SEMI-ANNUAL REPORT
[Logo omitted]
JULY 31, 1999
THE ARBOR FUND
[LOGO Omitted]
Advised by
CITIZENS BANK
<PAGE>
<PAGE>
TABLE OF CONTENTS
Letter to Shareholders ..................................... 2
Statements of Net Assets ................................... 4
Statement of Operations .................................... 21
Statement of Changes in Net Assets ......................... 22
Financial Highlights ....................................... 24
Notes to Financial Statements .............................. 26
<PAGE>
Dear Shareholder:
The past decade has been characterized by an historic technological revolution,
the end of the Cold War, and an increase in world trade. Among the positive
effects in the U.S. have been lower inflation and higher productivity growth
than we've seen for several decades. Our current economic expansion is now eight
years old. The bull market in stocks, which began during the 1990 recession, has
produced some truly outstanding performance, including the S&P 500 Index's
historic string of 20% or better years (1995-1998).
This strong secular trend suggests that the long-term "big picture" continues to
look very favorable for investors, especially those who have the self-discipline
to structure their investments to meet long-term objectives. It must be
recognized, however, that it is very tempting to abandon the long view
(temporarily, of course) and become overly defensive when the short-term outlook
is uncertain or negative. The summer of 1999 is no exception. Current concerns
include:
[bullet] The economy appears to be too "hot". Will this excessive strength
worsen inflation and hurt stock prices?
[bullet] The Federal Reserve has raised short-term interest rates, depressing
bond prices and threatening the market for housing one of the major
areas of support for the economy.
[bullet] The uncertainty surrounding the Year 2000 (Y2K) computer problem
will disrupt the economy and the securities markets. Bond dealers
are already expressing their concern by their reluctance to hold
securities in inventory. This reduces market liquidity and keeps
yields higher than normal when compared to Treasuries.
[bullet] Russia's unstable government and constant rotation of high officials
makes that country a risk to global peace and prosperity. Will there
be another liquidity crisis like last year?
[bullet] The value of the U.S. dollar in world currency markets appears to be
ending a four-year upward trend. The implications for interest
rates and inflation are not favorable.
2
<PAGE>
Although the dynamics of free-market economies will still include recessions and
bear markets, we remain firmly convinced that a long-run view and a diversified
portfolio will continue to reward patient investors.
The Golden Oak Family continues to grow by increasing the number of style
selections. The Tax-Managed Equity Portfolio, which seeks to maximize total
investment return on an after-tax basis, is now available to you.
We also are pleased to announce the introduction of the Golden Oak Small Cap
Value Portfolio on September 1. After an extensive search for a portfolio
manager, assisted by a professional consultant, Systematic Financial Management
was selected. Systematic has very capably provided portfolio management for our
large cap Value Portfolio, and their record in the small cap style is
outstanding.
Thank you for investing in the Golden Oak Family of Funds. We look forward to
serving your investment needs for many years.
Sincerely,
/s/ signature omitted
Dana A. Czmer
Chief Investment Officer
Citizens Bank
3
<PAGE>
STATEMENT OF NET ASSETS GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
GROWTH Value
PORTFOLIO Shares (000)
- ----------------------------------------------------
COMMON STOCKS -- 97.3%
AIRCRAFT -- 4.9%
General Dynamics ............... 16,500 $1,111
United Technologies ............ 23,800 1,587
- ----------------------------------------------------
Total Aircraft 2,698
- ----------------------------------------------------
AUTOMOTIVE -- 0.6%
Ford Motor ..................... 7,000 340
- ----------------------------------------------------
Total Automotive 340
- ----------------------------------------------------
BANKS -- 1.8%
BB&T Corporation ............... 8,400 296
Firstar* ....................... 27,200 709
- ----------------------------------------------------
Total Banks ............ 1,005
- ----------------------------------------------------
BEAUTY PRODUCTS -- 1.9%
Avon Products .................. 6,900 314
Colgate-Palmolive .............. 14,800 731
- ----------------------------------------------------
Total Beauty Products 1,045
- ----------------------------------------------------
BROADCASTING, NEWSPAPERS AND ADVERTISING -- 2.0%
Comcast, Cl A .................. 29,000 1,116
- ----------------------------------------------------
Total Broadcasting, Newspapers
and Advertising 1,116
- ----------------------------------------------------
CHEMICALS -- 1.4%
Avery Dennison ................. 12,200 749
- ----------------------------------------------------
Total Chemicals ........ 749
- ----------------------------------------------------
COMMUNICATIONS EQUIPMENT -- 3.3%
Qualcomm* ...................... 11,600 1,810
- ----------------------------------------------------
Total Communications Equipment 1,810
- ----------------------------------------------------
COMPUTER SOFTWARE -- 7.3%
Computer Associates International 5,800 266
Compuware* ..................... 40,400 1,121
Microsoft* ..................... 30,800 2,643
- ----------------------------------------------------
Total Computer Software 4,030
- ----------------------------------------------------
COMPUTERS & SERVICES -- 4.2%
EMC* ........................... 34,300 2,077
Lexmark International, Cl A* ... 4,500 283
- ----------------------------------------------------
Total Computers & Services 2,360
- ----------------------------------------------------
GROWTH Value
PORTFOLIO (continued) Shares (000)
- ----------------------------------------------------
COMPUTERS/OFFICE AUTOMATION -- 4.1%
Cisco Systems* ................. 28,800 $1,789
Sun Microsystems* .............. 7,100 482
- ----------------------------------------------------
Total Computers/Office Automation 2,271
- ----------------------------------------------------
DRUGS -- 16.7%
Amgen* ......................... 30,400 2,337
Bristol-Myers Squibb ........... 20,600 1,370
Eli Lilly ...................... 8,800 578
Johnson & Johnson .............. 17,800 1,640
Schering Plough ................ 34,100 1,671
Warner Lambert ................. 25,700 1,696
- ----------------------------------------------------
Total Drugs ............ 9,292
- ----------------------------------------------------
ELECTRICAL & ELECTRONIC PRODUCTS -- 5.3%
General Electric ............... 24,700 2,692
Solectron* ..................... 4,000 258
- ----------------------------------------------------
Total Electrical & Electronic Products 2,950
- ----------------------------------------------------
FINANCIAL SERVICES -- 4.9%
Charles Schwab ................. 7,400 326
Fannie Mae ..................... 20,000 1,380
Freddie Mac .................... 17,700 1,016
- ----------------------------------------------------
Total Financial Services 2,722
- ----------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.7%
General Mills .................. 5,900 489
H.J. Heinz ..................... 23,500 1,107
Philip Morris .................. 17,800 663
Quaker Oats .................... 21,300 1,450
- ----------------------------------------------------
Total Food, Beverage & Tobacco 3,709
- ----------------------------------------------------
GLASS PRODUCTS -- 0.6%
Corning ........................ 4,500 315
- ----------------------------------------------------
Total Glass Products ... 315
- ----------------------------------------------------
HEALTH SERVICES -- 0.5%
Wellpoint Health Networks* ..... 3,200 263
- ----------------------------------------------------
Total Health Services .. 263
- ----------------------------------------------------
INSURANCE -- 2.3%
Citigroup ...................... 5,250 234
Jefferson Pilot ................ 10,700 782
United Healthcare .............. 4,700 287
- ----------------------------------------------------
Total Insurance ........ 1,303
- ----------------------------------------------------
The accompanying notes are an integral part of the financial statements.
4
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
GROWTH Value
PORTFOLIO(continued) Shares (000)
- ----------------------------------------------------
MACHINERY -- 0.6%
Applied Materials* ............. 4,600 $ 331
- ----------------------------------------------------
Total Machinery ........ 331
- ----------------------------------------------------
MARINE TRANSPORTATION -- 1.4%
Carnival ....................... 17,300 803
- ----------------------------------------------------
Total Marine Transportation 803
- ----------------------------------------------------
MEDICAL SUPPLIES -- 0.5%
Guidant ........................ 4,500 264
- ----------------------------------------------------
Total Medical Supplies . 264
- ----------------------------------------------------
ONLINE SERVICES -- 2.0%
America Online* ................ 9,200 875
Yahoo!* ........................ 1,600 218
- ----------------------------------------------------
Total Online Services .. 1,093
- ----------------------------------------------------
PAPER & PAPER PRODUCTS -- 1.4%
Kimberly-Clark ................. 12,900 787
- ----------------------------------------------------
Total Paper & Paper Products 787
- ----------------------------------------------------
PETROLEUM & FUEL PRODUCTS -- 1.3%
Phillips Petroleum ............. 14,500 744
- ----------------------------------------------------
Total Petroleum & Fuel Products 744
- ----------------------------------------------------
PRINTING & PUBLISHING -- 0.3%
Amazon.com* .................... 1,700 170
- ----------------------------------------------------
Total Printing & Publishing 170
- ----------------------------------------------------
RAILROADS -- 1.0%
Union Pacific .................. 9,800 532
- ----------------------------------------------------
Total Railroads ........ 532
- ----------------------------------------------------
RETAIL -- 10.4%
Best Buy* ...................... 23,200 1,731
Estee Lauder ................... 13,600 647
Home Depot ..................... 19,000 1,212
Kohl's* ........................ 1,200 91
Lowe's Companies ............... 2,700 142
Wal-Mart Stores ................ 46,100 1,948
- ----------------------------------------------------
Total Retail ........... 5,771
- ----------------------------------------------------
GROWTH Value
PORTFOLIO (continued) Shares (000)
- ----------------------------------------------------
SEMI-CONDUCTORS/INSTRUMENTS-- 2.5%
Texas Instruments .............. 9,700 $ 1,397
- ----------------------------------------------------
Total Semi-Conductors/Instruments 1,397
- ----------------------------------------------------
SOFTWARE -- 0.8%
BMC Software* .................. 2,400 129
Oracle Systems* ................ 7,800 297
- ----------------------------------------------------
Total Software ......... 426
- ----------------------------------------------------
TELECOMMUNICATIONS EQUIPMENT -- 0.3%
Becton Dickinson ............... 1,900 52
Boston Scientific* ............. 2,500 101
- ----------------------------------------------------
Total Telecommunications Equipment 153
- ----------------------------------------------------
TELEPHONES & TELECOMMUNICATION -- 4.8%
BellSouth ...................... 9,800 470
MCI WorldCom* .................. 12,200 1,007
Motorola ....................... 12,900 1,177
- ----------------------------------------------------
Total Telephones & Telecommunication 2,654
- ----------------------------------------------------
TRANSPORTATION SERVICES -- 0.8%
Galileo International* ......... 9,200 471
- ----------------------------------------------------
Total Transportation Services 471
- ----------------------------------------------------
UTILITIES -- 0.7%
Seagate Technology* ............ 15,500 417
- ----------------------------------------------------
Total Utilities ........ 417
- ----------------------------------------------------
Total Common Stocks
(Cost $43,837) ...... 53,991
- ----------------------------------------------------
The accompanying notes are an integral part of the financial statements.
