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:   7/31/08  

Item 1.  Schedule of Investments.  

AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited)
July 31, 2008
	Shares	Market Value
Common Stocks - 5.76%
Beverages - 0.05%
Coca - Cola Co.	3,600	$         185,400
Pepsico Inc.	3,000	199,680
		385,080
Computers - 0.39%
Apple, Inc. *	8,500	1,351,075
Hewlett - Packard Co.	4,700	210,560
International Business Machines Corp.	12,100	1,548,558
		3,110,193
Cosmetics & Toiletries - 0.19%
Procter & Gamble Co.	23,400	1,532,232
Diversified Companies - 2.51%
Berkshire Hathaway, Inc- Class A*	175	20,028,750
Diversified Financial Services - 0.07%
Bank of America Corp.	11,400	375,060
Citigroup, Inc.	11,100	207,459
		582,519
Healthcare Products - 0.20%
Johnson & Johnson, Inc.	23,400	1,602,198
Insurance - 0.02%
American International Group, Inc.	6,500	169,325
Manufacturing - 0.44%
3M Co.	21,000	1,478,190
General Electric Co.	72,500	2,051,025
		3,529,215
Oil & Gas - 1.20%
BP PLC	5,300	325,632
Chevron Corp.	15,500	1,310,680
Devon Energy Corp.	15,700	1,489,773
Exxon Mobil Corp.	23,400	1,882,062
Hess Corp.	14,500	1,470,300
Occidental Petroleum Corp.	20,000	1,576,600
Transocean, Inc. *	11,000	1,496,330
		9,551,377
AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited) (Continued)
July 31, 2008
	Shares	Market Value
Pharmaceuticals - 0.06%
Merck & Co., Inc.	5,000	$         164,500
Pfizer, Inc.	15,500	289,385
		453,885
Semiconductors - 0.03%
Intel Corp.	9,300	206,367
Software - 0.17%
Microsoft Corp.	52,900	1,360,588
Telecommunications - 0.20%
AT&T, Inc.	43,300	1,334,073
Cisco Systems, Inc. *	9,800	215,502
		1,549,575
Tobacco - 0.23%
Altria Group, Inc.	13,300	270,655
Philip Morris International, Inc.	29,700	1,534,005
		1,804,660
Total Common Stocks (cost $47,756,089)		45,865,964
Equity Funds - 93.68%
Emerging Markets - 26.20%
iShares FTSE/Xinhua China 25 Index Fund	486,000	21,821,400
iShares MSCI Brazil Index Fund	255,000	20,716,200
iShares MSCI Emerging Markets Index Fund	1,575,000	67,173,750
iShares MSCI Mexico Investable Market Index Fund	227,000	12,280,700
iShares MSCI Taiwan Index Fund	302,000	3,965,260
iShares S&P Latin America 40 Index Fund	1,510,000	76,255,000
Vanguard Emerging Markets ETF	144,000	6,420,960
		208,633,270
International Equity - 6.61%
iShares MSCI Japan Index Fund	232,000	2,784,000
iShares MSCI Pacific ex-Japan Index Fund	195,000	8,433,750
SPDR MSCI ACWI ex- US Fund	100,000	3,578,000
Vanguard FTSE All-World ex-US ETF	302,000	15,432,200
Vanguard Pacific ETF	373,000	22,454,600
		52,682,550
AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited) (Continued)
July 31, 2008
	Shares	Market Value
Large Cap Blend - 6.68%
Rydex Russell Top 50 ETF	173,000	$    16,343,310
SPDR Trust Series 1	150,000	19,024,500
Vanguard Mega Cap 300 ETF	41,000	1,787,190
Vanguard Total Stock Market ETF	252,000	16,042,320
		53,197,320
Large Cap Growth - 14.18%
iShares Russell 1000 Growth Index Fund	1,025,000	55,329,500
Powershares QQQ	1,226,000	55,733,960
Vanguard Mega Cap 300 Growth ETF	41,000	1,861,400
		112,924,860
Large Cap Value - 5.37%
DIAMOND Trust, Series I	218,000	24,786,600
iShares Russell 1000 Value Index Fund	75,000	5,123,250
Vanguard Mega Cap 300 Value ETF	41,000	1,706,830
Vanguard Value ETF	200,000	11,158,000
		42,774,680
Mid Cap Blend - 8.27%
iShares Russell Midcap Index Fund	253,000	23,541,650
Vanguard Mid-Cap ETF	630,000	42,291,900
		65,833,550
Mid Cap Growth - 5.13%
iShares Russell Midcap Growth Index Fund	804,000	40,851,240
Small Cap Blend - 2.33%
iShares Russell 2000 Index Fund	244,000	17,304,480
Vanguard Small Cap ETF	20,000	1,266,600
		18,571,080
AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited) (Continued)
July 31, 2008
	Shares	Market Value
Specialty - 18.91%
iShares S&P Global Industrials Sector Index Fund	100,000	$      5,475,000
iShares S&P Global Materials Sector Index Fund	100,000	7,460,000
iShares S&P Global Telecommunications Sector Index Fund	63,000	3,895,290
KBW Capital Markets ETF	157,000	7,211,010
SPDR Consumer Staples Select Sector Fund	257,000	7,031,520
SPDR Energy Select Sector Fund	250,000	18,600,000
SPDR Financial Select Sector Fund	400,000	8,652,000
SPDR Industrial Select Sector Fund	910,000	31,194,800
SPDR Materials Select Sector Fund	70,000	2,826,600
SPDR S&P Oil & Gas Exploration & Production ETF	83,000	4,488,640
SPDR S&P Biotech ETF	313,000	21,656,470
SPDR Utilities Select Sector Fund	457,000	17,402,560
Vanguard Materials ETF	170,000	14,723,700
		150,617,590
Total Equity Funds (cost $757,574,071)		746,086,140
Money Market Funds - 1.28%
Goldman Sachs Prime Obligation Fund	10,230,593	$    10,230,593
Total Money Market Funds (cost $10,230,593)		10,230,593
Total Investments (cost $815,560,753) - 100.72%		802,182,697
Other Assets less Liabilities - (0.72)%		(5,742,347)
NET ASSETS - 100.00%		$  796,440,350
*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
AdvisorOne Funds
Schedule of Investments - Amerigo Fund (Unaudited) (Continued)
July 31, 2008
	Shares	Market Value
At July 31, 2008, net unrealized depreciation 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:		$         26,711,813
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:		(40,090,298)
Net unrealized depreciation:		$      (13,378,485)
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports filed with the Securities and Exchange Commission on Form N-CSR.
Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard
No. 157 (FAS 157), Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds,credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of
investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
The following is a summary of the inputs used as of July 31, 2008 in valuing the Fund's assets carried at fair value:

