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June 30, 1999
KPMG LLP
99 High Street
Boston, MA 02110-2371
RE: Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
Ladies and Gentlemen:
We, as members of management of Money Market Portfolio, Tax-Free Money Market
Portfolio, U.S. Government Money Market Portfolio, U.S. Treasury Money Market
Portfolio, Short-Term Treasury Portfolio, Short-Term Bond Portfolio, Maryland
Tax-Free Portfolio, Pennsylvania Tax-Free Portfolio, Income Portfolio,
Intermediate Fixed Income Portfolio, U.S. Government Bond Portfolio, Balanced
Portfolio, Equity Income Portfolio, Value Equity Portfolio, Equity Index
Portfolio, Blue Chip Equity Portfolio, Capital Growth Portfolio, Mid-Cap Equity
Portfolio, and International Equity Selection Portfolio, portfolios of ARK Funds
(the "Portfolios"), are responsible for complying with the requirements of
subsections (b) and (c) of Rule 17f-2, "Custody of Investments by Registered
Management Investment Companies," of the Investment Company Act of 1940. We are
also responsible for establishing and maintaining effective internal controls
over compliance with those requirements. We have performed an evaluation of the
Portfolios' compliance with the requirements of subsections (b) and (c) of Rule
17f-2 as of April 30, 1999 and for the period from March 31, 1999 (date of your
last examination) through April 30, 1999.
Based on this evaluation, we assert that the Portfolios were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of April 30, 1999 and for the period from March 31, 1999
to April 30, 1999 with respect to securities reflected in the investment
accounts of Money Market Portfolio, Tax-Free Money Market Portfolio, U.S.
Government Money Market Portfolio, U.S. Treasury Money Market Portfolio,
Short-Term Treasury Portfolio, Short-Term Bond Portfolio, Maryland Tax-Free
Portfolio, Pennsylvania Tax-Free Portfolio, Income Portfolio, Intermediate Fixed
Income Portfolio, U.S. Government Bond Portfolio, Balanced Portfolio, Equity
Income Portfolio, Value Equity Portfolio, Equity Index Portfolio, Blue Chip
Equity Portfolio, Capital Growth Portfolio, Mid-Cap Equity Portfolio, and
International Equity Selection Portfolio, portfolios of ARK Funds
Sincerely,
/s/ Betty Lou Almeida
Vice President
AllFirst Trust Company
<PAGE>
Independent Auditors' Report
The Board of Trustees
ARK Funds
and Securities and Exchange Commission:
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, that Money Market Portfolio, Tax-Free Money Market Portfolio, U.S.
Government Money Market Portfolio, U.S. Treasury Money Market Portfolio,
Short-Term Treasury Portfolio, Short-Term Bond Portfolio, Maryland Tax-Free
Portfolio, Pennsylvania Tax-Free Portfolio, Income Portfolio, Intermediate Fixed
Income Portfolio, U.S. Government Bond Portfolio, Balanced Portfolio, Equity
Income Portfolio, Value Equity Portfolio, Equity Index Portfolio, Blue Chip
Equity Portfolio, Capital Growth Portfolio, Mid-Cap Equity Portfolio, Small Cap
Equity Portfolio and International Equity Selection Portfolio, portfolios of ARK
Funds (the "Funds") complied with the requirements of subsections (b) and (c) of
Rule 17f-2 under the Investment Company Act of 1940 as of April 30, 1999.
Management is responsible for the Funds' compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Funds' compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of April 30, 1999, and with respect to agreement of security
purchases and sales, for the period from March 31, 1999 (date of our last
examination) through April 30, 1999:
(1) Inspection of documentation of all securities located in the vault, if
any, of AllFirst Trust, the Custodian;
(2) Confirmation of securities held in book entry form by independent
depositories and examination of selected security position
reconciliations;
(3) Inspection of documentation of other securities held in safekeeping by
the Custodian but not included in (1) or (2) above and examination of
selected security position reconciliations;
(4) Confirmation or inspection of documentation of all securities purchased
but not received, hypothecated, pledged, placed in escrow, or out for
transfer with brokers, pledges and/or transfer agents;
(5) Reconciliation of all such securities to the books and records of the
Funds and the Custodian; and
(6) Tests of selected security transactions since the date of our last
report.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Funds' compliance with
the specified requirements.
