<PAGE> PAGE 1
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001 A000000 THE ARCH FUND, INC.
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002 C000000 OH
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002 D020000 3035
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004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 17
007 C010100 1
007 C020100 THE ARCH MONEY MARKET PORTFLIO
007 C030100 N
007 C010200 2
007 C020200 THE ARCH GROWTH AND INCOME EQUITY PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 THE ARCH GOVERNMENT & CORPORATE BOND PORT.
007 C030300 N
007 C010400 4
007 C020400 THE U.S. GOVERNMENT SECURITIES PORTFOLIO
007 C030400 N
007 C010500 5
007 C020500 THE ARCH TREASURY MONEY MARKET PORTFOLIO
007 C030500 N
007 C010600 6
007 C020600 THE ARCH SMALL CAP EQUITY PORTFOLIO
007 C030600 N
007 C010700 7
007 C020700 THE ARCH BALANCED PORTFOLIO
007 C030700 N
007 C010800 8
007 C020800 THE ARCH INTERNATIONAL EQUITY PORTFOLIO
007 C030800 N
007 C010900 9
007 C020900 THE ARCH TAX-EXEMPT MONEY MARKET PORTFOLIO
007 C030900 N
007 C011000 10
<PAGE> PAGE 2
007 C021000 THE ARCH MISSOURI TAX-EXEMPT BOND PORTFOLIO
007 C031000 N
007 C011100 11
007 C021100 THE ARCH SHORT-INTERMEDIATE MUNICIPAL PORT.
007 C031100 N
007 C011200 12
007 C021200 THE ARCH NATIONAL MUNICIPAL BOND PORTFOLIO
007 C031200 N
007 C011300 13
007 C021300 THE ARCH BOND INDEX PORTFOLIO
007 C031300 N
007 C011400 14
007 C021400 THE ARCH INTERMEDIATE CORPORATE BOND PORT.
007 C031400 N
007 C011500 15
007 C021500 THE ARCH EQUITY INCOME PORTFOLIO
007 C031500 N
007 C011600 16
007 C021600 THE ARCH EQUITY INDEX PORTFOLIO
007 C031600 N
007 C011700 17
007 C021700 THE ARCH GROWTH EQUITY PORTFOLIO
007 C031700 N
007 C011800 18
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012 A00AA01 BISYS FUND SERVICES, INC.
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013 A00AA01 KPMG PEAT MARWICK LLP
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<PAGE> PAGE 3
013 B02AA01 OH
013 B03AA01 43215
015 A00AA01 MERCANTILE BANK NATIONAL ASSOC.
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022 D000005 2014
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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
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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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<PAGE> PAGE 41
072 K000800 0
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<PAGE> PAGE 42
074 U020800 568
074 V010800 12.09
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024 000900 Y
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<PAGE> PAGE 43
029 000900 N
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<PAGE> PAGE 44
062 A000900 Y
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062 E000900 91.5
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062 R000900 0.4
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066 A000900 N
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068 A000900 N
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069 000900 N
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070 A020900 N
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070 C020900 N
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070 D020900 N
070 E010900 N
070 E020900 N
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070 F020900 N
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070 G020900 N
070 H010900 N
070 H020900 N
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070 I020900 N
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<PAGE> PAGE 45
070 M010900 N
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<PAGE> PAGE 46
073 B000900 0.0000
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<PAGE> PAGE 47
028 A041000 796
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<PAGE> PAGE 48
048 001000 0.450
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<PAGE> PAGE 49
068 A001000 N
068 B001000 N
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070 F021000 N
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070 J021000 N
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<PAGE> PAGE 50
072 I001000 23
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<PAGE> PAGE 51
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024 001100 Y
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<PAGE> PAGE 52
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<PAGE> PAGE 53
056 001100 N
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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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048 C021300 0.000
