0001752724-19-072976.txt : 20190715
0001752724-19-072976.hdr.sgml : 20190715
20190715153452
ACCESSION NUMBER: 0001752724-19-072976
CONFORMED SUBMISSION TYPE: N-CEN
PUBLIC DOCUMENT COUNT: 3
CONFORMED PERIOD OF REPORT: 20190430
FILED AS OF DATE: 20190715
DATE AS OF CHANGE: 20190715
EFFECTIVENESS DATE: 20190715
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: ADVISORONE FUNDS
CENTRAL INDEX KEY: 0001029068
IRS NUMBER: 911788041
STATE OF INCORPORATION: DE
FISCAL YEAR END: 0430
FILING VALUES:
FORM TYPE: N-CEN
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-08037
FILM NUMBER: 19955149
BUSINESS ADDRESS:
STREET 1: 17605 WRIGHT STREET
CITY: OMAHA
STATE: NE
ZIP: 68130
BUSINESS PHONE: 631-470-2600
MAIL ADDRESS:
STREET 1: 17605 WRIGHT STREET
CITY: OMAHA
STATE: NE
ZIP: 68130
FORMER COMPANY:
FORMER CONFORMED NAME: ORBITEX GROUP OF FUNDS
DATE OF NAME CHANGE: 19980115
0001029068
S000010752
CLS Global Diversified Equity Fund
C000029716
CLS Global Diversified Equity Fund Class N
CLSAX
C000205636
CLS Global Diversified Equity Fund Class T
0001029068
S000010757
CLS Growth and Income Fund
C000029725
CLS Growth and Income Fund Class N
CLERX
C000205637
CLS Growth and Income Fund Class T
0001029068
S000012489
CLS International Equity Fund
C000033956
CLS International Equity Fund Class N
CLHAX
C000205638
CLS International Equity Fund Class T
0001029068
S000026622
CLS Flexible Income Fund
C000079967
CLS Flexible Income Fund Class N Shares
CLFLX
C000205639
CLS Flexible Income Fund Class T
0001029068
S000026623
CLS Global Aggressive Equity Fund
C000079968
CLS Global Aggressive Equity Fund Class N Shares
CLACX
C000205640
CLS Global Aggressive Equity Fund Class T
0001029068
S000027173
CLS Shelter Fund
C000082001
CLS Shelter Fund Class N
CLSHX
C000205641
CLS Shelter Fund Class T
0001029068
S000035162
Milestone Treasury Obligations Fund
C000108174
Milestone Treasury Obligations Fund Institutional Class Shares
MTIXX
C000108175
Milestone Treasury Obligations Fund Investor Class Shares
MTOXX
0001029068
S000065266
CLS Strategic Global Equity Fund
C000211294
CLS Strategic Global Equity Fund Class N Shares
N-CEN
1
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ADVISORONE FUNDS
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0001029068
549300UQR5ZY3PRGV592
17645 Wright Street
Omaha
68130
US-NE
US
631-470-2600
Gemini Fund Services
17645 Wright Street
Omaha
68130
631-470-2600
Fund Accounting and Transfer Agent Records
Y
N
N
N-1A
7
Y
Edward D. Foy
N/A
N
Gary W. Lanzen
N/A
N
Larry A. Carter
N/A
N
John W. Davidson
N/A
N
Michael J. Wagner
N/A
17645 Wright Street
N/A
Omaha
68130
XXXXXX
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Northern Lights Distributors
8-065857
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Tait, Weller & Baker, LLP
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Milestone Treasury Obligations Money Market
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Money Market Fund
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CLS Investments, LLC
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Gemini Fund Services, LLC
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ICE Data Services
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BNY MELLON
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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CLS Growth & Income Fund
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Fund of Funds
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CLS Investments, LLC
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ICE Data Services
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Gemini Fund Services, LLC
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Filing Number
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Gemini Fund Services, LLC
84-06083
Filing Number
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JP Morgan Chase
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JP MORGAN
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JANE STREET EXECUTION SERVICES, LLC
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CITADEL SECURITIES LLC
008-53574
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1255422.00000000
Goldman Sachs
008-00129
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FOR8UP27PHTHYVLBNG30
65868012.00000000
SUSQUEHANNA CAPITAL GROUP
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549300RX9GZX8Y9IGJ81
1218000.00000000
Virtus Investment Partners
N/A
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549300HWF93HB8BDM648
3955114.00000000
170777262.00000000
N
435879335.00000000
N
N
N
N
CLS Global Diversified Equity Fund
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Fund of Funds
N
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N/A
36286914.00000000
657660.00000000
N/A
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CLS Investments, LLC
801-57265
000107975
254900ODWR8J2X17LR62
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Gemini Fund Services, LLC
84-06083
N/A
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N
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ICE Data Services
N/A
n/a
