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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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<PAGE> PAGE 21
074 F000300 74112
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008 A000401 CITIZENS BANK
008 B000401 A
008 C000401 801-0000
008 D010401 FLINT
008 D020401 MI
008 D030401 48502
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
015 E010401 X
024 000400 N
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<PAGE> PAGE 22
025 D000406 0
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028 G020400 5
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032 000400 0
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035 000400 0
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037 000400 N
038 000400 0
039 000400 N
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<PAGE> PAGE 23
042 D000400 0
042 E000400 0
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047 000400 Y
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048 B010400 0
048 B020400 0.000
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048 E010400 0
048 E020400 0.000
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048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
055 A000400 N
055 B000400 N
056 000400 Y
057 000400 N
058 A000400 N
059 000400 Y
060 A000400 N
060 B000400 N
061 000400 1000
062 A000400 Y
062 B000400 0.0
<PAGE> PAGE 24
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 0.8
062 M000400 0.0
062 N000400 0.0
062 O000400 98.3
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 5.6
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 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
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
<PAGE> PAGE 25
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 8065
071 B000400 2141
071 C000400 88667
071 D000400 2
072 A000400 12
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<PAGE> PAGE 26
074 A000400 0
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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
008 B000702 S
008 C000702 801-15908
008 D010702 BOSTON
008 D020702 MA
008 D030702 02109
012 A000701 DST SYSTEMS, INC.
012 B000701 84-1963
012 C010701 KANSAS CITY
012 C020701 MO
012 C030701 64105
015 A000701 CORESTATES BANK, N.A.
<PAGE> PAGE 27
015 B000701 C
015 C010701 PHILADELPHIA
015 C020701 PA
015 C030701 19101
015 E010701 X
024 000700 Y
025 A000701 UNIBANK
025 C000701 D
025 D000701 2001
025 A000702 MERRILL LYNCH
025 B000702 13-5674085
025 C000702 D
025 D000702 1788
025 A000703 BANKERS TRUST CO.
025 B000703 13-3166617
025 C000703 D
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025 A000704 CHASE MANHATTAN
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<PAGE> PAGE 28
028 G040700 544835
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031 A000700 0
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032 000700 0
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035 000700 0
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<PAGE> PAGE 29
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
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053 B000700 Y
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055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
060 A000700 N
060 B000700 N
061 000700 1000
062 A000700 Y
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063 B000700 0.0
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064 B000700 N
066 A000700 N
067 000700 N
068 A000700 N
068 B000700 N
069 000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
<PAGE> PAGE 30
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 N
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 Y
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
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071 B000700 0
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<PAGE> PAGE 31
072 Q000700 0
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<PAGE> PAGE 32
075 A000700 0
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008 A000801 ONE VALLEY BANK, N.A.
008 B000801 A
008 C000801 801-0000
008 D010801 CHARLESTON
008 D020801 WV
008 D030801 25326
012 A000801 DST SYSTEMS, INC.
012 B000801 84-1963
012 C010801 KANSAS CITY
012 C020801 MO
012 C030801 64105
015 A000801 CORESTATES BANK, N.A.
015 B000801 C
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015 C020801 PA
015 C030801 19101
015 E010801 X
024 000800 Y
025 A000801 MERRILL LYNCH
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025 C000801 E
025 D000801 2652
025 A000802 NATIONSBANK
025 C000802 E
025 D000802 2520
025 A000803 MELLON BANK CORP
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025 A000804 MORGAN STANLEY
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<PAGE> PAGE 33
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<PAGE> PAGE 34
048 C010800 0
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052 000800 N
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056 000800 N
057 000800 N
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059 000800 Y
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<PAGE> PAGE 35
062 R000800 0.0
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066 G000800 N
067 000800 N
068 A000800 N
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069 000800 N
070 A010800 Y
070 A020800 Y
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070 F020800 N
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070 I010800 N
070 I020800 N
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070 J020800 N
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070 K020800 N
070 L010800 Y
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070 N020800 N
070 O010800 N
070 O020800 N
070 P010800 N
070 P020800 N
070 Q010800 N
070 Q020800 N
070 R010800 Y
070 R020800 N
071 A000800 76852
<PAGE> PAGE 36
071 B000800 101975
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<PAGE> PAGE 37
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008 A000901 ONE VALLEY BANK, N.A.
