MILESTONE FUNDS
NSAR-A, 1997-07-24
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<PAGE>      PAGE  1
000 A000000 05/31/97
000 C000000 0000926898
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SIGNATURE   JOSEPH CARUSONE                              
TITLE       ASSISTANT VICE PRES 
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000926898
<NAME> MILESTONE TREASURY OBLIGATIONS FUND
<SERIES>
   <NUMBER> 011
   <NAME> INVESTOR SHARES
       
<S>                             <C>
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000926898
<NAME> MILESTONE TREASURY OBLIGATIONS FUND
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   <NUMBER> 012
   <NAME> INSTITUTIONAL SHARES
       
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</TABLE>

<TABLE> <S> <C>

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<NAME> MILESTONE TREASURY OBLIGATIONS FUND
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   <NAME> FINANCIAL SHARES
       
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</TABLE>

<TABLE> <S> <C>

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<CIK> 0000926898
<NAME> MILESTONE TREASURY OBLIGATIONS FUND
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   <NAME> SERVICE SHARES
       
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<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          724,598
<INTEREST-EXPENSE>                                   0
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<AVERAGE-NET-ASSETS>                         9,061,868 
<PER-SHARE-NAV-BEGIN>                             1.00
<PER-SHARE-NII>                                  0.004
<PER-SHARE-GAIN-APPREC>                              0
<PER-SHARE-DIVIDEND>                           (0.004)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               1.00
<EXPENSE-RATIO>                                   0.45
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        


</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000926898
<NAME> MILESTONE TREASURY OBLIGATIONS FUND
<SERIES>
   <NUMBER> 015
   <NAME> PREMIUM SHARES
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          NOV-30-1997
<PERIOD-END>                               MAY-31-1997
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<INVESTMENTS-AT-VALUE>                   1,673,280,440
<RECEIVABLES>                                5,463,992
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<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                           1,678,999,538
<PAYABLE-FOR-SECURITIES>                     4,726,250
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                    7,447,291
<TOTAL-LIABILITIES>                         12,173,541
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                 1,666,823,538
<SHARES-COMMON-STOCK>                       80,603,061
<SHARES-COMMON-PRIOR>                                0         
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
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<REALIZED-GAINS-CURRENT>                         4,771
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<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                    (111,927)         
<DISTRIBUTIONS-OF-GAINS>                             0                     
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                     80,758,003          
<NUMBER-OF-SHARES-REDEEMED>                  (154,942)
<SHARES-REINVESTED>                                  0                      
<NET-CHANGE-IN-ASSETS>                     686,737,760
<ACCUMULATED-NII-PRIOR>                              0
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<AVERAGE-NET-ASSETS>                        68,918,516 
<PER-SHARE-NAV-BEGIN>                             1.00
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<EXPENSE-RATIO>                                   0.60
<AVG-DEBT-OUTSTANDING>                               0
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</TABLE>


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