N
N
Fifth Third Bank
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N
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
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Gemini Fund Services, LLC
84-06083
Filing Number
N
N
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JP Morgan Chase
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17111.00000000
17111.00000000
CANTOR FITZGERALD
008-00201
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500780.00000000
JANE STREET EXECUTION SERVICES, LLC
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JP MORGAN
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SUSQUEHANNA CAPITAL GROUP
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Virtus Investment Partners
N/A
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549300HWF93HB8BDM648
21681500.00000000
VIRTU FINANCIAL CAPITAL MARKETS
8-51262
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5493006FX0HRYU3G2R47
1404000.00000000
89942905.00000000
N
418022851.00000000
N
N
N
N
CLS Flexible Income Fund
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Fund of Funds
N
N
Y
N
N
N/A
44175353.00000000
536459.00000000
N/A
Y
Y
N
N
CLS Investments, LLC
801-57265
000107975
254900ODWR8J2X17LR62
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N/A
N
N
Fifth Third Bank
QFROUN1UWUYU0DV1WD51
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
JP Morgan Chase
8-35008
000000079
ZBUT11V806EZRVTWT807
3046.00000000
3046.00000000
Goldman Sachs
008-00129
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SUSQUEHANNA CAPITAL GROUP
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CITADEL SECURITIES LLC
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JANE STREET EXECUTION SERVICES, LLC
8-69254
000167280
549300HXJLXCPDWAH070
320200.00000000
68178901.00000000
N
223682331.00000000
N
N
N
N
CLS Global Aggressive Equity Fund
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Y
2
1
0
Fund of Funds
N
N
Y
N
N
N/A
33594691.00000000
554421.00000000
N/A
Y
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Y
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CLS Investments, LLC
801-57265
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254900ODWR8J2X17LR62
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N/A
N
N
Fifth Third Bank
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Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
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Gemini Fund Services, LLC
84-06083
Filing Number
N
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Gemini Fund Services, LLC
84-06083
Filing Number
N
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JP Morgan Chase
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CANTOR FITZGERALD
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Virtus Investment Partners
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JANE STREET EXECUTION SERVICES, LLC
8-69254
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Susquehanna Capital Group
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26852987.00000000
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157128154.00000000
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CLS Shelter Fund
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Fund of Funds
N
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N/A
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CLS Investments, LLC
801-57265
000107975
254900ODWR8J2X17LR62
N
Gemini Fund Services, LLC
84-06083
N/A
N
N
N
ICE Data Services
N/A
N/A
N
N
Fifth Third Bank
QFROUN1UWUYU0DV1WD51
N
N
Bank - section 17(f)(1) (15 U.S.C. 80a-17(f)(1))
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
Gemini Fund Services, LLC
84-06083
Filing Number
N
N
N
JP Morgan Chase
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CITADEL SECURITIES LLC
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JP Morgan Chase
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Goldman Sachs
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VIRTU FINANCIAL CAPITAL MARKETS
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SUSQUEHANNA CAPITAL GROUP
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Virtus Investment Partners
N/A
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JANE STREET EXECUTION SERVICES, LLC
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INTERNAL CONTROL RPT
2
AdvisorOne_CLS_NCEN_4-30-19.txt
CLS LETTER
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Board of Trustees and Shareholders
AdvisorOne Funds
Omaha, Nebraska
In planning and performing our audits of the financial
statements of CLS Global Aggressive Equity Fund, CLS
Diversified Equity Fund, CLS Growth and Income Fund,
CLS Flexible Income Fund, and CLS Shelter Fund, each
a series of shares of AdvisorOne Funds (the "Funds") for
the year ended April 30, 2019, in accordance with the
standards of the Public Company Accounting Oversight
Board (United States), we considered their internal
control over financial reporting, including control
activities for safeguarding securities, as a basis for
designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such
opinion.
