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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 19
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<PAGE> PAGE 20
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070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 N
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 N
070 P020600 N
<PAGE> PAGE 21
070 Q010600 N
070 Q020600 N
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070 R020600 N
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<PAGE> PAGE 22
074 G000600 0
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075 A000600 71599
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025 A000701 BEAR STEARNS
025 B000701 13-2975144
025 C000701 D
025 D000701 2995
028 A010700 30629
028 A020700 19
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028 A040700 34916
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<PAGE> PAGE 23
028 F010700 15897
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063 A000700 59
063 B000700 0.0
064 A000700 N
064 B000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
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070 C020700 N
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070 E020700 N
<PAGE> PAGE 24
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 0
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072 B000700 5263
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<PAGE> PAGE 25
072 V000700 0
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024 000800 Y
025 A000801 LEHMAN BROTHERS
<PAGE> PAGE 26
025 B000801 13-2927667
025 C000801 D
025 D000801 1204
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<PAGE> PAGE 27
062 C000800 0.0
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066 A000800 Y
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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
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
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070 L020800 Y
<PAGE> PAGE 28
070 M010800 N
070 M020800 N
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070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
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070 R020800 N
071 A000800 91555
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<PAGE> PAGE 29
073 B000800 0.7800
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024 000900 Y
025 A000901 LEHMAN BROTHERS
025 B000901 13-2927667
025 C000901 D
025 D000901 753
028 A010900 820
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<PAGE> PAGE 30
028 C040900 902
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<PAGE> PAGE 31
066 F000900 N
066 G000900 N
067 000900 N
068 A000900 N
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070 A010900 Y
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070 E020900 N
070 F010900 N
070 F020900 N
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070 G020900 N
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070 I020900 N
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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
070 L011000 N
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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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054 J001200 N
054 K001200 N
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<PAGE> PAGE 43
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<PAGE> PAGE 44
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<PAGE> PAGE 45
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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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<PAGE> PAGE 50
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<PAGE> PAGE 51
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<PAGE> PAGE 52
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<PAGE> PAGE 53
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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SIGNATURE KEVIN ROBINS
TITLE VICE PRESIDENT
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3790
<NET-ASSETS> 43084
<DIVIDEND-INCOME> 506
<INTEREST-INCOME> 226
<OTHER-INCOME> 0
<EXPENSES-NET> (196)
<NET-INVESTMENT-INCOME> 536
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 3790
<NET-CHANGE-FROM-OPS> 4327
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (522)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3875
<NUMBER-OF-SHARES-REDEEMED> (173)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 41580
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 204
<AVERAGE-NET-ASSETS> 31687
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .16
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> (.16)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.23
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 151
<NAME> OVB EQUITY INCOME PORTFOLIO CLASS B
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1997
<PERIOD-START> AUG-02-1996
<PERIOD-END> JAN-31-1997
<INVESTMENTS-AT-COST> 39173
<INVESTMENTS-AT-VALUE> 42963
<RECEIVABLES> 251
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43228
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 130
<TOTAL-LIABILITIES> 130
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39293
<SHARES-COMMON-STOCK> 134
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3790
<NET-ASSETS> 43084
<DIVIDEND-INCOME> 506
<INTEREST-INCOME> 226
<OTHER-INCOME> 0
<EXPENSES-NET> (196)
<NET-INVESTMENT-INCOME> 536
<REALIZED-GAINS-CURRENT> 1
<APPREC-INCREASE-CURRENT> 3790
<NET-CHANGE-FROM-OPS> 4327
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (14)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 1504
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 120
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 204
<AVERAGE-NET-ASSETS> 816
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .15
<PER-SHARE-GAIN-APPREC> 1.24
<PER-SHARE-DIVIDEND> (.15)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.24
<EXPENSE-RATIO> 1.45
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Shareholder Voting Results
(Unaudited)
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.
March 14, 1997
To the 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, 1997, 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 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, 1997
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
/s/ Price Watershouse LLP
