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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 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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008 A000401 CITIZENS BANK
008 B000401 A
008 C000401 801-0000
008 D010401 FLINT
008 D020401 MI
008 D030401 48502
<PAGE> PAGE 21
012 A000401 DST SYSTEMS, INC.
012 B000401 84-1963
012 C010401 KANSAS CITY
012 C020401 MO
012 C030401 64105
015 A000401 FIRST UNION NATIONAL BANK
015 B000401 C
015 C010401 PHILADELPHIA
015 C020401 PA
015 C030401 19101
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024 000400 N
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<PAGE> PAGE 22
036 B000400 0
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050 000400 N
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<PAGE> PAGE 23
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
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064 A000400 Y
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066 A000400 N
067 000400 N
068 A000400 N
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069 000400 N
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070 A020400 Y
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<PAGE> PAGE 24
070 I020400 N
070 J010400 N
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
062 M000800 0.0
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<PAGE> PAGE 30
074 E000800 0
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008 A000901 ONE VALLEY BANK, N.A.
008 B000901 A
008 C000901 801-0000
008 D010901 CHARLESTON
008 D020901 WV
008 D030901 25326
012 A000901 DST SYSTEMS, INC.
012 B000901 84-1963
012 C010901 KANSAS CITY
012 C020901 MO
012 C030901 64105
015 A000901 CORESTATES BANK N.A.
015 B000901 C
015 C010901 PHILADELPHIA
015 C020901 PA
015 C030901 19101
015 E010901 X
024 000900 N
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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<NAME> GOLDEN OAK VALUE PORTFOLIO
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JAN-31-1999
<PERIOD-START> FEB-01-1998
<PERIOD-END> JAN-31-1999
<INVESTMENTS-AT-COST> 37256
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<INTEREST-INCOME> 63
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<EXPENSES-NET> (414)
<NET-INVESTMENT-INCOME> 165
<REALIZED-GAINS-CURRENT> 3121
<APPREC-INCREASE-CURRENT> 1759
<NET-CHANGE-FROM-OPS> 5045
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (181)
<DISTRIBUTIONS-OF-GAINS> (4673)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2364
<NUMBER-OF-SHARES-REDEEMED> (612)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 15562
<ACCUMULATED-NII-PRIOR> 24
<ACCUMULATED-GAINS-PRIOR> 2237
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<GROSS-EXPENSE> 439
<AVERAGE-NET-ASSETS> 37641
<PER-SHARE-NAV-BEGIN> 9.33
<PER-SHARE-NII> .04
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<PER-SHARE-DIVIDEND> (.04)
<PER-SHARE-DISTRIBUTIONS> (1.06)
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR
<SERIES>
<NUMBER> 150
<NAME> OVB EQUITY INCOME RETAIL CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
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<ACCUMULATED-NET-GAINS> 592
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 58301
<DIVIDEND-INCOME> 1471
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<EXPENSES-NET> (538)
<NET-INVESTMENT-INCOME> 1068
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 7650
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (992)
<DISTRIBUTIONS-OF-GAINS> (2596)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (632)
<SHARES-REINVESTED> 205
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<PER-SHARE-NAV-BEGIN> 12.62
<PER-SHARE-NII> .27
<PER-SHARE-GAIN-APPREC> 1.52
<PER-SHARE-DIVIDEND> (.27)
<PER-SHARE-DISTRIBUTIONS> (.70)
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<EXPENSE-RATIO> .96
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR
<SERIES>
<NUMBER> 151
<NAME> OVB EQUITY INCOME RETAIL CLASS B
<MULTIPLIER> 1,000
<S> <C>
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<PERIOD-END> JAN-31-1999
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<SHARES-COMMON-PRIOR> 39035
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 58301
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<NET-INVESTMENT-INCOME> 1068
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<APPREC-INCREASE-CURRENT> 0
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<EQUALIZATION> 0
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<DISTRIBUTIONS-OF-GAINS> (270)
<DISTRIBUTIONS-OTHER> 0
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<NUMBER-OF-SHARES-REDEEMED> (91)
<SHARES-REINVESTED> 26
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1027
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 606
<AVERAGE-NET-ASSETS> 54728
<PER-SHARE-NAV-BEGIN> 12.62
<PER-SHARE-NII> .22
<PER-SHARE-GAIN-APPREC> 1.54
<PER-SHARE-DIVIDEND> (.24)
<PER-SHARE-DISTRIBUTIONS> (.70)
<RETURNS-OF-CAPITAL> 0
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<EXPENSE-RATIO> 1.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees
of the Arbor Fund
In planning and performing our audit of the financial
statements and financial highlights of The Arbor Fund,
(comprising the OVB Funds, Golden Oak Family of Funds,
U.S. Government Securities Money Fund and the Prime
Obligations Fund), collectively (the "Fund") for the year
ended January 31, 1999, 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
financial highlights and to comply with the requirements
of Form N-SAR, not to provide assurance on internal control.
The management of the 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 and financial highlights 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 controls, 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 errors or fraud in amounts that would be material in
relation to the financial statements and financial highlights
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
control activities for safeguarding securities, that we
consider to be material weaknesses as defined above as
of January 31, 1999.
This report is intended solely for the information and
use of management, the Board of Trustees of the Fund and
the Securities and Exchange Commission.
PricewaterhouseCoopers LLP
March 15, 1999