In our opinion, management's assertion that ARK Funds complied with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of April 30, 1999, with respect to securities reflected in the
investment accounts of ARK Funds, is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the
Board of Trustees of ARK Funds and the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.
/s/ KPMG LLP
Boston, Massachusetts
June 30, 1999
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds
CALIFORNIA A = Annual 505 6989
COLORADO A = Annual 96-10-802
GEORGIA O = Other 56-930572
ILLINOIS A = Annual 9941383
INDIANA A = Annual 96-0130 IC
MINNESOTA G = Good Until S R-38601.1
Minnesota Exemption A = Annual R-38601.1
NORTH CAROLINA A = Annual 3171
PENNSYLVANIA A = Annual 93-06-008MF
VIRGINIA A = Annual 1907
WEST VIRGINIA G = Good Until S BC-28297
WYOMING O = Other 19021
Ark Funds - Institutional Class Prospectus
KENTUCKY A = Annual M32455
LOUISIANA A = Annual 60838
OHIO O = Other 18771
OKLAHOMA A = Annual SE-140698
OREGON A = Annual 94-0559
UTAH A = Annual 5-4082-45
Ark Funds - Institutional II Class Prospectus
KENTUCKY A = Annual M32454
LOUISIANA A = Annual 60003
OHIO O = Other 18770
OKLAHOMA A = Annual SE-141297
OREGON A = Annual 96-0319
UTAH A = Annual 5-4083-45
Ark Funds - Class A & B Share Prospectus
KENTUCKY A = Annual M32908
LOUISIANA A = Annual 63955
OHIO O = Other 15175
OREGON A = Annual 96-0414
UTAH A = Annual 005-5734-43
Ark Funds - Capital Growth Portfolio
CONNECTICUT A = Annual SI25275
DELAWARE A = Annual 911
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S-26-38-00
SOUTH CAROLINA A = Annual MF7822
Ark Funds - Capital Growth Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940109
OKLAHOMA A = Annual SE-2006628
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53095
WASHINGTON G = Good Until S C-56197
WEST VIRGINIA G = Good Until S BC-28301
Ark Funds - Capital Growth Portfolio - Class B
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM982219
MONTANA A = Annual 39977
OKLAHOMA A = Annual SE-2006629
TENNESSEE A = Annual RM99-1735
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
TEXAS G = Good Until S C-57316
WASHINGTON G = Good Until S C-60089
WEST VIRGINIA G = Good Until S MF-33264
Ark Funds - Capital Growth Portfolio, Institutional Class
ARIZONA A = Annual S-0033355-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM930631
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42649
WASHINGTON G = Good Until S C-58407
Ark Funds - Balanced Portfolio (FKA Growth & Income Port.)
CONNECTICUT A = Annual SI25276
DELAWARE A = Annual 910
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 26 37 96
SOUTH CAROLINA A = Annual MF7826
Ark Funds - Balanced Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940112
OKLAHOMA A = Annual SE-2006630
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53094
WASHINGTON G = Good Until S C-56198
WEST VIRGINIA G = Good Until S BC-28298
Ark Funds - Balanced Portfolio - Class B
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM982218
MONTANA A = Annual 39976
OKLAHOMA A = Annual SE-2006631
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-57315
WASHINGTON G = Good Until S C-60085
WEST VIRGINIA G = Good Until S MF-33263
Ark Funds - Balanced Portfolio - Institutional Class
ARIZONA A = Annual S-0033356-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM930629
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42650
WASHINGTON G = Good Until S C-58408
Ark Funds - Income Portfolio
CONNECTICUT A = Annual SI25277
DELAWARE A = Annual 912
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S-26-37-98
SOUTH CAROLINA A = Annual MF7825
Ark Funds - Income Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940113
OKLAHOMA A = Annual SE-2006632
TENNESSEE A = Annual RM99-1735
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
TEXAS G = Good Until S C-53096
WASHINGTON G = Good Until S C-56199
WEST VIRGINIA G = Good Until S BC-28303
Ark Funds - Income Portfolio - Class B
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM982216
MONTANA A = Annual 39978
OKLAHOMA A = Annual SE-2006633