5
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
GROWTH Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
REPURCHASE AGREEMENT -- 1.5%
Morgan Stanley (A)
4.75%, dated 07/30/99, matures
08/02/99, repurchase price
$824,669 (collateralized by
U.S. Treasury Note, market
value $846,409) ............... $825 $ 825
- ----------------------------------------------------
Total Repurchase Agreement
(Cost $825) ............ 825
- ----------------------------------------------------
Total Investments -- 98.8%
(Cost $44,662) ......... 54,816
- ----------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 1.2% 691
- ----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 3,206,353 outstanding
shares of beneficial interest 32,906
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 138,958 outstanding
shares of beneficial interest . 1,936
Net Investment Loss ............... (23)
Accumulated Net Realized Gain on Investments 10,534
Net Unrealized Appreciation on Investments 10,154
- ----------------------------------------------------
Total Net Assets -- 100.0% ........ $55,507
- ----------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Class I .... $16.61
Net Asset Value and Redemption
Price Per Share -- Class A .... $16.30
Maximum Offering Price per Share --
Class A ($16.30 / 94.25%) ... $17.29
- ----------------------------------------------------
* Non-income producing security
Cl -- Class
(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
July 31, 1999 Unaudited
VALUE Value
PORTFOLIO Shares (000)
- ----------------------------------------------------
COMMON STOCKS -- 96.2%
AUTOMOTIVE -- 1.6%
Ford Motor ........................ 6,000 $ 292
General Motors ....................10,000 609
- ----------------------------------------------------
Total Automotive .......... 901
- ----------------------------------------------------
BANKS -- 4.2%
Golden West Financial Corp. ....... 3,100 297
J. P. Morgan ...................... 6,000 767
Mellon Bank .......................20,640 697
SouthTrust ........................15,000 551
- ----------------------------------------------------
Total Banks ............... 2,312
- ----------------------------------------------------
BEAUTY PRODUCTS -- 0.9%
Avon Products .....................10,500 478
- ----------------------------------------------------
Total Beauty Products ..... 478
- ----------------------------------------------------
BROADCASTING, NEWSPAPERS AND ADVERTISING -- 2.9%
Cablevision Systems, Cl A* ........ 7,500 524
Cox Communications* ...............13,000 487
Mediaone Group* ................... 8,500 615
- ----------------------------------------------------
Total Broadcasting, Newspapers
and Advertising ........ 1,626
- ----------------------------------------------------
CHEMICALS -- 2.9%
Dow Chemical ...................... 4,700 583
Praxair ...........................22,500 1,038
- ----------------------------------------------------
Total Chemicals ........... 1,621
- ----------------------------------------------------
COMPUTERS & SERVICES -- 4.4%
International Business Machines ...14,000 1,760
Unisys* ...........................16,300 665
- ----------------------------------------------------
Total Computers & Services 2,425
- ----------------------------------------------------
DRUGS -- 2.4%
Merck & Co. .......................10,000 677
Pharmacia & Upjohn ................12,600 678
- ----------------------------------------------------
Total Drugs ............... 1,355
- ----------------------------------------------------
VALUE Value
PORTFOLIO (continued) Shares (000)
- ----------------------------------------------------
ELECTRICAL UTILITIES -- 8.8%
Energy East .......................22,000 $ 560
FPL Group .........................15,000 809
General Electric .................. 3,400 371
Halliburton .......................40,000 1,845
PG&E Corp .........................28,000 885
Southern Co. ......................15,000 397
- ----------------------------------------------------
Total Electrical Utilities 4,867
- ----------------------------------------------------
FINANCIAL SERVICES -- 6.2%
Bear Stearns ......................21,000 889
Fannie Mae ........................11,830 816
Freddie Mac ....................... 7,000 402
MBNA ..............................17,500 499
Morgan Stanley, Dean Witter, &Co. . 9,500 856
- ----------------------------------------------------
Total Financial Services .. 3,462
- ----------------------------------------------------
HOUSEHOLD PRODUCTS -- 4.0%
Cooper Industries .................20,000 1,097
Maytag ............................16,100 1,121
- ----------------------------------------------------
Total Household Products .. 2,218
- ----------------------------------------------------
INDUSTRIAL -- 2.4%
Tyco International Limited ........13,836 1,352
- ----------------------------------------------------
Total Industrial .......... 1,352
- ----------------------------------------------------
INSURANCE -- 7.8%
AIG ...............................10,000 1,161
Citigroup .........................27,000 1,203
Equitable .........................10,000 642
Marsh & McLennan ..................10,500 798
MGIC Investment ...................10,800 533
- ----------------------------------------------------
Total Insurance ........... 4,337
- ----------------------------------------------------
LUMBER & WOOD PRODUCTS -- 1.2%
Georgia-Pacific ...................15,000 674
- ----------------------------------------------------
Total Lumber & Wood Products 674
- ----------------------------------------------------
The accompanying notes are an integral part of the financial statements.
7
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
VALUE Value
PORTFOLIO (continued) Shares (000)
- ----------------------------------------------------
MACHINERY -- 1.9%
Ingersoll-Rand ....................16,000 $1,029
- ----------------------------------------------------
Total Machinery 1,029
- ----------------------------------------------------
INSTRUMENTS/CONTROLS -- 1.3%
Honeywell ......................... 6,000 719
- ----------------------------------------------------
Total Instruments/Controls 719
- ----------------------------------------------------
MEDICAL PRODUCTS & SERVICES -- 2.6%
Bausch & Lomb .....................20,000 1,436
- ----------------------------------------------------
Total Medical Products & Services 1,436
- ----------------------------------------------------
MISCELLANEOUS BUSINESS SERVICES -- 5.8%
BMC Software* .....................20,000 1,077
First Data Corp ...................12,800 634
NCR Corp* .........................15,600 731
Teradyne ..........................10,000 746
- ----------------------------------------------------
Total Miscellaneous Business Services 3,188
- ----------------------------------------------------
PAPER & PAPER PRODUCTS -- 2.1%
Smurfit-Stone Container* ..........51,600 1,155
- ----------------------------------------------------
Total Paper & Paper Products 1,155
- ----------------------------------------------------
PETROLEUM REFINING -- 8.0%
Atlantic Richfield ................13,000 1,171
Chevron ........................... 5,200 474
Exxon .............................10,000 794
Mobil .............................14,000 1,431
Texaco ............................ 9,000 561
- ----------------------------------------------------
Total Petroleum Refining .. 4,431
- ----------------------------------------------------
PRINTING & PUBLISHING -- 1.0%
Knight-Ridder .....................10,000 536
- ----------------------------------------------------
Total Printing & Publishing 536
- ----------------------------------------------------
RAILROADS -- 0.9%
Union Pacific ..................... 9,400 511
- ----------------------------------------------------
Total Railroads ........... 511
- ----------------------------------------------------
VALUE Value
PORTFOLIO (continued) Shares (000)
- ----------------------------------------------------
RETAIL -- 2.1%
Best Buy Company .................. 7,000 $ 522
Circuit City Stores ............... 4,000 189
Safeway* .......................... 8,800 474
- ----------------------------------------------------
Total Retail .............. 1,185
- ----------------------------------------------------
SEMI-CONDUCTORS/INSTRUMENTS-- 6.5%
Intel .............................15,000 1,035
LSI Logic* ........................25,000 1,258
Texas Instruments ................. 9,000 1,296
- ----------------------------------------------------
Total Semi-Conductors/Instruments 3,589
- ----------------------------------------------------
STEEL & STEEL WORKS -- 2.2%
Alcoa .............................20,000 1,197
- ----------------------------------------------------
Total Steel & Steel Works . 1,197
- ----------------------------------------------------
TELEPHONES & TELECOMMUNICATION -- 10.3%
AT&T ..............................12,000 623
Alltel ............................19,500 1,400
Ameritech ......................... 7,000 513
MCI WorldCom ......................11,400 941
Telephone & Data Systems ..........10,000 744
Telefonos DE Mexico SA ADR ........ 7,500 566
US West ...........................16,060 920
- ----------------------------------------------------
Total Telephones & Telecommunication 5,707
- ----------------------------------------------------
TRANSPORTATION SERVICES -- 1.8%
Galileo International* ............20,000 1,024
- ----------------------------------------------------
Total Transportation Services 1,024
- ----------------------------------------------------
Total Common Stocks
(Cost $39,657) ......... 53,335
- ----------------------------------------------------
The accompanying notes are an integral part of the financial statements.
8
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
VALUE Amount Value
PORTFOLIO (concluded) (000) (000)
- ----------------------------------------------------
REPURCHASE AGREEMENT -- 1.1%
Morgan Stanley (A)
4.75%, dated 07/30/99, matures
08/02/99, repurchase price
$628,169 (collateralized by
U.S. Treasury Note, market
value $644,729) .................$628 $ 628
- ----------------------------------------------------
Total Repurchase Agreement
(Cost $628) 628
- ----------------------------------------------------
Total Investments -- 97.3%
(Cost $40,285) 53,963
- ----------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 2.7% 1,490
- ----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 5,315,347 outstanding
shares of beneficial interest 37,763
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 194,514 outstanding
shares of beneficial interest 1,760
Undistributed Net Investment Income 2
Accumulated Net Realized Gain on Investments 2,250
Net Unrealized Appreciation on Investments 13,678
- ----------------------------------------------------
Total Net Assets -- 100.0% $55,453
- ----------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Class I $10.07
Net Asset Value and Redemption
Price Per Share -- Class A $10.03
Maximum Offering Price Per Share --
Class A ($10.03 / 94.25%) $10.64
- ----------------------------------------------------
* Non-income producing security
(A) -- Tri-Party Repurchase Agreement
ADR -- American Depository Receipt
Cl -- Class
The accompanying notes are an integral part of the financial statements.
