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THE ARBOR FUND
OVB EMERGING GROWTH PORTFOLIO
Supplement dated December 2, 1998
to the Prospectus dated May 31, 1998
At a special meeting held on December 2, 1998, the Board of Trustees of the
Arbor Fund unanimously voted to close the OVB Emerging Growth Portfolio (the
"Fund"). This decision was made after careful consideration of all of the
factors concerning management of the Fund, most notably the reduction in Fund
assets and the commensurate impact of an increasing expense ratio on Fund
shareholders. The Fund intends to cease operations on or about December 29,
1998. Cash representing the current NAV per share will be distributed to
shareholders on that date.
The Trustees and management of the OVB Family of Funds thank you for the
opportunity to have been of service to you in the OVB Emerging Growth Fund.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
