Advisorone Funds – ‘40-17F1’ on 7/18/03 re: Advisorone Funds

On:  Friday, 7/18/03, at 4:03pm ET   ·   Effective:  7/18/03   ·   Accession #:  909012-3-509   ·   File #:  811-08037

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Certificate of Accounting of Securities in the Custody of a Management Investment Company   —   Form N-17F-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 40-17F1     Mgmt State. Re. Compliance                             4     15K 

40-17F1
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 United States
Securities and Exchange Commission
Washington, D.C. 20549

FORM N-17f-1
1. Certificate of Accounting of Securities and Similar Investments of a         
Management Investment Company in the Custody of Members of National Securities  
Exchanges                                                                       

 Pursuant to Rule 17f-1 [17 CRF 270.17f-1]

Investment Company Act File Number:               Date examination completed:   
 811-08037                                     June 20, 2003

2. State Identification Number:                                                 
AL                  AK                   AZ                   AR             CA 
CO                  CT                   DE                   DC             FL 
GA                  HI                   ID                   IL             IN 
IA                  KS                   KY                   LA             ME 
MD                  MA                   MI                   MN             MS 
MO                  MT                   NE                   NV             NH 
NJ                  NM                   NY                   NC             ND 
OH                  OK                   OR                   PA             RI 
SC                  SD                   TN                   TX             UT 
VT                  VA                   WA                   WV             WI 
WY                  Puerto Rico          Other (specify):                       

3. Exact name of investment company as specified in registration statement:     
AdvisorOne Funds                                                          

4. Name under which business is conducted if different from above:              

5. Address of principal executive office (number, street, city, state,          
zip code):       4020 South 147th Street, Omaha, NE 68137                       

INSTRUCTIONS                                                                    
This Form must be completed by the investment companies that place or maintain  
securities or similar investments in the custody of a company that is a member  
of a national securities exchange.                                              

INVESTMENT COMPANY                                                              
1.   All items must be completed by the investment company.                     

2. Give this Form to the independent public accountant who, in compliance with  
Rule 17f-1 under the Act and applicable state law, examines securities and      
similar investments in the custody of the investment company that is a member of
a national securities exchange.                                                 

ACCOUNTANT                                                                      
3. Submit this Form to the Securities and Exchange Commission and appropriate   
state securities administrators when filing the certificate of accounting       
required by Rule 17f-1 under the Act and applicable state law. File the original
and one copy with the Securities and Exchange Commission's principal office in  
Washington, D.C., one copy with the regional office for the region in which the 
investment company's principal business operations are conducted, and one copy  
with the appropriate state administrator(s), if applicable.                     

THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT                   

40-17F1
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                INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF TRUSTEES OF                                                     
ADVISORONE FUNDS                                                                

We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance With Certain Provisions of the Investment Company
Act of 1940, that The Amerigo Fund and The Clermont Fund (the "Funds"), each a  
series of shares of AdvisorOne Funds, complied with the requirements of         
subsections (b)(1) through (b)(6) of Rule 17f-1 under the Investment Company Act
of 1940 (the "Act") as of April 30, 2003. Management is responsible for the     
Funds' compliance with those requirements. Our responsibility is to express an  
opinion on management's assertion about the Funds' compliance based on our      
examination.                                                                    

Our examination was conducted in accordance with attestation standards          
established by the American Institute of Certified Public Accountants and,      
accordingly, included examining, on a test basis, evidence about the Funds'     
compliance with those requirements and performing such other procedures as we   
considered necessary in the circumstances. Included among our procedures were   
the following tests performed as of April 30, 2003, and with respect to         
agreement of security purchases and sales, for the period from May 1, 2002      
through April 30, 2003:                                                         

o          We agreed the securities shown on the books and records of the Funds 
   as of April 30, 2003 to the safekeeping reports of Rydex, the
         custodian, noting agreement of quantity and description, except for
           securities purchased/sold but not received/delivered, pledged, or out
           for transfer on that date, as to which we obtained documentation from
the brokers.                                              

o          For all securities shown on the safekeeping reports of Rydex as of   
           April 30, 2003 which were designated as being held by institutions in
      book entry form (which include but are not limited to securities
      owned by the Funds), we confirmed all such securities with those
    institutions which use the book entry method of accounting for
     securities (National Financial Services). All of the securities
        listed on the safekeeping reports agreed with the confirmations or
       any discrepancies were resolved. We tested the resolution of such
    reconciling items between the custodian and the subcustodians.

o          We agreed a sample of security purchases and security sales from the 
  books and records of the Funds to broker confirmations or by
application of alternative procedures.                    

We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
specified requirements.                                                         

40-17F1
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TO THE BOARD OF TRUSTEES OF                                                     
ADVISORONE FUNDS                                                                
PAGE TWO                                                                        

In our opinion, management's assertion that the Funds complied with the         
requirements of subsections (b)(1) through (b)(6) of Rule 17f-1 of the          
Investment Company Act of 1940 as of April 30, 2003, with respect to securities 
reflected in the investment account of the Funds is fairly stated, in all       
material respects.                                                              

This report is intended solely for the information and use of management 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.                                                              

                                                          TAIT, WELLER & BAKER
PHILADELPHIA, PENNSYLVANIA                                                      
JUNE 20, 2003                                                                   

40-17F1
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MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH
 CERTAIN PROVISIONS OF THE INVESTMENT COMPAY ACT OF 1940

We, as members of management of AdvisorOne Funds (the "Company"), are           
responsible for complying with the requirements of subsections (b)(1) through   
(b)(6) of Rule 17f-1, "Custody of Securities with Members of National Securities
Exchanges," of the Investment Company Act of 1940. We are also responsible for  
establishing and maintaining effective internal controls over compliance with   
those requirements. We have performed an evaluation of the Company's compliance 
with the requirements of subsections (b)(1) through (b)(6) of Rule 17f-1 as of  
April 30, 2003, and from May 1, 2002 through April 30, 2003.                    

Based on this evaluation, we assert that the Company was in compliance with the 
requirements of subsections (b)(1) through (b)(6) of Rule 17f-1 of the          
Investment Company Act of 1940 as of April 30, 2003, and from May 1, 2002       
through April 30, 2003, with respect to securities reflected in the investment  
accounts of the Company.                                                        

ADVISORONE FUNDS                                                                

/S/ MICHAEL J. WAGNER                                                           
---------------------                                                           

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘40-17F1’ Filing		Date		First		Last			Other Filings
		7/31/03		1
Filed on / Effective on:		7/18/03
		6/20/03		1		3
		4/30/03		2		4			24F-2NT,  N-CSR,  NSAR-B
		5/1/02		2		4
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