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 Appreciation

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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	-11.24%	-8.33%	0%	0%	0%	(10/05/09 - 06/30/10) -1.54%

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 Appreciation 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 Select Appreciation Fund is long-term growth.

Commentary

Select Appreciation had a total return of -11.24% during the second quarter of 2010, outperforming its performance benchmark which declined -12.57%.

Select Appreciation’s relative outperformance for the quarter was attributable to several factors: a sharp reduction in commodity exposure early in the quarter, a large allocation to mid cap equities during the quarter and a significant increase in emerging market exposure during the month of June.

Fund Facts

Minimum investment:

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

Cusip number:
Class N xxxx

Ticker symbol:
Class N CLACX

Inception Date:
10/5/2009

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Top Ten Portfolio Holdings

(as of 6/30/2010)

Fund Position	%
SPDR S&P 500	9.78%
SPDR S&P Mid Cap 400 ETF Trust	8.58%
Vanguard Emerging Markets ETF	8%
iShares Russell Mid-Cap	5.34%
Barclays ETN+Long C Note	4.96%
SPDR Dow Jones Industrial Average ETF	4.75%
Vanguard Small Cap ETF	4.68%
iShares S&P Midcap 400 Index Fund	4.61%
SPDR S&P Emerging Asia Pacific ETF	4.55%
SPDR S&P China ETF	4.22%
Total	59.47%

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. 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. 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 RUSSELL MID-CAP - 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. BARCLAYS ETN+LONG C NOTE - The fund is a total return index that reflects both changes in the prices of stocks in the S&P 500 Index as well as the reinvestment of the dividend income from its underlying stocks. SPDR DOW JONES INDUSTRIAL AVERAGE ETF - The fund seeks to provide investment results that generally correspond to the price and yield performance of the Dow Jones Industrial Average. VANGUARD SMALL CAP ETF - This Fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. ISHARES S&P MIDCAP 400 INDEX FUND - The fund seeks investment results that correspond generally to the price and yield performance of the Standard & Poor's MidCap 400 Index. SPDR S&P EMERGING ASIA PACIFIC ETF - The Fund seeks to closely match the returns and characteristics of the total return performance of the S&P Asia Pacific Emerging BMI Index. SPDR S&P CHINA ETF - This Fund seeks to track the performance of the S&P/Citigroup BMI China 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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