<PAGE>
AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON FEBRUARY 23, 1998
FILE NO. 33-50718
FILE NO. 811-7102
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
FORM N-1A
REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933 / /
POST-EFFECTIVE AMENDMENT NO. 19 /X/
AND
REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940 / /
AMENDMENT NO. 21 /X/
------------------------
THE ARBOR FUND
(Exact Name of Registrant as Specified in Charter)
2 Oliver Street
Boston, Massachusetts 02109
(Address of Principal Executive Offices, Zip Code)
Registrant's Telephone Number, including Area Code (800) 342-5734
DAVID G. LEE
c/o SEI Corporation
Oaks, Pennsylvania 19456
(Name and Address of Agent for Service)
COPIES TO:
John H. Grady, Jr., Esquire
Morgan, Lewis & Bockius LLP
1800 M Street, N.W.
Washington, D.C. 20036-5869
------------------------
It is proposed that this filing become effective (check appropriate box)
<TABLE>
<C> <S>
/X/ immediately upon filing pursuant to paragraph (b)
/ / on [date] pursuant to paragraph (b)
/ / 60 days after filing pursuant to paragraph (a)
/ / 75 days after filing pursuant to paragraph (a)
/ / on [date] pursuant to paragraph (a) of Rule 485.
</TABLE>
Registrant commenced operations on February 1, 1993. Registrant's 24f-2
Notice for the fiscal year ended January 31, 1997 was filed on March 26, 1997.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
THE ARBOR FUND
CROSS REFERENCE SHEET
<TABLE>
<CAPTION>
N-1A ITEM NO. LOCATION
- -------------------------------------------------------------- -------------------------------------------------
<S> <C> <C>
PART A--GOLDEN OAK GROWTH PORTFOLIO, GOLDEN OAK VALUE PORTFOLIO, GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO,
GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO AND GOLDEN OAK PRIME OBLIGATION MONEY MARKET PORTFOLIO
Item 1. Cover Page....................................... Cover Page
Item 2. Synopsis......................................... Summary; Annual Operating Expenses
Item 3. Condensed Financial Information.................. Financial Highlights
Item 4. General Description of Registrant................ The Funds and the Trust; Investment Objective and
Policies; General Information
Item 5. Management of the Fund........................... General Information; The Adviser; The
Sub-Adviser; The Administrator; The Shareholder
Servicing Agent
Item 5A. Management's Discussion of Fund Performance...... **
Item 6. Capital Stock and Other Securities............... General Information; Taxes
Item 7. Purchase of Securities Being Offered............. Purchase of Shares
Item 8. Redemption or Repurchase......................... Redemption of Shares
Item 9. Pending Legal Proceedings........................ *
PART B--GOLDEN OAK GROWTH PORTFOLIO, GOLDEN OAK VALUE PORTFOLIO, GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO,
GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO AND GOLDEN OAK PRIME OBLIGATION MONEY MARKET PORTFOLIO
Item 10. Cover Page....................................... Cover Page
Item 11. Table of Contents................................ Table of Contents
Item 12. General Information and History.................. The Funds and The Trust
Item 13. Investment Objectives and Policies............... Investment Objective and Policies; Investment
Limitations; Non-Fundamental Policies
Item 14. Management of the Registrant..................... The Funds and the Trust; Trustees and Officers of
the Trust; The Administrator; The Adviser; The
Sub-Adviser
Item 15. Control Persons and Principal Holders of
Securities..................................... Trustees and Officers of the Trust; The
Administrator
Item 16. Investment Advisory and Other Services........... The Adviser; The Sub-Adviser; The Administrator;
The Distributor; Experts
Item 17. Brokerage Allocation............................. Portfolio Transactions; Trading Practices and
Brokerage
Item 18. Capital Stock and Other Securities............... Description of Shares
</TABLE>
(i)
<PAGE>
<TABLE>
<CAPTION>
N-1A ITEM NO. LOCATION
- -------------------------------------------------------------- -------------------------------------------------
<S> <C> <C>
Item 19. Purchase, Redemption, and Pricing of Securities
Being Offered.................................. Purchase and Redemption of Shares; Determination
of Net Asset Value; Letter of Intent
Item 20. Tax Status....................................... Taxes
Item 21. Underwriters..................................... The Distributor
Item 22. Calculation of Yield Quotations.................. Computation of Yield; Calculation of Total Return
Item 23. Financial Statements............................. Financial Information
</TABLE>
PART C
Information required to be included in Part C is set forth under the
appropriate item, so numbered, in Part C of this Registration Statement.
- ------------------------
* Not Applicable
** Information required by Item 5A is included in the 1996 Annual Report to
Shareholders
(ii)
<PAGE>
The Prospectuses and Statements of Additional Information for the 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, OVB Equity Income Portfolio, OVB Capital
Appreciation Portfolio, OVB Emerging Growth Portfolio, OVB Government Securities
Portfolio, OVB West Virginia Tax-Exempt Income Portfolio, OVB Prime Obligations
Portfolio, U.S. Government Securities Money Fund, and Prime Obligations Fund,
included as part of Post-Effective Amendment No. 18 to the Registrant's
Registration Statement on Form N-1A (File No. 33-50718), filed with the
Securities and Exchange Commission on May 30, 1997 pursuant to Rule 485(b) under
the Securities Act of 1933, are hereby incorporated by reference as if set forth
full herein.
<PAGE>
THE ARBOR FUNDS
-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
CLASS I AND A SHARES
SUPPLEMENT DATED FEBRUARY 23, 1998
TO THE PROSPECTUS DATED MAY 31, 1997
The Prospectus, dated May 31, 1997, is hereby amended by the addition of the
following unaudited financial information for Class I and Class A Shares of
(i) the Golden Oak Growth Portfolio, the Golden Oak Intermediate-Term Income
Portfolio, and the Golden Oak Prime Obligation Money Market Portfolio for the
period February 1, 1997 to January 31,1998, and (ii) the Golden Oak Value
Portfolio and the Golden Oak Michigan Tax Free Bond Portfolio for the period
June 23, 1997 to January 31, 1998.
FINANCIAL HIGHLIGHTS
The following table provides unaudited financial highlights for Class I
Shares of (i) the Golden Oak Growth Portfolio, the Golden Oak
Intermediate-Term Income Portfolio, and the Golden Oak Prime Obligation Money
Market Portfolio for the period February 1, 1997 to January 31,1998, and (ii)
the Golden Oak Value Portfolio and the Golden Oak Michigan Tax Free Bond
Portfolio for the period June 23, 1997 to January 31, 1998.
For a Class I share outstanding throughout the period:
<TABLE>
<CAPTION>
Golden Oak Golden Oak
Golden Intermediate Golden Oak Prime
Oak Golden Oak -Term Michigan Tax Obligation
Growth Value Income Free Bond Money Market
Portfolio Portfolio (1) Portfolio Portfolio (1) Portfolio
2/1/97 to 6/23/97 to 2/1/97 to 6/23/97 to 2/1/97 to
1/31/98 1/31/98 1/31/98 1/31/98 1/31/98
--------- ------------- ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Net Asset Value
Beginning of Period $12.66 $10.00 $9.83 $10.00 $1.00
Net Investment Income -- 0.04 0.56 0.27 0.05
Realized and Unrealized
Gains (Losses) on
Investments 3.12 0.86 0.21 0.26 --
Distributions from Net
Investment Income -- (0.04) (0.56) (0.27) (0.05)
Distributions from Net
Realized Gain (3.12) (1.53) -- (0.02) --
Net Asset Value End of
Period $12.66 $9.33 $10.04 $10.24 $1.00
Total Return 25.85% 9.15% 8.07% 5.35% 5.41%
Net Assets End of Period
(000) $36,240 $30,922 $125,936 $85,556 $127,977
Ratio of Expenses to
Average Net Assets 1.07% 1.10%* 0.65% 0.65%* 0.40%
Ratio of Net Income to
Average Net Assets 0.03% 0.72%* 5.66% 4.41%* 5.29%
Ratio of Expenses to
Average Net Assets
(Excluding Waivers) 1.08% 1.13%* 0.80% 0.82%* 0.59%
Ratio of Net Income to
Average Net Assets
(Excluding Waivers) 0.02% 0.69%* 5.51% 4.24%* 5.10%
Portfolio Turnover Rate 131.54% 90.97% 60.78% 9.77% N/A
Average Commission Rate
(+) $0.0600 $0.0421 N/A N/A N/A
Amounts designated as "--" are either $0 or have been rounded to $0.
* Annualized
(+) Average Commission rate paid per share for security purchases and sales during the period.
(1) Commenced operations June 23, 1997. Total return is for the period indicated and has not been annualized.
</TABLE>
<PAGE>
FINANCIAL HIGHLIGHTS
The following table provides unaudited financial highlights for Class A
Shares of (i) the Golden Oak Growth Portfolio, the Golden Oak
Intermediate-Term Income Portfolio, and the Golden Oak Prime Obligation
Money Market Portfolio for the period February 1, 1997 to January 31,1998,
and (ii) the Golden Oak Value Portfolio and the Golden Oak Michigan Tax
Free Bond Portfolio for the period June 23, 1997 to January 31, 1998.
For a Class A share outstanding throughout the period:
<TABLE>
<CAPTION>
Golden Oak Golden Oak
Golden Intermediate- Golden Oak Prime
Oak Golden Oak Term Michigan Tax Obligation
Growth Value Income Free Bond Money Market
Portfolio Portfolio (1) Portfolio Portfolio (1) Portfolio
2/1/97 to 6/23/97 to 2/1/97 to 6/23/97 to 2/1/97 to
1/31/98 1/31/98 1/31/98 1/31/98 1/31/98
---------- ------------- ------------ ------------- -------------
<S> <C> <C> <C> <C> <C>
Net Asset Value Beginning of Period $12.57 $10.00 $9.83 $10.00 $1.00
Net Investment Income (0.01) 0.02 0.53 0.27 0.05
Realized and Unrealized Gains
(Losses) on Investments 3.07 0.86 0.21 0.26 --
Distributions from Net Investment
Income -- (0.03) (0.53) (0.27) (0.05)
Distributions from Net Realized Gain (3.12) (1.53) -- (0.02) --
Net Asset Value End of Period $12.51 $9.32 $10.04 $10.24 $1.00
Total Return (+) 25.56% 8.97% 7.78% 5.31% 5.15%
Net Assets End of Period (000) $307 $51 $64 $10 $6,381
Ratio of Expenses to Average Net
Assets 1.32% 1.35%* 0.90% 0.90%* 0.65%
Ratio of Net Income to Average Net
Assets (0.21)% 0.31%* 5.40% 4.15%* 4.99%
Ratio of Expenses to Average Net
Assets (Excluding Waivers) 1.32% 1.36%* 1.06% 1.05%* 0.90%
Ratio of Net Income to Average Net
Assets (Excluding Waivers) (0.21)% 0.30%* 5.24% 4.00%* 4.74
Portfolio Turnover Rate 131.54% 90.97% 60.78% 9.77% N/A
Average Commission Rate (++) 0.0600 0.0421 N/A N/A N/A
Amounts designated as -- are either $0 or have been rounded to $0.
* Annualized
(+) Total return does not reflect the sales charge on Class A shares.
(++) Average Commission rate paid per share for security purchases and sales during the period.
(1) Commenced operations June 23, 1997. Total return is for the period indicated and has not been annualized.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
</TABLE>
<PAGE>
THE ARBOR FUND
(THE "TRUST")
SUPPLEMENT DATED FEBRUARY 23, 1998 TO THE
STATEMENT OF ADDITIONAL INFORMATION DATED MAY 31, 1997
The Statement of Additional Information for the Trust is hereby amended and
supplemented by the following unaudited financial statements of (i) the Golden
Oak Growth Portfolio, the Golden Oak Intermediate-Term Income Portfolio, and the
Golden Oak Prime Obligation Money Market Portfolio for the period February 1,
1997 to January 31,1998, and (ii) the Golden Oak Value Portfolio and the Golden
Oak Michigan Tax Free Bond Portfolio for the period June 23, 1997 to
January 31, 1998.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF NET ASSETS GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
GROWTH Value
PORTFOLIO Shares (000)
- -----------------------------------------------------
<S> <C> <C>
COMMON STOCKS -- 92.9%
AIRCRAFT -- 2.6%
General Dynamics ............... 9,100 $ 785
United Technologies ............ 2,200 180
------
Total Aircraft ......... 965
------
APPAREL/TEXTILES -- 1.3%
Jones Apparel Group* ........... 10,600 461
------
AUTOMOTIVE -- 1.6%
Eaton .......................... 6,600 592
------
BANKS -- 1.6%
State Street ................... 10,700 599
------
BEAUTY PRODUCTS -- 3.9%
Colgate-Palmolive .............. 3,100 227
Procter & Gamble ............... 15,500 1,215
------
Total Beauty Products .. 1,442
------
BEVERAGES -- 2.3%
Pepsico ........................ 23,100 833
------
BROADCASTING, NEWSPAPERS AND ADVERTISING -- 1.9%
Omnicom Group .................. 16,800 681
------
CHEMICALS -- 0.4%
Dow Chemical ................... 1,600 144
------
COMPUTER SOFTWARE -- 4.1%
Computer Associates International 3,200 170
Compuware* ..................... 25,800 1,006
Microsoft* ..................... 2,200 328
------
Total Computer Software 1,504
------
COMPUTERS & SERVICES -- 6.2%
Compaq Computer ................ 28,000 842
Dell Computer* ................. 12,600 1,253
EMC* ........................... 5,400 176
------
Total Computers & Services 2,271
------
COSMETICS -- 1.4%
Gillette ....................... 5,300 523
------
DEPARTMENT STORES -- 1.8%
Dayton-Hudson .................. 9,200 662
------
GROWTH Value
PORTFOLIO (continued) Shares (000)
- -----------------------------------------------------
DRUGS -- 13.1%
Abbott Laboratories ............ 5,500 $ 389
Bristol-Myers Squibb ........... 7,400 738
Eli Lilly ...................... 18,100 1,222
Schering Plough ................ 19,800 1,433
Warner Lambert ................. 6,800 1,023
------
Total Drugs ........... 4,805
------
ELECTRICAL & ELECTRONIC PRODUCTS -- 3.5%
General Electric ............... 16,500 1,279
------
ELECTRICAL UTILITIES -- 1.1%
AES* ........................... 9,800 420
------
ELECTRONIC STORES -- 1.8%
Tandy .......................... 17,200 667
------
ENTERTAINMENT -- 0.5%
Walt Disney .................... 1,600 171
------
ENVIRONMENTAL SERVICES -- 1.2%
Browning-Ferris Industries ..... 12,500 432
------
FINANCIAL SERVICES -- 5.9%
Fannie Mae ..................... 14,400 889
Greenpoint Financial ........... 7,900 547
SLM Holding .................... 16,800 708
------
Total Financial Services 2,144
------
FOOD, BEVERAGE & TOBACCO -- 5.2%
Kellogg ......................... 5,400 249
Philip Morris ................... 17,800 739
Quaker Oats ..................... 16,800 903
------
Total Food, Beverage & Tobacco 1,891
------
HEALTH SERVICES -- 2.7%
HBO & Company ................... 15,456 809
Healthsouth* .................... 7,200 162
------
Total Health Services .. 971
------
HOTELS & LODGING -- 0.6%
Marriott International .......... 3,000 207
------
INSURANCE -- 2.5%
Allstate ........................ 10,500 929
------
The accompanying notes are an integral part of the financial statements.
1
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
GROWTH Value
PORTFOLIO (continued) Shares (000)
- -----------------------------------------------------
LUMBER & WOOD PRODUCTS -- 1.6%
Weyerhaeuser .................... 11,800 $ 588
------
MACHINERY -- 2.0%
Applied Materials* .............. 5,600 184
Caterpillar ..................... 11,500 552
------
Total Machinery ......... 736
------
MEDICAL SUPPLIES -- 1.0%
Guidant ......................... 5,500 353
------
MISCELLANEOUS CONSUMER SERVICES -- 0.5%
Robert Half International* ...... 4,800 185
------
OTHER HEALTH SERVICES -- 2.3%
McKesson ........................ 17,300 828
------
PETROLEUM & FUEL PRODUCTS-- 2.4%
Phillips Petroleum .............. 4,500 638
USX-Marathon Group .............. 7,500 252
------
Total Petroleum & Fuel Products 890
------
PRINTING & PUBLISHING -- 3.7%
Gannett ......................... 3,600 218
New York Times, Class A ......... 9,300 605
Tribune ......................... 8,900 541
------
Total Printing & Publishing 1,364
------
RETAIL -- 2.0%
TJX ............................. 21,200 718
------
SEMI-CONDUCTORS/INSTRUMENTS-- 5.0%
Altera* ......................... 4,600 158
Intel ........................... 14,400 1,166
Philips Electronics ADR ......... 4,400 293
Texas Instruments ............... 3,600 197
------
Total Semi-Conductors/Instruments 1,814
------
TELEPHONES & TELECOMMUNICATION-- 5.2%
Airtouch Communications* ........ 24,900 1,092
Ameritech ....................... 5,600 240
Bellsouth ....................... 4,900 297
Tellabs* ........................ 5,100 261
------
Total Telephones & Telecommunication
........................ 1,890
------
Total Common Stocks
(Cost $27,919) ....... 33,959
------
Face
GROWTH Amount Value
PORTFOLIO (concluded) (000) (000)
- -----------------------------------------------------
REPURCHASE AGREEMENTS -- 12.3%
Dresdner Government Securities (A)
5.53%, dated 01/30/98, matures
02/02/98, repurchase price
$4,509,459 (collateralized by
U.S. Treasury Note, par value
$4,450,000, 5.875%, 01/31/99:
market value $4,599,499) .... $ 4,507 $ 4,507
-------
Total Repurchase Agreements
(Cost $4,507) ........ 4,507
-------
Total Investments-- 105.2%
(Cost $32,426) ....... 38,466
-------
OTHER ASSETS AND LIABILITIES, NET-- (5.2%) (1,919)
-------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 2,862,450 outstanding
shares of beneficial
interest ..................... 28,096
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
24,559 outstanding shares
of beneficial interest ....... 260
Distributions in Excess of Net
Investment Income ............ (9)
Accumulated Net Realized Gain
on Investments ............... 2,160
Net Unrealized Appreciation
on Investments ............... 6,040
-------
Total Net Assets-- 100.0% ........ $36,547
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Class I ... $12.66
=======
Net Asset Value and Redemption
Price Per Share-- Class A .... $12.51
=======
Maximum Offering Price per Share --
Class A ($12.51 / 94.25%) .... $13.27
=======
- -----------------------------------------------------
* Non-income producing security
ADR -- American Depository Receipt
(A) Tri-Party Repurchase Agreement
The accompanying notes are an integral part of the financial statements.
