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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 21
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SIGNATURE S. ELLIOTT COHAN
TITLE ASST. GEN. COUNSEL
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 01
<NAME> Arrow Funds
Arrow Government Money Market Portfolio
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Sep-30-1995
<INVESTMENTS-AT-COST> 217,111,077
<INVESTMENTS-AT-VALUE> 217,111,077
<RECEIVABLES> 347,312
<ASSETS-OTHER> 24,965
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 217,483,354
<PAYABLE-FOR-SECURITIES> 10,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 902,916
<TOTAL-LIABILITIES> 10,902,916
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 206,580,438
<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> 206,580,438
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9,982,988
<OTHER-INCOME> 0
<EXPENSES-NET> 1,354,670
<NET-INVESTMENT-INCOME> 8,628,318
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<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8,628,318
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 414,847,913
<NUMBER-OF-SHARES-REDEEMED> 362,437,660
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 52,410,256
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 872,930
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,354,881
<AVERAGE-NET-ASSETS> 174,586,000
<PER-SHARE-NAV-BEGIN> 1.000
<PER-SHARE-NII> 0.050
<PER-SHARE-GAIN-APPREC> 0.000
<PER-SHARE-DIVIDEND> 0.050
<PER-SHARE-DISTRIBUTIONS> 0.000
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<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.78
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 02
<NAME> Arrow Funds
Arrow Equity Portfolio
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Sep-30-1995
<INVESTMENTS-AT-COST> 31,109,047
<INVESTMENTS-AT-VALUE> 43,368,305
<RECEIVABLES> 335,931
<ASSETS-OTHER> 23,855
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,728,091
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 20,423
<TOTAL-LIABILITIES> 20,423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,169,593
<SHARES-COMMON-STOCK> 3,166,785
<SHARES-COMMON-PRIOR> 3,109,853
<ACCUMULATED-NII-CURRENT> 35,180
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (756,363)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,259,258
<NET-ASSETS> 43,707,668
<DIVIDEND-INCOME> 583,628
<INTEREST-INCOME> 152,210
<OTHER-INCOME> 0
<EXPENSES-NET> 431,528
<NET-INVESTMENT-INCOME> 304,310
<REALIZED-GAINS-CURRENT> 1,393,153
<APPREC-INCREASE-CURRENT> 10,831,819
<NET-CHANGE-FROM-OPS> 12,529,282
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 291,654
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,078,775
<NUMBER-OF-SHARES-REDEEMED> 1,023,386
<SHARES-REINVESTED> 1,543
<NET-CHANGE-IN-ASSETS> 13,425,972
<ACCUMULATED-NII-PRIOR> 22,524
<ACCUMULATED-GAINS-PRIOR> (2,149,516)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 253,371
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 531,769
<AVERAGE-NET-ASSETS> 33,965,160
<PER-SHARE-NAV-BEGIN> 9.740
<PER-SHARE-NII> 0.100
<PER-SHARE-GAIN-APPREC> 4.050
<PER-SHARE-DIVIDEND> 0.090
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 13.800
<EXPENSE-RATIO> 1.28
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 03
<NAME> Arrow Funds
Arrow Fixed Income Portfolio
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Sep-30-1995
<INVESTMENTS-AT-COST> 29,988,368
<INVESTMENTS-AT-VALUE> 30,263,158
<RECEIVABLES> 553,077
<ASSETS-OTHER> 7,200
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 30,823,435
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 161,985
<TOTAL-LIABILITIES> 161,985
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 31,164,870
<SHARES-COMMON-STOCK> 3,046,535
<SHARES-COMMON-PRIOR> 3,518,071
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 274,790
<NET-ASSETS> 30,661,450
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 2,270,384
<OTHER-INCOME> 0
<EXPENSES-NET> 375,274
<NET-INVESTMENT-INCOME> 1,895,110
<REALIZED-GAINS-CURRENT> (595,593)
<APPREC-INCREASE-CURRENT> 2,957,493
<NET-CHANGE-FROM-OPS> 4,257,010
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,895,110
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 625,388
<NUMBER-OF-SHARES-REDEEMED> 1,100,149
<SHARES-REINVESTED> 3,225
<NET-CHANGE-IN-ASSETS> (2,081,497)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (182,617)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 184,158
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 455,374
<AVERAGE-NET-ASSETS> 30,797,632
<PER-SHARE-NAV-BEGIN> 9.310
<PER-SHARE-NII> 0.590
<PER-SHARE-GAIN-APPREC> 0.750
<PER-SHARE-DIVIDEND> 0.590
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.060
<EXPENSE-RATIO> 1.22
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
<TABLE> <S> <C>
<S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 04
<NAME> Arrow Funds
Arrow Municipal Income Portfolio
<PERIOD-TYPE> 12-mos
<FISCAL-YEAR-END> Sep-30-1995
<PERIOD-END> Sep-30-1995
<INVESTMENTS-AT-COST> 17,153,592
<INVESTMENTS-AT-VALUE> 17,514,373
<RECEIVABLES> 293,654
<ASSETS-OTHER> 11,642
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 17,819,669
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 83,184
<TOTAL-LIABILITIES> 83,184
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,807,496
<SHARES-COMMON-STOCK> 1,735,819
<SHARES-COMMON-PRIOR> 2,350,051
<ACCUMULATED-NII-CURRENT> (431,792)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 360,781
<NET-ASSETS> 17,736,485
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 1,101,755
<OTHER-INCOME> 0
<EXPENSES-NET> 207,601
<NET-INVESTMENT-INCOME> 894,154
<REALIZED-GAINS-CURRENT> (410,829)
<APPREC-INCREASE-CURRENT> 943,061
<NET-CHANGE-FROM-OPS> 1,426,386
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 894,154
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 95,393
<NUMBER-OF-SHARES-REDEEMED> 712,089
<SHARES-REINVESTED> 2,464
<NET-CHANGE-IN-ASSETS> (5,450,194)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 133,160
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 360,615
<AVERAGE-NET-ASSETS> 19,079,904
<PER-SHARE-NAV-BEGIN> 9.870
<PER-SHARE-NII> 0.460
<PER-SHARE-GAIN-APPREC> 0.350
<PER-SHARE-DIVIDEND> 0.460
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<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.220
<EXPENSE-RATIO> 1.09
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