048 D011300 0
048 D021300 0.000
048 E011300 0
048 E021300 0.000
048 F011300 0
048 F021300 0.000
048 G011300 0
048 G021300 0.000
048 H011300 0
048 H021300 0.000
<PAGE> PAGE 62
048 I011300 0
048 I021300 0.000
048 J011300 0
048 J021300 0.000
048 K011300 0
048 K021300 0.000
055 A001300 Y
055 B001300 N
056 001300 N
057 001300 N
062 A001300 Y
062 B001300 0.0
062 C001300 0.0
062 D001300 0.0
062 E001300 0.0
062 F001300 0.0
062 G001300 0.0
062 H001300 0.0
062 I001300 0.0
062 J001300 0.0
062 K001300 0.0
062 L001300 0.0
062 M001300 42.4
062 N001300 30.9
062 O001300 0.0
062 P001300 25.8
062 Q001300 0.0
062 R001300 0.5
063 A001300 0
063 B001300 7.9
064 A001300 N
064 B001300 N
066 A001300 N
067 001300 N
068 A001300 N
068 B001300 N
069 001300 Y
070 A011300 Y
070 A021300 N
070 B011300 N
070 B021300 N
070 C011300 Y
070 C021300 N
070 D011300 N
070 D021300 N
070 E011300 N
070 E021300 N
070 F011300 N
070 F021300 N
070 G011300 Y
070 G021300 N
<PAGE> PAGE 63
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 Y
070 L011300 Y
070 L021300 N
070 M011300 N
070 M021300 N
070 N011300 Y
070 N021300 Y
070 O011300 Y
070 O021300 N
070 P011300 N
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
071 A001300 191217
071 B001300 60046
071 C001300 130081
071 D001300 46
072 A001300 10
072 B001300 7328
072 C001300 43
072 D001300 0
072 E001300 26
072 F001300 313
072 G001300 208
072 H001300 0
072 I001300 19
072 J001300 33
072 K001300 0
072 L001300 23
072 M001300 3
072 N001300 22
072 O001300 0
072 P001300 0
072 Q001300 13
072 R001300 6
072 S001300 13
072 T001300 313
072 U001300 4
072 V001300 0
072 W001300 3
072 X001300 973
072 Y001300 740
<PAGE> PAGE 64
072 Z001300 7164
072AA001300 279
072BB001300 0
072CC011300 1575
072CC021300 0
072DD011300 7161
072DD021300 2
072EE001300 0
073 A011300 0.5324
073 A021300 0.5027
073 B001300 0.0000
073 C001300 0.0000
074 A001300 0
074 B001300 0
074 C001300 0
074 D001300 137095
074 E001300 0
074 F001300 0
074 G001300 0
074 H001300 0
074 I001300 713
074 J001300 0
074 K001300 0
074 L001300 1365
074 M001300 24
074 N001300 139197
074 O001300 0
074 P001300 13
074 Q001300 0
074 R011300 0
074 R021300 0
074 R031300 0
074 R041300 783
074 S001300 0
074 T001300 138401
074 U011300 13614
074 U021300 5
074 V011300 10.16
074 V021300 10.17
074 W001300 0.0000
074 X001300 19
074 Y001300 0
075 A001300 0
075 B001300 129885
076 001300 0.00
024 001400 Y
025 A001401 BANKAMERICA CORP.
025 C001401 D
025 D001401 213
025 A001402 BANKER'S TRUST
025 C001402 D
<PAGE> PAGE 65
025 D001402 516
025 A001403 BEAR STEARNS CO., INC.
025 C001403 D
025 D001403 1040
025 A001404 GENERAL MOTORS ACCEPTANCE, CORP.
025 C001404 D
025 D001404 1048
025 A001405 MERRILL LYNCH & CO.
025 C001405 D
025 D001405 858
025 A001406 GENERAL ELECTRIC CAPITAL CORP.
025 C001406 D
025 D001406 1081
025 A001407 FEDERATED
025 C001407 E
025 D001407 850
025 A001408 FORD MOTOR CREDIT
025 C001408 D
025 D001408 1040
028 A011400 678
028 A021400 14
028 A031400 0
028 A041400 354
028 B011400 1277
028 B021400 12
028 B031400 0
028 B041400 601
028 C011400 1806
028 C021400 12
028 C031400 0
028 C041400 339
028 D011400 1177
028 D021400 12
028 D031400 0
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028 E011400 632
