<PAGE> PAGE 1
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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008 D030401 48502
012 A000401 DST SYSTEMS, INC.
012 B000401 84-1963
012 C010401 KANSAS CITY
012 C020401 MO
012 C030401 64105
015 A000401 CORESTATES BANK, N.A.
015 B000401 C
015 C010401 PHILADELPHIA
015 C020401 PA
015 C030401 19101
<PAGE> PAGE 21
015 E010401 X
029 000400 N
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048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
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051 000400 N
052 000400 N
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054 B000400 N
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054 D000400 N
<PAGE> PAGE 22
054 E000400 N
054 F000400 N
054 G000400 N
054 H000400 N
054 I000400 N
054 J000400 N
054 K000400 N
054 L000400 N
054 M000400 N
054 N000400 N
054 O000400 N
055 A000400 N
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056 000400 N
057 000400 N
058 A000400 N
059 000400 Y
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060 B000400 N
061 000400 1000
062 A000400 N
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008 A000501 PNC INSTITUTIONAL MANAGEMENT CORPORATION
008 B000501 A
008 C000501 801-0000
008 D010501 WILMINGTON
008 D020501 DE
008 D030501 19809
<PAGE> PAGE 23
012 A000501 DST SYSTEMS, INC.
012 B000501 84-1963
012 C010501 KANSAS CITY
012 C020501 MO
012 C030501 64105
015 A000501 CORESTATES BANK, N.A.
015 B000501 C
015 C010501 PHILADELPHIA
015 C020501 PA
015 C030501 19101
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<PAGE> PAGE 24
036 B000500 0
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038 000500 0
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040 000500 N
045 000500 Y
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048 J010500 0
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048 K010500 0
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050 000500 N
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054 C000500 N
054 D000500 N
054 E000500 N
054 F000500 N
054 G000500 N
054 H000500 N
054 I000500 N
054 J000500 N
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054 L000500 N
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<PAGE> PAGE 25
054 O000500 N
055 A000500 N
055 B000500 N
056 000500 Y
057 000500 N
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063 A000500 43
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067 000500 N
068 A000500 N
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070 C020500 N
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070 E020500 N
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070 F020500 N
070 G010500 N
070 G020500 N
<PAGE> PAGE 26
070 H010500 N
070 H020500 N
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070 I020500 N
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070 J020500 N
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070 L020500 N
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070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
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<PAGE> PAGE 27
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008 A000601 PNC INSTITUTIONAL MANAGEMENT CORPORATION
008 B000601 A
008 C000601 801-0000
008 D010601 WILMINGTON
008 D020601 DE
008 D030601 19809
<PAGE> PAGE 28
012 A000601 DST SYSTEMS, INC.
012 B000601 84-1963
012 C010601 KANSAS CITY
012 C020601 MO
012 C030601 64105
015 A000601 CORESTATES BANK,N.A.
015 B000601 C
015 C010601 PHILADELPHIA
015 C020601 PA
015 C030601 19101
015 E010601 X
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<PAGE> PAGE 29
036 B000600 0
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054 F000600 N
054 G000600 N
054 H000600 N
054 I000600 N
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054 K000600 N
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054 M000600 N
<PAGE> PAGE 30
054 N000600 N
054 O000600 N
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070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
<PAGE> PAGE 31
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
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070 L020600 Y
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<PAGE> PAGE 32
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008 A000701 ONE VALLEY BANK, N.A.
008 B000701 A
008 C000701 801-0000
008 D010701 CHARLESTON
008 D020701 WV
<PAGE> PAGE 33
008 D030701 25326
008 A000702 WELLINGTON MANAGEMENT COMPANY
008 B000702 S
008 C000702 801-15908
008 D010702 BOSTON
008 D020702 MA
008 D030702 02109
012 A000701 DST SYSTEMS, INC.
012 B000701 84-1963
012 C010701 KANSAS CITY
012 C020701 MO
012 C030701 64105
015 A000701 CORESTATES BANK, N.A.
015 B000701 C
015 C010701 PHILADELPHIA
015 C020701 PA
015 C030701 19101
015 E010701 X
024 000700 Y
025 A000701 MERRILL LYNCH
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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008 A000801 ONE VALLEY BANK, N.A.
