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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 25, 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 was with Dow Chemical Co. for 25 years. He managed fixed income
investments for 8 years during his career at Dow Chemical Co. and was
responsible for managing Dow's Internal Fixed Income Pooled Account. From 1998
to September of 1999, Mr. Nawrocki was a financial consultant for First of
Michigan Corporation.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
GOK-A-001-09
