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SUPPLEMENT DATED JUNE 30, 2000 TO THE
PROSPECTUSES DATED MAY 31, 2000
THE ARBOR FUND (THE "TRUST")
OVB FAMILY OF FUNDS (EACH A "PORTFOLIO," AND COLLECTIVELY, THE "PORTFOLIOS"):
EQUITY INCOME PORTFOLIO
CAPITAL APPRECIATION PORTFOLIO
GOVERNMENT SECURITIES PORTFOLIO
WEST VIRGINIA TAX-EXEMPT INCOME PORTFOLIO
PRIME OBLIGATIONS PORTFOLIO
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT
CONTAINED IN THE PROSPECTUS. IT SHOULD BE RETAINED AND READ IN CONJUNCTION WITH
THE PROSPECTUS.
On July 6, 2000, Branch Banking and Trust Company ("BB&T") is scheduled
to complete its acquisition of One Valley Bank, N.A. ("OVB"), the Portfolios'
current investment adviser. At a Special Meeting of the Trust's Board of
Trustees held on June 27, 2000, the Board approved an interim advisory agreement
between the Trust and BB&T to replace OVB as the Portfolios' investment adviser.
The Board of Trustees also approved an interim sub-advisory agreement between
the Trust, BB&T and Wellington Management Company LLP ("Wellington"), under
which Wellington will continue to provide sub-advisory services to the Prime
Obligations Portfolio. The interim agreements will become effective upon BB&T's
acquisition of OVB.
Following the acquisition of OVB, Mr. Sears, Mr. Thomas and Mr. Nolan,
the Portfolios' current portfolio managers, will continue managing their
respective Portfolios as employees of BB&T. Wellington will continue to provide
sub-advisory services to the Prime Obligations Portfolio under the interim
sub-advisory agreement with BB&T. The compensation under both the interim
advisory and sub-advisory agreements is unchanged from the current compensation.
In addition, BB&T intends to maintain the voluntary fee waivers currently in
place for the Portfolios. Shareholders will be given the opportunity to approve
final investment advisory agreements for the Portfolios at a special meeting
scheduled for the fourth quarter of this year.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE
