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 - Descartes

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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: 0.94

Standard Deviation: 7.84

	QTD	YTD	1 YEAR	3 YEAR	5 YEAR	INCEPTION
Class N	-7.75%	-7.75%	10.18%	-6.94%	N/A	(04/19/06 - 06/30/10) -2.45%
Class N	-10.06%	-7.08%	14.05%	-8.36%	0%	(04/19/06 - 06/30/10) -2.62%

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.

Descartes 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

The objective of the Descartes Fund is long-term growth of capital without regard to current income.

Commentary

Liahona had a total return of -7.75%, underperforming its 65% equity/35% bond benchmark, which generated a total return of -6.29%.

Liahona remains overweight growth securities, which are displaying very low risk characteristics relative to their long-term averages. The overweight position in growth and underperformance by global securities caused the fund to lag in the second quarter. Country specific European investments were also added, focusing on more stable areas that could benefit from a falling Euro valuation.

The fixed income and risk reduction portion of the portfolio is overweight corporate bonds of both high and low quality. Changes to the bond side of the portfolio are focused on lowering treasury bond exposure to lower interest rate risk.

Fund Facts

Minimum investment:

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

Cusip number:
Class N 00764F631

Ticker symbol:
Class N CLDEX

Inception Date:
4/19/2006

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Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
iShares Russell 1000 Growth	8.36%
iShares Russell Midcap Growth	6.05%
iShares Russell 2000 Growth Index Fund	5.31%
iShares S&P Global Energy Sector Index Fund	5.04%
iShares S&P Global Technology Sector Index Fund	4.81%
iShares iBoxx $ Investment Grade Corporate Bond	3.87%
Vanguard Mega Cap 300 Growth ETF	2.62%
SPDR Technology Select Sector	2.6%
iShares Dow Jones US Basic Materials	2.56%
iShares MSCI Emerging Markets	2.53%
Total	43.75%

ISHARES RUSSELL 1000 GROWTH - This Fund seeks investment results that correspond with the large-capitalization growth sector of the U.S. equity market. 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. ISHARES RUSSELL 2000 GROWTH INDEX FUND - This Fund seeks to track the performance of the Russell 2000 Growth Index. ISHARES S&P GLOBAL ENERGY SECTOR INDEX FUND - The fund seeks to track the S&P Global Energy Sector index and invests at least 90% of assets in securities that reflect the characteristics of its sector index. ISHARES S&P GLOBAL TECHNOLOGY SECTOR INDEX FUND - This Fund seeks investment results that correspond with the Standard & Poor's Global Information Technology Sector 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 MEGA CAP 300 GROWTH ETF - This Fund seeks to track the performance of a benchmark index that measures the investment return of the largest-capitalization growth stocks in the United States. SPDR TECHNOLOGY SELECT SECTOR - The fund seeks to closely match the returns and characteristics of the Technology Select Sector Index. ISHARES DOW JONES US BASIC MATERIALS - The fund seeks investment results that correspond generally to the Dow Jones U.S. Basic Materials 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.

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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