<PAGE> PAGE 1
000 A000000 03/31/95
000 C000000 0000890209
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 ARROW FUNDS
001 B000000 811-7041
001 C000000 4122881229
002 A000000 FEDERATED INVESTORS TOWER
002 B000000 PITTSBURGH
002 C000000 PA
002 D010000 15222
002 D020000 3779
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 4
007 C010100 1
007 C020100 ARROW GOVERNMENT MONEY MARKET PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 ARROW EQUITY PORTFOLIO
007 C030200 N
007 C010300 3
007 C020300 ARROW FIXED INCOME PORTFOLIO
007 C030300 N
007 C010400 4
007 C020400 ARROW MUNICIPAL INCOME PORTFOLIO
007 C030400 N
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MARK TWAIN BANK
008 B00AA01 A
008 C00AA01 801-0000
008 D01AA01 ST. LOUIS
008 D02AA01 MO
008 D03AA01 63124
010 A00AA01 FEDERATED ADMINISTRATIVE SERVICES
010 C01AA01 PITTSBURGH
010 C02AA01 PA
010 C03AA01 15222
<PAGE> PAGE 2
010 C04AA01 3779
011 A00AA01 FEDERATED SECURITIES CORP.
011 B00AA01 8-15561
011 C01AA01 PITTSBURGH
011 C02AA01 PA
011 C03AA01 15222
011 C04AA01 3779
012 A00AA01 FEDERATED SERVICES COMPANY
012 B00AA01 84-1869
012 C01AA01 PITTSBURGH
012 C02AA01 PA
012 C03AA01 15222
012 C04AA01 3779
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15219
015 A00AA01 MARK TWAIN BANK
015 B00AA01 C
015 C01AA01 ST. LOUIS
015 C02AA01 MO
015 C03AA01 63124
015 E03AA01 X
015 A00AA02 CHEMICAL BANK
015 B00AA02 S
015 C01AA02 NEW YORK
015 C02AA02 NY
015 C03AA02 10004
015 E01AA02 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 A000001 CAPITAL INSTITUTIONAL SERVICES, INC.
020 B000001 75-1565705
020 C000001 31
020 A000002 BEAR, STEARNS & CO.
020 B000002 13-4946705
020 C000002 1
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 32
022 A000001 SANWA-BGK SECURITIES CO.
022 B000001 13-3046258
022 C000001 4723783
022 D000001 0
<PAGE> PAGE 3
022 A000002 MORGAN STANLEY & CO., INC.
022 B000002 13-2655998
022 C000002 4332443
022 D000002 0
022 A000003 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000003 13-5674085
022 C000003 728014
022 D000003 3031
022 A000004 HSBC SECURITIES, INC.
022 C000004 163319
022 D000004 3683
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 16326
022 D000005 16582
022 A000006 SEI
022 C000006 13404
022 D000006 16660
022 A000007 SMITH BARNEY, INC.
022 C000007 3971
022 D000007 4357
022 A000008 BOATMEN'S BANK ST. LOUIS
022 C000008 5981
022 D000008 0
022 A000009 A.H. WILLIAMS & CO.
022 B000009 23-2177819
022 C000009 0
022 D000009 4681
022 A000010 BEAR, STEARNS & CO.
022 B000010 13-4946705
022 C000010 60
022 D000010 1026
023 C000000 9987303
023 D000000 52215
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 Y
026 C000000 Y
026 D000000 N
026 E000000 Y
026 F000000 N
026 G010000 N
026 G020000 N
<PAGE> PAGE 4
026 H000000 Y
027 000000 Y
034 00AA00 N
035 00AA00 0
036 B00AA00 0
042 A00AA00 0
042 B00AA00 0
042 C00AA00 0
042 D00AA00 0
042 E00AA00 0
042 F00AA00 0
042 G00AA00 0
042 H00AA00 0
043 00AA00 0
044 00AA00 0
054 A00AA00 N
054 B00AA00 N
054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 N
054 L00AA00 N
054 M00AA00 N
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 1000
077 A000000 N
078 000000 N
028 A010100 30299
028 A020100 0
028 A030100 0
028 A040100 18403
028 B010100 21723
028 B020100 0
028 B030100 0
028 B040100 19799
028 C010100 22705
028 C020100 0
<PAGE> PAGE 5
028 C030100 0
028 C040100 27037
028 D010100 72535
