AdvisorOne Funds

Milestone Treasury Obligations Fund

Investor Class Shares:	MTOXX
Institutional Class Shares:	MTIXX

Supplement dated November 17, 2020 to

the Prospectus and Statement of Additional Information dated September 1, 2020

The Board of Trustees of AdvisorOne Funds (the “Board”) has concluded that it is in the best interests of the Milestone Treasury Obligations Fund (the “Fund”) and its shareholders that the Fund cease operations. The Board has determined to close the Fund and redeem all outstanding shares on December 15, 2020 (“Redemption Date”).

Effective immediately, the Fund will not accept any new investments. Any required distributions of income and capital gains will be distributed as soon as practicable to shareholders and reinvested in additional shares, unless you have previously requested payment in cash.

Prior to or on the Redemption Date, you may redeem your shares, including reinvested distributions, in accordance with the “How to Redeem Shares” section in the Prospectus. Unless your investment in the Fund is through a tax-deferred retirement account, a redemption is subject to tax on any taxable gains. Please refer to the “Tax Status, Dividends and Distributions” section in the Prospectus for general information. You may wish to consult your tax advisor about your particular situation.

ANY SHAREHOLDERS WHO HAVE NOT REDEEMED THEIR SHARES OF THE FUND PRIOR TO THE REDEMPTION DATE WILL HAVE THEIR SHARES AUTOMATICALLY REDEEMED AS OF THAT DATE, AND PROCEEDS WILL BE SENT TO THE ADDRESS OF RECORD. If you have questions or need assistance, please contact your financial advisor directly or the Fund at (866) 811-0225.

This Supplement and the Prospectus and Statement of Additional Information dated September 1, 2020, provide relevant information for all shareholders and should be retained for future reference. Both the Prospectus and the Statement of Additional Information have been filed with the Securities and Exchange Commission, are incorporated by reference and can be obtained without charge by calling the Fund at (866) 811-0225.