PEGASUS FUNDS
NSAR-A, 1997-08-29
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000814067
000 D000000 N 000 E000000 NC 000 F000000 Y 000 G000000 N 000 H000000 N 000
I000000 3.0 000 J000000 A
001 A000000 THE PEGASUS FUNDS
001 B000000 811-5148
001 C000000 8108286960
002 A000000 C/O NBD BANK, N.A.  P.O. BOX 7058
002 B000000 TROY
002 C000000 MI
002 D010000 48007
002 D020000 7058
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 27
007 C010100  1
007 C020100 MONEY MARKET FUND
007 C030100 N
007 C010200  2
007 C010300  3
007 C020300 MUNICIPAL MONEY MARKET FUND
007 C030300 N
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C020800 GROWTH AND VALUE FUND
007 C030800 N
007 C010900  9
007 C020900 MID-CAP OPPORTUNITY FUND
007 C030900 N
007 C011000 10
007 C021000 INTRINSIC VALUE FUND
007 C031000 N
007 C011100 11
007 C021100 PEGASUS INTERMEDIATE BOND FUND
007 C031100 N
007 C011200 12
007 C021200 PEGASUS BOND FUND
007 C031200 N
007 C011300 13
007 C021300 PEGASUS MICH. MUNICIPAL MONEY MARKET FUND
<PAGE>      PAGE  2
007 C031300 N
007 C011400 14
007 C021400 PEGASUS EQUITY INDEX FUND
007 C031400 N
007 C011500 15
007 C021500 PEGASUS TREASURY MONEY MARKET FUND
007 C031500 N
007 C011600 16
007 C021600 PEGASUS MUNICIPAL BOND FUND
007 C031600 N
007 C011700 17
007 C021700 PEGASUS MICHIGAN MUNICIPAL BOND FUND
007 C031700 N
007 C011800 18
007 C021800 PEGASUS MANAGED ASSETS BALANCED FUND
007 C031800 N
007 C011900 19
007 C021900 PEGASUS GROWTH FUND
007 C031900 N
007 C012000 20
007 C022000 PEGASUS SHORT BOND FUND
007 C032000 N
007 C012100 21
007 C022100 INTERNATIONAL EQUITY FUND
007 C032100 N
007 C012200 22
007 C022200 INTERNATIONAL BOND FUND
007 C032200 N
007 C012300 23
007 C022300 SMALL-CAP OPPORTUNITY FUND
007 C032300 N
007 C012400 24
007 C022400 EQUITY INCOME FUND
007 C032400 N
007 C012500 25
007 C022500 MANAGED ASSETS CONSERVATIVE FUND
007 C032500 N
007 C012600 26
007 C022600 MANAGED ASSETS GROWTH FUND
007 C032600 N
007 C012700 27
007 C022700 INCOME FUND
007 C032700 N
007 C012800 28
007 C022800 INTERMEDIATE MUNICIPAL BOND FUND
007 C032800 N
007 C012900 29
007 C022900 CASH MANAGEMENT FUND
007 C032900 N
007 C013000 30
007 C023000 U.S. GOVERNMENT SECURITIES CASH MANAGEMENT FD
<PAGE>      PAGE  3
007 C033000 N
007 C013100 31
007 C023100 TREASURY PRIME CASH MANAGEMENT FUND
007 C033100 N
007 C013200 32
007 C023200 HIGH YIELD BOND FUND
007 C033200 N
007 C013300 33
007 C013400 34
007 C013500 35
007 C013600 36
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
007 C014100 41
007 C014200 42
007 C014300 43
007 C014400 44
007 C014500 45
007 C014600 46
007 C014700 47
007 C014800 48
007 C014900 49
007 C015000 50
007 C015100 51
007 C015200 52
007 C015300 53
007 C015400 54
007 C015500 55
007 C015600 56
007 C015700 57
007 C015800 58
007 C015900 59
007 C016000 60
007 C016100 61
007 C016200 62
007 C016300 63
007 C016400 64
007 C016500 65
007 C016600 66
007 C016700 67
007 C016800 68
007 C016900 69
007 C017000 70
007 C017100 71
007 C017200 72
007 C017300 73
007 C017400 74
007 C017500 75
007 C017600 76
<PAGE>      PAGE  4
007 C017700 77
007 C017800 78
007 C017900 79
007 C018000 80
008 A00AA01 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
008 B00AA01 A
008 C00AA01 801-5148
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60670
010 A00AA01 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
010 B00AA01 5148
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60670
010 A00AA02 BISYS FUND SERVICES
010 B00AA02 8-0000
010 C01AA02  COLUMBUS
010 C02AA02 OH
010 C03AA02 43219
011 A00AA01 BISYS FUND SERVICES
011 B00AA01 8-00000
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
011 A00AA02 DELETE
012 A00AA01 FIRST DATA INVESTMENT SERVICES GROUP
012 B00AA01 84-00000
012 C01AA01 WESTBORO
012 C02AA01 MA
012 C03AA01 01581
012 A00AA02 DELETE
013 A00AA01 ARTHUR ANDERSEN
013 B01AA01 DETROIT
013 B02AA01 MI
013 B03AA01 48226
013 B04AA01 3424
014 A00AA01 FIRST CHICAGO NBD INVESTMENTS SERVICES
014 B00AA01 8-0000
015 A00AA01 NBD BANK
015 B00AA01 C 015 C01AA01 TROY 
015 C02AA01 MI 
015 C03AA01 48098 
015 E01AA01 X
018 00AA00 Y 
019 A00AA00 N 
019 B00AA00 0
020 A000001 INSTINENT
020 B000001 94-4339369
020 C000001    118
<PAGE>      PAGE  5
020 A000002 INVESTMENT TECHNOLOGY GROUP
020 B000002 13-2596491
020 C000002    106
020 A000003 GOLDMAN SACHS & CO.
020 B000003 13-5108880
020 C000003     49
020 A000004 DONALDSON LUFKIN & JENRETTE SEC.
020 B000004 13-2741729
020 C000004     72
020 A000005 FIDELITY CAPITAL MARKETS
020 B000005 04-2785576
020 C000005    124
020 A000006 BRIDGE TRADING CO.
020 B000006 43-1450530
020 C000006     58
020 A000007 BEAR STERNS & CO.
020 B000007 13-4946705
020 C000007     53
020 A000008 MERRILL LYNCH
020 B000008 13-5674085
020 C000008     59
020 A000009 SALOMON BROTHERS
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020 C000009     46
020 A000010 MORGAN STANLEY
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020 C000010     72
021  000000     1382
022 A000001 J. M. LUMMIS
022 B000001 06-0909285
022 C000001  14273979
022 D000001         0
022 A000002 EURO BROKERS INC.
022 B000002 13-2572209
022 C000002  22618580
022 D000002         0
022 A000003 GOLDMAN SACHS & CO.
022 B000003 13-5108880
022 C000003   4550450
022 D000003    851800
022 A000004 MITSUBISHI BANK LONDON
022 B000004 13-5611741
022 C000004  12049576
022 D000004         0
022 A000005 DAI-ICHI KANAGO BANK
022 B000005 13-5645802
022 C000005   2884000
022 D000005         0
022 A000006 CREDITO ITALIANO
022 B000006 13-2751277
022 C000006   1452615
<PAGE>      PAGE  6
022 D000006         0
022 A000007 LEHMAN COMMERCIAL PAPER
022 B000007 13-2726611
022 C000007   2054039
022 D000007     21388
022 A000008 C.I.T. FINANCIAL CORP.
022 B000008 13-2994534
022 C000008   4967000
022 D000008         0
022 A000009 CANADIAN IMPERIAL BANK OF COMMERCE
022 B000009 13-1942440
022 C000009   1755735
022 D000009         0
022 A000010 MELLON BANK
022 B000010 25-0659306
022 C000010   1490000
022 D000010         0
023 C000000  124315993
023 D000000  123755571
024 00AA00 N 
026 A000000 N 
026 B000000 N 
026 C000000 N 
026 D000000 Y 
026 E000000 N 
026 F000000 N 
026 G010000 N 
026 G020000 N 
026 H000000 N 
027 000000 Y 
034 00AA00 N
035 00AA00 0 
036 B00AA00 0 
037 00AA00 N 
038 00AA00 0 
039 00AA00 N 
040 00AA00 Y 
041 00AA00 Y 
049 00AA00 N 
050 00AA00 N 
051 00AA00 N 
052 00AA00 N 
053 A00AA00 Y 
053 B00AA00 N 
053 C00AA00 N 
054 A00AA00 Y 
054 B00AA00 Y 
054 C00AA00 Y 
054 D00AA00 N 
054 E00AA00 N 
054 F00AA00 N 
<PAGE> PAGE 7 
054 G00AA00 Y 
054 H00AA00 N 
054 I00AA00 N 
054 J00AA00 Y 
054 K00AA00 N 
054 L00AA00 Y 
054 M00AA00 N 
054 N00AA00 N 
054 O00AA00 N 
055 A00AA00 N 
055 B00AA00 N 
056 00AA00 Y 
057 00AA00 N 
077 A000000 Y 
077 I000000 Y 
077 Q010000 Y 
077 Q020000 N 
077 Q030000 N 
078 000000 N
080 A00AA00 JOHNSON & HIGGINS
080 C00AA00    10000
081 A00AA00 N
081 B00AA00   0
082 A00AA00 N
082 B00AA00        0
083 A00AA00 N
083 B00AA00        0
084 A00AA00 N
084 B00AA00        0
085 A00AA00 Y
085 B00AA00 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
028 A010100    879037
028 A020100      4336
028 A030100         0
028 A040100    824647
028 B010100    678163
028 B020100      4155
028 B030100         0
028 B040100    714111
<PAGE>      PAGE  8
028 C010100    991358
028 C020100      4672
028 C030100         0
028 C040100    810633
028 D010100    786096
028 D020100      4706
028 D030100         0
028 D040100    940037
028 E010100    763741
028 E020100      4742
028 E030100         0
028 E040100    821076
028 F010100    748940
028 F020100      4958
028 F030100         0
028 F040100    799305
028 G010100   4847335
028 G020100     27569
028 G030100         0
028 G040100   4909809
028 H000100         0
029  000100 N
030 A000100      0
030 B000100  0.00
030 C000100  0.00
042 A000100   0
042 B000100   0
042 C000100 100
042 D000100   0
042 E000100   0
042 F000100   0
042 G000100   0
042 H000100   0
043  000100    844
044  000100      0
045  000100 Y
046  000100 N
047  000100 Y
048  000100  0.000
048 A010100  1000000
048 A020100 0.300
048 B010100  1000000
048 B020100 0.275
048 C010100  1000000
048 C020100 0.250
048 D010100        0
048 D020100 0.000
048 E010100        0
048 E020100 0.000
048 F010100        0
048 F020100 0.000
<PAGE>      PAGE  9
048 G010100        0
048 G020100 0.000
048 H010100        0
048 H020100 0.000
048 I010100        0
048 I020100 0.000
048 J010100        0
048 J020100 0.000
048 K010100        0
048 K020100 0.000
058 A000100 N
059  000100 Y
060 A000100 Y
060 B000100 Y
061  000100     2500
062 A000100 Y
062 B000100   0.0
062 C000100   0.0
062 D000100   7.6
062 E000100   0.0
062 F000100   1.0
062 G000100  14.6
062 H000100   0.6
062 I000100  36.9
062 J000100  26.1
062 K000100   0.0
062 L000100  13.2
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  55
063 B000100  0.0
064 A000100 Y
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
<PAGE>      PAGE  10
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 Y
070 K010100 Y
070 K020100 N
070 L010100 Y
070 L020100 Y
070 M010100 N
070 M020100 N
070 N010100 Y
070 N020100 N
070 O010100 N
070 O020100 N
070 P010100 N
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    69333
