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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 228,022,942
<INVESTMENTS-AT-VALUE> 228,022,942
<RECEIVABLES> 979,769
<ASSETS-OTHER> 13,075
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 229,015,786
<PAYABLE-FOR-SECURITIES> 15,000,000
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 773,388
<TOTAL-LIABILITIES> 15,773,388
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 213,242,398
<SHARES-COMMON-STOCK> 213,242,398
<SHARES-COMMON-PRIOR> 206,580,438
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 213,242,398
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 11,725,192
<OTHER-INCOME> 0
<EXPENSES-NET> 1,619,647
<NET-INVESTMENT-INCOME> 10,105,545
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 10,105,545
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10,105,545
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 710,893,017
<NUMBER-OF-SHARES-REDEEMED> 704,231,160
<SHARES-REINVESTED> 103
<NET-CHANGE-IN-ASSETS> 6,661,960
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,083,949
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,619,950
<AVERAGE-NET-ASSETS> 216,406,616
<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
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 1.000
<EXPENSE-RATIO> 0.75
<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-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 43,246,709
<INVESTMENTS-AT-VALUE> 55,494,132
<RECEIVABLES> 108,675
<ASSETS-OTHER> 2,988
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 55,605,795
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33,043
<TOTAL-LIABILITIES> 33,043
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 39,609,476
<SHARES-COMMON-STOCK> 3,690,543
<SHARES-COMMON-PRIOR> 3,166,785
<ACCUMULATED-NII-CURRENT> 77,739
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,638,114
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 12,247,423
<NET-ASSETS> 55,572,752
<DIVIDEND-INCOME> 768,953
<INTEREST-INCOME> 230,196
<OTHER-INCOME> 0
<EXPENSES-NET> 575,368
<NET-INVESTMENT-INCOME> 423,781
<REALIZED-GAINS-CURRENT> 4,612,534
<APPREC-INCREASE-CURRENT> (11,835)
<NET-CHANGE-FROM-OPS> 5,024,480
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 381,222
<DISTRIBUTIONS-OF-GAINS> 218,057
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 867,438
<NUMBER-OF-SHARES-REDEEMED> 346,978
<SHARES-REINVESTED> 3,298
<NET-CHANGE-IN-ASSETS> 11,865,084
<ACCUMULATED-NII-PRIOR> 35,180
<ACCUMULATED-GAINS-PRIOR> (756,363)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 368,254
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 711,955
<AVERAGE-NET-ASSETS> 49,245,882
<PER-SHARE-NAV-BEGIN> 13.800
<PER-SHARE-NII> 0.120
<PER-SHARE-GAIN-APPREC> 1.320
<PER-SHARE-DIVIDEND> 0.110
<PER-SHARE-DISTRIBUTIONS> 0.070
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 15.060
<EXPENSE-RATIO> 1.17
<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-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 28,911,703
<INVESTMENTS-AT-VALUE> 28,343,263
<RECEIVABLES> 540,372
<ASSETS-OTHER> 3,793
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 28,887,428
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 179,097
<TOTAL-LIABILITIES> 179,097
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 30,239,296
<SHARES-COMMON-STOCK> 2,960,612
<SHARES-COMMON-PRIOR> 3,046,535
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (962,525)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (568,440)
<NET-ASSETS> 28,708,331
<DIVIDEND-INCOME> 43,219
<INTEREST-INCOME> 2,032,179
<OTHER-INCOME> 0
<EXPENSES-NET> 369,658
<NET-INVESTMENT-INCOME> 1,705,740
<REALIZED-GAINS-CURRENT> (184,315)
<APPREC-INCREASE-CURRENT> (843,230)
<NET-CHANGE-FROM-OPS> 678,195
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1,705,740
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 661,379
<NUMBER-OF-SHARES-REDEEMED> 750,074
<SHARES-REINVESTED> 2,772
<NET-CHANGE-IN-ASSETS> (1,953,119)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (778,210)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 175,494
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 445,944
<AVERAGE-NET-ASSETS> 29,330,216
<PER-SHARE-NAV-BEGIN> 10.060
<PER-SHARE-NII> 0.570
<PER-SHARE-GAIN-APPREC> (0.360)
<PER-SHARE-DIVIDEND> 0.570
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 9.700
<EXPENSE-RATIO> 1.27
<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-30-1996
<PERIOD-END> Sep-30-1996
<INVESTMENTS-AT-COST> 14,412,250
<INVESTMENTS-AT-VALUE> 14,772,383
<RECEIVABLES> 251,546
<ASSETS-OTHER> 2,472
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 15,026,401
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 79,440
<TOTAL-LIABILITIES> 79,440
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 14,948,278
<SHARES-COMMON-STOCK> 1,456,209
<SHARES-COMMON-PRIOR> 1,735,819
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (361,450)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 360,133
<NET-ASSETS> 14,946,961
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 967,102
<OTHER-INCOME> 0
<EXPENSES-NET> 203,394
<NET-INVESTMENT-INCOME> 763,708
<REALIZED-GAINS-CURRENT> 70,342
<APPREC-INCREASE-CURRENT> (648)
<NET-CHANGE-FROM-OPS> 833,402
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 763,708
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 126,133
<NUMBER-OF-SHARES-REDEEMED> 407,947
<SHARES-REINVESTED> 2,204
<NET-CHANGE-IN-ASSETS> (2,789,524)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (431,792)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 119,078
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 346,291
<AVERAGE-NET-ASSETS> 16,997,072
<PER-SHARE-NAV-BEGIN> 10.220
<PER-SHARE-NII> 0.470
<PER-SHARE-GAIN-APPREC> 0.040
<PER-SHARE-DIVIDEND> 0.470
<PER-SHARE-DISTRIBUTIONS> 0.000
<RETURNS-OF-CAPITAL> 0.000
<PER-SHARE-NAV-END> 10.260
<EXPENSE-RATIO> 1.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.000
</TABLE>
