ADVISORONE FUNDS

INVESTMENT ADVISORY AGREEMENT

APPENDIX A

FUNDS OF THE TRUST

as of August 5, 2009

NAME OF FUND                              

ANNUAL ADVISORY FEE AS A % OF                AVERAGE NET ASSETS OF THE FUND

Amerigo Fund                                        

1.00%

Clermont Fund                                       

1.00%

Select Appreciation Fund*

1.00%

Descartes Fund

1.00%

Liahona Fund

1.00%

Reservoir Fund

0.50%

Select Equity Fund

1.00%

Enhanced Income Fund

0.90%

Flexible Income Fund

0.65%

* Formerly known as Berolina Fund

The parties hereto agree to the terms of this Appendix A effective as of the 5^th day of August 2009.

ADVISORONE FUNDS

CLS INVESTMENTS, LLC

By:_/s/ W. Patrick Clarke___________                      By:  /s/ Todd Clarke___________

W. Patrick Clarke, President            

Todd Clarke, President