008 B000901 A
008 C000901 801-0000
008 D010901 CHARLESTON
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008 D030901 25326
012 A000901 DST SYSTEMS, INC.
012 B000901 84-1963
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015 A000901 CORESTATES BANK N.A.
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<PAGE> PAGE 38
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<PAGE> PAGE 39
048 B020900 0.000
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<PAGE> PAGE 40
062 Q000900 0.0
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070 I020900 N
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<PAGE> PAGE 41
071 A000900 19258
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071 D000900 87
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072 C000900 35
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072 J000900 10
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072 L000900 2
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072 P000900 0
072 Q000900 0
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072 S000900 7
072 T000900 3
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072 Y000900 38
072 Z000900 -148
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<PAGE> PAGE 42
074 K000900 0
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074 Y000900 0
075 A000900 0
075 B000900 0
076 000900 0.00
008 A001001 ONE VALLEY BANK, N.A.
008 B001001 A
008 C001001 801-0000
008 D011001 CHARLESTON
008 D021001 WV
008 D031001 25326
012 A001001 DST SYSTEMS, INC.
012 B001001 84-1963
012 C011001 KANSAS CITY
012 C021001 MO
012 C031001 64105
015 A001001 CORESTATES BANK, N.A.
015 B001001 C
015 C011001 PHILADELPHIA
015 C021001 PA
015 C031001 19101
015 E011001 X
024 001000 Y
025 A001001 MORGAN STANLEY
025 B001001 13-2655998
025 C001001 D
025 D001001 1172
025 A001002 SALOMON SMITH BARNEY
025 B001002 13-1912900
025 C001002 D
025 D001002 988
025 A001003 GE CAPITAL
025 C001003 D
<PAGE> PAGE 43
025 D001003 501
025 D001004 0
025 D001005 0
025 D001006 0
025 D001007 0
025 D001008 0
028 A011000 2120
028 A021000 0
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028 A041000 3727
028 B011000 1385
028 B021000 3
028 B031000 0
028 B041000 1969
028 C011000 857
028 C021000 2
028 C031000 0
028 C041000 1498
028 D011000 791
028 D021000 0
028 D031000 0
028 D041000 875
028 E011000 1086
028 E021000 5
028 E031000 0
028 E041000 3353
028 F011000 2038
028 F021000 22
028 F031000 0
028 F041000 865
028 G011000 8277
028 G021000 32
028 G031000 0
028 G041000 12287
028 H001000 0
029 001000 N
030 A001000 0
030 B001000 0.00
030 C001000 0.00
031 A001000 0
031 B001000 0
032 001000 0
033 001000 0
034 001000 N
035 001000 0
036 B001000 0
037 001000 N
038 001000 0
039 001000 N
040 001000 Y
041 001000 Y
<PAGE> PAGE 44
042 A001000 0
042 B001000 7
042 C001000 0
042 D001000 0
042 E001000 0
042 F001000 0
042 G001000 7
042 H001000 100
043 001000 5
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.750
048 A011000 0
048 A021000 0.000
048 B011000 0
048 B021000 0.000
048 C011000 0
048 C021000 0.000
048 D011000 0
048 D021000 0.000
048 E011000 0
048 E021000 0.000
048 F011000 0
048 F021000 0.000
048 G011000 0
048 G021000 0.000
048 H011000 0
048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
048 J021000 0.000
048 K011000 0
048 K021000 0.000
049 001000 N
050 001000 N
051 001000 N
052 001000 N
053 A001000 Y
053 B001000 Y
053 C001000 N
055 A001000 N
055 B001000 N
056 001000 N
057 001000 N
058 A001000 N
059 001000 Y
060 A001000 N
060 B001000 N
<PAGE> PAGE 45
061 001000 1000
062 A001000 Y
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
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 22.3
062 N001000 45.2
062 O001000 9.5
062 P001000 4.6
062 Q001000 5.9
062 R001000 2.9
063 A001000 0
063 B001000 8.1
064 A001000 Y
064 B001000 N
066 A001000 N
067 001000 N
068 A001000 N
068 B001000 N
069 001000 N
070 A011000 Y
070 A021000 Y
070 B011000 Y
070 B021000 N
070 C011000 Y
070 C021000 N
070 D011000 Y
070 D021000 N
070 E011000 Y
070 E021000 N
070 F011000 Y
070 F021000 N
070 G011000 Y
070 G021000 N
070 H011000 Y
070 H021000 N
070 I011000 Y
070 I021000 N
070 J011000 N
070 J021000 N
070 K011000 Y
070 K021000 N
070 L011000 N
<PAGE> PAGE 46
070 L021000 N
070 M011000 N
070 M021000 N
070 N011000 Y
070 N021000 N
070 O011000 N
070 O021000 N
070 P011000 N
070 P021000 N
070 Q011000 N
070 Q021000 N
070 R011000 Y
070 R021000 N
071 A001000 4430
071 B001000 9679
071 C001000 45553
071 D001000 10
072 A001000 6
072 B001000 3168
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072DD011000 2769
072DD021000 109
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<PAGE> PAGE 47
073 A021000 0.5400
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074 E001000 1304
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074 U021000 187
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008 A001101 ONE VALLEY BANK, N.A.