028 D020100 0
028 D030100 0
028 D040100 41703
028 E010100 36212
028 E020100 0
028 E030100 0
028 E040100 32550
028 F010100 15585
028 F020100 0
028 F030100 0
028 F040100 40417
028 G010100 199059
028 G020100 0
028 G030100 0
028 G040100 179909
028 H000100 0
029 000100 N
030 A000100 0
030 B000100 0.00
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.500
048 A010100 0
048 A020100 0.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
<PAGE> PAGE 6
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 0
048 K020100 0.000
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 N
062 A000100 Y
062 B000100 11.5
062 C000100 55.0
062 D000100 39.5
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.1
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 27
063 B000100 0.0
064 A000100 N
064 B000100 N
066 A000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 Y
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
<PAGE> PAGE 7
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 Y
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 N
070 R020100 N
071 A000100 0
071 B000100 0
071 C000100 0
071 D000100 0
072 A000100 6
072 B000100 4710
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 427
072 G000100 127
072 H000100 0
072 I000100 18
072 J000100 22
072 K000100 0
072 L000100 11
072 M000100 2
072 N000100 14
072 O000100 0
072 P000100 0
072 Q000100 25
072 R000100 6
072 S000100 3
072 T000100 0
072 U000100 0
072 V000100 0
072 W000100 10
072 X000100 665
<PAGE> PAGE 8
072 Y000100 0
072 Z000100 4045
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 4045
072DD020100 0
072EE000100 0
073 A010100 0.0200
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 0
074 B000100 68500
074 C000100 115274
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 70
074 J000100 0
074 K000100 0
074 L000100 233
074 M000100 41
074 N000100 184118
074 O000100 10000
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 797
074 S000100 0
074 T000100 173321
074 U010100 173321
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.9998
074 X000100 3
074 Y000100 0
075 A000100 171071
075 B000100 0
076 000100 0.00
028 A010200 973
028 A020200 0
028 A030200 0
028 A040200 705
028 B010200 887
<PAGE> PAGE 9
028 B020200 0
028 B030200 0
028 B040200 138
028 C010200 980
028 C020200 5
028 C030200 0
028 C040200 1898
028 D010200 405
028 D020200 0
028 D030200 0
028 D040200 464
028 E010200 629
028 E020200 0
028 E030200 0
028 E040200 1407
028 F010200 984
028 F020200 2
028 F030200 0
028 F040200 2905
028 G010200 4858
028 G020200 7
028 G030200 0
028 G040200 7517
028 H000200 4845
029 000200 Y
030 A000200 0
030 B000200 3.50
030 C000200 0.00
031 A000200 0
031 B000200 0
032 000200 0
033 000200 0
037 000200 N
038 000200 0
039 000200 N
040 000200 Y
041 000200 N
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.750
048 A010200 0
048 A020200 0.000
048 B010200 0
048 B020200 0.000
048 C010200 0
048 C020200 0.000
048 D010200 0
048 D020200 0.000
048 E010200 0
048 E020200 0.000
<PAGE> PAGE 10
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 0
048 K020200 0.000
049 000200 N
050 000200 N
051 000200 N
052 000200 N
053 A000200 Y
053 B000200 Y
053 C000200 N
062 A000200 N
062 B000200 0.0
062 C000200 0.0
062 D000200 0.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 0
063 B000200 0.0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
070 A010200 Y
<PAGE> PAGE 11
