0001029068 2017-09-01 2017-09-01 0001029068 adv:MilestoneTreasuryObligationsFundInvestorClassSharesMember adv:S000035162Member 2017-09-01 2017-09-01 0001029068 adv:MilestoneTreasuryObligationsFundInvestorClassSharesMember adv:S000035162Member adv:LipperUSTreasuryMoneyMarketFundsIndexMember 2017-09-01 2017-09-01 0001029068 adv:MilestoneTreasuryObligationsFundInvestorClassSharesMember adv:S000035162Member adv:C000108175Member 2017-09-01 2017-09-01 0001029068 adv:MilestoneTreasuryObligationsFundInstitutionalClassSharesMember adv:S000035162Member 2017-09-01 2017-09-01 0001029068 adv:MilestoneTreasuryObligationsFundInstitutionalClassSharesMember adv:S000035162Member adv:LipperUSTreasuryMoneyMarketFundsIndexMember 2017-09-01 2017-09-01 0001029068 adv:MilestoneTreasuryObligationsFundInstitutionalClassSharesMember adv:S000035162Member adv:C000108174Member 2017-09-01 2017-09-01 iso4217:USD xbrli:pure 485BPOS ADVISORONE FUNDS 0001029068 false adv MTOXX MTIXX 2017-09-01 2017-09-01 2017-09-01 <p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p> <p style="margin: 0px; font-size: 14pt"><b>FUND SUMMARY</b></p> <p style="margin: 0px"><b>Investment Objective:</b></p> <p style="margin: 0px"><b>Investment Objective:</b></p> <p style="margin: 0px">The Milestone Treasury Obligations Fund (the &#8220;Fund&#8221;) is a money market fund that seeks to provide its shareholders with the maximum current income that is consistent with the preservation of capital and the maintenance of liquidity.</p> <p style="margin: 0px">The Milestone Treasury Obligations Fund (the Fund&#8221;) is a money market fund that seeks to provide its shareholders with the maximum current income that is consistent with the preservation of capital and the maintenance of liquidity.</p> <p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p> <p style="margin: 0px"><b>Fees and Expenses of the Fund:</b></p> <p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="margin: 0px">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="margin: 0px"><b>Shareholder Fees</b></p> <p style="margin: 0px"><b>(fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Shareholder Fees</b></p> <p style="margin: 0px"><b>(fees paid directly from your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p> <p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Annual Fund Operating Expenses</b></p> <p style="margin: 0px"><b>(expenses that you pay each year as a percentage of the value of your investment)</b></p> <p style="margin: 0px"><b>Example:</b></p> <p style="margin: 0px"><b>Example:</b></p> <p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="margin: 0px">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p> <p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p> <p style="margin: 0px">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund&#146;s operating expenses remain the same. Although your actual costs may be higher or lower, based upon these assumptions your costs would be:</p> <p style="margin: 0px"><b>Principal Investment Strategies:</b></p> <p style="margin: 0px"><b>Principal Investment Strategies:</b></p> <p style="margin: 0px">As a fundamental policy, which cannot be changed without shareholder approval, the Fund invests only in:</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px 0px 0px 20pt; text-indent: -7pt">&#149; U.S. Treasury obligations maturing in 397 days or less.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px 0px 0px 20pt; text-indent: -7pt">&#149; Repurchase agreements fully collateralized by U.S. Treasury obligations.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Fund may invest in U.S. Treasury obligations or repurchase agreements without limit in order to qualify as a &#147;government money market fund&#148; in connection with amendments adopted by the U.S. Securities and Exchange Commission to Rule 2a-7 and other rules governing money market funds, under the Investment Company Act of 1940, as amended. Although the Fund intends to be fully invested in these instruments, it may hold a de minimis amount of cash for a short period prior to investment or payment of the proceeds of redemption. As a government money market fund, the Fund must invest at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are &#147;collateralized fully&#148; (i.e., backed by cash or government securities). Additionally, as a government money market fund, the Fund is not required to impose a liquidity fee and/or temporary redemption gate if the Fund&#146;s weekly liquid asset fall below 30% of its total assets. While the Fund&#146;s Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements in the future, it has not elected to do so at this time.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Fund will maintain an average maturity computed on a dollar-weighted basis of 60 days or less and a dollar-weighted average life of 120 days or less.