072 C000100        0
072 D000100        0
072 E000100        0
072 F000100     3477
072 G000100     1863
072 H000100        0
072 I000100      951
072 J000100       18
072 K000100        0
072 L000100       54
072 M000100       17
072 N000100       75
072 O000100        0
072 P000100        0
072 Q000100        0
072 R000100       11
072 S000100       41
072 T000100        1
<PAGE>      PAGE  11
072 U000100        0
072 V000100        0
072 W000100      490
072 X000100     6998
072 Y000100        0
072 Z000100    62335
072AA000100        0
072BB000100        0
072CC010100        0
072CC020100        0
072DD010100    43893
072DD020100    18437
072EE000100        0
073 A010100   0.0253
073 A020100   0.0240
073 B000100   0.0000
073 C000100   0.0000
074 A000100        1
074 B000100   182500
074 C000100  2212796
074 D000100        0
074 E000100        0
074 F000100        0
074 G000100        0
074 H000100        0
074 I000100        0
074 J000100        0
074 K000100        0
074 L000100    14877
074 M000100      275
074 N000100  2410449
074 O000100        0
074 P000100      881
074 Q000100        0
074 R010100        0
074 R020100        0
074 R030100        0
074 R040100      620
074 S000100        0
074 T000100  2408948
074 U010100  1640475
074 U020100   768035
074 V010100     1.00
074 V020100     0.00
074 W000100   1.0000
074 X000100    36771
074 Y000100        0
075 A000100  2504718
075 B000100        0
076  000100     0.00
063 A000200  42
<PAGE>      PAGE  12
063 B000200  0.0
064 A000200 Y
064 B000200 N
070 A010200 Y
070 A020200 Y
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 N
070 K020200 N
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 N
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
070 R020200 N
028 A010300    272559
028 A020300       478
028 A030300         0
028 A040300    255489
028 B010300    162726
028 B020300       433
028 B030300         0
028 B040300    135303
028 C010300    206115
028 C020300       496
028 C030300         0
028 C040300    170742
<PAGE>      PAGE  13
028 D010300    193976
028 D020300       492
028 D030300         0
028 D040300    279215
028 E010300    253421
028 E020300       476
028 E030300         0
028 E040300    214597
028 F010300    171740
028 F020300       512
028 F030300         0
028 F040300    181935
028 G010300   1260537
028 G020300      2887
028 G030300         0
028 G040300   1237281
028 H000300         0
029  000300 N
030 A000300      0
030 B000300  0.00
030 C000300  0.00
031 A000300      0
031 B000300      0
032  000300      0
033  000300      0
042 A000300   0
042 B000300   0
042 C000300 100
042 D000300   0
042 E000300   0
042 F000300   0
042 G000300   0
042 H000300   0
043  000300      0
044  000300      0
045  000300 Y
046  000300 N
047  000300 Y
048  000300  0.000
048 A010300  1000000
048 A020300 0.300
048 B010300  1000000
048 B020300 0.275
048 C010300  1000000
048 C020300 0.250
048 D010300        0
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048 E010300        0
048 E020300 0.000
048 F010300        0
048 F020300 0.000
<PAGE>      PAGE  14
048 G010300        0
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048 H020300 0.000
048 I010300        0
048 I020300 0.000
048 J010300        0
048 J020300 0.000
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058 A000300 N
059  000300 Y
060 A000300 Y
060 B000300 Y
061  000300     2500
062 A000300 Y
062 B000300   0.0
062 C000300   0.0
062 D000300   0.0
062 E000300 100.0
062 F000300   0.0
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062 H000300   0.0
062 I000300   0.0
062 J000300   0.0
062 K000300   0.0
062 L000300   0.0
062 M000300   0.0
062 N000300   0.0
062 O000300   0.0
062 P000300   0.0
062 Q000300   0.0
062 R000300   0.0
063 A000300  47
063 B000300  0.0
064 A000300 Y
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
<PAGE>      PAGE  15
070 E020300 N
070 F010300 Y
070 F020300 N
070 G010300 Y
070 G020300 N
070 H010300 Y
070 H020300 N
070 I010300 Y
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
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072 G000300      661
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072 J000300       19
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072 M000300       20
072 N000300        3
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<PAGE>      PAGE  16
072 U000300        0
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072 X000300     2361
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072DD020300     2674
072EE000300        0
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073 C000300   0.0000
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074 V010300     1.00
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028 A010800     38110
<PAGE>      PAGE  17
028 A020800         0
028 A030800         0
028 A040800     21153
028 B010800     23876
028 B020800         0
028 B030800         0
028 B040800     25150
028 C010800     23337
028 C020800      1678
028 C030800         0
028 C040800     20822
028 D010800     29631
028 D020800         0
028 D030800         0
028 D040800     14950
028 E010800     19543
028 E020800         0
028 E030800         0
028 E040800     15682
028 F010800     17587
028 F020800       400
028 F030800         0
028 F040800     16993
028 G010800    152084
028 G020800      2078
028 G030800         0
028 G040800    114750
028 H000800      2057
029  000800 Y
030 A000800     70
030 B000800  3.00
030 C000800  0.00
031 A000800      0
031 B000800      0
032  000800      0
033  000800     70
042 A000800   0
042 B000800   0
042 C000800 100
042 D000800   0
042 E000800   0
042 F000800   0
042 G000800   0
042 H000800   0
043  000800      4
044  000800      0
045  000800 Y
046  000800 N
047  000800 Y
048  000800  0.600
048 A010800        0
<PAGE>      PAGE  18
048 A020800 0.000
048 B010800        0
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048 C010800        0
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059  000800 Y
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066 A000800 Y
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066 C000800 N
066 D000800 N
066 E000800 Y
066 F000800 N
066 G000800 N
<PAGE>      PAGE  19
067  000800 N
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068 B000800 N
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070 C020800 N
070 D010800 Y
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070 E010800 Y
070 E020800 N
070 F010800 Y
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070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
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070 O010800 N
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070 Q020800 N
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<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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<PAGE>      PAGE  22
042 C000900 100
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<PAGE>      PAGE  23
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066 E000900 N
066 F000900 N
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070 A010900 Y
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070 I020900 N
070 J010900 Y
070 J020900 N
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070 M020900 N
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070 N020900 N
070 O010900 N
070 O020900 N
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070 Q020900 N
<PAGE>      PAGE  24
070 R010900 N
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<PAGE>      PAGE  25
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<PAGE>      PAGE  26
028 G031000         0
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<PAGE>      PAGE  27
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066 A001000 Y
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067  001000 N
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070 A011000 Y
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<PAGE>      PAGE  28
070 K021000 N
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<PAGE>      PAGE  29
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<PAGE>      PAGE  30
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<PAGE>      PAGE  31
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<PAGE>      PAGE  32
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<PAGE>      PAGE  33
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<PAGE>      PAGE  34
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<PAGE>      PAGE  35
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<PAGE>      PAGE  36
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<PAGE>      PAGE  37
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074 M001200      110
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074 O001200     6000
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074 U021200     6681
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074 V021200    10.25
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<PAGE>      PAGE  38
028 A021300       174
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028 C021300       180
