ARBOR FUND, 497, 1996-06-28

ARBOR FUND
497, 1996-06-28

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                                 THE ARBOR FUND

                                    OVB FUNDS
                           OVB Equity Income Portfolio
                       OVB Capital Appreciation Portfolio
                          OVB Emerging Growth Portfolio
                       OVB Government Securities Portfolio
                  OVB West Virginia Tax-Exempt Income Portfolio
                         OVB Prime Obligations Portfolio

                        SUPPLEMENT DATED JUNE 26, 1996 TO
                          PROSPECTUS DATED MAY 31, 1996

This Supplement provides new information beyond that contained in the prospectus
and should be retained and read in conjunction with the section of such
prospectus entitled "The Adviser" which begins on page 15.

     Effective June 1996, James R. Thomas, III assumed the responsibilities of
     portfolio manager for the Equity Income Portfolio replacing John E.
     Bennett, Jr.  Mr. Thomas currently serves as Vice President of the Adviser
     and portfolio manager of the Government and West Virginia Portfolios.


                       PLEASE RETAIN FOR FUTURE REFERENCE