<PAGE> PAGE 1
000 B000000 01/31/98
000 C000000 0000890540
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 THE ARBOR FUND
001 B000000 811-7102
001 C000000 8005456331
002 A000000 2 OLIVER STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 13
007 C010100 1
007 C020100 GOLDEN OAK PRIME OBLIGATION MONEY MARKET FUND
007 C030100 N
007 C010200 2
007 C020200 GOLDEN OAK INTERMEDIATE TERM INCOME PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 GOLDEN OAK GROWTH PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 ARBOR CALIFORNIA TAX EXEMPT PORTFOLIO
007 C030500 Y
007 C010600 6
007 C020600 ARBOR INSTITUTIONAL TAX FREE PORTFOLIO
007 C030600 Y
007 C010700 7
007 C020700 OVB PRIME OBLIGATION MONEY MARKET
007 C030700 N
007 C010800 8
007 C020800 OVB CAPITAL APPRECIATION PORTFOLIO
007 C030800 N
007 C010900 9
007 C020900 OVB EMERGING GROWTH PORTFOLIO
007 C030900 N
007 C011000 10
007 C021000 OVB GOVERNMENT SECURITIES PORTFOLIO
<PAGE> PAGE 2
007 C031000 N
007 C011100 11
007 C021100 OVB WEST VIRGINIA TAX EXEMPT INCOME PORTFOLIO
007 C031100 N
007 C011200 12
007 C021200 U.S. GOVERNMENT SECURITIES MONEY FUND
007 C031200 N
007 C011300 13
007 C021300 PRIME OBLIGATIONS FUND
007 C031300 N
007 C011400 14
007 C021400 GOLDEN OAK VALUE PORTFOLIO
007 C031400 N
007 C011500 15
007 C021500 OVB EQUITY INCOME PORTFOLIO
007 C031500 N
007 C011600 16
007 C011700 17
007 C011800 18
007 C011900 19
007 C012000 20
010 A00AA01 SEI INVESTMENTS FUND RESOURCES
010 B00AA01 8-27897
010 C01AA01 OAKS
010 C02AA01 PA
010 C03AA01 19456
011 A00AA01 SEI INVESTMENTS CORPORATION
011 B00AA01 8-27897
011 C01AA01 OAKS
011 C02AA01 PA
011 C03AA01 19456
020 A000001 BROADCOURT
020 B000001 13-3144415
020 C000001 317
020 A000002 MERRILL LYNCH
020 B000002 13-5674085
020 C000002 125
020 A000003 WILLIAM O'NEIL
020 B000003 95-2269163
020 C000003 89
020 A000004 BEAR STEARNS
020 B000004 13-2269163
020 C000004 31
020 A000005 BRICK SECURITIES
020 C000005 18
020 A000006 NED DAVIS
020 C000006 9
020 A000007 BRIDGE TRADING
020 C000007 9
020 A000008 COWEN & CO.
020 B000008 13-5616116
<PAGE> PAGE 3
020 C000008 9
020 A000009 INTERSTATE SECURITIES
020 B000009 56-0276690
020 C000009 8
020 A000010 A.G. WILLIAMS
020 C000010 8
021 000000 772
022 A000001 PAINE WEBBER
022 B000001 13-2760086
022 C000001 1884178
022 D000001 1599239
022 A000002 GREENWICH SECURITIES
022 B000002 13-3172275
022 C000002 1789214
022 D000002 1669415
022 A000003 MERRILL LYNCH
022 B000003 13-5674085
022 C000003 1544256
022 D000003 1341971
022 A000004 LEHMAN BROTHERS
022 B000004 13-2927667
022 C000004 1393114
022 D000004 363229
022 A000005 J.P. MORGAN
022 C000005 623863
022 D000005 347110
022 A000006 FIRST BOSTON
022 B000006 13-5659485
022 C000006 630435
022 D000006 71139
022 A000007 GOLDMAN SACHS
022 B000007 13-5118880
022 C000007 570001
022 D000007 44195
022 A000008 MORGAN STANLEY
022 B000008 13-2655998
022 C000008 183858
022 D000008 128832
022 A000009 DRESDNER KLEINWERT BENSON
022 C000009 158231
022 D000009 148190
022 A000010 SWISS BANK
022 C000010 139526
022 D000010 149824
023 C000000 10070366
023 D000000 6361347
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
<PAGE> PAGE 4
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
077 A000000 Y
077 B000000 Y
080 A00AA00 CONTINENTAL CASUALTY COMPANY
080 B00AA00 RELIANCE INSURANCE COMPANY
080 C00AA00 35000
081 A00AA00 Y
081 B00AA00 277
082 A00AA00 Y
082 B00AA00 50
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
024 000100 Y
025 A000101 NATIONSBANK
025 C000101 D
025 D000101 2978
025 A000102 BEAR STEARNS
025 B000102 13-2975144
025 C000102 D
025 D000102 4494
025 A000103 GENERAL ELECTRIC CAPITAL
025 B000103 06-1109503
025 C000103 D
025 D000103 2966
025 A000104 MERRILL LYNCH
025 B000104 13-5674085
025 C000104 D
025 D000104 2275
025 A000105 PRUDENTIAL FUNDING
025 B000105 22-2347336
025 C000105 D
025 D000105 2980
025 A000106 CHASE MANHATTAN
025 C000106 D
025 D000106 3000
025 A000107 SWISS BANK
025 C000107 D
025 D000107 3998
025 A000108 BANK OF AMERICA
025 C000108 D
025 D000108 4999
025 A000109 BANK BOSTON
025 C000109 D
025 D000109 4500
<PAGE> PAGE 5
025 A000110 MORGAN GUARANTY
025 C000110 D
025 D000110 2500
025 D000111 0
025 D000112 0
025 D000113 0
025 D000114 0
025 D000115 0
025 D000116 0
025 D000117 0
025 D000118 0
025 D000119 0
025 D000120 0
025 D000121 0
025 D000122 0
025 D000123 0
025 D000124 0
028 A010100 15288
028 A020100 26
028 A030100 0
028 A040100 101799
028 B010100 28945
028 B020100 23
028 B030100 0
028 B040100 17959
028 C010100 15345
028 C020100 22
028 C030100 0
028 C040100 18028
028 D010100 27226
028 D020100 23
028 D030100 0
028 D040100 17926
028 E010100 44832
028 E020100 21
028 E030100 0
028 E040100 13179
028 F010100 20211
028 F020100 26
028 F030100 0
028 F040100 29635
028 G010100 151847
028 G020100 141
028 G030100 0
028 G040100 198526
028 H000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 Y
041 000100 Y
<PAGE> PAGE 6
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 100
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 101
044 000100 0
062 A000100 Y
062 B000100 0.0
062 C000100 6.7
062 D000100 0.0
062 E000100 0.0
062 F000100 13.4
062 G000100 0.0
062 H000100 5.2
062 I000100 66.6
062 J000100 0.0
062 K000100 0.0
062 L000100 8.2
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 56
063 B000100 0.0
064 A000100 N
064 B000100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 12
072 B000100 7837
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 415
072 G000100 276
072 H000100 0
072 I000100 48
072 J000100 18
072 K000100 0
072 L000100 24
072 M000100 13
072 N000100 11
072 O000100 0
<PAGE> PAGE 7
072 P000100 0
072 Q000100 0
072 R000100 12
072 S000100 16
072 T000100 101
072 U000100 0
072 V000100 0
072 W000100 4
072 X000100 938
072 Y000100 284
072 Z000100 7183
072AA000100 8
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 7183
072DD020100 2020
072EE000100 0
073 A010100 0.0528
073 A020100 0.0503
073 B000100 0.0000
073 C000100 0.0000
074 A000100 30
074 B000100 0
074 C000100 134435
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 593
074 M000100 37
074 N000100 135095
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 737
074 S000100 0
074 T000100 134358
074 U010100 134368
074 U020100 6382
074 V010100 1.00
074 V020100 1.00
074 W000100 1.0000
074 X000100 165
<PAGE> PAGE 8
074 Y000100 0
075 A000100 138159
075 B000100 0
076 000100 0.00
024 000200 Y
025 A000201 AMERICAN EXPRESS
025 B000201 11-1988550
025 C000201 D
025 D000201 518
025 A000202 ASSOCIATES CORP OF NORTH AMERICA
025 C000202 D
025 D000202 2350
025 A000203 LEHMAN BROTHERS
025 B000203 13-2927667
025 C000203 D
025 D000203 1000
025 D000204 0
025 D000205 0
025 D000206 0
025 D000207 0
025 D000208 0
028 A010200 2042
028 A020200 0
028 A030200 0
028 A040200 1639
028 B010200 3033
028 B020200 0
028 B030200 0
028 B040200 1879
028 C010200 2552
028 C020200 0
028 C030200 0
028 C040200 2051
028 D010200 4688
028 D020200 0
028 D030200 0
028 D040200 3027
028 E010200 1222
028 E020200 0
028 E030200 0
028 E040200 1901
028 F010200 2174
028 F020200 2
028 F030200 0
028 F040200 3054
028 G010200 15711
028 G020200 2
028 G030200 0
028 G040200 13551
028 H000200 0
062 A000200 Y
<PAGE> PAGE 9
062 B000200 0.0
062 C000200 0.0
062 D000200 1.7
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 41.5
062 N000200 25.0
062 O000200 0.0
062 P000200 28.7
062 Q000200 2.1
062 R000200 0.0
063 A000200 0
063 B000200 4.6
064 A000200 N
064 B000200 N
071 A000200 65886
071 B000200 67124
071 C000200 108437
071 D000200 61
072 A000200 12
072 B000200 7746
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 614
072 G000200 246
072 H000200 0
072 I000200 44
072 J000200 14
072 K000200 0
072 L000200 22
072 M000200 12
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 4
072 S000200 15
072 T000200 0
072 U000200 0
072 V000200 0
072 W000200 7
072 X000200 987
072 Y000200 189
072 Z000200 6948
<PAGE> PAGE 10
072AA000200 0
072BB000200 406
072CC010200 3080
072CC020200 0
072DD010200 6949
072DD020200 4
072EE000200 0
073 A010200 0.5584
073 A020200 0.5319
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 2163
074 C000200 4336
074 D000200 118242
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 1936
074 M000200 24
074 N000200 126701
074 O000200 0
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 701
074 S000200 0
074 T000200 126000
074 U010200 12545
074 U020200 6
074 V010200 10.04
074 V020200 10.04
074 W000200 0.0000
074 X000200 16
074 Y000200 0
075 A000200 0
075 B000200 122779
076 000200 0.00
024 000300 Y
025 A000301 STATE STREET
025 C000301 E
025 D000301 599
028 A010300 133
028 A020300 0
028 A030300 0
<PAGE> PAGE 11
028 A040300 -1470
028 B010300 201
028 B020300 0
028 B030300 0
028 B040300 -1713
028 C010300 486
028 C020300 4
028 C030300 0
028 C040300 -944
028 D010300 561
028 D020300 0
028 D030300 0
028 D040300 -230
028 E010300 2666
028 E020300 61
028 E030300 0
028 E040300 -113
028 F010300 3089
028 F020300 0