070 A020200 N
070 B010200 Y
070 B020200 N
070 C010200 Y
070 C020200 N
070 D010200 Y
070 D020200 N
070 E010200 Y
070 E020200 N
070 F010200 Y
070 F020200 N
070 G010200 Y
070 G020200 N
070 H010200 Y
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 N
070 L010200 Y
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 Y
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
071 A000200 8481
071 B000200 10408
071 C000200 24231
071 D000200 35
072 A000200 6
072 B000200 63
072 C000200 283
072 D000200 0
072 E000200 0
072 F000200 115
072 G000200 25
072 H000200 0
072 I000200 13
072 J000200 12
072 K000200 0
072 L000200 3
<PAGE> PAGE 12
072 M000200 1
072 N000200 9
072 O000200 0
072 P000200 0
072 Q000200 21
072 R000200 6
072 S000200 2
072 T000200 6
072 U000200 0
072 V000200 0
072 W000200 3
072 X000200 216
072 Y000200 7
072 Z000200 137
072AA000200 606
072BB000200 0
072CC010200 2776
072CC020200 0
072DD010200 157
072DD020200 0
072EE000200 0
073 A010200 0.0500
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 0
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 29272
074 G000200 0
074 H000200 0
074 I000200 353
074 J000200 1621
074 K000200 0
074 L000200 94
074 M000200 7
074 N000200 31347
074 O000200 344
074 P000200 0
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 10
074 S000200 0
074 T000200 30993
074 U010200 2855
074 U020200 0
074 V010200 10.85
<PAGE> PAGE 13
074 V020200 0.00
074 W000200 0.0000
074 X000200 78
074 Y000200 0
075 A000200 0
075 B000200 30695
076 000200 0.00
028 A010300 310
028 A020300 0
028 A030300 0
028 A040300 621
028 B010300 1107
028 B020300 3
028 B030300 0
028 B040300 269
028 C010300 174
028 C020300 3
028 C030300 0
028 C040300 771
028 D010300 103
028 D020300 2
028 D030300 0
028 D040300 456
028 E010300 322
028 E020300 2
028 E030300 0
028 E040300 2155
028 F010300 239
028 F020300 2
028 F030300 0
028 F040300 3019
028 G010300 2255
028 G020300 12
028 G030300 0
028 G040300 7291
028 H000300 2247
029 000300 Y
030 A000300 0
030 B000300 3.50
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 N
045 000300 Y
046 000300 N
<PAGE> PAGE 14
047 000300 Y
048 000300 0.600
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 Y
053 B000300 Y
053 C000300 N
062 A000300 Y
062 B000300 0.0
062 C000300 0.0
062 D000300 0.0
062 E000300 0.0
062 F000300 0.0
062 G000300 0.0
062 H000300 0.0
062 I000300 0.0
062 J000300 0.0
062 K000300 0.0
062 L000300 1.4
062 M000300 45.7
062 N000300 10.2
062 O000300 0.0
062 P000300 37.8
062 Q000300 3.2
062 R000300 0.0
063 A000300 0
063 B000300 14.8
<PAGE> PAGE 15
064 A000300 N
064 B000300 N
066 A000300 N
067 000300 N
068 A000300 N
068 B000300 N
069 000300 N
070 A010300 Y
070 A020300 N
070 B010300 Y
070 B020300 N
070 C010300 Y
070 C020300 N
070 D010300 Y
070 D020300 N
070 E010300 Y
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 N
070 I020300 N
070 J010300 Y
070 J020300 N
070 K010300 Y
070 K020300 Y
070 L010300 Y
070 L020300 N
070 M010300 N
070 M020300 N
070 N010300 Y
070 N020300 N
070 O010300 Y
070 O020300 N
070 P010300 Y
070 P020300 N
070 Q010300 N
070 Q020300 N
070 R010300 N
070 R020300 N
071 A000300 0
071 B000300 4907
071 C000300 0
071 D000300 0
072 A000300 6
072 B000300 1228
072 C000300 0
072 D000300 0
<PAGE> PAGE 16
072 E000300 0
072 F000300 95
072 G000300 25
072 H000300 0
072 I000300 12
072 J000300 12
072 K000300 0
072 L000300 2
072 M000300 1
072 N000300 9
072 O000300 0
