<?xml version="1.0" encoding="UTF-8"?>
<edgarSubmission xmlns="http://www.sec.gov/edgar/ncen" xmlns:com="http://www.sec.gov/edgar/common">
  <schemaVersion>X0201</schemaVersion>
  <headerData>
    <submissionType>N-CEN</submissionType>
    <filerInfo>
      <liveTestFlag>LIVE</liveTestFlag>
      <filer>
        <issuerCredentials>
          <cik>0001029068</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
        <fileNumber>811-08037</fileNumber>
      </filer>
      <investmentCompanyType>N-1A</investmentCompanyType>
    </filerInfo>
    <seriesClass>
      <reportSeriesClass>
        <rptIncludeAllSeriesFlag>true</rptIncludeAllSeriesFlag>
      </reportSeriesClass>
    </seriesClass>
  </headerData>
  <formData>
    <generalInfo reportEndingPeriod="2020-04-30" isReportPeriodLt12="N"/>
    <registrantInfo>
      <registrantFullName>ADVISORONE FUNDS</registrantFullName>
      <investmentCompFileNo>811-08037</investmentCompFileNo>
      <registrantCik>0001029068</registrantCik>
      <registrantLei>549300UQR5ZY3PRGV592</registrantLei>
      <registrantstreet1>17645 Wright Street</registrantstreet1>
      <registrantcity>Omaha</registrantcity>
      <registrantzipCode>68130</registrantzipCode>
      <registrantstate>US-NE</registrantstate>
      <registrantcountry>US</registrantcountry>
      <registrantphoneNumber>631-470-2600</registrantphoneNumber>
      <websites>
        <website webpage="www.thegeminicompanies.com"/>
      </websites>
      <locationBooksRecords>
        <locationBooksRecord>
          <officeName>Gemini Fund Services</officeName>
          <officeAddress1>4221 N 203rd St, Suite 100</officeAddress1>
          <officeCity>Elkhorn</officeCity>
          <officeStateCountry officeCountry="US" officeState="US-NE"/>
          <officeRecordsZipCode>68022</officeRecordsZipCode>
          <officePhone>631-470-2600</officePhone>
          <booksRecordsDesc>Fund Accounting and Transfer Agent Records</booksRecordsDesc>
        </locationBooksRecord>
      </locationBooksRecords>
      <isRegistrantFirstFiling>N</isRegistrantFirstFiling>
      <isRegistrantLastFiling>N</isRegistrantLastFiling>
      <isRegistrantFamilyInvComp>N</isRegistrantFamilyInvComp>
      <registrantClassificationType>N-1A</registrantClassificationType>
      <totalSeries>6</totalSeries>
      <terminatedSeries>
        <terminatedSeriesInfo seriesName="CLS Strategic Global Equity Fund" seriesId="S000065266" terminationDate="05/2020"/>
      </terminatedSeries>
      <isSecuritiesActRegistration>Y</isSecuritiesActRegistration>
      <directors>
        <director>
          <directorName>Gary W. Lanzen</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-21720"/>
            <fileNumberInfo fileNumber="811-22440"/>
            <fileNumberInfo fileNumber="811-21853"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>John W. Davidson</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="811-23063"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Edward D. Foy</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
        <director>
          <directorName>Larry A. Carter</directorName>
          <crdNumber>N/A</crdNumber>
          <isDirectorInterestedPerson>N</isDirectorInterestedPerson>
          <fileNumbers>
            <fileNumberInfo fileNumber="N/A"/>
          </fileNumbers>
        </director>
      </directors>
      <chiefComplianceOfficers>
        <chiefComplianceOfficer>
          <ccoName>James Ash</ccoName>
          <crdNumber>N/A</crdNumber>
          <ccoStreet1>80 Arkay Drive</ccoStreet1>
          <ccoStreet2>N/A</ccoStreet2>
          <ccoCity>Hauppauge</ccoCity>
          <ccoStateCountry ccoCountry="US" ccoState="US-NY"/>
          <ccoZipCode>11788</ccoZipCode>
          <ccoPhone>XXXXXX</ccoPhone>
          <isCcoChangedSinceLastFiling>Y</isCcoChangedSinceLastFiling>
          <ccoEmployers>
            <ccoEmployer ccoEmployerName="N/A" ccoEmployerId="N/A"/>
          </ccoEmployers>
        </chiefComplianceOfficer>
      </chiefComplianceOfficers>
      <isRegistrantSubmittedMatter>N</isRegistrantSubmittedMatter>
      <isPreviousLegalProceeding>N</isPreviousLegalProceeding>
      <isPreviousProceedingTerminated>N</isPreviousProceedingTerminated>
      <isClaimFiled>N</isClaimFiled>
      <coveredByInsurancePolicy isCoveredByInsurancePolicy="Y" isClaimFiledDuringPeriod="N"/>
      <isFinancialSupportDuringPeriod>N</isFinancialSupportDuringPeriod>
      <isExemptionFromAct>N</isExemptionFromAct>
      <principalUnderwriters>
        <principalUnderwriter>