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028 C041300     26181
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028 D021300       197
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028 D041300     42030
028 E011300     41740
028 E021300       189
028 E031300         0
028 E041300     38356
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042 D001300   0
042 E001300   0
042 F001300   0
042 G001300   0
042 H001300   0
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045  001300 Y
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<PAGE>      PAGE  39
048 C021300 0.250
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048 I021300 0.000
048 J011300        0
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062 L001300   0.0
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062 O001300   0.0
062 P001300   0.0
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064 B001300 N
066 A001300 N
067  001300 N
068 A001300 N
068 B001300 N
069  001300 N
070 A011300 Y
070 A021300 N
<PAGE>      PAGE  40
070 B011300 N
070 B021300 N
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070 D011300 N
070 D021300 N
070 E011300 Y
070 E021300 N
070 F011300 N
070 F021300 N
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070 G021300 N
070 H011300 N
070 H021300 N
070 I011300 N
070 I021300 N
070 J011300 Y
070 J021300 N
070 K011300 Y
070 K021300 N
070 L011300 Y
070 L021300 N
070 M011300 N
070 M021300 N
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070 N021300 N
070 O011300 Y
070 O021300 N
070 P011300 Y
070 P021300 N
070 Q011300 N
070 Q021300 N
070 R011300 N
070 R021300 N
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<PAGE>      PAGE  41
072 N001300        1
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072 Z001300     2034
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074 E001300        0
074 F001300        0
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074 H001300        0
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074 K001300        0
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074 M001300       41
074 N001300   131056
074 O001300     1700
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074 T001300   129256
074 U011300    70620
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<PAGE>      PAGE  42
074 W001300   1.0003
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028 B031400         0
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042 A001400   0
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042 E001400   0
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042 H001400   0
<PAGE>      PAGE  43
043  001400      1
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045  001400 Y
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047  001400 Y
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<PAGE>      PAGE  44
066 A001400 Y
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066 C001400 Y
066 D001400 N
066 E001400 N
066 F001400 N
066 G001400 N
067  001400 N
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070 E011400 Y
070 E021400 N
070 F011400 Y
070 F021400 N
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070 G021400 N
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070 H021400 N
070 I011400 N
070 I021400 N
070 J011400 Y
070 J021400 N
070 K011400 Y
070 K021400 N
070 L011400 Y
070 L021400 Y
070 M011400 N
070 M021400 N
070 N011400 Y
070 N021400 N
070 O011400 N
070 O021400 N
070 P011400 Y
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070 Q011400 N
070 Q021400 N
070 R011400 N
070 R021400 N
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<PAGE>      PAGE  45
072 A001400  6
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074 D001400        0
074 E001400        0
074 F001400   752914
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074 H001400        0
074 I001400        0
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074 K001400        0
074 L001400     1017
074 M001400      158
074 N001400   757657
<PAGE>      PAGE  46
074 O001400     1980
074 P001400      154
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074 R011400        0
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074 V011400    19.99
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028 A021500      1174
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028 B021500      1024
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028 C011500    309875
028 C021500      1108
028 C031500         0
028 C041500    388977
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028 D021500      1033
028 D031500         0
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028 E011500    368032
028 E021500      1139
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028 F011500    467799
028 F021500      1161
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028 F041500    376317
028 G011500   2254398
028 G021500      6639
028 G031500         0
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029  001500 N
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<PAGE>      PAGE  47
030 C001500  0.00
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042 D001500   0
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042 F001500   0
042 G001500   0
042 H001500   0
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<PAGE>      PAGE  48
062 J001500   0.0
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070 F021500 N
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070 G021500 N
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070 H021500 N
070 I011500 N
070 I021500 N
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070 L021500 N
070 M011500 N
070 M021500 N
070 N011500 N
070 N021500 N
070 O011500 N
070 O021500 N
070 P011500 N
070 P021500 N
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<PAGE>      PAGE  49
070 Q021500 N
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<PAGE>      PAGE  50
074 H001500        0
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<PAGE>      PAGE  51
028 G021600       771
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<PAGE>      PAGE  52
060 B001600 Y
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070 K021600 Y
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<PAGE>      PAGE  53
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070 R021600 N
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<PAGE>      PAGE  54
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<PAGE>      PAGE  55
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<PAGE>      PAGE  56
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<PAGE>      PAGE  57
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<PAGE>      PAGE  58
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<PAGE>      PAGE  59
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<PAGE>      PAGE  60
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<PAGE>      PAGE  61
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<PAGE>      PAGE  62
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<PAGE>      PAGE  63
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<PAGE>      PAGE  64
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<PAGE>      PAGE  65
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<PAGE>      PAGE  66
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<PAGE>      PAGE  67
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<PAGE>      PAGE  68
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<PAGE>      PAGE  69
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<PAGE>      PAGE  70
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<PAGE>      PAGE  71
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<PAGE>      PAGE  72
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<PAGE>      PAGE  73
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<PAGE>      PAGE  74
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<PAGE>      PAGE  75
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<PAGE>      PAGE  76
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<PAGE>      PAGE  77
048 I022200 0.000
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<PAGE>      PAGE  78
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<PAGE>      PAGE  79
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<PAGE>      PAGE  80
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<PAGE>      PAGE  81
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<PAGE>      PAGE  82
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<PAGE>      PAGE  83
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<PAGE>      PAGE  84
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<PAGE>      PAGE  85
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<PAGE>      PAGE  86
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<PAGE>      PAGE  87
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<PAGE>      PAGE  88
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<PAGE>      PAGE  89
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<PAGE>      PAGE  90