072 P000300 0
072 Q000300 25
072 R000300 6
072 S000300 2
072 T000300 7
072 U000300 0
072 V000300 0
072 W000300 3
072 X000300 199
072 Y000300 7
072 Z000300 1036
072AA000300 0
072BB000300 238
072CC010300 1030
072CC020300 0
072DD010300 1036
072DD020300 0
072EE000300 0
073 A010300 0.3000
073 A020300 0.0000
073 B000300 0.0000
073 C000300 0.0000
074 A000300 0
074 B000300 0
074 C000300 393
074 D000300 27636
074 E000300 0
074 F000300 0
074 G000300 0
074 H000300 0
074 I000300 0
074 J000300 0
074 K000300 0
074 L000300 644
074 M000300 8
074 N000300 28681
074 O000300 0
074 P000300 0
074 Q000300 0
074 R010300 0
<PAGE> PAGE 17
074 R020300 0
074 R030300 0
074 R040300 169
074 S000300 0
074 T000300 28512
074 U010300 2988
074 U020300 0
074 V010300 9.54
074 V020300 0.00
074 W000300 0.0000
074 X000300 27
074 Y000300 0
075 A000300 0
075 B000300 31757
076 000300 0.00
028 A010400 12
028 A020400 3
028 A030400 0
028 A040400 368
028 B010400 3
028 B020400 3
028 B030400 0
028 B040400 1358
028 C010400 47
028 C020400 2
028 C030400 0
028 C040400 1973
028 D010400 3
028 D020400 2
028 D030400 0
028 D040400 38
028 E010400 70
028 E020400 2
028 E030400 0
028 E040400 1339
028 F010400 225
028 F020400 2
028 F030400 0
028 F040400 359
028 G010400 360
028 G020400 14
028 G030400 0
028 G040400 5435
028 H000400 336
029 000400 Y
030 A000400 0
030 B000400 3.50
030 C000400 0.00
031 A000400 0
031 B000400 0
032 000400 0
<PAGE> PAGE 18
033 000400 0
037 000400 N
038 000400 0
039 000400 N
040 000400 Y
041 000400 N
045 000400 Y
046 000400 N
047 000400 Y
048 000400 0.700
048 A010400 0
048 A020400 0.000
048 B010400 0
048 B020400 0.000
048 C010400 0
048 C020400 0.000
048 D010400 0
048 D020400 0.000
048 E010400 0
048 E020400 0.000
048 F010400 0
048 F020400 0.000
048 G010400 0
048 G020400 0.000
048 H010400 0
048 H020400 0.000
048 I010400 0
048 I020400 0.000
048 J010400 0
048 J020400 0.000
048 K010400 0
048 K020400 0.000
049 000400 N
050 000400 N
051 000400 N
052 000400 N
053 A000400 Y
053 B000400 Y
053 C000400 N
062 A000400 Y
062 B000400 0.0
062 C000400 0.0
062 D000400 0.0
062 E000400 0.0
062 F000400 0.0
062 G000400 0.0
062 H000400 0.0
062 I000400 0.0
062 J000400 0.0
062 K000400 0.0
062 L000400 5.7
<PAGE> PAGE 19
062 M000400 0.0
062 N000400 0.0
062 O000400 92.7
062 P000400 0.0
062 Q000400 0.0
062 R000400 0.0
063 A000400 0
063 B000400 15.3
064 A000400 Y
064 B000400 N
066 A000400 N
067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
070 A010400 Y
070 A020400 N
070 B010400 N
070 B020400 N
070 C010400 Y
070 C020400 N
070 D010400 N
070 D020400 N
070 E010400 N
070 E020400 N
070 F010400 N
070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 N
070 K010400 Y
070 K020400 Y
070 L010400 N
070 L020400 N
070 M010400 N
070 M020400 N
070 N010400 N
070 N020400 N
070 O010400 Y
070 O020400 N
070 P010400 Y
070 P020400 N
070 Q010400 N
070 Q020400 N
070 R010400 N
070 R020400 N
<PAGE> PAGE 20
071 A000400 4031
071 B000400 9899
071 C000400 19000
071 D000400 21
072 A000400 6
072 B000400 589
072 C000400 0
072 D000400 0
072 E000400 0
072 F000400 70
072 G000400 25
072 H000400 0
072 I000400 15
072 J000400 3
072 K000400 0
072 L000400 3
072 M000400 1
072 N000400 7
072 O000400 0
072 P000400 0
072 Q000400 31
072 R000400 6
072 S000400 2
072 T000400 5
072 U000400 0
072 V000400 0
072 W000400 4
072 X000400 172
072 Y000400 57
072 Z000400 474
072AA000400 0
072BB000400 384
072CC010400 594