          <principalUnderwriterName>Northern Lights Distributors</principalUnderwriterName>
          <principalUnderwriterFileNumber>8-065857</principalUnderwriterFileNumber>
          <principalUnderwriterCrdNumber>N/A</principalUnderwriterCrdNumber>
          <principalUnderwriterLei>N/A</principalUnderwriterLei>
          <principalUnderWriterStateCountry principalUnderWriterCountry="US" principalUnderWriterState="US-NE"/>
          <isPrincipalUnderwriterAffiliatedWithRegistrant>N</isPrincipalUnderwriterAffiliatedWithRegistrant>
        </principalUnderwriter>
      </principalUnderwriters>
      <isUnderwriterHiredOrTerminated>N</isUnderwriterHiredOrTerminated>
      <publicAccountants>
        <publicAccountant>
          <publicAccountantName>Tait, Weller &amp; Baker, LLP</publicAccountantName>
          <pcaobNumber>445</pcaobNumber>
          <publicAccountantLei>N/A</publicAccountantLei>
          <publicAccountantStateCountry publicAccountantCountry="US" publicAccountantState="US-PA"/>
        </publicAccountant>
      </publicAccountants>
      <isPublicAccountantChanged>N</isPublicAccountantChanged>
      <isMaterialWeakness>N</isMaterialWeakness>
      <isOpinionOffered>N</isOpinionOffered>
      <isMaterialChange>N</isMaterialChange>
      <isAccountingPrincipleChange>N</isAccountingPrincipleChange>
      <isPaymentErrorInNetAssetValue>N</isPaymentErrorInNetAssetValue>
      <isPaymentDividend>N</isPaymentDividend>
    </registrantInfo>
    <managementInvestmentQuestionSeriesInfo>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CLS Global Aggressive Equity Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000026623</mgmtInvSeriesId>
        <mgmtInvLei>5493005C02J5IPSW5K18</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLS Global Aggressive Equity Fund Class N" sharesOutstandingClassId="C000079968" sharesOutstandingTickerSymbol="CLACX"/>
          <sharesOutstanding sharesOutstandingClassName="CLS Global Aggressive Equity Fund Class T" sharesOutstandingClassId="C000205640" sharesOutstandingTickerSymbol="GLAGX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK46</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK46" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>31235004.42</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>414260.00000000</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CLS Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57265</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107975</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ODWR8J2X17LR62</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NE" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Fifth Third Bank</custodianName>
            <custodianLei>QFROUN1UWUYU0DV1WD51</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>WALLACHBETH</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>12164.24000000</grossCommission>
          </broker>
          <broker>
            <brokerName>JP Morgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>14624.21000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>26788.45000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Goldman Sachs</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8285916.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Susquehanna Capital Group</principalName>
            <principalFileNo>8-43174</principalFileNo>
            <principalCrdNo>000029337</principalCrdNo>
            <principalLei>549300RX9GZX8Y9IGJ81</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>4459082.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>11438355.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANE STREET EXECUTION SERVICES, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>5218566.67000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Virtus Investment Partners</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000106982</principalCrdNo>
            <principalLei>549300HWF93HB8BDM648</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>9451782.90000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FIFTH THIRD</principalName>
            <principalFileNo>8-24280</principalFileNo>
            <principalCrdNo>000003155</principalCrdNo>
            <principalLei>5493003IMO3TYX51WE43</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>6425150.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Chase</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>21740944.89036899</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>67019797.46036899</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>147805445.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CLS Shelter Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000027173</mgmtInvSeriesId>
