<PAGE>
GOLDEN OAK GROWTH PORTFOLIO
GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO
GOLDEN OAK PRIME OBLIGATION MONEY MARKET FUND PORTFOLIO
GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO
GOLDEN OAK VALUE PORTFOLIO
GOLDEN OAK TAX-MANAGED EQUITY PORTFOLIO
GOLDEN OAK SMALL CAP VALUE PORTFOLIO
GOLDEN OAK INTERNATIONAL EQUITY PORTFOLIO
SCHEDULE DATED MAY 31, 2000
TO THE ADMINISTRATION AGREEMENT
DATED JANUARY 28, 1993
AS AMENDED AND RESTATED MAY 17, 1994
BETWEEN
THE ARBOR FUND
AND
SEI INVESTMENTS MUTUAL FUNDS SERVICES (FORMERLY SEI FUND RESOURCES)
Fees: Pursuant to Article 6, Section A, the Trust shall pay the
Administrator compensation for services rendered to the Golden Oak
Growth Portfolio (formerly the Golden Oak Diversified Growth
Portfolio), Golden Oak Michigan Tax Free Bond Portfolio, Golden Oak
Prime Obligation Money Market Fund Portfolio, Golden Oak
Intermediate-Term Income Portfolio, Golden Oak Value Portfolio
(formerly the Golden Oak Growth and Income Portfolio), Golden Oak
Tax-Managed Equity Portfolio, Golden Oak Small Cap Value Portfolio,
and Golden Oak International Equity Portfolio (the "Portfolios") at an
annual rate of .20% of the average daily net assets of each Portfolio.
There is a minimum annual administration fee of $50,000 for each of
the Golden Oak Michigan Tax Free Bond Portfolio, the Golden Oak Value
Portfolio and Golden Oak Small Cap Value Portfolio and any other new
Golden Oak portfolios which the Trust may register.
Term: Pursuant to Article 9, the term of this Agreement shall commence on
May 19, 1997 and shall remain in effect for 5 years ("Initial Term").
This Agreement shall continue in effect for successive periods of 3
years after the Initial Term, unless terminated by either party on not
less than 90 days prior written notice to the other party. In the
event of a material breach of this Agreement by either party, the
non-breaching party shall notify the breaching party in writing of
such breach and upon receipt of such notice, the breaching party shall
have 45 days to remedy the breach or the non-breaching party may
immediately terminate this Agreement.