028 E021400 12
028 E031400 0
028 E041400 148
028 F011400 942
028 F021400 12
028 F031400 0
028 F041400 254
028 G011400 6512
028 G021400 74
028 G031400 0
028 G041400 2021
028 H001400 45
029 001400 Y
030 A001400 1
030 B001400 4.50
<PAGE> PAGE 66
030 C001400 0.00
031 A001400 0
031 B001400 0
032 001400 1
033 001400 0
034 001400 N
035 001400 0
036 B001400 0
042 A001400 0
042 B001400 0
042 C001400 0
042 D001400 100
042 E001400 0
042 F001400 0
042 G001400 0
042 H001400 0
043 001400 0
044 001400 0
045 001400 Y
046 001400 N
047 001400 Y
048 001400 0.550
048 A011400 0
048 A021400 0.000
048 B011400 0
048 B021400 0.000
048 C011400 0
048 C021400 0.000
048 D011400 0
048 D021400 0.000
048 E011400 0
048 E021400 0.000
048 F011400 0
048 F021400 0.000
048 G011400 0
048 G021400 0.000
048 H011400 0
048 H021400 0.000
048 I011400 0
048 I021400 0.000
048 J011400 0
048 J021400 0.000
048 K011400 0
048 K021400 0.000
055 A001400 Y
055 B001400 N
056 001400 N
057 001400 N
062 A001400 Y
062 B001400 0.0
062 C001400 0.0
<PAGE> PAGE 67
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 5.9
062 N001400 23.0
062 O001400 0.0
062 P001400 62.6
062 Q001400 6.9
062 R001400 1.9
063 A001400 0
063 B001400 6.7
064 A001400 N
064 B001400 N
066 A001400 N
067 001400 N
068 A001400 N
068 B001400 N
069 001400 N
070 A011400 Y
070 A021400 N
070 B011400 N
070 B021400 N
070 C011400 Y
070 C021400 N
070 D011400 N
070 D021400 N
070 E011400 N
070 E021400 N
070 F011400 N
070 F021400 N
070 G011400 N
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 N
070 M011400 N
070 M021400 N
070 N011400 Y
<PAGE> PAGE 68
070 N021400 Y
070 O011400 Y
070 O021400 N
070 P011400 N
070 P021400 N
070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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071 B001400 24347
071 C001400 39283
071 D001400 62
072 A001400 10
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072 J001400 10
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072 Q001400 6
072 R001400 6
072 S001400 4
072 T001400 96
072 U001400 2
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072 W001400 1
072 X001400 419
072 Y001400 326
072 Z001400 2185
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072DD021400 7
072EE001400 0
073 A011400 0.5336
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073 C001400 0.0000
074 A001400 0
<PAGE> PAGE 69
074 B001400 0
074 C001400 0
074 D001400 44051
074 E001400 0
074 F001400 0
074 G001400 0
074 H001400 0
074 I001400 850
074 J001400 0
074 K001400 0
074 L001400 652
074 M001400 18
074 N001400 45571
074 O001400 540
074 P001400 2
074 Q001400 0
074 R011400 0
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074 S001400 0
074 T001400 44747
074 U011400 4398
074 U021400 27
074 V011400 10.11
074 V021400 10.11
074 W001400 0.0000
074 X001400 18
074 Y001400 0
075 A001400 0
075 B001400 39752
076 001400 0.00
024 001500 Y
025 A001501 HOUSEHOLD FINANCE
025 C001501 D
025 D001501 3000
025 D001502 0
025 D001503 0
025 D001504 0
025 D001505 0
025 D001506 0
025 D001507 0
025 D001508 0
028 A011500 476
028 A021500 8
028 A031500 0
028 A041500 1747
028 B011500 498
028 B021500 5
028 B031500 0
028 B041500 1251
