RISK/RETURN

Investment Objective:

The 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.

Fees and Expenses of the Fund:

This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees Milestone Treasury Obligations Fund (USD $)	Milestone Treasury Obligations Fund Premium Class Shares	Milestone Treasury Obligations Fund Financial Class Shares	Milestone Treasury Obligations Fund Institutional Class Shares	Milestone Treasury Obligations Fund Investor Class Shares
Maximum Sales Charge (Load) Imposed on Purchases (as a % of offering price)	none	none	none	none
Maximum Deferred Sales Charge (Load)	none	none	none	none
Maximum Sales Charge (Load) Imposed on Reinvested Dividends	none	none	none	none
Exchange Fee	none	none	none	none
Shareholder Servicing Fees	0.25	0.05	0.10	0.25

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)

Annual Fund Operating Expenses Milestone Treasury Obligations Fund		Milestone Treasury Obligations Fund Premium Class Shares	Milestone Treasury Obligations Fund Financial Class Shares	Milestone Treasury Obligations Fund Institutional Class Shares	Milestone Treasury Obligations Fund Investor Class Shares
Management Fees		0.10%	0.10%	0.10%	0.10%
Distribution (12b-1) Fees		0.25%	none	none	none
Other Expenses		0.05%	0.05%	0.16%	0.24%
Total Annual Fund Operating Expenses		0.65%	0.20%	0.36%	0.59%
Fee Waiver and Expense Reimbursements	[1]	none	(0.05%)	(0.16%)	(0.14%)
Total Annual Fund Operating Expenses After Fee Waivers and Expense Reimbursements		0.65%	0.15%	0.20%	0.45%

Example:

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.  

The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods.  The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.  Although your actual costs may be higher or lower, based upon these assumptions your costs would be:

Principal Investment Strategies:

As a fundamental policy, which cannot be changed without shareholder approval, the Fund invests only in:

• U.S. Treasury obligations maturing in 397 days or less.

• Repurchase agreements fully collateralized by U.S. Treasury obligations.

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.

Principal Investment Risks:

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. While U.S. Treasury obligations are backed by the full faith and credit of the U.S. government, an investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation, U.S. government or any other government agency. Thus, while the Fund seeks to maintain a stable net asset value of $1.00 per share, there is no assurance that it will do so. It is possible to lose money by investing in the Fund.  If the seller of a repurchase agreement in which the Fund invests defaults on its obligation or declares bankruptcy, the Fund may experience delays in selling the securities underlying the repurchase agreement. As a result, the Fund may incur losses arising from a decline in the value of those securities, reduced levels of income, and expenses of enforcing its rights.

Performance:

The following bar charts and tables below provide some indication of the risks of investing in the Fund by showing changes in the performance of each share class of the Fund from year to year and by showing how the Fund's average annual returns for one, five and ten years compare with those of a broad measure of market performance. Performance for the period prior to November [_], 2011 is that of the Milestone Treasury Obligations Portfolio, a series of The Milestone Portfolios trust, the predecessor of the Fund. Past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at no cost by visiting www.advisoronefunds.com or by calling 1-866-811-0225.

Milestone Treasury Obligations Fund Premium Class Shares

RISK/RETURN

Best Quarter	March 31, 2001	1.26%
Worst Quarter	March 31, 2010	0.00%*

* Less than 0.005%

For the period January 1, 2011 to September 30, 2011, the total return for Premium Class Shares was [_]%.

Average Annual Total Returns (For the periods ended December 31, 2010)

Average Annual Total Returns (for the periods ended December 31, 2010)

Average Annual Total Returns Milestone Treasury Obligations Fund	1 Year	5 Years	10 Years
Milestone Treasury Obligations Fund Premium Class Shares	0.01%	2.00%	1.85%
Milestone Treasury Obligations Fund Premium Class Shares Lipper U.S. Treasury Money Market Funds Index	0.02%	1.97%	1.82%

                                                                                                The Premium Class Shares' seven-day current yield on 12/31/10 was 0.01%.

Milestone Treasury Obligations Fund Financial Class Shares

RISK/RETURN

Best Quarter	March 31, 2001	1.37%
Worst Quarter	March 31, 2010	0.01%

For the period January 1, 2011 to September 30, 2011, the total return for Financial Class Shares was [_]%.

Average Annual Total Returns (For the periods ended December 31, 2010)

Average Annual Total Returns (for the periods ended December 31, 2010)

Average Annual Total Returns Milestone Treasury Obligations Fund	1 Year	5 Years	10 Years
Milestone Treasury Obligations Fund Financial Class Shares	0.05%	2.34%	2.26%
Milestone Treasury Obligations Fund Financial Class Shares Lipper U.S. Treasury Money Market Funds Index	0.02%	1.97%	1.82%

                                                                                                         The Financial Class Shares' seven-day current yield on 12/31/10 was 0.05%.

Milestone Treasury Obligations Fund Institutional Class Shares

RISK/RETURN

Best Quarter	March 31, 2001	1.36%
Worst Quarter	March 31, 2010	0.00%*

* Less than 0.005%

For the period January 1, 2011 to September 30, 2011, the total return for Institutional Class Shares was [_]%.

Average Annual Total Returns (For the periods ended December 31, 2010)

Average Annual Total Returns (for the periods ended December 31, 2010)

Average Annual Total Returns Milestone Treasury Obligations Fund	1 Year	5 Years	10 Years
Milestone Treasury Obligations Fund Institutional Class Shares	0.01%	2.29%	2.21%
Milestone Treasury Obligations Fund Institutional Class Shares Lipper U.S. Treasury Money Market Funds Index	0.02%	1.97%	1.82%

Milestone Treasury Obligations Fund Investor Class Shares

RISK/RETURN

Best Quarter	March 31, 2001	1.31%
Worst Quarter	Sept. 30, 2009	0.00%*

* Less than 0.005%

For the period January 1, 2011 to September 30, 2011, the total return for Investor Class Shares was [_]%.

Average Annual Total Returns (For the periods ended December 31, 2010)

Average Annual Total Returns (for the periods ended December 31, 2010)

Average Annual Total Returns Milestone Treasury Obligations Fund	1 Year	5 Years	10 Years
Milestone Treasury Obligations Fund Investor Class Shares	0.01%	2.11%	1.99%
Milestone Treasury Obligations Fund Investor Class Shares Lipper U.S. Treasury Money Market Funds Index	0.02%	1.97%	1.82%

[1] The Fund's adviser has contractually agreed to waive its fees and/or reimburse expenses of the Fund, at least until [___], 2012 to ensure that Total Annual Fund Operating Expenses After Fee Waiver and Reimbursement (exclusive of any taxes, interest, brokerage commissions, dividend expense on securities sold short, acquired fund fees and expenses, or extraordinary expenses such as litigation or reorganization costs) will not exceed will not exceed 0.65%, 0.15%, 0.20% and 0.45% for Premium, Financial, Institutional and Investor Class Shares, respectively, of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund in future years on a rolling three-year basis (within the three years after the fees have been waived or reimbursed) if such recoupment can be achieved within the foregoing expense limits. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days written notice to the Fund' adviser.