GemCom, LLC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Milestone Treasury Obligations Fund
Portfolio of Investments (Unaudited)
August 31, 2012

		Principal		Interest		Maturity	Value
		Amount		Rate		Date	(note 1)

U.S. Government Obligations - 36.0%

*U.S. Treasury Bills - 1.6%**
		$ 5,000,000		0.14%		9/20/2012	$ 4,999,700

U.S. Treasury Notes - 34.4%
		20,000,000		0.16%		9/30/12	20,003,024
		30,000,000		0.15%		10/31/12	30,010,407
		15,000,000		0.20%		2/15/13	15,079,324
		15,000,000		0.19%		2/28/13	15,031,573
		5,000,000		0.18%		4/15/13	5,047,944
		15,000,000		0.19%		4/30/13	15,041,684
		10,000,000		0.19%		5/31/13	10,023,190
							110,237,146

Total U.S. Government Obligations (Cost $115,236,846)							115,236,846

Repurchase Agreements - 64.0%

BNP Paribas Securities Corp., dated 8/31/12, repurchase price $55,000,000 (Collateralized by: U.S. Treasury Inflationary
Notes, $26,641,300, 0.50%, 4/15/15, aggregate market value plus accrued interest $29,606,729; U.S. Treasury Notes:
$26,519,500, 0.25%, 2/15/15; aggregate market value plus accrued interest $26,493,370)

		55,000,000		0.18%		9/4/12	55,000,000


Merrill Lynch Fenner Pierce & Smith Inc., dated 8/31/12, repurchase price $45,100,000 (Collateralized by: U.S. Treasury
Note: $45,701,500, 0.75%, 6/30/17; aggregate market value plus accrued interest $46,002,060)

		45,100,000		0.18%		9/4/12	45,100,000


Credit Suisse Securities (USA) LLC, dated 8/31/12, repurchase price $50,000,000 (Collateralized by: U.S. Treasury Notes:
$51,055,000, 0.25%, 5/15/15; aggregate market value plus accrued interest $51,000,562)

		50,000,000		0.18%		9/4/12	50,000,000
Milestone Treasury Obligations Fund
Portfolio of Investments (Unaudited) (Continued)
August 31, 2012

		Principal		Interest		Maturity	Value
		Amount		Rate		Date	(note 1)

Repurchase Agreements - 64.0% (Cont.)
Societe Generale, dated 8/31/12, repurchase price $55,000,000 (Collateralized by: U.S. Treasury Inflationary Bond:
$24,982,400, 3.625%, 4/15/28; aggregate market value plus accrued interest $56,100,060)

		$ 55,000,000		0.18%		9/4/12	$ 55,000,000


Total Repurchase Agreements (Cost $205,100,000)							205,100,000

Total Investments (Cost $320,336,846) - 100.0% (a)							$ 320,336,846
Other Assets in Excess of Liabilities - 0.0% **							11,286
Net Assets-100.0%							$ 320,348,132

* Coupon rate shown is the discounted rate at time of purchase for U.S. Treasury Bills.
** Represents less than 0.05%
(a) The cost stated also approximates the aggregate cost for Federal income tax purposes.

Valuation of Securities:
Securities in which the Fund invests are valued at amortized cost. Under the amortized cost method, a portfolio instrument is valued at cost and any premium or discount is amortized on a constant basis to maturity. Amortization of premium and accretion of market discount are charged to income.

Repurchase Agreements:
The Fund may purchase securities from financial institutions subject to the seller's agreement to repurchase and the Fund's agreement to resell the securities at par. The investment adviser only enters into repurchase agreements with financial institutions that are primary dealers and deemed to be creditworthy by the investment adviser in accordance with procedures adopted by the Board of Trustees. Securities purchased subject to repurchase agreements are maintained with a custodian of the Fund and must have, at all times, an aggregate market value plus accrued interest greater than or equal to the repurchase price. If the market value of the underlying securities falls below 102% of the value of the repurchase price, the Fund will require the seller to deposit additional collateral by the next business day. In the event that the seller under the agreement defaults on its repurchase obligation or fails to deposit sufficient collateral, the Fund has the contractual right, subject to the requirements of applicable bankruptcy and insolvency laws, to sell the underlying securities and may claim any resulting loss from the seller.

Milestone Treasury Obligations Fund
Portfolio of Investments (Unaudited) (Continued)
August 31, 2012

Fair Value Measurement
Fair Value Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into a fair value measurement.

The Fund utilizes various methods to measure the fair value of all of its investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of input are:

Level 1 – Unadjusted quoted prices in active markets for identical assets and liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument in an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following tables summarize the inputs used as of August 31, 2012 for the Fund’s assets measured at fair value:

	Level 1	Level 2	Level 3		Total
U.S. Government Obligations	$ -	$ 115,236,846	$ -		$ 115,236,846
Repurchase Agreements	-	205,100,000	-		205,100,000
Total	$ -	$ 320,336,846	$ -		$ 320,336,846

The Fund did not hold any Level 3 securities during the period. There were no transfers into or out of Level 1 & Level 2 during the period. It is the Fund’s policy to recognize transfers between Level 1 & Level 2 at the end of the reporting period.

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Certifications required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) (and Item 3 of Form N-Q) are filed herewith.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.