<PAGE>
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24f-2
READ INSTRUCTIONS AT END OF FORM BEFORE PREPARING FORM.
PLEASE PRINT OR TYPE.
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1. Name and address of issuer:
The Milestone Funds
One Odell Plaza
Yonkers, NY 10701
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2. Name of each series or class of funds for which this notice is filed:
Treasury Obligations Portfolio Investor Class
Treasury Obligations Portfolio Institutional Class
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3. Investment Company Act File Number: 811-8620
Securities Act File Number: 33-81574
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4. Last day of fiscal year for which this notice is filed:
November 30, 1995
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
/ /
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6. Date of termination of issuer's declaration under Rule 24f-2(a)(1), if
applicable (see Instruction A.6):
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to
Rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
0 (zero) Shares
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8. Number and amount of securities registered during the fiscal year other
than pursuant to Rule 24f-2:
<TABLE>
<CAPTION>
Shares Dollars
------ -------
<S> <C> <C>
Treasury Obligations Portfolio - Investor Class 51,040,000 $ 51,040,000
Treasury Obligations Portfolio - Institutional Class 64,960,000 64,960,000
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TOTAL 116,000,000 $116,000,000
</TABLE>
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9. Number and aggregate sale price of securities sold during fiscal year:
<TABLE>
<CAPTION>
Shares Dollars
------ -------
<S> <C> <C>
Treasury Obligations Portfolio - Investor Class 1,191,429,951 $1,191,429,951
Treasury Obligations Portfolio - Institutional Class 1,520,992,027 1,520,992,027
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TOTAL 2,712,421,978 $2,712,421,978
</TABLE>
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<PAGE>
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to Rule 24f-2:
<TABLE>
<CAPTION>
Shares Dollars
------ -------
<C> <C> <C>
Treasury Obligations Portfolio - Investor Class 1,140,389,951 $1,140,389,951
Treasury Obligations Portfolio - Institutional Class 1,456,032,027 1,456,032,027
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TOTAL 2,596,421,978 $2,596,421,978
</TABLE>
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11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
<TABLE>
<CAPTION>
Shares Dollars
------ -------
<S> <C> <C>
Treasury Obligations Portfolio - Investor Class 4,238,692 $4,238,692
Treasury Obligations Portfolio - Institutional Class 4,032,895 4,032,895
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TOTAL 8,271,587 $8,271,587
</TABLE>
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold
during the fiscal year in reliance on
Rule 24f-2 (from Item 10): $ 2,596,421,978
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(ii) Aggregate price of shares issued in
connection with dividend reinvestment
plans (from Item 11, if applicable): + 8,271,587
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(iii) Aggregate price of shares redeemed or
repurchased during the fiscal year
(if applicable): - 2,409,361,786
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(iv) Aggregate price of shares redeemed or
repurchased and previously applied as
a reduction to filing fees pursuant
to Rule 24c-2 (if applicable): + 0
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(v) Net aggregate price of securities sold and
issued during the fiscal year in reliance
on Rule 24f-2 [line (i), plus line (ii),
less line (iii), plus line (iv)]
(if applicable): 195,331,779
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(vi) Multiplier prescribed by Section 6(b) of
the Securities Act of 1933 or other
applicable law or regulation (see
Instruction C.6): x 1/2900
(vii) Fee due [line (i) or line (v) multiplied
by line (vi)] $ 67,355.79
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INSTRUCTION: ISSUERS SHOULD COMPLETE LINES (ii), (iii), (iv), AND (v) ONLY IF
THE FORM IS BEING FILED WITHIN 60 DAYS AFTER THE CLOSE OF THE
ISSUER'S FISCAL YEAR. See Instruction C.3.
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13. Check box if fees are being remitted to the Commission's lockbox depository
as described in Section 3a of the Commission's Rules of Informal and Other
Procedures (17 CFR 202.3a)
/X/
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
January 26, 1996
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SIGNATURES
This report has been signed by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By /s/ Jeffrey R. Hanson, Secretary
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Jeffrey R. Hanson, Secretary
Date: January 24, 1996
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