Milestone Treasury Obligations Fund

The performance data quoted here represents past performance which is net of expenses and fees. Current performance may be lower or higher than the performance data quoted above. Past performance is no guarantee of future results. The investment return and principal value of an investment will fluctuate, so that the shares, when redeemed, may be worth more or less than their original cost. The Fund’s total annual operating expense is 0.45%. for the Investor Class and 0.20% for the Institutional Class. Performance results reflect a contractual fee waiver by the investment adviser as described in the prospectus of the fund. For performance information current to the most recent month-end, please call toll-free 800-941-MILE.

Money market funds are sold without a front-end sales charge or contingent deferred sales charge. Other fees and expenses apply to an investment in the Fund and are described in the Fund’s current Prospectus.

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The Milestone Treasury Obligations Fund is a money market fund that seeks to provide its shareholders with the maximum current income that is consistent with the preservation of capital and the maintenance of liquidity.

The Fund may invest in U.S. Treasury obligations or repurchase agreements without limit. Although the Fund intends to be fully invested in these instruments, it may hold a de minimis amount of cash for a short period prior to investment or payment of the proceeds of redemption.

The Fund will maintain an average maturity computed on a dollar-weighted basis of 60 days or less and a dollar-weighted average life of 120 days or less.

Portfolio Manager

CLS utilizes a team approach for management of the Fund. Marc Pfeffer, Senior Portfolio Manager of CLS, Rusty Vanneman, CFA, Chief Investment Officer of CLS, and Jackson Lee, CFA, Portfolio Manager of CLS, each serve as portfolio managers for the Fund.  Mr. Pfeffer has been a portfolio manager of the Fund since its inception in January 2012.  Mr. Vanneman has served as a portfolio manager of the Fund since May 2014. Mr. Lee has served as a portfolio manager of the Fund since September 2018.

This fund maintains 100% of it’s assets in liquid assets.

There is no guarantee that any investment strategy will achieve its objectives, generate profits or avoid losses.

Although the Fund invests in short-term Treasury obligations, an investment in the Fund is subject to risk even if all securities in the Fund are paid in full at maturity. All money market instruments, including U.S. Treasury obligations, can change in value in response to changes in interest rates, and a major change in rates could cause the share price to change. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.