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 - Select Allocation

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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	-7.83%	-7.83%	15.35%	-7.53%	0%	(01/27/06 - 06/30/10) -8.13%

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.

Select Allocation 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 Select Allocation Fund seeks to provide growth of capital and total return.

Commentary

Select Allocation had a total return of -7.83%, only slightly trailing the performance of its benchmark which declined -7.76%%.

Portfolio changes during the second quarter were modest. On the equity side, positions in commodities were reduced with proceeds being reinvested into U.S. large cap stocks.

Within the fund’s fixed income allocation, cash was reduced with proceeds reinvested into investment grade and high yield bonds to take advantage of the widening in credit spreads that took place following the market’s weakness in late May and early June.

Fund Facts

Minimum investment:

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

Cusip number:
Class N 00764F649

Ticker symbol:
Class N CLBLX

Inception Date:
1/27/2006

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Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
SPDR S&P 500	5.69%
iShares iBoxx $ High Yield Corporate Bond	5.38%
iShares S&P 500	4.64%
iShares S&P Latin America 40	4.61%
SPDR Lehman High Yield Bond Fund	4.56%
Vanguard Emerging Markets ETF	4.23%
iShares Barclays Credit Bond Fund	4.17%
iShares MSCI Emerging Markets	4.15%
Vanguard Total Stock Market ETF	3.06%
Vanguard Large Cap VIPER	2.78%
Total	43.27%

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. 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. ISHARES S&P LATIN AMERICA 40 - This Fund consists of selected equities trading on the exchanges of four Latin American countries. 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. 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. 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 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. 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 LARGE CAP VIPER - The investment seeks to track the performance of the MSCI US Prime Market 750 index, and replicate the target index allocation.

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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0093-AFD-1/26/2007