028 F030300 0
028 F040300 -407
028 G010300 7136
028 G020300 65
028 G030300 0
028 G040300 -4877
028 H000300 0
042 A000300 0
042 B000300 0
042 C000300 0
042 D000300 0
042 E000300 100
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 1
044 000300 0
062 A000300 N
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 0.0
062 M000300 0.0
062 N000300 0.0
062 O000300 0.0
<PAGE> PAGE 12
062 P000300 0.0
062 Q000300 0.0
062 R000300 0.0
071 A000300 44254
071 B000300 50220
071 C000300 32643
071 D000300 132
072 A000300 12
072 B000300 112
072 C000300 282
072 D000300 0
072 E000300 0
072 F000300 266
072 G000300 72
072 H000300 0
072 I000300 30
072 J000300 3
072 K000300 0
072 L000300 6
072 M000300 2
072 N000300 1
072 O000300 0
072 P000300 0
072 Q000300 0
072 R000300 0
072 S000300 4
072 T000300 0
072 U000300 0
072 V000300 0
072 W000300 2
072 X000300 386
072 Y000300 1
072 Z000300 9
072AA000300 9392
072BB000300 0
072CC010300 0
072CC020300 664
072DD010300 0
072DD020300 0
072EE000300 7745
073 A010300 0.0000
073 A020300 0.0000
073 B000300 3.1188
073 C000300 0.0000
074 A000300 0
074 B000300 4507
074 C000300 0
074 D000300 0
074 E000300 0
074 F000300 33959
074 G000300 0
<PAGE> PAGE 13
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 197
074 M000300 0
074 N000300 38663
074 O000300 2081
074 P000300 0
074 Q000300 0
074 R010300 0
074 R020300 0
074 R030300 0
074 R040300 35
074 S000300 0
074 T000300 36547
074 U010300 2887
074 U020300 25
074 V010300 12.66
074 V020300 12.51
074 W000300 0.0000
074 X000300 38
074 Y000300 0
075 A000300 0
075 B000300 35889
076 000300 0.00
028 A010400 2178
028 A020400 0
028 A030400 0
028 A040400 -124
028 B010400 1564
028 B020400 0
028 B030400 0
028 B040400 -1183
028 C010400 2644
028 C020400 0
028 C030400 0
028 C040400 -580
028 D010400 1781
028 D020400 0
028 D030400 0
028 D040400 -783
028 E010400 1047
028 E020400 0
028 E030400 0
028 E040400 -849
028 F010400 756
028 F020400 0
028 F030400 0
028 F040400 -1358
028 G010400 9970
<PAGE> PAGE 14
028 G020400 0
028 G030400 0
028 G040400 -4877
028 H000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 Y
042 A000400 0
042 B000400 0
042 C000400 0
042 D000400 0
042 E000400 100
042 F000400 0
042 G000400 0
042 H000400 0
043 000400 0
044 000400 0
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 0.7
062 M000400 0.0
062 N000400 0.0
062 O000400 98.4
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 6.6
064 A000400 Y
064 B000400 N
070 A010400 Y
070 A020400 Y
070 B010400 Y
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 Y
070 D020400 N
070 E010400 Y
070 E020400 N
<PAGE> PAGE 15
070 F010400 Y
070 F020400 N
070 G010400 Y
070 G020400 N
070 H010400 Y
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 N
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 N
070 O020400 N
070 P010400 N
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
071 A000400 16811
071 B000400 7823
071 C000400 80072
071 D000400 10
072 A000400 12
072 B000400 2551
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 252
072 G000400 101
072 H000400 0
072 I000400 22
072 J000400 6
072 K000400 0
072 L000400 14
072 M000400 2
072 N000400 0
072 O000400 0
072 P000400 0
072 Q000400 0
072 R000400 3
072 S000400 6
072 T000400 0
072 U000400 3
<PAGE> PAGE 16
072 V000400 0
072 W000400 3
072 X000400 412
072 Y000400 84
072 Z000400 2223
072AA000400 137
072BB000400 0
072CC010400 1943
072CC020400 0
072DD010400 2223
072DD020400 1
072EE000400 0
073 A010400 0.2722
073 A020400 0.2688
073 B000400 0.0160
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 596
074 D000400 84181
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 0
074 J000400 0
074 K000400 0
074 L000400 1148
074 M000400 0
074 N000400 85925
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 359
074 S000400 0
074 T000400 85566
074 U010400 8358
074 U020400 0
074 V010400 10.24
074 V020400 10.24
074 W000400 0.0000
074 X000400 16
074 Y000400 0
075 A000400 82580
075 B000400 0
076 000400 0.00
028 A010500 55772
028 A020500 0
<PAGE> PAGE 17
028 A030500 0
028 A040500 451526
028 B010500 0
028 B020500 0
028 B030500 0
028 B040500 0
028 C010500 0
028 C020500 0
028 C030500 0
028 C040500 0
028 D010500 0
028 D020500 0
028 D030500 0
028 D040500 0
028 E010500 0
028 E020500 0
028 E030500 0
028 E040500 0
028 F010500 0
028 F020500 0
028 F030500 0
028 F040500 0
028 G010500 55772
028 G020500 0
028 G030500 0
028 G040500 451526
028 H000500 0
062 A000500 Y
062 B000500 0.0
062 C000500 0.0
062 D000500 0.0
062 E000500 0.0
062 F000500 0.0
062 G000500 0.0
062 H000500 0.0
062 I000500 0.0
062 J000500 0.0
062 K000500 0.0
062 L000500 0.0
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 0
063 B000500 0.0
064 A000500 Y
064 B000500 N
071 A000500 0
071 B000500 0
<PAGE> PAGE 18
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 9296
072 C000500 0
072 D000500 0
072 E000500 0
072 F000500 253
072 G000500 612
072 H000500 0
072 I000500 28
072 J000500 22
072 K000500 0
072 L000500 21
072 M000500 4
072 N000500 2
072 O000500 0
072 P000500 0
072 Q000500 0
072 R000500 10
072 S000500 17
072 T000500 0
072 U000500 0
072 V000500 0
072 W000500 0
072 X000500 969
072 Y000500 90
072 Z000500 8417
072AA000500 0
072BB000500 27
072CC010500 0
072CC020500 0
072DD010500 8411
072DD020500 0
072EE000500 0
073 A010500 0.0178
073 A020500 0.0000
073 B000500 0.0000
073 C000500 0.0000
074 A000500 0
074 B000500 0
074 C000500 0
074 D000500 0
074 E000500 0
074 F000500 0
074 G000500 0
074 H000500 0
074 I000500 0
074 J000500 0
074 K000500 0
074 L000500 0
<PAGE> PAGE 19
074 M000500 0
074 N000500 0
074 O000500 0
074 P000500 0
074 Q000500 0
074 R010500 0
074 R020500 0
074 R030500 0
074 R040500 0
074 S000500 0
074 T000500 0
074 U010500 0
074 U020500 0
074 V010500 0.00
074 V020500 0.00
074 W000500 0.0000
074 X000500 0
074 Y000500 0
075 A000500 473528
075 B000500 0
076 000500 0.00
028 A010600 17549
028 A020600 0
028 A030600 0
028 A040600 15214
028 B010600 9440
028 B020600 0
028 B030600 0
028 B040600 9790
028 C010600 15900
028 C020600 0
028 C030600 0
028 C040600 17090
028 D010600 1234
028 D020600 0
028 D030600 0
028 D040600 58727
028 E010600 0
028 E020600 0
028 E030600 0
028 E040600 0
028 F010600 0
028 F020600 0
028 F030600 0
028 F040600 0
028 G010600 44123
028 G020600 0
028 G030600 0
028 G040600 100821
028 H000600 0
062 A000600 Y
<PAGE> PAGE 20
062 B000600 0.0
062 C000600 0.0
062 D000600 0.0
062 E000600 0.0
062 F000600 0.0
062 G000600 0.0
062 H000600 0.0
062 I000600 0.0
062 J000600 0.0
062 K000600 0.0
062 L000600 0.0
062 M000600 0.0
062 N000600 0.0
062 O000600 0.0
062 P000600 0.0
062 Q000600 0.0
062 R000600 0.0
063 A000600 0
063 B000600 0.0
064 A000600 Y
064 B000600 N
071 A000600 0
071 B000600 0
071 C000600 0
071 D000600 0
072 A000600 12
072 B000600 1711
072 C000600 0
072 D000600 0
072 E000600 0
072 F000600 44
072 G000600 140
072 H000600 0
072 I000600 21
072 J000600 0
072 K000600 0
072 L000600 4
072 M000600 0
072 N000600 1
072 O000600 0
072 P000600 0
072 Q000600 0
072 R000600 0
072 S000600 1
072 T000600 0
072 U000600 0
072 V000600 0
072 W000600 3
072 X000600 214
072 Y000600 121
072 Z000600 1618
<PAGE> PAGE 21
072AA000600 0
072BB000600 0
072CC010600 0
072CC020600 0
072DD010600 1618
072DD020600 0
072EE000600 0
073 A010600 0.0269
073 A020600 0.0000
073 B000600 0.0000
073 C000600 0.0000
074 A000600 0
074 B000600 0
074 C000600 0
074 D000600 0
074 E000600 0
074 F000600 0
074 G000600 0
074 H000600 0
074 I000600 0
074 J000600 0
074 K000600 0
074 L000600 0
074 M000600 0
074 N000600 0
074 O000600 0
074 P000600 0
074 Q000600 0
074 R010600 0
074 R020600 0
074 R030600 0
074 R040600 0
074 S000600 0
074 T000600 0
074 U010600 0
074 U020600 0
074 V010600 0.00
074 V020600 0.00
074 W000600 0.0000
074 X000600 0
074 Y000600 0
075 A000600 60207
075 B000600 0
076 000600 0.00
008 A000701 ONE VALLEY BANK, N.A.
008 B000701 A
008 C000701 801-0000
008 D010701 CHARLESTON
008 D020701 WV
008 D030701 25326
008 A000702 WELLINGTON MANAGEMENT COMPANY, LLP
<PAGE> PAGE 22
008 B000702 S
008 C000702 801-15908
008 D010702 BOSTON
008 D020702 MA
008 D030702 02109
024 000700 Y
025 A000701 GOLDMAN SACHS
025 B000701 13-5118880
025 C000701 D
025 D000701 3000
025 A000702 CHASE MANHATTAN
025 C000702 D
025 D000702 2500
025 A000703 MORGAN STANLEY
025 B000703 13-2655998
025 C000703 D
025 D000703 2499
025 A000704 J.P. MORGAN REPO
025 C000704 D
025 D000704 970
025 A000705 SWISS BANK
025 C000705 D
025 D000705 1999
025 D000706 0
025 D000707 0
025 D000708 0
028 A010700 12791
028 A020700 21
028 A030700 0
028 A040700 14281
028 B010700 9293
028 B020700 19
028 B030700 0
028 B040700 10563
028 C010700 18888
028 C020700 21
028 C030700 0
028 C040700 13375
028 D010700 13564
028 D020700 18
028 D030700 0
028 D040700 13639
028 E010700 31006
028 E020700 19
028 E030700 0
028 E040700 10828
028 F010700 10733
028 F020700 19
028 F030700 0
028 F040700 60383
028 G010700 96275
<PAGE> PAGE 23
028 G020700 117
028 G030700 0
028 G040700 123069
028 H000700 0
042 A000700 0
042 B000700 0
