ARROW FUNDS, 497, 1997-11-12

ARROW FUNDS
497, 1997-11-12

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ARROW EQUITY PORTFOLIO

(A Portfolio of Arrow Funds)

SUPPLEMENT TO PROSPECTUS DATED NOVEMBER 30, 1996



In the subsection of the Prospectus entitled "Management of the Trust," please
delete the biography of Portfolio Manager Carl C. Enloe on page 16 and replace
it with the following:

     "Gregory A. Glidden is the person primarily responsible for the day-to-day
     management of the Arrow Equity Portfolio. Mr. Glidden, Senior Associate,
     has been with Mississippi Valley Advisors Inc. since 1983. For the past 13
     years, he has served as a stock analyst and has managed several of
     Mercantile Bank's common funds."

                                                               November 12, 1997

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     Cusip 042749101
     G00924-04 (11/97)
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