Valuation Inputs	Investments in Securities ($)	Other Financial Instruments* ($)
Level 1 – Quoted Prices	791,952,104	-
Level 2 – Other Significant Observable Inputs	10,230,593	-
Level 3 – Significant Unobservable Inputs	-	-
Total	802,182,697	-
* Other financial instruments include futures, forwards and swap contracts.

AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited)
July 31, 2008
		Shares	Market Value
Common Stock - 4.79%
Beverages - 0.05%
Coca - Cola Co.		700	$           36,050
Pepsico Inc.		600	39,936
			75,986
Computers - 0.15%
Apple, Inc. *		500	79,475
Hewlett - Packard Co.		900	40,320
International Business Machines Corp.		800	102,384
			222,179
Cosmetics & Toiletries - 0.06%
Procter & Gamble Co.		1,500	98,220
Diversified Companies - 3.38%
Berkshire Hathaway, Inc- Class A*		45	5,150,250
Diversified Financial Services - 0.07%
Bank of America Corp.		2,200	72,380
Citigroup, Inc.		2,200	41,118
			113,498
Healthcare Products - 0.07%
Johnson & Johnson, Inc.		1,500	102,705
Insurance - 0.02%
American International Group, Inc.		1,300	33,865
Manufacturing - 0.16%
3M Co.		1,500	105,585
General Electric Co.		4,800	135,792
			241,377
Oil & Gas - 0.49%
BP PLC		1,000	61,440
Chevron Corp.		1,000	84,560
Devon Energy Corp.		1,200	113,868
Exxon Mobil Corp.		1,900	152,817
Hess Corp.		1,100	111,540
Occidental Petroleum Corp.		1,400	110,362
Transocean, Inc. *		800	108,824
			743,411
AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Pharmaceuticals - 0.06%
Merck & Co., Inc.		1,000	$           32,900
Pfizer, Inc.		3,100	57,877
			90,777
Semiconductors - 0.03%
Intel Corp.		1,800	39,942
Software - 0.06%
Microsoft Corp.		3,500	90,020
Telecommunications - 0.09%
AT&T, Inc.		2,900	89,349
Cisco Systems, Inc. *		1,900	41,781
			131,130
Tobacco - 0.10%
Altria Group, Inc.		2,600	52,910
Philip Morris International, Inc.		2,000	103,300
			156,210
Total Common Stocks (cost $7,745,490)			7,289,570
Bond Funds - 39.36%
BlackRock Corporate High Yield Fund, Inc.		60,000	380,400
BlackRock Corporate High Yield Fund III, Inc.		60,000	375,600
BlackRock Corporate High Yield Fund V, Inc.		46,000	476,100
BlackRock Corporate High Yield Fund VI, Inc.		46,000	477,020
BlackRock Floating  Rate Income Strategies Fund, Inc.		46,000	661,940
BlackRock Floating  Rate Income Strategies Fund II, Inc.		46,000	655,040
Dreyfus High Yield Strategies Fund		60,000	204,600
Eaton Vance Floating - Rate Income Trust		46,000	632,500
Eaton Vance Senior Income Trust		60,000	375,000
iShares iBoxx $ High Yield Corporate Bond Fund		90,000	8,451,000
iShares iBoxx $ Investment Grade Corporate Bond Fund		60,890	6,171,810
iShares Lehman 20 Year Treasury Bond Fund		3,000	275,010
iShares Lehman Aggregate Bond Fund		140,000	14,057,400
Nuveen Floating Rate Income Fund		50,000	509,500
Nuveen Floating Rate Income Opportunity Fund		50,000	503,000
Pioneer Floating Rate Trust		50,000	656,500
RMK High Income Fund, Inc.		60,000	126,600
RMK Multi-Sector High Income Fund		60,000	109,200
SPDR Lehman High Yield Bond ETF		90,000	3,879,900
Van Kampen High Income Trust II		60,000	188,400
AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Bond Funds - 39.36% (Continued)
Van Kampen Senior Income Trust		357,000	$      1,959,930
Vanguard Intermediate Term Bond ETF		5,000	382,350
Vanguard Short Term Bond ETF		92,000	7,126,320
Vanguard Total Bond Market ETF		142,000	10,779,220
Western Asset High Income Fund II, Inc.		60,000	538,200
Total Bond Funds (cost $63,657,523)			59,952,540
Equity Funds - 53.23%