042 C000700 0
042 D000700 0
042 E000700 100
042 F000700 0
042 G000700 0
042 H000700 0
043 000700 17
044 000700 0
062 A000700 Y
062 B000700 0.0
062 C000700 10.2
062 D000700 1.7
062 E000700 0.0
062 F000700 25.4
062 G000700 0.0
062 H000700 4.2
062 I000700 38.1
062 J000700 0.0
062 K000700 0.0
062 L000700 18.7
062 M000700 0.0
062 N000700 0.0
062 O000700 0.0
062 P000700 0.0
062 Q000700 0.0
062 R000700 0.0
063 A000700 59
063 B000700 0.0
064 A000700 N
064 B000700 N
071 A000700 0
071 B000700 0
071 C000700 0
071 D000700 0
072 A000700 12
072 B000700 5033
072 C000700 0
072 D000700 0
072 E000700 0
072 F000700 288
072 G000700 177
072 H000700 0
072 I000700 0
072 J000700 9
072 K000700 0
<PAGE> PAGE 24
072 L000700 15
072 M000700 4
072 N000700 -1
072 O000700 0
072 P000700 0
072 Q000700 0
072 R000700 15
072 S000700 14
072 T000700 17
072 U000700 5
072 V000700 0
072 W000700 45
072 X000700 588
072 Y000700 142
072 Z000700 4587
072AA000700 9
072BB000700 0
072CC010700 0
072CC020700 0
072DD010700 4252
072DD020700 335
072EE000700 0
073 A010700 0.0520
073 A020700 0.0495
073 B000700 0.0000
073 C000700 0.0000
074 A000700 0
074 B000700 970
074 C000700 56776
074 D000700 0
074 E000700 0
074 F000700 0
074 G000700 0
074 H000700 0
074 I000700 0
074 J000700 0
074 K000700 0
074 L000700 1360
074 M000700 0
074 N000700 59106
074 O000700 0
074 P000700 0
074 Q000700 0
074 R010700 0
074 R020700 0
074 R030700 0
074 R040700 379
074 S000700 0
074 T000700 58727
074 U010700 52175
074 U020700 6550
<PAGE> PAGE 25
074 V010700 1.00
074 V020700 1.00
074 W000700 1.0001
074 X000700 138
074 Y000700 0
075 A000700 88274
075 B000700 0
076 000700 0.00
024 000800 Y
025 A000801 NATIONSBANK
025 C000801 E
025 D000801 1896
025 A000802 MERRILL LYNCH
025 B000802 13-5674085
025 C000802 E
025 D000802 1338
025 A000803 AMERICAN EXPRESS
025 B000803 11-1988350
025 C000803 E
025 D000803 2519
025 D000804 0
025 D000805 0
025 D000806 0
025 D000807 0
025 D000808 0
028 A010800 641
028 A020800 0
028 A030800 0
028 A040800 3487
028 B010800 514
028 B020800 0
028 B030800 0
028 B040800 1734
028 C010800 6830
028 C020800 300
028 C030800 0
028 C040800 2185
028 D010800 480
028 D020800 0
028 D030800 0
028 D040800 554
028 E010800 19820
028 E020800 1031
028 E030800 0
028 E040800 1400
028 F010800 878
028 F020800 0
028 F030800 0
028 F040800 886
028 G010800 29163
028 G020800 1331
<PAGE> PAGE 26
028 G030800 0
028 G040800 10246
028 H000800 0
042 A000800 0
042 B000800 0
042 C000800 0
042 D000800 0
042 E000800 100
042 F000800 0
042 G000800 0
042 H000800 0
043 000800 13
044 000800 0
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
071 A000800 132152
071 B000800 154975
071 C000800 112245
071 D000800 118
072 A000800 12
072 B000800 222
072 C000800 1064
072 D000800 0
072 E000800 0
072 F000800 1101
072 G000800 232
072 H000800 0
072 I000800 0
072 J000800 13
072 K000800 0
072 L000800 20
072 M000800 7
072 N000800 0
072 O000800 0
072 P000800 0
<PAGE> PAGE 27
072 Q000800 0
072 R000800 22
072 S000800 22
072 T000800 13
072 U000800 5
072 V000800 0
072 W000800 55
072 X000800 1490
072 Y000800 295
072 Z000800 91
072AA000800 25364
072BB000800 0
072CC010800 0
072CC020800 7199
072DD010800 43
072DD020800 0
072EE000800 26794
073 A010800 0.0058
073 A020800 0.0000
073 B000800 3.8686
073 C000800 0.0000
074 A000800 0
074 B000800 348
074 C000800 0
074 D000800 0
074 E000800 0
074 F000800 118367
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 688
074 K000800 0
074 L000800 147
074 M000800 0
074 N000800 119550
074 O000800 343
074 P000800 0
074 Q000800 0
074 R010800 138
074 R020800 0
074 R030800 0
074 R040800 0
074 S000800 0
074 T000800 119069
074 U010800 8049
074 U020800 433
074 V010800 14.05
074 V020800 13.89
074 W000800 0.0000
074 X000800 747
074 Y000800 0
<PAGE> PAGE 28
075 A000800 0
075 B000800 115552
076 000800 0.00
028 A010900 2232
028 A020900 0
028 A030900 0
028 A040900 4348
028 B010900 2723
028 B020900 0
028 B030900 0
028 B040900 3349
028 C010900 2648
028 C020900 0
028 C030900 0
028 C040900 4680
028 D010900 1398
028 D020900 0
028 D030900 0
028 D040900 2752
028 E010900 9154
028 E020900 435
028 E030900 0
028 E040900 9092
028 F010900 2925
028 F020900 0
028 F030900 0
028 F040900 6857
028 G010900 21080
028 G020900 435
028 G030900 0
028 G040900 31078
028 H000900 0
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 8
044 000900 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
<PAGE> PAGE 29
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
071 A000900 57393
071 B000900 85565
071 C000900 43231
071 D000900 133
072 A000900 12
072 B000900 91
072 C000900 61
072 D000900 0
072 E000900 0
072 F000900 429
072 G000900 90
072 H000900 0
072 I000900 0
072 J000900 4
072 K000900 0
072 L000900 7
072 M000900 3
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 4
072 S000900 4
072 T000900 8
072 U000900 5
072 V000900 0
072 W000900 32
072 X000900 586
072 Y000900 59
072 Z000900 -375
072AA000900 7337
072BB000900 0
072CC010900 0
072CC020900 8532
072DD010900 0
072DD020900 0
072EE000900 5423
073 A010900 0.0000
073 A020900 0.0000
073 B000900 1.7111
073 C000900 0.0000
074 A000900 0
<PAGE> PAGE 30
074 B000900 1261
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 30226
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 303
074 K000900 0
074 L000900 4
074 M000900 0
074 N000900 31794
074 O000900 0
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 807
074 S000900 0
074 T000900 30987
074 U010900 2664
074 U020900 296
074 V010900 10.48
074 V020900 10.35
074 W000900 0.0000
074 X000900 460
074 Y000900 0
075 A000900 0
075 B000900 44943
076 000900 0.00
024 001000 Y
025 A001001 LEHMAN BROTHERS
025 B001001 13-2927667
025 C001001 D
025 D001001 509
025 D001002 0
025 D001003 0
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 548
028 A021000 5
028 A031000 0
028 A041000 1797
028 B011000 467
028 B021000 6
028 B031000 0
<PAGE> PAGE 31
028 B041000 437
028 C011000 2023
028 C021000 6
028 C031000 0
028 C041000 814
028 D011000 290
028 D021000 6
028 D031000 0
028 D041000 465
028 E011000 295
028 E021000 46
028 E031000 0
028 E041000 792
028 F011000 623
028 F021000 6
028 F031000 0
028 F041000 774
028 G011000 4246
028 G021000 75
028 G031000 0
028 G041000 5079
028 H001000 0
042 A001000 0
042 B001000 0
042 C001000 0
042 D001000 0
042 E001000 100
042 F001000 0
042 G001000 0
042 H001000 0
043 001000 4
044 001000 0
062 A001000 Y
062 B001000 0.0
062 C001000 0.0
062 D001000 1.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 24.9
062 N001000 56.1
062 O001000 0.0
062 P001000 4.3
062 Q001000 8.7
062 R001000 4.0
063 A001000 0
<PAGE> PAGE 32
063 B001000 8.1
064 A001000 Y
064 B001000 N
071 A001000 11002
071 B001000 21610
071 C001000 52209
071 D001000 21
072 A001000 12
072 B001000 3415
072 C001000 118
072 D001000 0
072 E001000 0
072 F001000 401
072 G001000 107
072 H001000 0
072 I001000 0
072 J001000 4
072 K001000 0
072 L001000 9
072 M001000 3
072 N001000 -6
072 O001000 0
072 P001000 0
072 Q001000 0
072 R001000 4
072 S001000 4
072 T001000 4
072 U001000 5
072 V001000 0
072 W001000 32
072 X001000 567
072 Y001000 119
072 Z001000 3085
072AA001000 303
072BB001000 0
072CC011000 1794
072CC021000 0
072DD011000 3000
072DD021000 85
072EE001000 40
073 A011000 0.5669
073 A021000 0.5429
073 B001000 0.0078
073 C001000 0.0000
074 A001000 146
074 B001000 509
074 C001000 0
074 D001000 48529
074 E001000 0
074 F001000 2058
074 G001000 0
<PAGE> PAGE 33
074 H001000 0
074 I001000 0
074 J001000 0
074 K001000 0
074 L001000 667
074 M001000 0
074 N001000 51909
074 O001000 0
074 P001000 0
074 Q001000 0
074 R011000 0
074 R021000 0
074 R031000 0
074 R041000 290
074 S001000 0
074 T001000 51619
074 U011000 4925
074 U021000 149
074 V011000 10.17
074 V021000 10.18
074 W001000 0.0000
074 X001000 178
074 Y001000 0
075 A001000 0
075 B001000 53386
076 001000 0.00
028 A011100 433
028 A021100 23
028 A031100 0
028 A041100 1688
028 B011100 816
028 B021100 23
028 B031100 0
028 B041100 773
028 C011100 452
028 C021100 25
028 C031100 0
028 C041100 736
028 D011100 152
028 D021100 24
028 D031100 0
028 D041100 285
028 E011100 245
028 E021100 55
028 E031100 0
028 E041100 508
028 F011100 253
028 F021100 25
028 F031100 0
028 F041100 232
028 G011100 2351
<PAGE> PAGE 34
028 G021100 175
028 G031100 0
028 G041100 4222
028 H001100 0
042 A001100 0
042 B001100 0
042 C001100 0
042 D001100 0
042 E001100 100
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 17
044 001100 0
062 A001100 Y
062 B001100 0.0
062 C001100 0.0
062 D001100 0.0
062 E001100 0.0
062 F001100 0.0
062 G001100 0.0
062 H001100 0.0
062 I001100 0.0
062 J001100 0.0
062 K001100 0.0
062 L001100 0.0
062 M001100 0.0
062 N001100 0.0
062 O001100 98.3
062 P001100 0.0
062 Q001100 0.7
062 R001100 0.0
063 A001100 0
063 B001100 15.1
064 A001100 Y
064 B001100 N
071 A001100 15982
071 B001100 25255
071 C001100 91976
071 D001100 17
072 A001100 12
072 B001100 5382
072 C001100 0
072 D001100 0
072 E001100 0
072 F001100 421
072 G001100 187
072 H001100 0
