Milestone's Treasury Obligations Portfolio to reorganize, swap adviser

By Toni Weeks

San Diego, Jan. 3 - Milestone Funds announced that the shareholders of its Treasury Obligations Portfolio, a series of Milestone Funds, approved an agreement and plan of reorganization for the portfolio to transfer its assets to the Milestone Treasury Obligations Fund, a new series of AdvisorOne Funds.

Shareholders of the portfolio will receive shares of the new fund in an amount equal in number and value to their shares in the portfolio. The reorganization is expected to occur Jan. 31.

Shareholders also approved a new investment advisor agreement with Omaha-based CLS Investments, LLC, according to a 497 filing with the Securities and Exchange Commission on Friday. Milestone Capital Management, LLC will no longer serve as investment adviser.

CLS has agreed to waive fees and/or reimburse expenses in order to limit the total operating expenses by 0.65% for premium shares, 0.15% for financial shares, 0.2% for institutional shares and 0.45% for investor shares.

Mark Pfeffer will continue with the day-to-day management of the portfolio, but now as a senior portfolio manager at CLS instead of as the chief investment officer of Milestone Capital. Prior to Milestone, Pfeffer, who has over 23 years of money market fund investment experience, worked for Bear, Stearns & Co. Inc. and Goldman Sachs Asset Management.

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