<PAGE>
THE ARBOR FUND
GOLDEN OAK GROWTH PORTFOLIO
GOLDEN OAK VALUE PORTFOLIO
GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO
GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO
GOLDEN OAK PRIME OBLIGATION MONEY MARKET PORTFOLIO
(THE "GOLDEN OAK FAMILY OF FUNDS")
Supplement Dated October 15, 1997
to the Prospectus dated May 31, 1997
This supplement provides new and additional information beyond that
contained in the Prospectus and should be retained and read in conjunction with
such Prospectus.
The fourth paragraph of "The Adviser" section on page 14 is amended and
restated to read as follows:
Richard C. Cross, Vice President and Trust Officer of the Adviser,
began managing the Michigan Portfolio in October, 1997. He managed
fixed income portfolios from 1982 to 1994 at The Dow Chemical Co.
From 1994 to 1996 he was a financial consultant at Chemical Bank.
The fifth paragraph of "The Adviser" section on page 14 is amended and
restated to read as follows:
Christopher W. Wheeler, Vice President and Trust Officer of the
Adviser, has managed the Intermediate-Term Income Portfolio since
February, 1996. He has managed the Adviser's fixed income
portfolios and trust accounts since 1993.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
CIT-F-006-06B
