As of: Friday, September 03, 2010 | CLSAX: $11.62 CLERX: $9.24 CLDEX: $9.04 CLEIX: $10.42 CLFLX: $10.35 CLHAX: $8.87 CHRVX: $9.97 CLBLX: $8.71 CLACX: $10.63 CLSHX: $9.84

Fund Facts - Amerigo

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Based on total investment value as of 06/30/10. Portfolio holdings are subject to change and should not be considered a recommendation to buy individual securities. Percentages in certain sections may not sum to 100% due to rounding. Concentrating in a small number of investments increases the Fund's risk because each investment has a greater effect on the Fund's performance.

TOTAL RETURNS (as of 6/30/2010)

Beta: 0.91

Standard Deviation: 7.2

	QTD	YTD	1 YEAR	3 YEAR	5 YEAR	INCEPTION
Class N	-11.43%	-6.91%	15.12%	-8.12%	1.09%	(07/14/97 - 06/30/10) 3.74%

All returns over 1 year are annualized. Results represent past performance and do not indicate future returns. The value of an investment in the Funds and the return on investment both will fluctuate and redemption proceeds may be higher or lower than an investor’s original cost. Total return is calculated assuming reinvestment of all dividends. Total returns would have been lower had the Adviser, the Distributor, the Administrator, and Custodian not waived or reimbursed a portion of their fees. The performance of each class may vary based on differences in loads or fees paid by the shareholders investing in each class. For more performance numbers current to the most recent month-end please call 1-866-811-0225. Class N Shares are not subject to an initial sales charge or a CDSC.

Amerigo is a fund of funds meaning it invests in underlying mutual funds and exchange-traded funds (“Underlying Funds”). In some instances, it may be less expensive for an investor to invest in the Underlying Funds directly. There is also a risk that the investment advisors of those Underlying Funds may make investment decisions detrimental to the performance of the Fund or may be more volatile than investments in other mutual funds.

The Fund also offers other share classes with different sales charges and expense levels, which may affect performance. Investment return and principal value of this Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Performance stated is for Class N shares and assumes reinvestment of all distributions. N shares became effective on 7/15/97.

Objective

Amerigo seeks capital appreciation and long-term growth of capital without regard to current income

Commentary

Amerigo had a total return of -11.43% during the second quarter of 2010, matching the return of its benchmark, the S&P 500 index, which declined -11.43%.

During the second quarter, portfolio adjustments were modest. Allocations to mid and large cap growth were made with proceeds being allocated primarily to the mid cap blend asset class. The trade had the impact of trimming Amerigo’s overweight toward growth. In June, we began to increase allocations to China, Emerging Markets and Commodities, specifically crude oil. With the U.S. dollar ceasing to trade higher, we began to increase positions that could benefit from potential weakness in the U.S. dollar. More recently, the U.S dollar has tended to rise during periods of global financial stress. Once that financial stress had been discounted by the market, the U.S. dollar has tended to revert back toward weakness.

Fund Facts

Minimum investment:

$2,500 initial amount for individual accounts
$2,000 initial amount for IRA
$250 subsequent investments

Cusip number:
Class N 00764F201

Ticker symbol:
Class N CLSAX

Inception Date:
7/14/1997

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Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
SPDR S&P 500	10%
iShares S&P 500	9%
PowerShares QQQQ	9%
Vanguard Mid Cap ETF	6%
iShares Russell 1000 Growth	6%
iShares S&P Latin America 40	4%
iShares Russell Mid-Cap	4%
iShares MSCI Emerging Markets	4%
iShares Russell Midcap Growth	4%
Vanguard Small Cap ETF	3%
Total	59%

SPDR S&P 500 - This Fund seeks investment results that correspond with the performance of the large-capitalization sector of the U.S. equity market. ISHARES S&P 500 - This Fund seeks investment results that correspond with the performance of the large-capitalization sector of the U.S. equity market. POWERSHARES QQQQ - This Fund seeks to track the performance and holdings of the NASDAQ 100 Index. VANGUARD MID CAP ETF - This Fund seeks to track the performance of the MSCI US Small-Cap Value Index, an index of value stocks of smaller U.S. companies. ISHARES RUSSELL 1000 GROWTH - This Fund seeks investment results that correspond with the large-capitalization growth sector of the U.S. equity market. ISHARES S&P LATIN AMERICA 40 - This Fund consists of selected equities trading on the exchanges of four Latin American countries. ISHARES RUSSELL MID-CAP - This Fund seeks investment results that correspond with the Russell Mid-Cap Growth Index, an index of the 800 smallest companies in the Russell 1000 Index. ISHARES MSCI EMERGING MARKETS - This Fund seeks to track the performance of the MSCI US Small-Cap Value Index, an index of value stocks of smaller U.S. companies. ISHARES RUSSELL MIDCAP GROWTH - This Fund seeks investment results that correspond with the Russell Mid-Cap Growth Index, an index of the 800 smallest companies in the Russell 1000 Index. VANGUARD SMALL CAP ETF - This Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks.

Investors should carefully consider the investment objectives, risks, charges and expenses of the AdvisorOne Funds. Other fees and expenses do apply to a continued investment in the fund. This and other information about AdvisorOne Funds is contained in the prospectus, which can be obtained by calling (866) 811-0225 and should be read carefully before investing.
The AdvisorOne Funds are distributed by Northern Lights Distributors, LLC Member SIPC
©2007 AdvisorOne Funds. All rights reserved. Contact us at (866) 811-0225.
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