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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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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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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<PAGE> PAGE 42
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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070 D021300 N
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070 F021300 N
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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SIGNATURE DAVID LEE
TITLE PRESIDENT
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<NAME> ARBOR FUNDS
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<PER-SHARE-NAV-BEGIN> 1.00
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March 8, 1996
To the Board of Trustees
of The Arbor Fund
In planning and performing our audit of the financial statements of The
Arbor Fund (the "Fund) for the year ended January 31, 1996, we considered
its internal control structure, including procedures for safeguarding
securities,in order to determine our auditing procedures for the purposes
of expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal
control structure.
The management of the Fund is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and
related costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness
of the design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design
or operation of the specific internal control structure elements does not reduce
to a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
January 31, 1996.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
PRICE WATERHOUSE LLP
Philadelphia, PA
Attachment C:
Matters submitted to a vote of security holders.
There was a special meeting of shareholders on May 15, 1995 for the
Golden Oak Family of Funds to approve the selection of Nicholas-Applegate
Capital Management as the Investment Sub-Adviser for the Diversified
Growth Portfolio, and to approve a new Investment Sub-Advisory Agreement
relating to the Portfolio between Citizens Commercial & Savings Bank,
the Portfolio's investment adviser, and Nicholas-Applegate Capital Management.
At the same meeting it was proposed to amend the investment objective
of the Diversified Growth Portfolio to state that the Portfolio seeks to provide
total return. The following were the results of the vote:
Sub-Adviser Change Investment Objective
For 3,320,343 3,320,343
Against 0 0
Abstain 0 0
There were no other proposals voted upon at such meeting.