072 I001100 0
072 J001100 12
072 K001100 0
<PAGE> PAGE 35
072 L001100 17
072 M001100 8
072 N001100 11
072 O001100 0
072 P001100 0
072 Q001100 0
072 R001100 15
072 S001100 15
072 T001100 17
072 U001100 5
072 V001100 0
072 W001100 56
072 X001100 764
072 Y001100 43
072 Z001100 4661
072AA001100 1316
072BB001100 0
072CC011100 2500
072CC021100 0
072DD011100 4334
072DD021100 327
072EE001100 446
073 A011100 0.5041
073 A021100 0.4787
073 B001100 0.0497
073 C001100 0.0000
074 A001100 0
074 B001100 0
074 C001100 649
074 D001100 91113
074 E001100 0
074 F001100 0
074 G001100 0
074 H001100 0
074 I001100 0
074 J001100 0
074 K001100 0
074 L001100 1399
074 M001100 0
074 N001100 93161
074 O001100 0
074 P001100 0
074 Q001100 0
074 R011100 0
074 R021100 0
074 R031100 0
074 R041100 460
074 S001100 0
074 T001100 92701
074 U011100 8239
074 U021100 742
<PAGE> PAGE 36
074 V011100 10.32
074 V021100 10.32
074 W001100 0.0000
074 X001100 207
074 Y001100 0
075 A001100 0
075 B001100 93554
076 001100 0.00
024 001200 Y
025 A001201 FIRST BOSTON
025 B001201 13-5659485
025 C001201 D
025 D001201 30000
025 A001202 GREENWICH
025 B001202 13-3172275
025 C001202 D
025 D001202 139405
025 A001203 J.P. MORGAN
025 C001203 D
025 D001203 32983
025 A001204 MERRILL LYNCH
025 B001204 13-5674085
025 C001204 D
025 D001204 29808
025 A001205 PAINE WEBBER
025 B001205 13-2760086
025 C001205 D
025 D001205 170573
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 491399
028 A021200 849
028 A031200 0
028 A041200 469552
028 B011200 486782
028 B021200 904
028 B031200 0
028 B041200 558287
028 C011200 650657
028 C021200 911
028 C031200 0
028 C041200 557987
028 D011200 611309
028 D021200 948
028 D031200 0
028 D041200 623804
028 E011200 788303
028 E021200 1004
028 E031200 0
028 E041200 761448
<PAGE> PAGE 37
028 F011200 655847
028 F021200 1178
028 F031200 0
028 F041200 589730
028 G011200 3684297
028 G021200 5794
028 G031200 0
028 G041200 3560808
028 H001200 0
037 001200 N
038 001200 0
039 001200 N
040 001200 N
062 A001200 Y
062 B001200 0.0
062 C001200 47.7
062 D001200 51.0
062 E001200 0.0
062 F001200 0.0
062 G001200 0.0
062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 1.3
062 M001200 0.0
062 N001200 0.0
062 O001200 0.0
062 P001200 0.0
062 Q001200 0.0
062 R001200 0.0
063 A001200 38
063 B001200 0.0
064 A001200 N
064 B001200 N
071 A001200 0
071 B001200 0
071 C001200 0
071 D001200 0
072 A001200 12
072 B001200 38644
072 C001200 0
072 D001200 0
072 E001200 0
072 F001200 1382
072 G001200 553
072 H001200 0
072 I001200 206
072 J001200 208
072 K001200 0
072 L001200 7
<PAGE> PAGE 38
072 M001200 9
072 N001200 75
072 O001200 0
072 P001200 0
072 Q001200 0
072 R001200 16
072 S001200 16
072 T001200 0
072 U001200 32
072 V001200 0
072 W001200 27
072 X001200 2531
072 Y001200 1149
072 Z001200 37262
072AA001200 3
072BB001200 0
072CC011200 0
072CC021200 0
072DD011200 37262
072DD021200 0
072EE001200 0
073 A011200 0.0500
073 A021200 0.0000
073 B001200 0.0000
073 C001200 0.0000
074 A001200 0
074 B001200 402769
074 C001200 376321
074 D001200 0
074 E001200 0
074 F001200 0
074 G001200 0
074 H001200 0
074 I001200 0
074 J001200 0
074 K001200 0
074 L001200 0
074 M001200 10320
074 N001200 789410
074 O001200 0
074 P001200 0
074 Q001200 0
074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 0
074 S001200 0
074 T001200 789410
074 U011200 789436
074 U021200 0
074 V011200 1.00
<PAGE> PAGE 39
074 V021200 0.00
074 W001200 0.9999
074 X001200 2
074 Y001200 0
075 A001200 690876
075 B001200 0
076 001200 0.00
024 001300 Y
025 A001301 GOLDMAN SACHS
025 B001301 13-5118880
025 C001301 D
025 D001301 29453
025 A001302 GENERAL ELECTRIC CAPITAL
025 B001302 06-1109503
025 C001302 D
025 D001302 29493
025 A001303 MERRILL LYNCH
025 B001303 13-5674085
025 C001303 D
025 D001303 29819
025 A001304 BEAR STEARNS
025 B001304 13-2269163
025 C001304 D
025 D001304 25000
025 A001305 FIRST BOSTON
025 B001305 13-5659485
025 C001305 D
025 D001305 28000
025 A001306 BANKERS TRUST
025 B001306 13-3166617
025 C001306 D
025 D001306 29990
025 A001307 FIRST OF AMERICA BANK
025 C001307 D
025 D001307 9960
025 A001308 NATIONSBANK
025 C001308 D
025 D001308 30000
025 A001309 GREENWICH
025 B001309 13-3172275
025 C001309 D
025 D001309 80747
025 A001310 J.P. MORGAN
025 C001310 D
025 D001310 32278
025 A001311 PAINE WEBBER
025 B001311 13-2760086
025 C001311 D
025 D001311 103450
025 D001312 0
025 D001313 0
<PAGE> PAGE 40
025 D001314 0
025 D001315 0
025 D001316 0
028 A011300 501258
028 A021300 430
028 A031300 0
028 A041300 459307
028 B011300 500069
028 B021300 482
028 B031300 0
028 B041300 585539
028 C011300 549276
028 C021300 448
028 C031300 0
028 C041300 518791
028 D011300 555265
028 D021300 520
028 D031300 0
028 D041300 430576
028 E011300 668701
028 E021300 549
028 E031300 0
028 E041300 679838
028 F011300 825038
028 F021300 576
028 F031300 0
028 F041300 727664
028 G011300 3599608
028 G021300 3004
028 G031300 0
028 G041300 3401714
028 H001300 0
037 001300 N
038 001300 0
039 001300 N
040 001300 N
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 29.2
062 E001300 0.0
062 F001300 23.9
062 G001300 0.0
062 H001300 0.0
062 I001300 18.4
062 J001300 0.0
062 K001300 0.0
062 L001300 9.7
062 M001300 0.0
062 N001300 0.0
062 O001300 0.0
<PAGE> PAGE 41
062 P001300 18.8
062 Q001300 0.0
062 R001300 0.0
063 A001300 49
063 B001300 0.0
064 A001300 N
064 B001300 N
071 A001300 0
071 B001300 0
071 C001300 0
071 D001300 0
072 A001300 12
072 B001300 32853
072 C001300 0
072 D001300 0
072 E001300 0
072 F001300 1148
072 G001300 461
072 H001300 0
072 I001300 170
072 J001300 188
072 K001300 0
072 L001300 7
072 M001300 8
072 N001300 35
072 O001300 0
072 P001300 0
072 Q001300 0
072 R001300 14
072 S001300 14
072 T001300 0
072 U001300 3
072 V001300 0
072 W001300 14
072 X001300 2062
072 Y001300 914
072 Z001300 31705
072AA001300 0
072BB001300 3
072CC011300 0
072CC021300 0
072DD011300 31704
072DD021300 0
072EE001300 0
073 A011300 0.0600
073 A021300 0.0000
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 216475
074 C001300 522540
<PAGE> PAGE 42
074 D001300 0
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 0
074 J001300 0
074 K001300 0
074 L001300 0
074 M001300 1822
074 N001300 740837
074 O001300 0
074 P001300 0
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 0
074 S001300 0
074 T001300 740837
074 U011300 740839
074 U021300 0
074 V011300 1.00
074 V021300 0.00
074 W001300 0.9999
074 X001300 2
074 Y001300 0
075 A001300 574346
075 B001300 0
076 001300 0.00
024 001400 Y
025 A001401 CHASE MANHATTAN
025 C001401 E
025 D001401 201
025 A001402 MELLON BANK
025 C001402 E
025 D001402 683
025 A001403 CITICORP
025 C001403 E
025 D001403 464
025 A001404 MORGAN STANLEY, DEAN WITTER, DISCOVER
025 B001404 13-2655998
025 C001404 E
025 D001404 876
025 D001405 0
025 D001406 0
025 D001407 0
025 D001408 0
037 001400 N
038 001400 0
039 001400 N
<PAGE> PAGE 43
040 001400 Y
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 0
042 D001400 0
042 E001400 100
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 0
044 001400 0
062 A001400 N
062 B001400 0.0
062 C001400 0.0
062 D001400 0.0
062 E001400 0.0
062 F001400 0.0
062 G001400 0.0
062 H001400 0.0
062 I001400 0.0
062 J001400 0.0
062 K001400 0.0
062 L001400 0.0
062 M001400 0.0
062 N001400 0.0
062 O001400 0.0
062 P001400 0.0
062 Q001400 0.0
062 R001400 0.0
070 A011400 Y
070 A021400 N
070 B011400 Y
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 Y
070 D021400 N
070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
070 G011400 Y
070 G021400 N
070 H011400 N
070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
<PAGE> PAGE 44
070 K021400 Y
070 L011400 Y
070 L021400 Y
070 M011400 Y
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
071 A001400 26796
071 B001400 25316
071 C001400 27829
071 D001400 91
072 A001400 12
072 B001400 27
072 C001400 288
072 D001400 0
072 E001400 0
072 F001400 129
072 G001400 61
072 H001400 0
072 I001400 18
072 J001400 2
072 K001400 0
072 L001400 5
072 M001400 1
072 N001400 0
072 O001400 0
072 P001400 0
072 Q001400 0
072 R001400 1
072 S001400 2
072 T001400 0
072 U001400 3
072 V001400 0
072 W001400 0
072 X001400 222
072 Y001400 31
072 Z001400 124
072AA001400 6415
072BB001400 0
072CC011400 0
072CC021400 4133
072DD011400 100
072DD021400 0
<PAGE> PAGE 45
072EE001400 4178
073 A011400 0.0353
073 A021400 0.0292
073 B001400 1.5314
073 C001400 0.0000
074 A001400 0
074 B001400 0
074 C001400 1505
074 D001400 0
074 E001400 0
074 F001400 29802
074 G001400 0
074 H001400 0
074 I001400 0
074 J001400 2177
074 K001400 0
074 L001400 47
074 M001400 0
074 N001400 33531
074 O001400 2469
074 P001400 0
074 Q001400 0
074 R011400 0
074 R021400 0
074 R031400 0
074 R041400 89
074 S001400 0
074 T001400 30973
074 U011400 3321
074 U021400 0
074 V011400 9.33
074 V021400 9.32
074 W001400 0.0000
074 X001400 26
074 Y001400 0
075 A001400 0
075 B001400 28424
076 001400 0.00
024 001500 Y
025 A001501 J.P. MORGAN
025 C001501 E
