<PAGE>
THE ARBOR FUND
GOLDEN OAK GROWTH PORTFOLIO
GOLDEN OAK VALUE PORTFOLIO
GOLDEN OAK TAX-MANAGED EQUITY PORTFOLIO
GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO
GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO
GOLDEN OAK PRIME OBLIGATION MONEY MARKET PORTFOLIO
(THE "GOLDEN OAK FAMILY OF FUNDS")
Supplement Dated October 28, 1999
to the Prospectus dated May 31, 1999
This supplement provides new and additional information beyond that contained in
the Prospectus and should be retained and read in conjunction with the
Prospectus.
The following new paragraph is to be added to the "Portfolio Managers" section
on page 21, which is amended and restated to read as follows:
James A. Nawrocki serves as a Portfolio Manager for Citizens Bank. He has
assisted Mr. Wheeler in the management of the Golden Oak Intermediate-Term
Income Portfolio and Mr. Cross in the management of the Golden Oak Michigan
Tax Free Bond Portfolio since October, 1999. Prior to joining Citizens
Bank, Mr. Nawrocki managed fixed income investments for 8 of his 25 years
with Dow Chemical Co. From 1998 to September of 1999, Mr. Nawrocki was a
financial consultant for First of Michigan Corporation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
<PAGE>
THE ARBOR FUND
GOLDEN OAK GROWTH PORTFOLIO
GOLDEN OAK VALUE PORTFOLIO
GOLDEN OAK TAX-MANAGED EQUITY PORTFOLIO
GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO
GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO
GOLDEN OAK PRIME OBLIGATION MONEY MARKET PORTFOLIO
(THE "GOLDEN OAK FAMILY OF FUNDS")
Supplement Dated October 28, 1999
to the Statement of Additional Information dated May 31, 1999
This supplement provides new and additional information beyond that contained in
the Statement of Additional Information and should be retained and read in
conjunction with the Statement of Additional Information.
The first sentence of the fifth paragraph is to be deleted from the "Futures
Contracts and Options" section. The paragraph is amended and restated to read as
follows:
A Portfolio will only sell futures contracts to protect securities it owns
against price declines or purchase contracts to protect against an increase
in the price of securities it intends to purchase. As evidence of this
hedging interest, the Portfolios expect that approximately 75% of their
futures contract purchases will be "completed," that is, equivalent amounts
of related securities will have been purchased by the Portfolios upon sale
of open futures contracts.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
