended to be a complete investment program. Many factors affect the Fund’s net asset value and performance.

 

• Credit Default Swap Risk – Credit default swaps (“CDS”), a type of derivative instrument, involve special risks and may result in losses to the Fund. CDS are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical CDS, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make compensating specific payments to the buyer if a negative

 

• CDX Risk – A CDX is subject to the risks of the underlying credit default swap obligations, which include risks such as concentration risk and counterparty risk. Concentration risk refers to the certain large institutional buyers may take large positions in credit default swaps, and the failure of such a buyer could materially adversely affect the credit default swap market as a whole. Counterparty risk refers to the risk that the counterparty to the swap will default on its obligation to pay.

 

• Credit Risk – The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation.

 

• Derivatives Risk – The Fund may execute an investment strategy or hedge by entering into derivative contracts such as futures, options and swaps, which can be riskier than traditional investments because they may involve leverage, be illiquid, suffer counterparty default and limit gains. Equity market-related swap contracts (including total return swaps and CDS) and options involve leverage risk, tracking risk and counterparty default risk. Option positions may expire worthless exposing the Fund to potentially significant losses. There is a risk that adverse price movements in a swap instrument can result in a loss substantially greater than the Fund’s initial investment in that instrument (in some cases, the potential loss is unlimited).

 

• Equity Market Risk – Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Warrants and rights may expire worthless if the price of a common stock is below the conversion price of the warrant or right. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.

 

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

 

• Government-Sponsored Entities Risk – The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. Government and may only be supported by the credit of the issuing agency.

 

• Hedging Risk – When the adviser believes market conditions are unfavorable, the adviser may attempt to “hedge” with defensive positions and strategies including, for example, holding substantial positions in lower-yield fixed-income securities and/or cash equivalents, which may limit potential gains when compared to unhedged funds.

 

• High-Yield Bond Risk – Lower-quality bonds, known as high-yield bonds or “junk bonds,” present a significant risk for loss of principal and interest. These bonds offer the potential for higher return, but also involve greater risk than bonds of higher quality, including an increased possibility that the bond’s issuer, obligor or guarantor may not be able to make its payments of interest and principal (credit quality risk).

 

• Interest Rate Risk – The value of the Fund may fluctuate based on changes in interest rates and market conditions. As interest rates rise, the value of income producing instruments may decrease. This risk increases as the term of the note increases.

 

• 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.

 

• Leverage Risk – The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and 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.

 

• Management Style Risk – The adviser’s judgments about the potential appreciation of a particular security in which the Fund invests may prove to be incorrect.

 

• 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.

 

• Options Risk – The Fund may lose the entire put or call option premium paid if the reference asset or index does not decrease below or rise above the respective strike price before expiration. Options may not be an effective hedge because they may have imperfect correlation to the value of the Fund’s assets.

 

• Portfolio Turnover Risk – A higher portfolio turnover may result in higher transactional and brokerage costs.

 

• Preferred Stock Risk – Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

 

• Short Selling and Short Position Risk: The Fund may engage in short selling and short position derivative activities, which are significantly different from the investment activities commonly associated with conservative stock or bond funds. Positions in shorted securities and derivatives are speculative and more risky than “long” positions (purchases) because the cost of the replacement security or derivative is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund’s return, and may result in higher taxes.

 

• Small and Medium Company Credit Risk – Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Therefore, equity or fixed income securities issued by smaller companies may pose greater credit risk than is generally associated with the securities of larger, more established companies.

 

• 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.

 

• Structured Notes Risk – Structured notes involve leverage risk, tracking risk and issuer default risk.

 

• Swap Risk – Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce the Fund’s gains from a swap agreement or may cause the Fund to lose money.

 

• 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 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 1-877-766-2264 or visiting www.navigatorfund.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 1-877-766-2264
Performance Availability Website Address [Text] rr_PerformanceAvailabilityWebSiteAddress www.navigatorfund.com
Navigator Tactical Fixed Income Fund | Class A Shares
 
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol NTBAX
Maximum Sales Charge Imposed on Purchases (as a percentage of Offering Price) rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice 3.75%
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 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 0.25%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.14% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.33%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.57% [2]
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 629
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 852
Navigator Tactical Fixed Income Fund | Class C Shares
 
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol NTBCX
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 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets 1.00%
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.14% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.33%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 2.32% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 235
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 724
Navigator Tactical Fixed Income Fund | Class I Shares
 
Prospectus [Line Items] rr_ProspectusLineItems  
Trading Symbol dei_TradingSymbol NTBIX
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 0.85%
Distribution and Service (12b-1) Fees rr_DistributionAndService12b1FeesOverAssets none
Other Expenses (as a percentage of Assets): rr_OtherExpensesOverAssets 0.14% [1]
Acquired Fund Fees and Expenses rr_AcquiredFundFeesAndExpensesOverAssets 0.33%
Expenses (as a percentage of Assets) rr_ExpensesOverAssets 1.32% [2]
Expense Example, with Redemption, 1 Year rr_ExpenseExampleYear01 134
Expense Example, with Redemption, 3 Years rr_ExpenseExampleYear03 $ 418
[1] Based on estimated amounts 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.
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