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<PAGE>      PAGE  91
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<PAGE>      PAGE  92
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<PAGE>      PAGE  93
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<PAGE>      PAGE  94
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<PAGE>      PAGE  95
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<PAGE>      PAGE  96
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<PAGE>      PAGE  97
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<PAGE>      PAGE  98
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<PAGE>      PAGE  99
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<PAGE>      PAGE  100
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<PAGE>      PAGE  101
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<PAGE>      PAGE  102
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<PAGE>      PAGE  103
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<PAGE>      PAGE  104
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<PAGE>      PAGE  105
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<PAGE>      PAGE  106
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<PAGE>      PAGE  107
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<PAGE>      PAGE  108
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<PAGE>      PAGE  109
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<PAGE>      PAGE  110
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<PAGE>      PAGE  111
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<PAGE>      PAGE  112
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064 A003100 Y
064 B003100 N
066 A003100 N
067  003100 N
068 A003100 N
068 B003100 N
069  003100 N
070 A013100 N
070 A023100 N
070 B013100 N
070 B023100 N
070 C013100 N
070 C023100 N
070 D013100 N
070 D023100 N
070 E013100 N
070 E023100 N
070 F013100 N
070 F023100 N
070 G013100 N
070 G023100 N
070 H013100 N
070 H023100 N
070 I013100 N
070 I023100 N
070 J013100 N
070 J023100 N
070 K013100 N
070 K023100 N
070 L013100 N
070 L023100 N
070 M013100 N
070 M023100 N
070 N013100 N
070 N023100 N
070 O013100 Y
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<PAGE>      PAGE  116
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070 Q013100 N
070 Q023100 N
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<PAGE>      PAGE  118
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SIGNATURE   DANE CRIGER
TITLE       VICE PRESIDENT


<TABLE> <S> <C>

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<LEGEND>
<RESTATED>
<CIK>              0000814067
<NAME>             THE PEGASUS FUNDS
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<NAME>             PEGASUS MONEY MARKET FUND
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</TABLE>

<TABLE> <S> <C>

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<LEGEND>  
<RESTATED>
<CIK>              0000814067
<NAME>             THE PEGASUS FUNDS
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<NUMBER>                        2
<NAME>             PEGASUS MONEY MARKET FUND
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</TABLE>

<TABLE> <S> <C>

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<RESTATED>
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</TABLE>

<TABLE> <S> <C>

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<LEGEND>
<RESTATED>
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>
<NUMBER>                           4
<NAME>                PEGASUS MUNICIPAL MONEY MARKET FUND
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                        
<RESTATED>                      
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<NUMBER>                           5
<NAME>                PEGASUS MUNICIPAL MONEY MARKET FUND
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<SHARES-COMMON-PRIOR>              814,164
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<INTEREST-EXPENSE>                 0
<GROSS-EXPENSE>                    2,361
<AVERAGE-NET-ASSETS>               888,301
<PER-SHARE-NAV-BEGIN>              1.00
<PER-SHARE-NII>                    0.015
<PER-SHARE-GAIN-APPREC>            0
<PER-SHARE-DIVIDEND>               (0.015)
<PER-SHARE-DISTRIBUTIONS>          0
<RETURNS-OF-CAPITAL>               0
<PER-SHARE-NAV-END>                1.00
<EXPENSE-RATIO>                    0.48
<AVG-DEBT-OUTSTANDING>             0
<AVG-DEBT-PER-SHARE>               0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                         6
<LEGEND>
<RESTATED>
<CIK>                0000814067
<NAME>               PEGASUS  FUNDS
<SERIES>
<NUMBER>                          6
<NAME>               PEGASUS GROWTH AND VALUE FUND
<MULTIPLIER>                      1
<CURRENCY>           U.S. DOLLARS
<PERIOD-TYPE>        6-MOS
<FISCAL-YEAR-END>                 DEC-31-1997
<PERIOD-START>                    DEC-31-1996
<PERIOD-END>                      JUN-30-1997
<EXCHANGE-RATE>                   1
<INVESTMENTS-AT-COST>             700,887
<INVESTMENTS-AT-VALUE>            964,709
<RECEIVABLES>                     1,422
<ASSETS-OTHER>                    2,415
<OTHER-ITEMS-ASSETS>              0
<TOTAL-ASSETS>                    968,546
<PAYABLE-FOR-SECURITIES>          0
<SENIOR-LONG-TERM-DEBT>           0
<OTHER-ITEMS-LIABILITIES>         2,977
<TOTAL-LIABILITIES>               2,977
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          633,824
<SHARES-COMMON-STOCK>             58,907
<SHARES-COMMON-PRIOR>             56,141
<ACCUMULATED-NII-CURRENT>         56
<OVERDISTRIBUTION-NII>            0
<ACCUMULATED-NET-GAINS>           67,867
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          263,822
<NET-ASSETS>                      965,569
<DIVIDEND-INCOME>                 7,331
<INTEREST-INCOME>                 648
<OTHER-INCOME>                    0
<EXPENSES-NET>                    3,623
<NET-INVESTMENT-INCOME>           4,357
<REALIZED-GAINS-CURRENT>          46,511
<APPREC-INCREASE-CURRENT>         87,360
<NET-CHANGE-FROM-OPS>             138,229
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (4,913)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           152,084
<NUMBER-OF-SHARES-REDEEMED>       (114,750)
<SHARES-REINVESTED>               2,078
<NET-CHANGE-IN-ASSETS>            39,412
<ACCUMULATED-NII-PRIOR>           612
<ACCUMULATED-GAINS-PRIOR>         21,355
<OVERDISTRIB-NII-PRIOR>           0
<OVERDIST-NET-GAINS-PRIOR>        0
<GROSS-ADVISORY-FEES>             2,582
<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   3,637
<AVERAGE-NET-ASSETS>              867,694
<PER-SHARE-NAV-BEGIN>             14.12
<PER-SHARE-NII>                   0.05
<PER-SHARE-GAIN-APPREC>           2.30
<PER-SHARE-DIVIDEND>              (0.07)
<PER-SHARE-DISTRIBUTIONS>         0
<RETURNS-OF-CAPITAL>              0
<PER-SHARE-NAV-END>               16.4
<EXPENSE-RATIO>                   1.07
<AVG-DEBT-OUTSTANDING>            0
<AVG-DEBT-PER-SHARE>              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                         6
<LEGEND>                          
<RESTATED>                        
<CIK>                0000814067
<NAME>               PEGASUS  FUNDS
<SERIES>                          
<NUMBER>                          7
<NAME>               PEGASUS GROWTH AND VALUE FUND
<MULTIPLIER>                      1
<CURRENCY>           U.S. DOLLARS
<PERIOD-TYPE>        6-MOS
<FISCAL-YEAR-END>                 DEC-31-1997
<PERIOD-START>                    DEC-31-1996
<PERIOD-END>                      JUN-30-1997
<EXCHANGE-RATE>                   1
<INVESTMENTS-AT-COST>             700,887
<INVESTMENTS-AT-VALUE>            964,709
<RECEIVABLES>                     1,422
<ASSETS-OTHER>                    2,415
<OTHER-ITEMS-ASSETS>              0
<TOTAL-ASSETS>                    968,546
<PAYABLE-FOR-SECURITIES>          0
<SENIOR-LONG-TERM-DEBT>           0
<OTHER-ITEMS-LIABILITIES>         2,977
<TOTAL-LIABILITIES>               2,977
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          633,824
<SHARES-COMMON-STOCK>             58,907
<SHARES-COMMON-PRIOR>             56,141
<ACCUMULATED-NII-CURRENT>         56
<OVERDISTRIBUTION-NII>            0
<ACCUMULATED-NET-GAINS>           67,867
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          263,822
<NET-ASSETS>                      965,569
<DIVIDEND-INCOME>                 7,331
<INTEREST-INCOME>                 648
<OTHER-INCOME>                    0
<EXPENSES-NET>                    3,623
<NET-INVESTMENT-INCOME>           4,357
<REALIZED-GAINS-CURRENT>          46,511
<APPREC-INCREASE-CURRENT>         87,360
<NET-CHANGE-FROM-OPS>             138,229
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (4,913)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           152,084
<NUMBER-OF-SHARES-REDEEMED>       (114,750)
<SHARES-REINVESTED>               2,078
<NET-CHANGE-IN-ASSETS>            39,412
<ACCUMULATED-NII-PRIOR>           612
<ACCUMULATED-GAINS-PRIOR>         21,355
