January 24, 2013 AdvisorOne Funds Board of Trustees c/o Todd Clarke, President of the Board 17605 Wright Street Omaha, NE 68130 Re: Advisory Fee Waivers Dear Mr. Beach:
January 24, 2013
AdvisorOne Funds Board of Trustees
c/o Xxxx Xxxxxx, President of the Board
00000 Xxxxxx Xxxxxx
Omaha, NE 68130
Re: Advisory Fee Waivers
Dear Mr. Xxxxx:
In connection with that certain Investment Advisory Agreement (the “Agreement”) dated January 24, 2013 by and between CLS Investments, LLC (the “Adviser”) and the AdvisorOne Funds (the “Funds”), CLS has contractually agreed to waive a portion of its advisory fees for the benefit of the Funds, and to contractually bind itself, to waive or limit its management fees and to reimburse expenses, other than expenses relating to dividends on short sales, interest expense, indirect fees and expenses of underlying funds, and extraordinary or non-recurring expenses, through December 31, 2014, so that the annual operating expenses of the Funds do not exceed the percentage of average daily net assets indicated below:
Fund Name | Class C | Class N | Premium Class | Financial Class | Institutional Class | Investor Class |
Xxxxxxx Fund | 2.15% | 1.15% |
|
|
|
|
Clermont Fund |
| 1.15% |
|
|
|
|
Select Allocation Fund |
| 1.15% |
|
|
|
|
Descartes Fund |
| 1.15% |
|
|
|
|
Liahona Fund |
| 1.15% |
|
|
|
|
Select Appreciation Fund |
| 1.15% |
|
|
|
|
Enhanced Income Fund |
| 1.05% |
|
|
|
|
Flexible Income Fund |
| 0.80% |
|
|
|
|
Shelter Fund |
| 1.15% |
|
|
|
|
Milestone Treasury Obligations Fund |
|
| 0.65% | 0.15% | 0.20% | 0.45% |
These limitations are subject to possible reimbursement by each Fund, in future years on a rolling three year basis, if such reimbursement can be achieved within the foregoing expense limits.
We look forward to providing continuing service to the AdvisorOne Funds.
Sincerely,
/s/ Xxxx Xxxxxx
Xxxx Xxxxxx
CEO
CLS Investments, LLC
Approved and accepted on behalf of each Fund
/s/ Xxxx Xxxxx
Xxxx Beach
President