        <mgmtInvLei>549300PXD1FYL0E8W226</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLS Shelter Fund Class N" sharesOutstandingClassId="C000082001" sharesOutstandingTickerSymbol="CLSHX"/>
          <sharesOutstanding sharesOutstandingClassName="CLS Shelter Fund Class T" sharesOutstandingClassId="C000205641" sharesOutstandingTickerSymbol="SHELX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK46</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK46" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>11765816.57</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>134607.00000000</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CLS Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57265</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107975</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ODWR8J2X17LR62</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NE" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Fifth Third Bank</custodianName>
            <custodianLei>QFROUN1UWUYU0DV1WD51</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JP Morgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>245.60000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WALLACHBETH</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>9839.32000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>10084.92000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>469665742.97790003</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANE STREET EXECUTION SERVICES, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>166017415.69660002</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Chase</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>114726760.74945000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VIRTUS INVESTMENT PARTNERS</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000106982</principalCrdNo>
            <principalLei>549300HWF93HB8BDM648</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>177660710.95440000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>129926516.03980002</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MISCHLER FINANCIAL GROUP</principalName>
            <principalFileNo>8-48067</principalFileNo>
            <principalCrdNo>000037818</principalCrdNo>
            <principalLei>5493001KJTIIGC8Y1R12</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>37338820.08269999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SUSQUEHANNA CAPITAL GROUP</principalName>
            <principalFileNo>8-43174</principalFileNo>
            <principalCrdNo>000029337</principalCrdNo>
            <principalLei>549300RX9GZX8Y9IGJ81</principalLei>
            <principalStateCountry principalState="US-PA" principalCountry="US"/>
            <principalTotalPurchaseSale>101384986.93270001</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITIGROUP</principalName>
            <principalFileNo>8-8177</principalFileNo>
            <principalCrdNo>000007059</principalCrdNo>
            <principalLei>6SHGI4ZSSLCXXQSBB395</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>53239388.23535000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>1249960341.66890000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>215885247.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>Milestone Treasury Obligations Money Market</mgmtInvFundName>
        <mgmtInvSeriesId>S000035162</mgmtInvSeriesId>
        <mgmtInvLei>549300FPKBXA34PAF496</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <numTerminatedClass>0</numTerminatedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="Investor Class Shares" sharesOutstandingClassId="C000108175" sharesOutstandingTickerSymbol="MTOXX"/>
          <sharesOutstanding sharesOutstandingClassName="Institutional Class Shares" sharesOutstandingClassId="C000108174" sharesOutstandingTickerSymbol="MTIXX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Money Market Fund</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>N</isFundSecuritiesLending>
        <didFundLendSecurities>N</didFundLendSecurities>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>N/A</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>N/A</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>Y</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>Y</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CLS Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-75265</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107975</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ODWR8J2X17LR62</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NE" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>BNY MELLON</custodianName>