008 B001101 A
008 C001101 801-0000
008 D011101 CHARLESTON
008 D021101 WV
008 D031101 25326
012 A001101 DST SYSTEMS, INC.
012 B001101 84-1963
012 C011101 KANSAS CITY
012 C021101 MO
012 C031101 64105
015 A001101 CORESTATES BANK, N.A.
015 B001101 C
015 C011101 PHILADELPHIA
015 C021101 PA
<PAGE> PAGE 48
015 C031101 19101
015 E011101 X
024 001100 N
028 A011100 860
028 A021100 28
028 A031100 0
028 A041100 1013
028 B011100 449
028 B021100 28
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028 B041100 259
028 C011100 878
028 C021100 669
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028 D011100 561
028 D021100 28
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028 E011100 334
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028 G011100 3486
028 G021100 1213
028 G031100 0
028 G041100 3068
028 H001100 1632
029 001100 N
030 A001100 0
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030 C001100 0.00
031 A001100 0
031 B001100 0
032 001100 0
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034 001100 N
035 001100 0
036 B001100 0
037 001100 N
038 001100 0
039 001100 N
040 001100 Y
041 001100 Y
042 A001100 0
042 B001100 0
042 C001100 0
<PAGE> PAGE 49
042 D001100 0
042 E001100 100
042 F001100 0
042 G001100 0
042 H001100 0
043 001100 22
044 001100 0
045 001100 Y
046 001100 N
047 001100 Y
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048 D021100 0.000
048 E011100 0
048 E021100 0.000
048 F011100 0
048 F021100 0.000
048 G011100 0
048 G021100 0.000
048 H011100 0
048 H021100 0.000
048 I011100 0
048 I021100 0.000
048 J011100 0
048 J021100 0.000
048 K011100 0
048 K021100 0.000
049 001100 N
050 001100 N
051 001100 N
052 001100 N
053 A001100 Y
053 B001100 Y
053 C001100 N
055 A001100 N
055 B001100 N
056 001100 N
057 001100 N
058 A001100 N
059 001100 Y
060 A001100 N
060 B001100 N
061 001100 1000
062 A001100 Y
062 B001100 0.0
<PAGE> PAGE 50
062 C001100 0.0
062 D001100 0.3
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 0.9
062 M001100 0.0
062 N001100 0.0
062 O001100 98.8
062 P001100 0.0
062 Q001100 1.2
062 R001100 0.0
063 A001100 0
063 B001100 15.2
064 A001100 Y
064 B001100 N
066 A001100 N
067 001100 N
068 A001100 N
068 B001100 N
069 001100 N
070 A011100 Y
070 A021100 N
070 B011100 N
070 B021100 N
070 C011100 N
070 C021100 N
070 D011100 N
070 D021100 N
070 E011100 N
070 E021100 N
070 F011100 N
070 F021100 N
070 G011100 N
070 G021100 N
070 H011100 N
070 H021100 N
070 I011100 N
070 I021100 N
070 J011100 N
070 J021100 N
070 K011100 Y
070 K021100 Y
070 L011100 Y
070 L021100 N
070 M011100 N
070 M021100 N
<PAGE> PAGE 51
070 N011100 Y
070 N021100 N
070 O011100 N
070 O021100 N
070 P011100 N
070 P021100 N
070 Q011100 N
070 Q021100 N
070 R011100 Y
070 R021100 N
071 A001100 5197
071 B001100 9104
071 C001100 91983
071 D001100 6
072 A001100 12
072 B001100 5178
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072 M001100 6
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<PAGE> PAGE 52
074 A001100 340
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074 L001100 0
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074 N001100 99705
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008 A001401 CITIZENS BANK
008 B001401 A
008 C001401 801-0000
008 D011401 FLINT
008 D021401 MI
008 D031401 48502
008 A001402 SYSTEMATIC FINANCIAL MANAGEMENT, L.P.
008 B001402 S
008 C001402 801-0000
008 D011402 FORT LEE
008 D021402 NJ
008 D031402 07024
012 A001401 DST SYSTEMS, INC.
012 B001401 84-1963
012 C011401 KANSAS CITY
012 C021401 MO
012 C031401 64105
015 A001401 FIRST UNION NATIONAL BANK
<PAGE> PAGE 53
015 B001401 C
015 C011401 PHILADELPHIA
015 C021401 PA
015 C031401 19101
015 E011401 X
024 001400 Y
025 A001401 MORGAN STANLEY
025 B001401 13-2655998
025 C001401 E
025 D001401 1259
025 A001402 MORGAN STANLEY
025 B001402 13-2655998
025 C001402 D
025 D001402 2830
025 A001403 J.P.MORGAN
025 C001403 E
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025 D001408 0
028 A011400 909
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028 C011400 1908
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028 E011400 4485
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028 F011400 2286
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028 F041400 546
028 G011400 18767
028 G021400 2672
028 G031400 0
028 G041400 6930
028 H001400 45
<PAGE> PAGE 54
029 001400 Y
030 A001400 0
030 B001400 5.75
030 C001400 0.00
031 A001400 0
031 B001400 0
032 001400 0
033 001400 0
034 001400 N
035 001400 0
036 B001400 0
037 001400 N
038 001400 0
039 001400 N
040 001400 Y
041 001400 Y
042 A001400 0
042 B001400 0
042 C001400 0
042 D001400 0
042 E001400 0
042 F001400 0
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042 H001400 100
043 001400 11
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045 001400 Y
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047 001400 Y
048 001400 0.740
048 A011400 0
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048 B011400 0
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048 C011400 0
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048 E011400 0
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048 F011400 0
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048 G011400 0
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048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