<PAGE> PAGE 70
028 C011500 172
028 C021500 5
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028 D021500 7
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029 001500 Y
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033 001500 0
034 001500 Y
035 001500 10
036 A001500 N
036 B001500 0
042 A001500 0
042 B001500 0
042 C001500 0
042 D001500 100
042 E001500 0
042 F001500 0
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042 H001500 0
043 001500 0
044 001500 0
045 001500 Y
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047 001500 Y
048 001500 0.750
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048 B021500 0.000
<PAGE> PAGE 71
048 C011500 0
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048 H021500 0.000
048 I011500 0
048 I021500 0.000
048 J011500 0
048 J021500 0.000
048 K011500 0
048 K021500 0.000
055 A001500 N
055 B001500 N
056 001500 N
057 001500 N
062 A001500 N
062 B001500 0.0
062 C001500 0.0
062 D001500 0.0
062 E001500 0.0
062 F001500 0.0
062 G001500 0.0
062 H001500 0.0
062 I001500 0.0
062 J001500 0.0
062 K001500 0.0
062 L001500 0.0
062 M001500 0.0
062 N001500 0.0
062 O001500 0.0
062 P001500 0.0
062 Q001500 0.0
062 R001500 0.0
063 A001500 0
063 B001500 0.0
066 A001500 Y
066 F001500 Y
067 001500 N
068 A001500 N
068 B001500 N
069 001500 N
070 A011500 Y
070 A021500 N
070 B011500 Y
<PAGE> PAGE 72
070 B021500 N
070 C011500 N
070 C021500 N
070 D011500 Y
070 D021500 N
070 E011500 N
070 E021500 N
070 F011500 Y
070 F021500 N
070 G011500 N
070 G021500 N
070 H011500 Y
070 H021500 N
070 I011500 N
070 I021500 N
070 J011500 Y
070 J021500 N
070 K011500 Y
070 K021500 N
070 L011500 Y
070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 Y
070 N021500 Y
070 O011500 Y
070 O021500 N
070 P011500 N
070 P021500 N
070 Q011500 N
070 Q021500 N
070 R011500 N
070 R021500 N
071 A001500 116486
071 B001500 58095
071 C001500 120212
071 D001500 48
072 A001500 9
072 B001500 267
072 C001500 2148
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072 F001500 681
072 G001500 182
072 H001500 0
072 I001500 31
072 J001500 28
072 K001500 0
072 L001500 13
072 M001500 3
072 N001500 20
<PAGE> PAGE 73
072 O001500 0
072 P001500 0
072 Q001500 4
072 R001500 5
072 S001500 7
072 T001500 273
072 U001500 2
072 V001500 0
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072 X001500 1251
072 Y001500 1112
072 Z001500 2288
072AA001500 26172
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072DD011500 2205
072DD021500 2
072EE001500 0
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074 E001500 2272
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074 T001500 132225
074 U011500 11410
074 U021500 15
074 V011500 11.56
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<PAGE> PAGE 74
074 X001500 34
074 Y001500 0
075 A001500 0
075 B001500 120172
076 001500 0.00
024 001600 Y
025 A001601 HOUSEHOLD FINANCE
025 C001601 D
025 D001601 184
025 A001602 BANKAMERICA CORP.
025 C001602 E
025 D001602 219
025 A001603 BANKER'S TRUST-NEW YORK CORP.
025 C001603 E
025 D001603 51
025 A001604 J.P. MORGAN & CO., INC.
025 C001604 E
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025 A001605 MERRILL LYNCH & CO, INC.
