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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 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 17
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<PAGE> PAGE 18
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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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
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<PAGE> PAGE 30
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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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028 D021000 59
028 D031000 0
028 D041000 339
028 E011000 1199
028 E021000 65
028 E031000 0
028 E041000 1015
028 F011000 523
028 F021000 63
028 F031000 0
028 F041000 445
028 G011000 3817
028 G021000 433
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028 G041000 5185
028 H001000 0
029 001000 N
<PAGE> PAGE 41
030 A001000 0
030 B001000 0.00
030 C001000 0.00
031 A001000 0
031 B001000 0
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043 001000 44
044 001000 0
045 001000 Y
046 001000 N
047 001000 Y
048 001000 0.350
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048 D021000 0.000
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048 E021000 0.000
048 F011000 0
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048 G021000 0.000
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048 H021000 0.000
048 I011000 0
048 I021000 0.000
048 J011000 0
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048 K011000 0
048 K021000 0.000
058 A001000 N
059 001000 Y
060 A001000 Y
060 B001000 Y
061 001000 500
062 A001000 Y
062 B001000 18.4
062 C001000 0.0
<PAGE> PAGE 42
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
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062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 80.9
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062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
063 A001000 0
063 B001000 1.8
064 A001000 N
064 B001000 N
071 A001000 53986
071 B001000 19151
071 C001000 72771
071 D001000 26
072 A001000 12
072 B001000 267
072 C001000 1098
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072 F001000 474
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072 J001000 18
072 K001000 0
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072 R001000 7
072 S001000 5
072 T001000 155
072 U001000 3
072 V001000 0
072 W001000 8
072 X001000 859
072 Y001000 165
072 Z001000 671
072AA001000 3473
072BB001000 0
<PAGE> PAGE 43
072CC011000 21036
072CC021000 0
072DD011000 448
072DD021000 202
072EE001000 488
073 A011000 0.5300
073 A021000 0.5100
073 B001000 0.0100
073 C001000 0.0000
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074 B001000 3349
074 C001000 1999
074 D001000 0
074 E001000 0
074 F001000 104342
074 G001000 0
074 H001000 0
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074 J001000 1500
074 K001000 0
074 L001000 384
074 M001000 250
074 N001000 111824
074 O001000 1336
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074 R021000 0
074 R031000 0
074 R041000 128
074 S001000 0
074 T001000 110360
074 U011000 3943
074 U021000 2550
074 V011000 17.01
074 V021000 16.98
074 W001000 0.0000
074 X001000 158
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075 A001000 0
075 B001000 77477
076 001000 0.00
024 001100 Y
025 A001101 FIRST BOSTON
025 B001101 13-5659485
025 C001101 D
025 D001101 3349
025 A001102 DELETE
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025 D001104 0
<PAGE> PAGE 44
025 D001105 0
025 D001106 0
025 D001107 0
025 D001108 0
028 A011100 3152
028 A021100 0
028 A031100 0
028 A041100 421
028 B011100 3955
028 B021100 600
028 B031100 0
028 B041100 877
028 C011100 3000
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028 C041100 1048
028 D011100 3187
028 D021100 -100
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028 F021100 75
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028 F041100 984
028 G011100 22941
028 G021100 715
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028 G041100 4781
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029 001100 Y
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031 B001100 0
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033 001100 0
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043 001100 71
044 001100 0
<PAGE> PAGE 45
045 001100 Y
046 001100 N
047 001100 Y
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048 I021100 0.000
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048 K011100 0
048 K021100 0.000
058 A001100 N
059 001100 Y
060 A001100 Y
060 B001100 Y
061 001100 500
062 A001100 N
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<PAGE> PAGE 46
071 A001100 50285
071 B001100 48176
071 C001100 38778
071 D001100 124
072 A001100 12
072 B001100 2370
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072 I001100 32
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072 L001100 -1
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072 X001100 328
072 Y001100 61
072 Z001100 2103
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072DD021100 882
072EE001100 43
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073 A021100 0.1000
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074 C001100 38779
074 D001100 0
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<PAGE> PAGE 47
074 K001100 0
074 L001100 695
074 M001100 69
074 N001100 39543
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074 T001100 39339
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074 U021100 1434
074 V011100 10.05
074 V021100 10.05
074 W001100 0.0000
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075 B001100 40826
076 001100 0.00
024 001200 Y
025 A001201 BEAR STEARNS
025 C001201 D
025 D001201 858
025 A001202 LEHMAN BROTHERS
025 B001202 13-2927667
025 C001202 D
025 D001202 1294
025 A001203 MERRILL LYNCH
025 B001203 13-5674085
025 C001203 D
025 D001203 1549
025 A001204 FIRST BOSTON
025 B001204 13-5659485
025 C001204 D
025 D001204 2071
025 A001205 DEAN WITTER/DISCOVERY
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025 D001205 1503
025 D001206 0
025 D001207 0
025 D001208 0
028 A011200 825
028 A021200 4
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028 A041200 517
028 B011200 3519
028 B021200 219
<PAGE> PAGE 48
028 B031200 0
028 B041200 706
028 C011200 922
028 C021200 15
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028 C041200 336
028 D011200 1522
028 D021200 15
028 D031200 0
028 D041200 342
028 E011200 932
028 E021200 20
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028 E041200 573
028 F011200 324
028 F021200 20
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028 F041200 862
028 G011200 8044
028 G021200 293
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028 G041200 3336
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029 001200 N
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030 C001200 0.00
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031 B001200 0
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033 001200 0
042 A001200 0
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044 001200 0
045 001200 Y
046 001200 N
047 001200 Y
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048 B021200 0.000
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048 C021200 0.000
<PAGE> PAGE 49
048 D011200 0
048 D021200 0.000
048 E011200 0
048 E021200 0.000
048 F011200 0
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048 G011200 0
048 G021200 0.000
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048 H021200 0.000
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048 I021200 0.000
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048 J021200 0.000
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048 K021200 0.000
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060 A001200 Y
060 B001200 Y
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062 A001200 Y
062 B001200 0.2
062 C001200 0.0
062 D001200 3.2
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062 H001200 0.0
062 I001200 0.0
062 J001200 0.0
062 K001200 0.0
062 L001200 0.0
062 M001200 39.0
062 N001200 16.3
062 O001200 0.0
062 P001200 22.7
062 Q001200 17.6
062 R001200 0.0
063 A001200 0
063 B001200 4.6
064 A001200 N
064 B001200 N
070 A011200 Y
070 A021200 Y
070 B011200 N
070 B021200 N
070 C011200 N
070 C021200 N
070 D011200 N
070 D021200 N
<PAGE> PAGE 50
070 E011200 N
070 E021200 N
070 F011200 N
070 F021200 N
070 G011200 Y
070 G021200 N
070 H011200 N
070 H021200 N
070 I011200 N
070 I021200 N
070 J011200 N
070 J021200 N
070 K011200 N
070 K021200 N
070 L011200 Y
070 L021200 N
070 M011200 N
070 M021200 N
070 N011200 Y
070 N021200 Y
070 O011200 N
070 O021200 N
070 P011200 N
070 P021200 N
070 Q011200 N
070 Q021200 N
070 R011200 Y
070 R021200 N
071 A001200 33787
071 B001200 30236
071 C001200 72638
071 D001200 42
072 A001200 12
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072 J001200 24
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072 M001200 1
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072 S001200 6
<PAGE> PAGE 51
072 T001200 0
072 U001200 3
072 V001200 0
072 W001200 9
072 X001200 681
072 Y001200 139
072 Z001200 4721
072AA001200 356
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072DD011200 4723
072DD021200 0
072EE001200 206
073 A011200 0.6000
073 A021200 0.0000
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074 A001200 0
074 B001200 2071
074 C001200 0
074 D001200 80194
074 E001200 1038
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074 K001200 0
074 L001200 1270
074 M001200 204
074 N001200 84777
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074 R011200 0
074 R021200 0
074 R031200 0
074 R041200 449
074 S001200 0
074 T001200 84328
074 U011200 8431
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074 V011200 10.00
074 V021200 0.00
074 W001200 0.0000
074 X001200 5
074 Y001200 0
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075 B001200 78434
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<PAGE> PAGE 52
024 001300 N
025 D001301 0
025 D001302 0
025 D001303 0
025 D001304 0
025 D001305 0
025 D001306 0
025 D001307 0
025 D001308 0
028 A011300 2301
028 A021300 81
028 A031300 0
028 A041300 960
028 B011300 2645
028 B021300 671
028 B031300 0
028 B041300 1995
028 C011300 1724
028 C021300 91
028 C031300 0
028 C041300 794
028 D011300 2302
028 D021300 86
028 D031300 0
028 D041300 1153
028 E011300 1944
028 E021300 96
028 E031300 0
028 E041300 1911
028 F011300 1747
028 F021300 93
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028 F041300 2578
028 G011300 12663
028 G021300 1118
028 G031300 0
028 G041300 9391
028 H001300 6821
029 001300 Y
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031 B001300 0
032 001300 0
033 001300 0
042 A001300 0
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042 E001300 0
<PAGE> PAGE 53
042 F001300 0
042 G001300 0
042 H001300 0
043 001300 47
044 001300 0
045 001300 Y
046 001300 N
047 001300 Y
048 001300 0.650
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048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
058 A001300 N
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060 A001300 Y
060 B001300 Y
061 001300 500
062 A001300 Y
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062 C001300 0.0
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062 L001300 1.0
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062 O001300 98.4
<PAGE> PAGE 54
062 P001300 0.0
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063 A001300 0
063 B001300 8.6
064 A001300 N
064 B001300 N
071 A001300 39715
071 B001300 21182
071 C001300 94568
071 D001300 22
072 A001300 12
072 B001300 5407
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072 Y001300 119
072 Z001300 4673
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072CC021300 0
072DD011300 3834
072DD021300 838
072EE001300 587
073 A011300 0.4700
073 A021300 0.4500
073 B001300 0.0600
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074 A001300 0
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<PAGE> PAGE 55
074 D001300 108085
074 E001300 0
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074 H001300 0
074 I001300 261
074 J001300 0
074 K001300 0
074 L001300 1685
074 M001300 1
074 N001300 110032
074 O001300 985
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074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 549
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074 T001300 108498
074 U011300 8204
074 U021300 2493
074 V011300 10.14
074 V021300 10.14
074 W001300 0.0000
074 X001300 15
074 Y001300 0
075 A001300 0
075 B001300 102039
076 001300 0.00
024 001400 N
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028 A031400 0
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028 E011400 27917
028 E021400 3
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028 E041400 2307
<PAGE> PAGE 56
028 F011400 1680
028 F021400 12
028 F031400 0
028 F041400 1967
028 G011400 29597
028 G021400 15
028 G031400 0
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028 H001400 719
029 001400 Y
030 A001400 20
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031 B001400 0
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033 001400 0
042 A001400 0
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042 D001400 100
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045 001400 Y
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047 001400 Y
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<PAGE> PAGE 57
048 K011400 0
048 K021400 0.000
058 A001400 N
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062 L001400 0.5
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062 O001400 100.1
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064 A001400 N
064 B001400 N
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071 B001400 16712
071 C001400 53826
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072 A001400 2
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<PAGE> PAGE 58
072 S001400 0
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072 Z001400 1346
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074 T001400 217759
074 U011400 21219
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074 V011400 10.14
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<PAGE> PAGE 59
076 001400 0.00
024 001500 Y
025 A001501 FIRST BOSTON
025 B001501 13-5659485
025 C001501 D
025 D001501 6626
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025 D001504 0
025 D001505 0
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025 D001507 0
025 D001508 0
028 A011500 1137
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028 B011500 896
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<PAGE> PAGE 60
042 B001500 0
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<PAGE> PAGE 61
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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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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
070 Q022000 N
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<NAME> SHORT-TERM BOND INSTITUTIONAL
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</TABLE>
Independent Auditors' Report
The Trustees and Shareholders
ARK Funds:
In planning and performing our audit of the financial statements
of Money Market Portfolio, Tax-Free Money Market Portfolio,
U.S. Government Money Market Portfolio, U.S. Treasury Money
Market Portfolio, Short-Term Treasury Portfolio, Short-Term Bond
Portfolio, Maryland Tax-Free Portfolio, Pennsylvania Tax-Free
Portfolio, Income Portfolio, Intermediate Fixed Income Portfolio, U.S.
Government Bond Portfolio, Balanced Portfolio, Equity Income
Portfolio, Value Equity Portfolio, Equity Index Portfolio, Blue Chip
Equity Portfolio, Capital Growth Portfolio, Mid-Cap Equity Portfolio,
Small-Cap Equity Portfolio, International Equity Selection Portfolio
and International Equity Portfolio, portfolios of ARK Funds,
("ARK Funds"), for the year or period ended April 30, 1998, we
considered their 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 ARK Funds 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 irregularities
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 internal control components does not reduce
to a relatively low level the risk that errors or irregularities 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 April 30, 1998.
This report is intended solely for the information and use of management,
the Board of Trustees of ARK Funds, and the Securities and Exchange
Commission.
KPMG Peat Marwick LLP
Boston, Massachusetts
May 29, 1998