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-57317
WASHINGTON G = Good Until S C-60086
WEST VIRGINIA G = Good Until S MF-33262
Ark Funds - Income Portfolio, Institutional Class
ARIZONA A = Annual S-0033357-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM930625
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42651
WASHINGTON G = Good Until S C-58409
Ark Funds - Money Market Portfolio
ALASKA O = Other 98 03053
ALABAMA A = Annual 704708
ARKANSAS A = Annual 96-M0219-04
CONNECTICUT A = Annual SI25279
DELAWARE A = Annual 916
HAWAII A = Annual
IDAHO A = Annual 46669
KANSAS A = Annual RS9650001051
MISSOURI A = Annual 1996-00065
NEVADA A = Annual
NEW YORK O = Other S-26-37-95
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7824
Ark Funds - Money Market Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940114
OKLAHOMA A = Annual SE-2006634
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53079
WASHINGTON G = Good Until S C-56173
WEST VIRGINIA G = Good Until S BC-28311
Ark Funds - Money Market Portfolio - Class B
MASSACHUSETTS A = Annual
MARYLAND A = Annual sm982215
MONTANA A = Annual 39979
OKLAHOMA A = Annual SE-2006635
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-57318
WASHINGTON G = Good Until S C-60088
WEST VIRGINIA G = Good Until S MF-33261
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds - Money Market Portfolio, Institutional Class
ARIZONA A = Annual S-0033358-QUAL
IOWA A = Annual I-35837
MASSACHUSETTS A = Annual 96-4844-MR
MARYLAND A = Annual SM930628
MAINE A = Annual MF-R 99-9451
MICHIGAN A = Annual 226484
MISSISSIPPI G = Good Until S MF-96-03-093
MONTANA A = Annual 34629
NORTH DAKOTA G = Good Until S P110
NEW MEXICO A = Annual 992137
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42652
VERMONT A = Annual 3/07/96-62
WASHINGTON G = Good Until S C-53058
WISCONSIN A = Annual 313380-03
Ark Funds - Money Market Portfolio, Institutional II Class
ARIZONA A = Annual S-0044844-QUAL
IOWA A = Annual I-35838
MASSACHUSETTS A = Annual 96-4843-MR
MARYLAND A = Annual SM950660
MAINE A = Annual MF-R 99-9452
MICHIGAN A = Annual 226485
MISSISSIPPI G = Good Until S MF-96-03-094
MONTANA A = Annual 34630
NORTH DAKOTA G = Good Until S P111
NEBRASKA A = Annual 30,884
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 992140
OKLAHOMA A = Annual I-141297
SOUTH DAKOTA A = Annual 15374
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-47843
VERMONT A = Annual 3/07/96-63
WASHINGTON G = Good Until S C-53057
WISCONSIN A = Annual 313381-03
WEST VIRGINIA G = Good Until S BC-1556
Ark Funds - Tax-Free Money Market Portfolio
ALASKA O = Other 98 03054
ALABAMA A = Annual 704711
ARKANSAS A = Annual 96-M0219-03
CONNECTICUT A = Annual SI25278
DELAWARE A = Annual 917
HAWAII A = Annual
IDAHO A = Annual 46670
KANSAS A = Annual RS9650001052
MISSOURI A = Annual 1996-00065
NEVADA A = Annual
NEW YORK O = Other S-26-37-99
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7823
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds - Tax-Free Money Market Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940115
OKLAHOMA A = Annual SE-2006641
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53080
WASHINGTON G = Good Until S C-56172
WEST VIRGINIA G = Good Until S BC-28318
Ark Funds - Tax-Free Money Market, Institutional Class
ARIZONA A = Annual S-0033359-QUAL
IOWA A = Annual I-35839
MASSACHUSETTS A = Annual 96-4846-MR
MARYLAND A = Annual SM930626
MAINE A = Annual MF-R 99-9453
MICHIGAN A = Annual 226482
MISSISSIPPI G = Good Until S MF-96-03-095
MONTANA A = Annual 34631
NORTH DAKOTA G = Good Until S P112
NEW MEXICO A = Annual 992139
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42653
VERMONT A = Annual 3/07/96-64
WASHINGTON G = Good Until S C-53059
WISCONSIN A = Annual 313382-03
Ark Funds - Tax-Free Money Market, Institutional II Class
ARIZONA A = Annual S-0044847-QUAL
IOWA A = Annual I-35840
MASSACHUSETTS A = Annual 96-4845-MR
MARYLAND A = Annual SM950661
MAINE A = Annual MF-R 99-9454
MICHIGAN A = Annual 226485
MISSISSIPPI G = Good Until S MF-96-03-096
MONTANA A = Annual 34632
NORTH DAKOTA G = Good Until S P113
NEBRASKA A = Annual 30,885
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 992138
OKLAHOMA A = Annual I-141297
SOUTH DAKOTA A = Annual 15375
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-47840
VERMONT A = Annual 3/07/96-65
WASHINGTON G = Good Until S C-53060
WISCONSIN A = Annual 313383-03
WEST VIRGINIA G = Good Until S BC-28317
Ark Funds - US Government Money Market Portfolio
ALASKA O = Other 98 03052
ALABAMA A = Annual 704712
ARKANSAS A = Annual 96-M0219-02
CONNECTICUT A = Annual SI25281
DELAWARE A = Annual 918
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
HAWAII A = Annual
IDAHO A = Annual 46671
KANSAS A = Annual RS9650001053
MISSOURI A = Annual 1996-00065
NEVADA A = Annual
NEW YORK O = Other S-26-38-01
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7827
Ark Funds - U.S. Government Money Market Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940110
OKLAHOMA A = Annual SE-2006642
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53081
WASHINGTON G = Good Until S C-56171
WEST VIRGINIA G = Good Until S BC-28320
Ark Funds - US Government Money Market, Institutional Class
ARIZONA A = Annual S-0033360-QUAL
IOWA A = Annual I-35841
MASSACHUSETTS A = Annual 96-4848-MR
MARYLAND A = Annual SM930627
MAINE A = Annual MF-R 99-9455
MICHIGAN A = Annual 226486
MISSISSIPPI G = Good Until S MF-96-03-097
MONTANA A = Annual 34633
NORTH DAKOTA G = Good Until S P114
NEW MEXICO A = Annual 992141
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42654
VERMONT A = Annual 3/07/96-66
WASHINGTON G = Good Until S C-53061
WISCONSIN A = Annual 313384-03
Ark Funds - US Government Money Market, Institutional II Class
ARIZONA A = Annual S-0044848-QUAL
IOWA A = Annual I-35842
MASSACHUSETTS A = Annual 96-4847-MR
MARYLAND A = Annual SM950663
MAINE A = Annual MF-R 99-9456
MICHIGAN A = Annual 226487
MISSISSIPPI G = Good Until S MF-96-03-098
MONTANA A = Annual 34634
NORTH DAKOTA G = Good Until S P115
NEBRASKA A = Annual 30,886
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 992144
OKLAHOMA A = Annual I-141297
SOUTH DAKOTA A = Annual 15376
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-47842
VERMONT A = Annual 3/07/96-67
WASHINGTON G = Good Until S C-53062
WISCONSIN A = Annual 313385-03
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
WEST VIRGINIA G = Good Until S BC-28319
Ark Funds - U.S. Treasury Money Market Portfolio
ALASKA O = Other 98 03051
ALABAMA A = Annual 704714
ARKANSAS A = Annual 96-M0219-01
CONNECTICUT A = Annual SI25280
DELAWARE A = Annual 919
HAWAII A = Annual
IDAHO A = Annual 46672
KANSAS A = Annual RS9650001054
MISSOURI A = Annual 1996-00065
NEVADA A = Annual
NEW YORK O = Other S-26-37-97
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF7828
Ark Funds - U.S. Treasury Money Market Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM940111
OKLAHOMA A = Annual SE-2006643
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53082
WASHINGTON G = Good Until S C-56170
WEST VIRGINIA G = Good Until S BC-28322
Ark Funds - US Treasury Money Market, Institutional Class
ARIZONA A = Annual S-0033361-QUAL
IOWA A = Annual I-35843
MASSACHUSETTS A = Annual 96-4940-MR
MARYLAND A = Annual SM930630
MAINE A = Annual MF-R 99-9457
MICHIGAN A = Annual 226488
MISSISSIPPI G = Good Until S MF-96-03-099
MONTANA A = Annual 034635
NORTH DAKOTA G = Good Until S P116
NEW MEXICO A = Annual 992143
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-42655
VERMONT A = Annual 3/07/96-68
WASHINGTON G = Good Until S C-53064
WISCONSIN A = Annual 313386-03
Ark Funds - US Treasury Money Market, Institutional II Class
ARIZONA A = Annual S-0044849-QUAL
IOWA A = Annual I-35844
MASSACHUSETTS A = Annual 96-4939-MR
MARYLAND A = Annual SM950662
MAINE A = Annual MF-R 99-9458
MICHIGAN A = Annual 226483
MISSISSIPPI G = Good Until S MF-96-03-100
MONTANA A = Annual 34636
NORTH DAKOTA G = Good Until S P117
NEBRASKA A = Annual 30,887
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
NEW HAMPSHIRE A = Annual
NEW MEXICO A = Annual 992142
OKLAHOMA A = Annual I-141297
SOUTH DAKOTA A = Annual 15377
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-47841