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025 D001606 142
025 A001607 AMERICAN GENERAL CORP.
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028 A011600 67
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<PAGE> PAGE 75
028 F041600 3
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<PAGE> PAGE 76
048 K011600 0
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055 A001600 N
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<PAGE> PAGE 77
070 J021600 N
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<PAGE> PAGE 78
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024 001700 Y
025 A001701 HOUSEHOLD FINANCE
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<PAGE> PAGE 79
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<PAGE> PAGE 80
042 H001700 0
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<PAGE> PAGE 81
063 A001700 0
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<PAGE> PAGE 83
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SIGNATURE PEGGY HALEEN
TITLE FINANCIAL ANALYST
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<SHARES-REINVESTED> 17441<F1>
<NET-CHANGE-IN-ASSETS> 4640809
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<PER-SHARE-NAV-BEGIN> 18.58<F1>
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<PER-SHARE-NAV-END> 20.94<F1>
<EXPENSE-RATIO> 1.73<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 031
<NAME> THE ARCH GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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<INVESTMENTS-AT-VALUE> 193799372
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<SHARES-COMMON-PRIOR> 475410<F1>
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<SHARES-REINVESTED> 20596<F1>
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<EXPENSE-RATIO> 0.95<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 032
<NAME> THE ARCH GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-END> NOV-30-1997
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<OVERDISTRIBUTION-GAINS> 0
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<NUMBER-OF-SHARES-SOLD> 4998391<F1>
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<SHARES-REINVESTED> 408777<F1>
<NET-CHANGE-IN-ASSETS> 33168975
<ACCUMULATED-NII-PRIOR> 2351
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<EXPENSE-RATIO> 0.65<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 033
<NAME> THE ARCH GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 188285105
<INVESTMENTS-AT-VALUE> 193799372
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<TOTAL-ASSETS> 195862684
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<OVERDISTRIBUTION-GAINS> 0
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<DISTRIBUTIONS-OF-INCOME> 868878<F1>
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<SHARES-REINVESTED> 85077<F1>
<NET-CHANGE-IN-ASSETS> 33168975
<ACCUMULATED-NII-PRIOR> 2351
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<PER-SHARE-GAIN-APPREC> .03<F1>
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<PER-SHARE-NAV-END> 10.37<F1>
<EXPENSE-RATIO> 0.95<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 034
<NAME> THE ARCH GOVERNMENT & CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 188285105
<INVESTMENTS-AT-VALUE> 193799372
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<OVERDISTRIBUTION-GAINS> 0
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<SHARES-REINVESTED> 2096<F1>
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<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 041
<NAME> THE ARCH U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 042
<NAME> THE ARCH U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 043
<NAME> THE ARCH U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 044
<NAME> THE ARCH U.S. GOVERNMENT SECURITIES PORTFOLIO
<S> <C>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 051
<NAME> THE ARCH TREASURY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 052
<NAME> THE ARCH TREASURY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 053
<NAME> THE ARCH TREASURY MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> DEC-01-1996
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<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 061
<NAME> THE ARCH SMALL CAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> DEC-01-1996
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 062
<NAME> THE ARCH SMALL CAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 063
<NAME> THE ARCH SMALL CAP EQUITY PORTFOLIO
<S> <C>
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<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 064
<NAME> THE ARCH SMALL CAP EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 071
<NAME> THE ARCH BALANCED PORTFOLIO
<S> <C>
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<PER-SHARE-NAV-BEGIN> 12.58<F1>
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<EXPENSE-RATIO> 1.27<F1>
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 072
<NAME> THE ARCH BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<INVESTMENTS-AT-VALUE> 127236430
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<EXPENSE-RATIO> 0.97<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 073
<NAME> THE ARCH BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
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<RECEIVABLES> 665015
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<SHARES-REINVESTED> 407674<F1>
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<AVERAGE-NET-ASSETS> 58625996<F1>
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<EXPENSE-RATIO> 1.27<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 074
<NAME> THE ARCH BALANCED PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 108707400
