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SIGNATURE GUY NORDAHL
TITLE ASSISTANT VICE PRESI
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<DISTRIBUTIONS-OF-INCOME> (3,221,430)
<DISTRIBUTIONS-OF-GAINS> (945)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 141,659,128
<NUMBER-OF-SHARES-REDEEMED> (158,804,282)
<SHARES-REINVESTED> 6,289
<NET-CHANGE-IN-ASSETS> (366,451,992)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2,331,569
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,403,392
<AVERAGE-NET-ASSETS> 73,253,664
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.044
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.044)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.60
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees
Treasury Obligations Portfolio of The Milestone Funds
In planning and performing our audit of the financial statements
of the Treasury Obligations Portfolio of The Milestone Funds
(the "Fund") for the year ended November 30, 1999 (on which we
have issued our report dated December 30, 1999), 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 Fund's internal control.
The management of the Fund 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, misstatements
due to error or fraud may occur and not be detected. Also, projections
of any evaluation of internal control to future periods are subject to
the risk that the internal control may become inadequate because of
changes in conditions, or that the degree of compliance with policies
and procedures may deteriorate.
Our consideration of the Fund's internal control would not necessarily
disclose all matters in the 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
misstatements caused by error 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 Fund'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, 1999.
This report is intended solely for the information and use of
management, the Board of Trustees of the Treasury Obligations
Portfolio of The Milestone 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.
December 30, 1999
