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 - Clermont

Choose another fund:

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: 0.46

Standard Deviation: 3.78

	QTD	YTD	1 YEAR	3 YEAR	5 YEAR	INCEPTION
Class N	-4.25%	-4.25%	13.74%	-4.6%	0.72%	(07/14/97 - 06/30/10) 2.17%

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.

Clermont 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.

Objective

Clermont seeks current income growth of capital.

Commentary

Clermont had a total return of -4.25%, underperforming its benchmark in the second quarter which declined -3.35%.

During the quarter, positions in large cap U.S. equities were reduced with proceeds being reallocated toward fixed income securities. This increase in fixed income exposure was primarily directed toward cash equivalents and investment grade corporate bonds.

Clermont’s underperformance was centered on the month of May when Clermont’s 10% allocation to high yield bonds underperformed our bond performance benchmark for the month. High yield bond performance began to improve in June, but the increased performance was not sufficient to offset May weakness as the quarter came to a close.

Fund Facts

Minimum investment:

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

Cusip number:
Class N 00764F300

Ticker symbol:
Class N CLERX

Inception Date:
7/14/1997

Print the Fact Sheet

Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
iShares Barclays Credit Bond Fund	13.36%
iShares iBoxx $ Investment Grade Corporate Bond	8.01%
Vanguard Total Bond Index	7.01%
SPDR S&P 500	6.81%
iShares iBoxx $ High Yield Corporate Bond	6.55%
SPDR Lehman High Yield Bond Fund	4%
iShares S&P 500	3.57%
Vanguard Emerging Markets ETF	3.37%
Vanguard Total Stock Market ETF	2.99%
Vanguard Short Term Bond ETF	2.79%
Total	58.46%

ISHARES BARCLAYS CREDIT BOND FUND - This Fund seeks results that correspond with the investment grade credit sector of the United States bond market as defined by the Barclays Capital U.S. Credit Bond Index. ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND - This fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the corporate bond market as defined by the iBoxx $ Liquid Investment Grade Index. VANGUARD TOTAL BOND INDEX - This fund seeks to track the performance of a broad, market-weighted bond index. 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 IBOXX $ HIGH YIELD CORPORATE BOND - This Fund seeks investment results that correspond generally to the price and yield performance of the U.S. dollar high yield corporate bond market as defined by the iBoxx $ Liquid High Yield Index. SPDR LEHMAN HIGH YIELD BOND FUND - The Fund seeks to track the Lehman Brothers High Yield Very Liquid index and normally invests at least 80% of total assets in securities that comprise its benchmark index. 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. VANGUARD EMERGING MARKETS ETF - This Fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. VANGUARD TOTAL STOCK MARKET ETF - This Fund seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. VANGUARD SHORT TERM BOND ETF - This fund seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity.

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.
Home | Request Info | Privacy

Information provided at advisoronefunds.com is intended only for persons who are eligible to purchase U.S.-registered investment funds. Investments are not FDIC-insured nor are they deposits of or guaranteed by a bank or any other entity, so you may lose money. For more complete information about any of the AdvisorOne Funds, risks, charges and expenses, please obtain the applicable prospectus. Please read it carefully before you invest or send money. Maintain.

0093-AFD-1/26/2007