            <custodianLei>4EP6JBYBTPTQ47LZOB67</custodianLei>
            <custodianStateCountry custodianState="US-NY" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>FILING NUMBER</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>FILING NUMBER</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <aggregateCommission>0.00000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>JEFFERIES GROUP LLC</principalName>
            <principalFileNo>8-2671</principalFileNo>
            <principalCrdNo>000000867</principalCrdNo>
            <principalLei>NY9Q8VBNB6D1L6YV0J84</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>141030896.26665002</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>FIXED INCOME CLEARNING CORPORATION</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000105676</principalCrdNo>
            <principalLei>549300H47WTHXPU08X20</principalLei>
            <principalStateCountry principalState="US-NJ" principalCountry="US"/>
            <principalTotalPurchaseSale>7919356000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>GOLDMAN SACHS</principalName>
            <principalFileNo>8-129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>289523616.22499996</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CREDIT AGRICOLE SECURITIES, INC</principalName>
            <principalFileNo>008-13753</principalFileNo>
            <principalCrdNo>000000190</principalCrdNo>
            <principalLei>549300WO2DKF0Q3YMV43</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>8822952578.35000040</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>SOCIETE GENERALE SECURITIES SERVICES</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>N/A</principalCrdNo>
            <principalLei>O2RNE8IBXP4R0TD8PU41</principalLei>
            <principalCountry>FR</principalCountry>
            <principalTotalPurchaseSale>17264836455.54999900</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>BNP PARIBAS SECURITIES CORP</principalName>
            <principalFileNo>8-32682</principalFileNo>
            <principalCrdNo>000015794</principalCrdNo>
            <principalLei>RCNB6OTYUAMMP879YW96</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>17189602236.64999800</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>0.00000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <dailyAvgNetAssets>307694662.00000000</dailyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CLS Flexible Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000026622</mgmtInvSeriesId>
        <mgmtInvLei>549300DWKDEJYMJF3Q34</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLS Flexible Income Fund Class T" sharesOutstandingClassId="C000205639" sharesOutstandingTickerSymbol="FLEIX"/>
          <sharesOutstanding sharesOutstandingClassName="CLS Flexible Income Fund Class N" sharesOutstandingClassId="C000079967" sharesOutstandingTickerSymbol="CLFLX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK46</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK46" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagers>
          <paymentToAgentManagerType>Other</paymentToAgentManagerType>
          <otherFeeDesc>N/A</otherFeeDesc>
        </paymentToAgentManagers>
        <avgPortfolioSecuritiesValue>37437724.69</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>348690.00000000</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CLS Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57265</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107975</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ODWR8J2X17LR62</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NE" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Fifth Third Bank</custodianName>
            <custodianLei>QFROUN1UWUYU0DV1WD51</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JP Morgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>4140.43000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WALLACHBETH</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>822.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>4962.43000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>JP Morgan Chase</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>1660641.66240000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANE STREET EXECUTION SERVICES, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>30707478.01060000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>28910180.43679999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3090887.54000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>MISCHLER FINANCIAL GROUP</principalName>