008 B000801 A
008 C000801 801-0000
008 D010801 CHARLESTON
008 D020801 WV
008 D030801 25326
012 A000801 DST SYSTEMS, INC.
012 B000801 84-1963
012 C010801 KANSAS CITY
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012 C030801 64105
015 A000801 CORESTATES BANK, N.A.
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
054 K000800 N
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057 000800 N
058 A000800 N
059 000800 Y
060 A000800 N
060 B000800 N
061 000800 1000
062 A000800 N
062 B000800 0.0
062 C000800 0.0
062 D000800 0.0
062 E000800 0.0
062 F000800 0.0
062 G000800 0.0
062 H000800 0.0
062 I000800 0.0
062 J000800 0.0
062 K000800 0.0
062 L000800 0.0
062 M000800 0.0
062 N000800 0.0
062 O000800 0.0
062 P000800 0.0
062 Q000800 0.0
062 R000800 0.0
063 A000800 0
063 B000800 0.0
066 A000800 Y
066 B000800 N
066 C000800 Y
066 D000800 N
066 E000800 N
066 F000800 N
066 G000800 N
067 000800 N
068 A000800 N
068 B000800 N
069 000800 N
070 A010800 Y
070 A020800 Y
070 B010800 Y
070 B020800 N
070 C010800 Y
070 C020800 N
<PAGE> PAGE 42
070 D010800 Y
070 D020800 N
070 E010800 N
070 E020800 N
070 F010800 N
070 F020800 N
070 G010800 N
070 G020800 N
070 H010800 N
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 N
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 Y
070 M010800 N
070 M020800 N
070 N010800 Y
070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 35880
071 B000800 50833
071 C000800 98618
071 D000800 36
072 A000800 6
072 B000800 52
072 C000800 488
072 D000800 0
072 E000800 0
072 F000800 481
072 G000800 101
072 H000800 0
072 I000800 25
072 J000800 8
072 K000800 0
072 L000800 4
072 M000800 5
072 N000800 5
072 O000800 0
072 P000800 0
072 Q000800 0
<PAGE> PAGE 43
072 R000800 6
072 S000800 8
072 T000800 3
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072 Z000800 19
072AA000800 5020
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072DD010800 0
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072EE000800 0
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074 C000800 0
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074 E000800 0
074 F000800 84112
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074 M000800 0
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074 O000800 0
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074 U010800 6888
074 U020800 240
074 V010800 13.07
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075 A000800 0
<PAGE> PAGE 44
075 B000800 101765
076 000800 0.00
008 A000901 ONE VALLEY BANK, N.A.
008 B000901 A
008 C000901 801-0000
008 D010901 CHARLESTON
008 D020901 WV
008 D030901 25326
012 A000901 DST SYSTEMS, INC.
012 B000901 84-1963
012 C010901 KANSAS CITY
012 C020901 MO
012 C030901 64105
015 A000901 CORESTATES BANK N.A.
015 B000901 C
015 C010901 PHILADELPHIA
015 C020901 PA
015 C030901 19101
015 E010901 X
024 000900 N
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028 A020900 0
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028 G010900 5524
028 G020900 0
028 G030900 0
028 G040900 6071
028 H000900 0
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030 A000900 0
<PAGE> PAGE 45
030 B000900 0.00
030 C000900 0.00
031 A000900 0
031 B000900 0
032 000900 0
033 000900 0
034 000900 N
035 000900 0
036 B000900 0
037 000900 N
038 000900 0
039 000900 N
040 000900 Y
041 000900 Y
042 A000900 0
042 B000900 0
042 C000900 0
042 D000900 0
042 E000900 100
042 F000900 0
042 G000900 0
042 H000900 0
043 000900 4
044 000900 0
045 000900 Y
046 000900 N
047 000900 Y
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048 A010900 0
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048 B010900 0
048 B020900 0.000
048 C010900 0
048 C020900 0.000
048 D010900 0
048 D020900 0.000
048 E010900 0
048 E020900 0.000
048 F010900 0
048 F020900 0.000
048 G010900 0
048 G020900 0.000
048 H010900 0
048 H020900 0.000
048 I010900 0
048 I020900 0.000
048 J010900 0
048 J020900 0.000
048 K010900 0
048 K020900 0.000
049 000900 N
<PAGE> PAGE 46
050 000900 N
051 000900 N
052 000900 N
053 A000900 Y
053 B000900 Y
053 C000900 N
054 A000900 N
054 B000900 N
054 C000900 N
054 D000900 N