9
<PAGE>
STATEMENT OF NET ASSETS(continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
TAX-MANAGED EQUITY Value
PORTFOLIO Shares (000)
- -----------------------------------------------------
COMMON STOCKS -- 96.9%
AEROSPACE/DEFENSE -- 4.2%
United Technologies 28,000 $1,867
- ----------------------------------------------------
Total Aerospace/Defense 1,867
- ----------------------------------------------------
BANKS -- 4.7%
First Union 29,400 1,352
Old National Bancorp 24,750 713
- ----------------------------------------------------
Total Banks 2,065
- ----------------------------------------------------
CHEMICALS -- 2.0%
Air Products & Chemicals 25,888 866
- ----------------------------------------------------
Total Chemicals 866
- ----------------------------------------------------
COMPUTER SOFTWARE -- 11.4%
Microsoft* 58,400 5,011
- ----------------------------------------------------
Total Computer Software 5,011
- ----------------------------------------------------
DRUGS -- 5.1%
Abbott Laboratories 52,200 2,241
- ----------------------------------------------------
Total Drugs 2,241
- ----------------------------------------------------
ELECTRICAL & ELECTRONIC PRODUCTS -- 8.8%
General Electric 35,400 3,859
- ----------------------------------------------------
Total Electrical & Electronic Products 3,859
- ----------------------------------------------------
ENTERTAINMENT -- 2.8%
Walt Disney 45,000 1,243
- ----------------------------------------------------
Total Entertainment 1,243
- ----------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 10.2%
IBP 57,550 1,406
McDonald's 42,000 1,751
Philip Morris 35,100 1,307
- ----------------------------------------------------
Total Food, Beverage & Tobacco 4,464
- ----------------------------------------------------
INSURANCE -- 7.3%
AFLAC 29,200 1,354
Cincinnati Financial 49,611 1,867
- ----------------------------------------------------
Total Insurance 3,221
- ----------------------------------------------------
MACHINERY -- 1.4%
Caterpillar 10,799 633
- ----------------------------------------------------
Total Machinery 633
- ----------------------------------------------------
TAX-MANAGED EQUITY Value
PORTFOLIO(continued) Shares (000)
- ----------------------------------------------------
MEDICAL INSTRUMENTS -- 4.0%
Medtronic 24,375 $ 1,757
- ----------------------------------------------------
Total Medical Instruments 1,757
- ----------------------------------------------------
PAPER & PAPER PRODUCTS -- 4.0%
Kimberly-Clark 28,600 1,745
- ----------------------------------------------------
Total Paper & Paper Products 1,745
- ----------------------------------------------------
PETROLEUM REFINING -- 3.3%
BP Amoco PLC, ADR 12,626 1,463
- ----------------------------------------------------
Total Petroleum Refining 1,463
- ----------------------------------------------------
PRINTING & PUBLISHING -- 4.7%
Gannett 28,400 2,052
- ----------------------------------------------------
Total Printing & Publishing 2,052
- ----------------------------------------------------
RETAIL -- 4.0%
Best Buy* 9,650 720
May Department Stores 26,400 1,021
- ----------------------------------------------------
Total Retail 1,741
- ----------------------------------------------------
SEMI-CONDUCTORS/INSTRUMENTS -- 9.0%
Intel 57,200 3,947
- ----------------------------------------------------
Total Semi-Conductors/Instruments 3,947
- ----------------------------------------------------
TELEPHONES & TELECOMMUNICATION -- 10.0%
GTE 18,100 1,334
MCI WorldCom* 37,193 3,068
- ----------------------------------------------------
Total Telephones & Telecommunication 4,402
- ----------------------------------------------------
Total Common Stocks
(Cost $11,082) 42,578
- ----------------------------------------------------
CASH EQUIVALENTS -- 3.1%
SEI Daily Income Trust Money
Market Portfolio 1,048,877 1,049
SEI Institutional Tax-Free
Portfolio 301,590 301
- ----------------------------------------------------
Total Cash Equivalents
(Cost $1,350) 1,350
- ----------------------------------------------------
Total Investments -- 100.0%
(Cost $12,432) 43,928
- ----------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 0.0% --
- ----------------------------------------------------
The accompanying notes are an integral part of the financial statements.
10
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
VALUE Amount Value
PORTFOLIO (concluded) (000) (000)
- ----------------------------------------------------
TAX-MANAGED EQUITY Value
PORTFOLIO(concluded) (000)
- ----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 4,392,653 outstanding
shares of beneficial interest $12,218
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 22,128 outstanding
shares of beneficial interest 226
Distributions in Excess of Net Investment Income (12)
Net Unrealized Appreciation on Investments 31,496
- ----------------------------------------------------
Total Net Assets -- 100.0% $43,928
- ----------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Class I $9.95
Net Asset Value, Offering and Redemption
Price Per Share -- Class A $9.94
Maximum Offering Price per Share --
Class A ($9.94 / 94.25%) $10.55
- ----------------------------------------------------
Amounts designated as "--" are either $0 or have been rounded to $0.
* Non-income producing security
ADR -- American Depository Receipt
The accompanying notes are an integral part of the financial statements.
11
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO (000) (000)
- ----------------------------------------------------
CORPORATE OBLIGATIONS -- 33.3%
AIRLINES -- 0.6%
US Airways
6.760%, 04/15/08 ............ $ 919 $ 861
- -----------------------------------------------------
Total Airlines .......... 861
- ----------------------------------------------------
AUTOMOTIVE -- 1.7%
Delphi Auto Systems
6.500%, 05/01/09 ............ 3,000 2,797
- ----------------------------------------------------
Total Automotive ........ 2,797
- ----------------------------------------------------
BANKS -- 3.9%
MBNA, MTN (A)
5.505%, 06/17/02 ............ 3,700 3,676
National City Bank
5.750%, 02/01/09 ............ 3,000 2,692
- ----------------------------------------------------
Total Banks ............. 6,368
- ----------------------------------------------------
FINANCIAL SERVICES -- 7.4%
Associates Corporation of North America
8.550%, 07/15/09 ............ 2,000 2,167
BHP Finance
8.500%, 12/01/12 ............ 3,917 4,196
Boeing Capital, MTN
7.250%, 02/01/11 ............ 1,000 1,011
Chrysler Financial
13.250%, 10/15/99 ........... 1,000 1,015
Merrill Lynch
6.000%, 02/17/09 ............ 4,000 3,635
- ----------------------------------------------------
Total Financial Services 12,024
- ----------------------------------------------------
HOUSEHOLD PRODUCTS -- 0.6%
Hubbell
6.625%, 10/01/05 ............ 1,000 996
- ----------------------------------------------------
Total Household Products 996
- ----------------------------------------------------
INDUSTRIAL -- 12.6%
Case
7.250%, 08/01/05 ............ 2,000 1,957
Cooper Industries, MTN
6.375%, 05/08/08 ............ 2,000 1,915
Hertz
7.000%, 05/01/02 ............ 2,800 2,824
Philip Morris
7.000%, 07/15/05 ............ 1,500 1,474
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
RR Donnelley & Sons
6.700%, 07/05/05 ............ $1,000 $ 1,000
Supervalu, MTN
6.640%, 06/09/06 ............ 3,000 2,899
TRW
7.370%, 04/18/07 ............ 4,500 4,477
Unocal
6.500%, 05/01/08 ............ 2,000 1,888
WMX Technologies
7.000%, 05/15/05 ............ 2,000 1,985
- ----------------------------------------------------
Total Industrial ........ 20,419
- ----------------------------------------------------
RAILROADS -- 1.8%
CSX
6.400%, 06/15/09 ............ 2,000 1,903
Union Pacific
6.125%, 01/15/04 ............ 1,000 964
- ----------------------------------------------------
Total Railroads ......... 2,867
- ----------------------------------------------------
RETAIL -- 2.4%
Albertson's
6.950%, 08/01/09 ............ 4,000 3,950
- ----------------------------------------------------
Total Retail ............ 3,950
- ----------------------------------------------------
TELEPHONES & TELECOMMUNICATION -- 2.3%
Cable & Wireless Communications
6.750%, 03/06/08 ............ 1,000 965
US West Capital Funding
6.375%, 07/15/08 ............ 3,000 2,813
- ----------------------------------------------------
Total Telephones & Telecommunication 3,778
- ----------------------------------------------------
Total Corporate Obligations
(Cost $56,362) ....... 54,060
- ----------------------------------------------------
U.S. AGENCY MORTGAGE-BACKED OBLIGATIONS -- 19.7%
FHLB
5.740%, 02/25/05 ............ 3,500 3,390
FHLMC Ser 2085 Cl Pc
6.250%, 10/15/23 ............ 5,000 4,800
FHLMC, CMO, Ser 2043, Cl C
9.000%, 01/15/25 ............ 2,886 3,048
FHLMC, Ser 2012, Cl B
6.900%, 04/15/26 ............ 4,093 4,090
FHLMC, Ser 2064, Cl Pm
6.250%, 10/15/22 ............ 4,000 3,853
The accompanying notes are an integral part of the financial statements.
12
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
FHLMC, Ser 2130, Cl Zg
5.500%, 03/15/29 ............ $ 346 $ 323
FNMA
6.390%, 08/01/13 ............ 5,389 5,182
7.040%, 08/01/15 ............ 1,397 1,394
6.460%, 12/01/28 ............ 3,111 2,954
FNMA, MTN
6.580%, 05/14/08 ............ 3,000 2,888
FNMA, REMIC, Ser 1993-M1, Cl A
7.420%, 04/25/20 ............ 62 63
- ----------------------------------------------------
Total U.S. Agency Mortgage-
Backed Obligations
(Cost $32,998) ....... 31,985
- ----------------------------------------------------
U.S. TREASURY OBLIGATIONS -- 34.2%
U.S. Treasury Bonds
7.500%, 11/15/16 ............ 14,500 16,175
6.250%, 08/15/23 ............ 2,000 1,984
5.250%, 11/15/28 ............ 6,000 5,237
U.S. Treasury Notes
7.750%, 02/15/01 ............ 3,375 3,483
6.250%, 04/30/01 ............ 1,000 1,011
7.500%, 05/15/02 ............ 2,700 2,819
6.375%, 08/15/02 ............ 10,000 10,155
7.875%, 11/15/04 ............ 3,600 3,904
6.625%, 05/15/07 ............ 1,000 1,033
6.125%, 08/15/07 ............ 2,500 2,505
4.750%, 11/15/08 ............ 8,000 7,290
- ----------------------------------------------------
Total U.S. Treasury Obligations
(Cost $57,395) 55,596
- ----------------------------------------------------
ASSET-BACKED SECURITIES -- 4.5%
Countrywide Home Loans,
Ser 1999-3 Cl A5
6.500%, 04/25/29 ............ 956 918
Residential Assistance Securities Trust,
Ser 1998-A4, Cl A5
6.750%, 05/25/28 ............ 5,000 4,612
Residential Funding Mortgage Security,
CMO, Ser 99-13, A11
6.500%, 05/25/29 ............ 1,869 1,801
- ----------------------------------------------------
Total Asset-Backed Securities
(Cost $7,710) ........ 7,331
- ----------------------------------------------------
Face
INTERMEDIATE-TERM INCOME Amount Value
PORTFOLIO(concluded) ........... (000) (000)
- ---------------------------------------------------
REPURCHASE AGREEMENT -- 6.9%
Morgan Stanley (B)
4.95%, dated 07/30/99, matures
08/02/99, repurchase price
$11,197,196 (collateralized
by U.S. Treasury Instruments,
market value $11,508,028) ... $11,196 $ 11,196
- ----------------------------------------------------
Total Repurchase Agreement
(Cost $11,196) ............... 11,196
- ----------------------------------------------------
Total Investments -- 98.5%
(Cost $165,661) .............. 160,168
- ----------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 1.5% 2,371
- ----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 16,387,916 outstanding
shares of beneficial interest ....... 163,262
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 478,562 outstanding
shares of beneficial interest ....... 4,839
Undistributed Net Investment Income ..... 2
Accumulated Net Realized Loss on Investments (71)
Net Unrealized Depreciation on Investments (5,493)
- ----------------------------------------------------
Total Net Assets -- 100.0% .............. $162,539
- ----------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Class I .......... $9.64
Net Asset Value and Redemption
Price Per Share -- Class A .......... $9.63
Maximum Offering Price per Share --
Class A ( $9.63 / 95.5% ) ........... $10.08
- ----------------------------------------------------
(A) Variable Rate Security. The rate shown is the rate
in effect as of July 31, 1999.