025 D001501 809
025 A001502 A.G. EDWARDS & SONS
025 B001502 43-059547
025 C001502 E
025 D001502 758
025 A001503 AMERICAN EXPRESS
025 B001503 11-1988350
025 C001503 E
025 D001503 544
025 A001504 LEHMAN BROTHERS
<PAGE> PAGE 46
025 B001504 13-2927667
025 C001504 D
025 D001504 562
025 D001505 0
025 D001506 0
025 D001507 0
025 D001508 0
028 A011500 973
028 A021500 0
028 A031500 0
028 A041500 2050
028 B011500 1031
028 B021500 0
028 B031500 0
028 B041500 475
028 C011500 848
028 C021500 14
028 C031500 0
028 C041500 526
028 D011500 458
028 D021500 0
028 D031500 0
028 D041500 328
028 E011500 1199
028 E021500 112
028 E031500 0
028 E041500 963
028 F011500 621
028 F021500 6
028 F031500 0
028 F041500 626
028 G011500 5130
028 G021500 132
028 G031500 0
028 G041500 4968
028 H001500 0
042 A001500 0
042 B001500 0
042 C001500 0
042 D001500 0
042 E001500 100
042 F001500 0
042 G001500 0
042 H001500 0
043 001500 7
044 001500 0
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
<PAGE> PAGE 47
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
071 A001500 36578
071 B001500 32156
071 C001500 47192
071 D001500 68
072 A001500 12
072 B001500 141
072 C001500 1510
072 D001500 0
072 E001500 0
072 F001500 363
072 G001500 119
072 H001500 0
072 I001500 0
072 J001500 10
072 K001500 0
072 L001500 13
072 M001500 3
072 N001500 0
072 O001500 0
072 P001500 0
072 Q001500 0
072 R001500 10
072 S001500 10
072 T001500 7
072 U001500 5
072 V001500 0
072 W001500 31
072 X001500 571
072 Y001500 18
072 Z001500 1098
072AA001500 2589
072BB001500 0
072CC011500 4595
072CC021500 0
072DD011500 1038
072DD021500 60
072EE001500 1563
073 A011500 0.2731
<PAGE> PAGE 48
073 A021500 0.2458
073 B001500 0.3886
073 C001500 0.0000
074 A001500 0
074 B001500 562
074 C001500 0
074 D001500 793
074 E001500 2346
074 F001500 48116
074 G001500 0
074 H001500 0
074 I001500 0
074 J001500 0
074 K001500 0
074 L001500 104
074 M001500 0
074 N001500 51921
074 O001500 0
074 P001500 0
074 Q001500 0
074 R011500 0
074 R021500 0
074 R031500 0
074 R041500 167
074 S001500 0
074 T001500 51754
074 U011500 3810
074 U021500 291
074 V011500 12.62
074 V021500 12.62
074 W001500 0.0000
074 X001500 426
074 Y001500 0
075 A001500 0
075 B001500 49081
076 001500 0.00
SIGNATURE MARK E. NAGLE
TITLE CONTROLLER, CFO
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 070
<NAME> OVB PRIME OBLIGATIONS CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 57746
<INVESTMENTS-AT-VALUE> 57746
<RECEIVABLES> 1360
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59106
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379
<TOTAL-LIABILITIES> 379
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58725
<SHARES-COMMON-STOCK> 52175
<SHARES-COMMON-PRIOR> 90308
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 58727
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5033
<OTHER-INCOME> 0
<EXPENSES-NET> (446)
<NET-INVESTMENT-INCOME> 4587
<REALIZED-GAINS-CURRENT> 9
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4252)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 162497
<NUMBER-OF-SHARES-REDEEMED> (200643)
<SHARES-REINVESTED> 13
<NET-CHANGE-IN-ASSETS> (38124)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7)
<GROSS-ADVISORY-FEES> 221
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 588
<AVERAGE-NET-ASSETS> 88274
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .49
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 071
<NAME> OVB PRIME OBLIGATIONS CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 57746
<INVESTMENTS-AT-VALUE> 57746
<RECEIVABLES> 1360
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 59106
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 379
<TOTAL-LIABILITIES> 379
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 58725
<SHARES-COMMON-STOCK> 6550
<SHARES-COMMON-PRIOR> 7501
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 58727
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5033
<OTHER-INCOME> 0
<EXPENSES-NET> (446)
<NET-INVESTMENT-INCOME> 4587
<REALIZED-GAINS-CURRENT> 9
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4596
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (335)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 8411
<NUMBER-OF-SHARES-REDEEMED> (9586)
<SHARES-REINVESTED> 224
<NET-CHANGE-IN-ASSETS> (951)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (7)
<GROSS-ADVISORY-FEES> 221
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 588
<AVERAGE-NET-ASSETS> 88274
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .74
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 080
<NAME> OVB CAPITAL APPRECIATION CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 86962
<INVESTMENTS-AT-VALUE> 118715
<RECEIVABLES> 835
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119550
<PAYABLE-FOR-SECURITIES> 343
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138
<TOTAL-LIABILITIES> 481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82487
<SHARES-COMMON-STOCK> 8049
<SHARES-COMMON-PRIOR> 7727
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7)
<ACCUMULATED-NET-GAINS> 4836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31753
<NET-ASSETS> 119069
<DIVIDEND-INCOME> 1064
<INTEREST-INCOME> 222
<OTHER-INCOME> 0
<EXPENSES-NET> (1195)
<NET-INVESTMENT-INCOME> 91
<REALIZED-GAINS-CURRENT> 25364
<APPREC-INCREASE-CURRENT> (7199)
<NET-CHANGE-FROM-OPS> 18256
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (43)
<DISTRIBUTIONS-OF-GAINS> (25454)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 31733
<NUMBER-OF-SHARES-REDEEMED> (29505)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (5825)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6266
<OVERDISTRIB-NII-PRIOR> (55)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1490
<AVERAGE-NET-ASSETS> 115552
<PER-SHARE-NAV-BEGIN> 15.38
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 2.52
<PER-SHARE-DIVIDEND> (.01)
<PER-SHARE-DISTRIBUTIONS> (3.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.05
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 081
<NAME> OVB CAPITAL APPRECIATION CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 86962
<INVESTMENTS-AT-VALUE> 118715
<RECEIVABLES> 835
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 119550
<PAYABLE-FOR-SECURITIES> 343
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 138
<TOTAL-LIABILITIES> 481
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 82487
<SHARES-COMMON-STOCK> 433
<SHARES-COMMON-PRIOR> 293
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (7)
<ACCUMULATED-NET-GAINS> 4836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 31753
<NET-ASSETS> 119069
<DIVIDEND-INCOME> 1064
<INTEREST-INCOME> 222
<OTHER-INCOME> 0
<EXPENSES-NET> (1195)
<NET-INVESTMENT-INCOME> 91
<REALIZED-GAINS-CURRENT> 25364
<APPREC-INCREASE-CURRENT> (7199)
<NET-CHANGE-FROM-OPS> 18256
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (1340)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2254
<NUMBER-OF-SHARES-REDEEMED> (1518)
<SHARES-REINVESTED> 1331
<NET-CHANGE-IN-ASSETS> 1539
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 6266
<OVERDISTRIB-NII-PRIOR> (55)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1101
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1490
<AVERAGE-NET-ASSETS> 115552
<PER-SHARE-NAV-BEGIN> 15.28
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> 2.46
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.89
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 090
<NAME> OVB EMERGING GROWTH CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 24567
<INVESTMENTS-AT-VALUE> 31487
<RECEIVABLES> 307
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 807
<TOTAL-LIABILITIES> 807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23431
<SHARES-COMMON-STOCK> 2664
<SHARES-COMMON-PRIOR> 4532
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (375)
<ACCUMULATED-NET-GAINS> 1011
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6920
<NET-ASSETS> 30987
<DIVIDEND-INCOME> 61
<INTEREST-INCOME> 91
<OTHER-INCOME> 0
<EXPENSES-NET> (527)
<NET-INVESTMENT-INCOME> (375)
<REALIZED-GAINS-CURRENT> 7337
<APPREC-INCREASE-CURRENT> (8532)
<NET-CHANGE-FROM-OPS> (1570)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (4978)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 24519
<NUMBER-OF-SHARES-REDEEMED> (56079)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (28001)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (903)
<GROSS-ADVISORY-FEES> 429
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 586
<AVERAGE-NET-ASSETS> 44943
<PER-SHARE-NAV-BEGIN> 12.34
<PER-SHARE-NII> .14
<PER-SHARE-GAIN-APPREC> (.29)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.48
<EXPENSE-RATIO> 1.15
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 091
<NAME> OVB EMERGING GROWTH CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 24567
<INVESTMENTS-AT-VALUE> 31487