<PAGE> PAGE 55
048 K021400 0.000
049 001400 N
050 001400 N
051 001400 N
052 001400 N
053 A001400 Y
053 B001400 Y
053 C001400 N
055 A001400 N
055 B001400 N
056 001400 Y
057 001400 N
058 A001400 N
059 001400 Y
060 A001400 N
060 B001400 N
061 001400 1000
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
066 A001400 Y
066 B001400 N
066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 Y
070 B011400 Y
070 B021400 N
070 C011400 Y
<PAGE> PAGE 56
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
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 68445
071 B001400 56000
071 C001400 54842
071 D001400 102
072 A001400 12
072 B001400 95
072 C001400 730
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072 G001400 114
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072 J001400 5
072 K001400 0
072 L001400 6
072 M001400 4
072 N001400 10
072 O001400 0
072 P001400 0
<PAGE> PAGE 57
072 Q001400 0
072 R001400 7
072 S001400 8
072 T001400 11
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072 X001400 631
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072DD021400 8
072EE001400 0
073 A011400 0.0300
073 A021400 0.0100
073 B001400 0.5000
073 C001400 0.0000
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074 B001400 2830
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074 M001400 0
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074 U021400 758
074 V011400 9.45
074 V021400 9.41
074 W001400 0.0000
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074 Y001400 0
<PAGE> PAGE 58
075 A001400 0
075 B001400 57018
076 001400 0.00
008 A001501 ONE VALLEY BANK, N.A.
008 B001501 A
008 C001501 801-0000
008 D011501 CHARLESTON
008 D021501 WV
008 D031501 25326
012 A001501 DST SYSTEMS, INC.
012 B001501 84-1963
012 C011501 KANSAS CITY
012 C021501 MO
012 C031501 64105
015 A001501 CORESTATES BANK, N.A.
015 B001501 C
015 C011501 PHILADELPHIA
015 C021501 PA
015 C031501 19101
015 E011501 X
024 001500 Y
025 A001501 CRESTAR FINANCIAL GROUP
025 C001501 E
025 D001501 1466
025 A001502 DLJ
025 B001502 13-1898818
025 C001502 E
025 D001502 1266
025 A001503 FLEET FINANCIAL GROUP
025 C001503 E
025 D001503 859
025 A001504 MORGAN STANLEY
025 B001504 13-2655998
025 C001504 D
025 D001504 811
025 A001505 A.G. EDWARDS
025 B001505 43-089547
025 C001505 E
025 D001505 781
025 A001506 JP MORGAN
025 C001506 E
025 D001506 630
025 A001507 MERRILL LYNCH
025 B001507 13-5674085
025 C001507 E
025 D001507 500
025 D001508 0
028 A011500 1462
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<PAGE> PAGE 59
028 B011500 2441
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028 D021500 35
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028 F021500 18
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028 G011500 18897
028 G021500 1346
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028 G041500 12932
028 H001500 0
029 001500 N
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030 B001500 0.00
030 C001500 0.00
031 A001500 0
031 B001500 0
032 001500 0
033 001500 0
034 001500 N
035 001500 0
036 B001500 0
037 001500 N
038 001500 0
039 001500 N
040 001500 Y
041 001500 Y
042 A001500 0
042 B001500 0
042 C001500 0
042 D001500 0
042 E001500 100
042 F001500 0
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042 H001500 0
043 001500 6
044 001500 0
<PAGE> PAGE 60
045 001500 Y
046 001500 N
047 001500 Y
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048 J011500 0
048 J021500 0.000
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048 K021500 0.000
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050 001500 N
051 001500 N
052 001500 N
053 A001500 Y
053 B001500 Y
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055 A001500 N
055 B001500 N
056 001500 N
057 001500 N
058 A001500 N
059 001500 Y
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060 B001500 N
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062 D001500 0.0