VERMONT A = Annual 3/07/96-69
WASHINGTON G = Good Until S C-53063
WISCONSIN A = Annual 313387-03
WEST VIRGINIA G = Good Until S BC-28321
Ark Funds - Maryland Tax-Free Portfolio (REG ONLY IN NY)
NEW YORK O = Other S 28 39 37
Ark Funds - Maryland Tax-Free Portfolio - Class A (ONLY IN
DELAWARE N = Not Register
MASSACHUSETTS N = Not Register
MARYLAND A = Annual SM950659
OKLAHOMA A = Annual SE-2006644
WEST VIRGINIA N = Not Register BC-28308
Ark Funds - Maryland Tax-Free Portfolio - Class B
MARYLAND A = Annual
Ark Funds - Maryland Tax-Free Port. - Institutional Class
MARYLAND A = Annual SM950658
Ark Funds - Small-Cap Equity Portfolio
CONNECTICUT A = Annual SI34836
DELAWARE A = Annual 915
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S-27-14-85
SOUTH CAROLINA A = Annual MF9036
Ark Funds - Small-Cap Equity Portfolio - Class A
ARIZONA A = Annual S-0049642-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM950657
OKLAHOMA A = Annual SE-2006645
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-47838
WASHINGTON G = Good Until S C-56200
WEST VIRGINIA G = Good Until S BC-28315
Ark Funds-Small-Cap Equity Portfolio - Institutional Class
ARIZONA A = Annual S-0044845-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM950664
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-47839
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
WASHINGTON G = Good Until S C-58410
WEST VIRGINIA G = Good Until S BC-28314
Ark Funds - Short-Term Treasury Portfolio
CONNECTICUT A = Annual SI37621
DELAWARE A = Annual 4018
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 43 24
SOUTH CAROLINA A = Annual MF9684
Ark Funds - Short-Term Treasury - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961817
OKLAHOMA A = Annual SE-2006646
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53097
WASHINGTON G = Good Until S C-56205
WEST VIRGINIA G = Good Until S MF-22440
Ark Funds - Short-Term Treasury, Institutional Class
ARIZONA A = Annual S-0048110-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM960176
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-49433
WASHINGTON G = Good Until S C-58411
WEST VIRGINIA G = Good Until S BC-1902
Ark Funds - Blue Chip Equity Portfolio
CONNECTICUT A = Annual SI37622
DELAWARE A = Annual 4017
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 43 23
SOUTH CAROLINA A = Annual MF9685
Ark Funds - Blue Chip Equity Portfolio - Class A
ARIZONA A = Annual S-0049641-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM960675
OKLAHOMA A = Annual SE-2006636
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-50190
WASHINGTON G = Good Until S C-56201
WEST VIRGINIA G = Good Until S BC-28300
Ark Funds - Blue Chip Equity Portfolio - Class B
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM982030
MONTANA A = Annual 39787
OKLAHOMA A = Annual SE-2006637
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-57102
WASHINGTON G = Good Until S c-59902
WEST VIRGINIA G = Good Until S MF-33059
Ark Funds - Blue Chip Equity Portfolio, Institutional Class
ARIZONA A = Annual S-0048109-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM960177
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-49432
WASHINGTON G = Good Until S C-58412
WEST VIRGINIA G = Good Until S BC-1901
Ark Funds - Mid-Cap Equity Portfolio
CONNECTICUT A = Annual SI40181
DELAWARE A = Annual 4435
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 57 69
SOUTH CAROLINA A = Annual MF10116
WEST VIRGINIA G = Good Until S BC-2533
Ark Funds - Mid-Cap Equity Portfolio - Class A
ARIZONA A = Annual S-0051079-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961195
OKLAHOMA A = Annual SE-2006640
PUERTO RICO A = Annual S-17221
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-51666
WASHINGTON G = Good Until S C-56202
Ark Funds - Mid-Cap Equity Portfolio - Institutional Class
ARIZONA A = Annual S-0051078-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961190
PUERTO RICO A = Annual S-17221-1
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-50910
WASHINGTON G = Good Until S C-58413
Ark Funds - Intermediate Fixed Income Portfolio
