MARK TWAIN FUNDS, 497, 1994-09-28

MARK TWAIN FUNDS
497, 1994-09-28
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MARK TWAIN EQUITY PORTFOLIO
MARK TWAIN FIXED INCOME PORTFOLIO
MARK TWAIN MUNICIPAL INCOME PORTFOLIO
MARK TWAIN GOVERNMENT MONEY MARKET PORTFOLIO
(Portfolios of Mark Twain Funds)
Supplement to the prospectuses dated November 30, 1993

Effective October 1, 1994, the name of "Mark Twain Funds" will change to
"Arrow Funds." Accordingly, as of that date, all current references to "Mark
Twain Funds" in the prospectus will be deemed to refer instead to "Arrow
Funds," and all current references to one or more "Mark Twain" Portfolios
will be deemed to refer instead to the respective "Arrow" Portfolio or
Portfolios.
                                                         September  28, 1994



    FEDERATED SECURITIES CORP.

    Distributor
    A subsidiary of Federated Investors
    Federated Investors Tower
    Pittsburgh, PA  15222-3779
    570464107
    570464206
    570464305
    570464503
    G00649-01 (9/94)

MARK TWAIN EQUITY PORTFOLIO                                           
MARK TWAIN FIXED INCOME PORTFOLIO                                  
MARK TWAIN MUNICIPAL INCOME PORTFOLIO                              
MARK TWAIN GOVERNMENT MONEY MARKET PORTFOLIO
(Portfolios of Mark Twain Funds)
Supplement to the combined Statement of Additional Information dated
November 30, 1993

Effective October 1, 1994, the name of "Mark Twain Funds" will change to
"Arrow Funds."  Accordingly, as of that date, all current references to
"Mark Twain Funds" in the Statement of Additional Information will be deemed
to refer instead to "Arrow Funds," and all current references to one or more
"Mark Twain" Portfolios will be deemed to refer instead to the respective
"Arrow" Portfolio or Portfolios.
                                                          September 28, 1994


    FEDERATED SECURITIES CORP.
    Distributor
    A subsidiary of Federated Investors
    Federated Investors Tower
    Pittsburgh, PA  15222-3779
    570464107
    570464206
    570464305
    570464503
    G00649-02 (9/94)