054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 N
054 K000900 N
054 L000900 N
054 M000900 N
054 N000900 N
054 O000900 N
055 A000900 N
055 B000900 N
056 000900 N
057 000900 N
058 A000900 N
059 000900 Y
060 A000900 N
060 B000900 N
061 000900 1000
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
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062 H000900 0.0
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062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
063 A000900 0
063 B000900 0.0
066 A000900 Y
<PAGE> PAGE 47
066 B000900 N
066 C000900 N
066 D000900 Y
066 E000900 N
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
068 B000900 N
069 000900 N
070 A010900 Y
070 A020900 Y
070 B010900 Y
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 N
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 N
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 N
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 30699
071 B000900 33495
071 C000900 53256
071 D000900 58
072 A000900 6
<PAGE> PAGE 48
072 B000900 34
072 C000900 10
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072 J000900 4
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072 S000900 6
072 T000900 4
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072 Z000900 -277
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<PAGE> PAGE 49
074 P000900 0
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074 U010900 4088
074 U020900 274
074 V010900 11.58
074 V020900 11.49
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075 A000900 0
075 B000900 55292
076 000900 0.00
008 A001001 ONE VALLEY BANK, N.A.
008 B001001 A
008 C001001 801-0000
008 D011001 CHARLESTON
008 D021001 WV
008 D031001 25326
012 A001001 DST SYSTEMS, INC.
012 B001001 84-1963
012 C011001 KANSAS CITY
012 C021001 MO
012 C031001 64105
015 A001001 CORESTATES BANK, N.A.
015 B001001 C
015 C011001 PHILADELPHIA
015 C021001 PA
015 C031001 19101
015 E011001 X
024 001000 N
028 A011000 851
028 A021000 3
028 A031000 0
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028 B011000 1442
028 B021000 4
028 B031000 0
028 B041000 582
028 C011000 1580
028 C021000 5
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028 D011000 1479
028 D021000 5
028 D031000 0
<PAGE> PAGE 50
028 D041000 633
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028 G011000 6955
028 G021000 29
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028 H001000 0
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030 C001000 0.00
031 A001000 0
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033 001000 0
034 001000 N
035 001000 0
036 B001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 Y
041 001000 Y
042 A001000 0
042 B001000 0
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042 D001000 0
042 E001000 100
042 F001000 0
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048 A011000 0
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048 B021000 0.000
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<PAGE> PAGE 51
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
054 A001000 N
054 B001000 N
054 C001000 N
054 D001000 N
054 E001000 N
054 F001000 N
054 G001000 N
054 H001000 N
054 I001000 N
054 J001000 N
054 K001000 N
054 L001000 N
054 M001000 N
054 N001000 N
054 O001000 N
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 N
060 B001000 N
061 001000 1000
062 A001000 Y
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062 C001000 59.3
062 D001000 2.0
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<PAGE> PAGE 52
062 F001000 0.0
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062 O001000 6.1
062 P001000 0.9
062 Q001000 0.0
062 R001000 4.7
063 A001000 0
063 B001000 9.2
064 A001000 Y
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 N
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 N
<PAGE> PAGE 53
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 1752
071 B001000 6416
071 C001000 53706
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<PAGE> PAGE 54
074 D001000 47919
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008 A001101 ONE VALLEY BANK, N.A.