CONNECTICUT A = Annual SI40184
DELAWARE A = Annual 4432
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 57 68
SOUTH CAROLINA A = Annual MF10112
WEST VIRGINIA G = Good Until S BC-2532
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds - Intermediate Fixed Income Port. - Class A
ARIZONA A = Annual S-0051077-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961194
OKLAHOMA A = Annual SE-2006647
PUERTO RICO A = Annual S-17220
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-50909
WASHINGTON G = Good Until S C-56204
Ark Funds - Intermediate Fixed Income Port. - Institutional
ARIZONA A = Annual S-0051076-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961197
PUERTO RICO A = Annual S-17220-1
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-50908
WASHINGTON G = Good Until S C-58415
Ark Funds - Equity Income Portfolio
CONNECTICUT A = Annual SI40185
DELAWARE A = Annual 4433
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 57 66
SOUTH CAROLINA A = Annual MF10113
WEST VIRGINIA G = Good Until S BC-2531
Ark Funds - Equity Income Portfolio - Class A
ARIZONA A = Annual S-0051075-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961191
OKLAHOMA A = Annual SE-2006648
PUERTO RICO A = Annual S-17216-2
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-50907
Ark Funds - Equity Income Portfolio - Institutional Class
ARIZONA A = Annual S-0051074-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961198
PUERTO RICO A = Annual S-17216-1
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-50906
WASHINGTON G = Good Until S C-58416
Ark Funds - Pennsylvania Tax-Free Portfolio (f/k/a Pennsyl-
NEW YORK O = Other S 27 57 67
Ark Funds - PA Tax-Free Portfolio - Class A
MASSACHUSETTS N = Not Register
MARYLAND N = Not Register SM961196
OKLAHOMA A = Annual SE-2006649
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds - Pennsylvania Tax-Free Portfolio - Class B
MARYLAND A = Annual SM991949
Ark Funds - PA Tax-Free Portfolio - Institutional (formerly
MARYLAND A = Annual SM961193
Ark Funds - Equity Index Portfolio (SEC effective 8/28/97)
CONNECTICUT A = Annual SI43769
DELAWARE A = Annual 5205
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 98 23
SOUTH CAROLINA A = Annual MF10796
Ark Funds - Equity Index Portfolio - Class A
ARIZONA A = Annual S-0054862-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM970960
OKLAHOMA A = Annual SE-2006650
PUERTO RICO A = Annual S-18227
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53202
WEST VIRGINIA G = Good Until S MF-22445
Ark Funds - Equity Index Portfolio - Institutional Class
ARIZONA A = Annual S-0054861-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM970959
PUERTO RICO A = Annual S-18258
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-53201
WASHINGTON G = Good Until S C-58417
WEST VIRGINIA G = Good Until S MF-22446
Ark Funds - International Equity Selection Portfolio
CONNECTICUT A = Annual SI46431
DELAWARE A = Annual 243
HAWAII A = Annual
MISSOURI A = Annual
NEW YORK O = Other S 28 33 48
SOUTH CAROLINA A = Annual MF11436
Ark Funds - International Equity Selection Port. - Class A
ARIZONA A = Annual S-0057882-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM980717
TENNESSEE A = Annual MR99-1735
TEXAS G = Good Until S C-55626
WEST VIRGINIA G = Good Until S MF-31557
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds - International Equity Selection Port. - Inst. Class
ARIZONA A = Annual S-0057881-QUAL
MARYLAND A = Annual SM980716
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55625
WEST VIRGINIA G = Good Until S MF-31556
Ark Funds - Short Term Bond Portfolio
CONNECTICUT A = Annual SI46432
DELAWARE A = Annual 244
HAWAII A = Annual
IDAHO A = Annual 49158
KANSAS A = Annual 98S0001164
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 28 33 47
SOUTH CAROLINA A = Annual MF11435
Ark Funds - Short Term Bond Portfolio - Class A
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM980714
OKLAHOMA A = Annual SE-2006651
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55628
WASHINGTON G = Good Until S C-58585