<OVERDISTRIB-NII-PRIOR>           0
<OVERDIST-NET-GAINS-PRIOR>        0
<GROSS-ADVISORY-FEES>             2,582
<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   3,637
<AVERAGE-NET-ASSETS>              867,694
<PER-SHARE-NAV-BEGIN>             9.32
<PER-SHARE-NII>                   0.05
<PER-SHARE-GAIN-APPREC>           1.45
<PER-SHARE-DIVIDEND>              (0.05)
<PER-SHARE-DISTRIBUTIONS>         0
<RETURNS-OF-CAPITAL>              0
<PER-SHARE-NAV-END>               10.77
<EXPENSE-RATIO>                   1.82
<AVG-DEBT-OUTSTANDING>            0
<AVG-DEBT-PER-SHARE>              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>            6
<LEGEND>
<RESTATED>
<CIK>                0000814067
<NAME>               PEGASUS FUNDS
<SERIES>                          
<NUMBER>                          8
<NAME>               PEGASUS GROWTH AND VALUE FUND
<MULTIPLIER>                      1
<CURRENCY>           U.S. DOLLARS
<PERIOD-TYPE>        6-MOS
<FISCAL-YEAR-END>                 DEC-31-1997
<PERIOD-START>                    DEC-31-1996
<PERIOD-END>                      JUN-30-1997
<EXCHANGE-RATE>                   1
<INVESTMENTS-AT-COST>             700,887
<INVESTMENTS-AT-VALUE>            964,709
<RECEIVABLES>                     1,422
<ASSETS-OTHER>                    2,415
<OTHER-ITEMS-ASSETS>              0
<TOTAL-ASSETS>                    968,546
<PAYABLE-FOR-SECURITIES>          0
<SENIOR-LONG-TERM-DEBT>           0
<OTHER-ITEMS-LIABILITIES>         2,977
<TOTAL-LIABILITIES>               2,977
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          633,824
<SHARES-COMMON-STOCK>             58,907
<SHARES-COMMON-PRIOR>             56,141
<ACCUMULATED-NII-CURRENT>         56
<OVERDISTRIBUTION-NII>            0
<ACCUMULATED-NET-GAINS>           67,867
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          263,822
<NET-ASSETS>                      965,569
<DIVIDEND-INCOME>                 7,331
<INTEREST-INCOME>                 648
<OTHER-INCOME>                    0
<EXPENSES-NET>                    3,623
<NET-INVESTMENT-INCOME>           4,357
<REALIZED-GAINS-CURRENT>          46,511
<APPREC-INCREASE-CURRENT>         87,360
<NET-CHANGE-FROM-OPS>             138,229
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (4,913)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           152,084
<NUMBER-OF-SHARES-REDEEMED>       (114,750)
<SHARES-REINVESTED>               2,078
<NET-CHANGE-IN-ASSETS>            39,412
<ACCUMULATED-NII-PRIOR>           612
<ACCUMULATED-GAINS-PRIOR>         21,355
<OVERDISTRIB-NII-PRIOR>           0
<OVERDIST-NET-GAINS-PRIOR>        0
<GROSS-ADVISORY-FEES>             2,582
<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   3,637
<AVERAGE-NET-ASSETS>              867,694
<PER-SHARE-NAV-BEGIN>             14.12
<PER-SHARE-NII>                   0.08
<PER-SHARE-GAIN-APPREC>           2.3
<PER-SHARE-DIVIDEND>              (0.09)
<PER-SHARE-DISTRIBUTIONS>         0
<RETURNS-OF-CAPITAL>              0
<PER-SHARE-NAV-END>               16.41
<EXPENSE-RATIO>                   0.82
<AVG-DEBT-OUTSTANDING>            0
<AVG-DEBT-PER-SHARE>              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<LEGEND>
<RESTATED>
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES>
<NUMBER>                        9
<NAME>             PEGASUS MID-CAP OPPORTUNITY FUND
<MULTIPLIER>                    1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-START>                  DEC-31-1996
<PERIOD-END>                    JUN-30-1997
<EXCHANGE-RATE>                 1
<INVESTMENTS-AT-COST>           611,756
<INVESTMENTS-AT-VALUE>          892,514
<RECEIVABLES>                   800
<ASSETS-OTHER>                  551
<OTHER-ITEMS-ASSETS>            0
<TOTAL-ASSETS>                  893,864
<PAYABLE-FOR-SECURITIES>        0
<SENIOR-LONG-TERM-DEBT>         0
<OTHER-ITEMS-LIABILITIES>       1,144
<TOTAL-LIABILITIES>             1,144
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        580,967
<SHARES-COMMON-STOCK>           44,483
<SHARES-COMMON-PRIOR>           43,688
<ACCUMULATED-NII-CURRENT>       (5)
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         31,002
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        280,758
<NET-ASSETS>                    892,721
<DIVIDEND-INCOME>               3,252
<INTEREST-INCOME>               641
<OTHER-INCOME>                  0
<EXPENSES-NET>                  3,400
<NET-INVESTMENT-INCOME>         494
<REALIZED-GAINS-CURRENT>        25,637
<APPREC-INCREASE-CURRENT>       84,531
<NET-CHANGE-FROM-OPS>           110,662
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       (500)
<DISTRIBUTIONS-OF-GAINS>        0
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         124,736
<NUMBER-OF-SHARES-REDEEMED>     (111,814)
<SHARES-REINVESTED>             359
<NET-CHANGE-IN-ASSETS>          13,281
<ACCUMULATED-NII-PRIOR>         625
<ACCUMULATED-GAINS-PRIOR>       7,574
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           2,381
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 3,400
<AVERAGE-NET-ASSETS>            800,069
<PER-SHARE-NAV-BEGIN>           17.61
<PER-SHARE-NII>                 (0.01)
<PER-SHARE-GAIN-APPREC>         2.48
<PER-SHARE-DIVIDEND>            0
<PER-SHARE-DISTRIBUTIONS>       0
<RETURNS-OF-CAPITAL>            0
<PER-SHARE-NAV-END>             20.08
<EXPENSE-RATIO>                 1.07
<AVG-DEBT-OUTSTANDING>          0
<AVG-DEBT-PER-SHARE>            0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<LEGEND>                        
<RESTATED>                      
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES>                        
<NUMBER>                       10
<NAME>             PEGASUS MID-CAP OPPORTUNITY FUND
<MULTIPLIER>                    1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-START>                  DEC-31-1996
<PERIOD-END>                    JUN-30-1997
<EXCHANGE-RATE>                 1
<INVESTMENTS-AT-COST>           611,756
<INVESTMENTS-AT-VALUE>          892,514
<RECEIVABLES>                   800
<ASSETS-OTHER>                  551
<OTHER-ITEMS-ASSETS>            0
<TOTAL-ASSETS>                  893,864
<PAYABLE-FOR-SECURITIES>        0
<SENIOR-LONG-TERM-DEBT>         0
<OTHER-ITEMS-LIABILITIES>       1,144
<TOTAL-LIABILITIES>             1,144
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        580,967
<SHARES-COMMON-STOCK>           44,483
<SHARES-COMMON-PRIOR>           43,688
<ACCUMULATED-NII-CURRENT>       (5)
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         31,002
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        280,758
<NET-ASSETS>                    892,721
<DIVIDEND-INCOME>               3,252
<INTEREST-INCOME>               641
<OTHER-INCOME>                  0
<EXPENSES-NET>                  3,400
<NET-INVESTMENT-INCOME>         494
<REALIZED-GAINS-CURRENT>        25,637
<APPREC-INCREASE-CURRENT>       84,531
<NET-CHANGE-FROM-OPS>           110,662
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       (500)
<DISTRIBUTIONS-OF-GAINS>        0
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         124,736
<NUMBER-OF-SHARES-REDEEMED>     (111,814)
<SHARES-REINVESTED>             359
<NET-CHANGE-IN-ASSETS>          13,281
<ACCUMULATED-NII-PRIOR>         625
<ACCUMULATED-GAINS-PRIOR>       7,574
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           2,381
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 3,400
<AVERAGE-NET-ASSETS>            800,069
<PER-SHARE-NAV-BEGIN>           9.57
<PER-SHARE-NII>                 0.01
<PER-SHARE-GAIN-APPREC>         1.32
<PER-SHARE-DIVIDEND>            0
<PER-SHARE-DISTRIBUTIONS>       0
<RETURNS-OF-CAPITAL>            0
<PER-SHARE-NAV-END>             10.88
<EXPENSE-RATIO>                 1.82
<AVG-DEBT-OUTSTANDING>          0
<AVG-DEBT-PER-SHARE>            0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<LEGEND>                        
<RESTATED>                      
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES>                        
<NUMBER>                       11
<NAME>             PEGASUS MID-CAP OPPORTUNITY FUND
<MULTIPLIER>                    1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-START>                  DEC-31-1996
<PERIOD-END>                    JUN-30-1997
<EXCHANGE-RATE>                 1
<INVESTMENTS-AT-COST>           611,756
<INVESTMENTS-AT-VALUE>          892,514
<RECEIVABLES>                   800
<ASSETS-OTHER>                  551
<OTHER-ITEMS-ASSETS>            0
<TOTAL-ASSETS>                  893,864
<PAYABLE-FOR-SECURITIES>        0
<SENIOR-LONG-TERM-DEBT>         0
<OTHER-ITEMS-LIABILITIES>       1,144
<TOTAL-LIABILITIES>             1,144
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        580,967
<SHARES-COMMON-STOCK>           44,483
<SHARES-COMMON-PRIOR>           43,688
<ACCUMULATED-NII-CURRENT>       (5)
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         31,002
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        280,758
<NET-ASSETS>                    892,721
<DIVIDEND-INCOME>               3,252