(B) Tri-Party Repurchase Agreement
Cl -- Class
CMO -- Collateralized Mortgage Obligation
FHLB -- Federal Home Loan Bank
FHLMC -- Federal Home Loan Mortgage Corporation
FNMA -- Federal National Mortgage Association
MTN -- Medium Term Note
REMIC -- Real Estate Mortgage Investment Conduit
Ser -- Series
The accompanying notes are an integral part of the financial statements.
13
<PAGE>
STATEMENT OF NET ASSETS(continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO (000) (000)
- ----------------------------------------------------
MUNICIPAL BONDS -- 94.9%
MICHIGAN -- 94.9%
Alpena County, GO, AMBAC
5.450%, 06/01/01 $ 250 $ 256
Anchor Bay, School District, GO, MBIA
6.000%, 05/01/03 870 919
Ann Arbor, Water Supply System, RB, MBIA
7.375%, 02/01/02 1,000 1,072
Auburn Hills, Finance Authority,
Tax Allocation, RB, Ser A
7.000%, 05/01/00 300 302
Avondale, School District, GO
6.600%, 05/01/05 200 209
6.700%, 05/01/06 200 209
Big Rapids, Public School District, GO, FGIC
7.300%, 05/01/05 250 284
Bishop Int'l Airport Authority
5.125%, 12/01/17 1,500 1,404
Calhoun County, GO, AMBAC
4.950%, 07/01/03 1,000 1,021
Central Michigan State University, RB, FGIC
5.200%, 10/01/09 860 890
Cheboygan, School District, GO, MBIA
6.000%, 05/02/02 260 272
Chippewa Valley, School District, GO,
Pre-refunded @ 101.50, FGIC (A)
6.200%, 05/01/01 250 262
Clarkston, Community Schools, GO,
Pre-refunded @ 101, FGIC
5.800%, 05/01/05 1,000 1,072
Clinton County, Building Authority, GO,
Macomb County Project, Ser A,
Pre-refunded @ 102, AMBAC (A)
6.400%, 11/01/01 250 267
De Witt, Public Schools, GO, AMBAC
6.000%, 05/01/03 935 988
De Witt, Public Schools, GO,
Pre-refunded @ 101.50 (A)
6.600%, 05/01/01 300 317
Dearborn, Municipal Building Authority,
GO, AMBAC
7.000%, 06/01/01 300 315
7.000%, 06/01/02 475 509
7.000%, 06/01/03 505 552
Detroit, Distributable State Aid,
GO, AMBAC
5.000%, 05/01/05 200 204
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
Detroit, GO, Pre-refunded @ 102 (A)
8.000%, 04/01/01 $1,000 $1,081
Detroit, GO, Refunding Bond, AMBAC
5.250%, 05/01/08 1,000 1,022
Detroit, School District, GO,
Pre-refunded @ 102
6.250%, 05/01/01 850 897
Detroit, Water Supply System, RB, FGIC
6.250%, 07/01/07 500 526
Detroit, Water Supply System, Second
Lien, RB, Ser A, MBIA
5.100%, 07/01/07 500 511
East Lansing, Refunded Bond, GO, Ser B
4.850%, 10/01/07 315 315
Farmington Public School District, GO
4.000%, 05/01/09 1,100 1,022
Ferris State University, RB,
Pre-refunded @ 101, AMBAC (A)
5.400%, 04/01/07 675 710
Flat Rock, Community School District,
GO, MBIA
7.750%, 05/01/04 675 769
Flint, Refunding Bond, GO, MBIA
6.000%, 11/01/03 1,040 1,106
Grand Rapids, Building Authority, RB
5.375%, 04/01/07 200 207
Grand Rapids, Downtown Development
Authority, RB, MBIA
6.600%, 06/01/08 200 219
Grand Rapids, Water Supply, RB, FGIC,
Escrowed to Maturity
6.400%, 01/01/05 1,000 1,046
Grand Valley, Michigan State University,
RB, MBIA
4.300%, 10/01/01 200 201
Haslett, Public School District, GO, MBIA
6.000%, 05/01/02 310 324
6.000%, 05/01/03 310 327
Howell, Public Schools, GO, FGIC
5.000%, 05/01/08 1,000 1,010
Ingham County, Proctor Drain System
Project, GO
7.100%, 02/01/01 180 185
Iron Mountain, Finance Authority, GO, AMBAC
5.000%, 05/01/05 250 256
Jenison Public Schools, GO, FGIC
5.250%, 05/01/11 1,575 1,599
The accompanying notes are an integral part of the financial statements.
14
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
Johannesburg-Lewiston, Area Schools,
GO, AMBAC
6.750%, 05/01/02 ............. $ 280 $ 298
6.750%, 05/01/03 ............. 320 346
6.000%, 05/01/04 ............. 365 389
Kalamazoo, City School District, GO, FGIC
4.550%, 05/01/01 ............. 1,000 1,006
Kalamazoo, Hospital Finance Authority,
Borgess Medical Center, Ser A,
RB, AMBAC
5.000%, 06/01/04 ............. 1,000 1,022
Kalamazoo, Water Supply System
Project, RB
6.000%, 09/01/07 ............. 425 447
Kent County, Building Authority, GO
5.000%, 12/01/06 ............. 500 514
5.100%, 12/01/07 ............. 500 514
Kent, Hospital Authority, RB, Mary Free
Bed Project, Ser A
6.250%, 04/01/03 ............. 250 259
Kentwood, Public School System, GO
5.900%, 05/01/04 ............. 380 401
Kentwood, Public School System, GO,
Pre-refunded @ 102 (A)
5.900%, 05/01/02 ............. 370 392
Lansing, Building Authority, GO,
Escrowed to Maturity
7.100%, 06/01/02 ............. 100 107
Lansing, Finance Authority, GO
6.100%, 10/01/03 ............. 250 267
Lincoln, School District, GO, Escrowed to
Maturity, Pre-refunded @ 102, FGIC
5.750%, 05/01/04 ............. 785 843
Lincoln, School District, GO, Escrowed to
Maturity, FGIC
5.750%, 05/01/09 ............. 115 121
Livonia, Municipal Building Authority, RB
5.750%, 06/01/04 ............. 250 262
Livonia, Public School District, GO
5.450%, 05/01/01 ............. 200 204
Livonia, Water Supply & Wastewater
System, RB, AMBAC
5.200%, 11/01/09 ............. 1,000 1,008
Montague, Public School District, GO, FSA
5.125%, 05/01/06 ............. 300 309
5.125%, 05/01/08 ............. 300 305
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
Northville, Public Schools, GO, FGIC
5.000%, 05/01/10 ............. $ 500 $ 499
Oak Park, GO, ABMAC
5.200%, 05/01/06 ............. 250 257
Oakland County, Acacia Park Drain
District, GO, MBIA
8.000%, 10/01/00 ............. 110 115
Oakland County, Birmingham Drain
District, GO, Ser C
7.500%, 10/01/00 ............. 325 338
7.500%, 10/01/01 ............. 325 347
Oakland County, Bloomfield Drain
District, GO, Ser C
7.500%, 10/01/00 ............. 300 312
7.500%, 10/01/01 ............. 275 294
Oakland County, Caddell Drain
District, GO
6.300%, 11/01/99 ............. 100 101
Oakland County, Economic Development
Authority, Cranbrook Elderly
Community Project, RB
6.375%, 11/01/14 ............. 1,000 1,089
Pewamo, Westphalia School District,
GO, FGIC
5.000%, 05/01/06 ............. 275 281
Plymouth-Canton County, Michigan
Credit Support, FGIC
4.500%, 05/01/12 ............. 1,100 1,023
Plymouth-Canton, Community School
District GO, Ser B
6.250%, 05/01/02 ............. 1,400 1,463
6.350%, 05/01/03 ............. 300 314
Plymouth-Canton, Community School
District GO, Ser C
5.900%, 05/01/02 ............. 250 261
6.200%, 05/01/05 ............. 250 267
Pontiac, Building Authority, GO,
Pre-refunded @ 101, AMBAC, (A)
6.875%, 04/01/01 ............. 200 211
Portage Public Schools, GO, FSA
4.350%, 05/01/11 ............. 500 464
4.450%, 05/01/12 ............. 500 463
Redford Township, GO, AMBAC
6.750%, 04/01/06 ............. 200 215
Riverview, Community School District, GO,
Pre-refunded @ 101.50, FGIC (A)
6.400%, 05/01/02 ............. 250 268
The accompanying notes are an integral part of the financial statements.