072CC020400 0
072DD010400 474
072DD020400 0
072EE000400 0
073 A010400 0.2300
073 A020400 0.0000
073 B000400 0.0000
073 C000400 0.0000
074 A000400 0
074 B000400 0
074 C000400 0
074 D000400 16999
074 E000400 0
074 F000400 0
074 G000400 0
074 H000400 0
074 I000400 1041
074 J000400 0
<PAGE> PAGE 21
074 K000400 0
074 L000400 362
074 M000400 6
074 N000400 18408
074 O000400 0
074 P000400 0
074 Q000400 0
074 R010400 0
074 R020400 0
074 R030400 0
074 R040400 72
074 S000400 0
074 T000400 18336
074 U010400 1827
074 U020400 0
074 V010400 10.04
074 V020400 0.00
074 W000400 0.0000
074 X000400 23
074 Y000400 0
075 A000400 0
075 B000400 20161
076 000400 0.00
SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> Arrow Equity Portfolio
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Mar-31-1995
<INVESTMENTS-AT-COST> 25,420,730
<INVESTMENTS-AT-VALUE> 29,624,532
<RECEIVABLES> 1,722,370
<ASSETS-OTHER> 7,138
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 31,346,902
<PAYABLE-FOR-SECURITIES> 344,332
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,593
<TOTAL-LIABILITIES> 353,925
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28,329,891
<SHARES-COMMON-STOCK> 2,855,218
<SHARES-COMMON-PRIOR> 3,109,853
<ACCUMULATED-NII-CURRENT> 2,787
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,543,503)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4,203,802
<NET-ASSETS> 30,992,977
<DIVIDEND-INCOME> 283,125
<INTEREST-INCOME> 63,299
<OTHER-INCOME> 0
<EXPENSES-NET> 209,576
<NET-INVESTMENT-INCOME> 136,848
<REALIZED-GAINS-CURRENT> 606,013
<APPREC-INCREASE-CURRENT> 2,776,362
<NET-CHANGE-FROM-OPS> 3,519,223
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 156,585
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 489,132
<NUMBER-OF-SHARES-REDEEMED> 744,531
<SHARES-REINVESTED> 764
<NET-CHANGE-IN-ASSETS> 711,281
<ACCUMULATED-NII-PRIOR> 22,524
<ACCUMULATED-GAINS-PRIOR> (2,149,516)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 114,723
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 215,982
<AVERAGE-NET-ASSETS> 30,694,642
<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.040
<PER-SHARE-GAIN-APPREC> 1.120
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.850
<EXPENSE-RATIO> 137
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> Arrow Fixed Income Portfolio
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Mar-31-1995
<INVESTMENTS-AT-COST> 29,681,303
<INVESTMENTS-AT-VALUE> 28,028,558
<RECEIVABLES> 643,937
<ASSETS-OTHER> 8,904
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,681,399
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 169,685
<TOTAL-LIABILITIES> 169,685
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,584,994
<SHARES-COMMON-STOCK> 2,987,676
<SHARES-COMMON-PRIOR> 3,518,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (420,535)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (1,652,745)
<NET-ASSETS> 28,511,714
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,228,207
<OTHER-INCOME> 0
<EXPENSES-NET> 192,151
<NET-INVESTMENT-INCOME> 1,036,056
<REALIZED-GAINS-CURRENT> (237,918)
<APPREC-INCREASE-CURRENT> 1,029,958
<NET-CHANGE-FROM-OPS> 1,828,096
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,036,056
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 244,645
<NUMBER-OF-SHARES-REDEEMED> 776,354
<SHARES-REINVESTED> 1,314
