November 3, 2014 AdvisorOne Funds Board of Trustees c/o Ryan Beach, President of the Board 17605 Wright Street Omaha, NE 68130 Re: Advisory Fee Waivers Dear Mr. Beach:
November 3, 2014
AdvisorOne Funds Board of Trustees
c/x Xxxx Xxxxx, 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 dated April 9, 2013, as amended July 15, 2014 (the “Agreement”) 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, 2015, 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 |
CLS Global Diversified Equity Fund (formerly Xxxxxxx Fund) | 2.15% | 1.15% |
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|
|
CLS Growth and Income Fund (formerly Clermont Fund) |
| 1.15% |
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|
|
|
CLS Global Growth Fund (formerly Select Allocation Fund) |
| 1.15% |
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|
|
|
CLS Domestic Equity Fund (formerly Descartes Fund) |
| 1.15% |
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|
|
|
CLS International Equity Fund (formerly Liahona Fund) |
| 1.15% |
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|
|
|
CLS Global Aggressive Equity Fund (formerly Select Appreciation Fund) |
| 1.15% |
|
|
|
|
CLS Enhanced Long/Short Fund (formerly Enhanced Income Fund) |
| 1.05% |
|
|
|
|
CLS Flexible Income Fund (formerly Flexible Income Fund) |
| 0.80% |
|
|
|
|
CLS Shelter Fund (formerly Shelter Fund) |
| 1.15% |
|
|
|
|
Milestone Treasury Obligations Fund |
|
| 0.65% | 0.15% | 0.20% | 0.45% |
| Expense Limitation |
Xxxxxxx VI Portfolio | 1.40% |
Clermont VI Portfolio | 1.40% |
Enhanced Income VI Portfolio | 1.30% |
Shelter VI Portfolio | 1.40% |
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