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<SHARES-REINVESTED> 2094<F1>
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 081
<NAME> THE ARCH INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 082
<NAME> THE ARCH INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 083
<NAME> THE ARCH INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 084
<NAME> THE ARCH INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 091
<NAME> THE ARCH TAX EXEMPT MONEY MARKET PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 092
<NAME> THE ARCH TAX EXEMPT MONEY MARKET PORTFOLIO
<S> <C>
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<F1>Trust Class Shares
</FN>
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<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 101
<NAME> THE ARCH MISSOURI TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 102
<NAME> THE ARCH MISSOURI TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 103
<NAME> THE ARCH MISSOURI TAX-EXEMPT BOND PORTFOLIO
<S> <C>
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<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 111
<NAME> THE ARCH SHORT INTERMEDIATE MUNICIPAL PORTFOLIO
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<F1>Class A Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
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<NAME> THE ARCH SHORT INTERMEDIATE MUNICIPAL PORTFOLIO
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<F1>Trust Class Shares
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 121
<NAME> THE ARCH NATIONAL MUNICIPAL BOND PORTFOLIO
<S> <C>
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<F1>Class A Shares
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</TABLE>
<TABLE> <S> <C>
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<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 122
<NAME> THE ARCH NATIONAL MUNICIPAL BOND PORTFOLIO
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<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 123
<NAME> THE ARCH NATIONAL MUNICIPAL BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> DEC-01-1996
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<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 131
<NAME> THE ARCH BOND INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> FEB-10-1997
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 132
<NAME> THE ARCH BOND INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> FEB-10-1997
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<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 133
<NAME> THE ARCH BOND INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
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<PERIOD-START> FEB-10-1997
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<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 141
<NAME> THE ARCH INTERMEDIATE CORPORATE BOND PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> FEB-10-1997
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<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 142
<NAME> THE ARCH INTERMEDIATE CORPORATE BOND PORTFOLIO
<S> <C>
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<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 143
<NAME> THE ARCH INTERMEDIATE CORPORATE BOND PORTFOLIO
<S> <C>
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<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 151
<NAME> THE ARCH EQUITY INCOME PORTFOLIO
<S> <C>
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<APPREC-INCREASE-CURRENT> (7875618)
<NET-CHANGE-FROM-OPS> 20584436
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<DISTRIBUTIONS-OF-INCOME> 1763<F1>
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<NUMBER-OF-SHARES-SOLD> 18368<F1>
<NUMBER-OF-SHARES-REDEEMED> 3415<F1>
<SHARES-REINVESTED> 51<F1>
<NET-CHANGE-IN-ASSETS> 132224687
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1251315
<AVERAGE-NET-ASSETS> 97578<F1>
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<PER-SHARE-NII> .160<F1>
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<PER-SHARE-DIVIDEND> .170<F1>
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<PER-SHARE-NAV-END> 11.560<F1>
<EXPENSE-RATIO> .450<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 152
<NAME> THE ARCH EQUITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> FEB-27-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 91177252
<INVESTMENTS-AT-VALUE> 132214090
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<SHARES-COMMON-PRIOR> 0<F1>
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<APPREC-INCREASE-CURRENT> (7875618)
<NET-CHANGE-FROM-OPS> 20584436
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<DISTRIBUTIONS-OF-INCOME> 2205201<F1>
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<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 12516793<F1>
<NUMBER-OF-SHARES-REDEEMED> 1110408<F1>
<SHARES-REINVESTED> 3805<F1>
<NET-CHANGE-IN-ASSETS> 132224687
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<PER-SHARE-NII> .200<F1>
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<PER-SHARE-DISTRIBUTIONS> .000<F1>
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<EXPENSE-RATIO> .150<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 153
<NAME> THE ARCH EQUITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> FEB-26-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 91177252
<INVESTMENTS-AT-VALUE> 132214090
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<PAID-IN-CAPITAL-COMMON> 64928315
<SHARES-COMMON-STOCK> 102<F1>
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<NET-INVESTMENT-INCOME> 2288136
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<APPREC-INCREASE-CURRENT> (7875618)
