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THE ARCH FUND(R), INC.
(THE "FUND")
INVESTOR A SHARES AND INVESTOR B SHARES OF THE
TREASURY MONEY MARKET, MONEY MARKET,
TAX-EXEMPT MONEY MARKET, U.S. GOVERNMENT SECURITIES,
INTERMEDIATE CORPORATE BOND,
BOND INDEX, GOVERNMENT & CORPORATE BOND,
SHORT-INTERMEDIATE MUNICIPAL,
MISSOURI TAX-EXEMPT BOND, NATIONAL MUNICIPAL BOND,
EQUITY INCOME, EQUITY INDEX, GROWTH & INCOME EQUITY,
GROWTH EQUITY, SMALL CAP EQUITY,
SMALL CAP EQUITY INDEX,
INTERNATIONAL EQUITY AND
BALANCED PORTFOLIOS
SUPPLEMENT DATED AUGUST 17, 1998
TO PROSPECTUS DATED MARCH 31, 1998
HOW TO PURCHASE AND REDEEM SHARES - FACTORS TO CONSIDER WHEN
SELECTING INVESTOR A SHARES OR INVESTOR B SHARES. The last sentence of the
fourth paragraph on page 70 of the Prospectus is deleted and is replaced with
the following:
The Fund reserves the right to refuse all purchase orders for Investor
B Shares of over $100,000.