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062 H001500 0.0
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<PAGE> PAGE 61
062 J001500 0.0
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062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
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062 R001500 0.0
066 A001500 Y
066 B001500 N
066 C001500 N
066 D001500 N
066 E001500 N
066 F001500 Y
066 G001500 N
067 001500 N
068 A001500 N
068 B001500 N
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<NAME> SMALL CAP VALUE CLASS I
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> JAN-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 45995
<INVESTMENTS-AT-VALUE> 43958
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<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44012
<PAYABLE-FOR-SECURITIES> 84
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45098
<SHARES-COMMON-STOCK> 4251
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 794
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2037)
<NET-ASSETS> 43859
<DIVIDEND-INCOME> 204
<INTEREST-INCOME> 101
<OTHER-INCOME> 0
<EXPENSES-NET> (197)
<NET-INVESTMENT-INCOME> 108
<REALIZED-GAINS-CURRENT> 794
<APPREC-INCREASE-CURRENT> (2037)
<NET-CHANGE-FROM-OPS> (1135)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (97)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 4380
<NUMBER-OF-SHARES-REDEEMED> (129)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 40554
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226
<AVERAGE-NET-ASSETS> 34391
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> (0.460)
<PER-SHARE-DIVIDEND> (0.030)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.54
<EXPENSE-RATIO> 1.35
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000890540
<NAME> ARBOR GOLDEN OAK
<SERIES>
<NUMBER> 171
<NAME> SMALL CAP VALUE CLASS A
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 5-MOS
<FISCAL-YEAR-END> JAN-31-2000
<PERIOD-START> SEP-01-1999
<PERIOD-END> JAN-31-2000
<INVESTMENTS-AT-COST> 45995
<INVESTMENTS-AT-VALUE> 43958
<RECEIVABLES> 48
<ASSETS-OTHER> 6
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 44012
<PAYABLE-FOR-SECURITIES> 84
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 69
<TOTAL-LIABILITIES> 153
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 45098
<SHARES-COMMON-STOCK> 346
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 4
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 794
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2037)
<NET-ASSETS> 43859
<DIVIDEND-INCOME> 204
<INTEREST-INCOME> 101
<OTHER-INCOME> 0
<EXPENSES-NET> (197)
<NET-INVESTMENT-INCOME> 108
<REALIZED-GAINS-CURRENT> 794
<APPREC-INCREASE-CURRENT> (2037)
<NET-CHANGE-FROM-OPS> (1135)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (7)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 402
<NUMBER-OF-SHARES-REDEEMED> (57)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 3305
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 142
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 226
<AVERAGE-NET-ASSETS> 34391
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.030
<PER-SHARE-GAIN-APPREC> (0.470)
<PER-SHARE-DIVIDEND> (0.020)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 9.54
<EXPENSE-RATIO> 1.600
</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 of The Arbor Fund (the "Trust") for the year
ended January 31, 2000, 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 Trust 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 controls may
become inadequate because of changes in conditions or
that the effectiveness of their 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, 2000.
This report is intended solely for the information and use
of the Board of Trustees, management and the Securities
and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified
parties.
March 20, 2000
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