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      <seriesName>CLS Global Diversified Equity Fund</seriesName>
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        <name>Invesco Exchange Traded Fund Trust II</name>
        <lei>O540V2L4S174Y60FMD36</lei>
        <title>INVESCO FTSE RAFI EMERGIN</title>
        <cusip>46138E727</cusip>
        <identifiers>
          <isin value="US46138E7278"/>
        </identifiers>
        <balance>730000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>15059900.00000000</valUSD>
        <pctVal>3.522345852686</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="12612124"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Goldman Sachs Etf Trust</name>
        <lei>549300VEZF7K2ES5WL82</lei>
        <title>GOLDMAN SACHS ACTIVEBETA</title>
        <cusip>381430206</cusip>
        <identifiers>
          <isin value="US3814302069"/>
        </identifiers>
        <balance>574000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18712400.00000000</valUSD>
        <pctVal>4.376625643849</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="5420820"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cambria ETF Trust</name>
        <lei>N/A</lei>
        <title>CAMBRIA GLOBAL VALUE ETF</title>
        <cusip>132061409</cusip>
        <identifiers>
          <isin value="US1320614092"/>
        </identifiers>
        <balance>136864.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3141028.80000000</valUSD>
        <pctVal>0.734652273046</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES EDGE MSCI USA QUA</title>
        <cusip>46432F339</cusip>
        <identifiers>
          <isin value="US46432F3394"/>
        </identifiers>
        <balance>128000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>12839680.00000000</valUSD>
        <pctVal>3.003060684189</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Index Shs Fds</name>
        <lei>5493001XGU6MOBRXUU78</lei>
        <title>SPDR S&amp;P GL NAT RESOURCES</title>
        <cusip>78463X541</cusip>
        <identifiers>
          <isin value="US78463X5418"/>
        </identifiers>
        <balance>177500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>7526000.00000000</valUSD>
        <pctVal>1.760249064556</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES GLOBAL HEALTHCARE</title>
        <cusip>464287325</cusip>
        <identifiers>
          <isin value="US4642873255"/>
        </identifiers>
        <balance>328000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22212160.00000000</valUSD>
        <pctVal>5.195181220008</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="779135"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>N/A</lei>
        <title>ISHARES MSCI RUSSIA ETF</title>
        <cusip>46434G798</cusip>
        <identifiers>
          <isin value="US46434G7988"/>
        </identifiers>
        <balance>165500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6879835.00000000</valUSD>
        <pctVal>1.609118140187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Index Shs Fds</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR S&amp;P EMERGING ASIA PA</title>
        <cusip>78463X301</cusip>
        <identifiers>
          <isin value="US78463X3017"/>
        </identifiers>
        <balance>192000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>18748934.40000000</valUSD>
        <pctVal>4.385170640318</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="658284"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vaneck Vectors Etf Trust</name>
        <lei>549300ZLFKNTXC51ZN76</lei>
        <title>VANECK RUSSIA ETF</title>
        <cusip>92189F403</cusip>
        <identifiers>
          <isin value="US92189F4037"/>
        </identifiers>
        <balance>101300.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2491980.00000000</valUSD>
        <pctVal>0.582846859406</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vanguard Spec Port</name>
        <lei>549300OM0CLBHZ9MZW59</lei>
        <title>VANGUARD DIVIDEND APPREC</title>
        <cusip>921908844</cusip>
        <identifiers>
          <isin value="US9219088443"/>
        </identifiers>
        <balance>80000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10029600.00000000</valUSD>
        <pctVal>2.345813714838</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Spdr Series Trust</name>
        <lei>5493004JVD6CQEEJSS37</lei>
        <title>SPDR GENDER DIVERSITY ETF</title>
        <cusip>78468R747</cusip>
        <identifiers>
          <isin value="US78468R7474"/>
        </identifiers>
        <balance>145000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>11083945.00000000</valUSD>
        <pctVal>2.592413475664</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="1245424"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>John Hancock Exchange-Traded Fund Trust</name>
        <lei>5493009IOCA1ISM4Y592</lei>
        <title>JOHN HANCOCK MULT FACT CO</title>
        <cusip>47804J875</cusip>
        <identifiers>
          <isin value="US47804J8751"/>