2
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
VALUE Value
PORTFOLIO Shares (000)
- -----------------------------------------------------
COMMON STOCKS -- 96.2%
AIR TRANSPORTATION -- 2.9%
UAL* ............................ 10,000 $ 889
------
AIRCRAFT -- 2.6%
United Technologies ............. 10,000 816
------
AUTOMOTIVE -- 7.4%
Chrysler ........................ 12,810 446
Dana ............................ 12,520 628
Eaton ........................... 6,000 538
Ford Motor ...................... 13,285 678
------
Total Automotive ........ 2,290
------
BANKS -- 11.0%
Chase Manhattan ................. 1,875 201
Citicorp ........................ 3,900 464
First Union ..................... 10,600 509
Fleet Financial Group ........... 7,800 559
Mellon Bank ..................... 11,320 683
Norwest ......................... 18,800 686
Peoples Heritage Financial Group 7,100 305
------
Total Banks ............. 3,407
------
BEAUTY PRODUCTS -- 1.1%
Procter & Gamble ................ 4,300 337
------
BUILDING & CONSTRUCTION SUPPLIES -- 1.6%
Southdown ....................... 7,800 492
------
COMPUTER SOFTWARE -- 1.4%
Computer Associates International 8,257 439
------
COMPUTERS & SERVICES -- 4.6%
Electronic Data Systems ........ 14,000 583
International Business Machines . 3,000 296
Unisys* ........................ 32,600 538
------
Total Computers & Services 1,417
------
DRUGS -- 4.8%
Biogen* ........................ 9,000 370
ICN Pharmaceuticals ............ 9,200 473
Pharmacia & Upjohn ............. 16,600 638
------
Total Drugs ............ 1,481
------
VALUE Value
PORTFOLIO (continued) Shares (000)
- -----------------------------------------------------
ELECTRICAL UTILITIES -- 3.6%
Atlantic Energy ................. 35,000 $ 711
Nipsco Industries ............... 7,860 401
------
Total Electrical Utilities 1,112
------
ELECTRICAL & ELECTRONIC PRODUCTS -- 1.2%
General Electric ................ 4,600 357
------
FINANCIAL SERVICES -- 9.2%
Fannie Mae ...................... 11,830 731
Household International ......... 4,800 598
MBNA ............................ 20,782 646
Morgan Stanley, Dean Witter,
Discover ..................... 15,000 876
------
Total Financial Services 2,851
------
FOOD, BEVERAGE & TOBACCO -- 2.0%
Interstate Bakeries ............. 17,400 605
------
HOUSEHOLD PRODUCTS -- 2.9%
Maytag .......................... 23,500 903
------
INDUSTRIAL -- 1.8%
Textron ......................... 4,000 239
Tyco International Limited ...... 7,080 314
------
Total Industrial ........ 553
------
INSURANCE -- 3.6%
Allstate ........................ 5,941 526
Sunamerica ...................... 14,700 591
------
Total Insurance ......... 1,117
------
OFFICE FURNITURE & FIXTURES-- 3.6%
Hon Industries .................. 5,800 354
Knoll* .......................... 25,000 770
------
Total Office Furniture & Fixtures 1,124
------
PAPER & PAPER PRODUCTS -- 1.0%
Fort James ...................... 7,500 322
------
PETROLEUM & FUEL PRODUCTS-- 0.7%
Grey Wolf* ...................... 47,000 214
------
The accompanying notes are an integral part of the financial statements.
3
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
VALUE Value
PORTFOLIO (continued) Shares (000)
- -----------------------------------------------------
PETROLEUM REFINING -- 7.5%
Exxon ........................... 10,000 $ 593
Mobil ........................... 4,000 273
Pacific Enterprises ............. 11,230 405
Sun ............................. 27,000 1,046
------
Total Petroleum Refining 2,317
------
PRINTING & PUBLISHING -- 1.7%
Scitex Limited ................. 55,000 540
------
PROFESSIONAL SERVICES -- 1.4%
Dun & Bradstreet ............... 14,000 446
------
RETAIL -- 6.1%
Albertson's .................... 9,000 429
Family Dollar Stores ........... 14,250 454
Office Depot* .................. 30,000 668
Sears Roebuck .................. 7,500 345
------
Total Retail ............ 1,896
------
SEMI-CONDUCTORS/INSTRUMENTS-- 2.1%
LSI Logic* ..................... 13,000 312
Texas Instruments .............. 6,000 328
------
Total Semi-Conductors/
Instruments ......... 640
------
TELEPHONES & TELECOMMUNICATION-- 6.1%
Aliant Communications ........... 12,000 375
BCE ............................. 17,500 547
Bell Atlantic ................... 5,470 506
US West ......................... 9,560 460
------
Total Telephones &
Telecommunication .... 1,888
------
TRANSPORTATION SERVICES -- 2.0%
CNF Transportation .............. 13,595 621
------
WATER UTILITIES -- 2.3%
Aquarion ........................ 21,000 728
------
Total Common Stocks
(Cost $21,219) ....... 29,802
------
VALUE Face Value
PORTFOLIO (concluded) Amount (000) (000)
- -----------------------------------------------------
CASH EQUIVALENTS -- 4.9%
Corefund Elite Cash Reserve
5.410%, ................... $ 1,505 $ 1,505
-------
Total Cash Equivalents
(Cost $1,505) ...... 1,505
-------
Total Investments-- 101.1%
(Cost $22,724) ..... 31,307
-------
OTHER ASSETS AND LIABILITIES, NET-- (1.1%) (334)
-------
NET ASSETS:
Portfolio Shares of Class I
(unlimited authorization --
no par value) based on
3,315,336 outstanding
shares of beneficial
interest .................. 20,069
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
5,536 outstanding shares
of beneficial interest ..... 60
Undistributed Net Investment Income 24
Accumulated Net Realized Gain
on Investments ............. 2,237
Net Unrealized Appreciation
on Investments ............. 8,583
-------
Total Net Assets-- 100.0% $30,973
=======
Net Asset Value, Offering and Redemption
Price Per Share -- Class I .. $9.33
=======
Net Asset Value and Redemption
Price Per Share-- Class A ... $9.32
=======
Maximum Offering Price per Share --
Class A ($9.32 / 94.25%) .... $9.89
=======
- -----------------------------------------------------
* Non-income producing securities
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO (000) (000)
- -----------------------------------------------------
CORPORATE OBLIGATIONS -- 28.7%
BANKING -- 2.4%
Bank of Montreal
10.000%, 09/01/98 ......... $ 1,000 $ 1,024
Huntington National
6.050%, 08/25/99 .......... 2,000 2,008
-------
Total Banking .......... 3,032
-------
FINANCIAL SERVICES -- 8.5%
American Express Credit
8.500%, 06/15/99 .......... 500 518
Associates Corporation of North America
8.550%, 07/15/09 .......... 2,000 2,350
Chrysler Financial
13.250%, 10/15/99 .......... 1,000 1,118
6.950%, 03/25/02 .......... 3,000 3,097
Ford Motor Credit
6.250%, 11/08/00 .......... 1,000 1,011
8.200%, 02/15/02 .......... 1,000 1,079
Household Finance
9.950%, 03/08/01 .......... 500 557
Lehman Brothers Holding
5.750%, 02/15/98 .......... 1,000 1,000
-------
Total Financial Services 10,730
-------
INDUSTRIAL -- 15.9%
Archer Daniels Midland
10.250%, 01/15/06 ......... 1,000 1,260
Eli Lilly
8.375%, 12/01/06 .......... 1,000 1,156
Hertz
7.000%, 05/01/02 .......... 2,800 2,873
Honeywell
6.750%, 03/15/02 .......... 4,000 4,110
International Lease Finance
6.270%, 02/10/99 .......... 1,725 1,734
Kaiser Permanente
9.550%, 07/15/05 .......... 1,390 1,668
Philip Morris
7.000%, 07/15/05 .......... 1,500 1,534
RR Donnelley & Sons
9.125%, 12/01/00 .......... 500 544
6.700%, 07/05/05 .......... 1,000 1,033
Union Pacific, Callable
01/15/01 @ 100
6.125%, 01/15/04 .......... 1,000 993
US Airways
6.760%, 04/15/08 .......... 950 981
WMX Technologies
7.000%, 05/15/05 .......... 2,000 2,060
--------
Total Industrial ....... 19,946
--------
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
UTILITIES -- 1.9%
Consolidated Edison of NY
6.500%, 02/01/01 .......... $ 1,000 $ 1,020
Pacific Gas and Electric
8.750%, 01/01/01 .......... 1,300 1,404
--------
Total Utilities ........ 2,424
--------
Total Corporate Obligations
(Cost $35,290) ...... 36,132
--------
U.S. GOVERNMENT AGENCY BONDS -- 4.8%
FHLMC
6.310%, 02/23/04 .......... 2,000 2,000
FNMA
6.860%, 04/24/00 .......... 1,500 1,504
5.990%, 10/01/03 .......... 1,500 1,495
SLMA
6.050%, 09/14/00 .......... 1,000 1,013
--------
Total U.S. Government Agency Bonds
(Cost $5,961) ....... 6,012
--------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS -- 20.2%
FHLMC, Remic, Ser 1688, Cl M
6.000%, 08/15/13 .......... 5,168 5,125
FHLMC, Remic, Ser 1895, Cl B
7.500%, 12/15/23 .......... 3,000 3,111
FNMA, Pool # 379760
6.500%, 08/01/12 .......... 6,314 6,282
FNMA, Pool # 109138
7.040%, 08/01/15 .......... 1,415 1,541
FNMA, Pool # 109159
6.720%, 11/01/15 .......... 2,486 2,522
FNMA, Remic, Ser 1993-131, Cl B
5.750%, 06/25/06 .......... 788 785
FNMA, Remic, Ser 1993-M1, Cl A
6.910%, 04/25/20 .......... 1,027 1,027
FNMA, Series 1997-80, Cl FK
6.106%, 02/25/24 .......... 5,000 5,003
--------
Total U.S. Agency Mortgage-
Backed Obligations
(Cost $25,267) ...... 25,396
--------
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 41.5%
U.S. Treasury Bond
6.000%, 08/15/99 ......... $ 8,000 $ 8,074
U.S. Treasury Notes
7.875%, 04/15/98 ......... 2,300 2,312
7.000%, 04/15/99 ......... 5,000 5,094
7.750%, 02/15/01 ......... 11,500 12,257
6.250%, 04/30/01 ......... 3,000 3,076
7.500%, 05/15/02 ......... 2,700 2,911
6.375%, 08/15/02 ......... 10,000 10,377
7.875%, 11/15/04 ......... 3,600 4,078
5.875%, 11/15/05 ......... 3,000 3,061
6.625%, 05/15/07 ......... 1,000 1,076
--------
Total U.S. Treasury Obligations
(Cost $50,987) ..... 52,316
--------
ASSET-BACKED SECURITIES -- 2.1%
Bay View Auto Trust, Ser 1997-RA1, Cl A1,
Callable 01/01/98 @ 100
6.290%, 12/15/01 ........ 924 925
WFS Financial Owner Trust 1996-B A3
6.650%, 08/20/00 ........ 1,790 1,797
--------
Total Asset-Backed Securities
(Cost $2,714) ..... 2,722
--------
REPURCHASE AGREEMENTS -- 1.7%
Dresdner Government Securities (A)
5.53%, dated 01/30/98,
matures 02/02/98,
repurchase price
$2,164,266
(collateralized by
U.S. Treasury Note,
par value $2,135,000,
5.875%, 01/31/99:
market value $2,206,726) ... 2,163 2,163
--------
Total Repurchase Agreements
(Cost $2,163) ....... 2,163
--------
Total Investments-- 99.0%
(Cost $122,382) ..... 124,741
--------
OTHER ASSETS AND LIABILITIES, NET-- 1.0% 1,259
--------
INTERMEDIATE-TERM INCOME Value
PORTFOLIO (concluded) (000)
- ----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I
(unlimited authorization --
no par value) based on
12,538,261 outstanding
shares of beneficial
interest ................... $124,528
Portfolio Shares of Class A (unlimited
authorization -- no par value) based
on 6,345 outstanding shares
of beneficial interest ..... 75
Distributions in Excess of Net
Investment Income .......... (1)
Accumulated Net Realized Loss
on Investments ............. (961)
Net Unrealized Appreciation
on Investments ............. 2,359
---------
Total Net Assets-- 100.0% ...... $126,000
=========
Net Asset Value, Offering and Redemption
Price Per Share -- Class I . $10.04
=========
Net Asset Value and Redemption
Price Per Share-- Class A .. $10.04
=========
Maximum Offering Price per Share --
Class A ($10.04 / 95.5%) .... $10.51
=========
- ----------------------------------------------------
Cl --Class
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
REMIC -- Real Estate Mortgage Investment Conduit
Ser -- Series
SLMA -- Student Loan Marketing Association
(A) Tri-Party Repurchase Agreement
The accompanying notes are an integral part of the financial statements.
