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      <seriesName>CLS Flexible Income Fund</seriesName>
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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Vanguard Index Fds</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Federal National Mortgage Association</name>
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        <name>Money Market</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Ssga Active Etf Trust</name>
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        <name>ISHARES TRUST</name>
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        <name>Federal Home Loan Mortgage Corporation</name>
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        <name>Federal National Mortgage Association</name>
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        <name>Blackrock Corporate High Yield Fund Incorporation</name>
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        <name>Federal National Mortgage Association</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
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        <name>Government National Mortgage Association</name>
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        <name>Pimco Etf Tr</name>
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        <name>Vanguard Whitehall</name>
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        <name>Federal National Mortgage Association</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <loanByFundCondition isLoanByFund="Y" loanVal="693306.00000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Pimco Etf Tr</name>
        <lei>N/A</lei>
        <title>PIMCO 0-5 YEAR H/Y CORP B</title>
        <cusip>72201R783</cusip>
        <identifiers>
          <isin value="US72201R7834"/>
        </identifiers>
        <balance>20145.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1791091.95000000</valUSD>
        <pctVal>0.934298830486</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="1203884.64000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ISHARES TRUST</name>
        <lei>5493000860OXIC4B5K91</lei>
        <title>ISHARES 7-10 YEAR TREASUR</title>
        <cusip>464287440</cusip>
        <identifiers>
          <isin value="US4642874402"/>
        </identifiers>
        <balance>38000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4623460.00000000</valUSD>
        <pctVal>2.411765219982</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="1490351.20000000"/>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-05-28</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>
</edgarSubmission>