15
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
Rochester Hills, GO, Refunding Bond
5.500%, 11/01/06 ............ $ 250 $ 258
5.500%, 11/01/07 ............ 250 257
Rochester, Community School District,
GO, MBIA
5.500%, 05/01/06 ............ 1,000 1,050
Romeo, Community School District, GO,
Pre-refunded @ 101 (A)
6.900%, 05/01/00 ............ 100 103
Royal Oak, City School District, GO,
Pre-refunded @ 101.50 (A)
6.500%, 05/01/01 ............ 230 242
Royal Oak, Hospital Finance Authority, RB,
Pre-refunded @ 100 (A)
7.750%, 01/01/00 ............ 120 122
Saline, Building Authority, GO, AMBAC
7.000%, 07/01/05 ............ 100 106
South Lyon, School District, GO
6.500%, 05/01/05 ............ 350 369
State Building Authority, Ferris State
University, Ser 1, GO,
Pre-refunded @ 101.50 (A)
6.750%, 10/01/00 ............ 250 262
State Building Authority, RB, AMBAC
6.750%, 10/01/07 ............ 245 263
State Building Authority, Ser B, RB
5.000%, 04/01/01 ............ 500 506
State Building Authority, Ser I, RB
6.400%, 10/01/04 ............ 650 689
6.500%, 10/01/05 ............ 500 530
4.750%, 10/15/18 ............ 1,100 1,000
State Building Authority, Ser I, RB, AMBAC
6.000%, 10/01/02 ............ 300 315
5.500%, 10/01/07 ............ 1,000 1,050
State Building Authority, Ser II, RB
6.000%, 10/01/00 ............ 100 102
6.500%, 10/01/05 ............ 120 127
State Building Authority, Ser II, RB, AMBAC
6.250%, 10/01/04 ............ 300 319
State Building Authority, Ser II, RB, FSA
6.200%, 10/01/02 ............ 250 265
State Financial Assurance Authority,
Underground Storade Tank, Ser I,
RB, AMBAC
5.000%, 05/01/01 ............ 1,000 1,015
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
State Higher Education Facilities Authority,
Thomas M. Cooley College Project, RB
4.500%, 05/01/04 ............ $ 750 $ 740
State Hospital Authority, Detroit
Medical Center, Ser A, RB
7.100%, 08/15/01 ............ 165 169
State Hospital Authority, Henry
Ford Health Center, Ser A, RB
5.100%, 11/15/07 ............ 600 602
State Hospital Authority,
Oakwood Hospital Group, RB,
Pre-refunded @ 102, FGIC (A)
7.000%, 07/01/00 ............ 500 525
State Hospital Finance Authority,
Botsford Group, Ser A, RB, MBIA
4.400%, 02/15/04 ............ 1,000 996
State Hospital Finance Authority,
Detroit Medical Center Project, RB
6.250%, 08/15/13 ............ 675 672
State Hospital Finance Authority,
Detroit Medical Group, Ser A,
RB, AMBAC
5.000%, 08/15/05 ............ 2,180 2,226
State Hospital Finance Authority,
McLaren Group, Ser A, RB
5.000%, 10/15/04 ............ 1,000 1,011
5.200%, 10/15/06 ............ 750 758
State Hospital Finance Authority,
McLaren Group, Ser A, RB,
Escrowed to Maturity
7.200%, 09/15/00 ............ 200 208
State Hospital Finance Authority,
MidMichigan Group, Ser A, RB, FSA
5.500%, 06/01/08 ............ 1,400 1,463
State Hospital Finance Authority,
Sisters of Mercy Project,
RB, MBIA
4.900%, 08/15/05 ............ 1,000 1,021
State Hospital Finance Authority, Sparrow
Group, RB, MBIA
5.200%, 11/15/07 ............ 480 493
5.300%, 11/15/08 ............ 450 465
5.400%, 11/15/09 ............ 450 466
State Hospital Finance Authority,
St. John Hospital & Medical
Center, RB, AMBAC
5.000%, 05/15/04 ............ 750 767
State Hospital Finance Authority,
St. John Hospital, Ser A,
RB, AMBAC
5.650%, 05/15/03 ............ 300 313
The accompanying notes are an integral part of the financial statements.
16
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
State Housing Development Authority,
Greenwood Villa Project, RB, FSA
6.500%, 09/15/07 .......... $ 160 $ 170
State Municipal Bond Authority,
Revolving Fund, RB
5.500%, 10/01/06 .......... 810 852
5.150%, 10/01/08 .......... 1,000 1,018
State Municipal Bond Authority,
Revolving Fund, Ser A, RB
6.000%, 10/01/02 .......... 1,000 1,050
State Municipal Bond Authority,
Ser A, RB
6.500%, 05/01/07 .......... 250 269
State Power Supply System,
RB, MBIA
5.800%, 11/01/05 .......... 400 427
State Public Power Agency,
Belle River
Project, Ser A, RB
5.400%, 01/01/01 .......... 250 254
5.200%, 01/01/04 .......... 300 309
State Public Power Agency, Campbell
Project, Ser A, RB, AMBAC
5.000%, 01/01/03 .......... 500 510
5.500%, 01/01/06 .......... 500 523
State Roseville School District,
GO, FSA
4.450%, 05/01/06 .......... 1,500 1,485
State Sisters Mercy Health System,
RB, FSA
5.700%, 02/15/01 .......... 250 256
State Strategic Fund, Ford Motor
Project, Ser A, RB
7.100%, 02/01/06 .......... 350 395
State Strategic Fund, NSF Internal
Project, Ser A, RB
5.400%, 08/01/10 .......... 1,105 1,111
5.500%, 08/01/11 .......... 1,065 1,072
State Trunk Line, Ser A, RB
5.625%, 10/01/03 .......... 500 524
State Trunk Line, Ser B-2, RB
5.750%, 10/01/04 .......... 350 369
State University, Ser A, RB,
Pre-refunded @ 101 (A)
6.125%, 08/15/02 .......... 1,250 1,328
State Washtenaw County Community
College, Ser A, GO
4.350%, 04/01/05 .......... 1,375 1,361
Traverse City, Area Public Schools,
Ser I, GO, MBIA
7.250%, 05/01/05 .......... 950 1,077
Face
MICHIGAN TAX FREE BOND Amount Value
PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
Traverse City, Area Public Schools,
Ser I, GO, Pre-refunded @ 101.50 (A)
7.000%, 05/01/01 .......... $ 100 $ 106
Traverse City, Area Public Schools,
Ser II, GO, Pre-refunded @ 101.50 (A)
7.000%, 05/01/01 .......... 200 212
Troy, City School District, GO
4.750%, 05/01/08 .......... 1,000 995
Troy, City School District, GO,
Pre-refunded @ 101.5 (A)
6.000%, 05/01/01 .......... 250 262
University of Michigan, Hospital
Revenue, Ser A, RB
5.800%, 12/01/05 .......... 400 419
University of Michigan, Major
Capital Projects, Ser B, RB
5.300%, 04/01/05 .......... 250 260
Utica, Community Schools, GO
5.375%, 05/01/02 .......... 200 206
5.750%, 05/01/07 .......... 500 527
Walled Lake, School District,
GO, MBIA
5.500%, 05/01/02 .......... 500 516
Walled Lake, School District,
Ser II, GO,
Pre-refunded @ 102 (A)
7.100%, 05/01/00 .......... 100 105
Warren Woods, Public School System,
Pre-refunded @ 100.50 (A)
7.200%, 06/01/00 .......... 100 103
Warren, Building Authority, RB,
Pre-refunded @ 102, FSA (A)
8.750%, 11/01/00 .......... 100 108
Washtenaw, Community College,
Ser A, GO
4.900%, 04/01/06 .......... 1,200 1,218
Waterford Township, School
District, GO
4.850%, 06/01/10 .......... 1,450 1,426
Wayne County, Airport Authority,
Detroit Metro Airport Project,
Ser A, RB, MBIA
6.400%, 12/01/01 .......... 200 210
Wayne County, Building Authority,
Capital Improvements, Ser A,
GO, MBIA
5.625%, 06/01/04 .......... 1,000 1,051
Wixon County, Public Improvements,
GO, AMBAC
4.750%, 05/01/11 .......... 1,000 966
Wyandotte, Building Authority, RB,
Escrowed to Maturity
7.000%, 01/01/03 .......... 100 101
The accompanying notes are an integral part of the financial statements.
17
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
MICHIGAN TAX FREE BOND Amount (000)/ Value
PORTFOLIO(continued) Shares (000)
- ----------------------------------------------------
Wyandotte, Electric Authority, RB, MBIA
6.250%, 10/01/08 $1,700 $ 1,864
Wyandotte, Finance Authority,
Tax Allocation, RB, MBIA
6.100%, 06/01/02 500 524
- -----------------------------------------------------
Total Michigan 89,637
- -----------------------------------------------------
Total Municipal Bonds
(Cost $88,157) 89,637
- -----------------------------------------------------
CASH EQUIVALENT -- 3.9%
SEI Institutional Tax-Free
Portfolio 3,645,647 3,646
- -----------------------------------------------------
Total Cash Equivalent
(Cost $3,646) 3,646
- -----------------------------------------------------
Total Investments -- 98.8%
(Cost $91,803) 93,283
- ----------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 1.2% 1,166
- -----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 9,410,069 outstanding
shares of beneficial interest 92,412
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 60,350 outstanding
shares of beneficial interest 608
Distributions in Excess of Net Investment
Income (56)
Accumulated Net Realized Gain on Investments 5
Net Unrealized Appreciation on Investments 1,480
- ----------------------------------------------------
Total Net Assets -- 100.0% $94,449
- ----------------------------------------------------
MICHIGAN TAX FREE BOND Value
PORTFOLIO(concluded) (000)
- ----------------------------------------------------
Net Asset Value, Offering and Redemption
Price Per Share -- Class I $9.97
Net Asset Value and Redemption
Price Per Share -- Class A $9.97
Maximum Offering Price per Share --
Class A ( $9.97 / 95.5% ) $10.44
- ----------------------------------------------------
(A) Pre-refunded Security. The pre-refunded date is shown as the maturity date
on the Statement of Net Assets.
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Financial Guaranty Insurance Company
FSA -- Financial Security Assurance
GO -- General Obligation Bond
MBIA -- Municipal Bond Insurance Association
RB -- Revenue Bond
Ser -- Series
The accompanying notes are an integral part of the financial statements.
18
<PAGE>
STATEMENT OF NET ASSETS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
PRIME OBLIGATION MONEY Amount Value
MARKET PORTFOLIO (000) (000)
- ----------------------------------------------------
COMMERCIAL PAPER -- 41.8%
BEAUTY PRODUCTS -- 3.4%
Cosmair
5.224%, 08/06/99 $4,000 $ 3,997
- ----------------------------------------------------
Total Beauty Products 3,997
- ----------------------------------------------------
ELECTRICAL UTILITIES -- 3.3%
Idacorp
5.316%, 08/06/99 3,917 3,914
- ----------------------------------------------------
Total Electrical Utilities 3,914
- ----------------------------------------------------
FINANCIAL SERVICES -- 17.1%
Ciesco
5.262%, 08/24/99 2,500 2,492
Corporate Asset (A)
5.310%, 10/14/99 3,000 3,000
Centric Capital
5.288%, 09/27/99 2,833 2,810
Bear Stearns Companies
5.221%, 08/09/99 4,000 3,996
Govt Dev Bank of PR
5.195%, 08/10/99 4,000 3,995
Pitney Bowes Credit
5.224%, 08/02/99 4,000 3,999
- ----------------------------------------------------
Total Financial Services 20,292
- ----------------------------------------------------
GAS/NATURAL GAS -- 2.5%
National Fuel Gas
5.201%, 08/03/99 3,000 2,999
- ----------------------------------------------------
Total Gas/Natural Gas 2,999
- ----------------------------------------------------
HOUSEHOLD PRODUCTS -- 3.8%
PPG Industries
5.275%, 08/02/99 4,500 4,499
- ----------------------------------------------------
Total Household Products 4,499
- ----------------------------------------------------
INSURANCE -- 3.3%
Aon
5.290%, 08/20/99 4,000 3,989
- ----------------------------------------------------
Total Insurance 3,989
- ----------------------------------------------------
PETROLEUM REFINING -- 3.4%
Fina Oil & Chemical
5.244%, 08/02/99 4,000 3,999
- ----------------------------------------------------
Total Petroleum Refining 3,999
- ----------------------------------------------------
Face
PRIME OBLIGATION MONEY Amount Value
MARKET PORTFOLIO(continued) (000) (000)
- ---------------------------------------------------
RETAIL -- 3.3%
Albertson's (A)
5.161%, 08/16/99 $4,000 $ 3,998
- ----------------------------------------------------
Total Retail 3,998
- ----------------------------------------------------
TELEPHONES & TELECOMMUNICATION -- 1.7%
GTE
5.140%, 08/03/99 2,000 2,000
- ----------------------------------------------------
Total Telephones & Telecommunication 2,000
- ----------------------------------------------------
Total Commercial Paper
(Cost $49,687) 49,687
- ----------------------------------------------------
YANKEE COMMERCIAL PAPER -- 2.5%
Greyhawk Funding
5.275%, 08/02/99 3,000 3,000
- ----------------------------------------------------
Total Yankee Commercial Paper
(Cost $3,000) 3,000
- ----------------------------------------------------
FLOATING RATE INSTRUMENTS -- 5.1%
Monumental Life (A)
5.100%, 09/01/99 3,000 3,000
Travelers Insurance (A)
5.129%, 09/01/99 3,000 3,000
- ----------------------------------------------------
Total Floating Rate Instruments
(Cost $6,000) 6,000
- ----------------------------------------------------
YANKEE CERTIFICATES OF DEPOSIT -- 22.1%
Bank Austria AG
5.685%, 08/03/99 3,200 3,200
Bank of Scotland
5.725%, 07/03/00 2,500 2,499
Banque Nationale de Paris
5.230%, 03/10/00 4,000 4,001
Bayerische Hypoveren
5.010%, 02/07/00 5,000 4,999
National Bank of Canada
5.170%, 04/10/00 2,000 2,000
Royal Bank of Canada
5.120%, 03/21/00 3,000 2,999
Toronto Dominion NY
5.050%, 02/14/00 4,000 3,999
UBS AG
5.760%, 07/05/00 2,500 2,499
- ----------------------------------------------------
Total Yankee Certificates of Deposit
(Cost $26,196) 26,196
- ----------------------------------------------------
The accompanying notes are an integral part of the financial statements.