6
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (000) (000)
- -----------------------------------------------------
MUNICIPAL BONDS -- 98.4%
MICHIGAN -- 98.4%
Alpena County, GO, AMBAC
5.450%, 06/01/01 ......... $ 250 $ 262
Anchor Bay School District, GO, MBIA
6.000%, 05/01/03 ......... 870 948
Ann Arbor, Water Supply System,
RB, MBIA
7.375%, 02/01/02 ......... 1,000 1,121
Auburn Hills Finance Authority, Tax
Allocation RB, Series A (A)
7.000%, 05/01/00 ......... 300 305
Avondale School District, GO
6.600%, 05/01/05 ......... 200 216
6.700%, 05/01/06 ......... 200 216
Big Rapids Public School District,
GO, FGIC
7.300%, 05/01/05 ......... 250 299
Calhoun County, GO, AMBAC
4.950%, 07/01/03 ......... 1,000 1,044
Central Michigan State University,
RB, FGIC
5.200%, 10/01/09 ......... 860 909
Cheboygan Area School District,
GO, MBIA
6.000%, 05/01/02 ......... 260 280
Chippewa Valley School District, GO,
Pre-refunded @ 101.50, FGIC (B)
6.200%, 05/01/01 ......... 250 270
Clarkston Community Schools, GO, FGIC
5.800%, 05/01/13 ......... 1,000 1,070
Clinton County Building Authority, GO,
Macomb County Project, Series A,
Pre-refunded @ 102, AMBAC (B)
6.400%, 11/01/01 ......... 250 275
De Witt Public Schools, GO,
Pre-refunded @ 101.5 (B)
6.600%, 05/01/01 ......... 300 327
De Witt Public Schools, GO, AMBAC
6.000%, 05/01/03 ......... 935 1,019
Dearborn Municipal Building Authority,
GO, AMBAC
7.000%, 06/01/01 ......... 300 328
7.000%, 06/01/02 ......... 475 531
7.000%, 06/01/03 ......... 505 575
Detroit Distributable State Aid,
GO, AMBAC
5.000%, 05/01/05 ......... 200 209
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- ------------------------------------------------------
Detroit GO, AMBAC
5.250%, 05/01/08 ......... $ 1,000 $ 1,065
Detroit GO, Pre-refunded @ 102 (B)
8.000%, 04/01/01 ......... 1,000 1,136
Detroit School District, GO
6.250%, 05/01/12 ......... 850 914
Detroit Sewer Disposal, RB,
Pre-refunded @ 101.5 (B)
7.250%, 07/01/99 ......... 200 212
Detroit Water Supply System,
RB, FGIC
6.250%, 07/01/07 ......... 500 539
Detroit Water Supply System,
Second Lien RB, Series A, MBIA
5.100%, 07/01/07 ......... 500 531
East Lansing, Refunded GO, Series B
4.850%, 10/01/07 ......... 315 318
Ferris State University, RB, AMBAC
5.400%, 10/01/09 ......... 675 724
Flat Rock Community School District,
GO, MBIA
7.750%, 05/01/04 ......... 675 810
Flint, GO, MBIA
6.000%, 11/01/03 ......... 1,040 1,143
Fraser Public School District,
GO, AMBAC
6.550%, 05/01/99 ......... 100 103
Gobles Public Schools, GO, AMBAC
5.300%, 05/01/06 ......... 210 215
5.400%, 05/01/07 ......... 235 241
Grand Rapids Building Authority, RB
5.375%, 04/01/07 ......... 200 212
Grand Rapids Downtown
Development Authority, Tax
Allocation RB, MBIA
6.600%, 06/01/08 ......... 200 228
Grand Rapids Water Supply, RB,
FGIC, Escrowed to Maturity
6.400%, 01/01/05 ......... 1,000 1,079
Grand Valley, Michigan State
University, RB, MBIA
4.300%, 10/01/01 ......... 500 505
Grandville Public School District, GO
4.000%, 05/01/99 ......... 345 346
Haslett Public School District,
GO, MBIA
6.000%, 05/01/02 ......... 310 334
6.000%, 05/01/03 ......... 310 338
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
Howell Public Schools, GO, FGIC
5.000%, 05/01/08 ......... $ 1,000 $ 1,037
Ingham County, Proctor Drain
System Project, GO
7.100%, 02/01/01 ......... 180 186
Iron Mountain Finance Authority,
GO, AMBAC
5.000%, 05/01/05 ......... 250 261
Johannesburg-Lewiston Area Schools,
GO, AMBAC
6.750%, 05/01/02 ......... 280 310
6.750%, 05/01/03 ......... 320 360
6.000%, 05/01/04 ......... 365 403
Kalamazoo Hospital Finance Authority,
RB, Borgess Medical Center,
Series A, AMBAC
5.000%, 06/01/04 ......... 1,000 1,044
Kalamazoo Water Supply System
Project, RB
6.000%, 09/01/07 ......... 425 458
Kalamazoo, City School District,
GO, FGIC
4.550%, 05/01/01 ......... 1,000 1,017
Kent County, Building Authority, GO
5.000%, 12/01/06 ......... 500 525
5.100%, 12/01/07 ......... 500 527
Kent Hospital Authority, RB, Mary
Free Bed Project, Series A
6.250%, 04/01/03 ......... 250 265
Kentwood, Public School System, GO
5.900%, 05/01/04 ......... 380 413
Kentwood, Public School System, GO,
Pre-refunded @ 102 (B)
5.900%, 05/01/02 ......... 370 402
Lansing Building Authority, GO,
Escrowed to Maturity
7.100%, 06/01/02 ........ 100 112
Lansing Finance Authority, GO
6.100%, 10/01/03 ........ 250 274
Lincoln School District, GO, FGIC,
Escrowed to Maturity
5.750%, 05/01/09 ........ 900 975
Livonia Municipal Building Authority, RB
5.750%, 06/01/04 ........ 250 269
Livonia Public School District, GO
5.450%, 05/01/01 ........ 200 208
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
Livonia Water Supply & Wastewater
System, RB, AMBAC
5.200%, 11/01/09 ........ $ 1,000 $ 1,031
Macomb County Community College, GO
4.625%, 05/01/99 ........ 835 843
Michigan State University, RB,
Series A
6.125%, 08/15/07 ........ 1,250 1,350
Montague Public School District, GO, FSA
5.125%, 05/01/06 ........ 300 316
5.125%, 05/01/08 ........ 300 313
Northville Public Schools, GO, FGIC
5.000%, 05/01/10 ........ 500 514
Oak Park, GO, ABMAC
5.200%, 05/01/06 ........ 250 265
Oakland County, Acacia Park
Drain District, GO, MBIA
8.000%, 10/01/99 ........ 125 133
8.000%, 10/01/00 ........ 110 121
Oakland County, Birmingham
Drain District, GO
7.500%, 10/01/01 ........ 325 364
Oakland County, Birmingham
Drain District, GO, Series C
7.500%, 10/01/99 ........ 230 244
7.500%, 10/01/00 ........ 325 354
Oakland County, Bloomfield
Drain District, GO, Series C
8.000%, 10/01/98 ........ 200 206
7.500%, 10/01/99 ........ 200 211
7.500%, 10/01/00 ........ 300 326
7.500%, 10/01/01 ........ 275 307
Oakland County, Caddell Drainage
District, GO
6.300%, 11/01/99 ........ 100 103
Oakland County, Economic Development
Authority, RB, Cranbrook
Elderly Community Project
6.375%, 11/01/14 ........ 1,000 1,124
Oakland County, GO
6.500%, 11/01/05 500 524
Okemos Public School District,
GO, Series I
6.300%, 05/01/00 ....... 750 789
Pewamo Westphalia School District,
GO, FGIC
5.000%, 05/01/06 ........ 275 290
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
Plymouth-Canton Community School
District, GO, Series B
6.250%, 05/01/02 ........ $ 1,400 $ 1,501
Plymouth-Canton Community School
District, GO, Series C
5.900%, 05/01/02 ......... 250 268
6.200%, 05/01/05 ......... 250 273
Plymouth-Canton Community School
District, GO, Series B
6.350%, 05/01/03 ......... 300 322
Pontiac Building Authority, GO, AMBAC
6.400%, 04/01/00 ......... 110 116
Pontiac Building Authority, GO, AMBAC,
Pre-refunded @ 101 (B)
6.875%, 04/01/01 ......... 200 219
Redford Township, GO, AMBAC
6.750%, 04/01/06 ......... 200 223
Riverview Community School District, GO,
Pre-refunded @ 101.50, FGIC (B)
6.400%, 05/01/02 ......... 250 276
Rochester Community School District, RB,
Pre-refunded @ 101 (B)
7.150%, 05/01/98 ......... 200 204
Rochester Hills, GO
5.500%, 11/01/06 ......... 250 264
5.500%, 11/01/07 ......... 250 263
Rochester Michigan Comunity
School District, GO, MBIA
5.500%, 05/01/06 ......... 1,000 1,091
Romeo Community School District, GO,
Pre-refunded @ 101 (B)
6.900%, 05/01/00 ......... 100 107
Royal Oak City School District, GO,
Pre-refunded @ 101.50 (B)
6.500%, 05/01/01 ......... 230 250
Royal Oak Hospital Finance Authority, RB,
Pre-refunded @ 100 (B)
7.750%, 01/01/00 ......... 120 128
Saline Building Authority, GO, AMBAC
7.000%, 07/01/05 ......... 100 111
South Lyon School District, GO
6.100%, 05/01/00 ......... 100 105
6.500%, 05/01/05 ......... 350 381
State Building Authority, GO, Ferris State
University, Series 1,
Pre-refunded @ 101.50 (B)
6.750%, 10/01/00 ......... 250 271
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
State Building Authority, RB
5.000%, 04/01/01 ......... $ 500 $ 516
State Building Authority, RB, AMBAC
6.750%, 10/01/07 ......... 245 272
State Building Authority, RB,
Series I
6.400%, 10/01/04 ......... 650 710
6.500%, 10/01/05 ......... 500 547
State Building Authority, RB,
Series I, AMBAC
6.000%, 10/01/02 ......... 300 325
5.500%, 10/01/07 ......... 1,000 1,090
State Building Authority, RB,
Series II
5.900%, 10/01/99 ......... 100 103
6.000%, 10/01/00 ......... 100 105
6.500%, 10/01/05 ......... 120 131
State Building Authority, RB,
Series II, AMBAC
6.250%, 10/01/04 ......... 300 327
State Building Authority, RB,
Series II, FSA
6.200%, 10/01/02 ......... 250 272
State Hospital Authority, RB, Detroit
Medical Center, Series A
6.900%, 08/15/99 ......... 160 166
7.100%, 08/15/01 ......... 165 179
State Hospital Authority, RB,
Henry Ford Health Center,
Series A
5.100%, 11/15/07 ......... 600 627
State Hospital Finance Authority, RB,
Detroit Medical Center Project
6.250%, 08/15/13 ......... 675 725
State Hospital Finance Authority,
RB, FSA
5.500%, 06/01/08 ......... 1,400 1,515
State Hospital Finance Authority, RB,
Mclaren Group, Series A
5.000%, 10/15/04 ......... 1,000 1,024
5.200%, 10/15/06 ......... 750 772
State Hospital Finance Authority, RB,
Mclaren Group, Series A,
Escrowed to Maturity
7.200%, 09/15/00 ......... 200 216
State Hospital Finance Authority, RB,
Mercy Health Services,
Series Q, AMBAC
4.450%, 08/15/00 ......... 775 785
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
State Hospital Finance Authority, RB,
Sisters of Mercy Project, MBIA
4.900%, 08/15/05 .......... $1,000 $1,038
State Hospital Finance Authority, RB,
Sparrow Group, MBIA
5.200%, 11/15/07 .......... 480 510
5.300%, 11/15/08 .......... 450 481
5.400%, 11/15/09 .......... 450 483
State Housing Development Authority,
RB, Greenwood Villa Project, FSA
6.500%, 09/15/07 .......... 160 174
State Municipal Bond Authority, RB
State Revolving Fund
5.150%, 10/01/08 .......... 1,000 1,041
State Municipal Bond Authority, RB
State Revolving Fund, Series A
6.000%, 10/01/02 .......... 1,000 1,085
State Municipal Bond Authority,
RB, Series A
6.500%, 05/01/07 .......... 250 278
State Municipal Bond Authority, RB,
State Revolving Fund
5.500%, 10/01/06 .......... 810 881
State Oakwood Hospital Group, RB,
FGIC, Pre-refunded @ 102 (B)
7.000%, 07/01/00 .......... 500 544
State Power Supply System, RB, MBIA
5.800%, 11/01/05 .......... 400 441
State Public Power Agency, RB,
Belle River Project, Series A
5.400%, 01/01/01 .......... 250 260
5.200%, 01/01/04 .......... 300 315
State Public Power Agency, RB,
Campbell Project, Series A, AMBAC
5.500%, 01/01/06 .......... 500 538
State Public Power Project, RB,
Series A, AMBAC
5.000%, 01/01/03 .......... 500 519
State Sisters Mercy Health System,
RB, FSA
5.700%, 02/15/01 .......... 250 262
State St. John Hospital, RB,
Series A, AMBAC
5.650%, 05/15/03 .......... 300 322
State St. John Medical Center,
RB, AMBAC
5.000%, 05/15/04 .......... 750 782
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
State Strategic Fund, RB,
Ford Motor Project, Series A
7.100%, 02/01/06 .......... $ 350 $ 414
State Strategic Fund, RB,
NSF Internal
Project, Series A (A)
5.400%, 08/01/10 .......... 1,105 1,145
5.500%, 08/01/11 .......... 1,065 1,105
State Trunk Line, RB, Series A
5.625%, 10/01/03 .......... 500 537
State Trunk Line, RB, Series B-2
5.750%, 10/01/04 .......... 350 378
State Underground Storage Tank
Financial Assurance Authority,
RB, Series I, AMBAC
5.000%, 05/01/01 .......... 1,000 1,030
Traverse City Area Public Schools,
GO, Series I,
Pre-refunded @ 102 (B)
7.000%, 05/01/01 .......... 100 110
Traverse City Area Public Schools,
GO, Series I, MBIA
7.250%, 05/01/05 ........... 950 1,132
Traverse City Area Public Schools,
GO, Series II,
Pre-refunded @ 101.50 (B)
7.000%, 05/01/01 ........... 200 221
Troy City School District, GO,
Pre-refunded @ 101.5 (B)
6.000%, 05/01/01 ........... 250 268
Troy Michigan City School
District, GO
4.750%, 05/01/08 ........... 1,000 1,025
University of Michigan, RB
5.800%, 12/01/05 ........... 400 434
University of Michigan, RB,
Major Capital Projects
5.300%, 04/01/05 ........... 250 266
Utica Community Schools, GO
5.375%, 05/01/02 ........... 200 210
5.750%, 05/01/07 ........... 500 543
Walled Lake School District,
GO, MBIA
5.500%, 05/01/02 ........... 500 528
Walled Lake School District, GO,
Series II,
Pre-refunded @ 102 (B)
7.100%, 05/01/00 ........... 100 109
Warren Building Authority, RB,
Pre-refunded @ 102, FSA (B)
8.750%, 11/01/00 ........... 100 114
Warren Woods Public School System,
Pre-refunded @ 100.50 (B)
7.200%, 06/01/00 ........... 100 108
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
Washtenaw Community College,
GO, Series A
4.900%, 04/01/06 .......... $ 1,200 $ 1,251
Waterford Township School
District, GO
4.850%, 06/01/10 ........... 1,450 1,474
Wayne Charter County, Airport RB,
Detroit Metro Airport,
Series A, MBIA
6.400%, 12/01/01 ........... 200 217
Wayne County, Building Authority,
GO, Capital Improvements,
Series A, MBIA
5.625%, 06/01/04 ........... 1,000 1,083
Western Townships Utility Authority,
GO, FSA, Escrowed to Maturity
5.900%, 01/01/99 ........... 160 163
Wixon County, GO, AMBAC
4.750%, 05/01/11 ........... 1,000 998
Wyandotte Building Authority, RB
7.000%, 01/01/03 ........... 100 113
Wyandotte Electric Authority,
RB, MBIA
6.250%, 10/01/08 ........... 1,700 1,959
Wyandotte Finance Authority,
Tax Allocation RB, MBIA
6.100%, 06/01/02 ........... 500 541
--------
Total Michigan .......... 84,181
--------
Total Municipal Bonds
(Cost $80,434) ....... 84,181
--------
CASH EQUIVALENTS -- 0.7%
SEI Institutional Tax Free Portfolio
3.400%, ...................... 596 596
--------
Total Cash Equivalents
(Cost $596) ........... 596
--------
Total Investments-- 99.1%
(Cost $81,030) ........ 84,777
--------
OTHER ASSETS AND LIABILITIES, NET-- 0.9% 789
--------
MICHIGAN TAX FREE BOND Value
PORTFOLIO (concluded) (000)
- -----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I
(unlimited authorization --
no par value) based on
8,356,859 outstanding
shares of beneficial
interest ...................... $81,808
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
958 outstanding shares
of beneficial interest ........ 8
Accumulated Net Realized Gain
on Investments ................ 3
Net Unrealized Appreciation
on Investments ................ 3,747
--------
Total Net Assets-- 100.0% ......... $85,566
========
Net Asset Value, Offering and Redemption
Price Per Share-- Class I ..... $10.24
========
Net Asset Value and Redemption
Price Per Share-- Class A ..... $10.24
========
Maximum Offering Price per Share --
Class A ($10.24 / 95.5%) ...... $10.72
========
- ----------------------------------------------------
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- General Obligation Bond
MBIA -- Municipal Bond Insurance Association
RB -- Revenue Bond
(A) Security is held in connection with a letter of
credit or standby bond purchase agreement issued
by a major commercial bank or other financial
institution.
(B) Pre-refunded Security. The pre-refunded
date is shown as the maturity date on the
Statement of Net Assets.