            <principalFileNo>8-48067</principalFileNo>
            <principalCrdNo>000037818</principalCrdNo>
            <principalLei>5493001KJTIIGC8Y1R12</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>4029382.05000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>68398569.69980000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>210356524.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CLS Global Diversified Equity Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000010752</mgmtInvSeriesId>
        <mgmtInvLei>549300EKPLTKDT7M2P68</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLS Global Diversified Equity Fund Class T" sharesOutstandingClassId="C000205636" sharesOutstandingTickerSymbol="GDIVX"/>
          <sharesOutstanding sharesOutstandingClassName="CLS Global Diversified Equity Fund Class N" sharesOutstandingClassId="C000029716" sharesOutstandingTickerSymbol="CLSAX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK46</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK46" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>33836042.02</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>425169.00000000</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>N</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CLS Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57265</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107975</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ODWR8J2X17LR62</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NE" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>n/a</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Fifth Third Bank</custodianName>
            <custodianLei>QFROUN1UWUYU0DV1WD51</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JP Morgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>22446.76000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WALLACHBETH</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>45002.00000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>67448.76000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>MISCHLER FINANCIAL GROUP</principalName>
            <principalFileNo>8-48067</principalFileNo>
            <principalCrdNo>000037818</principalCrdNo>
            <principalLei>5493001KJTIIGC8Y1R12</principalLei>
            <principalStateCountry principalState="US-CA" principalCountry="US"/>
            <principalTotalPurchaseSale>1210567.50000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VIRTU FINANCIAL CAPITAL MARKETS</principalName>
            <principalFileNo>8-51262</principalFileNo>
            <principalCrdNo>000045986</principalCrdNo>
            <principalLei>5493006FX0HRYU3G2R47</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>2642404.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>58045153.39999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>KNIGHT CAPITAL  GROUP</principalName>
            <principalFileNo>8-48230</principalFileNo>
            <principalCrdNo>000038379</principalCrdNo>
            <principalLei>549300IBL2PVESYISI52</principalLei>
            <principalCountry>CN</principalCountry>
            <principalTotalPurchaseSale>42913655.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANE STREET EXECUTION SERVICES, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>250686939.41999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JP Morgan Chase</principalName>
            <principalFileNo>8-35008</principalFileNo>
            <principalCrdNo>000000079</principalCrdNo>
            <principalLei>ZBUT11V806EZRVTWT807</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>3099441.97079999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>VIRTUS INVESTMENT PARTNERS</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000106982</principalCrdNo>
            <principalLei>549300HWF93HB8BDM648</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>3287000.00000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>361885161.29000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>419585404.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
      <managementInvestmentQuestion>
        <mgmtInvFundName>CLS Growth &amp; Income Fund</mgmtInvFundName>
        <mgmtInvSeriesId>S000010757</mgmtInvSeriesId>