</p> <p style="margin: 0px">As a fundamental policy, which cannot be changed without shareholder approval, the Fund invests only in:</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px 0px 0px 20pt; text-indent: -7pt">&#8226; U.S. Treasury obligations maturing in 397 days or less.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px 0px 0px 20pt; text-indent: -7pt">&#8226; Repurchase agreements fully collateralized by U.S. Treasury obligations.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Fund may invest in U.S. Treasury obligations or repurchase agreements without limit in order to qualify as a &#8220;government money market fund&#8221; in connection with amendments adopted by the U.S. Securities and Exchange Commission to Rule 2a-7 and other rules governing money market funds under the Investment Company Act of 1940, as amended. Although the Fund intends to be fully invested in these instruments, it may hold a de minimis amount of cash for a short period prior to investment or payment of the proceeds of redemption. As a government money market fund, the Fund must invest at least 99.5% of its total assets in cash, government securities and/or repurchase agreements that are &#8220;collateralized fully&#8221; (i.e., backed by cash or government securities). Additionally, as a government money market fund, the Fund is not required to impose a liquidity fee and/or temporary redemption gate if the Fund&#8217;s weekly liquid assets fall below 30% of its total assets. While the Fund&#8217;s Board of Trustees may elect to subject the Fund to liquidity fee and gate requirements in the future, it has not elected to do so at this time.</p> <p style="margin: 0px">&#160;</p> <p style="margin: 0px">The Fund will maintain an average maturity computed on a dollar-weighted basis of 60 days or less and a dollar-weighted average life of 120 days or less.</p> <p style="margin: 0px"><b>Principal Investment Risks:</b></p> <p style="margin: 0px"><b>Principal Investment Risks:</b></p> <p style="margin: 0px">Although the Fund invests in short-term Treasury obligations, an investment in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity. All money market instruments, including U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share price to change. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency. Thus, while the Fund seeks to maintain a stable net asset value of $1.00 per share, there is no assurance that it will do so. It is possible to lose money by investing in the Fund. If the seller of a repurchase agreement in which the Fund invests defaults on its obligation or declares bankruptcy, the Fund may experience delays in selling the securities underlying the repurchase agreement. As a result, the Fund may incur losses arising from a decline in the value of those securities, reduced levels of income, and expenses of enforcing its rights.</p> <p style="margin: 0px">Although the Fund invests in short-term Treasury obligations, an investment in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity. All money market instruments, including U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share price to change. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency. Thus, while the Fund seeks to maintain a stable net asset value of $1.00 per share, there is no assurance that it will do so. It is possible to lose money by investing in the Fund. If the seller of a repurchase agreement in which the Fund invests defaults on its obligation or declares bankruptcy, the Fund may experience delays in selling the securities underlying the repurchase agreement. As a result, the Fund may incur losses arising from a decline in the value of those securities, reduced levels of income, and expenses of enforcing its rights.</p> <p style="margin: 0px"><b>Performance:</b></p> <p style="margin: 0px"><b>Performance:</b></p> <p style="margin: 0px">The following bar chart and tables below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Investor Class shares of the Fund from year to year and by showing how the Fund&#146;s average annual returns for one, five and ten years compare with those of a broad measure of market performance. Performance for the periods prior to January 20, 2012 is that of the Treasury Obligations Portfolio, a series of The Milestone Funds, the predecessor of the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information for AdvisorOne Funds is available at no cost by visiting <i>www.advisoronefunds.com</i> or by calling 1-866-811-0225.</p> <p style="margin: 0px">The following bar chart and tables below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing how the Fund&#146;s average annual returns for one, five and ten years compare with those of a broad measure of market performance. Performance for the period prior to January 20, 2012 is that of the Treasury Obligations Portfolio, a series of The Milestone Funds, the predecessor of the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information for AdvisorOne Funds is available at no cost by visiting www.advisoronefunds.com or by calling 1-866-811-0225.