Emerging Markets - 13.96%
iShares MSCI Emerging Markets Index Fund		108,000	4,606,200
iShares MSCI Brazil Index Fund		44,000	3,574,560
iShares S&P Latin America 40 Index Fund		170,000	8,585,000
Vanguard Emerging Markets ETF		101,000	4,503,590
			21,269,350
International Equity - 3.32%
SPDR MSCI ACWI ex-US ETF		24,000	858,720
Vanguard FTSE All-World ex-US ETF		28,000	1,430,800
Vanguard Pacific ETF		46,000	2,769,200
			5,058,720
Large Cap Blend - 6.04%
Rydex Russell Top 50 ETF		10,000	944,700
SPDR Trust Series I		51,000	6,468,330
Vanguard Mega Cap 300 ETF		41,000	1,787,190
			9,200,220
Large Cap Growth - 5.74%
iShares Russell 1000 Growth Index Fund		92,000	4,966,160
Powershares QQQ		42,000	1,909,320
Vanguard Mega Cap 300 Growth ETF		41,000	1,861,400
			8,736,880
Large Cap Value - 5.25%
Diamonds Trust Series I		39,000	4,434,300
iShares Russell 1000 Value Index Fund		14,000	956,340
Vanguard Mega Cap 300 Value ETF		41,000	1,706,830
Vanguard Value ETF		16,000	892,640
			7,990,110
AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Mid Cap Blend - 3.04%
Vanguard Mid-Cap ETF		69,000	$      4,631,970
Small Cap Blend - 1.00%
Vanguard Small Cap ETF		24,000	1,519,920
Speciality - 14.88%
iShares S&P Global Telecommunications Sector Index Fund		18,000	1,112,940
KBW Capital Markets ETF		55,000	2,526,150
SPDR Consumer Staples Select Sector Fund		39,000	1,067,040
SPDR Energy Select Sector Fund		25,000	1,860,000
SPDR Financial Select Sector Fund		75,000	1,622,250
SPDR Industrial Select Sector Fund		96,000	3,290,880
SPDR S&P Biotech Sector Fund		46,000	3,182,740
SPDR S&P Oil & Gas Exploration & Production ETF		18,000	973,440
SPDR Technology Select Sector Fund		21,000	469,350
SPDR Utilities Select Sector Fund		66,000	2,513,280
Vanguard Consumer Staples ETF		39,000	2,621,970
Vanguard Utilities ETF		18,000	1,415,340
			22,655,380
Total Equity Funds (cost $84,276,543)			81,062,550
		Face Amount	Market Value
Structured Notes - 0.59%
Barclays ETF Plus, iShares MSCI Emerging Markets
Index Fund Linked Notes 0.00% due 10/6/2008^		1,000,000	898,710
Total Structured Notes (cost $999,839)			898,710
Money Market Funds - 2.47%
Goldman Sachs Prime Obligation Fund		3,762,037	3,762,037
Total Money Market Funds (cost $3,762,037)			3,762,037
Total Investments (cost $160,441,432) - 100.44%			152,965,407
Other Assets less Liabilities - (0.44)%			(666,116)
NET ASSETS - 100.00%			$  152,299,291
* Non-income producing security
ACWI - All Country World Index	FTSE - Financial Times Stock Exchange
EAFE- Europe, Australasia, Far East	MSCI- Morgan Stanley Capital International
ETF - Exchange Traded Fund	SPDR- Standard & Poors' Depository Receipts
AdvisorOne Funds
Schedule of Investments - Clermont Fund (Unaudited) (Continued)
July 31, 2008
At July 31, 2008, net unrealized depreciation 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:			$            2,235,886
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(9,711,912)
Net unrealized depreciation:			$          (7,476,025)
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports filed with the Securities and Exchange Commission on Form N-CSR.
Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard
No. 157 (FAS 157), Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds,credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of
investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
The following is a summary of the inputs used as of July 31, 2008 in valuing the Fund's assets carried at fair value:

