GMG Defensive Beta Fund

Pursuant to the Gramm-Leach-Bliley Act, Public law No. 106-102, and the rules issued by the Federal Trade Commission regarding the Privacy of Consumer Financial Information, 16 C.F.R. Part 313, institutions that provide certain financial products or services to individuals to be used for personal, family or household purposes are required to provide written notices to their customers regarding the disclosure of nonpublic personal information. We are sending you this notice in order to inform you of our privacy policies and practices with respect to your personal, nonpublic information. We have always treated the personal information we receive from our investors and clients with sensitivity and plan to continue that practice and we respect your rights to privacy. However, to manage Montebello Partners, LLC. (the “Company”) programs in the professional and efficient manner you expect, we must from time to time obtain and disclose certain private information about you. To protect the confidentiality of your private information while making the necessary disclosures, we have developed the security policies described below.

We collect non-public personal information about you from the following sources:

• Information we receive from you through advisory agreements and other documents, such as your name, address, social security number, assets, income, and amounts or types of your investments:

• Information about your transaction with us, our affiliates, and others, such as your capital account balance, other account data, contributions, distributions and participation in other investments; and

• Other interactions with us or our affiliates (such as discussions or other contacts with our staff, via the telephone, written correspondence, and electronic media).

We will only disclose a client’s personal information to our affiliates and service providers as permitted by applicable law. In general, we may share your personal information with our accountants and attorneys, as well as with broker-dealers, custodians and transfer agents that facilitate in-kind distributions of portfolio securities. We may also share your personal information with other providers of services necessary or convenient to the formation, operation or dissolution of the Company. Any service provider or other party receiving your personal information will be authorized to use such information only to perform the services required and as permitted by applicable law. No party receiving your personal information will be authorized to use or share such information for any other purpose.

We restrict access to non-public personal information about you to those employees of the Company who require access to provide services to the Company and its clients. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to guard your non-public personal information. The Company’s advisory agreement executed by each client in the Company requires that the names of the investors and certain information concerning the Fund are to be kept confidential and may only be disclosed to certain service providers as permitted by applicable law.

We will provide notice of our privacy policy annually, as long as you maintain an investment with us. The policy may change from time to time, but you can always review our current policy by asking us for a copy.

If you have any questions about our privacy policy, please feel free to call.

*Mutual Funds involve risk including possible loss of principal

*Beta- is a measure of the volatility, or systematic risk of a security or a portfolio in comparison to the market as a whole.

*ETF Risk- an investor will indirectly bear the fees and expenses charged by the underlying ETFs; and an ETF generally carries the same investment risk as the portfolio of securities within the ETF.

*Hedging/ Derivative Risk- the fund may execute an investment strategy or hedge by entering into derivative contracts such as futures, options or futures, swaps which can be riskier than traditional investments because they involve leverage, may be illiquid, may suffer counterparty default and may limit gains.

*Foreign Risk- investing in foreign securities presents risk not associated with domestic investments, such as currency fluctuations, political and economic changes and market risks.

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

Investors should consider the investment objectives, risks, charges and expenses of this fund carefully before investing. This and other information are contained in the Fund’s prospectus, which may be obtained by contacting your financial advisor, by visiting www.thebetafund.com or by calling 1-877-464-3111. Please read this prospectus carefully before you invest or send money.

The GMG Defensive Beta Fund is distributed by Northern Lights Distributors, LLC.

1671-NLD-11/12/2010

investors should consider the investment objectives, risks, charges and expenses of this fund carefully before investing. This and other information are contained in the Fund's prospectus, which may be obtained by contacting your financial advisor, by visiting www.thebetafund.com or by calling 877-464-3111. Please read this prospectus carefully before you invest or send money.

Holdings and investment allocations within the fund are subject to change without notice to the investor. Although this fund will normally invest its assets in a diversified manner, it may at the portfolio manager's discretion be concentrated in a few securities, which could greatly increase the risk of the fund. The fund is likely to be invested in non-U.S. securities, which may entail greater risk due to foreign economic and political developments. The fund will normally invest part of its assets into alternative investment strategies which may have greater risks than traditional assets such as U.S. Stocks and Bonds. Use of these instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, management risk, and the risk that the fund may not be able to close out a position at a time when it may be most advantageous to do so. Portfolios that invest in derivative instruments could lose more than the principal amount invested in these instruments.

GMG Defensive Beta Fund 877-464-3111 Distributed by Northern Lights Distributors, LLC Contact Us Privacy Legal/Disclosures © 2010 GMG Defensive Beta Fund