<NET-CHANGE-IN-ASSETS> (4,231,233)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (182,617)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 95,455
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 199,033
<AVERAGE-NET-ASSETS> 31,756,563
<PER-SHARE-NAV-BEGIN> 9.310
<PER-SHARE-NII> 0.300
<PER-SHARE-GAIN-APPREC> 0.230
<PER-SHARE-DIVIDEND> 0.300
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.540
<EXPENSE-RATIO> 121
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> Arrow Government Money Market Portfolio
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Mar-31-1995
<INVESTMENTS-AT-COST> 183,843,750
<INVESTMENTS-AT-VALUE> 183,843,750
<RECEIVABLES> 232,798
<ASSETS-OTHER> 40,974
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 184,117,522
<PAYABLE-FOR-SECURITIES> 10,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 796,424
<TOTAL-LIABILITIES> 10,796,424
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 173,321,098
<SHARES-COMMON-STOCK> 173,321,098
<SHARES-COMMON-PRIOR> 154,170,182
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 173,321,098
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 4,710,018
<OTHER-INCOME> 0
<EXPENSES-NET> 664,573
<NET-INVESTMENT-INCOME> 4,045,445
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4,045,445
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 4,045,445
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 199,059,461
<NUMBER-OF-SHARES-REDEEMED> 179,908,545
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 19,150,916
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 426,507
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 664,573
<AVERAGE-NET-ASSETS> 171,071,334
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.020
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.020
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Arrow Municipal Income Portfolio
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Mar-31-1995
<INVESTMENTS-AT-COST> 18,028,476
<INVESTMENTS-AT-VALUE> 18,040,684
<RECEIVABLES> 361,865
<ASSETS-OTHER> 5,761
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,408,310
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 72,705
<TOTAL-LIABILITIES> 72,705
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 18,728,665
<SHARES-COMMON-STOCK> 1,827,018
<SHARES-COMMON-PRIOR> 2,350,051
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (405,268)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,208
<NET-ASSETS> 18,335,605
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 588,654
<OTHER-INCOME> 0
<EXPENSES-NET> 114,694
<NET-INVESTMENT-INCOME> 473,960
<REALIZED-GAINS-CURRENT> (384,305)
<APPREC-INCREASE-CURRENT> 594,488
<NET-CHANGE-FROM-OPS> 684,143
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 473,960
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 36,298
<NUMBER-OF-SHARES-REDEEMED> 560,728
<SHARES-REINVESTED> 1,397
<NET-CHANGE-IN-ASSETS> (4,851,074)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (20,963)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 70,244
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 171,965
<AVERAGE-NET-ASSETS> 20,160,960
<PER-SHARE-NAV-BEGIN> 9.870
<PER-SHARE-NII> 0.230
<PER-SHARE-GAIN-APPREC> 0.170
<PER-SHARE-DIVIDEND> 0.230
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.040
<EXPENSE-RATIO> 114
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