Valuation Inputs	Investments in Securities ($)	Other Financial Instruments* ($)
Level 1 – Quoted Prices	148,304,660	-
Level 2 – Other Significant Observable Inputs	4,660,747	-
Level 3 – Significant Unobservable Inputs	-	-
Total	152,965,407	-
* Other financial instruments include futures, forwards and swap contracts.

AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited)
July 31, 2008
		Shares	Market Value
Common Stock - 6.92%
Beverages - 0.05%
Coca - Cola Co.		700	$           36,050
Pepsico Inc.		600	39,936
			75,986
Computers - 0.39%
Apple, Inc. *		1,700	270,215
Hewlett - Packard Co.		900	40,320
International Business Machines Corp.		2,400	307,152
			617,687
Cosmetics & Toiletries - 0.19%
Procter & Gamble Co.		4,700	307,756
Consumer Products - 0.09%
Fortune Brands, Inc.		2,400	137,544
Diversified Companies - 2.95%
Berkshire Hathaway, Inc- Class A*		41	4,692,450
Diversified Financial Services - 0.07%
Bank of America Corp.		2,200	72,380
Citigroup, Inc.		2,200	41,118
			113,498
Healthcare Products - 0.20%
Johnson & Johnson, Inc.		4,700	321,809
Insurance - 0.02%
American International Group, Inc.		1,300	33,865
Manufacturing - 0.44%
3M Co.		4,200	295,638
General Electric Co.		14,500	410,205
			705,843
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Oil & Gas - 1.19%
BP PLC		1,000	$           61,440
Chevron Corp.		3,100	262,136
Devon Energy Corp.		3,100	294,159
Exxon Mobil Corp.		4,700	378,021
Hess Corp.		2,900	294,060
Occidental Petroleum Corp.		3,800	299,554
Transocean, Inc. *		2,200	299,266
			1,888,636
Pharmaceuticals - 0.06%
Merck & Co., Inc.		1,000	32,900
Pfizer, Inc.		3,100	57,877
			90,777
Semiconductors - 0.02%
Intel Corp.		1,800	39,942
Software - 0.17%
Microsoft Corp.		10,500	270,060
Telecommunications - 0.19%
AT&T, Inc.		8,600	264,966
Cisco Systems, Inc. *		1,900	41,781
			306,747
Tobacco - 0.52%
Altria Group, Inc.		5,600	113,960
British American Tobacco PLC		2,700	195,183
Philip Morris International, Inc. *		6,000	309,900
UST, Inc.		4,000	210,440
			829,483
Water - 0.37%
American States Water Co.		6,000	216,720
Aqua America, Inc.		10,000	158,500
California Water Service Group		5,700	209,418
			584,638
Total Common Stocks (cost $12,253,972)			11,016,721
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Bond Funds - 9.36%
BlackRock Corporate High Yield Fund, Inc.		67,000	$         424,780
BlackRock Corporate High Yield Fund III, Inc.		67,000	419,420
BlackRock Corporate High Yield Fund V, Inc.		67,000	693,450
BlackRock Corporate High Yield Fund VI, Inc.		67,000	694,790
BlackRock Floating Rate Income Strategies Fund, Inc.		67,000	964,130
BlackRock Floating Rate Income Strategies Fund II, Inc.		67,000	954,080
Dreyfus High Yield Strategies Fund		67,000	228,470
Eaton Vance Floating-Rate Income Trust		67,000	921,250
Eaton Vance Senior Income Trust		67,000	418,750
iShares iBoxx $ High Yield Corporate Bond Fund		26,000	2,441,400
iShares iBoxx $ Investment Grade Corporate Bond Fund		2,000	202,720
Nuveen Floating Rate Income Fund		67,000	682,730
Nuveen Floating Rate Income Opportunity Fund		67,000	674,020
Pioneer Floating Rate Trust		67,000	879,710
RMK High Income Fund Inc.		67,000	141,370
RMK Multi-Sector High Income Fund		67,000	121,940
SPDR Lehman High Yield Bond ETF		61,000	2,629,710
Van Kampen High Income Trust II		67,000	210,380
Van Kampen Senior Income Trust		78,000	428,220
Vanguard Short Term Bond ETF		1,000	77,460
Vanguard Total Bond Market ETF		1,000	75,910
Western Asset High Income Fund II, Inc.		67,000	600,990
Total Bond Funds (cost $18,342,553)			14,885,680
Equity Funds - 79.55%
Emerging Market - 25.76%
iShares FTSE/Xinhua China 25 Index Fund		60,000	2,694,000
iShares MSCI Brazil Index Fund		34,000	2,762,160
iShares MSCI Emerging Markets Index Fund		300,000	12,795,000
iShares MSCI Mexico Investable Market Index Fund		28,000	1,514,800
iShares S&P Latin America 40 Index Fund		265,000	13,382,500
SPDR S&P BRIC 40 ETF		82,000	2,275,500
SPDR S&P China ETF		11,000	752,730
SPDR S&P Emerging Asia Pacific Index Fund		11,000	761,530
