UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED    MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number

811-08037

AdvisorOne Funds

(Exact name of registrant as specified in charter)

4020 South 147^th Street, Omaha, NE

68137

(Address of principal executive offices)

(Zip code)

Emile Molineaux

Gemini Fund Services, LLC., 450 Wireless Blvd., Hauppauge, NY 11788

(Name and address of agent for service)

Registrant's telephone number, including area code:

402-493-3313

Date of fiscal year end:

4/30

Date of reporting period:   1/31/08  

Item 1.  Schedule of Investments.  

AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited)
January 31, 2008
	Shares	Market Value
Common Stocks - 1.35%
Diversified Companies - 1.35%
Berkshire Hathaway, Inc- Class A*	73	$      9,928,000
Total Common Stocks (cost $7,091,908)		9,928,000
Equity Funds - 98.14%
Emerging Markets - 22.27%
iShares FTSE/Xinhua China 25 Index Fund	90,000	12,937,500
iShares MSCI Brazil Index Fund	205,000	15,565,650
iShares MSCI Emerging Markets Index Fund	487,000	66,353,750
iShares MSCI Mexico Index Fund	205,000	11,375,450
iShares S&P Latin America 40 Index Fund	218,000	52,006,080
Vanguard Emerging Markets ETF	57,000	5,375,100
		163,613,530
International Equity - 11.74%
iShares MSCI EAFE Index Fund	625,000	45,181,250
iShares MSCI Japan Index Fund	218,000	2,781,680
iShares MSCI Pacific ex-Japan Index Fund	61,000	8,657,120
SPDR MSCI ACWI ex- US Fund*	155,000	5,883,800
SPDR S&P International Small Cap ETF*	25,000	763,500
Vanguard Pacific ETF	358,000	23,012,240
		86,279,590
Large Cap Blend - 6.55%
SPDR Trust Series 1	225,000	30,885,750
Vanguard Mega Cap 300 ETF*	10,000	470,800
Vanguard Total Stock Market ETF	124,000	16,747,440
		48,103,990
Large Cap Growth - 17.31%
iShares Russell 1000 Growth Index Fund	1,377,000	77,084,460
Powershares QQQ	1,111,000	50,106,100
		127,190,560
Large Cap Value - 6.24%
DIAMOND Trust, Series I	207,000	26,082,000
iShares Russell 1000 Value Index Fund	120,000	9,223,200
Vanguard Value ETF	170,000	10,574,000
		45,879,200
AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited) (Continued)
January 31, 2008
	Shares	Market Value
Mid Cap Blend - 9.21%
iShares Russell Midcap Index Fund	270,000	$    26,214,300
Vanguard Mid-Cap ETF	583,000	41,492,110
		67,706,410
Mid Cap Growth - 5.43%
iShares Russell Midcap Growth Index Fund	381,000	39,886,890
Small Cap Blend - 2.46%
iShares Russell 2000 Index Fund	255,000	18,074,400
Specialty - 16.93%
iShares S&P Global Telecommunications Sector Index Fund	61,000	4,384,680
iShares Silver Trust Index Fund*	55,000	9,255,950
KBW Capital Markets ETF	155,000	9,597,600
SPDR Consumer Staples Select Sector Fund	170,000	4,615,500
SPDR Energy Select Sector Fund	218,000	15,273,080
SPDR Financial Select Sector Fund	200,000	5,784,000
SPDR Industrial Select Sector Fund	700,000	26,061,000
SPDR Materials Select Sector Fund	404,000	16,184,240
SPDR S&P Biotech ETF	308,000	17,248,000
SPDR S&P Oil & Gas Equipment & Services ETF	80,000	3,842,400
SPDR Utilities Select Sector Fund	76,000	3,009,600
StreetTRACKS Gold Shares Index Fund*	100,000	9,144,000
		124,400,050
Total Equity Funds (cost $680,353,118)		721,134,620
AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited) (Continued)
January 31, 2008
		Market Value
Money Market Funds - 1.15%
Goldman Sachs Prime Obligation Fund		$      8,465,805
Total Money Market Funds (cost $8,465,805)		8,465,805
Total Investments (cost $695,910,831) - 100.64%		739,528,425
Other Assets less Liabilities - (0.64)%		(4,728,718)
NET ASSETS - 100.00%		$  734,799,707
*Non-income producing security
EAFE - Europe, Australasia, Far East
ETF - Exchange Traded Fund
FTSE - Financial Times Stock Exchange
MSCI - Morgan Stanley Capital International
SPDR - Standard & Poors' Depositary Receipts
At January 31, 2008, net unrealized appreciation on investment
securities, for book purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:		$         56,145,198
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:		(12,527,604)
Net unrealized appreciation:		$         43,617,594

AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited)
January 31, 2008
		Shares	Market Value
Common Stock - 2.28%
Diversified Companies - 2.28%
Berkshire Hathaway, Inc- Class A*		25	$      3,400,000
Total Common Stocks (cost $2,733,728)			3,400,000
Bond Funds - 31.12%
BlackRock Corporate High Yield Fund, Inc.		41,000	288,230
BlackRock Corporate High Yield Fund III, Inc.		41,000	289,050
BlackRock Corporate High Yield Fund V, Inc.		41,000	482,980
BlackRock Corporate High Yield Fund VI, Inc.		41,000	482,980
BlackRock Floating  Rate Income Strategies Fund, Inc.		41,000	641,650
BlackRock Floating  Rate Income Strategies Fund II, Inc.		41,000	633,040
Dreyfus High Yield Strategies Fund		41,000	156,620
Eaton Vance Floating - Rate Income Trust		41,000	626,890
Eaton Vance Senior Income Trust		41,000	287,410
iShares iBoxx $ High Yield Corporate Bond Fund		40,000	3,924,400
iShares Lehman Aggregate Bond Fund		200,000	20,702,000
Nuveen Floating Rate Income Fund		41,000	461,250
Nuveen Floating Rate Income Opportunity Fund		41,000	466,170
Pioneer Floating Rate Trust		41,000	652,720
RMK High Income Fund, Inc.		41,000	167,690
RMK Multi-Sector High Income Fund		41,000	175,480
SPDR Lehman High Yield Bond ETF		14,000	654,500
Van Kampen High Income Trust II		41,000	163,180
Van Kampen Senior Income Trust		377,000	2,537,210
Vanguard Intermediate Term Bond ETF		5,000	397,500
Vanguard Short Term Bond ETF		25,000	1,970,000
Vanguard Total Bond Market ETF		125,000	9,793,750
Western Asset High Income Fund II, Inc.		41,000	407,130
Total Bond Funds (cost $46,651,121)			46,361,830
Equity Funds - 61.12%
Emerging Markets - 8.58%
iShares MSCI Emerging Markets Index Fund		27,000	3,678,750
iShares S&P Latin America 40 Index Fund		20,000	4,771,200
Vanguard Emerging Markets ETF		46,000	4,337,800
			12,787,750
AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited) (Continued)
January 31, 2008
		Shares	Market Value
International Equity - 12.64%
iShares FTSE All-World ex-US ETF		32,000	$      1,726,400
iShares MSCI EAFE Index Fund		150,000	10,843,500
SPDR MSCI AWCI ex-US ETF *		41,000	1,556,360
SPDR S&P International Small Cap ETF*		55,000	1,679,700
Vanguard Pacific ETF		47,000	3,021,160
			18,827,120
Large Cap Blend - 7.99%
SPDR Trust Series I		85,000	11,667,950
Vanguard Mega Cap 300 ETF*		5,000	235,400
			11,903,350
Large Cap Growth - 7.74%
iShares Russell 1000 Growth Index Fund		140,000	7,837,200
Powershares QQQ		82,000	3,698,200
			11,535,400
Large Cap Value - 5.96%
Diamonds Trust Series I		54,000	6,804,000
iShares Russell 1000 Value Index Fund		14,000	1,076,040
Vanguard Value ETF		16,000	995,200
			8,875,240
Mid Cap Blend - 3.06%
Vanguard Mid-Cap ETF		64,000	4,554,880
Small Cap Blend - 0.90%
Vanguard Small Cap ETF		21,000	1,337,280
Speciality - 14.25%
iShares S&P Global Telecommunications Sector Index Fund		55,000	3,953,400
KBW Capital Markets ETF		54,000	3,343,680
SPDR Financial Select Sector Fund		80,000	2,313,600
SPDR Industrial Select Sector Fund		44,000	1,638,120
SPDR S&P Biotech Sector Fund		49,000	2,744,000
SPDR S&P Oil & Gas Equipment & Services ETF		20,000	960,600
SPDR Technology Select Sector Fund		21,000	487,620
SPDR Utilities Select Sector Fund		35,000	1,386,000
Vanguard Consumer Staples ETF		40,000	2,678,800
Vanguard Utilities ETF		21,000	1,713,600
			21,219,420
Total Equity Funds (cost $89,858,764)			91,040,440
AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited) (Continued)
January 31, 2008
		Face Amount	Market Value
Structured Notes - 0.63%
Barclays ETF Plus, iShares MSCI Emerging Markets
Index Fund Linked Notes 0.00% due 10/6/2008^		1,000,000	$         933,330
Total Structured Notes (cost $999,392)			933,330
Money Market Funds - 5.39%
Goldman Sachs Prime Obligation Fund			8,026,043
Total Money Market Funds (cost $8,026,043)			8,026,043
Total Investments (cost $148,269,048) - 100.54%			149,761,643
Other Assets less Liabilities - (0.54)%			(806,603)
NET ASSETS - 100.00%			$  148,955,040
* Non-income producing security
ACWI - All Country World Index	MSCI- Morgan Stanley Capital International
EAFE- Europe, Australasia, Far East	SPDR- Standard & Poors' Depository Receipts
ETF - Exchange Traded Fund	KBW- Keefe, Bruyette & Woods
At January 31, 2008, net unrealized appreciation on investment
securities, for book purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:			$            5,747,842
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(4,255,247)
Net unrealized appreciation:			$            1,492,595

AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited)
January 31, 2008
		Shares	Market Value
Common Stock - 3.23%
Consumer Products-0.11%
Fortune Brands, Inc.		2,400	$         167,808
Diversified Companies - 2.30%
Berkshire Hathaway, Inc- Class A*		25	3,400,000
Tobacco-0.42%
Altria Group, Inc.		3,000	227,460
British American Tobacco PLC		2,700	190,566
UST, Inc.		4,000	207,840
			625,866
Water-0.40%
American States Water Co.		6,000	206,880
Aqua America, Inc.		9,000	179,370
California Water Service Group		5,700	198,531
			584,781
Total Common Stocks (cost $4,859,654)			4,778,455
Bond Funds - 10.82%
BlackRock Corporate High Yield Fund III Inc		63,000	444,150
BlackRock Corporate High Yield Fund Inc		63,000	442,890
BlackRock Corporate High Yield Fund V Inc		63,000	742,140
BlackRock Corporate High Yield Fund VI Inc		63,000	742,140
BlackRock Floating Rate Income Strategies Fund II Inc		63,000	972,720
BlackRock Floating Rate Income Strategies Fund Inc		63,000	985,950
Dreyfus High Yield Strategies Fund		63,000	240,660
Eaton Vance Floating-Rate Income Trust		63,000	963,270
Eaton Vance Senior Income Trust		63,000	441,630
iShares iBoxx $ High Yield Corporate Bond Fund		5,000	490,550
iShares Lehman Aggregate Bond Fund		18,000	1,863,180
Nuveen Floating Rate Income Fund		63,000	708,750
Nuveen Floating Rate Income Opportunity Fund		63,000	716,310
Pioneer Floating Rate Trust		63,000	1,002,960
RMK High Income Fund Inc		63,000	257,670
RMK Multi-Sector High Income Fund		63,000	269,640
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
January 31, 2008
		Shares	Market Value
Bond Funds - 10.82% (continued)
SPDR Lehman High Yield Bond ETF		11,000	$         514,250
Van Kampen High Income Trust II		63,000	250,740
Van Kampen Senior Income Trust		76,000	511,480
Vanguard Total Bond Market ETF		36,000	2,820,600
Western Asset High Income Fund II, Inc.		63,000	625,590
Total Bond Funds (cost $17,549,153)			16,007,270
Equity Funds - 83.53%
Emerging Market-Equity-25.27%
iShares FTSE/Xinhua China 25 Index Fund		17,000	2,443,750
iShares MSCI Brazil Index Fund		30,000	2,277,900
iShares MSCI Emerging Markets Index Fund		93,000	12,671,250
iShares MSCI Mexico Index Fund		30,000	1,664,700
iShares S&P Latin America 40 Index Fund		44,000	10,496,640
SPDR S&P BRIC 40 ETF		76,000	2,106,720
SPDR S&P China ETF		11,000	816,200
SPDR S&P Emerging Asia Pacific Index Fund*		11,000	852,280
Vanguard Emerging Markets ETF		43,000	4,054,900
			37,384,340
International Equity-13.97%
iShares MSCI Pacific ex-Japan Index Fund		52,000	7,379,840
SPDR MSCI ACWI ex-US ETF		74,000	2,809,040
SPDR S&P International Small Cap ETF		55,000	1,679,700
Vanguard FTSE All-World ex-US ETF		70,000	3,776,500
Vanguard Pacific ETF		78,000	5,013,840
			20,658,920
Large Cap Blend-2.09%
Vanguard Large-Cap ETF		50,000	3,087,000