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
PRIME OBLIGATION MONEY Amount Value
MARKET PORTFOLIO (000) (000)
- -----------------------------------------------------
COMMERCIAL PAPER -- 66.6%
BANKING -- 4.5%
Nationsbank
5.670%, 03/20/98 ......... $ 3,000 $ 2,978
Svenska Handelsbankev, NY
5.750%, 03/09/98 ............. 3,000 2,983
-------
Total Banking ......... 5,961
-------
FINANCIAL SERVICES -- 50.6%
BCI Funding
5.750%, 03/05/98 ......... 3,000 2,985
Bear Stearns
5.540%, 02/09/98 ......... 4,500 4,494
Beneficial
5.580%, 02/24/98 ......... 3,000 2,989
Centric Capital
5.950%, 02/23/98 ......... 3,000 2,989
Commoloco
5.600%, 04/15/98 ......... 3,000 2,966
Enterprise Funding
5.560%, 02/27/98 ......... 4,500 4,482
Eureka Securities
5.580%, 03/16/98 ......... 4,500 4,470
Falcon Asset Securitization
5.750%, 02/23/98 ......... 3,050 3,039
Ford Motor Credit
5.450%, 04/20/98 ......... 4,065 4,017
General Electric Capital
5.580%, 04/15/98 ......... 3,000 2,966
General Electric Financial Assurance
5.450%, 04/21/98 ......... 2,500 2,470
General Motors Acceptance
5.590%, 02/04/98 ......... 3,500 3,498
General Re
5.760%, 03/27/98 ......... 3,000 2,974
Island Finance
5.900%, 02/12/98 ......... 3,675 3,668
Kitty Hawk Funding
5.750%, 03/02/98 ......... 3,000 2,986
Merrill Lynch
5.450%, 03/17/98 ......... 2,290 2,275
Mont Blanc Capital
5.580%, 02/25/98 ......... 4,500 4,483
New Center Asset Trust
5.780%, 03/13/98 ......... 3,500 3,478
Face
PRIME OBLIGATION MONEY Amount Value
MARKET PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
Prudential Funding
5.700%, 03/16/98 ......... $ 3,000 $ 2,980
Ranger Funding
5.600%, 02/06/98 ......... 500 500
Rose Funding
5.670%, 02/12/98 ......... 3,000 2,995
Unifunding
5.580%, 02/02/98 ......... 300 300
-------
Total Financial Services 68,004
-------
INDUSTRIAL -- 11.5%
Aon
5.770%, 03/18/98 ......... 3,500 3,475
Avon Capital
5.560%, 02/05/98 ......... 2,050 2,049
Chevron Transport
5.700%, 02/13/98 ......... 3,000 2,994
Colgate-Palmolive
5.700%, 03/04/98 ......... 3,500 3,483
Glaxo Wellcome PLC
5.730%, 03/16/98 ......... 3,500 3,476
-------
Total Industrial ...... 15,477
-------
Total Commercial Paper
(Cost $89,442) ..... 89,442
-------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 6.7%
FNMA (A)
5.389%, 02/25/98 ......... 9,000 9,000
-------
Total U.S. Government Agency Obligations
(Cost $9,000) ...... 9,000
-------
FLOATING RATE INSTRUMENTS -- 4.5%
Peoples Security Life (A)
5.880%, 02/01/98 ......... 3,000 3,000
Travelers Insurance (A)
5.956%, 04/01/98 ......... 3,000 3,000
-------
Total Floating Rate Instruments
(Cost $6,000) ...... 6,000
-------
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
Face
PRIME OBLIGATION MONEY Amount Value
MARKET PORTFOLIO (continued) (000) (000)
- -----------------------------------------------------
CERTIFICATES OF DEPOSIT -- 13.4%
Bank Nova Scotia
5.830%, 10/02/98 ......... $ 3,000 $ 2,997
Barclays Bank
5.840%, 03/09/98 ......... 2,500 2,499
Chase Manhattan
5.750%, 02/11/98 ......... 3,000 3,000
International Nederlanden Bank
5.840%, 03/09/98 ......... 3,000 3,000
Swiss Bank
5.690%, 01/07/99 ......... 4,000 3,998
Wilmington Trust
5.847%, 05/29/98 ......... 2,500 2,500
--------
Total Certificates of Deposit
(Cost $17,994) ..... 17,994
--------
CORPORATE BONDS -- 3.7%
Bank of America (A)
5.650%, 04/16/98 ......... 5,000 4,999
--------
Total Corporate Bonds
(Cost $4,999) ...... 4,999
--------
BANK NOTES -- 5.2%
BankBoston
5.690%, 07/06/98 ......... 4,500 4,500
Morgan Guaranty
5.955%, 06/22/98 ......... 2,500 2,500
--------
Total Bank Notes
(Cost $7,000) ...... 7,000
--------
Total Investments-- 100.1%
(Cost $134,435) .... 134,435
--------
OTHER ASSETS AND LIABILITIES, NET-- (0.1%) (77)
--------
PRIME OBLIGATION MONEY Value
MARKET PORTFOLIO (concluded) (000)
- -----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I
(unlimited authorization --
no par value) based on
127,985,719 outstanding
shares of beneficial
interest ................... $127,985
Portfolio Shares of Class A
(unlimited authorization --
no par value) based on
6,381,885 outstanding shares
of beneficial interest ..... 6,382
Accumulated Net Realized Loss
on Investments ............. (9)
--------
Total Net Assets-- 100.0% $134,358
========
Net Asset Value, Offering and Redemption
Price Per Share-- Class I $1.00
========
Net Asset Value, Offering and Redemption
Price Per Share-- Class A $1.00
========
</TABLE>
- ----------------------------------------------------
FNMA -- Federal National Mortgage Association
(A) Variable Rate Security -- The rate reported in the
Statement of Net Assets is the rate in effect on
January 31, 1998.
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
This page left intentionally blank.
14
<PAGE>
STATEMENT OF OPERATIONS (000) GOLDEN OAK FAMILY OF FUNDS
For the Year Ended January 31, 1998 (except where noted) Unaudited
<TABLE>
<CAPTION>
INTERMEDIATE-TERM MICHIGAN PRIME OBLIGATION
GROWTH VALUE INCOME TAX FREE BOND MONEY MARKET
PORTFOLIO PORTFOLIO (2) PORTFOLIO PORTFOLIO (2) PORTFOLIO
- ---------------------------------------------------------------------------------------------------------------------
Investment Income:
<S> <C> <C> <C> <C> <C>
Dividend Income ................... $ 282 $ 288 $ -- $ -- $ --
Interest Income ................... 112 27 7,746 2,551 7,837
- ---------------------------------------------------------------------------------------------------------------------
Total Investment Income ......... 394 315 7,746 2,551 7,837
- ---------------------------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees .......... 122 51 614 252 311
Less: Waiver of Investment
Advisory Fees ................... (1) (5) (189) (84) (277)
Investment Sub-Advisory Fees ...... 144 78 -- -- 104
Administration Fees ............... 72 35 246 101 276
Less: Waiver of
Administration Fees ............. -- -- -- -- (7)
Transfer Agent Fees ............... 30 18 44 22 48
Custodian Fees .................... 3 2 14 6 18
Professional Fees ................. 4 3 19 9 28
Registration Fees ................. 1 -- 9 -- 11
Distribution Fees(1) .............. 1 -- -- -- 101
Amortization of Deferred
Organizational Costs ............ -- 3 -- 3 --
Trustee Fees ...................... 2 1 12 2 13
Printing Expenses ................. 6 5 22 14 24
Other Expenses .................... 1 -- 7 3 4
- ---------------------------------------------------------------------------------------------------------------------
Total Expenses, Net of Waivers .. 385 191 798 328 654
- ---------------------------------------------------------------------------------------------------------------------
Net Investment Income ............. 9 124 6,948 2,223 7,183
- ---------------------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss)
on Securities Sold .............. 9,392 6,415 (406) 137 8
Net Change in Unrealized
Appreciation (Depreciation)
on Investments .................. (664) (4,133) 3,080 1,943 --
- ---------------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized
Gain on Investments ............. 8,728 2,282 2,674 2,080 8
- ---------------------------------------------------------------------------------------------------------------------
Increase in Net Assets Resulting
From Operations ................. $8,737 $2,406 $9,622 $4,303 $7,191
=====================================================================================================================
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
(1) All distribution fees are incurred in the Class A Shares.
(2) Commenced operations on June 23, 1997. Reflects operations for the period June 23, 1997 to January 31, 1998.
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (000) GOLDEN OAK FAMILY OF FUNDS
For the Periods Ended January 31, Unaudited
<TABLE>
<CAPTION>
INTERMEDIATE-TERM
GROWTH VALUE INCOME
PORTFOLIO PORTFOLIO(1) PORTFOLIO
-------------------------- --------------- -----------------------
2/1/97 TO 2/1/96 TO 6/23/97 TO 2/1/97 TO 2/1/96 TO
1/31/98 1/31/97 1/31/98 1/31/98 1/31/97
- ------------------------------------------------------------------------------------------------------------------------------------
Investment Operations:
<S> <C> <C> <C> <C> <C>
Net Investment Income ...................... $ 9 $ 11 $ 124 $ 6,948 $ 5,917
Net Realized Gain (Loss)
on Securities Sold ....................... 9,392 2,230 6,415 (406) (45)
Net Change in Unrealized Appreciation
(Depreciation) on Investments ............ (664) 3,815 (4,133) 3,080 (3,128)
- ------------------------------------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Investment Operations ............... 8,737 6,056 2,406 9,622 2,744
- ------------------------------------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income
Class I .................................. -- (15) (100) (6,945) (5,911)
Class A .................................. -- -- -- (4) (6)
Realized Net Gains
Class I .................................. (7,682) (82) (4,168) -- --
Class A .................................. (63) (1) (10) -- --
- ------------------------------------------------------------------------------------------------------------------------------------
Total Distributions .......................... (7,745) (98) (4,278) (6,949) (5,917)
- ------------------------------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Class I:
Proceeds from Shares Issued ................ 10,958 8,771 10,911 31,561 27,079
Value from Shares Issued in Connection with
Acquisition of Common Trust Fund Assets . -- -- 26,599 -- --
Reinvestment of Cash Distributions ......... 2 -- 8 1 --
Cost of Shares Redeemed .................... (8,688) (6,628) (4,733) (24,986) (11,494)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class I Share Transactions ............. 2,272 2,143 32,785 6,576 15,585
- ------------------------------------------------------------------------------------------------------------------------------------
Class A:
Proceeds from Shares Issued ................ 43 150 53 2 15
Reinvestment of Cash Distributions ......... 63 1 7 3 5
Cost of Shares Redeemed .................... (22) (21) -- (27) (139)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A Share Transactions ............. 84 130 60 (22) (119)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From
Capital Share Transactions ................ 2,356 2,273 32,845 6,554 15,466
Total Increase (Decrease) in Net Assets ...... 3,348 8,231 30,973 9,227 12,293
Net Assets:
Beginning of Period ........................ 33,199 24,968 -- 116,773 104,480
- ------------------------------------------------------------------------------------------------------------------------------------
End of Period .............................. $36,547 $33,199 $30,973 $126,000 $116,773
====================================================================================================================================
Shares Issued and Redeemed
Class I:
Shares Issued .............................. 857 790 1,109 3,195 2,757
Shares Issued in Connection with
Acquisition of Common Trust Fund Assets .. -- -- 2,660 -- --
Shares Issued in Lieu of Cash Distributions -- -- 1 -- --
Shares Redeemed ............................ (600) (601) (455) (2,527) (1,162)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class I Share Transactions ............. 257 189 3,315 668 1,595
- ------------------------------------------------------------------------------------------------------------------------------------
Class A:
Shares Issued .............................. 3 1 5 -- 1
Shares Issued in Lieu of Cash Distributions 6 -- 1 -- --
Shares Redeemed ............................ (2) (2) -- (3) (14)
- ------------------------------------------------------------------------------------------------------------------------------------
Total Class A Share Transactions ............. 7 (1) 6 (3) (13)
- ------------------------------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Capital Shares ........ 264 188 3,321 665 1,582
====================================================================================================================================
</TABLE>
<TABLE>
<CAPTION>
MICHIGAN PRIME OBLIGATION
TAX FREE BOND MONEY MARKET
PORTFOLIO(1) PORTFOLIO
---------------- -----------------------
6/23/97 TO 2/1/97 TO 2/1/96 TO
1/31/98 1/31/98 1/31/97
- --------------------------------------------------------------------------------------------------------
Investment Operations:
<S> <C> <C> <C>
Net Investment Income .............................. $ 2,223 $ 7,183 $ 8,467
Net Realized Gain (Loss)
on Securities Sold ............................... 137 8 (11)
Net Change in Unrealized Appreciation
(Depreciation) on Investments .................... 1,943 -- --
- --------------------------------------------------------------------------------------------------------
Net Increase in Net Assets Resulting
from Investment Operations ....................... 4,303 7,191 8,456
- --------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income
Class I .......................................... (2,222) (5,163) (5,202)
Class A .......................................... (1) (2,020) (3,265)
Realized Net Gains
Class I .......................................... (134) -- --
Class A .......................................... -- -- --
- --------------------------------------------------------------------------------------------------------
Total Distributions .................................. (2,357) (7,183) (8,467)
- --------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Class I:
Proceeds from Shares Issued ........................ 13,619 220,104 202,332
Value from Shares Issued in Connection with
Acquisition of Common Trust Fund Assets ......... 77,580 -- --
Reinvestment of Cash Distributions ................. -- 4 6
Cost of Shares Redeemed ............................ (7,587) (186,643) (215,233)
- --------------------------------------------------------------------------------------------------------
Total Class I Share Transactions ..................... 83,612 33,465 (12,895)
- --------------------------------------------------------------------------------------------------------
Class A:
Proceeds from Shares Issued ........................ 8 214,687 498,815
Reinvestment of Cash Distributions ................. -- 274 227
Cost of Shares Redeemed ............................ -- (280,270) (502,644)
- --------------------------------------------------------------------------------------------------------
Total Class A Share Transactions ..................... 8 (65,309) (3,602)
- --------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From
Capital Share Transactions ........................ 83,620 (31,844) (16,497)
Total Increase (Decrease) in Net Assets .............. 85,566 (31,836) (16,508)
Net Assets:
Beginning of Period ................................ -- 166,194 182,702
- --------------------------------------------------------------------------------------------------------
End of Period ...................................... $85,566 $134,358 $166,194
========================================================================================================
Shares Issued and Redeemed
Class I:
Shares Issued ...................................... 1,349 220,104 202,332
Shares Issued in Connection with
Acquisition of Common Trust Fund Assets .......... 7,758 -- --
Shares Issued in Lieu of Cash Distributions ........ -- 4 6
Shares Redeemed .................................... (750) (186,643) (215,233)
- --------------------------------------------------------------------------------------------------------
Total Class I Share Transactions ..................... 8,357 33,465 (12,895)
- --------------------------------------------------------------------------------------------------------
Class A:
Shares Issued ...................................... 1 214,687 498,815
Shares Issued in Lieu of Cash Distributions ........ -- 274 227
Shares Redeemed .................................... -- (280,270) (502,644)
- --------------------------------------------------------------------------------------------------------
Total Class A Share Transactions ..................... 1 (65,309) (3,602)
- --------------------------------------------------------------------------------------------------------
Increase (Decrease) in Capital Shares ................ 8,358 (31,844) (16,497)
- --------------------------------------------------------------------------------------------------------
<FN>
Amounts designated as "--" are either $0 or have been rounded to $0.
(1) Commenced operations on June 23, 1997
</FN>
</TABLE>
The accompanying notes are an integral part of the financial statements.
16 & 17
<PAGE>
FINANCIAL HIGHLIGHTS GOLDEN OAK FAMILY OF FUNDS
For a Share Outstanding Throughout the Period
For the Periods Ended January 31, Unaudited
<TABLE>
<CAPTION>
RATIO OF
NET REALIZED DISTRIBUTIONS NET NET RATIO OF EXPENSES
ASSET AND ------------------ ASSET ASSETS RATIO OF NET TO AVERAGE
VALUE NET UNREALIZED NET NET VALUE END EXPENSES INCOME NET ASSETS
BEGINNING INVESTMENT GAIN (LOSS) INVESTMENT REALIZED END TOTAL OF PERIOD TO AVERAGE TO AVERAGE (EXCLUDING
OF PERIOD INCOME ON INVESTMENTS INCOME GAIN OF PERIOD RETURN+ (000) NET ASSETS NET ASSETS WAIVERS)
- ------------------------------------------------------------------------------------------------------------------------------------
GROWTH PORTFOLIO CLASS I
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1998 $12.66 -- 3.12 -- (3.12) $12.66 25.85% $ 36,240 1.07% 0.03% 1.08%
1997 10.26 -- 2.44 (0.01) (0.03) 12.66 23.79 32,973 1.10 0.04 1.11
1996 10.00 0.07 1.74 (0.07) (1.48) 10.26 18.81 24,775 1.10 0.62 1.17
1995 10.82 0.08 (0.64) (0.08) (0.18) 10.00 (5.24) 32,931 1.10 0.74 1.24
1994(1) 10.00 0.08 0.82 (0.08) -- 10.82 9.08 24,955 1.10 0.77 1.21
GROWTH PORTFOLIO CLASS A
1998 $12.57 (0.01) 3.07 -- (3.12) $12.51 25.56%$ 307 1.32% (0.21)% 1.32%
1997 10.20 (0.03) 2.43 -- (0.03) 12.57 23.56 226 1.35 (0.20) 1.36
1996 9.96 0.04 1.72 (0.04) (1.48) 10.20 18.43 193 1.35 0.30 1.42
1995 10.81 0.05 (0.67) (0.05) (0.18) 9.96 (5.76) 125 1.35 0.49 1.49
1994(3) 9.54 0.02 1.27 (0.02) -- 10.81 22.00* 173 1.35* 0.33* 1.45*
VALUE PORTFOLIO CLASS I
1998(4)$10.00 0.04 0.86 (0.04) (1.53)$ 9.33 9.15% $ 30,922 1.10% 0.72% 1.13%
VALUE PORTFOLIO CLASS A
1998(4)$10.00 0.02 0.86 (0.03) (1.53)$ 9.32 8.97% $ 52 1.35% 0.31% 1.36%
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS I
1998 $ 9.83 0.56 0.21 (0.56) -- $10.04 8.07% $125,936 0.65% 5.66% 0.80%
1997 10.15 0.54 (0.32) (0.54) -- 9.83 2.31 116,689 0.65 5.48 0.80
1996 9.52 0.56 0.63 (0.56) -- 10.15 12.83 104,270 0.65 5.68 0.84
1995 10.19 0.50 (0.67) (0.50) -- 9.52 (1.61) 80,064 0.65 5.21 0.86
1994(1) 10.00 0.46 0.23 (0.46) (0.04) 10.19 6.99 64,329 0.65 4.47 0.83
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS A
1998 $ 9.83 0.53 0.21 (0.53) -- $10.04 7.78% $ 64 0.90% 5.40% 1.06%
1997 10.15 0.52 (0.32) (0.52) -- 9.83 2.05 84 0.90 5.20 1.05
1996 9.52 0.54 0.63 (0.54) -- 10.15 12.54 210 0.90 5.49 1.09
1995 10.19 0.48 (0.67) (0.48) -- 9.52 (1.85) 314 0.90 4.96 1.11
1994(3) 10.12 0.31 0.11 (0.31) (0.04) 10.19 6.72* 365 0.90* 4.27* 1.08*
MICHIGAN TAX FREE BOND PORTFOLIO CLASS I
1998(4)$10.00 0.27 0.26 (0.27) (0.02) $10.24 5.35% $ 85,556 0.65% 4.41% 0.82%
MICHIGAN TAX FREE BOND PORTFOLIO CLASS A
1998(4)$10.00 0.27 0.26 (0.27) (0.02) $10.24 5.31% $ 10 0.90% 4.15% 1.05%
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS I
1998 $ 1.00 0.05 -- (0.05) -- $ 1.00 5.41% $127,977 0.40% 5.29% 0.59%
1997 1.00 0.05 -- (0.05) -- 1.00 5.21 94,508 0.40 5.08 0.68
1996 1.00 0.06 -- (0.06) -- 1.00 5.74 107,409 0.40 5.60 0.70
1995 1.00 0.04 -- (0.04) -- 1.00 4.21 109,076 0.40 4.20 0.68
1994(1) 1.00 0.03 -- (0.03) -- 1.00 2.87 117,188 0.40 2.83 0.67
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS A
1998 $ 1.00 0.05 -- (0.05) -- $ 1.00 5.15% $ 6,381 0.65% 4.99% 0.90%
1997 1.00 0.05 -- (0.05) -- 1.00 4.95 71,686 0.65 4.83 0.93
1996 1.00 0.05 -- (0.05) -- 1.00 5.47 75,293 0.65 5.31 0.95
1995 1.00 0.04 -- (0.04) -- 1.00 3.95 21,018 0.65 3.95 0.93
1994(2) 1.00 -- -- -- -- 1.00 2.90* 104 0.65* 2.68* 0.93*
====================================================================================================================================
RATIO OF
NET INCOME
TO AVERAGE
NET ASSETS PORTFOLIO AVERAGE
(EXCLUDING TURNOVER COMMISSION
WAIVERS) RATE RATE++
- -------------------------------------------
GROWTH PORTFOLIO CLASS I
1998 0.02% 131.54% $0.0600
1997 0.03 130.69 0.0600
1996 0.55 189.48 N/A
1995 0.60 84.00 N/A
1994(1) 0.66 68.91 N/A
GROWTH PORTFOLIO CLASS A
1998 (0.21)% 131.54% $0.0600
1997 (0.21) 130.69 0.0600
1996 0.23 189.48 N/A
1995 0.35 84.00 N/A
1994(3) 0.23* 68.91 N/A
VALUE PORTFOLIO CLASS I
1998(4) 0.69% 90.97% $0.0421
VALUE PORTFOLIO CLASS A
1998(4) 0.30% 90.97% $0.0421
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS I
1998 5.51% 60.78% N/A
1997 5.33 34.67 N/A
1996 5.49 121.47 N/A
1995 5.00 141.51 N/A
1994(1) 4.29 71.73 N/A
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS A
1998 5.24% 60.78% N/A
1997 5.05 34.67 N/A
1996 5.30 121.47 N/A
1995 4.75 141.51 N/A
1994(3) 4.09* 71.73 N/A
MICHIGAN TAX FREE BOND PORTFOLIO CLASS I
1998(4) 4.24% 9.77% N/A
MICHIGAN TAX FREE BOND PORTFOLIO CLASS A
1998(4) 4.00% 9.77% N/A
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS I
1998 5.10% N/A N/A
1997 4.80 N/A N/A
1996 5.30 N/A N/A
1995 3.92 N/A N/A
1994(1) 2.56 N/A N/A
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS A
1998 4.74% N/A N/A
1997 4.55 N/A N/A
1996 5.01 N/A N/A
1995 3.67 N/A N/A
1994(2) 2.40* N/A N/A
===========================================
Amounts designated as "--" are either $0 or have been rounded to $0.