<INTEREST-INCOME>               641
<OTHER-INCOME>                  0
<EXPENSES-NET>                  3,400
<NET-INVESTMENT-INCOME>         494
<REALIZED-GAINS-CURRENT>        25,637
<APPREC-INCREASE-CURRENT>       84,531
<NET-CHANGE-FROM-OPS>           110,662
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       (500)
<DISTRIBUTIONS-OF-GAINS>        0
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         124,736
<NUMBER-OF-SHARES-REDEEMED>     (111,814)
<SHARES-REINVESTED>             359
<NET-CHANGE-IN-ASSETS>          13,281
<ACCUMULATED-NII-PRIOR>         625
<ACCUMULATED-GAINS-PRIOR>       7,574
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           2,381
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 3,400
<AVERAGE-NET-ASSETS>            800,069
<PER-SHARE-NAV-BEGIN>           17.61
<PER-SHARE-NII>                 0.1
<PER-SHARE-GAIN-APPREC>         2.48
<PER-SHARE-DIVIDEND>            (0.01)
<PER-SHARE-DISTRIBUTIONS>       0
<RETURNS-OF-CAPITAL>            0
<PER-SHARE-NAV-END>             20.09
<EXPENSE-RATIO>                 0.82
<AVG-DEBT-OUTSTANDING>          0
<AVG-DEBT-PER-SHARE>            0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>
<RESTATED>
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>
<NUMBER>                          12
<NAME>                PEGASUS INTRINSIC VALUE
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                 DEC-31-1997
<PERIOD-START>                    DEC-31-1996
<PERIOD-END>                      JUN-30-1997
<EXCHANGE-RATE>                   1
<INVESTMENTS-AT-COST>             398,215
<INVESTMENTS-AT-VALUE>            490,056
<RECEIVABLES>                     4,173
<ASSETS-OTHER>                    0
<OTHER-ITEMS-ASSETS>              496,163
<TOTAL-ASSETS>                    500,336
<PAYABLE-FOR-SECURITIES>          1,790
<SENIOR-LONG-TERM-DEBT>           0
<OTHER-ITEMS-LIABILITIES>         2,619
<TOTAL-LIABILITIES>               4,409
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          373,596
<SHARES-COMMON-STOCK>             32,198
<SHARES-COMMON-PRIOR>             27,722
<ACCUMULATED-NII-CURRENT>         (17)
<OVERDISTRIBUTION-NII>            0
<ACCUMULATED-NET-GAINS>           30,507
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          91,841
<NET-ASSETS>                      495,927
<DIVIDEND-INCOME>                 4,554
<INTEREST-INCOME>                 1,353
<OTHER-INCOME>                    0
<EXPENSES-NET>                    1,764
<NET-INVESTMENT-INCOME>           4,143
<REALIZED-GAINS-CURRENT>          30,668
<APPREC-INCREASE-CURRENT>         21,657
<NET-CHANGE-FROM-OPS>             56,468
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (4,218)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           115,234
<NUMBER-OF-SHARES-REDEEMED>       (54,126)
<SHARES-REINVESTED>               2,657
<NET-CHANGE-IN-ASSETS>            63,765
<ACCUMULATED-NII-PRIOR>           58
<ACCUMULATED-GAINS-PRIOR>         1,381
<OVERDISTRIB-NII-PRIOR>           0
<OVERDIST-NET-GAINS-PRIOR>        0
<GROSS-ADVISORY-FEES>             1,276
<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   1,764
<AVERAGE-NET-ASSETS>              428,803
<PER-SHARE-NAV-BEGIN>             13.7
<PER-SHARE-NII>                   0.11
<PER-SHARE-GAIN-APPREC>           1.72
<PER-SHARE-DIVIDEND>              (0.12)
<PER-SHARE-DISTRIBUTIONS>         0
<RETURNS-OF-CAPITAL>              0
<PER-SHARE-NAV-END>               15.41
<EXPENSE-RATIO>                   1.06
<AVG-DEBT-OUTSTANDING>            0
<AVG-DEBT-PER-SHARE>              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>                           
<NUMBER>                          13
<NAME>                PEGASUS INTRINSIC VALUE
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>              398,215
<INVESTMENTS-AT-VALUE>             490,056
<RECEIVABLES>                      4,173
<ASSETS-OTHER>                     0
<OTHER-ITEMS-ASSETS>               496,163
<TOTAL-ASSETS>                     500,336
<PAYABLE-FOR-SECURITIES>           1,790
<SENIOR-LONG-TERM-DEBT>            0
<OTHER-ITEMS-LIABILITIES>          2,619
<TOTAL-LIABILITIES>                4,409
<SENIOR-EQUITY>                    0
<PAID-IN-CAPITAL-COMMON>           373,596
<SHARES-COMMON-STOCK>              32,198
<SHARES-COMMON-PRIOR>              27,722
<ACCUMULATED-NII-CURRENT>          (17)
<OVERDISTRIBUTION-NII>             0
<ACCUMULATED-NET-GAINS>            30,507
<OVERDISTRIBUTION-GAINS>           0
<ACCUM-APPREC-OR-DEPREC>           91,841
<NET-ASSETS>                       495,927
<DIVIDEND-INCOME>                  4,554
<INTEREST-INCOME>                  1,353
<OTHER-INCOME>                     0
<EXPENSES-NET>                     1,764
<NET-INVESTMENT-INCOME>            4,143
<REALIZED-GAINS-CURRENT>           30,668
<APPREC-INCREASE-CURRENT>          21,657
<NET-CHANGE-FROM-OPS>              56,468
<EQUALIZATION>                     0
<DISTRIBUTIONS-OF-INCOME>          (4,218)
<DISTRIBUTIONS-OF-GAINS>           0
<DISTRIBUTIONS-OTHER>              0
<NUMBER-OF-SHARES-SOLD>            115,234
<NUMBER-OF-SHARES-REDEEMED>        (54,126)
<SHARES-REINVESTED>                2,657
<NET-CHANGE-IN-ASSETS>             63,765
<ACCUMULATED-NII-PRIOR>            58
<ACCUMULATED-GAINS-PRIOR>          1,381
<OVERDISTRIB-NII-PRIOR>            0
<OVERDIST-NET-GAINS-PRIOR>         0
<GROSS-ADVISORY-FEES>              1,276
<INTEREST-EXPENSE>                 0
<GROSS-EXPENSE>                    1,764
<AVERAGE-NET-ASSETS>               428,803
<PER-SHARE-NAV-BEGIN>              10.18
<PER-SHARE-NII>                    0.08
<PER-SHARE-GAIN-APPREC>            1.26
<PER-SHARE-DIVIDEND>               (0.11)
<PER-SHARE-DISTRIBUTIONS>          0
<RETURNS-OF-CAPITAL>               0
<PER-SHARE-NAV-END>                11.41
<EXPENSE-RATIO>                    1.81
<AVG-DEBT-OUTSTANDING>             0
<AVG-DEBT-PER-SHARE>               0

</TABLE>

<TABLE> <S> <C>
 
<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>                           
<NUMBER>                          14
<NAME>                PEGASUS INTRINSIC VALUE
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>              398,215
<INVESTMENTS-AT-VALUE>             490,056
<RECEIVABLES>                      4,173
<ASSETS-OTHER>                     0
<OTHER-ITEMS-ASSETS>               496,163
<TOTAL-ASSETS>                     500,336
<PAYABLE-FOR-SECURITIES>           1,790
<SENIOR-LONG-TERM-DEBT>            0
<OTHER-ITEMS-LIABILITIES>          2,619
<TOTAL-LIABILITIES>                4,409
<SENIOR-EQUITY>                    0
<PAID-IN-CAPITAL-COMMON>           373,596
<SHARES-COMMON-STOCK>              32,198
<SHARES-COMMON-PRIOR>              27,722
<ACCUMULATED-NII-CURRENT>          (17)
<OVERDISTRIBUTION-NII>             0
<ACCUMULATED-NET-GAINS>            30,507
<OVERDISTRIBUTION-GAINS>           0
<ACCUM-APPREC-OR-DEPREC>           91,841
<NET-ASSETS>                       495,927
<DIVIDEND-INCOME>                  4,554
<INTEREST-INCOME>                  1,353
<OTHER-INCOME>                     0
<EXPENSES-NET>                     1,764
<NET-INVESTMENT-INCOME>            4,143
<REALIZED-GAINS-CURRENT>           30,668
<APPREC-INCREASE-CURRENT>          21,657
<NET-CHANGE-FROM-OPS>              56,468
<EQUALIZATION>                     0
<DISTRIBUTIONS-OF-INCOME>          (4,218)
<DISTRIBUTIONS-OF-GAINS>           0
<DISTRIBUTIONS-OTHER>              0
<NUMBER-OF-SHARES-SOLD>            115,234
<NUMBER-OF-SHARES-REDEEMED>        (54,126)
<SHARES-REINVESTED>                2,657
<NET-CHANGE-IN-ASSETS>             63,765
<ACCUMULATED-NII-PRIOR>            58
<ACCUMULATED-GAINS-PRIOR>          1,381
<OVERDISTRIB-NII-PRIOR>            0
<OVERDIST-NET-GAINS-PRIOR>         0
<GROSS-ADVISORY-FEES>              1,276
<INTEREST-EXPENSE>                 0
<GROSS-EXPENSE>                    1,764
<AVERAGE-NET-ASSETS>               428,803
<PER-SHARE-NAV-BEGIN>              13.71
<PER-SHARE-NII>                    0.14
<PER-SHARE-GAIN-APPREC>            1.71
<PER-SHARE-DIVIDEND>               (0.14)
<PER-SHARE-DISTRIBUTIONS>          0
<RETURNS-OF-CAPITAL>               0
<PER-SHARE-NAV-END>                15.42
<EXPENSE-RATIO>                    0.81
<AVG-DEBT-OUTSTANDING>             0
<AVG-DEBT-PER-SHARE>               0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                              6
<LEGEND>
<RESTATED>
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>
<NUMBER>                              15
<NAME>                    PEGAUS INTERMEDIATE BOND FUND
<MULTIPLIER>                           1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                      DEC-31-1997
<PERIOD-START>                         DEC-31-1996
<PERIOD-END>                           JUN-30-1997
<EXCHANGE-RATE>                        1
<INVESTMENTS-AT-COST>                  457,121
<INVESTMENTS-AT-VALUE>                 461,828
<RECEIVABLES>                          4,917
<ASSETS-OTHER>                         0
<OTHER-ITEMS-ASSETS>                   2,081
