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 - Reservoir

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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	0%	-0.1%	0%	0%	0%	(05/29/09 - 06/30/10) -0.4%

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.

Reservoir 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 Reservoir Fund is current income.

Commentary

Reservoir gained +0.10% in the second quarter, outperforming the U.S. Treasury Bill index, which earned .01%. The fund is designed to provide higher returns than cash for very modest increases in interest rate risk. While the current very low interest rate environment made achieving this objective difficult, the sharp decline in U.S. Treasury yields in June boosted the return of the fund.

Looking forward, the potential of increasing interest rates is expected to improve the ability of the fund to add value.

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 CHRVX

Inception Date:
5/29/2009

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Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
Cash	51.91%
U.S. Treasury Note 1 3/8% Due 5/15/2013	16.18%
U.S. Treasury Bill 0% Due 12/16/2010	15.96%
U.S. Treasury Bill 0% Due 2/10/2011	15.95%
Total	100%

CASH - Includes money market and other low risk cash positions. U.S. TREASURY NOTE 1 3/8% DUE 5/15/2013 - U.S. TREASURY BILL 0% DUE 12/16/2010 - U.S. TREASURY BILL 0% DUE 2/10/2011 -

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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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.

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