008 B001101 A
008 C001101 801-0000
008 D011101 CHARLESTON
008 D021101 WV
008 D031101 25326
012 A001101 DST SYSTEMS, INC.
012 B001101 84-1963
012 C011101 KANSAS CITY
012 C021101 MO
012 C031101 64105
015 A001101 CORESTATES BANK, N.A.
015 B001101 C
015 C011101 PHILADELPHIA
015 C021101 PA
015 C031101 19101
015 E011101 X
024 001100 N
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028 A021100 14
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<PAGE> PAGE 55
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<PAGE> PAGE 56
044 001100 0
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048 K021100 0.000
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050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
054 A001100 N
054 B001100 N
054 C001100 N
054 D001100 N
054 E001100 N
054 F001100 N
054 G001100 N
054 H001100 N
054 I001100 N
054 J001100 N
054 K001100 N
054 L001100 N
054 M001100 N
054 N001100 N
054 O001100 N
055 A001100 N
055 B001100 N
<PAGE> PAGE 57
056 001100 N
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 N
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064 A001100 Y
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
<PAGE> PAGE 58
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
070 N011100 Y
070 N021100 N
070 O011100 N
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 13618
071 B001100 7135
071 C001100 40397
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<PAGE> PAGE 59
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008 A001201 CAPITOLINE INVESTMENT SERVICES, INC.
008 B001201 A
008 C001201 801-0000
008 D011201 RICHMOND
008 D021201 VA
008 D031201 23261
012 A001201 CRESTAR BANK
012 B001201 84-0000
012 C011201 RICHMOND
<PAGE> PAGE 60
012 C021201 VA
012 C031201 23261
015 A001201 CRESTAR BANK
015 B001201 C
015 C011201 RICHMOND
015 C021201 VA
015 C031201 23261
015 E011201 X
024 001200 Y
025 A001201 FIRST BOSTON SECURITIES
025 B001201 13-5659485
025 C001201 D
025 D001201 20000
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025 B001202 13-3172275
025 C001202 D
025 D001202 43196
028 A011200 374220
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045 001200 Y
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 66
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SIGNATURE DAVID LEE
TITLE PRESIDENT
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<CIK> 0000890540
<NAME> ARBOR FUNDS
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<NAME> OVB GOVERNMENT SECURITIES PORTFOLIO CLASS B
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<S> <C>
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<OTHER-ITEMS-LIABILITIES> (329)
<TOTAL-LIABILITIES> (329)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 52698
<SHARES-COMMON-STOCK> 181
<SHARES-COMMON-PRIOR> 204
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (121)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (600)
<NET-ASSETS> 51977
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1838
<OTHER-INCOME> 0
<EXPENSES-NET> (237)
<NET-INVESTMENT-INCOME> 1601
<REALIZED-GAINS-CURRENT> (44)
<APPREC-INCREASE-CURRENT> (3556)
<NET-CHANGE-FROM-OPS> (1999)
<EQUALIZATION> 0
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 89
<NUMBER-OF-SHARES-REDEEMED> 26
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 560
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (78)
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (297)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (322)
<AVERAGE-NET-ASSETS> 56724
<PER-SHARE-NAV-BEGIN> 10.15
<PER-SHARE-NII> .26
<PER-SHARE-GAIN-APPREC> (.59)
<PER-SHARE-DIVIDEND> (.26)
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<PER-SHARE-NAV-END> 9.56
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR FUNDS
<SERIES>
<NUMBER> 110
<NAME> OVB WEST VIRGINIA TAX EXEMPT INCOME PORTFOLIO CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
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<TOTAL-LIABILITIES> (226)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45180
<SHARES-COMMON-STOCK> 4046
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<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (195)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (34)
<NET-ASSETS> 44951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1195
<OTHER-INCOME> 0
<EXPENSES-NET> (164)
<NET-INVESTMENT-INCOME> 1031
<REALIZED-GAINS-CURRENT> (31)
<APPREC-INCREASE-CURRENT> (1236)
<NET-CHANGE-FROM-OPS> (236)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (923)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 682
<NUMBER-OF-SHARES-REDEEMED> (255)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3024
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (164)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (120)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (190)
<AVERAGE-NET-ASSETS> 42122
<PER-SHARE-NAV-BEGIN> 10.12
<PER-SHARE-NII> .24
<PER-SHARE-GAIN-APPREC> (.32)