Vanguard Emerging Markets ETF		91,000	4,057,690
			40,995,910
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
International Equity - 10.18%
iShares MSCI Pacific ex-Japan Index Fund		165,000	$      7,136,250
SPDR MSCI ACWI ex-US ETF		50,000	1,789,000
Vanguard FTSE All-World ex-US ETF		61,000	3,117,100
Vanguard Pacific ETF		69,000	4,153,800
			16,196,150
Large Cap Blend - 3.91%
Rydex Russell Top 50 ETF		19,000	1,794,930
Vanguard Mega Cap 300 ETF		41,000	1,787,190
Vanguard Large-Cap ETF		46,000	2,642,240
			6,224,360
Large Cap Growth - 5.26%
iShares Russell 1000 Growth Index Fund		45,000	2,429,100
Powershares QQQ		31,000	1,409,260
Vanguard Mega Cap 300 Growth ETF		41,000	1,861,400
Vanguard Growth ETF		46,000	2,676,740
			8,376,500
Large Cap Value - 3.79%
DIAMONDS Trust Series I		38,000	4,320,600
Vanguard Mega Cap 300 Value ETF		41,000	1,706,830
			6,027,430
Mid Cap Blend - 2.24%
Vanguard Mid-Cap ETF		53,000	3,557,890
Small Cap Blend - 1.43%
iShares Russell 2000 Index Fund		32,000	2,269,440
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Speciality - 26.98%
Consumer Staples Select Sector SPDR Fund		208,000	$      5,690,880
Energy Select Sector SPDR Fund		32,000	2,380,800
Industrial Select Sector SPDR Fund		77,000	2,639,560
iPath Dow Jones-AIG Commodity Index Total Return ETN*		11,000	691,350
iShares Dow Jones Transportation Average Index Fund		10,000	909,800
iShares Dow Jones US Oil Equipment & Services Index Fund		34,000	2,334,440
iShares S&P Global Industrials Sector Index Fund		40,000	2,190,000
iShares S&P Global Materials Sector Index Fund		40,000	2,984,000
iShares S&P Global Telecommunications Sector Index Fund		21,000	1,298,430
KBW Capital Markets ETF		76,000	3,490,680
KBW Insurance ETF		20,000	841,400
Market Vectors Coal ETF *		15,000	742,500
PowerShares DB Base Metals Fund *		45,000	1,083,150
SPDR Financial Select Sector Fund		58,000	1,254,540
SPDR Materials Select Sector Fund		65,000	2,624,700
SPDR S&P Biotech ETF		70,050	4,846,759
SPDR S&P Oil & Gas Equipment & Services ETF		44,000	1,931,160
SPDR S&P Oil & Gas Exploration & Production ETF		43,000	2,325,440
Technology Select Sector SPDR Fund		31,000	692,850
Utilities Select Sector SPDR Fund		52,000	1,980,160
			42,932,599
Total Equity Funds (cost $124,967,535)			126,580,279
		Face Amount	Market Value
Structured Notes - 2.27%
Barclays ETF Plus, iShares MSCI Emerging Markets
Index Fund Linked Notes 0.00% due 11/6/2008^		2,000,000	1,606,100
Barclays Medium Term, iShares MSCI Emerging Markets
Index Fund Linked Notes 0.00% due 9/8/2008^		2,000,000	2,001,780
Total Structured Notes (cost $3,999,822)			3,607,880
Money Market Funds - 2.79%
Goldman Sachs Prime Obligation Fund		4,445,749	4,445,749
Total Money Market Funds (cost $4,445,749)			4,445,749
Total Investments (cost $164,009,631) - 100.89%			160,536,309
Other Assets less Liabilities - (0.89)%			(1,421,102)
NET ASSETS - 100.00%			$  159,115,207
AdvisorOne Funds
Schedule of Investments - Berolina Fund (Unaudited) (Continued)
July 31, 2008
*Non-income producing security	ETF - Exchange Traded Fund
^ Variable rate security. Interest rate is as of April 30, 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	RMK- Regions Morgan Keegan
	SPDR- Standard & Poors' Depositary Receipts
At July 31, 2008, net unrealized depreciation 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:			$            8,564,357
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(12,037,678)
Net unrealized depreciation:			$           (3,473,321)
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports filed with the Securities and Exchange Commission on Form N-CSR.
Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard
No. 157 (FAS 157), Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds,credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of
investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
The following is a summary of the inputs used as of July 31, 2008 in valuing the Fund's assets carried at fair value:

Valuation Inputs	Investments in Securities ($)	Other Financial Instruments* ($)
Level 1 – Quoted Prices	152,482,680	-
Level 2 – Other Significant Observable Inputs	8,053,629	-
Level 3 – Significant Unobservable Inputs	-	-
Total	160,536,309	-
* Other financial instruments include futures, forwards and swap contracts.

AdvisorOne Funds
Schedule of Investments - Descartes Fund (Unaudited)
July 31, 2008
		Shares	Market Value
Common Stock - 2.92%
Diversified Companies - 2.92%
Berkshire Hathaway, Inc - Class A*		40	$       4,578,000
Total Common Stocks (cost $4,627,450)			4,578,000
Equity Funds - 96.68%
Emerging Markets - 20.53%
iShares MSCI Brazil Index Fund		54,000	4,386,960
iShares MSCI Emerging Markets Index Fund		168,000	7,165,200
iShares MSCI Mexico Investable Market Index Fund		37,500	2,028,750
iShares MSCI Taiwan Index Fund		188,000	2,468,440
iShares S&P Latin America 40 Index Fund		147,500	7,448,750
SPDR S&P BRIC 40 ETF		155,000	4,301,250
SPDR S&P Emerging Asia Pacific Index Fund		40,000	2,769,200
Vanguard Emerging Markets ETF		36,000	1,605,240
			32,173,790
International Equity - 8.59%
iShares MSCI Canada Index Fund		16,000	500,320
iShares MSCI Hong Kong Index Fund		50,000	835,000
iShares MSCI Japan Index Fund		340,000	4,080,000
iShares MSCI Singapore Index Fund		74,000	912,420
iShares S&P Global 100 Index Fund		83,000	5,680,520
SPDR DJ Global Titans ETF		22,000	1,455,960
			13,464,220
Large Cap Blend - 14.45%
iShares Morningstar Large Core Index Fund		97,000	6,945,200
iShares S&P 500 Index Fund		77,000	9,783,620
Rydex Russell Top 50 ETF		47,500	4,487,325
Vanguard Mega Cap 300 ETF		33,000	1,438,470
			22,654,615
Large Cap Growth - 8.61%
iShares Russell 1000 Growth Index Fund		182,800	9,867,544
Vanguard Mega Cap 300 Growth ETF		80,000	3,632,000
			13,499,544
Large Cap Value - 8.41%
iShares Russell 1000 Value Index Fund		114,000	7,787,340
iShares S&P 500 Value Index Fund		69,000	4,433,940
Vanguard Mega Cap 300 Value ETF		23,000	957,490
			13,178,770
AdvisorOne Funds
Schedule of Investments - Descartes Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Mid Cap Blend - 4.11%
iShares Morningstar Mid Core Index Fund		50,000	$       3,828,500
iShares Russell Midcap Index Fund		28,000	2,605,400
			6,433,900
Mid Cap Growth - 3.63%
iShares Russell Midcap Growth Index Fund		112,000	5,690,720
Speciality - 28.35%
iPATH GSCI Total Return Index ETN*		9,000	592,020
iShares DJ U.S. Basic Materials Sector Index Fund		29,000	2,258,810
iShares DJ U.S. Broker-Dealer Index Fund		20,000	672,600
iShares DJ U.S. Insurance Index Fund		73,000	2,695,160
iShares DJ U.S. Transportation Average Index Fund		19,000	1,728,620
iShares S&P Global Consumer Staples Sector Index Fund		55,000	3,080,550
iShares S&P Global Energy Sector Index Fund		57,000	2,489,190
iShares S&P Global Healthcare Sector Index Fund		19,000	1,025,240
iShares S&P Global Industrials Sector Index Fund		48,000	2,628,000
iShares S&P Global Technology Sector Index Fund		138,000	7,750,080
iShares S&P North American Technology Software Index Fund *		70,000	3,326,400
KBW Capital Markets Fund		16,000	734,880
KBW Insurance Fund		8,000	336,560
PowerShares Deutsche Bank Agriculture Fund *		45,000	1,642,050
PowerShares Water Resources Portfolio		34,000	735,760
Rydex S&P Equal Weight Technology ETF		7,000	305,900
SPDR Consumer Discretionary Select Sector Fund		99,000	2,824,470
SPDR Industrial Select Sector Fund		65,000	2,228,200
SPDR S&P Biotech ETF		17,000	1,176,230
SPDR S&P Retail ETF		31,000	942,090
SPDR Technology Select Sector Fund		182,000	4,067,700
UltraShort Financials ProShares		5,000	605,400
UltraShort Utilities ProShares		10,000	596,600
			44,442,510
Total Equity Funds (cost $157,857,678)			151,538,069
AdvisorOne Funds
Schedule of Investments - Descartes Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Money Market Funds - 0.42%
Goldman Sachs Prime Obligation Fund		665,083	$          665,083
Total Money Market Funds (cost $665,083)			665,083
Total Investments (cost $163,150,211) - 100.02%			156,781,152
Other Assets less Liabilities - (0.02)%			(31,565)
NET ASSETS - 100.00%			$   156,749,587
*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
ETF- Exchange Trade Fund	MSCI- Morgan Stanley Capital International
ETN- Exchange Traded Note	SPDR- Standard & Poors' Depositary Receipts
At July 31, 2008, net unrealized depreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:			$             3,392,695
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(9,761,754)
Net unrealized depreciation:			$           (6,369,059)
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports filed with the Securities and Exchange Commission on Form N-CSR.
Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard
No. 157 (FAS 157), Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds,credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of
investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
AdvisorOne Funds
Schedule of Investments - Descartes Fund (Unaudited) (Continued)
July 31, 2008
The following is a summary of the inputs used as of July 31, 2008 in valuing the Fund's assets carried at fair value:

Valuation Inputs	Investments in Securities ($)	Other Financial Instruments* ($)
Level 1 – Quoted Prices	156,116,069	-
Level 2 – Other Significant Observable Inputs	665,083	-
Level 3 – Significant Unobservable Inputs	-	-
Total	156,781,152	-
* Other financial instruments include futures, forwards and swap contracts.

AdvisorOne Funds
Schedule of Investments - Liahona Fund (Unaudited)
July 31, 2008
		Shares	Market Value
Common Stock - 0.79%
Diversified Companies - 0.79%
Berkshire Hathaway, Inc - Class B*		100	$          382,900
Total Common Stocks (cost $446,387)			382,900
Bond Funds - 26.15%
iShares iBoxx $ High Yield Corporate Bond Fund		20,000	1,878,000
iShares iBoxx $ Investment Grade Corporate Bond Fund		53,000	5,372,080
iShares Lehman MBS Fixed-Rate Bond Fund		16,000	1,615,200
SPDR Lehman High Yield Bond ETF		12,000	517,320
SPDR Lehman International Treasury Bond ETF		59,000	3,289,840
Total Bond Funds (cost $12,958,966)			12,672,440
Equity Funds - 70.34%
Emerging Markets - 11.62%
SPDR S&P Emerging Asia Pacific ETF		4,000	276,920
iShares MSCI Brazil Index Fund		14,000	1,137,360
iShares MSCI Emerging Markets Index Fund		24,000	1,023,600
iShares MSCI Taiwan Index Fund		35,000	459,550
iShares S&P Latin America 40 Index Fund		40,000	2,020,000
Vanguard Emerging Markets ETF		16,000	713,440
			5,630,870
International Equity - 5.45%
iShares MSCI Canada Index Fund		10,000	312,700
iShares MSCI Hong Kong Index Fund		6,000	100,200
iShares MSCI Japan Index Fund		57,000	684,000
iShares S&P Global 100 Index Fund		11,000	752,840
SPDR DJ Global Titans ETF		12,000	794,160
			2,643,900
Large Cap Blend - 17.95%
iShares Morningstar Large Core Index Fund		25,000	1,790,000
iShares S&P 500 Index Fund		24,000	3,049,440
Rydex Russell Top 50 ETF		27,000	2,550,690
Vanguard Mega Cap 300 ETF		30,000	1,307,700
			8,697,830
Large Cap Growth - 8.26%
iShares Morningstar Large Growth Index Fund		4,000	255,600
iShares Russell 1000 Growth Index Fund		24,000	1,295,520
Vanguard Mega Cap 300 Growth ETF		54,000	2,451,600
			4,002,720
AdvisorOne Funds
Schedule of Investments - Liahona Fund (Unaudited) (Continued)
July 31, 2008
		Shares	Market Value
Large Cap Value - 8.16%
iShares Russell 1000 Value Index Fund		31,000	$       2,117,610
iShares S&P 500 Value Index Fund		15,000	963,900
Vanguard Mega Cap 300 Value ETF		21,000	874,230
			3,955,740
Mid Cap Blend - 0.47%
iShares Morningstar Mid Core Index Fund		3,000	229,710
Mid Cap Growth - 2.28%
iShares Morningstar Mid Growth Index Fund		10,000	899,500
iShares Russell Midcap Growth Index Fund		4,000	203,240
			1,102,740
Speciality - 16.15%
iPath Dow Jones-AIG Commodity Index Total Return ETN *		5,000	314,250
iShares DJ U.S. Basic Materials Sector Index Fund		1,000	77,890
iShares DJ U.S. Broker-Dealer Index Fund		4,000	134,520
iShares DJ U.S. Insurance Index Fund		32,000	1,181,440
iShares DJ U.S. Transportation Average Index Fund		4,000	363,920
iShares S&P Global Consumer Staples Sector Index Fund		10,000	560,100
iShares S&P Global Energy Sector Index Fund		12,000	524,040