19
<PAGE>
STATEMENT OF NET ASSETS (concluded) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
Face
PRIME OBLIGATION MONEY Amount Value
MARKET PORTFOLIO(continued) (000) (000)
- ----------------------------------------------------
CORPORATE BONDS -- 6.3%
AT&T
5.270%, 07/13/00 ........... $ 3,000 $ 2,999
National Rural MTN (A)
5.178%, 09/27/99 ........... 2,500 2,499
Unum MTN (A)
5.135%, 06/19/00 ........... 2,000 1,999
- ----------------------------------------------------
Total Corporate Bonds
(Cost $7,497) ....... 7,497
- ----------------------------------------------------
REPURCHASE AGREEMENTS -- 22.0%
Lehman (B)
5.070%, dated 07/30/99, matures
08/02/99, repurchase price $864,117
(collateralized by FNMA, market
value $867,792) ............ 861 861
Lehman (B)
5.100%, dated 07/30/99, matures
08/02/99, repurchase price $7,447,574
(collateralized by FNMA, market
value $7,482,706) .......... 7,333 7,333
J.P. Morgan (B)
5.125%, dated, 07/30/99, matures
08/02/99, repurchase price $18,007,688
(collateralized by GNMA, market
value $18,259,492) ......... 18,000 18,000
- ----------------------------------------------------
Total Repurchase Agreements
(Cost $26,194) 26,194
- ----------------------------------------------------
Total Investments -- 99.8%
(Cost $118,574) ..... 118,574
- ----------------------------------------------------
OTHER ASSETS AND LIABILITIES, NET -- 0.2% 221
- ----------------------------------------------------
NET ASSETS:
Portfolio Shares of Class I (unlimited
authorization -- no par value)
based on 112,288,566 outstanding
shares of beneficial interest 112,289
Portfolio Shares of Class A (unlimited
authorization -- no par value)
based on 6,518,404 outstanding
shares of beneficial interest 6,518
Accumulated Net Realized Loss
on Investments (12)
- ----------------------------------------------------
Total Net Assets -- 100.0% ..... $118,795
- ----------------------------------------------------
PRIME OBLIGATION MONEY Value
MARKET PORTFOLIO(concluded) (000)
- ----------------------------------------------------
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
- ---------------------------------------------------
FNMA -- Federal National Mortgage Association
GNMA -- Government National Mortgage Association
MTN -- Medium Term Note
(A) Variable Rate Security. The rate reported in the Statement
of Net Assets is the rate in effect on July 31, 1999.
(B) Tri-Party Repurchase Agreement
The accompanying notes are an integral part of the financial statements.
20
<PAGE>
STATEMENT OF OPERATIONS (000) GOLDEN OAK FAMILY OF FUNDS
For the Six Months Ended July 31, 1999 (except where noted) Unaudited
<TABLE>
<CAPTION>
MICHIGAN PRIME
TAX-MANAGED INTERMEDIATE-TERM TAX FREE OBLIGATION
GROWTH VALUE EQUITY INCOME BOND MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO (2) PORTFOLIO PORTFOLIO PORTFOLIO
- --------------------------------------------------------------------------------------------------------------
Investment Income:
<S> <C> <C> <C> <C> <C> <C>
Dividend Income ............. $ 224 $ 349 $ 121 $ -- $ -- $ --
Interest Income ............. 36 28 15 4,869 2,133 3,307
- --------------------------------------------------------------------------------------------------------------
Total Investment Income ... 260 377 136 4,869 2,133 3,307
- --------------------------------------------------------------------------------------------------------------
Expenses:
Investment Advisory Fees .... 90 77 37 389 226 49
Less: Waiver of Investment
Advisory Fees ............. -- -- (5) (112) (74) (133)
Investment Sub-Advisory
Fees ...................... 105 116 43 -- -- 147
Administration Fees ......... 53 53 22 156 91 131
Transfer Agent Fees ......... 15 15 7 21 17 20
Custodian Fees .............. 2 2 1 7 4 7
Professional Fees ........... 7 7 3 20 12 18
Registration Fees ........... 2 3 6 7 4 6
Distribution Fees(1) ........ 3 2 -- 1 -- 7
Amortization of Deferred
Organizational Costs ...... -- 3 -- -- 3 --
Trustee Fees ................ 2 2 1 5 3 5
Printing Expenses ........... 3 3 3 9 5 8
Other Expenses .............. 1 6 1 4 3 4
- --------------------------------------------------------------------------------------------------------------
Total Expenses, Net of Waivers 283 289 119 510 294 269
- --------------------------------------------------------------------------------------------------------------
Net Investment
Income (Loss) ............... (23) 88 17 4,359 1,839 3,038
- --------------------------------------------------------------------------------------------------------------
Net Realized Gain (Loss)
on Securities Sold ........ 7,678 1,646 -- (71) 5 1
Net Change in Unrealized
Appreciation (Depreciation)
on Investments .......... (6,072) 3,336 (244) (10,616) (3,147) --
- --------------------------------------------------------------------------------------------------------------
Net Realized and Unrealized Gain
(Loss) on Investments 1,606 4,982 (244) (10,687) (3,142) 1
- --------------------------------------------------------------------------------------------------------------
Net Increase (Decrease)
in Net Assets Resulting
From Operations ........... $1,583 $5,070 $ (227) $(6,328) $(1,303) $3,039
==============================================================================================================
Amounts designated as "--" are either $0 or have been rounded to $0.
<FN>
(1) All distribution fees are incurred in the Class A Shares
(2) Golden Oak Tax-Managed Equity Portfolio commenced operations May 3,1999.
The accompanying notes are an integral part of the financial statements.
</FN>
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
For the Period Ended July 31, 1999 (Unaudited) and the Year Ended January 31, 1999 GOLDEN OAK FAMILY OF FUNDS
GROWTH VALUE
PORTFOLIO PORTFOLIO
------------------------ -------------------------
2/1/99 TO 2/1/98 TO 2/1/99 TO 2/1/98 TO
7/31/99 1/31/99 7/31/99 1/31/99
- -------------------------------------------------------------------------------------------------------------
Investment Operations:
<S> <C> <C> <C> <C>
Net Investment Income (Loss) ................... $ (23) $ 40 $ 88 $ 165
Net Realized Gain (Loss) on Securities Sold .... 7,678 7,576 1,646 3,121
Net Change in Unrealized Appreciation (Depreciation)
on Investments ................................ (6,072) 10,187 3,336 1,759
- ------------------------------------------------------------------------------------------------------------
Net Increase (Decrease) in Net Assets Resulting from
Investment Operations .......................... 1,583 17,803 5,070 5,045
- ------------------------------------------------------------------------------------------------------------
Distributions:
Net Investment Income
Class I ...................................... -- (46) (91) (181)
Class A ...................................... -- -- (1) (1)
Realized Net Gains
Class I ...................................... -- (6,701) -- (4,673)
Class A ...................................... -- (165) -- (82)
- ------------------------------------------------------------------------------------------------------------
Total Distributions .............................. -- (6,912) (92) (4,937)
- ------------------------------------------------------------------------------------------------------------
Capital Share Transactions:
Class I:
Proceeds from Shares Issued .................... 8,034 22,070 6,699 21,407
Value from Shares Issued in Connection with Acquisition
of Common Trust Fund Assets (See note 8) ...... -- -- -- --
Reinvestment of Cash Distributions ............. -- 2 -- 13
Cost of Shares Redeemed ........................ (5,816) (19,480) (4,509) (5,916)
- ------------------------------------------------------------------------------------------------------------
Total Class I Share Transactions ................. 2,218 2,592 2,190 15,504
- ------------------------------------------------------------------------------------------------------------
Class A:
Proceeds from Shares Issued .................... 941 1,986 990 937
Reinvestment of Cash Distributions ............. -- 165 1 82
Cost of Shares Redeemed ........................ (272) (1,144) (290) (20)
- ------------------------------------------------------------------------------------------------------------
Total Class A Share Transactions ................. 669 1,007 701 999
- ------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Net Assets From Capital Share
Transactions .................................. 2,887 3,599 2,891 16,503
- ------------------------------------------------------------------------------------------------------------
Total Increase (Decrease) in Net Assets .......... 4,470 14,490 7,869 16,611
- ------------------------------------------------------------------------------------------------------------
Net Assets:
Beginning of Period ............................ 51,037 36,547 47,584 30,973
End of Period .................................. $55,507 $51,037 $55,453 $47,584
============================================================================================================
Shares Issued and Redeemed
Class I:
Shares Issued .................................. 494 1,523 704 2,364
Shares Issued in Connection with Acquisition of Common
Trust Fund Assets (See note 8) ................ -- -- -- --
Shares Issued in Lieu of Cash Distributions .... -- 1 -- 1
Shares Redeemed ................................ (350) (1,323) (457) (612)
- ------------------------------------------------------------------------------------------------------------
Total Class I Share Transactions ................. 144 201 247 1,753
- ------------------------------------------------------------------------------------------------------------
Class A:
Shares Issued .................................. 59 144 103 106
Shares Issued in Lieu of Cash Distributions .... -- 13 -- 10
Shares Redeemed ................................ (17) (85) (29) (2)
- ------------------------------------------------------------------------------------------------------------
Total Class A Share Transactions ................. 42 72 74 114
- ------------------------------------------------------------------------------------------------------------
Increase (Decrease) in Capital Shares ............ 186 273 321 1,867
============================================================================================================
Amounts designated as "--" are either $0 or have been rounded to $0.