<TOTAL-ASSETS>                         468,826
<PAYABLE-FOR-SECURITIES>               2,392
<SENIOR-LONG-TERM-DEBT>                0
<OTHER-ITEMS-LIABILITIES>              2,590
<TOTAL-LIABILITIES>                    4,982
<SENIOR-EQUITY>                        0
<PAID-IN-CAPITAL-COMMON>               468,021
<SHARES-COMMON-STOCK>                  45,089
<SHARES-COMMON-PRIOR>                  40,176
<ACCUMULATED-NII-CURRENT>              22
<OVERDISTRIBUTION-NII>                 0
<ACCUMULATED-NET-GAINS>                (8,905)
<OVERDISTRIBUTION-GAINS>               0
<ACCUM-APPREC-OR-DEPREC>               4,706
<NET-ASSETS>                           463,844
<DIVIDEND-INCOME>                      0
<INTEREST-INCOME>                      15,463
<OTHER-INCOME>                         0
<EXPENSES-NET>                         1,339
<NET-INVESTMENT-INCOME>                14,124
<REALIZED-GAINS-CURRENT>               68
<APPREC-INCREASE-CURRENT>              (172)
<NET-CHANGE-FROM-OPS>                  14,020
<EQUALIZATION>                         0
<DISTRIBUTIONS-OF-INCOME>              (14,112)
<DISTRIBUTIONS-OF-GAINS>               0
<DISTRIBUTIONS-OTHER>                  0
<NUMBER-OF-SHARES-SOLD>                102,469
<NUMBER-OF-SHARES-REDEEMED>            (61,282)
<SHARES-REINVESTED>                    9,198
<NET-CHANGE-IN-ASSETS>                 50,385
<ACCUMULATED-NII-PRIOR>                10
<ACCUMULATED-GAINS-PRIOR>              (8,973)
<OVERDISTRIB-NII-PRIOR>                0
<OVERDIST-NET-GAINS-PRIOR>             0
<GROSS-ADVISORY-FEES>                  871
<INTEREST-EXPENSE>                     0
<GROSS-EXPENSE>                        1,339
<AVERAGE-NET-ASSETS>                   439,138
<PER-SHARE-NAV-BEGIN>                  10.29
<PER-SHARE-NII>                        0.32
<PER-SHARE-GAIN-APPREC>                (0.01)
<PER-SHARE-DIVIDEND>                   (0.32)
<PER-SHARE-DISTRIBUTIONS>              0
<RETURNS-OF-CAPITAL>                   0
<PER-SHARE-NAV-END>                    10.28
<EXPENSE-RATIO>                        0.85
<AVG-DEBT-OUTSTANDING>                 0
<AVG-DEBT-PER-SHARE>                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                              6
<LEGEND>                               
<RESTATED>                             
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>                               
<NUMBER>                              16
<NAME>                    PEGAUS INTERMEDIATE BOND FUND
<MULTIPLIER>                           1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                     DEC-31-1997
<PERIOD-START>                        DEC-31-1996
<PERIOD-END>                          JUN-30-1997
<EXCHANGE-RATE>                       1
<INVESTMENTS-AT-COST>                 457,121
<INVESTMENTS-AT-VALUE>                461,828
<RECEIVABLES>                         4,917
<ASSETS-OTHER>                        0
<OTHER-ITEMS-ASSETS>                  2,081
<TOTAL-ASSETS>                        468,826
<PAYABLE-FOR-SECURITIES>              2,392
<SENIOR-LONG-TERM-DEBT>               0
<OTHER-ITEMS-LIABILITIES>             2,590
<TOTAL-LIABILITIES>                   4,982
<SENIOR-EQUITY>                       0
<PAID-IN-CAPITAL-COMMON>              468,021
<SHARES-COMMON-STOCK>                 45,089
<SHARES-COMMON-PRIOR>                 40,176
<ACCUMULATED-NII-CURRENT>             22
<OVERDISTRIBUTION-NII>                0
<ACCUMULATED-NET-GAINS>               (8,905)
<OVERDISTRIBUTION-GAINS>              0
<ACCUM-APPREC-OR-DEPREC>              4,706
<NET-ASSETS>                          463,844
<DIVIDEND-INCOME>                     0
<INTEREST-INCOME>                     15,463
<OTHER-INCOME>                        0
<EXPENSES-NET>                        1,339
<NET-INVESTMENT-INCOME>               14,124
<REALIZED-GAINS-CURRENT>              68
<APPREC-INCREASE-CURRENT>             (172)
<NET-CHANGE-FROM-OPS>                 14,020
<EQUALIZATION>                        0
<DISTRIBUTIONS-OF-INCOME>             (14,112)
<DISTRIBUTIONS-OF-GAINS>              0
<DISTRIBUTIONS-OTHER>                 0
<NUMBER-OF-SHARES-SOLD>               102,469
<NUMBER-OF-SHARES-REDEEMED>           (61,282)
<SHARES-REINVESTED>                   9,198
<NET-CHANGE-IN-ASSETS>                50,385
<ACCUMULATED-NII-PRIOR>               10
<ACCUMULATED-GAINS-PRIOR>             (8,973)
<OVERDISTRIB-NII-PRIOR>               0
<OVERDIST-NET-GAINS-PRIOR>            0
<GROSS-ADVISORY-FEES>                 871
<INTEREST-EXPENSE>                    0
<GROSS-EXPENSE>                       1,339
<AVERAGE-NET-ASSETS>                  439,138
<PER-SHARE-NAV-BEGIN>                 10.20
<PER-SHARE-NII>                       0.26
<PER-SHARE-GAIN-APPREC>               0.01
<PER-SHARE-DIVIDEND>                  (0.28)
<PER-SHARE-DISTRIBUTIONS>             0
<RETURNS-OF-CAPITAL>                  0
<PER-SHARE-NAV-END>                   10.20
<EXPENSE-RATIO>                       1.60
<AVG-DEBT-OUTSTANDING>                0
<AVG-DEBT-PER-SHARE>                  0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                              6
<LEGEND>                               
<RESTATED>                             
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>                               
<NUMBER>                              17
<NAME>                    PEGAUS INTERMEDIATE BOND FUND
<MULTIPLIER>                           1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                     DEC-31-1997
<PERIOD-START>                        DEC-31-1996
<PERIOD-END>                          JUN-30-1997
<EXCHANGE-RATE>                       1
<INVESTMENTS-AT-COST>                 457,121
<INVESTMENTS-AT-VALUE>                461,828
<RECEIVABLES>                         4,917
<ASSETS-OTHER>                        0
<OTHER-ITEMS-ASSETS>                  2,081
<TOTAL-ASSETS>                        468,826
<PAYABLE-FOR-SECURITIES>              2,392
<SENIOR-LONG-TERM-DEBT>               0
<OTHER-ITEMS-LIABILITIES>             2,590
<TOTAL-LIABILITIES>                   4,982
<SENIOR-EQUITY>                       0
<PAID-IN-CAPITAL-COMMON>              468,021
<SHARES-COMMON-STOCK>                 45,089
<SHARES-COMMON-PRIOR>                 40,176
<ACCUMULATED-NII-CURRENT>             22
<OVERDISTRIBUTION-NII>                0
<ACCUMULATED-NET-GAINS>               (8,905)
<OVERDISTRIBUTION-GAINS>              0
<ACCUM-APPREC-OR-DEPREC>              4,706
<NET-ASSETS>                          463,844
<DIVIDEND-INCOME>                     0
<INTEREST-INCOME>                     15,463
<OTHER-INCOME>                        0
<EXPENSES-NET>                        1,339
<NET-INVESTMENT-INCOME>               14,124
<REALIZED-GAINS-CURRENT>              68
<APPREC-INCREASE-CURRENT>             (172)
<NET-CHANGE-FROM-OPS>                 14,020
<EQUALIZATION>                        0
<DISTRIBUTIONS-OF-INCOME>             (14,112)
<DISTRIBUTIONS-OF-GAINS>              0
<DISTRIBUTIONS-OTHER>                 0
<NUMBER-OF-SHARES-SOLD>               102,469
<NUMBER-OF-SHARES-REDEEMED>           (61,282)
<SHARES-REINVESTED>                   9,198
<NET-CHANGE-IN-ASSETS>                50,385
<ACCUMULATED-NII-PRIOR>               10
<ACCUMULATED-GAINS-PRIOR>             (8,973)
<OVERDISTRIB-NII-PRIOR>               0
<OVERDIST-NET-GAINS-PRIOR>            0
<GROSS-ADVISORY-FEES>                 871
<INTEREST-EXPENSE>                    0
<GROSS-EXPENSE>                       1,339
<AVERAGE-NET-ASSETS>                  439,138
<PER-SHARE-NAV-BEGIN>                 10.29
<PER-SHARE-NII>                       0.33
<PER-SHARE-GAIN-APPREC>               0
<PER-SHARE-DIVIDEND>                  (0.33)
<PER-SHARE-DISTRIBUTIONS>             0
<RETURNS-OF-CAPITAL>                  0
<PER-SHARE-NAV-END>                   10.29
<EXPENSE-RATIO>                       0.60
<AVG-DEBT-OUTSTANDING>                0
<AVG-DEBT-PER-SHARE>                  0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                               6
<LEGEND>
<RESTATED>
<CIK>                      0000814067
<NAME>                     PEGASUS FUNDS
<SERIES>
<NUMBER>                               18
<NAME>                     PEGASUS BOND FUND
<MULTIPLIER>                            1
<CURRENCY>                 U.S. DOLLARS
<PERIOD-TYPE>              6-MOS
<FISCAL-YEAR-END>                      DEC-31-1997
<PERIOD-START>                         DEC-31-1996
<PERIOD-END>                           JUN-30-1997
<EXCHANGE-RATE>                        1
<INVESTMENTS-AT-COST>                  1,014,883
<INVESTMENTS-AT-VALUE>                 1,035,831
<RECEIVABLES>                          10,170
<ASSETS-OTHER>                         4,464
<OTHER-ITEMS-ASSETS>                   0
<TOTAL-ASSETS>                         1,050,464
<PAYABLE-FOR-SECURITIES>               6,000
<SENIOR-LONG-TERM-DEBT>                0
<OTHER-ITEMS-LIABILITIES>              5,914
<TOTAL-LIABILITIES>                    11,914
<SENIOR-EQUITY>                        0