* Annualized
+ Total return does not reflect the sales charge on Class A shares.
++ Average commission rate paid per share for security purchases and sales
during the period. Presentation of the rate is only required for fiscal
years beginning after September 1, 1995.
(1) Commenced operations February 1, 1993.
(2) Commenced operations January 20, 1994.
(3) Commenced operations June 18, 1993.
(4) Commenced operations June 23, 1997.
</TABLE>
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
NOTES TO FINANCIAL STATEMENTS GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
1. Organization:
THE GOLDEN OAK FAMILY OF FUNDS are separate investment portfolios of The Arbor
Fund (the "Trust"). The Trust was organized as a Massachusetts business trust
under a Declaration of Trust dated July 24, 1992 and had no operations through
February 1, 1993 other than those related to organizational matters and the sale
of initial shares to SEI Fund Resources (the "Administrator") on October 9,
1992. SEI Investments Management Corporation, a wholly-owned subsidiary of SEI
Investments Company, is the owner of all beneficial interest in the
Administrator. The Trust is registered under the Investment Company Act of 1940,
as amended (the "1940 Act") as an open-end management company. These financial
statements relate to the Trust's Golden Oak Growth Portfolio, Golden Oak Value
Portfolio, ("the Equity Portfolios"), Golden Oak Intermediate-Term Income
Portfolio, Golden Oak Michigan Tax Free Bond Portfolio, ("the Bond Portfolios"),
and Golden Oak Prime Obligation Money Market Portfolio ("the Money Market
Portfolio"), (together, the "Portfolios"). On August 11, 1997 the Board of
Directors for the Arbor Fund approved a name change for the Class A shares of
each Portfolio to the Institutional (Class I) shares, and the Class B shares to
the Class A shares. The Portfolios' prospectus provides a description of each
Portfolio's investment objectives, policies and strategies. The assets of each
Portfolio are segregated, and a shareholder's interest is limited to the
Portfolio in which shares are held.
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies followed by
the Portfolios.
SECURITY VALUATION -- Investments in equity securities which are traded on a
national securities exchange (or reported on the NASDAQ national market system)
are stated at the last quoted sales price if readily available for such equity
securities on each business day; other equity securities traded in the
over-the-counter market and listed equity securities for which no sale was
reported on that date are stated at the last quoted bid price. Debt obligations
exceeding sixty days to maturity for which market quotations are readily
available are valued at the most recently quoted bid price. Debt obligations
with sixty days or less remaining until maturity are valued at their amortized
cost. Restricted securities for which quotations are not readily available are
valued at fair value using methods determined in good faith under general
trustee supervision.
Investment securities held by the Money Market Portfolio are stated at amortized
cost which approximates market value. Under the amortized cost method, any
discount or premium is amortized ratably to the maturity of the security and is
included in interest income.
FEDERAL INCOME TAXES -- It is each Portfolio's intention to continue to qualify
as a regulated investment company for Federal income tax purposes by complying
with the appropriate provisions of the Internal Revenue Code of 1986, as
amended. Accordingly, no provision for Federal income taxes is required in the
financial statements.
SECURITY TRANSACTIONS AND RELATED INCOME --Security transactions are accounted
for on the date the security is purchased or sold (trade date). Dividend income
is recognized on the ex-dividend date, and interest income is accrued as earned.
Costs used in determining realized gains and losses on sales of investment
securities are those of the specific securities sold. Purchase discounts and
premiums on securities held by the Bond Portfolios are accreted and amortized to
maturity using the effective interest method.
REPURCHASE AGREEMENTS -- The Portfolios invest in tri-party repurchase
agreements. It is the Trust's policy that securities held as collateral for
tri-party repurchase agreements are maintained in a
19
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
segregated account by the broker's custodian bank until maturity of the
repurchase agreement. Provisions of the repurchase agreements require that the
market value of the collateral, including accrued interest thereon, is
sufficient in the event of default of the counterparty.
If the counterparty defaults and the value of the collateral declines, or if the
counterparty enters an insolvency proceeding, realization and/or retention of
the collateral by the Portfolios may be delayed or limited.
NET ASSET VALUE PER SHARE -- The net asset value per share of each Portfolio is
calculated each business day. In general, it is computed by dividing the assets
of each Portfolio, less its liabilities, by the number of outstanding shares of
the Portfolio.
CLASSES OF SHARES -- Class specific expenses are borne by that class. Income,
expenses and realized and unrealized gains and losses are allocated to the
respective classes on the basis of their relative daily net assets.
EXPENSES -- Expenses that are directly related to one of the Portfolios are
charged directly to that Portfolio. Other operating expenses of the Trust are
prorated to the Portfolios on the basis of relative net assets. Class A bears a
class specific 12b-1 fee.
OTHER -- Distributions from net investment income are declared and paid
quarterly to Shareholders of the Equity Portfolios. Distributions from net
investment income for the Money Market Portfolio and the Bond Portfolios are
declared daily and paid to Shareholders on a monthly basis. Any net realized
capital gains on sales of securities are distributed to Shareholders at least
annually.
3. Administration and Distribution Agreements:
The Trust and the Administrator have entered into an Administration Agreement
(the "Administration Agreement"). Under terms of the Administration Agreement,
the Administrator is entitled to a fee that is calculated daily and paid monthly
at an annual rate of .20% of the average daily net assets of each of the
Portfolios. There is a minimum annual administration fee of $100,000 for each of
the Golden Oak Michigan Tax Free Bond Portfolio and the Golden Oak Value
Portfolio and any other new Golden Oak portfolios which the Trust may register.
The Administrator serves as the shareholder servicing agent for the Portfolios.
Compensation for this service is paid under the Administration Agreement.
The Trust and SEI Investments Distribution Co. (the "Distributor"), a
wholly-owned subsidiary of SEI Investments Company, have entered into a
Distribution Agreement (the "Distribution Agreement"). The Distributor receives
no fees for its distribution services under the Distribution Agreement. The
Trustees have adopted a Distribution Plan pursuant to Rule 12b-1 of the 1940 Act
(the "Plan") on behalf of the Class A shares. The Plan provides for payment to
the Distributor at an annual rate of .25% of the average daily net assets for
the Class A shares of each Portfolio.
4. Investment Advisory Agreement:
The Trust has entered into an Investment Advisory Agreement with Citizens Bank
(the "Adviser") dated January 28, 1993 under which the Adviser receives an
annual fee equal to .34% of the average daily net assets of the Growth
Portfolio, .29% of the first $50 million, .39% of the next $50 million, and .34%
of any amount above $100 million of the average daily net assets of the Value
Portfolio, .50% of the average daily net assets of the Bond Portfolios and .225%
of the first $500 million, and .28% of any amount above $500 million of the
average daily net assets of the Money Market Portfolio. The Adviser has
voluntarily agreed to waive all or a portion of its fees (and to reimburse each
Portfolio's expenses) in order to limit operating expenses of the Class I and
Class A shares (exclusive of distribution expenses) to not more
20
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
than 1.10% of the average daily net assets of the Equity Portfolios, .65% of the
average daily net assets of the Bond Portfolios and .40% of the average daily
net assets of the Money Market Portfolio. Fee waivers and expense reimbursements
are voluntary and may be terminated at any time.
Wellington Management Company, LLP serves as the investment sub-adviser for the
Money Market Portfolio pursuant to a sub-advisory agreement dated January 28,
1993 with the Trust and the Adviser and receives an annual fee, computed daily
and paid monthly, equal to .075% of the first $500 million, and .02% of any
amount above $500 million of the average daily net assets of the Portfolio.
Nicholas-Applegate Capital Management serves as the investment sub-adviser for
the Growth Portfolio pursuant to a sub-advisory agreement dated August 31, 1995
with the Trust and the Adviser and receives an annual fee, computed daily and
paid monthly, equal to .40% of the average daily net assets of the Portfolio.
Systematic Financial Management, L.P. serves as the investment sub-adviser for
the Value Portfolio pursuant to a sub-advisory agreement dated June 23, 1997
with the Trust and the Adviser and receives an annual fee, computed daily and
paid monthly, equal to .45% of the first $50 million, .35% of the next $50
million, and .40% of any amount above $100 million of the average daily net
assets of the Portfolio.
5. Organizational Costs and Transactions with Affiliates:
Organizational costs have been capitalized by the Trust and are being amortized
over sixty months beginning with the commencement of operations. In the event
any of the initial shares of the Trust are redeemed by any holder thereof during
the period that the Trust is amortizing its organizational costs, the redemption
proceeds payable to the holder thereof by the Trust will be reduced by the
unamortized organizational costs in the same ratio as the number of initial
shares being redeemed bears to the number of initial shares outstanding at the
time of redemption.
Certain officers and a trustee of the Trust are also officers of the
Administrator and/or Distributor. Such officers and trustee are not compensated
by the Trust for serving in their respective roles.
6. Investment Transactions:
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments during the period ended January 31, 1998, were
as follows:
<TABLE>
<CAPTION>
INTERMEDIATE- MICHIGAN
TERM TAX-FREE
GROWTH VALUE INCOME BOND
(000) (000) (000) (000)
- ----------------------------------------------------------------
<S> <C> <C> <C> <C>
Purchases:
U.S. Government $ -- $ -- $39,474 $ --
Other ........ 44,254 26,796 26,412 16,811
Sales:
U.S. Government $ -- $ -- $53,142 $ --
Other ........ 50,220 25,316 13,982 7,823
</TABLE>
At January 31, 1998, the total cost of securities and the net realized gains or
losses on securities sold for Federal income tax purposes were not materially
different from amounts for financial reporting purposes. The aggregate gross
unrealized appreciation and depreciation on investment securities at January 31,
1998 for the Equity and Bond Portfolios are as follows:
<TABLE>
<CAPTION>
INTERMEDIATE- MICHIGAN
TERM TAX-FREE
GROWTH VALUE INCOME BOND
(000) (000) (000) (000)
- ---------------------------------------------------------------
<S> <C> <C> <C> <C>
Aggregate Gross
Unrealized
Appreciation $6,596 $9,040 $2,455 $3,749
Aggregate Gross
Unrealized
Depreciation (556) (457) (96) (2)
------ ------ ------ ------
Net Unrealized
Appreciation $6,040 $8,583 $2,359 $3,747
====== ====== ====== ======
</TABLE>
21
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded) GOLDEN OAK FAMILY OF FUNDS
January 31, 1998 Unaudited
7. Concentration of Credit Risk:
The Money Market Portfolio invests primarily in money market instruments
maturing in 397 days or less whose ratings are within the two highest ratings
categories assigned by a nationally recognized statistical rating organization
or, if not rated, are believed by the Sub-Adviser to be of comparable quality.
The Bond Portfolios invest primarily in marketable debt instruments. The market
value of these investments will change in response to interest rate changes and
other factors. During periods of falling interest rates, the values of debt
securities generally rise. Conversely, during periods of rising interest rates
the values of such securities generally decline. The ability of the issuers of
the securities held by these Portfolios to meet their obligations may be
affected by economic and political developments in a specific industry, state or
region. Changes by recognized rating organizations in the ratings of any debt
security and in the ability of an issuer to make payments of interest and
principal may also affect the value of these investments.
8. Common Trust Fund Conversions:
On June 23, 1997, certain Common Trust Funds of Citizens Bank and its affiliates
were converted into the Golden Oak Family of Funds. The Funds that were involved
in the conversion were as follows:
COMMON TRUST FUND GOLDEN OAK PORTFOLIO
- -----------------------------------------------
Tax Exempt Bond Fund Michigan Tax Free Bond
Portfolio
Value Equity Fund Value Portfolio
The assets which consisted of securities and related receivables, were converted
on a tax-free basis. The number of shares issued for each Fund and the net
assets (including unrealized appreciation) of each fund immediately before the
conversion were as follows:
<TABLE>
<CAPTION>
COMMON NET UNREALIZED GOLDEN OAK
TRUST FUND ASSETS APPRECIATION SHARES ISSUED
- ----------------------------------------------------------
<S> <C> <C> <C>
Tax Exempt
Bond Fund $77,580,483 $ 1,803,730 7,758,048
Value Equity
Fund 26,599,230 12,716,514 2,659,923
</TABLE>
9. Consents of Sole Shareholder:
On June 20, 1997, the sole shareholder of the Golden Oak Michigan Tax Free Bond
Portfolio and Golden Oak Value Portfolio (the "Portfolios") approved the
following appointments: SEI Fund Resources as administrator of the Portfolios,
Citizens Bank as investment adviser to the assets of the Portfolios, SEI
Investments Distribution Co. as distributor of the shares of the Portfolios,
Price Waterhouse LLP as independent public accountants of the Portfolios and,
for the Golden Oak Value Portfolio, Systematic Financial Management, L.P. as
sub-adviser to the assets of that Portfolio.
22
<PAGE>
PART C: OTHER INFORMATION
Item 24. FINANCIAL STATEMENTS AND EXHIBITS:
(a) Financial Statements:
Part A--Financial Highlights
Part B--
<TABLE>
<S> <C>
(1) The following unaudited financial statements for the Golden Oak
Growth Portfolio, Golden Oak Intermediate-Term Income Portfolio,
Golden Oak Prime Obligation Money Market Portfolio, Golden Oak
Value Portfolio and Golden Oak Michigan Tax Free Bond Portfolio for
the fiscal year ended January 31, 1998, are included in the
Statement of Additional Information:
Statement of Net Assets
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Highlights
(2) The following audited financial statements for the Golden Oak Growth
Portfolio, Golden Oak Intermediate-Term Income Portfolio and Golden Oak
Prime Obligation Money Market Portfolio for the fiscal year ended January
31, 1997, including the report of Price Waterhouse LLP dated March 14,
1997, are incorporated by reference to the Statement of Additional
Information from Form N-30D filed on March 27, 1997 with Accession Number
0000935069-97-000034:
Statement of Net Assets
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
(3) The following audited financial statements for the OVB Equity Income
Portfolio, OVB Prime Obligations Portfolio, OVB Capital Appreciation
Portfolio, OVB Emerging Growth Portfolio, OVB Government Securities
Portfolio and OVB West Virginia Tax-Exempt Income Portfolio (the "OVB
Portfolios") for the fiscal year ended January 31, 1997, including the
report of Price Waterhouse LLP dated March 14, 1997, are incorporated by
reference to the Statement of Additional Information from Form N-30D filed
on March 31, 1997 with Accession Number 0000935069-97-000040:
Statement of Net Assets
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
</TABLE>
<PAGE>
<TABLE>
<S> <C>
(4) The following audited financial statements for the U.S. Government
Securities Money Fund and Prime Obligations Fund for the fiscal year ended
January 31, 1997, including the report of Price Waterhouse LLP dated March
14, 1997, are incorporated by reference to the Statement of Additional
Information from Form N-30D filed on March 27, 1997 with Accession Number
0000935069-97-000035:
Statement of Net Assets
Statement of Operations
Statement of Changes in Net Assets
Financial Highlights
Notes to Financial Statements
</TABLE>
(b) Additional Exhibits:
<TABLE>
<S> <C>
(1) Registrant's Agreement and Declaration of Trust, originally filed with the
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with
the Securities and Exchange Commission on August 11, 1992, is incorporated
herein by reference as exhibit 1 to Post-Effective Amendment No. 17 filed
with the Securities and Exchange Commission on April 2, 1997.