        <mgmtInvLei>54930050Y3WAGKFSC211</mgmtInvLei>
        <isFirstFilingByFund>N</isFirstFilingByFund>
        <numAuthorizedClass>2</numAuthorizedClass>
        <numAddedClass>0</numAddedClass>
        <sharesOutstandings>
          <sharesOutstanding sharesOutstandingClassName="CLS Growth &amp; Income Fund Class N" sharesOutstandingClassId="C000029725" sharesOutstandingTickerSymbol="CLERX"/>
          <sharesOutstanding sharesOutstandingClassName="CLS Growth &amp; Income Fund Class T" sharesOutstandingClassId="C000205637" sharesOutstandingTickerSymbol="GINCX"/>
        </sharesOutstandings>
        <fundTypes>
          <fundType>Fund of Funds</fundType>
        </fundTypes>
        <isNonDiversifiedCompany>N</isNonDiversifiedCompany>
        <isForeignSubsidiary>N</isForeignSubsidiary>
        <isFundSecuritiesLending>Y</isFundSecuritiesLending>
        <fundLendSecurities didFundLendSecurities="Y">
          <isFundLiquidated>N</isFundLiquidated>
          <isFundAdverselyImpacted>N</isFundAdverselyImpacted>
        </fundLendSecurities>
        <securityLendings>
          <securityLending>
            <securitiesAgentName>The Bank of New York Mellon</securitiesAgentName>
            <securitiesAgentLei>HPFHU0OQ28E4N0NFVK46</securitiesAgentLei>
            <isSecuritiesAgentAffiliated>N</isSecuritiesAgentAffiliated>
            <isSecurityAgentIdemnity>N</isSecurityAgentIdemnity>
          </securityLending>
        </securityLendings>
        <collateralManagers>
          <collateralManager collateralManagerName="The Bank of New York Mellon" collateralManagerLei="HPFHU0OQ28E4N0NFVK46" isCollateralManagerAffliliated="Y" isCollateralManagerAffliliatedWithFund="N"/>
        </collateralManagers>
        <paymentToAgentManagerType>N/A</paymentToAgentManagerType>
        <avgPortfolioSecuritiesValue>62264889.79</avgPortfolioSecuritiesValue>
        <netIncomeSecuritiesLending>987100.00000000</netIncomeSecuritiesLending>
        <relyOnRuleType>N/A</relyOnRuleType>
        <isExpenseLimitationInPlace>Y</isExpenseLimitationInPlace>
        <isExpenseReducedOrWaived>N</isExpenseReducedOrWaived>
        <isFeesWaivedRecoupable>N</isFeesWaivedRecoupable>
        <isExpenseWaivedRecoupable>Y</isExpenseWaivedRecoupable>
        <investmentAdvisers>
          <investmentAdviser>
            <investmentAdviserName>CLS Investments, LLC</investmentAdviserName>
            <investmentAdviserFileNo>801-57265</investmentAdviserFileNo>
            <investmentAdviserCrdNo>000107975</investmentAdviserCrdNo>
            <investmentAdviserLei>254900ODWR8J2X17LR62</investmentAdviserLei>
            <investmentAdviserStateCountry investmentAdviserState="US-NE" investmentAdviserCountry="US"/>
            <isInvestmentAdviserHired>N</isInvestmentAdviserHired>
          </investmentAdviser>
        </investmentAdvisers>
        <transferAgents>
          <transferAgent>
            <transferAgentName>Gemini Fund Services, LLC</transferAgentName>
            <transferAgentFileNo>84-06083</transferAgentFileNo>
            <transferAgentLei>N/A</transferAgentLei>
            <transferAgentStateCountry transferAgentState="US-NE" transferAgentCountry="US"/>
            <isTransferAgentAffiliated>N</isTransferAgentAffiliated>
            <isTransferAgentSubAgent>N</isTransferAgentSubAgent>
          </transferAgent>
        </transferAgents>
        <isTransferAgentHiredOrTerminated>N</isTransferAgentHiredOrTerminated>
        <pricingServices>
          <pricingService>
            <pricingServiceName>ICE Data Services</pricingServiceName>
            <pricingServiceLei>N/A</pricingServiceLei>
            <pricingServiceIdNumberDesc>N/A</pricingServiceIdNumberDesc>
            <pricingServiceStateCountry pricingServiceState="US-NY" pricingServiceCountry="US"/>
            <isPricingServiceAffiliated>N</isPricingServiceAffiliated>
          </pricingService>
        </pricingServices>
        <isPricingServiceHiredOrTerminated>N</isPricingServiceHiredOrTerminated>
        <custodians>
          <custodian>
            <custodianName>Fifth Third Bank</custodianName>
            <custodianLei>QFROUN1UWUYU0DVIWD51</custodianLei>
            <custodianStateCountry custodianState="US-OH" custodianCountry="US"/>
            <isCustodianAffiliated>N</isCustodianAffiliated>
            <isSubCustodian>N</isSubCustodian>
            <custodyType>Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))</custodyType>
          </custodian>
        </custodians>
        <isCustodianHiredOrTerminated>N</isCustodianHiredOrTerminated>
        <shareholderServicingAgents>