<NET-CHANGE-FROM-OPS> 20584436
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<DISTRIBUTIONS-OF-INCOME> 19<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 100<F1>
<NUMBER-OF-SHARES-REDEEMED> 0<F1>
<SHARES-REINVESTED> 2<F1>
<NET-CHANGE-IN-ASSETS> 132224687
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 681294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1251315
<AVERAGE-NET-ASSETS> 1071<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .190<F1>
<PER-SHARE-GAIN-APPREC> 1.560<F1>
<PER-SHARE-DIVIDEND> .190<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 11.560<F1>
<EXPENSE-RATIO> .370<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 154
<NAME> THE ARCH EQUITY INCOME PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> FEB-27-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 91177252
<INVESTMENTS-AT-VALUE> 132214090
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<APPREC-INCREASE-CURRENT> (7875618)
<NET-CHANGE-FROM-OPS> 20584436
<EQUALIZATION> 0
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<NUMBER-OF-SHARES-SOLD> 11596<F1>
<NUMBER-OF-SHARES-REDEEMED> 232<F1>
<SHARES-REINVESTED> 19<F1>
<NET-CHANGE-IN-ASSETS> 132224687
<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 681294
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1251315
<AVERAGE-NET-ASSETS> 22934<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .100<F1>
<PER-SHARE-GAIN-APPREC> 1.570<F1>
<PER-SHARE-DIVIDEND> .020<F1>
<PER-SHARE-DISTRIBUTIONS> .100<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 11.550<F1>
<EXPENSE-RATIO> 1.140<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 161
<NAME> THE ARCH EQUITY INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 27126890
<INVESTMENTS-AT-VALUE> 31972943
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<SHARES-REINVESTED> 10<F1>
<NET-CHANGE-IN-ASSETS> 32000548
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 192250
<AVERAGE-NET-ASSETS> 63429<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .070<F1>
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<PER-SHARE-DIVIDEND> .080<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 11.930<F1>
<EXPENSE-RATIO> .780<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 162
<NAME> THE ARCH EQUITY INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 27126890
<INVESTMENTS-AT-VALUE> 31972943
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<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 163
<NAME> THE ARCH EQUITY INDEX PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> MAY-01-1997
<PERIOD-END> NOV-30-1997
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<SHARES-REINVESTED> 2<F1>
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<AVERAGE-NET-ASSETS> 4090<F1>
<PER-SHARE-NAV-BEGIN> 10.000<F1>
<PER-SHARE-NII> .100<F1>
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<PER-SHARE-NAV-END> 11.940<F1>
<EXPENSE-RATIO> .460<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Institutional Class Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 171
<NAME> THE ARCH GROWTH EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> NOV-30-1997
<PERIOD-START> NOV-21-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 45927466
<INVESTMENTS-AT-VALUE> 67211688
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<OTHER-ITEMS-LIABILITIES> 16628
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<DIVIDEND-INCOME> 102217
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<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000706366
<NAME> THE ARCH FUND, INC.
<SERIES>
<NUMBER> 172
<NAME> THE ARCH GROWTH EQUITY PORTFOLIO
<S> <C>
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<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2648917<F1>
<NUMBER-OF-SHARES-REDEEMED> 4260<F1>
<SHARES-REINVESTED> 18011<F1>
<NET-CHANGE-IN-ASSETS> (1712108)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 86057
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 162620
<AVERAGE-NET-ASSETS> 54546617<F1>
<PER-SHARE-NAV-BEGIN> 16.440<F1>
<PER-SHARE-NII> .090<F1>
<PER-SHARE-GAIN-APPREC> .270<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .000<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 16.260<F1>
<EXPENSE-RATIO> 1.240<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Trust Class Shares
</FN>
</TABLE>
N-SAR Exhibit 77-M
A. Name of each Registered Co.
Arrow Equity Portfolio
Arrow Fixed Income Portfolio
Arrow Municipal Income Portfolio
B. Incorporate by reference to
N14AE24/A Filing, Filed 9/9/97.
The Board of Directors of
The ARCH Fund, Inc.:
In planning and performing our audits of the
financial statements of The ARCH Fund,
Inc. for the year ended NovemberE30, 1997,
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 the internal control.
The management of The ARCH Fund, Inc.
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 internal control activities.
Two of the objectives of internal control are
to provide management with reasonable, but not
absolute, assurance that assets are safeguarded
against loss from unauthorized use or
disposition and that transactions are executed
in accordance with management's authorization
and recorded properly to permit preparation of
financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any 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 the 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 the specific 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 the internal
control, including control activities for safeguarding
securities, that we consider to be material
weaknesses as defined above as of NovemberE30,
1997.
This report is intended solely for the information
and use of management and the Securities and
Exchange Commission.
Columbus, Ohio
JanuaryE23, 1998