Large Cap Growth-5.91%
iShares Russell 1000 Growth Index Fund		42,000	2,351,160
Powershares QQQ		76,000	3,427,600
Vanguard Growth ETF		50,000	2,964,000
			8,742,760
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
January 31, 2008
		Shares	Market Value
Large Cap Value-6.98%
DIAMONDS Trust Series I		82,000	$    10,332,000
Mid Cap Blend-1.88%
Vanguard Mid-Cap ETF		39,000	2,775,630
Speciality-27.43%
Consumer Staples Select Sector SPDR Fund		215,000	5,837,250
Energy Select Sector SPDR Fund		30,000	2,101,800
Industrial Select Sector SPDR Fund		74,000	2,755,020
iPath Dow Jones-AIG Commodity Index Total Return ETN*		10,000	586,000
iShares Dow Jones Transportation Average Index Fund		4,000	340,320
iShares Dow Jones US Oil Equipment & Services Index Fund		32,000	1,757,120
iShares Russell 2000 Index Fund		25,000	1,772,000
iShares S&P Global Telecommunications Sector Index Fund		28,000	2,012,640
iShares Silver Trust		13,000	2,187,770
KBW Capital Markets ETF		76,000	4,705,920
KBW Insurance ETF		35,000	1,741,250
Materials Select Sector SPDR Fund		60,000	2,403,600
SPDR Financial Select Sector Fund		50,000	1,446,000
SPDR S&P Biotech ETF		67,000	3,752,000
SPDR S&P Oil & Gas Equipment & Services ETF		42,000	1,467,480
SPDR S&P Oil & Gas Exploration & Production ETF		40,000	1,921,200
Streettracks Gold Trust		30,000	2,743,200
Technology Select Sector SPDR Fund		45,000	1,044,900
			40,575,470
Total Equity Funds (cost $116,980,553)			123,556,120
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
January 31, 2008
		Face Amount	Market Value
Structured Notes - 2.53%
Barclays ETF Plus, iShares MSCI Emerging Markets
Index Fund Linked Notes 0.00% due 11/6/2008^		2,000,000	$      1,667,420
Barclays Medium Term, iShares MSCI Emerging Markets
Index Fund Linked Notes 0.00% due 9/8/2008^		2,000,000	2,080,600
Total Structured Notes (cost $3,998,877)			3,748,020
Money Market Funds - 1.19%
Goldman Sachs Prime Obligation Fund			1,752,988
Total Money Market Funds (cost $1,752,988)			1,752,988
Total Investments (cost $145,141,225) - 101.30%			149,842,853
Other Assets less Liabilities - (1.30)%			(1,926,587)
NET ASSETS - 100.00%			$  147,916,266
*Non-income producing security	ETF - Exchange Traded Fund
^ Variable rate security. Interest rate is as of January 31, 2008	ETN- Exchange Traded Note
ACWI - All Country World Index	DJ- Dow Jones
ADR- American Depositary Receipt	MSCI- Morgan Stanley Capital International
EAFE- Europe, Australasia, Far East	SPDR- Standard & Poors' Depositary Receipts
At January 31, 2008, net unrealized appreciation on investment
securities, for book purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:			$            9,146,734
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(4,445,106)
Net unrealized appreciation:			$            4,701,628