<RECEIVABLES> 307
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31794
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 807
<TOTAL-LIABILITIES> 807
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 23431
<SHARES-COMMON-STOCK> 296
<SHARES-COMMON-PRIOR> 307
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (375)
<ACCUMULATED-NET-GAINS> 1011
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6920
<NET-ASSETS> 30987
<DIVIDEND-INCOME> 61
<INTEREST-INCOME> 91
<OTHER-INCOME> 0
<EXPENSES-NET> (527)
<NET-INVESTMENT-INCOME> (375)
<REALIZED-GAINS-CURRENT> 7337
<APPREC-INCREASE-CURRENT> (8532)
<NET-CHANGE-FROM-OPS> (1570)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (445)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 706
<NUMBER-OF-SHARES-REDEEMED> (1284)
<SHARES-REINVESTED> 435
<NET-CHANGE-IN-ASSETS> (695)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (903)
<GROSS-ADVISORY-FEES> 429
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 586
<AVERAGE-NET-ASSETS> 44943
<PER-SHARE-NAV-BEGIN> 12.24
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> (.23)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.71)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.35
<EXPENSE-RATIO> 1.4
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 100
<NAME> OVB GOVERNMENT SECURITIES CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 48485
<INVESTMENTS-AT-VALUE> 51096
<RECEIVABLES> 667
<ASSETS-OTHER> 146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51909
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 290
<TOTAL-LIABILITIES> 290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48791
<SHARES-COMMON-STOCK> 4925
<SHARES-COMMON-PRIOR> 6050
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 217
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2611
<NET-ASSETS> 51619
<DIVIDEND-INCOME> 118
<INTEREST-INCOME> 3415
<OTHER-INCOME> 0
<EXPENSES-NET> (448)
<NET-INVESTMENT-INCOME> 3085
<REALIZED-GAINS-CURRENT> 303
<APPREC-INCREASE-CURRENT> 1794
<NET-CHANGE-FROM-OPS> 5182
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (3000)
<DISTRIBUTIONS-OF-GAINS> (39)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6732
<NUMBER-OF-SHARES-REDEEMED> (17688)
<SHARES-REINVESTED> 39
<NET-CHANGE-IN-ASSETS> (8914)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (46)
<GROSS-ADVISORY-FEES> 401
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 567
<AVERAGE-NET-ASSETS> 53386
<PER-SHARE-NAV-BEGIN> 9.76
<PER-SHARE-NII> .57
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> (.57)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.17
<EXPENSE-RATIO> .83
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 101
<NAME> OVB GOVERNMENT SECURITIES CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 48485
<INVESTMENTS-AT-VALUE> 51096
<RECEIVABLES> 667
<ASSETS-OTHER> 146
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51909
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 290
<TOTAL-LIABILITIES> 290
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 48791
<SHARES-COMMON-STOCK> 149
<SHARES-COMMON-PRIOR> 187
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 217
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2611
<NET-ASSETS> 51619
<DIVIDEND-INCOME> 118
<INTEREST-INCOME> 3415
<OTHER-INCOME> 0
<EXPENSES-NET> (448)
<NET-INVESTMENT-INCOME> 3085
<REALIZED-GAINS-CURRENT> 303
<APPREC-INCREASE-CURRENT> 1794
<NET-CHANGE-FROM-OPS> 5182
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (85)
<DISTRIBUTIONS-OF-GAINS> (1)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 331
<NUMBER-OF-SHARES-REDEEMED> (767)
<SHARES-REINVESTED> 71
<NET-CHANGE-IN-ASSETS> (311)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (46)
<GROSS-ADVISORY-FEES> 401
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 567
<AVERAGE-NET-ASSETS> 53386
<PER-SHARE-NAV-BEGIN> 9.77
<PER-SHARE-NII> .54
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> (.54)
<PER-SHARE-DISTRIBUTIONS> (.01)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.18
<EXPENSE-RATIO> 1.08
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 110
<NAME> OVB WEST VIRGINIA TAX EXEMPT CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 85742
<INVESTMENTS-AT-VALUE> 91762
<RECEIVABLES> 1399
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93161
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 460
<TOTAL-LIABILITIES> 460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86029
<SHARES-COMMON-STOCK> 8239
<SHARES-COMMON-PRIOR> 9308
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 652
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6020
<NET-ASSETS> 92701
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5382
<OTHER-INCOME> 0
<EXPENSES-NET> (721)
<NET-INVESTMENT-INCOME> 4661
<REALIZED-GAINS-CURRENT> 1316
<APPREC-INCREASE-CURRENT> 2500
<NET-CHANGE-FROM-OPS> 8477
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4334)
<DISTRIBUTIONS-OF-GAINS> (410)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2749
<NUMBER-OF-SHARES-REDEEMED> (13440)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (7576)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (218)
<GROSS-ADVISORY-FEES> 421
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 764
<AVERAGE-NET-ASSETS> 93554
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> .50
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> (.50)
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.32
<EXPENSE-RATIO> .75
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 111
<NAME> OVB WEST VIRGINIA TAX EXEMPT CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 85742
<INVESTMENTS-AT-VALUE> 91762
<RECEIVABLES> 1399
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 93161
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 460
<TOTAL-LIABILITIES> 460
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 86029
<SHARES-COMMON-STOCK> 742
<SHARES-COMMON-PRIOR> 623
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 652
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6020
<NET-ASSETS> 92701
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 5382
<OTHER-INCOME> 0
<EXPENSES-NET> (721)
<NET-INVESTMENT-INCOME> 4661
<REALIZED-GAINS-CURRENT> 1316
<APPREC-INCREASE-CURRENT> 2500
<NET-CHANGE-FROM-OPS> 8477
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (327)
<DISTRIBUTIONS-OF-GAINS> (36)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2096
<NUMBER-OF-SHARES-REDEEMED> (1191)
<SHARES-REINVESTED> 307
<NET-CHANGE-IN-ASSETS> 1467
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> (218)
<GROSS-ADVISORY-FEES> 421
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 764
<AVERAGE-NET-ASSETS> 93554
<PER-SHARE-NAV-BEGIN> 9.95
<PER-SHARE-NII> .48
<PER-SHARE-GAIN-APPREC> .42
<PER-SHARE-DIVIDEND> (.48)
<PER-SHARE-DISTRIBUTIONS> (.05)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.32
<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> 121
<NAME> CRESTAR U.S. GOVERNMENT SECURITIES
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 779090
<INVESTMENTS-AT-VALUE> 779090
<RECEIVABLES> 0
<ASSETS-OTHER> 10320
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 789410
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 789435
<SHARES-COMMON-STOCK> 789435
<SHARES-COMMON-PRIOR> 586759
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (25)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 789410
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 38644
<OTHER-INCOME> 0
<EXPENSES-NET> 1382
<NET-INVESTMENT-INCOME> 37262
<REALIZED-GAINS-CURRENT> 3
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 37265
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 37262
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7090197
<NUMBER-OF-SHARES-REDEEMED> (6897460)
<SHARES-REINVESTED> 9939
<NET-CHANGE-IN-ASSETS> 202679
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1382
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2531
<AVERAGE-NET-ASSETS> 690876
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<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> 131
<NAME> CRESTAR PRIME OBLIGATION
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 739015
<INVESTMENTS-AT-VALUE> 739015
<RECEIVABLES> 0
<ASSETS-OTHER> 1822
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 740837
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 740839
<SHARES-COMMON-STOCK> 740839
<SHARES-COMMON-PRIOR> 477435
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (3)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 740837
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 32853
<OTHER-INCOME> 0
<EXPENSES-NET> 1148
<NET-INVESTMENT-INCOME> 31705
<REALIZED-GAINS-CURRENT> (3)
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 31702
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 31704
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6369124