<FN>
(1) Golden Oak Tax-Managed Equity Portfolio commenced operations May 3,1999.
</FN>
The accompanying notes are an integral part of the financial statements.
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
STATEMENT OF CHANGES IN NET ASSETS (000)
For the Period Ended July 31, 1999 (Unaudited) and the Year Ended January 31, 1999 GOLDEN OAK FAMILY OF FUNDS
TAX-MANAGED INTERMEDIATE-TERM MICHIGAN PRIME OBLIGATION
EQUITY INCOME TAX FREE BOND MONEY MARKET
PORTFOLIO(1) PORTFOLIO PORTFOLIO PORTFOLIO
------------ ------------------------- ------------------------ -----------------------
5/3/99 TO 2/1/99 TO 2/1/98 TO 2/1/99 TO 2/1/98 TO 2/1/99 TO 2/1/98 TO
7/31/99 7/31/99 1/31/99 7/31/99 1/31/99 7/31/99 1/31/99
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 17 $ 4,359 $ 7,213 $ 1,839 $ 3,825 $ 3,038 $ 7,136
-- (71) 1,046 5 57 1 (3)
(244) (10,616) 2,764 (3,147) 880 -- --
- ---------------------------------------------------------------------------------------------------------------------
(227) (6,328) 11,023 (1,303) 4,762 3,039 7,133
- ---------------------------------------------------------------------------------------------------------------------
(29) (4,265) (7,176) (1,889) (3,820) (2,913) (6,809)
-- (92) (36) (6) (5) (126) (327)
-- -- (84) -- (60) -- --
-- -- (1) -- -- -- --
- ---------------------------------------------------------------------------------------------------------------------
(29) (4,357) (7,297) (1,895) (3,885) (3,039) (7,136)
- ---------------------------------------------------------------------------------------------------------------------
333 31,992 43,585 14,086 25,629 107,322 238,749
45,238 -- -- -- -- -- --
-- -- 3 -- 1 36 6
(1,613) (11,769) (25,078) (7,167) (21,945) (148,729) (213,080)
- ------------------------------------------------------------------------------------------------------------------------
43,958 20,223 18,510 6,919 3,685 (41,371) 25,675
- ---------------------------------------------------------------------------------------------------------------------
226 2,821 2,168 405 276 8,045 16,403
-- 96 27 6 5 123 323
-- (256) (91) (27) (65) (8,176) (16,582)
- ---------------------------------------------------------------------------------------------------------------------
226 2,661 2,104 384 216 (8) 144
- ---------------------------------------------------------------------------------------------------------------------
44,184 22,884 20,614 3,703 3,901 (41,379) 25,819
- ---------------------------------------------------------------------------------------------------------------------
43,956 12,198 24,340 4,105 4,778 (41,379) 25,816
- ---------------------------------------------------------------------------------------------------------------------
-- 150,340 126,000 90,344 85,566 160,174 134,358
- ---------------------------------------------------------------------------------------------------------------------
$43,928 $162,539 $150,340 $94,449 $90,344 $118,795 $160,174
=====================================================================================================================
33 3,216 4,282 2,515 2,515 107,322 238,749
4,524 -- -- -- -- -- --
-- -- -- -- -- 36 6
(164) (1,188) (2,460) (2,148) (2,148) (148,729) (213,080)
- ---------------------------------------------------------------------------------------------------------------------
4,393 2,028 1,822 367 367 (41,371) 25,675
- ---------------------------------------------------------------------------------------------------------------------
22 284 211 27 27 8,045 16,403
-- 10 3 -- -- 123 323
-- (26) (9) (6) (6) (8,176) (16,582)
- ---------------------------------------------------------------------------------------------------------------------
22 268 205 21 21 (8) 144
- ---------------------------------------------------------------------------------------------------------------------
4,415 2,296 2,027 388 388 (41,379) 25,819
=====================================================================================================================
</TABLE>
23
<PAGE>
FINANCIAL HIGHLIGHTS
For a Share Outstanding Throughout the Period
For the Periods Ended July 31, 1999 (Unaudited) and the Years Ended January 31
<TABLE>
<CAPTION>
NET REALIZED DISTRIBUTIONS NET NET
ASSET AND -------------------- ASSET ASSETS RATIO OF
VALUE NET UNREALIZED NET NET VALUE END EXPENSES
BEGINNING INVESTMENT GAIN (LOSS) INVESTMENT REALIZED END TOTAL OF PERIOD TO AVERAGE
OF PERIOD INCOME ON INVESTMENTS INCOME GAIN OF PERIOD RETURN+ (000) NET ASSETS
- -----------------------------------------------------------------------------------------------------------------------------
GROWTH PORTFOLIO CLASS I
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999* $16.16 $ (0.01) $ 0.46 $ -- $ -- $16.61 2.78% $ 53,242 1.07%
1999 12.66 0.02 5.88 (0.02) (2.38) 16.16 51.98 49,497 1.08
1998 12.66 -- 3.12 -- (3.12) 12.66 25.85 36,240 1.07
1997 10.26 -- 2.44 (0.01) (0.03) 12.66 23.79 32,973 1.10
1996 10.00 0.07 1.74 (0.07) (1.48) 10.26 18.81 24,775 1.10
1995 10.82 0.08 (0.64) (0.08) (0.18) 10.00 (5.24) 32,931 1.10
GROWTH PORTFOLIO CLASS A
1999* $15.89 $ (0.01) $ 0.42 $ -- $ -- $16.30 2.58% $ 2,265 1.32%
1999 12.51 0.02 5.74 -- (2.38) 15.89 51.45 1,540 1.33
1998 12.57 (0.01) 3.07 -- (3.12) 12.51 25.56 307 1.32
1997 10.20 (0.03) 2.43 -- (0.03) 12.57 23.56 226 1.35
1996 9.96 0.04 1.72 (0.04) (1.48) 10.20 18.43 193 1.35
1995 10.81 0.05 (0.67) (0.05) (0.18) 9.96 (5.76) 125 1.35
VALUE PORTFOLIO CLASS I
1999* $ 9.17 $ 0.02 $ 0.90 $(0.02) $ -- $10.07 10.01% $ 53,503 1.10%
1999 9.33 0.04 0.90 (0.04) (1.06) 9.17 12.63 46,484 1.10
1998(1) 10.00 0.04 0.86 (0.04) (1.53) 9.33 9.15 30,922 1.10
VALUE PORTFOLIO CLASS A
1999* $ 9.14 $ 0.01 $ 0.89 $(0.01) $ -- $10.03 9.82% $ 1,950 1.35%
1999 9.32 0.03 0.87 (0.02) (1.06) 9.14 12.19 1,100 1.35
1998(1) 10.00 0.02 0.86 (0.03) (1.53) 9.32 8.97 51 1.35
TAX-MANAGED EQUITY PORTFOLIO CLASS I
1999(2) $10.00 $ -- $(0.05) $ -- $ -- $ 9.95 (0.44)% $ 43,70 81.10%
TAX-MANAGED EQUITY PORTFOLIO CLASS A
1999(2) $10.00 $ -- $(0.06) $ -- $ -- $ 9.94 (0.54)% $ 220 1.35%
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS I
1999* $10.32 $ 0.32 $(0.68) $(0.32) $ -- $ 9.64 (3.95)% $157,929 0.65%
1999 10.04 0.60 0.29 (0.60) (0.01) 10.32 8.60 148,165 0.65
1998 9.83 0.56 0.21 (0.56) -- 10.04 8.07 125,936 0.65
1997 10.15 0.54 (0.32) (0.54) -- 9.83 2.31 116,689 0.65
1996 9.52 0.56 0.63 (0.56) -- 10.15 12.83 104,270 0.65
1995 10.19 0.50 (0.67) (0.50) -- 9.52 (1.61) 80,064 0.65
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS A
1999* $10.31 $ 0.31 $(0.68) $(0.31) $ -- $ 9.63 (4.07)% $ 4,609 0.90%
1999 10.04 0.57 0.28 (0.57) (0.01) 10.31 8.23 2,175 0.90
1998 9.83 0.53 0.21 (0.53) -- 10.04 7.78 64 0.90
1997 10.15 0.52 (0.32) (0.52) -- 9.83 2.05 84 0.90
1996 9.52 0.54 0.63 (0.54) -- 10.15 12.54 210 0.90
1995 10.19 0.48 (0.67) (0.48) -- 9.52 (1.85) 314 0.90
MICHIGAN TAX FREE BOND PORTFOLIO CLASS I
1999* $10.33 $ 0.24 $(0.36) $(0.24) $ -- $ 9.97 (1.46)% $ 93,847 0.65%
1999 10.24 0.48 0.10 (0.48) (0.01) 10.33 5.40 90,115 0.65
1998(1) 10.00 0.27 0.26 (0.27) (0.02) 10.24 5.35 85,556 0.65*
MICHIGAN TAX FREE BOND PORTFOLIO CLASS A
1999* $10.33 $ 0.23 $(0.36) $(0.23) $ -- $ 9.97 (1.57)% $ 602 0.90%
1999 10.24 0.46 0.10 (0.46) (0.01) 10.33 5.17 229 0.90
1998(1) 10.00 0.27 0.26 (0.27) (0.02) 10.24 5.31 10 0.90
==============================================================================================================================
</TABLE>
RATIO OF RATIO OF
RATIO OF EXPENSES NET INCOME
NET TO AVERAGE TO AVERAGE
INCOME NET ASSETS NET ASSETS PORTFOLIO
TO AVERAGE (EXCLUDING (EXCLUDING TURNOVER
NET ASSETS WAIVERS) WAIVERS) RATE
- ---------------------------------------------------------------------------
GROWTH PORTFOLIO CLASS I
1999* (0.08)% 1.07% (0.08)% 45.09%
1999 0.10 1.08 0.10 70.60
1998 0.03 1.07 0.03 131.54
1997 0.04 1.11 0.03 130.69
1996 0.62 1.17 0.55 189.48
1995 0.74 1.24 0.60 84.00
GROWTH PORTFOLIO CLASS A
1999* (0.34)% 1.32% (0.34)% 45.09%
1999 (0.21) 1.33 (0.21) 70.60
1998 (0.21) 1.32 (0.21) 131.54
1997 (0.20) 1.36 (0.21) 130.69
1996 0.30 1.42 0.23 189.48
1995 0.49 1.49 0.35 84.00
VALUE PORTFOLIO
1999* 0.35% 1.10% 0.35% 52.07%
1999 0.44 1.17 0.37 172.09
1998(1) 0.72 1.28 0.54 90.97
VALUE PORTFOLIO CLASS A
1999* 0.06% 1.35% 0.06% 52.07%
1999 0.20 1.42 0.13 172.09
1998(1) 0.31 1.53 0.13 90.97
TAX-MANAGED EQUITY PORTFOLIO CLASS I
1999(2) 0.15% 1.14% 0.11% --%
TAX-MANAGED EQUITY PORTFOLIO CLASS A
1999(2) (0.45)% 1.39% (0.49)% --%
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS I
1999* 5.61% 0.80% 5.46% 13.29%
1999 5.46 0.80 5.31 76.46
1998 5.66 0.80 5.51 60.78
1997 5.48 0.80 5.33 34.67
1996 5.68 0.84 5.49 121.47
1995 5.21 0.86 5.00 141.51
INTERMEDIATE-TERM INCOME PORTFOLIO CLASS A
1999* 5.40% 1.05% 5.25% 13.29%
1999 5.15 1.05 5.00 76.46
1998 5.40 1.05 5.25 60.78
1997 5.20 1.05 5.05 34.67
1996 5.49 1.09 5.30 121.47
1995 4.96 1.11 4.75 141.51
MICHIGAN TAX FREE BOND PORTFOLIO CLASS I
1999* 4.07% 0.81% 3.91% 0.35%
1999 4.32 0.81 4.16 6.55
1998(1) 4.41* 0.82 4.24 9.77
MICHIGAN TAX FREE BOND PORTFOLIO CLASS A
1999* 3.82% 1.06% 3.66% 0.35%
1999 4.07 1.06 3.91 6.55
1998(1) 4.15 1.07 3.98 9.77
======================================================================
Amounts designated as "--" are either $0 or have been rounded to $0.