</p> <p style="margin: 0px; text-align: center"><b>Annual Returns for Years Ended December 31,</b></p> <p style="margin: 0px; text-align: center"><b>Annual Returns for Years Ended December 31,</b></p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse"> <tr style="vertical-align: top"><td style="width: 31%; border: Black 1pt solid; text-align: center"><p style="margin: 0px">Best Quarter</p></td> <td style="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">March 31, 2007</p></td> <td style="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">1.20%</p></td></tr> <tr style="vertical-align: top"><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><p style="margin: 0px">Worst Quarter</p></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">March 31, 2015</p></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">0.00%*</p></td></tr> </table> <p style="margin: 0px 0px 0px 60pt; font-size: 8pt">* Less than 0.005%</p> <table cellspacing="0" cellpadding="0" align="center" style="width: 60%; border-collapse: collapse"> <tr style="vertical-align: top"><td style="width: 31%; border: Black 1pt solid; text-align: center"><p style="margin: 0px">Best Quarter</p></td> <td style="width: 45%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">March 31, 2017</p></td> <td style="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">1.26%</p></td></tr> <tr style="vertical-align: top"><td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center"><p style="margin: 0px">Worst Quarter</p></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">March 31, 2015</p></td> <td style="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center"><p style="margin: 0px">0.00%*</p></td></tr> </table> <p style="margin: 0px 0px 0px 60pt; font-size: 8pt">* Less than 0.005%</p> <p style="margin: 0px; text-align: center"><b>Average Annual Total Returns</b></p> <p style="margin: 0px; text-align: center"><b>(For the periods ended December 31, 2016)</b></p> <p style="margin: 0px; text-align: center"><b>Average Annual Total Returns</b></p> <p style="margin: 0px; text-align: center"><b>(For the periods ended December 31, 2016)</b></p> <p style="margin: 0px">The Investor Class Shares' seven-day current yield on December 31, 2016 was 0.49%.</p> <p style="margin: 0px">The Institutional Class Shares' seven-day current yield on December 31, 2016 was 0.49%.</p> 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0 0 0.0010 0.0010 .0000 .0000 0.0010 0.0010 .0020 0.0020 20 20 64 64 113 113 255 255 .0460 .0486 .0144 .0169 .0002 .0013 .0001 0.0001 0.0001 0.0001 .0000 0.0001 .0000 0.0000 .0000 0.0000 0.0001 0.0001 0.005645 0.0062 0.005645 0.0068 0.000138 0.0003 0.000138 0.0004 0.000452 0.0015 0.000452 0.0016 <div style="display: none">~ http://advisoronefunds.com/role/ShareholderFeesData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInvestorClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/ShareholderFeesData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInstitutionalClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInvestorClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/OperatingExpensesData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInstitutionalClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInvestorClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/ExpenseExample column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInstitutionalClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInvestorClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/BarChartData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInstitutionalClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInvestorClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> <div style="display: none">~ http://advisoronefunds.com/role/PerformanceTableData column period compact * column dei_DocumentInformationDocumentAxis compact adv_MilestoneTreasuryObligationsFundInstitutionalClassSharesMember column dei_LegalEntityAxis compact adv_S000035162Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> The following bar chart and tables below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Investor Class shares of the Fund from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance. The following bar chart and tables below provide some indication of the risks of investing in the Fund by showing changes in the performance of the Institutional Class shares of the Fund from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. www.advisoronefunds.com www.advisoronefunds.com 1-866-811-0225 1-866-811-0225 Best Quarter Best Quarter 2007-03-31 2017-03-31 0.0120 0.0126 Worst Quarter Worst Quarter 2015-03-31 2015-03-31 0.0000 .0000 0.0049 0.0049 2016-12-31 2016-12-31 The Investor Class Shares' seven-day current yield The Institutional Class Shares' seven-day current yield 2017-04-30 0.0015 .0016 Less than 0.005% Remaining Other Expenses include 0.01% in recouped management fees in accordance with the fee waiver agreement.