          <shareholderServicingAgent>
            <shareholderServiceAgentName>Gemini Fund Services, LLC</shareholderServiceAgentName>
            <shareholderServiceAgentLei>84-06083</shareholderServiceAgentLei>
            <shareholderServiceIdNumberDesc>Filing Number</shareholderServiceIdNumberDesc>
            <shareholderServiceAgentStateCountry shareholderServiceAgentState="US-NE" shareholderServiceAgentCountry="US"/>
            <isShareholderServiceAgentAffiliated>N</isShareholderServiceAgentAffiliated>
            <isShareholderServiceAgentSubshare>N</isShareholderServiceAgentSubshare>
          </shareholderServicingAgent>
        </shareholderServicingAgents>
        <isShareholderServiceHiredTerminated>N</isShareholderServiceHiredTerminated>
        <admins>
          <admin>
            <adminName>Gemini Fund Services, LLC</adminName>
            <adminLei>84-06083</adminLei>
            <idNumberDesc>Filing Number</idNumberDesc>
            <adminStateCountry adminState="US-NE" adminCountry="US"/>
            <isAdminAffiliated>N</isAdminAffiliated>
            <isAdminSubAdmin>N</isAdminSubAdmin>
          </admin>
        </admins>
        <isAdminHiredOrTerminated>N</isAdminHiredOrTerminated>
        <brokers>
          <broker>
            <brokerName>JP Morgan Chase</brokerName>
            <brokerFileNo>8-35008</brokerFileNo>
            <brokerCrdNo>000000079</brokerCrdNo>
            <brokerLei>ZBUT11V806EZRVTWT807</brokerLei>
            <brokerStateCountry brokerState="US-NY" brokerCountry="US"/>
            <grossCommission>28980.46000000</grossCommission>
          </broker>
          <broker>
            <brokerName>WALLACHBETH</brokerName>
            <brokerFileNo>8-67936</brokerFileNo>
            <brokerCrdNo>000147853</brokerCrdNo>
            <brokerLei>549300R371KUKXEXC133</brokerLei>
            <brokerStateCountry brokerState="US-NJ" brokerCountry="US"/>
            <grossCommission>22707.50000000</grossCommission>
          </broker>
        </brokers>
        <aggregateCommission>51687.96000000</aggregateCommission>
        <principalTransactions>
          <principalTransaction>
            <principalName>Virtus Investment Partners</principalName>
            <principalFileNo>N/A</principalFileNo>
            <principalCrdNo>000106982</principalCrdNo>
            <principalLei>549300HWF93HB8BDM648</principalLei>
            <principalStateCountry principalState="US-CT" principalCountry="US"/>
            <principalTotalPurchaseSale>14474616.00000000</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>Goldman Sachs</principalName>
            <principalFileNo>008-00129</principalFileNo>
            <principalCrdNo>000000361</principalCrdNo>
            <principalLei>FOR8UP27PHTHYVLBNG30</principalLei>
            <principalStateCountry principalState="US-NY" principalCountry="US"/>
            <principalTotalPurchaseSale>22531922.89999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>CITADEL SECURITIES LLC</principalName>
            <principalFileNo>008-53574</principalFileNo>
            <principalCrdNo>000116797</principalCrdNo>
            <principalLei>12UUJYTN7D3SW8KCSG25</principalLei>
            <principalStateCountry principalState="US-IL" principalCountry="US"/>
            <principalTotalPurchaseSale>80263508.90999999</principalTotalPurchaseSale>
          </principalTransaction>
          <principalTransaction>
            <principalName>JANE STREET EXECUTION SERVICES, LLC</principalName>
            <principalFileNo>8-69254</principalFileNo>
            <principalCrdNo>000167280</principalCrdNo>
            <principalLei>549300HXJLXCPDWAH070</principalLei>
            <principalStateCountry principalState="US-DE" principalCountry="US"/>
            <principalTotalPurchaseSale>20159096.66000000</principalTotalPurchaseSale>
          </principalTransaction>
        </principalTransactions>
        <principalAggregatePurchase>137429144.47000000</principalAggregatePurchase>
        <isBrokerageResearchPayment>N</isBrokerageResearchPayment>
        <mnthlyAvgNetAssets>395415569.00000000</mnthlyAvgNetAssets>
        <hasLineOfCredit>N</hasLineOfCredit>
        <isInterfundLending>N</isInterfundLending>
        <isInterfundBorrowing>N</isInterfundBorrowing>
        <isSwingPricing>N</isSwingPricing>
      </managementInvestmentQuestion>
    </managementInvestmentQuestionSeriesInfo>
    <signature registrantSignedName="ADVISORONE FUNDS" signedDate="2020-07-13" signature="Reid Peters" title="Treasurer"/>
  </formData>
</edgarSubmission>