<NUMBER-OF-SHARES-REDEEMED> (6110786)
<SHARES-REINVESTED> 5066
<NET-CHANGE-IN-ASSETS> 263404
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1148
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2062
<AVERAGE-NET-ASSETS> 574346
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .06
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .06
<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> OVB
<SERIES>
<NUMBER> 150
<NAME> OVB EQUITY INCOME CLASS A
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 43432
<INVESTMENTS-AT-VALUE> 51817
<RECEIVABLES> 104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51921
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 167
<TOTAL-LIABILITIES> 167
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42342
<SHARES-COMMON-STOCK> 3810
<SHARES-COMMON-PRIOR> 3702
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1027
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8385
<NET-ASSETS> 51754
<DIVIDEND-INCOME> 1510
<INTEREST-INCOME> 141
<OTHER-INCOME> 0
<EXPENSES-NET> (553)
<NET-INVESTMENT-INCOME> 1098
<REALIZED-GAINS-CURRENT> 2589
<APPREC-INCREASE-CURRENT> 4595
<NET-CHANGE-FROM-OPS> 8282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1038)
<DISTRIBUTIONS-OF-GAINS> (1455)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11078
<NUMBER-OF-SHARES-REDEEMED> (9925)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 6496
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 571
<AVERAGE-NET-ASSETS> 49081
<PER-SHARE-NAV-BEGIN> 11.23
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> 1.78
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.62
<EXPENSE-RATIO> 1.11
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> OVB
<SERIES>
<NUMBER> 151
<NAME> OVB EQUITY INCOME CLASS B
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 43432
<INVESTMENTS-AT-VALUE> 51817
<RECEIVABLES> 104
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 51921
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 167
<TOTAL-LIABILITIES> 167
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 42342
<SHARES-COMMON-STOCK> 291
<SHARES-COMMON-PRIOR> 134
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1027
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8385
<NET-ASSETS> 51754
<DIVIDEND-INCOME> 1510
<INTEREST-INCOME> 141
<OTHER-INCOME> 0
<EXPENSES-NET> (553)
<NET-INVESTMENT-INCOME> 1098
<REALIZED-GAINS-CURRENT> 2589
<APPREC-INCREASE-CURRENT> 4595
<NET-CHANGE-FROM-OPS> 8282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (60)
<DISTRIBUTIONS-OF-GAINS> (108)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2340
<NUMBER-OF-SHARES-REDEEMED> (601)
<SHARES-REINVESTED> 157
<NET-CHANGE-IN-ASSETS> 2174
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 363
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 571
<AVERAGE-NET-ASSETS> 49081
<PER-SHARE-NAV-BEGIN> 11.24
<PER-SHARE-NII> .23
<PER-SHARE-GAIN-APPREC> 1.79
<PER-SHARE-DIVIDEND> (.25)
<PER-SHARE-DISTRIBUTIONS> (.39)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.62
<EXPENSE-RATIO> 1.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 010
<NAME> GOLDEN OAK PRIME OBLIGATION MONEY MARKET CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 134435
<INVESTMENTS-AT-VALUE> 134435
<RECEIVABLES> 618
<ASSETS-OTHER> 38
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135091
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 737
<TOTAL-LIABILITIES> 737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134367
<SHARES-COMMON-STOCK> 127985
<SHARES-COMMON-PRIOR> 94520
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 134358
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7837
<OTHER-INCOME> 0
<EXPENSES-NET> 654
<NET-INVESTMENT-INCOME> 7183
<REALIZED-GAINS-CURRENT> 8
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (5163)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 220104
<NUMBER-OF-SHARES-REDEEMED> (186643)
<SHARES-REINVESTED> 4
<NET-CHANGE-IN-ASSETS> 35493
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 938
<AVERAGE-NET-ASSETS> 138159
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .40
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 011
<NAME> GOLDEN OAK PRIME OBLIGATION MONEY MARKET CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 134435
<INVESTMENTS-AT-VALUE> 134435
<RECEIVABLES> 618
<ASSETS-OTHER> 38
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 135091
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 737
<TOTAL-LIABILITIES> 737
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 134367
<SHARES-COMMON-STOCK> 6382
<SHARES-COMMON-PRIOR> 71691
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (9)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 134358
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7837
<OTHER-INCOME> 0
<EXPENSES-NET> 654
<NET-INVESTMENT-INCOME> 7183
<REALIZED-GAINS-CURRENT> 8
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7191
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2020)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 214687
<NUMBER-OF-SHARES-REDEEMED> (280270)
<SHARES-REINVESTED> 274
<NET-CHANGE-IN-ASSETS> (60138)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (17)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 415
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 938
<AVERAGE-NET-ASSETS> 138159
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 020
<NAME> GOLDEN OAK INTERMEDIATE-TERM INCOME PORTFOLIO CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 122382
<INVESTMENTS-AT-VALUE> 124741
<RECEIVABLES> 1936
<ASSETS-OTHER> 24
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126701
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 701
<TOTAL-LIABILITIES> 701
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124603
<SHARES-COMMON-STOCK> 12538
<SHARES-COMMON-PRIOR> 11870
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1)
<ACCUMULATED-NET-GAINS> (961)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2359
<NET-ASSETS> 126000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7746
<OTHER-INCOME> 0
<EXPENSES-NET> 798
<NET-INVESTMENT-INCOME> 6948
<REALIZED-GAINS-CURRENT> (406)
<APPREC-INCREASE-CURRENT> 3080
<NET-CHANGE-FROM-OPS> 9622
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6945)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3195
<NUMBER-OF-SHARES-REDEEMED> (2527)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 3345
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (555)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 614
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 987
<AVERAGE-NET-ASSETS> 122779
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .56
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.56)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 021
<NAME> GOLDEN OAK INTERMEDIATE TERM INCOME PORTFOLIO CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 122382
<INVESTMENTS-AT-VALUE> 124741
<RECEIVABLES> 1936
<ASSETS-OTHER> 24
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 126701
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 701
<TOTAL-LIABILITIES> 701
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 124603
<SHARES-COMMON-STOCK> 6
<SHARES-COMMON-PRIOR> 9
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1)
<ACCUMULATED-NET-GAINS> (961)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2359
<NET-ASSETS> 126000
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 7746
<OTHER-INCOME> 0
<EXPENSES-NET> 798
<NET-INVESTMENT-INCOME> 6948
<REALIZED-GAINS-CURRENT> (406)
<APPREC-INCREASE-CURRENT> 3080
<NET-CHANGE-FROM-OPS> 9622
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (4)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> (3)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 9615
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (555)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 614
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 987
<AVERAGE-NET-ASSETS> 122779
<PER-SHARE-NAV-BEGIN> 9.83
<PER-SHARE-NII> .53
<PER-SHARE-GAIN-APPREC> .21
<PER-SHARE-DIVIDEND> (.53)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.04
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 030
<NAME> GOLDEN OAK GROWTH PORTFOLIO CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 32426
<INVESTMENTS-AT-VALUE> 38466
<RECEIVABLES> 195
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38663
<PAYABLE-FOR-SECURITIES> 2081
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35
<TOTAL-LIABILITIES> 2116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28356
<SHARES-COMMON-STOCK> 2862
<SHARES-COMMON-PRIOR> 2605
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (9)
<ACCUMULATED-NET-GAINS> 2160
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6040
<NET-ASSETS> 36547
<DIVIDEND-INCOME> 282
<INTEREST-INCOME> 112
<OTHER-INCOME> 0
<EXPENSES-NET> 385