        </identifiers>
        <balance>220000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6572038.00000000</valUSD>
        <pctVal>1.537127789228</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI SPAIN ETF</title>
        <cusip>464286764</cusip>
        <identifiers>
          <isin value="US4642867646"/>
        </identifiers>
        <balance>75000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2100750.00000000</valUSD>
        <pctVal>0.491342442514</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="316017"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>John Hancock Exchange-Traded Fund Trust</name>
        <lei>5493009IOCA1ISM4Y592</lei>
        <title>JOHN HANCOCK MULT FACT HE</title>
        <cusip>47804J503</cusip>
        <identifiers>
          <isin value="US47804J5039"/>
        </identifiers>
        <balance>300000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>10958340.00000000</valUSD>
        <pctVal>2.563035840299</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ssga Active Etf Trust</name>
        <lei>549300MAXSRPQ75ICU67</lei>
        <title>SPDR MFS SYSTEMATIC GR EQ</title>
        <cusip>78467V889</cusip>
        <identifiers>
          <isin value="US78467V8899"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>13759830.00000000</valUSD>
        <pctVal>3.218273702625</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI HONG KONG ET</title>
        <cusip>464286871</cusip>
        <identifiers>
          <isin value="US4642868719"/>
        </identifiers>
        <balance>103000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2359730.00000000</valUSD>
        <pctVal>0.551915031239</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="593852"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ishares Inc</name>
        <lei>549300MGJZCNMJLBAJ67</lei>
        <title>ISHARES MSCI TAIWAN ETF</title>
        <cusip>46434G772</cusip>
        <identifiers>
          <isin value="US46434G7723"/>
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        <balance>72600.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2755896.00000000</valUSD>
        <pctVal>0.644573924530</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DAVIS FUNDAMENTAL ETF TR</name>
        <lei>254900TFED1P6S2E2805</lei>
        <title>DAVIS SELECT INTERNATIONA</title>
        <cusip>23908L405</cusip>
        <identifiers>
          <isin value="US23908L4059"/>
        </identifiers>
        <balance>350000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>6451165.00000000</valUSD>
        <pctVal>1.508856916894</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="97474"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DBX ETF Trust</name>
        <lei>DNLQXYGHEZ10Q9SIK386</lei>
        <title>XTRACKERS RUSSELL 1000 US</title>
        <cusip>233051242</cusip>
        <identifiers>
          <isin value="US2330512425"/>
        </identifiers>
        <balance>150000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4426380.00000000</valUSD>
        <pctVal>1.035281856812</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES EDGE MSCI USA VAL</title>
        <cusip>46432F388</cusip>
        <identifiers>
          <isin value="US46432F3881"/>
        </identifiers>
        <balance>319000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>27542460.00000000</valUSD>
        <pctVal>6.441880075815</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Invesco Db Commodty Indx Trackng Fd</name>
        <lei>549300HIW8J5DIIYYM41</lei>
        <title>INVESCO DB COMMODITY INDE</title>
        <cusip>46138B103</cusip>
        <identifiers>
          <isin value="US46138B1035"/>
        </identifiers>
        <balance>1149000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>16752420.00000000</valUSD>
        <pctVal>3.918207764291</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MILESTONE TREASURY OBLIG-INS</name>
        <lei>N/A</lei>
        <title>MILESTONE TREASURY OBLIG-INS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="30573500" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DREYFUS GOVERNMENT CASH MANAGEMENT</name>
        <lei>N/A</lei>
        <title>DREYFUS GOV'T CASH MGMT -INSTITUTIONAL CUSIP 262006208 DGCXX (#289)</title>
        <cusip>N/A</cusip>
        <identifiers>
          <other otherDesc="Internal ID" value="CASHCOLLREINV"/>
        </identifiers>
        <balance>0.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerConditional desc="REINVESTED COLLATERAL" issuerCat="OTHER"/>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>N/A</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="5795180.18" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-02-28</ncom:dateSigned>
      <ncom:nameOfApplicant>AdvisorOne Funds</ncom:nameOfApplicant>
      <ncom:signature>Brian Curley</ncom:signature>
      <ncom:signerName>Brian Curley</ncom:signerName>
      <ncom:title>Assistant Treasurer</ncom:title>
    </signature>
  </formData>
  <documents>XXXX</documents>
</edgarSubmission>
