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 - Enhanced Income

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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: 1

Standard Deviation: 1

	QTD	YTD	1 YEAR	3 YEAR	5 YEAR	INCEPTION
Class N	-3.95%	-2.36%	0%	0%	0%	(05/29/09 - 06/30/10) 0.99%

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.

Enhanced Income 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 Enhanced Income Fund is total return, consisting of capital growth and income.

Commentary

Enhanced Income reported total return for the second quarter 2010 of -3.96%, outpacing its performance benchmark of 40% of the S&P 500 total return, which declined -4.57%.

Positive contributors to performance included U.S. small and mid-cap securities. Option income in the second quarter increased as market volatility spiked in May and June. The Semiconductor sector position also outperformed the S&P 500 for the quarter.

We continue to favor U.S. small cap securities and a modest position to emerging markets. A small position in Germany was established in June to take advantage of Germany’s stable economic condition and export benefits from a lower Euro valuation. Sector positions have been pulled back to lower concentrations to help control daily volatility. Sector positions include Metals and Mining, Energy, Biotech and Semiconductors.

Fund Facts

Minimum investment:

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

Cusip number:
Class N xxxx

Ticker symbol:
Class N CLEIX

Inception Date:
5/29/2009

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Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
SPDR S&P 500	33.78%
ProShares Short S&P 500	25.85%
iShares iBoxx $ High Yield Corporate Bond	15.99%
iShares Russell 2000	6.59%
SPDR S&P Mid Cap 400 ETF Trust	5.86%
iShares MSCI Emerging Markets	5.25%
iShares MSCI Germany Index	1.85%
iShares Lehman US Treasury Inflation	1.08%
SPDR Energy Select Sector Fund	1%
SPDR S&P Metals & Mining ETF	.96%
Total	98.21%

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. PROSHARES SHORT S&P 500 - This Fund seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the S&P500 Index. 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. ISHARES RUSSELL 2000 - This Fund seeks investment results that correspond with the small-capitalization sector of the U.S. equity market. SPDR S&P MID CAP 400 ETF TRUST - The fund is designed to correspond to the price and yield performance of the Standard & Poor's MidCap 400 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 MSCI GERMANY INDEX - The fund seeks to provide investment results that correspond generally to the price and yield performance as measured by the MSCI Germany Index. ISHARES LEHMAN US TREASURY INFLATION - The fund seeks results that correspond generally to the price and yield performance of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L). SPDR ENERGY SELECT SECTOR FUND - This Fund invests in companies that primarily develop and produce crude oil and natural gas, and provide drilling and other energy-related services. SPDR S&P METALS & MINING ETF - This Fund seeks to replicate as closely as possible, before expenses, the total return performance of the S&P Metals and Mining Select Industry Index.

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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