The management of the Funds is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
A fund's internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes
in accordance with generally accepted accounting
principles. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations
of management and trustees of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition
of a fund's assets that could have a material effect on the
financial statements.
Because of inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that
there is a reasonable possibility that a material
misstatement of the fund's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Board of Trustees and Shareholders
AdvisorOne Funds
Page Two
Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Funds'
internal control over financial reporting and its
operation, including controls for safeguarding securities,
which we consider to be material weaknesses, as defined
above, as of April 30, 2019.
This report is intended solely for the information and use
of management, Shareholders and the Board of Trustees
of AdvisorOne Funds and the Securities and Exchange
Commission, and is not intended to be and should not be
used by anyone other than these specified parties.
/s/ TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
July 1, 2019
INTERNAL CONTROL RPT
3
AdvisorOne_Mile_NCEN_4-30-19.txt
MILESTONE LETTER
REPORT OF INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Board of Trustees and Shareholders
AdvisorOne Funds
Omaha, Nebraska
In planning and performing our audits of the financial
statements of Milestone Treasury Obligations Fund (the
"Fund") for the year ended April 30, 2019, in accordance
with the standards of the Public Company Accounting
Oversight Board (United States), we considered its
internal control over financial reporting, including
control activities for safeguarding securities, as a basis
for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements and to
comply with the requirements of Form N-CEN, but not
for the purpose of expressing an opinion on the
effectiveness of the Funds' internal control over
financial reporting. Accordingly, we express no such
opinion.
The management of the Fund is responsible for
establishing and maintaining effective internal control
over financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of controls.
A fund's internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes
in accordance with generally accepted accounting
principles. A fund's internal control over financial
reporting includes those policies and procedures that (1)
pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and
dispositions of the assets of the fund; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting
principles, and that receipts and expenditures of the fund
are being made only in accordance with authorizations
of management and trustees of the fund; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition
of a fund's assets that could have a material effect on the
financial statements.
Because of inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course
of performing their assigned functions, to prevent or
detect misstatements on a timely basis. A material
weakness is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that
there is a reasonable possibility that a material
misstatement of the fund's annual or interim financial
statements will not be prevented or detected on a timely
basis.
Board of Trustees and Shareholders
AdvisorOne Funds
Page Two
Our consideration of the Fund's internal control over
financial reporting was for the limited purpose described
in the first paragraph and would not necessarily disclose
all deficiencies in internal control that might be material
weaknesses under standards established by the Public
Company Accounting Oversight Board (United States).
However, we noted no deficiencies in the Fund's
internal control over financial reporting and its
operation, including controls for safeguarding securities,
which we consider to be material weaknesses, as defined
above, as of April 30, 2019.
This report is intended solely for the information and use
of management, Shareholders and the Board of Trustees
of AdvisorOne Funds and the Securities and Exchange
Commission, and is not intended to be and should not be
used by anyone other than these specified parties.
/s/ TAIT, WELLER & BAKER LLP
Philadelphia, Pennsylvania
July 1, 2019