<PAGE> 1
THE ARCH FUND, INC.
(the "Fund")
Supplement Dated May 28, 1996
to Prospectuses Dated March 28, 1996
Effective May 28, 1996, Peter Merzian is the person primarily
responsible for the day-to-day management of the Fund's Balanced Portfolio. Mr.
Merzian, a Senior Associate of Mississippi Valley Advisors Inc. ("MVA"), the
Fund's adviser, has been with MVA since 1993 and prior thereto was employed as
a portfolio manager of another financial institution. Mr. Merzian also serves
as portfolio manager of the Fund's Short-Intermediate Municipal, Missouri
Tax-Exempt Bond and Tax-Exempt Money Market Portfolios.
Also effective May 28, 1996, the Fund's Growth & Income Equity
Portfolio will be managed by Timothy S. Engelbrecht. Mr. Engelbrecht has been
employed by MVA for the past sixteen years and has had portfolio management and
other responsibilities for MVA for the past fifteen years.
