<PAGE> 1
THE ARCH FUND (R), INC.
INVESTOR A SHARES AND INVESTOR B SHARES
OF THE
ARCH MONEY MARKET, TREASURY MONEY MARKET,
TAX-EXEMPT MONEY MARKET, GROWTH & INCOME
EQUITY, EMERGING GROWTH, GOVERNMENT &
CORPORATE BOND, U.S. GOVERNMENT
SECURITIES, BALANCED, INTERNATIONAL EQUITY,
SHORT-INTERMEDIATE MUNICIPAL, MISSOURI
TAX-EXEMPT BOND AND KANSAS TAX-EXEMPT
BOND PORTFOLIOS
Supplement dated April 15, 1996 to
Prospectus March 28, 1996
The following should be inserted "How To Purchase and Redeem
Shares-Automatic Investment Program (AIP)" on page 52 of the Prospectus:
"SPECIAL OFFERING
For the period beginning April 15, 1996 and ending July 31,
1996, the Fund's distributor, BISYS Fund Services ("BISYS"), will pay
$100 to the ARCH Asset Adviser account of each person who initially
becomes a shareholder of the Fund during this period through
participation in the ARCH Asset Adviser Program and maintains at least
a $5,000 balance in such account for at least 180 days from the initial
purchase. The payment will be made at the end of the 180-day holding
period by the purchase of additional Shares of the same Portfolios of
the Fund (and in the same proportion) then held in the shareholder's
ARCH Asset Adviser account. The purchase will consist of $100 in
Investor A Shares or Investor B Shares, whichever the shareholder owns,
at their current public offering price which is net asset value plus,
in the case of Investor A Shares, any applicable front-end sales
charge. A shareholder will not be disqualified if his or her balance
falls below the required minimum solely due to changes in the net asset
values of the Portfolios in (as opposed to withdrawals from) his
or her ARCH Asset Adviser account.
This offer is subject to the following additional conditions:
(i) it is limited to one payment per household, and to one payment in
the case of a joint account, (ii) persons opening IRA accounts will not
be eligible to participate in the offer, (iii) employees of BISYS and
its affiliates and Mississippi Valley Advisors, Inc. and its affiliates
and members of their immediate families will not be eligible to
participate in the offer, and (iv) the offer may be terminated (as to
persons that have not yet purchased Shares at the time of termination)
at any time by BISYS without prior notice. BISYS will not be
reimbursed by the Fund for any payments made pursuant to this offer.
The Fund's administrator plans to report the $100 payment as
ordinary income to shareholders."