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.80
<EXPENSE-RATIO> .75
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR FUNDS
<SERIES>
<NUMBER> 111
<NAME> OVB WEST VIRGINIA TAX EXEMPT INCOME PORTFOLIO CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 44223
<INVESTMENTS-AT-VALUE> 44189
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<TOTAL-ASSETS> 45177
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<OTHER-ITEMS-LIABILITIES> (226)
<TOTAL-LIABILITIES> (226)
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45180
<SHARES-COMMON-STOCK> 543
<SHARES-COMMON-PRIOR> 426
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (195)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (34)
<NET-ASSETS> 44951
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1195
<OTHER-INCOME> 0
<EXPENSES-NET> (164)
<NET-INVESTMENT-INCOME> 1031
<REALIZED-GAINS-CURRENT> (31)
<APPREC-INCREASE-CURRENT> (1236)
<NET-CHANGE-FROM-OPS> (236)
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<DISTRIBUTIONS-OF-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 187
<NUMBER-OF-SHARES-REDEEMED> (81)
<SHARES-REINVESTED> 10
<NET-CHANGE-IN-ASSETS> 1004
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (164)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> (120)
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> (190)
<AVERAGE-NET-ASSETS> 42122
<PER-SHARE-NAV-BEGIN> 10.11
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> (.32)
<PER-SHARE-DIVIDEND> (.23)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.79
<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR FUNDS
<SERIES>
<NUMBER> 120
<NAME> CRESTAR U.S. GOVERNMENT SECURITIES MONEY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
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<PERIOD-START> FEB-01-1996
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<RECEIVABLES> 4298
<ASSETS-OTHER> 102
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 432914
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1978
<TOTAL-LIABILITIES> 1978
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 430983
<SHARES-COMMON-STOCK> 430983
<SHARES-COMMON-PRIOR> 514885
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (47)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 430936
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 12288
<OTHER-INCOME> 0
<EXPENSES-NET> 460
<NET-INVESTMENT-INCOME> 11828
<REALIZED-GAINS-CURRENT> (32)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11795
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (11828)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2229349
<NUMBER-OF-SHARES-REDEEMED> (2313848)
<SHARES-REINVESTED> 598
<NET-CHANGE-IN-ASSETS> (83934)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 855
<AVERAGE-NET-ASSETS> 463077
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR FUNDS
<SERIES>
<NUMBER> 130
<NAME> CRESTAR PRIME OBLIGATIONS FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> FEB-01-1996
<PERIOD-END> JUL-31-1996
<INVESTMENTS-AT-COST> 415039
<INVESTMENTS-AT-VALUE> 415039
<RECEIVABLES> 2663
<ASSETS-OTHER> 126
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 417828
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2007
<TOTAL-LIABILITIES> 2007
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 415821
<SHARES-COMMON-STOCK> 415821
<SHARES-COMMON-PRIOR> 382632
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 415821
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10354
<OTHER-INCOME> 0
<EXPENSES-NET> (379)
<NET-INVESTMENT-INCOME> 9975
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9975
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (9975)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2178866
<NUMBER-OF-SHARES-REDEEMED> (2145735)
<SHARES-REINVESTED> 58
<NET-CHANGE-IN-ASSETS> 33189
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 378
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 758
<AVERAGE-NET-ASSETS> 379729
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
77C
There was a special meeting of shareholders on February 22, 1996
for the Trust to approve the selection of PNC Institutional Management
Corporation ("PIMC") as the Investment Adviser and to approve a new
Investment Advisory Agreement between the Trust and PIMC. Due to lack
of quorum, the meeting was adjourned for the Institutional Tax Free Portfolio.
The following were the results of the vote for the California Portfolio:
For 238,197,686
Against 2,658,882
Abstain 3,889,497
The special meeting of shareholders was reconvened on April 15, 1996 for
the Institutional Tax Free Portfolio to approve the selection of PIMC as the
Investment Adviser and to approve a new Investment Advisory Agreement
between the Trust and PIMC. The following were the results of the vote:
For 58,866,096
Against 70,722
Abstain 1,317,391
There were no other proposals voted upon at such meetings.