* For the six months ended July 31, 1999 (Unaudited). All ratios for the
period have been annualized. Total returns are for the period indicated and
have not been annualized.
+ Total return does not reflect the sales charge on Class A shares.
(1) Golden Oak Value &Michigan Tax Free Bond Portfolios commenced operations on
June 23, 1997. All ratios for the period have been annualized. Total returns
are for the period indicated and have not been annualized.
(2) Golden Oak Tax-Managed Equity Portfolio commenced operations on May 3, 1999.
All ratios for the period have been annualized. Total returns are for the
period indicated and have not been annualized.
The accompanying notes are an integral part of the financial statements.
24
<PAGE>
<TABLE>
<CAPTION>
GOLDEN OAK FAMILY OF FUNDS
NET REALIZED DISTRIBUTIONS NET NET
ASSET AND -------------------- ASSET ASSETS RATIO OF
VALUE NET UNREALIZED NET NET VALUE END EXPENSES
BEGINNING INVESTMENT GAIN (LOSS) INVESTMENT REALIZED END TOTAL OF PERIOD TO AVERAGE
OF PERIOD INCOME ON INVESTMENTS INCOME GAIN OF PERIOD RETURN+ (000) NET ASSETS
- -----------------------------------------------------------------------------------------------------------------------------
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS I
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1999* $ 1.00 $0.03 $ -- $(0.03) $ -- $ 1.00 2.33% $112,277 0.40%
1999 1.00 0.06 -- (0.06) -- 1.00 5.30 153,649 0.40
1998 1.00 0.05 -- (0.05) -- 1.00 5.41 127,977 0.40
1997 1.00 0.05 -- (0.05) -- 1.00 5.21 94,508 0.40
1996 1.00 0.06 -- (0.06) -- 1.00 5.74 107,409 0.40
1995 1.00 0.04 -- (0.04) -- 1.00 4.21 109,076 0.40
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS A
1999* $ 1.00 $0.03 $ -- $(0.03) $ -- $ 1.00 2.21% $ 6,518 0.65%
1999 1.00 0.05 -- (0.05) -- 1.00 5.03 6,525 0.65
1998 1.00 0.05 -- (0.05) -- 1.00 5.15 6,381 0.65
1997 1.00 0.05 -- (0.05) -- 1.00 4.95 71,686 0.65
1996 1.00 0.05 -- (0.05) -- 1.00 5.47 75,293 0.65
1995 1.00 0.04 -- (0.04) -- 1.00 3.95 21,018 0.65
===============================================================================================================================
</TABLE>
RATIO OF RATIO OF
RATIO OF EXPENSES NET INCOME
NET TO AVERAGE TO AVERAGE
INCOME NET ASSETS NET ASSETS
TO AVERAGE (EXCLUDING (EXCLUDING
NET ASSETS WAIVERS) WAIVERS)
- --------------------------------------------------------------------------------
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS I
1999* 4.66% 0.60% 4.46%
1999 5.17 0.60 4.97
1998 5.29 0.59 5.10
1997 5.08 0.68 4.80
1996 5.60 0.70 5.30
1995 4.20 0.68 3.92
PRIME OBLIGATION MONEY MARKET PORTFOLIO CLASS A
1999* 4.41% 0.85% 4.21%
1999 4.92 0.85 4.72
1998 4.99 0.84 4.80
1997 4.83 0.93 4.55
1996 5.31 0.95 5.01
1995 3.95 0.93 3.67
================================================================================
Amounts designated as "--" are either $0 or have been rounded to $0.
* For the six months ended July 31, 1999 (Unaudited). All ratios for the period
have been annualized. Total returns are for the period indicated and have not
been annualized.
The accompanying notes are an integral part of the financial statements.
25
<PAGE>
NOTES TO FINANCIAL STATEMENTS GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 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 Investments Mutual Funds Services (the "Administrator")
on October 9, 1992. SEI Investments Management Corporation ("SEI Investments"),
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, Golden Oak Tax-Managed Equity
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"). 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. The financial statements have
been prepared in accordance with generally accepted accounting principles which
require the use of management's estimates. Actual results could differ from
these estimates.
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. 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 has been made 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.
26
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
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 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.
DISTRIBUTIONS -- 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 $50,000 for each of
the Golden Oak Value Portfolio, Golden Oak Tax-Managed Equity Portfolio, and the
Golden Oak Michigan Tax Free Bond Portfolio.
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 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 and
Tax-Managed Equity Portfolios, .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
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31,1999 Unaudited
daily net assets of the Money Market Portfolio. The Adviser has voluntarily
agreed to waive a portion of its fees in order to limit operating expenses of
the Class I and Class A shares (exclusive of distribution expenses) to not more
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 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 and Tax-Managed Equity Portfolios 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 Portfolios.
Systematic Financial Management, L.P. serves as the investment sub-adviser for
the Value Portfolio pursuant to sub-advisory agreements dated June 23, 1997, and
May 28, 1998 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. These costs include legal fees of approximately $14,400 for
organizational work performed by a law firm of which two officers of the Trust
and a trustee of the Trust are partners.
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.
The Trust has paid legal fees to a law firm of which two officers of the Trust
and a trustee of the Trust are partners.
The Golden Oak Growth, Value, and Intermediate-Term Income Portfolios have
entered into agreements with SEI Investments to manage the investments of
repurchase agreements for the Portfolios. For its services, SEIInvestments
received $2,962 for the six months ended July 31, 1999.
28
<PAGE>
NOTES TO FINANCIAL STATEMENTS (continued) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
6. Investment Transactions:
The cost of security purchases and the proceeds from the sale of securities,
other than short-term investments during the period ended July 31, 1999, were as
follows:
INTER-
TAX- MEDIATE- MICHIGAN
MANAGED TERM TAX FREE
GROWTH VALUE EQUITY INCOME BOND
(000) (000) (000) (000) (000)
- ---------------------------------------------------------
Purchases:
U.S. Gov't$ -- $ -- $ -- $ 23,692 $ --
Other 27,793 28,216 -- 21,494 5,143
Sales:
U.S. Gov't $ -- $ -- $ -- $ 3,388 $ --
Other 23,177 26,421 -- 15,518 305
At July 31, 1999, 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 July 31,
1999 for the Equity and Bond Portfolios are as follows:
INTER-
TAX- MEDIATE- MICHIGAN
MANAGED TERM TAX FREE
GROWTH VALUE EQUITY INCOME BOND
(000) (000) (000) (000) (000)
- ----------------------------------------------------------
Aggregate
Gross
Unrealized
Appreciation $11,297 $14,187 $31,611 $ 469 $1,947
Aggregate
Gross
Unrealized
Depreciation (1,143) (509) (115) (5,962) (467)
------- ------- ------- ------- ------
Net Unrealized
Appreciation/
(Depreciation)$10,154 $13,678 $31,496 $(5,493) $1,480
======= ======= ======= ======= ======
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.
The Golden Oak Michigan Tax Free Bond Portfolio invests in debt instruments of
municipal issuers. The issuers' ability to meet their obligations may be
affected by economic developments in a specific state or region. The Golden Oak
Michigan Tax Free Bond invests primarily in obligations located in Michigan.
29
<PAGE>
NOTES TO FINANCIAL STATEMENTS (concluded) GOLDEN OAK FAMILY OF FUNDS
July 31, 1999 Unaudited
8. Common Trust Fund Conversion:
On April 30, 1999, the Citizens Bank -- Jackson Common Equity Fund was converted
into Tax-Managed Equity Portfolio.
The assets which consisted of securities and related receivables, were converted
on a tax-free basis. The number of shares issued for the fund and the net assets
(including unrealized appreciation) of the fund immediately before the
conversion was as follows:
NET UNREALIZED GOLDEN OAK
ASSETS APPRECIATION SHARES ISSUED
- --------------------------------------------------------------------------------
$45,237,878 $31,740,085 4,523,788
30
<PAGE>
NOTES
<PAGE>
NOTES
<PAGE>
THE GOLDEN OAK FAMILY OF FUNDS
GROWTH PORTFOLIO
VALUE PORTFOLIO
TAX-MANAGED EQUITY PORTFOLIO
INTERMEDIATE-TERM INCOME PORTFOLIO
MICHIGAN TAX FREE BOND PORTFOLIO
PRIME OBLIGATION MONEYMARKET PORTFOLIO
INVESTMENT ADVISER
Citizens Bank
328 S. Saginaw Street
Flint, Michigan 48502
DISTRIBUTOR
SEI Investments Distribution Co.
One Freedom Valley Drive
Oaks, Pennsylvania 19456
TO OBTAIN MORE INFORMATION:
BY TELEPHONE: Call 1-800-545-6331
BY MAIL: Write to us
Golden Oak Family of Funds
c/o The Arbor Fund
P.O. Box 219947
Kansas City, Missouri 64121-9749
GOK-F-002-04