(2) Registrant's By-Laws, originally filed with the Registrant's Registration
Statement on Form N-1A (File No. 33-50718) with the Securities and
Exchange Commission on August 11, 1992, are incorporated herein by
reference as exhibit 2 to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
(3) Not Applicable.
(4) Not Applicable.
(5)(a) Investment Advisory Agreement between the Registrant and Citizens Commercial
and Savings Bank with respect to the Golden Oak Diversified Growth
Portfolio, the Golden Oak Intermediate-Term Income Portfolio, Golden Oak
Michigan Tax Free Bond Portfolio and Golden Oak Prime Obligation Money
Market Portfolio, originally filed as exhibit 5(b) with Pre-Effective
Amendment No. 2 to Registrant's Registration Statement on Form N-1A (File
No. 33-50718) with the Securities and Exchange Commission on January 13,
1993, is incorporated herein by reference as exhibit 5(a) to
Post-Effective Amendment No. 17 filed with the Securities and Exchange
Commission on April 2, 1997.
(5)(b) Investment Sub-Advisory Agreement by and among Registrant, Citizens
Commercial and Savings Bank and Wellington Management Company, LLP with
respect to the Golden Oak Prime Obligation Money Market Portfolio,
originally filed as exhibit 5(c), is incorporated herein by reference to
Pre-Effective Amendment No. 2 to Registrant's Registration Statement on
Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on January 13, 1993.
</TABLE>
2
<PAGE>
<TABLE>
<S> <C>
(5)(c) Investment Advisory Agreement between the Registrant and One Valley Bank,
National Association with respect to the OVB Portfolios, originally filed
as exhibit 5(h) with Post-Effective Amendment No. 6 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on September 23, 1993, is incorporated
herein by reference as exhibit 5(d) to Post-Effective Amendment No. 17
filed with the Securities and Exchange Commission on April 2, 1997.
(5)(d) Investment Sub-Advisory Agreement by and among the Registrant, One Valley
Bank, National Association, and Wellington Management Company, LLP with
respect to the OVB Prime Obligations Portfolio, originally filed as
exhibit 5(i) with Post-Effective Amendment No. 6 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on September 23, 1993, is incorporated
herein by reference as exhibit 5(e) to Post-Effective Amendment No. 17
filed with the Securities and Exchange Commission on April 2, 1997.
(5)(e) Investment Advisory Agreement between the Registrant and Capitoline
Investment Services, Incorporated with respect to the U.S. Government
Securities Money Fund, originally filed as exhibit 5(j), with
Post-Effective Amendment No. 9 to Registrant's Registration Statement on
Form N-1A (File No. 33-50718) with the Securities and Exchange Commission
on June 2, 1994, is incorporated herein by reference as exhibit 5(f) to
Post-Effective Amendment No. 17 filed with the Securities and Exchange
Commission on April 2, 1997.
(5)(f) Schedule B to Investment Advisory Agreement between the Registrant and
Citizens Commercial & Savings Bank with respect to Golden Oak Growth and
Income Portfolio, originally filed as exhibit 5(l) with Post-Effective
Amendment No. 10 to Registrant's Registration Statement on Form N-1A (File
No. 33-50718) filed with the Securities and Exchange Commission on
September 30, 1994 is incorporated herein by reference as exhibit
5(g) to Post-Effective Amendment No. 18 filed with the Securities and
Exchange Commission on May 30, 1997.
(5)(g) Schedule to the Investment Advisory Agreement between Registrant and
Capitoline Investment Services Incorporated with respect to the Prime
Obligations Fund, originally filed as exhibit 5(q) with Post-Effective
Amendment No. 13 to Registrant's Registration Statement on Form N-1A (File
No. 33-50718) with the Securities and Exchange Commission on August 11,
1995, is incorporated herein by reference as exhibit 5(h) to
Post-Effective Amendment No. 17 filed with the Securities and Exchange
Commission on April 2, 1997.
(5)(h) Investment Sub-Advisory Agreement by and among the Registrant and Citizens
Bank and Nicholas-Applegate Capital Management with respect to the Golden
Oak Diversified Growth Portfolio, originally filed as exhibit 5(u), is
incorporated herein by reference to Post-Effective Amendment No. 14 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed
with the Securities and Exchange Commission on March 29, 1996.
</TABLE>
3
<PAGE>
<TABLE>
<S> <C>
(5)(i) Investment Advisory Agreement between the Registrant and One Valley Bank,
National Association with respect to the OVB Equity Income Portfolio, is
incorporated herein by reference to Post-Effective Amendment No. 16 to the
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed
with the Securities and Exchange Commission on February 28, 1997.
(5)(j) Form of Investment Sub-Advisory Agreement by and among the Registrant,
Citizens Bank and Systematic Financial Management, L.P. with respect to
the Golden Oak Value Portfolio is incorporated herein by reference as
exhibit 5(m) to Post-Effective Amendment No. 17 filed with the Securities
and Exchange Commission on April 2, 1997.
(6)(a) Distribution Agreement between Registrant and SEI Financial Services
Company, originally filed with Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with
the Securities and Exchange Commission on October 14, 1992, is
incorporated herein by reference as exhibit 6(a) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on
April 2, 1997.
(6)(b) Transfer Agent Agreement between Registrant and SEI Financial Management
Corporation is incorporated herein by reference to Pre-Effective Amendment
No. 2 to Registrant's Registration Statement on Form N-1A (File No.
33-50718) filed with the Securities and Exchange Commission on January 13,
1993.
(6)(c) Transfer Agent Agreement between Registrant and Crestar Bank is incorporated
herein by reference to Post-Effective Amendment No. 12 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) filed with the
Securities and Exchange Commission on May 31, 1995.
(6)(d) Transfer Agent Agreement between Registrant and Supervised Service Company
is incorporated herein by reference to Post-Effective Amendment No. 12 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed
with the Securities and Exchange Commission on May 31, 1995.
(7) Not Applicable.
(8)(a) Custodian Agreement between Registrant and CoreStates Bank N.A., originally
filed with Pre-Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) with the Securities and
Exchange Commission on October 14, 1992, is incorporated herein by
reference as exhibit 8(a) to Post-Effective Amendment No. 17 filed with
the Securities and Exchange Commission on April 2, 1997.
(8)(b) Custodian Agreement between Registrant and Crestar Bank, originally filed
with Post-Effective Amendment No. 9 to Registrant's Registration Statement
on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on June 2, 1994, is incorporated herein by reference
as exhibit 8(b) to Post-Effective Amendment No. 18 filed with the
Securities and Exchange Commission on May 30, 1997.
(9)(a) Administration Agreement between Registrant and SEI Financial Management
Corporation with Schedule dated January 28, 1993 for the Golden Oak
Portfolios and forms of Schedule for the California Tax Exempt Portfolio
and Institutional Tax Free Portfolio, originally filed as exhibit 5(a), is
incorporated herein by reference to Post-Effective Amendment No. 4 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed
with the Securities and Exchange Commission on July 29, 1993.
</TABLE>
4
<PAGE>
<TABLE>
<S> <C>
(9)(b) Form of Schedule, relating to the OVB Prime Obligations, OVB Capital
Appreciation, OVB Emerging Growth, OVB Government Securities and OVB West
Virginia Tax-Exempt Income Portfolios (the "OVB Portfolios"), to
Administration Agreement by and between the Registrant and SEI Financial
Management Corporation dated as of January 28, 1993, originally filed as
exhibit 5(g), is incorporated herein by reference to Post-Effective
Amendment No. 6 to Registrant's Registration Statement on Form N-1A (File
No. 33-50718) filed with the Securities and Exchange Commission on
September 23, 1993.
(9)(c) Form of Schedule relating to U.S. Government Securities Money Fund, to
Administration Agreement by and between Registrant and SEI Financial
Management Corporation, originally filed as exhibit 5(k), is incorporated
herein by reference to Post-Effective Amendment No. 9 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) filed with the
Securities and Exchange Commission on June 2, 1994.
(9)(d) Form of Schedule, relating to Golden Oak Growth and Income Portfolio, to
Administration Agreement by and between Registrant and SEI Financial
Management Corporation, originally filed as exhibit 5(n), is incorporated
herein by reference to Post-Effective Amendment No. 10 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) filed with the
Securities and Exchange Commission on September 30, 1994.
(9)(e) Administration Agreement between Registrant and SEI Financial Corporation
with Schedule dated January 28, 1993 as amended and restated on May 17,
1994 for Golden Oak Portfolios, the Prudential Portfolios and the OVB
Portfolios, originally filed as exhibit 5(o) with Post-Effective Amendment
No. 12 to Registrant's Registration Statement on Form N-1A (File No.
33-50718) with the Securities and Exchange Commission on May 31, 1995, is
incorporated herein by reference as exhibit 9(e) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on
April 2, 1997.
(9)(f) Administration Agreement between Registrant and SEI Financial Management
Corporation with Schedule dated August 1, 1994, originally filed as
exhibit 5(p) with Post-Effective Amendment No. 12 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on May 31, 1995, is incorporated herein
by reference as exhibit 9(f) to Post-Effective Amendment No. 17 filed with
the Securities and Exchange Commission on April 2, 1997.
(9)(g) Schedule relating to the Prime Obligations Fund, to Administration Agreement
by and between Registrant and SEI Financial Management Corporation,
originally filed as exhibit 5(p) with Post-Effective Amendment No. 13 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with
the Securities and Exchange Commission on August 11, 1995, is incorporated
herein by reference as exhibit 9(g) to Post-Effective Amendment No. 17
filed with the Securities and Exchange Commission on April 2, 1997.
(9)(h) Consent to Assignment and Assumption of Administration Agreement between the
Registrant and SEI Financial Management Corporation, dated January 28,
1993, to SEI Fund Resources is incorporated herein by reference as exhibit
9(h) to Post-Effective Amendment No. 17 filed with the Securities and
Exchange Commission on April 2, 1997.
</TABLE>
5
<PAGE>
<TABLE>
<S> <C>
(10) Opinion and Consent of Counsel, originally filed with Pre-Effective
Amendment No. 2 to Registrant's Registration Statement on Form N-1A (File
No. 33-50718) with the Securities and Exchange Commission on January 13,
1993, is incorporated herein by reference as exhibit 10 to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on
April 2, 1997.
(11) Not Applicable.
(12) Not Applicable.
(13) Not Applicable.
(14) Not Applicable.
(15)(a) Registrant's Distribution Plan with respect to the Class B shares of the
Golden Oak Portfolios (except Golden Oak Growth and Income Portfolio),
originally filed with Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on October 14, 1992, is incorporated
herein by reference as exhibit 15(a) to Post-Effective Amendment No. 17
filed with the Securities and Exchange Commission on April 2, 1997.
(15)(b) Registrant's Distribution Plan with respect to the Class B shares of the OVB
Portfolios, originally filed with Post-Effective Amendment No. 6 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with
the Securities and Exchange Commission on September 23, 1993, is
incorporated herein by reference as exhibit 15(b) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on
April 2, 1997.
(15)(c) Form of Registrant's Distribution Plan with respect to the Class B Shares of
the Golden Oak Growth and Income Portfolio is incorporated herein by
reference to Post-Effective Amendment No. 10 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and
Exchange Commission on September 30, 1994.
(15)(d) Rule 18f-3 Multi-Class Plan, originally filed with Post-Effective Amendment
No. 12 to Registrant's Registration Statement on Form N-1A (File No.
33-50718) with the Securities and Exchange Commission on May 31, 1995, is
incorporated herein by reference as exhibit 15(d) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on
April 2, 1997.
(16) Performance Quotation Computation with respect to the Golden Oak Portfolios
is incorporated herein by reference to Pre-Effective Amendment No. 2 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed
with the Securities and Exchange Commission on January 13, 1993.
(17) Financial Data Schedules are filed herewith.
(24) Powers of Attorney for John T. Cooney, William M. Doran, Frank E. Morris,
Robert A. Nesher, Robert A. Patterson, Gene Peters, James M. Storey and
David G. Lee are incorporated herein by reference as exhibit 24 to
Post-Effective Amendment No. 17 filed with the Securities and Exchange
Commission on April 2, 1997.
</TABLE>
Item 25. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT:
See the Prospectuses and the Statement of Additional Information regarding
the Trust's control relationships. The Administrator is a subsidiary of SEI
Investments Company which also controls the distributor of the Registrant, SEI
Investments Distribution Co., and other corporations engaged in providing
various financial and record keeping services, primarily to bank trust
departments, pension plan sponsors, and investment managers.
6
<PAGE>
Item 26. NUMBER OF HOLDERS OF SECURITIES:
As of February 13, 1998
<TABLE>
<CAPTION>
NUMBER OF
RECORD
TITLE OF CLASS HOLDERS
- ---------------------------------------------------------------------------------- -----------
<S> <C>
Units of beneficial interest, without par value--
Golden Oak Growth Portfolio
Class I......................................................................... 6
Class A......................................................................... 33
Golden Oak Intermediate-Term Income Portfolio
Class I......................................................................... 6
Class A......................................................................... 10
Golden Oak Michigan Tax Free Bond Portfolio
Class I......................................................................... 8
Class A......................................................................... 8
Golden Oak Prime Obligation Money Market Portfolio
Class I......................................................................... 6
Class A......................................................................... 165
Golden Oak Value Portfolio
Class I......................................................................... 15
Class A......................................................................... 13
OVB Prime Obligations Portfolio
Class A......................................................................... 6
Class B......................................................................... 132
OVB Capital Appreciation Portfolio
Class A......................................................................... 5
Class B......................................................................... 763
OVB Emerging Growth Portfolio
Class A......................................................................... 6
Class B......................................................................... 437
OVB Government Securities Portfolio
Class A......................................................................... 5
Class B......................................................................... 174
OVB West Virginia Tax-Exempt Income Portfolio
Class A......................................................................... 5
Class B......................................................................... 207
OVB Equity Income Portfolio
Class A......................................................................... 5
Class B......................................................................... 446
US Government Securities Money Fund............................................... 2
Prime Obligations Fund............................................................ 2
</TABLE>
Item 27. INDEMNIFICATION:
Article VIII of the Agreement and Declaration of Trust filed as Exhibit 1 to
the Registration Statement is incorporated by reference. Insofar as
indemnification for liabilities arising under the Securities Act of 1933, as
amended, may be permitted to trustees, directors, officers and controlling
persons of the Registrant by the Registrant pursuant to the Declaration of Trust
or otherwise, the Registrant is aware that in the opinion of the Securities and
Exchange Commission, such indemnification is against public
7
<PAGE>
policy as expressed in the Act and, therefore, is unenforceable. In the event
that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by trustees, directors,
officers or controlling persons of the Registrant in connection with the
successful defense of any act, suit or proceeding) is asserted by such trustees,
directors, officers or controlling persons in connection with the shares being
registered, the Registrant will, unless in the opinion of its counsel the matter
has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Act and will be governed by the final adjudication of
such issues.