iShares S&P Global Industrials Sector Index Fund		16,000	876,000
iShares S&P Global Technology Sector Index Fund		34,000	1,909,440
iShares S&P North American Technology Software Index Fund *		14,000	665,280
KBW Capital Markets Fund ETF		4,000	183,720
SPDR Consumer Discretionary Select Sector Fund		8,000	228,240
UltraShort Russell 2000 ProShares		4,000	286,720
Vanguard Information Technology Index Fund		10,000	523,800
			7,829,360
Total Equity Funds (cost $36,475,005)			34,092,870
Money Market Funds - 2.56%
Goldman Sachs Prime Obligation Fund		1,242,094	1,242,094
Total Money Market Funds (cost $1,242,094)			1,242,094
Total Investments (cost $51,122,452) - 99.84%			48,390,304
Other Assets less Liabilities - 0.16%			78,781
NET ASSETS - 100.00%			$     48,469,085
AdvisorOne Funds
Schedule of Investments - Liahona Fund (Unaudited) (Continued)
July 31, 2008
*Non-income producing security	GSTI- Goldman Sachs Technology Index
DJ- Dow Jones	KBW- Keefe, Bruyette & Woods
EAFE- Europe, Australasia, Far East	MBS- Mortgage-Backed Securities
ETF- Exchange Trade Fund	MSCI- Morgan Stanley Capital International
ETN- Exchange Trade Notes	SPDR- Standard & Poors' Depositary Receipts
At July 31, 2008, net unrealized depreciation on investment
securities, for federal income tax purposes, was as follows:
Aggregate gross unrealized appreciation for all investments
for which there was an excess of value over cost:			$                283,400
Aggregate gross unrealized depreciation for all investments
for which there was an excess of cost over value:			(3,015,548)
Net unrealized depreciation:			$           (2,732,148)
Securities valuation policies and other investment related disclosures are hereby incorporated by reference to the annual
and semi-annual reports filed with the Securities and Exchange Commission on Form N-CSR.
Various inputs are used in determining the value of the fund's investments relating to Financial Accounting Standard
No. 157 (FAS 157), Fair Value Measurements.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities.
Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment
speeds,credit risk, etc.).
Level 3 - significant unobservable inputs (including the Fund's own assumption in determining the fair value of
investments).
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with
investing in those securities.
The following is a summary of the inputs used as of July 31, 2008 in valuing the Fund's assets carried at fair value:

Valuation Inputs	Investments in Securities ($)	Other Financial Instruments* ($)
Level 1 – Quoted Prices	47,148,210	-
Level 2 – Other Significant Observable Inputs	1,242,094	-
Level 3 – Significant Unobservable Inputs	-	-
Total	48,390,304	-
* Other financial instruments include futures, forwards and swap contracts.

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  

9/26/08

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

9/26/08

By (Signature and Title)

       Andrew Rogers, Treasurer

Date

9/26/08