WEST VIRGINIA G = Good Until S MF-31559
Ark Funds - Short Term Bond Portfolio - Institutional Class
ARIZONA A = Annual S-0057883-QUAL
MARYLAND A = Annual SM980715
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55627
WEST VIRGINIA G = Good Until S MF-31558
Ark Funds - U.S. Government Bond Portfolio
CONNECTICUT A = Annual SI47343
DELAWARE A = Annual 245
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 28 33 50
SOUTH CAROLINA A = Annual MF11434
Ark Funds - U.S. Government Bond Portfolio - Class A
ARIZONA A = Annual S-0057885-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM980711
OKLAHOMA A = Annual SE-2006652
OUTSIDE U.S. N = Not Register
PUERTO RICO A = Annual S-19250
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55630
WASHINGTON G = Good Until S C-58581
WEST VIRGINIA G = Good Until S MF-31562
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
Ark Funds - U.S. Government Bond Portfolio-Institutional Class
ARIZONA A = Annual S-0057884-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM980711
PUERTO RICO A = Annual S-19250-1
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55629
WASHINGTON G = Good Until S C-58582
WEST VIRGINIA G = Good Until S MF-31563
Ark Funds - Value Equity Portfolio
CONNECTICUT A = Annual SI46433
DELAWARE A = Annual 246
HAWAII A = Annual
KANSAS A = Annual 1999S0001311
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 28 33 49
RHODE ISLAND A = Annual
SOUTH CAROLINA A = Annual MF11433
Ark Funds - Value Equity Portfolio - Class A
ARIZONA A = Annual S-0057887-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM980710
OKLAHOMA A = Annual SE-2006638
PUERTO RICO A = Annual S-19249
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55632
WASHINGTON G = Good Until S C-58583
WISCONSIN A = Annual 369098-03
WEST VIRGINIA G = Good Until S MF-31560
Ark Funds - Value Equity Portfolio - Class B
ARIZONA A = Annual S-0060118-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM982217
MONTANA A = Annual 39980
OKLAHOMA A = Annual SE-2006639
PUERTO RICO A = Annual S-19249-2
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-57319
WASHINGTON G = Good Until S C-60087
WEST VIRGINIA G = Good Until S MF-33260
Ark Funds - Value Equity Portfolio - Institutional Class
ARIZONA A = Annual S-0057886-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM980713
PUERTO RICO A = Annual S-19249-1
TENNESSEE A = Annual RM99-1735
TEXAS G = Good Until S C-55631
WASHINGTON G = Good Until S C-58584
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FUND NAME STATE FILING TYPE FILE NUMBER
<S> <C> <C> <C> <C>
WEST VIRGINIA G = Good Until S MF-31561
Ark Funds - International Equity Portfolio
CONNECTICUT A = Annual SI30325
DELAWARE A = Annual
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S-26-82-06
SOUTH CAROLINA A = Annual MF9039
Ark Funds - International Equity Port., Institutional Class
ARIZONA A = Annual S-0040119-QUAL
MARYLAND A = Annual SM940826
TENNESSEE A = Annual RM98-3233
TEXAS G = Good Until S C-45255
WEST VIRGINIA G = Good Until S BC-1070
Ark Funds - International Equity Portfolio, Retail Class
ARIZONA A = Annual S-0052886-QUAL
DISTRICT OF COLUMBIA N = Not Register
DELAWARE N = Not Register
FLORIDA N = Not Register
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961822
NEW YORK N = Not Register
PENNSYLVANIA N = Not Register
TENNESSEE A = Annual RM97-2967
TEXAS G = Good Until S C-51792
VIRGINIA N = Not Register
WEST VIRGINIA G = Good Until S BC-3188
Ark Funds - Stock Portfolio (TERMINATED 7/31/98)
HAWAII A = Annual
MISSOURI A = Annual 1996-00065
NEW YORK O = Other S 27 57 70
WEST VIRGINIA G = Good Until S BC-2535
Ark Funds - Stock Portfolio - Institutional Class
ARIZONA A = Annual S-0051082-QUAL
MASSACHUSETTS A = Annual
TENNESSEE A = Annual RM98-3233
TEXAS G = Good Until S C-50913
WASHINGTON G = Good Until S C-58414
Ark Funds - Stock Portfolio - Retail Class
ARIZONA A = Annual S-0051083-QUAL
MASSACHUSETTS A = Annual
MARYLAND A = Annual SM961199
TENNESSEE A = Annual RM98-3233
TEXAS G = Good Until S C-50914
WASHINGTON G = Good Until S C-56203
</TABLE>
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