Item 28. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISER:
Other business, profession, vocation or employment of a substantial nature
in which each director or principal officer of the Adviser is or has been, at
any time during the last two fiscal years, engaged for his or her own account or
in the capacity of director, officer, employee, partner or trustee are as
follows:
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
CITIZENS BANK
Victor E. George Victor George Oldsmobile, Inc. Chairman
Chairman Citizens Banking Corporation Director
Charles R. Weeks Citizens Banking Corporation Chairman
Vice Chairman Wolohan Lumber Co. Director
David A. Thomas, Jr. Citizens Banking Corporation Vice Chairman
Director, President, CEO
Edward P. Abbott Abbott's Meat, Inc. President
Director Citizens Banking Corporation Director
John W. Ennest Citizens Banking Corporation Vice Chairman, CFO and Treasurer
Director
George H. Kossaras Spring's Drug Store, Inc. President
Director Citizens Banking Corporation Director
Gerald Schreiber Royalite Co. Vice President
Director
William C. Shedd Winegarden, Shedd, Haley, Attorney & Partner
Director Lindholm & Robertson Director
Citizens Banking Corporation
Joseph G. Shomsky Massachusetts Mutual Insurance Insurance
Director Company
James E. Truesdell The Austin Group President
Director Citizens Banking Corporation Director
Robert J. Vitito Citizens Banking Corporation President, CEO
</TABLE>
8
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
Kendall B. Williams Gault Davison, P.C. Attorney & Vice President
Director Citizens Banking Corporation Director
Ada C. Washington
Director
Gary P. Drainville Citizens Banking Corporation Executive Vice President
Executive Vice President
Wayne G. Schaeffer Citizens Banking Corporation Executive Vice President
Senior Executive Vice President
Chief Financial Officer and Director
Chief Operating Officer
Gordon F. Strayer Citizens Bank Fenton Region Board Director
Executive Vice President
David H. Buick
Senior Vice President
Dana A. Czmer
Senior Vice President and
Trust Officer
Thomas W. Gallagher Citizens Banking Corporation Senior Vice President General
Senior Vice President,
General Counsel, Secretary
Gary O. Clark Citizens Banking Corporation Executive Vice President
CEO, Director Citizens Bank Illinois, N.A. President
Edward P. Majask
Senior Vice President
and Senior Investment Officer
Richard J. Mitsdarfer Citizens Banking Corporation Senior Vice President & General
Senior Vice President Auditor
and General Auditor
Edward H. Newman Citizens Banking Corporation Vice President & Assistant Secretary
Senior Vice President, Cashier &
Secretary
Thomas C. Shafer
Senior Vice President
Lawrence G. Southwell
Senior Vice President
</TABLE>
9
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
Richard T. Albee
Senior Vice President
Marilyn K. Allor
Senior Vice President
Daniel E. Bekemeier
Senior Vice President & Controller
Dennis R. Johnston
Senior Vice President
Vicent V. Maysura
Senior Vice President
Leslie V. Starr
Senior Vice President
James M. VanTiflin
Director
Robert L. Critchfield Citizens Bank - Fenton
Community President & Director
Joseph F. Smith Citizens Bank - Sturgis
Community President & Director
Richard J. DeVries Citizens Bank - Ypsilanti
Community President & Director
ONE VALLEY BANK, NATIONAL ASSOCIATION:
J. Holmes Morrison One Valley Bancorp President & Chief Executive Officer
Chairman of the Board
Phyllis H. Arnold One Valley Bancorp Director
Director, President & Chief One Valley Bank, N.A. President & CEO
Executive Officer
Frederick H. Belden, Jr. One Valley Bancorp Senior Vice President and Assistant
Executive Vice President Corporate Secretary
Charles M. Avampato Clay Foundation, Inc. President
Director One Valley Bancorp Director
Robert F. Baronner One Valley Bancorp Chairman of the Board of Directors
Director
</TABLE>
10
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
Herald R. Baughman One Valley Bank, N.A.
Senior Vice President
Gary L. Brown Parkerburg Region
Region President
James K. Brown Jackson & Kelly Attorney, Partner
Director One Valley Bancorp Director
Lloyd P. Calvert One Valley Bank, N.A.
Senior Vice President
John T. Chambers Ravenswood Land Co. and Mt. Alpha President
Director Development Co. Director
One Valley Bancorp
Nelle Ratrie Chilton Dickinson Fuel Co. Director
Director Terra Co., Inc. Director
Terra Care, Inc. Director
Terra Salis, Inc. Director
TerraSod, Inc. Director
One Valley Bancorp Director
Anthony N. Ciliberti One Valley Bank, N.A.
General Auditor
Bernice J. Deem One Valley Bank, N.A.
Senior Vice President
Ray Marshall Evans, Jr. Dickinson Co. and Quincy Coal Co. President
Director One Valley Bancorp Director
Jane Fleming One Valley Bank, N.A.
Senior Vice President
Brian Fox One Valley Bank, N.A.
Senior Vice President
Robert F. Goldsmith Cascades Coal Sales, Inc. President
Director Sentry Resource Associates, Inc. Executive Vice President
Phillip H. Goodwin CAMCARE and Charleston Area Medical President
Director Center Director
One Valley Bancorp
O. Nelson Jones Madison Coal & Supply Company President
Director Amherst Industries, Inc. Vice President
William M. Kidd One Valley Bank, N.A.
Senior Vice President
Carl E. Little One Valley Bank Vice Chairman (retired)
Director
</TABLE>
11
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
Edward H. Maier General Corporation President
Director One Valley Bancorp Director
Roger D. Mooney
Senior Vice President
John F. Mork Eastern American Energy Corp. President
Director
Harold E. Neely One Valley Bank, N.A.
Senior Vice President
Robert O. Orders, Sr. Orders Construction Company Chief Executive Officer
Director One Valley Bancorp Director
John L. D. Payne Payne-Gallatin Mining Co. President
Director One Valley Bancorp Director
Angus E. Peyton Brown & Peyton Attorney & Partner
Director American Electric Power Co., Inc. Director
One Valley Bancorp Director
Brent D. Robinson One Valley Bank Huntington President
K. Richard C. Sinclair Jefferds Corporation President
Director
James C. Smith O.V. Smith & Sons of Big Chimney, President
Director Inc. Vice President
O.V. Smith & Sons, Inc.
Michael W. Stajduhar One Valley Bank, N.A.
Senior Vice President
James R. Thomas II Carbon Industries, Inc. Chairman (retired)
Director
J. Randy Valentine One Valley Bank, N.A.
Senior Vice President
Dr. Edwin H. Welch University of Charleston President
Director One Valley Bank, N.A.
John Henry Wick III Dickinson Fuel Co., Inc. Commercial Realtor (retired)
Director Harrison & Bates
Thomas D. Wilkerson Northwestern Mutual Life General Agent
Director Insurance Company Director
James D. Williams
Director
James A. Winter One Valley Bank, N.A.
Senior Vice President
Jack B. Young One Valley Bank, N.A.
Senior Vice President
John F. Ziebold One Valley Bank, N.A.
Senior Vice President
Robert K. Welty One Valley Bank, N.A.
Senior Vice President
</TABLE>
12
<PAGE>
<TABLE>
<CAPTION>
NAME AND POSITION CONNECTION WITH
WITH INVESTMENT ADVISER NAME OF OTHER COMPANY OTHER COMPANY
- ------------------------------------ ------------------------------------ ------------------------------------
<S> <C> <C>
John O'Donovan One Valley Bank, N.A.
Senior Vice President
John A. Derito One Valley Bank, N.A.
Senior Vice President
J. Mark Bias One Valley Bank, N.A.
Senior Vice President
Michael H. Spangler One Valley Bank, N.A.
Senior Vice President
CRESTAR ASSET MANAGEMENT COMPANY:
Thomas Dean Hogan Crestar Bank Group Executive Vice President -
Chairman and Director Trust
Ben L. Jones First Fidelity Bancorp Chief Investment Officer
President, Director
Linda Flory Rigsby Crestar Financial Corporation and Senior Vice President, Corporate
Secretary its subsidiary Crestar Bank Secretary and Deputy General
Counsel
Robert F. Norfleet, Jr. Crestar Bank Director of Client Relations; Prior
Director thereto Corporate Executive Vice
President
</TABLE>
The list required by this Item 28. of officers and partners of Wellington
Management Company, LLP together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by such
officers and partners during the past two years, is incorporated by reference to
Schedules A and D of Form ADV, filed by Wellington Management Company, LLP
pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-15908).
The list required by this Item 28. of officers and partners of
Nicholas-Applegate Capital Management, together with information as to any other
business, profession, vocation or employment of a substantial nature engaged in
by such officers and partners during the past two years, is incorporated by
reference to Schedules A and D of Form ADV, filed by Nicholas-Applegate Capital
Management pursuant to the Investment Advisers Act of 1940 (SEC File No.
801-21442).
The list required by this Item 28. of officers and partners of Systematic
Financial Management, L.P. together with information as to any other business,
profession, vocation or employment of a substantial nature engaged in by such
officers and partners during the past two years, is incorporated by reference to
Schedules A and D of Form ADV, filed by Systematic Financial Management, L.P.
pursuant to the Investment Advisers Act of 1940 (SEC File No. 801-48908).
To the Registrant's knowledge, none of the directors or officers of PIMC,
except as set forth in the filings referred to below, is, or has been at any
time during the Registrant's past two fiscal years, engaged in any other
business, profession, vocation or employment of a substantial nature, except
that certain directors and officers and certain executives of PIMC also hold
various positions with, and engage in business for, PNC Bank Corp., which
indirectly owns all the outstanding stock of PIMC, or other subsidiaries of PNC
Bank Corp. Set forth in the filings referred to below are the names and
principal
13
<PAGE>
businesses of the directors and certain executives of PIMC who are engaged in
any other business, profession, vocation or employment of a substantial nature.
The information required by this Item 28 with respect to each director, officer
and partner of PIMC is incorporated by reference to Schedules A and D of Form
ADV, filed by PNC Institutional Management Corporation pursuant to the
Investment Advisers Act of 1940 (SEC File No. 801-13304).
Item 29. PRINCIPAL UNDERWRITERS:
(a) Furnish the name of each investment company (other than the Registrant) for
which each principal underwriter currently distributing the securities of the
Registrant also acts as a principal underwriter, distributor or investment
adviser.
<TABLE>
<S> <C>
Registrant's distributor, SEI Investments Distribution Co. (the
"Distributor"), acts as distributor for:
SEI Daily Income Trust July 15, 1982
SEI Liquid Asset Trust November 29, 1982
SEI Tax Exempt Trust December 3, 1982
SEI Index Funds July 10, 1985
SEI Institutional Managed Trust January 22, 1987
SEI International Trust August 30, 1988
The Advisors' Inner Circle Fund November 14, 1991
The Pillar Funds February 28, 1992
CUFUND May 1, 1992
STI Classic Funds May 29, 1992
CoreFunds, Inc. October 30, 1992
First American Funds, Inc. November 1, 1992
First American Investment Funds, Inc. November 1, 1992
Boston 1784 Funds-Registered Tradmark- June 1, 1993
The PBHG Funds, Inc July 16, 1993
Marquis Funds-Registered Trademark- August 17, 1993
Morgan Grenfell Investment Trust January 3, 1994
The Achievement Funds Trust December 27, 1994
Bishop Street Funds January 27, 1995
CrestFunds, Inc. March 1, 1995
STI Classic Variable Trust August 18, 1995
ARK Funds November 1, 1995
Monitor Funds January 11, 1996
FMB Funds, Inc. March 1, 1996
SEI Asset Allocation Trust April 1, 1996
TIP Funds April 28, 1996
SEI Institutional Investments Trust June 14, 1996
First American Strategy Funds, Inc. October 1, 1996
HighMark Funds February 15, 1997
Armada Funds March 8, 1997
PBHG Insurance Series Funds, Inc. April 1, 1997
The Expedition Funds June 9, 1997
Tip Institutional Funds January 1, 1998
</TABLE>
The Distributor provides numerous financial services to investment managers,
pension plan sponsors, and bank trust departments. These services include
portfolio evaluation, performance measurement and consulting services
("Funds Evaluation") and automated execution, clearing and settlement of
securities transactions ("MarketLink").
14
<PAGE>
(b) Furnish the Information required by the following table with respect to each
director, officer or partner of each principal underwriter named in the answer
to Item 21 of Part B. Unless otherwise noted, the business address of each
director or officer is Oaks, PA 19456
<TABLE>
<CAPTION>
POSITION AND OFFICE POSITIONS AND OFFICES
NAME WITH UNDERWRITER WITH REGISTRANT
- ------------------------------ -------------------------------------------------------- ------------------------
<S> <C> <C>
Alfred P. West, Jr. Director, Chairman & Chief Executive Officer --
Henry H. Greer Director, President & Chief Operating Officer --
Carmen V. Romeo Director, Executive Vice President, President - --
Investment Advisory Group
Gilbert L. Beebower Executive Vice President --
Richard B. Lieb Executive Vice President, President-Investment Services --
Division
Leo J. Dolan, Jr. Senior Vice President --
Carl A. Guarino Senior Vice President --
Larry Hutchison Senior Vice President --
David G. Lee Senior Vice President President and Chief
Executive Officer
Jack May Senior Vice President --
A. Keith McDowell Senior Vice President --
Dennis J. McGonigle Executive Vice President --
Hartland J. McKeown Senior Vice President --
Barbara J. Moore Senior Vice President --
Kevin P. Robins Senior Vice President, General Counsel & Secretary Vice President and
Assistant Secretary
Robert Wagner Senior Vice President --
Patrick K. Walsh Senior Vice President --
Robert Aller Vice President --
Gordon W. Carpenter Vice President --
Todd Cipperman Vice President & Assistant Secretary Vice President and
Assistant Secretary
Robert Crudup Vice President & Managing Director --
Barbara Doyne Vice President --
Jeff Drennen Vice President --
Vic Galef Vice President & Managing Director --
Kathy Heilig Vice President & Treasurer --
Michael Kantor Vice President --
Samuel King Vice President --
Kim Kirk Vice President & Managing Director --
</TABLE>
15
<PAGE>
<TABLE>
<CAPTION>
POSITION AND OFFICE POSITIONS AND OFFICES
NAME WITH UNDERWRITER WITH REGISTRANT
- ------------------------------ -------------------------------------------------------- ------------------------
<S> <C> <C>
John Krzeminski Vice President & Managing Director --
Carolyn McLaurin Vice President & Managing Director --
W. Kelso Morrill Vice President --
Mark Nagle Vice President Controller and Chief
Financial Officer
Joanne Nelson Vice President --
Sandra K. Orlow Vice President & Assistant Secretary Vice President and
Assistant Secretary
Cynthia M. Parrish Vice President & Assistant Secretary --
Donald Pepin Vice President & Managing Director --
Kim Rainey Vice President --
Bob Redican Vice President --
Maria Rinehart Vice President --
Mark Samuels Vice President & Managing Director --
Steve Smith Vice President --
Daniel Spaventa Vice President --
Kathryn L. Stanton Vice President & Assistant Secretary Vice President and
Assistant Secretary
Wayne M. Withrow Vice President & Managing Director --
James Dougherty Director of Brokerage Services --
</TABLE>
Item 30. LOCATION OF ACCOUNTS AND RECORDS:
Books or other documents required to be maintained by Section 31(a) of the
Investment Company Act of 1940, and the rules promulgated thereunder, are
maintained as follows:
(a) With respect to Rules 31a-1(a); 31a-1(b)(1); (2)(a) and (b); (3);
(6); (8); (12); and 31a-1(d), the required books and records are maintained
at the offices of Registrant's Custodians:
CoreStates Bank, N.A.
Broad and Chestnut Streets
P.O. Box 7618
Philadelphia, PA 19101
Crestar Bank
919 East Main Street
Richmond, VA 23219
(b)/(c) With respect to Rules 31a-1(a); 31a-1(b)(1),(4);
(2)(C) and (D); (4); (5);
(6); (8); (9); (10); (11); and 31a-1(f), the required books and records are
maintained at the offices of Registrant's Administrator:
SEI Fund Resources
Oaks, PA 19456
16
<PAGE>
(c) With respect to Rules 31a-1(b)(5), (6), (9) and (10) and 31a-1(f),
the required books and records are maintained at the principal offices of
the Registrant's Advisers:
<TABLE>
<S> <C>
GOLDEN OAK PORTFOLIOS Citizens Bank
One Citizens Banking Plaza
Flint, MI 48502
Wellington Management Company, LLP
75 State Street
Boston, MA 02109
Systematic Financial Management, L.P.
300 Frank W. Burr Blvd.
Glenpointe East, 7th Floor
Teaneck, NJ 07666
Nicholas-Applegate Capital Management
600 West Broadway
29th Floor
San Diego, CA 92101
OVB PORTFOLIOS One Valley Bank, National Association
One Valley Square
Charleston, WV 25301
Wellington Management Company, LLP
75 State Street
Boston, MA 02109
U.S. GOVERNMENT SECURITIES MONEY AND Crestar Asset Management Company
PRIME OBLIGATIONS FUNDS 919 East Main Street
Richmond, VA 23219
</TABLE>
Item 31. MANAGEMENT SERVICES:
None.
Item 32. UNDERTAKINGS:
Registrant hereby undertakes that whenever Shareholders meeting the
requirements of Section 16(c) of the Investment Company Act of 1940 inform the
Board of Trustees of their desire to communicate with Shareholders of the Trust,
the Trustees will inform such Shareholders as to the approximate number of
Shareholders of record and the approximate costs of mailing or afford said
Shareholders access to a list of Shareholders.
17
<PAGE>
Registrant undertakes to hold a meeting of Shareholders for the purpose of
voting upon the question of removal of a Trustee(s) when requested in writing to
do so by the holders of at least 10% of Registrant's outstanding shares and in
connection with such meetings to comply with the provisions of Section 16(c) of
the Investment Company Act of 1940 relating to Shareholder communications.
Registrant undertakes to furnish each prospective person to whom a
prospectus will be delivered with a copy of the Registrant's latest annual
report to shareholders, when such annual report is issued containing information
called for by Item 5A of Form N-1A, upon request and without charge.
NOTICE
A copy of the Agreement and Declaration of Trust for The Arbor Fund is on
file with the Secretary of State of The Commonwealth of Massachusetts and notice
is hereby given that this Registration Statement has been executed on behalf of
the Trust by an officer of the Trust as an officer and by its Trustees as
trustees and not individually and the obligations of or arising out of this
Registration Statement are not binding upon any of the Trustees, officers, or
Shareholders individually but are binding only upon the assets and property of
the Trust.
18
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933 and the
Investment Company Act of 1940, as amended, the Registrant certifies that it
meets all of the requirements of effectiveness of this Registration Statement
pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused
this Post-Effective Amendment No. 19 to Registration No. 33-50718 to be signed
on its behalf by the undersigned, thereunto duly authorized, in the City of
Wayne, Commonwealth of Pennsylvania on the 23rd day of February, 1998.
THE ARBOR FUND
By: /s/ David G. Lee
-----------------------------------------
David G. Lee
President and Chief Executive Officer
Pursuant to the requirements of the Securities Act of 1933, this Amendment to
the Registration Statement has been signed below by the following persons in the
capacity and on the dates indicated.
*
- ------------------------------ Trustee February 23, 1998
John T. Cooney
*
- ------------------------------ Trustee February 23, 1998
William M. Doran
*
- ------------------------------ Trustee February 23, 1998
Frank E. Morris
*
- ------------------------------ Trustee February 23, 1998
Robert A. Nesher
*
- ------------------------------ Trustee February 23, 1998
Robert A. Patterson
*
- ------------------------------ Trustee February 23, 1998
Gene B. Peters
*
- ------------------------------ Trustee February 23, 1998
James M. Storey
/s/ David G. Lee
- ------------------------------ President & Chief February 23, 1998
David G. Lee Executive Officer
/s/ Mark Nagle
- ------------------------------ Controller & Chief February 23, 1998
Mark Nagle Financial Officer
*By: /s/ David G. Lee
-------------------------
David G. Lee
Attorney in Fact
19
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
EXHIBIT
- --------------------
<S> <C>
EX-99.B(1) Registrant's Agreement and Declaration of Trust, originally filed with the
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on August 11, 1992, is incorporated herein by
reference as exhibit 1 to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
EX-99.B(2) Registrant's By-Laws, originally filed with the Registrant's Registration Statement
on Form N-1A (File No. 33-50718) with the Securities and Exchange Commission on
August 11, 1992, are incorporated herein by reference as exhibit 2 to
Post-Effective Amendment No. 17 filed with the Securities and Exchange Commission
on April 2, 1997.
EX-99.B(3) Not Applicable.
EX-99.B(4) Not Applicable.
EX-99.B(5)(a) Investment Advisory Agreement between the Registrant and Citizens Commercial and
Savings Bank with respect to the Golden Oak Diversified Growth Portfolio, the
Golden Oak Intermediate-Term Income Portfolio, Golden Oak Michigan Tax Free Bond
Portfolio and Golden Oak Prime Obligation Money Market Portfolio, originally
filed as exhibit 5(b) with Pre-Effective Amendment No. 2 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) with the Securities and
Exchange Commission on January 13, 1993, is incorporated herein by reference as
exhibit 5(a) to Post-Effective Amendment No. 17 filed with the Securities and
Exchange Commission on April 2, 1997.
EX-99.B(5)(b) Investment Sub-Advisory Agreement by and among Registrant, Citizens Commercial and
Savings Bank and Wellington Management Company, LLP with respect to the Golden
Oak Prime Obligation Money Market Portfolio, originally filed as exhibit 5(c), is
incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) filed with the Securities
and Exchange Commission on January 13, 1993.
EX-99.B(5)(c) Investment Advisory Agreement between the Registrant and One Valley Bank, National
Association with respect to the OVB Portfolios, originally filed as exhibit 5(h)
with Post-Effective Amendment No. 6 to Registrant's Registration Statement on
Form N-1A (File No. 33-50718) with the Securities and Exchange Commission on
September 23, 1993, is incorporated herein by reference as exhibit 5(d) to
Post-Effective Amendment No. 17 filed with the Securities and Exchange Commission
on April 2, 1997.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
- --------------------
<S> <C>
EX-99.B(5)(d) Investment Sub-Advisory Agreement by and among the Registrant, One Valley Bank,
National Association, and Wellington Management Company, LLP with respect to the
OVB Prime Obligations Portfolio originally filed as exhibit 5(i) with
Post-Effective Amendment No. 6 to Registrant's Registration Statement on Form
N-1A (File No. 33-50718) with the Securities and Exchange Commission on September
23, 1993, is incorporated herein by reference as exhibit 5(e) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on April 2,
1997.
EX-99.B(5)(e) Investment Advisory Agreement between the Registrant and Capitoline Investment
Services, Incorporated with respect to the U.S. Government Securities Money Fund,
originally filed as exhibit 5(j) with Post-Effective Amendment No. 9 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on June 2, 1994, is incorporated herein by
reference as exhibit 5(f) to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
EX-99.B(5)(f) Schedule B to Investment Advisory Agreement between the Registrant and Citizens
Commercial & Savings Bank with respect to Golden Oak Growth and Income Portfolio,
originally filed as exhibit 5(l) with Post-Effective Amendment No. 10 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed with
the Securities and Exchange Commission on September 30, 1994 is incorporated herein
by reference as exhibit 5(g) to Post-Effective Amendment No. 18 filed with the
Securities and Exchange Commission on May 30, 1997.
EX-99.B(5)(g) Schedule to the Investment Advisory Agreement between Registrant and Capitoline
Investment Services Incorporated with respect to the Prime Obligations Fund,
originally filed as exhibit 5(q) with Post-Effective Amendment No. 13 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on August 11, 1995, is incorporated herein by
reference as exhibit 5(h) to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
EX-99.B(5)(h) Investment Sub-Advisory Agreement by and among the Registrant and Citizens Bank and
Nicholas-Applegate Capital Management with respect to the Golden Oak Diversified
Growth Portfolio, originally filed as exhibit 5(u), is incorporated herein by
reference to Post-Effective Amendment No. 14 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on March 29, 1996.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
- --------------------
<S> <C>
EX-99.B(5)(i) Investment Advisory Agreement between the Registrant and One Valley Bank, National
Association with respect to the OVB Equity Income Portfolio, is incorporated
herein by reference to Post-Effective Amendment No. 16 to the Registrant's
Registration Statement on Form N-1A (File No. 33-50718) filed with the Securities
and Exchange Commission on February 28, 1997.
EX-99.B(5)(j) Form of Investment Sub-Advisory Agreement by and among the Registrant, Citizens
Bank and Systematic Financial Management, L.P. with respect to the Golden Oak
Value Portfolio is incorporated herein by reference as exhibit 5(m) to
Post-Effective Amendment No. 17 filed with the Securities and Exchange Commission
on April 2, 1997.
EX-99.B(6)(a) Distribution Agreement between Registrant and SEI Financial Services Company,
originally filed with Pre-Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) with the Securities and Exchange
Commission on October 14, 1992, is incorporated herein by reference as exhibit
6(a) to Post-Effective Amendment No. 17 filed with the Securities and Exchange
Commission on April 2, 1997.
EX-99.B(6)(b) Transfer Agent Agreement between Registrant and SEI Financial Management
Corporation is incorporated herein by reference to Pre-Effective Amendment No. 2
to Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed
with the Securities and Exchange Commission on January 13, 1993.
EX-99.B(6)(c) Transfer Agent Agreement between Registrant and Crestar Bank is incorporated herein
by reference to Post-Effective Amendment No. 12 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on May 31, 1995.
EX-99.B(6)(d) Transfer Agent Agreement between Registrant and Supervised Service Company is
incorporated herein by reference to Post-Effective Amendment No. 12 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) filed with
the Securities and Exchange Commission on May 31, 1995.
EX-99.B(7) Not Applicable.
EX-99.B(8)(a) Custodian Agreement between Registrant and CoreStates Bank N.A., originally filed
with Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A (File No. 33-50718) with the Securities and Exchange Commission on October
14, 1992, is incorporated herein by reference as exhibit 8(a) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on April 2,
1997.
EX-99.B(8)(b) Custodian Agreement between Registrant and Crestar Bank, originally filed with
Post-Effective Amendment No. 9 to Registrant's Registration Statement on Form
N-1A (File No. 33-50718) filed with the Securities and Exchange Commission on
June 2, 1994, is incorporated herein by reference as exhibit 8(b) to Post-Effective
Amendment No. 18 filed with the Securities and Exchange Commission on May 30, 1997.
EX-99.B(9)(a) Administration Agreement between Registrant and SEI Financial Management
Corporation with Schedule dated January 28, 1993 for the Golden Oak Portfolios
and forms of Schedule for the California Tax Exempt Portfolio and Institutional
Tax Free Portfolio, originally filed as exhibit 5(a), is incorporated herein by
reference to Post-Effective Amendment No. 4 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on July 29, 1993.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
- --------------------
<S> <C>
EX-99.B(9)(b) Form of Schedule, relating to the OVB Prime Obligations, OVB Capital Appreciation,
OVB Emerging Growth, OVB Government Securities and OVB West Virginia Tax-Exempt
Income Portfolios (the OVB Portfolios), to Administration Agreement by and
between the Registrant and SEI Financial Management Corporation dated as of
January 28, 1993, originally filed as exhibit 5(g), is incorporated herein by
reference to Post-Effective Amendment No. 6 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on September 23, 1993.
EX-99.B(9)(c) Form of Schedule relating to U.S. Government Securities Money Fund,to
Administration Agreement by and between Registrant and SEI Financial Management
Corporation, originally filed as exhibit 5(k), is incorporated herein by
reference to Post-Effective Amendment No. 9 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on June 2, 1994.
EX-99.B(9)(d) Form of Schedule, relating to Golden Oak Growth and Income Portfolio, to
Administration Agreement by and between Registrant and SEI Financial Management
Corporation, originally filed as exhibit 5(n), is incorporated herein by
reference to Post-Effective Amendment No. 10 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) filed with the Securities and Exchange
Commission on September 30, 1994.
EX-99.B(9)(e) Administration Agreement between Registrant and SEI Financial Corporation with
Schedule dated January 28, 1993 as amended and restated on May 17, 1994 for
Golden Oak Portfolios, the Prudential Portfolios and the OVB Portfolios
originally filed as exhibit 5(o) with Post-Effective Amendment No. 12 to
Registrant's Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on May 31, 1995 is incorporated herein by
reference as exhibit 9(e) to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
EX-99.B(9)(f) Administration Agreement between Registrant and SEI Financial Management
Corporation with Schedule dated August 1, 1994 originally filed as exhibit 5(p)
with Post-Effective Amendment No. 12 to Registrant's Registration Statement on
Form N-1A (File No. 33-50718) with the Securities and Exchange Commission on May
31, 1995 is incorporated herein by reference as exhibit 9(f) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on April 2,
1997.
EX-99.B(9)(g) Schedule relating to the Prime Obligations Fund, to Administration Agreement by and
between Registrant and SEI Financial Management Corporation originally filed as
exhibit 5(p) with Post-Effective Amendment No. 13 to Registrant's Registration
Statement on Form N-1A (File No. 33-50718) with the Securities and Exchange
Commission on August 11, 1995 is incorporated herein by reference as exhibit 9(g)
to Post-Effective Amendment No. 17 filed with the Securities and Exchange
Commission on April 2, 1997.
EX-99.B(9)(h) Consent to Assignment and Assumption of Administration Agreement between the
Registrant and SEI Financial Management Corporation, dated January 28, 1993, to
SEI Fund Resources is incorporated herein by reference as exhibit 9(h) to
Post-Effective Amendment No. 17 filed with the Securities and Exchange Commission
on April 2, 1997.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
EXHIBIT
- --------------------
<S> <C>
EX-99.B(10) Opinion and Consent of Counsel originally filed with Pre-Effective Amendment No. 2
to Registrant's Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on January 13, 1993 is incorporated herein by
reference as exhibit 10 to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
EX-99.B(11) Not Applicable.
EX-99.B(12) Not Applicable.
EX-99.B(13) Not Applicable.
EX-99.B(14) Not Applicable.
EX-99.B(15)(a) Registrant's Distribution Plan with respect to the Class B shares of the Golden Oak
Portfolios (except Golden Oak Growth and Income Portfolio) originally filed with
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form N-1A
(File No. 33-50718) with the Securities and Exchange Commission on October 14,
1992 is incorporated herein by reference as exhibit 15(a) to Post-Effective
Amendment No. 17 filed with the Securities and Exchange Commission on April 2,
1997.
EX-99.B(15)(b) Registrant's Distribution Plan with respect to the Class B shares of the OVB
Portfolios originally filed with Post-Effective Amendment No. 6 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) with the Securities and
Exchange Commission on September 23, 1993 incorporated herein by reference as
exhibit 15(b) to Post-Effective Amendment No. 17 filed with the Securities and
Exchange Commission on April 2, 1997.
EX-99.B(15)(c) Form of Registrant's Distribution Plan with respect to the Class B Shares of the
Golden Oak Growth and Income Portfolio is incorporated herein by reference to
Post-Effective Amendment No. 10 to Registrant's Registration Statement on Form
N-1A (File No. 33-50718) filed with the Securities and Exchange Commission on
September 30, 1994.
EX-99.B(15)(d) Rule 18f-3 Multi-Class Plan originally filed with Post-Effective Amendment No. 12
to Registrant's Registration Statement on Form N-1A (File No. 33-50718) with the
Securities and Exchange Commission on May 31, 1995 is incorporated herein by
reference as exhibit 15(d) to Post-Effective Amendment No. 17 filed with the
Securities and Exchange Commission on April 2, 1997.
EX-99.B(16) Performance Quotation Computation with respect to the Golden Oak Portfolios is
incorporated herein by reference to Pre-Effective Amendment No. 2 to Registrant's
Registration Statement on Form N-1A (File No. 33-50718) filed with the Securities
and Exchange Commission on January 13, 1993.
EX-99.B(24) Powers of Attorney for John T. Cooney, William M. Doran, Frank E. Morris, Robert A.
Nesher, Robert A. Patterson, Gene Peters, James M. Storey and David G. Lee are
incorporated herein by reference as exhibit 24 to Post-Effective Amendment No. 17
filed with the Securities and Exchange Commission on April 2, 1997.
EX-99.B(27) Financial Data Schedules are filed herewith.
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 010
<NAME> GOLDEN OAK PRIME OBLIGATION MONEY MARKET CLASS I
<MULTIPLIER> 1,000
<S> <C>
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<INVESTMENTS-AT-VALUE> 134435
<RECEIVABLES> 618
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<NET-CHANGE-FROM-OPS> 7191
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<DISTRIBUTIONS-OF-INCOME> (5163)
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<NUMBER-OF-SHARES-REDEEMED> (186643)
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 938
<AVERAGE-NET-ASSETS> 138159
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
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<PER-SHARE-DIVIDEND> (.05)
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 011
<NAME> GOLDEN OAK PRIME OBLIGATION MONEY MARKET CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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<TOTAL-LIABILITIES> 737
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<PAID-IN-CAPITAL-COMMON> 134367
<SHARES-COMMON-STOCK> 6382
<SHARES-COMMON-PRIOR> 71691
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 134358
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<INTEREST-INCOME> 7837
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<NET-INVESTMENT-INCOME> 7183
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<NET-CHANGE-FROM-OPS> 7191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2020)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 214687
<NUMBER-OF-SHARES-REDEEMED> (280270)
<SHARES-REINVESTED> 274
<NET-CHANGE-IN-ASSETS> (60138)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 938
<AVERAGE-NET-ASSETS> 138159
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 020
<NAME> GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO CLASS I
<MULTIPLIER> 1,000
<S> <C>
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<TOTAL-ASSETS> 126701
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 701
<TOTAL-LIABILITIES> 701
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<PAID-IN-CAPITAL-COMMON> 124603
<SHARES-COMMON-STOCK> 12538
<SHARES-COMMON-PRIOR> 11870
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<OVERDISTRIBUTION-NII> (1)
<ACCUMULATED-NET-GAINS> (961)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2359
<NET-ASSETS> 126000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7746
<OTHER-INCOME> 0
<EXPENSES-NET> 798
<NET-INVESTMENT-INCOME> 6948
<REALIZED-GAINS-CURRENT> (406)
<APPREC-INCREASE-CURRENT> 3080
<NET-CHANGE-FROM-OPS> 9622
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6945)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3195
<NUMBER-OF-SHARES-REDEEMED> (2527)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9253
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<ACCUMULATED-GAINS-PRIOR> (555)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 614
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 987
<AVERAGE-NET-ASSETS> 122779
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.56)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000890540
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<SERIES>
<NUMBER> 021
<NAME> GOLDEN OAK INTERMEDIATE TERM INCOME PORTFOLIO CLASS A
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<PERIOD-START> FEB-01-1997
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<GROSS-EXPENSE> 987
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</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 030
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<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> FEB-01-1997
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<PAID-IN-CAPITAL-COMMON> 28356
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<SHARES-COMMON-PRIOR> 2605
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<OVERDISTRIBUTION-NII> (9)
<ACCUMULATED-NET-GAINS> 2160
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<EXPENSES-NET> 385
<NET-INVESTMENT-INCOME> 9
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<DISTRIBUTIONS-OF-GAINS> (7682)
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<GROSS-EXPENSE> 386
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<PAGE>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 031
<NAME> GOLDEN OAK GROWTH PORTFOLIO CLASS A
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<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
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<REALIZED-GAINS-CURRENT> 9392
<APPREC-INCREASE-CURRENT> (664)
<NET-CHANGE-FROM-OPS> 8737
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (63)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3
<NUMBER-OF-SHARES-REDEEMED> (2)
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<NET-CHANGE-IN-ASSETS> 8758
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 513
<OVERDISTRIB-NII-PRIOR> (18)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 266
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 386
<AVERAGE-NET-ASSETS> 35889
<PER-SHARE-NAV-BEGIN> 12.57
<PER-SHARE-NII> (.01)
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
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<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 040
<NAME> GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 81030
<INVESTMENTS-AT-VALUE> 84777
<RECEIVABLES> 1148
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<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85925
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<OTHER-ITEMS-LIABILITIES> 359
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<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81816
<SHARES-COMMON-STOCK> 8357
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<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3747
<NET-ASSETS> 85566
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<INTEREST-INCOME> 2551
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<EXPENSES-NET> 328
<NET-INVESTMENT-INCOME> 2223
<REALIZED-GAINS-CURRENT> 137
<APPREC-INCREASE-CURRENT> 1943
<NET-CHANGE-FROM-OPS> 4303
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2222)
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