AdvisorOne Funds
Schedule of Investments - Descartes Fund (Unaudited)
January 31, 2008
		Shares	Market Value
Common Stock - 3.66%
Diversified Companies - 3.66%
Berkshire Hathaway, Inc- Class A*		40	$       5,440,000
Total Common Stocks (cost $4,627,450)			5,440,000
Equity Funds - 95.17%
Emerging Markets - 16.11%
iShares MSCI Brazil Index Fund		54,000	4,100,220
iShares MSCI Emerging Markets Index Fund		56,000	7,630,000
iShares MSCI Mexico Index Fund		19,500	1,082,055
iShares MSCI Taiwan Index Fund		84,000	1,155,000
iShares S&P Latin America 40 Index Fund		17,000	4,055,520
SPDR S&P BRIC 40 ETF *		71,000	1,968,120
SPDR S&P Emerging Asia Pacific Index Fund*		40,000	3,099,200
Vanguard Emerging Markets ETF		9,000	848,700
			23,938,815
International Equity - 13.18%
iShares MSCI EAFE Growth Index Fund		36,000	2,588,400
iShares MSCI EAFE Index Fund		45,000	3,253,050
iShares MSCI Germany Index Fund		25,000	778,500
iShares MSCI Hong Kong Index Fund		58,000	1,157,680
iShares MSCI Netherlands Index Fund		29,000	785,030
iShares MSCI Singapore Index Fund		114,000	1,387,380
iShares S&P Global 100 Index Fund		83,000	6,142,000
SPDR MSCI ACWI ex- US Fund *		30,000	1,138,800
SPDR S&P International Small Cap ETF*		41,000	1,252,140
WisdomTree International Small Cap Dividend Fund		18,000	1,095,480
			19,578,460
Large Cap Blend - 14.35%
iShares Morningstar Large Core Index Fund		97,000	7,361,330
iShares S&P 500 Index Fund		77,000	10,595,970
Rydex Russell Top 50 Fund		32,500	3,348,475
			21,305,775
Large Cap Growth - 6.51%
iShares Russell 1000 Growth Index Fund		172,800	9,673,344
AdvisorOne Funds
Schedule of Investments - Descartes Fund  (Unaudited) (Continued)
January 31, 2008
		Shares	Market Value
Large Cap Value - 8.96%
iShares Russell 1000 Value Index Fund		107,000	$       8,224,020
iShares S&P 500 Value Index Fund		69,000	5,083,230
			13,307,250
Mid Cap Blend - 4.44%
iShares Morningstar Mid Core Index Fund		50,000	3,877,500
iShares Russell Midcap Index Fund		28,000	2,718,520
			6,596,020
Mid Cap Growth - 3.38%
iShares Russell Midcap Growth Index Fund		48,000	5,025,120
Speciality - 28.24%
iPATH GSCI Total Return Index ETN*		13,000	689,910
iShares DJ U.S. Basic Materials Sector Index Fund		26,000	1,919,060
iShares DJ U.S. Broker-Dealer Index Fund		20,000	968,200
iShares DJ U.S. Insurance Index Fund		65,000	3,062,150
iShares DJ U.S. Telecommunications Sector Index Fund		40,000	1,054,400
iShares DJ U.S. Transportation Average Index Fund		22,000	1,871,760
iShares S&P Global Consumer Staples Sector Index Fund		44,000	2,596,000
iShares S&P Global Energy Sector Index Fund		13,000	1,638,130
iShares S&P Global Healthcare Sector Index Fund		29,000	1,625,160
iShares S&P Global Industrials Sector Index Fund		45,000	2,615,400
iShares S&P Global Technology Sector Index Fund		113,000	6,554,000
iShares S&P GSTI Software Index Fund *		48,000	2,244,480
KBW Capital Markets Fund		51,000	3,157,920
KBW Insurance Fund		8,000	398,000
PowerShares Deutsche Bank Agriculture Fund *		60,000	2,219,400
PowerShares Water Resources Portfolio		11,000	213,510
Rydex S&P Equal Weight Technology ETF*		7,000	315,350
SPDR Industrial Select Sector Fund		73,000	2,717,790
SPDR S&P Biotech ETF		37,000	2,072,000
SPDR Technology Select Sector Fund		173,000	4,017,060
			41,949,680
Total Equity Funds (cost $139,158,232)			141,374,464
AdvisorOne Funds
Schedule of Investments - Descartes Fund (Unaudited) (Continued)
January 31, 2008
			Market Value
Money Market Funds - 1.67%
Goldman Sachs Prime Obligation Fund			$       2,473,435
Total Money Market Funds (cost $2,473,435)			2,473,435
Total Investments (cost $146,259,117) - 100.50%			149,287,899
Other Assets less Liabilities - (0.50)%			(740,254)
NET ASSETS - 100.00%			$   148,547,645
*Non-income producing security
ACWI - All Country World Index	GSCI- Goldman Sachs Commodity Index
DJ- Dow Jones	GSTI- Goldman Sachs Technology Index
EAFE- Europe, Australasia, Far East	KBW- Keefe, Bruyette & Woods
ETN- Exchange Traded Note	MSCI- Morgan Stanley Capital International
ETF- Exchange Traded Fund	SPDR- Standard & Poors' Depositary Receipts
At January 31, 2008, net unrealized appreciation on investment
securities, for book purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:			$             6,955,912
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(3,927,130)
Net unrealized appreciation:			$             3,028,782

