<PAGE> 1
THE ARCH FUND, INC.
(THE "FUND")
TRUST SHARES
SUPPLEMENT DATED FEBRUARY 13, 1998
TO PROSPECTUS DATED MARCH 31, 1997
The last sentence of the first paragraph on page 1 of the
Prospectus is replaced with the following:
Trust Shares are offered to financial institutions acting on
their own behalf or on behalf of discretionary and non-discretionary
accounts for which they may receive account-level asset-based
management fees.
The first sentence of the first paragraph of the section
entitled "How to Purchase and Redeem Shares - Purchase of Shares" on page 46 of
the Prospectus is deleted and replaced with the following:
Trust Shares are sold to financial institutions, such as
banks, trust companies, thrift institutions, mutual funds or other
financial institutions (collectively "financial institutions"), acting
on their own behalf or on behalf of discretionary and non-discretionary
accounts for which they may receive account-level asset-based
management fees.
The seventh and eighth paragraphs under the section entitled
"Management of the Fund - Investment Adviser and Sub-Adviser" on pages 55-56 of
the Prospectus are deleted and replaced with the following:
The organizational arrangements of MVA require that all
investment decisions with respect to the Equity Income Portfolio and
Growth & Income Equity Portfolio be made by MVA's Equity Committee, and
no one person is responsible for making recommendations to the
Committee.
The third sentence of the fourth paragraph of the section
entitled "Other Information Concerning the Fund and Its Shares - Description of
Shares" on pages 59-61 of the Prospectus is deleted and replaced with the
following:
Institutional Shares, which are offered to financial
institutions acting on behalf of discretionary and non-discretionary
accounts for which they do not receive account-level asset-backed
management fees, are sold without a sales charge.
<PAGE> 2
THE ARCH FUND, INC.
(THE "FUND")
INSTITUTIONAL SHARES
SUPPLEMENT DATED FEBRUARY 13, 1998
TO PROSPECTUS DATED MARCH 31, 1997
The last sentence of the first paragraph on page 1 of the
Prospectus is replaced with the following:
Institutional Shares are offered to financial institutions
acting on behalf of discretionary and non-discretionary accounts for
which they do not receive account-level asset-based management fees.
The first sentence of the first paragraph of the section
entitled "How to Purchase and Redeem Shares - Purchase of Shares" on page 35 of
the Prospectus is deleted and replaced with the following:
Institutional Shares are sold to financial institutions, such
as banks, trust companies, thrift institutions, mutual funds or other
financial institutions (collectively "financial institutions"), acting
on behalf of discretionary and non-discretionary accounts for which
they do not receive account-level asset-based management fees.
The seventh and eighth paragraphs under the section entitled
"Management of the Fund - Investment Adviser and Sub-Adviser" on pages 42-44 of
the Prospectus are deleted and replaced with the following:
The organizational arrangements of MVA require that all
investment decisions with respect to the Equity Income Portfolio and
Growth & Income Equity Portfolio be made by MVA's Equity Committee, and
no one person is responsible for making recommendations to the
Committee.
The third sentence of the fourth paragraph of the section
entitled "Other Information Concerning the Fund and Its Shares - Description of
Shares" on pages 46-48 of the Prospectus is deleted and replaced with the
following:
Trust Shares, which are offered to financial institutions
acting on their own behalf or on behalf of discretionary and
non-discretionary accounts for which they may receive account-level
asset-backed management fees, are sold without a sales charge.
<PAGE> 3
THE ARCH FUND, INC.
(THE "FUND")
INVESTOR A SHARES AND INVESTOR B SHARES
SUPPLEMENT DATED FEBRUARY 13, 1998
TO PROSPECTUS DATED MARCH 31, 1997
The seventh and eighth paragraphs under the section entitled
"Management of the Fund - Investment Adviser and Sub-Adviser" on pages 70-71 of
the Prospectus are deleted and replaced with the following:
The organizational arrangements of MVA require that all
investment decisions with respect to the Equity Income Portfolio and
Growth & Income Equity Portfolio be made by MVA's Equity Committee, and
no one person is responsible for making recommendations to the
Committee.
The third sentence of the fourth paragraph of the section
entitled "Other Information Concerning the Fund and Its Shares - Description of
Shares" on pages 75-76 of the Prospectus is deleted and replaced with the
following:
Institutional Shares, which are offered to financial
institutions acting on behalf of discretionary and non-discretionary
accounts for which they do not receive account-level asset-backed
management fees, and Trust Shares, which are offered to financial
institutions acting on their own behalf or on behalf of discretionary
and non-discretionary accounts for which they may receive account-level
asset-based management fees, are sold without a sales charge.
<PAGE> 4
THE ARCH FUND, INC.
(THE "FUND")
TRUST SHARES OF THE
ARCH TREASURY MONEY MARKET, MONEY MARKET AND
TAX-EXEMPT MONEY MARKET PORTFOLIOS
SUPPLEMENT DATED FEBRUARY 13, 1998
TO PROSPECTUS DATED MARCH 31, 1997
The last sentence of the first paragraph on the cover page
(page 1) of the Prospectus is replaced with the following:
Trust Shares are offered to financial institutions acting on
their own behalf or on behalf of discretionary and non-discretionary
accounts for which they may receive account-level asset-based
management fees.
The first sentence of the first paragraph of the section
entitled "How to Purchase and Redeem Shares - Purchase of Shares" on page 21 of
the Prospectus is deleted and replaced with the following:
Trust Shares are sold to financial institutions, such as
banks, trust companies, thrift institutions, mutual funds or other
financial institutions (collectively "financial institutions"), acting
on their own behalf or on behalf of discretionary and non-discretionary
accounts for which they may receive account-level asset-based
management fees.
The third sentence of the fourth paragraph of the section
entitled "Other Information Concerning the Fund and Its Shares - Description of
Shares" on pages 31-33 of the Prospectus is deleted and replaced with the
following:
Institutional Shares, which are offered to financial
institutions acting on behalf of discretionary and non-discretionary
accounts for which they do not receive account-level asset-backed
management fees, are sold without a sales charge.
