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SIGNATURE WADE DAVIS
TITLE ASST. VICE PRESIDENT
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<NET-INVESTMENT-INCOME> 115,476,358
<REALIZED-GAINS-CURRENT> 13,517
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 115,489,875
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4,309,741)
<DISTRIBUTIONS-OF-GAINS> (725)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 191,389,622
<NUMBER-OF-SHARES-REDEEMED> (189,690,783)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 632,502,741
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,203,792
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,551,394
<AVERAGE-NET-ASSETS> 87,622,180
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.049
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.049)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees
Milestone Funds - Treasury Obligations Portfolio
In planning and performing our audit of the financial statements of
Milestone Funds - Treasury Obligations Portfolio, Inc. (the "Trust") for
the year ended November 30, 1998 (on which we have issued our report dated
December 30, 1998), we considered its internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the Trust's internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of controls. Generally, controls that are relevant to an
audit pertain to the entity's objective of preparing financial statements
for external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in any internal control, errors or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the Trust's internal control would not necessarily
disclose all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified Public
Accountants. A material weakness is a condition in which the design or
operation of one or more of the internal control components does not reduce
to a relatively low level the risk that errors or fraud in amounts that
would be material in relation to the financial statements being audited
may occur and not be detected within a timely period by employees in the
normal course of performing their assigned functions. However, we noted
no matters involving the Trust's internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above as of November 30, 1998.
This report is intended solely for the information and use of management,
the Board of Trustees of Milestone Funds - Treasury Obligations Portfolio,
Inc. and the Securities and Exchange Commission.
DELOITTE & TOUCHE LLP
December 30, 1998