AdvisorOne Funds
Schedule of Investments - Liahona Fund (Unaudited)
January 31, 2008
		Shares	Market Value
Common Stock - 1.07%
Diversified Companies - 1.07%
Berkshire Hathaway, Inc- Class B*		100	$         455,000
Total Common Stocks (cost $446,387)			455,000
Bond Funds - 15.96%
iShares iBoxx $ High Yield Corporate Bond Fund		5,000	490,550
iShares iBoxx Investment Grade Corporate Bond Fund		13,000	1,398,800
iShares Lehman MBS Fixed-Rate Bond Fund		39,000	4,029,090
iShares Lehman U.S. TIPS Fund		3,000	328,590
SPDR International Treasury Bond ETF		10,000	549,300
Total Bond Funds (cost $6,651,070)			6,796,330
Equity Funds - 78.73%
Emerging Markets - 8.98%
iShares MSCI Brazil Index Fund		14,000	1,063,020
iShares MSCI Emerging Markets Index Fund		7,000	953,750
iShares MSCI Taiwan Index Fund		22,000	302,500
iShares S&P Latin America 40 Index Fund		5,000	1,192,800
SPDR S&P Emerging Asia Pacific ETF*		4,000	309,920
			3,821,990
International Equity - 10.59%
iShares MSCI EAFE Growth Index Fund		12,000	862,800
iShares MSCI EAFE Index Fund		7,000	506,030
iShares MSCI Canada Index Fund		10,000	303,300
iShares MSCI Germany Index Fund		10,000	311,400
iShares MSCI Hong Kong Index Fund		12,000	239,520
iShares MSCI Netherlands Index Fund		7,000	189,490
iShares MSCI Singapore Index Fund		18,000	219,060
iShares S&P Global 100 Index Fund		11,000	814,000
SPDR DJ Global Titans ETF		7,000	514,850
SPDR S&P International Small Cap ETF*		10,000	305,400
WisdomTree International Small Cap Dividend Fund		4,000	243,440
			4,509,290
Large Cap Blend - 19.71%
iShares Morningstar Large Core Index Fund		25,000	1,897,250
iShares S&P 500 Index Fund		28,000	3,853,080
Rydex Russell Top 50 Fund		22,000	2,266,660
Vanguard Mega Cap 300 ETF*		8,000	376,640
			8,393,630
AdvisorOne Funds
Schedule of Investments - Liahona Fund (Unaudited)(Continued)
January 31, 2008
		Shares	Market Value
Large Cap Growth - 3.76%
iShares Morningstar Large Growth Index Fund		4,000	$         258,040
iShares Russell 1000 Growth Index Fund		24,000	1,343,520
			1,601,560
Large Cap Value - 7.47%
iShares Russell 1000 Value Index Fund		27,000	2,075,220
iShares S&P 500 Value Index Fund		15,000	1,105,050
			3,180,270
Mid Cap Blend - 0.55%
iShares Morningstar Mid Core Index Fund		3,000	232,650
Mid Cap Growth - 2.14%
iShares Morningstar Mid Growth Index Fund		10,000	913,300
Speciality - 25.53%
iPATH Dow Jones-AIG Commodity Index Total Return ETN *		8,000	468,800
iShares DJ U.S. Broker-Dealer Index Fund		5,000	242,050
iShares DJ U.S. Insurance Index Fund		28,000	1,319,080
iShares DJ U.S. Medical Devices Index Fund *		10,000	569,400
iShares DJ U.S. Telecommunications Sector Index Fund		8,000	210,880
iShares DJ U.S. Transportation Average Index Fund		9,000	765,720
iShares S&P Global Consumer Staples Sector Index Fund		9,000	531,000
iShares S&P Global Healthcare Sector Index Fund		10,000	560,400
iShares S&P Global Industrials Sector Index Fund		2,100	1,220,520
iShares S&P Global Technology Sector Index Fund		31,000	1,798,000
iShares S&P GSTI Software Index Fund *		14,000	654,640
KBW Capital Markets Fund ETF		14,000	866,880
SPDR S&P Biotech ETF		6,000	336,000
UltraShort Russell 2000 ProShares		10,000	802,300
Vanguard Information Technology Index Fund		10,000	525,300
			10,870,970
Total Equity Funds (cost $33,627,229)			33,523,660
AdvisorOne Funds
Schedule of Investments - Liahona Fund (Unaudited)(Continued)
January 31, 2008
			Market Value
Money Market Funds - 5.12%
Goldman Sachs Prime Obligation Fund			$      1,280,394
Milestone Treasury Obligation Portfolio- Institutional Class			900,000
Total Money Market Funds (cost $2,180,394)			2,180,394
Total Investments (cost $42,905,080) - 100.88%			42,955,384
Other Assets less Liabilities - (0.88)%			(373,028)
NET ASSETS - 100.00%			$    42,582,356
*Non-income producing security	KBW- Keefe, Bruyette & Woods
DJ- Dow Jones	MBS- Mortgage-Backed Securities
EAFE- Europe, Australasia, Far East	MSCI- Morgan Stanley Capital International
ETF- Exchange Traded Fund	SPDR- Standard & Poors' Depositary Receipts
ETN- Exchange Traded Note	TIPS-Treasury Inflation Protected Securities
GSTI- Goldman Sachs Technology Index
At January 31, 2008, net unrealized appreciation on investment
securities, for book purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:			$            1,248,332
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(1,198,028)
Net unrealized appreciation:			$                 50,304

Security Valuation and Transactions

U.S. equity securities, primarily exchange traded funds, are valued at the last sale price on the exchange in which such securities are primarily traded, as of the close of business on the day the securities are being valued.  NASDAQ traded securities are valued using the NASDAQ official closing price (NOCP).  In the absence of a last sale price, securities are valued using the last available bid price.  U.S. long-term debt

obligations are valued at the mean between quoted bid and asked prices for such securities or, if such prices are not available, at prices of securities with comparable maturity, quality and type.   Money market funds are valued at original cost which approximates fair value.

Foreign securities are valued on the basis of market quotations from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates.

Securities for which current market quotations are not readily available of for which quotations are not deemed to be representative of market values are valued at fair value as determined in good faith by or under the direction of the Trust’s Board of Trustees (the “Board”) in accordance with the Trust’s Portfolio Securities Valuation Procedures (the “Procedures”).  The Procedures consider, among others, the following factors to determine a security’s fair value: the nature and pricing history (if any) of the security; whether any dealer quotations for the security are available; and possible valuation methodologies that could be used to determine the fair value of the security.  As of January 31, 2008, there were no securities requiring a fair value determination by or under the direction of the Board.

Investment security transactions are accounted for on a trade date basis. Cost is determined and gains and losses are based upon the specific identification method for both financial statement and federal income tax purposes.

Valuation of Fund of Funds

The Funds may invest in portfolios of open-end or closed-end investment companies (the “underlying funds”).  Underlying funds are valued at their respective net asset values as reported by such investment companies. The underlying funds value securities in their portfolios for which market quotations are readily available at their market values (generally the last reported sale price) and all other securities and assets at their fair value to the methods established by the board of directors of the underlying funds.  

The shares of many closed-end investment companies, after their initial public offering, frequently trade at a price per share, which is different than the net asset value per share. The difference represents a market premium or market discount of such shares. There can be no assurances that the market discount or market premium on shares of any closed-end investment company purchased by the Funds will not change.

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the  Securities Exchange Act of 1934, as amended.

(b)

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3.  Exhibits.  

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) AdvisorOne Funds

By (Signature and Title)

/s/ W. Patrick Clarke

       W. Patrick Clarke, President

Date

3/19/08

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)

/s/ W. Patrick Clarke

        W. Patrick Clarke, President

Date

3/19/08

By (Signature and Title)

            /s/ Andrew Rogers

       Andrew Rogers, Treasurer

Date

3/19/08