<NET-INVESTMENT-INCOME> 9
<REALIZED-GAINS-CURRENT> 9392
<APPREC-INCREASE-CURRENT> (664)
<NET-CHANGE-FROM-OPS> 8737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (7682)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 857
<NUMBER-OF-SHARES-REDEEMED> (600)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 1312
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 513
<OVERDISTRIB-NII-PRIOR> (18)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 266
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 386
<AVERAGE-NET-ASSETS> 35889
<PER-SHARE-NAV-BEGIN> 12.66
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 3.12
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.66
<EXPENSE-RATIO> 1.07
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 031
<NAME> GOLDEN OAK GROWTH PORTFOLIO CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 32426
<INVESTMENTS-AT-VALUE> 38466
<RECEIVABLES> 195
<ASSETS-OTHER> 2
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 38663
<PAYABLE-FOR-SECURITIES> 2081
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 35
<TOTAL-LIABILITIES> 2116
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28356
<SHARES-COMMON-STOCK> 25
<SHARES-COMMON-PRIOR> 18
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (9)
<ACCUMULATED-NET-GAINS> 2160
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 6040
<NET-ASSETS> 36547
<DIVIDEND-INCOME> 282
<INTEREST-INCOME> 112
<OTHER-INCOME> 0
<EXPENSES-NET> 385
<NET-INVESTMENT-INCOME> 9
<REALIZED-GAINS-CURRENT> 9392
<APPREC-INCREASE-CURRENT> (664)
<NET-CHANGE-FROM-OPS> 8737
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (63)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3
<NUMBER-OF-SHARES-REDEEMED> (2)
<SHARES-REINVESTED> 6
<NET-CHANGE-IN-ASSETS> 8681
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 513
<OVERDISTRIB-NII-PRIOR> (18)
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 266
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 386
<AVERAGE-NET-ASSETS> 35889
<PER-SHARE-NAV-BEGIN> 12.57
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 3.07
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (3.12)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.51
<EXPENSE-RATIO> 1.32
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 040
<NAME> GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 81030
<INVESTMENTS-AT-VALUE> 84777
<RECEIVABLES> 1148
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85925
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 359
<TOTAL-LIABILITIES> 359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81816
<SHARES-COMMON-STOCK> 8357
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3747
<NET-ASSETS> 85566
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2551
<OTHER-INCOME> 0
<EXPENSES-NET> 328
<NET-INVESTMENT-INCOME> 2223
<REALIZED-GAINS-CURRENT> 137
<APPREC-INCREASE-CURRENT> 1943
<NET-CHANGE-FROM-OPS> 4303
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (2222)
<DISTRIBUTIONS-OF-GAINS> (134)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 9107
<NUMBER-OF-SHARES-REDEEMED> (750)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 85559
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 252
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 412
<AVERAGE-NET-ASSETS> 82580
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> .65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 041
<NAME> GOLDEN OAK MICHIGAN TAX FREE BOND PORTFOLIO CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 81030
<INVESTMENTS-AT-VALUE> 84777
<RECEIVABLES> 1148
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 85925
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 359
<TOTAL-LIABILITIES> 359
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 81816
<SHARES-COMMON-STOCK> 1
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 3747
<NET-ASSETS> 85566
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2551
<OTHER-INCOME> 0
<EXPENSES-NET> 328
<NET-INVESTMENT-INCOME> 2223
<REALIZED-GAINS-CURRENT> 137
<APPREC-INCREASE-CURRENT> 1943
<NET-CHANGE-FROM-OPS> 4303
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (1)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 4310
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 252
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 412
<AVERAGE-NET-ASSETS> 82580
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> .26
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.02)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.24
<EXPENSE-RATIO> .90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 140
<NAME> GOLDEN OAK VALUE PORTFOLIO CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 22724
<INVESTMENTS-AT-VALUE> 31307
<RECEIVABLES> 2152
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33459
<PAYABLE-FOR-SECURITIES> 2469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17
<TOTAL-LIABILITIES> 2486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20129
<SHARES-COMMON-STOCK> 3315
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8583
<NET-ASSETS> 30973
<DIVIDEND-INCOME> 288
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 191
<NET-INVESTMENT-INCOME> 124
<REALIZED-GAINS-CURRENT> 6415
<APPREC-INCREASE-CURRENT> (4133)
<NET-CHANGE-FROM-OPS> 2406
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (100)
<DISTRIBUTIONS-OF-GAINS> (4168)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3769
<NUMBER-OF-SHARES-REDEEMED> (455)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 30923
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 28424
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .04
<PER-SHARE-GAIN-APPREC> .86
<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (1.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.33
<EXPENSE-RATIO> 1.10
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR TRUST
<SERIES>
<NUMBER> 141
<NAME> GOLDEN OAK VALUE PORTFOLIO CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1998
<PERIOD-START> FEB-01-1997
<PERIOD-END> JAN-31-1998
<INVESTMENTS-AT-COST> 22724
<INVESTMENTS-AT-VALUE> 31307
<RECEIVABLES> 2152
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 33459
<PAYABLE-FOR-SECURITIES> 2469
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17
<TOTAL-LIABILITIES> 2486
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20129
<SHARES-COMMON-STOCK> 6
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 24
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 2237
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8583
<NET-ASSETS> 30973
<DIVIDEND-INCOME> 288
<INTEREST-INCOME> 27
<OTHER-INCOME> 0
<EXPENSES-NET> 191
<NET-INVESTMENT-INCOME> 124
<REALIZED-GAINS-CURRENT> 6415
<APPREC-INCREASE-CURRENT> (4133)
<NET-CHANGE-FROM-OPS> 2406
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (10)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 2456
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 129
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 196
<AVERAGE-NET-ASSETS> 28424
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> .02
<PER-SHARE-GAIN-APPREC> .86
<PER-SHARE-DIVIDEND> (.03)
<PER-SHARE-DISTRIBUTIONS> (1.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.32
<EXPENSE-RATIO> 1.35
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
To the Shareholders and
Board of Trustees of
The Arbor Fund
In planning and performing our audit of the financial statements
of The Arbor Fund for the year ended January 31, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of
Form N-SAR, not to provide assurance on internal control.
The management of The Arbor Fund is responsible for
establishing and maintaining internal control. In fulfilling this
responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain
to the entity's objective of preparing financial statements for
external purposes that are fairly presented in conformity with
generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition,
use or disposition.
Because of inherent limitations in internal control, errors or fraud
may occur and not be detected. Also, projection of any
evaluation of internal control 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 internal control would not necessarily
disclose all matters in internal control 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 one or more of
the internal control components does not reduce to a relatively
low level the risk that misstatements caused by error or fraud 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
internal control and its operation, including controls for
safeguarding securities, that we consider to be material
weaknesses as defined above as of January 31, 1998.
This report is intended solely for the information and use of
management and the Board of Trustees of The Arbor Fund
and the Securities and Exchange Commission.
PRICE WATERHOUSE LLP
Philadelphia, PA
March 13, 1998