<PAID-IN-CAPITAL-COMMON>               1,041,668
<SHARES-COMMON-STOCK>                  101,268
<SHARES-COMMON-PRIOR>                  78,355
<ACCUMULATED-NII-CURRENT>              (281)
<OVERDISTRIBUTION-NII>                 0
<ACCUMULATED-NET-GAINS>                (23,784)
<OVERDISTRIBUTION-GAINS>               0
<ACCUM-APPREC-OR-DEPREC>               20,948
<NET-ASSETS>                           1,038,550
<DIVIDEND-INCOME>                      0
<INTEREST-INCOME>                      32,795
<OTHER-INCOME>                         0
<EXPENSES-NET>                         2,794
<NET-INVESTMENT-INCOME>                30,001
<REALIZED-GAINS-CURRENT>               (384)
<APPREC-INCREASE-CURRENT>              808
<NET-CHANGE-FROM-OPS>                  30,425
<EQUALIZATION>                         0
<DISTRIBUTIONS-OF-INCOME>              (30,516)
<DISTRIBUTIONS-OF-GAINS>               0
<DISTRIBUTIONS-OTHER>                  0
<NUMBER-OF-SHARES-SOLD>                273,636
<NUMBER-OF-SHARES-REDEEMED>            (57,878)
<SHARES-REINVESTED>                    17,999
<NET-CHANGE-IN-ASSETS>                 233,757
<ACCUMULATED-NII-PRIOR>                234
<ACCUMULATED-GAINS-PRIOR>              (23,400)
<OVERDISTRIB-NII-PRIOR>                0
<OVERDIST-NET-GAINS-PRIOR>             0
<GROSS-ADVISORY-FEES>                  1,823
<INTEREST-EXPENSE>                     0
<GROSS-EXPENSE>                        2,794
<AVERAGE-NET-ASSETS>                   918,757
<PER-SHARE-NAV-BEGIN>                  10.27
<PER-SHARE-NII>                        0.32
<PER-SHARE-GAIN-APPREC>                (0.02)
<PER-SHARE-DIVIDEND>                   (0.32)
<PER-SHARE-DISTRIBUTIONS>              0
<RETURNS-OF-CAPITAL>                   0
<PER-SHARE-NAV-END>                    10.25
<EXPENSE-RATIO>                        0.85
<AVG-DEBT-OUTSTANDING>                 0
<AVG-DEBT-PER-SHARE>                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                               6
<LEGEND>                                
<RESTATED>                              
<CIK>                      0000814067
<NAME>                     PEGASUS FUNDS
<SERIES>                                
<NUMBER>                               19
<NAME>                     PEGASUS BOND FUND
<MULTIPLIER>                            1
<CURRENCY>                 U.S. DOLLARS
<PERIOD-TYPE>              6-MOS
<FISCAL-YEAR-END>                      DEC-31-1997
<PERIOD-START>                         DEC-31-1996
<PERIOD-END>                           JUN-30-1997
<EXCHANGE-RATE>                        1
<INVESTMENTS-AT-COST>                  1,014,883
<INVESTMENTS-AT-VALUE>                 1,035,831
<RECEIVABLES>                          10,170
<ASSETS-OTHER>                         4,464
<OTHER-ITEMS-ASSETS>                   0
<TOTAL-ASSETS>                         1,050,464
<PAYABLE-FOR-SECURITIES>               6,000
<SENIOR-LONG-TERM-DEBT>                0
<OTHER-ITEMS-LIABILITIES>              5,914
<TOTAL-LIABILITIES>                    11,914
<SENIOR-EQUITY>                        0
<PAID-IN-CAPITAL-COMMON>               1,041,668
<SHARES-COMMON-STOCK>                  101,268
<SHARES-COMMON-PRIOR>                  78,355
<ACCUMULATED-NII-CURRENT>              (281)
<OVERDISTRIBUTION-NII>                 0
<ACCUMULATED-NET-GAINS>                (23,784)
<OVERDISTRIBUTION-GAINS>               0
<ACCUM-APPREC-OR-DEPREC>               20,948
<NET-ASSETS>                           1,038,550
<DIVIDEND-INCOME>                      0
<INTEREST-INCOME>                      32,795
<OTHER-INCOME>                         0
<EXPENSES-NET>                         2,794
<NET-INVESTMENT-INCOME>                30,001
<REALIZED-GAINS-CURRENT>               (384)
<APPREC-INCREASE-CURRENT>              808
<NET-CHANGE-FROM-OPS>                  30,425
<EQUALIZATION>                         0
<DISTRIBUTIONS-OF-INCOME>              (30,516)
<DISTRIBUTIONS-OF-GAINS>               0
<DISTRIBUTIONS-OTHER>                  0
<NUMBER-OF-SHARES-SOLD>                273,636
<NUMBER-OF-SHARES-REDEEMED>            (57,878)
<SHARES-REINVESTED>                    17,999
<NET-CHANGE-IN-ASSETS>                 233,757
<ACCUMULATED-NII-PRIOR>                234
<ACCUMULATED-GAINS-PRIOR>              (23,400)
<OVERDISTRIB-NII-PRIOR>                0
<OVERDIST-NET-GAINS-PRIOR>             0
<GROSS-ADVISORY-FEES>                  1,823
<INTEREST-EXPENSE>                     0
<GROSS-EXPENSE>                        2,794
<AVERAGE-NET-ASSETS>                   918,757
<PER-SHARE-NAV-BEGIN>                  10.27
<PER-SHARE-NII>                        0.28
<PER-SHARE-GAIN-APPREC>                0
<PER-SHARE-DIVIDEND>                   (0.29)
<PER-SHARE-DISTRIBUTIONS>              0
<RETURNS-OF-CAPITAL>                   0
<PER-SHARE-NAV-END>                    10.26
<EXPENSE-RATIO>                        1.60
<AVG-DEBT-OUTSTANDING>                 0
<AVG-DEBT-PER-SHARE>                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                               6
<LEGEND>                                
<RESTATED>                              
<CIK>                      0000814067
<NAME>                     PEGASUS FUNDS
<SERIES>                                
<NUMBER>                               20
<NAME>                     PEGASUS BOND FUND
<MULTIPLIER>                            1
<CURRENCY>                 U.S. DOLLARS
<PERIOD-TYPE>              6-MOS
<FISCAL-YEAR-END>                       DEC-31-1997
<PERIOD-START>                          DEC-31-1996
<PERIOD-END>                            JUN-30-1997
<EXCHANGE-RATE>                         1
<INVESTMENTS-AT-COST>                   1,014,883
<INVESTMENTS-AT-VALUE>                  1,035,831
<RECEIVABLES>                           10,170
<ASSETS-OTHER>                          4,464
<OTHER-ITEMS-ASSETS>                    0
<TOTAL-ASSETS>                          1,050,464
<PAYABLE-FOR-SECURITIES>                6,000
<SENIOR-LONG-TERM-DEBT>                 0
<OTHER-ITEMS-LIABILITIES>               5,914
<TOTAL-LIABILITIES>                     11,914
<SENIOR-EQUITY>                         0
<PAID-IN-CAPITAL-COMMON>                1,041,668
<SHARES-COMMON-STOCK>                   101,268
<SHARES-COMMON-PRIOR>                   78,355
<ACCUMULATED-NII-CURRENT>               (281)
<OVERDISTRIBUTION-NII>                  0
<ACCUMULATED-NET-GAINS>                 (23,784)
<OVERDISTRIBUTION-GAINS>                0
<ACCUM-APPREC-OR-DEPREC>                20,948
<NET-ASSETS>                            1,038,550
<DIVIDEND-INCOME>                       0
<INTEREST-INCOME>                       32,795
<OTHER-INCOME>                          0
<EXPENSES-NET>                          2,794
<NET-INVESTMENT-INCOME>                 30,001
<REALIZED-GAINS-CURRENT>                (384)
<APPREC-INCREASE-CURRENT>               808
<NET-CHANGE-FROM-OPS>                   30,425
<EQUALIZATION>                          0
<DISTRIBUTIONS-OF-INCOME>               (30,516)
<DISTRIBUTIONS-OF-GAINS>                0
<DISTRIBUTIONS-OTHER>                   0
<NUMBER-OF-SHARES-SOLD>                 273,636
<NUMBER-OF-SHARES-REDEEMED>             (57,878)
<SHARES-REINVESTED>                     17,999
<NET-CHANGE-IN-ASSETS>                  233,757
<ACCUMULATED-NII-PRIOR>                 234
<ACCUMULATED-GAINS-PRIOR>               (23,400)
<OVERDISTRIB-NII-PRIOR>                 0
<OVERDIST-NET-GAINS-PRIOR>              0
<GROSS-ADVISORY-FEES>                   1,823
<INTEREST-EXPENSE>                      0
<GROSS-EXPENSE>                         2,794
<AVERAGE-NET-ASSETS>                    918,757
<PER-SHARE-NAV-BEGIN>                   10.27
<PER-SHARE-NII>                         0.33
<PER-SHARE-GAIN-APPREC>                 0
<PER-SHARE-DIVIDEND>                    (0.34)
<PER-SHARE-DISTRIBUTIONS>               0
<RETURNS-OF-CAPITAL>                    0
<PER-SHARE-NAV-END>                     10.26
<EXPENSE-RATIO>                         0.60
<AVG-DEBT-OUTSTANDING>                  0
<AVG-DEBT-PER-SHARE>                    0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                            6
<LEGEND>
<RESTATED>
<CIK>                   0000814067
<NAME>                  PEGASUS FUNDS
<SERIES>
<NUMBER>                            21
<NAME>                  PEGASUS MICHIGAN MUNICIPAL MONEY MARKET
<MULTIPLIER>                         1
<CURRENCY>              U.S. DOLLARS
<PERIOD-TYPE>           6-MOS
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       DEC-31-1996
<PERIOD-END>                         JUN-30-1997
<EXCHANGE-RATE>                      1
<INVESTMENTS-AT-COST>                129,905
<INVESTMENTS-AT-VALUE>               129,789
<RECEIVABLES>                        1,161
<ASSETS-OTHER>                       106
<OTHER-ITEMS-ASSETS>                 0
<TOTAL-ASSETS>                       131,056
<PAYABLE-FOR-SECURITIES>             1,700
<SENIOR-LONG-TERM-DEBT>              0
<OTHER-ITEMS-LIABILITIES>            100
<TOTAL-LIABILITIES>                  1,800
<SENIOR-EQUITY>                      0
<PAID-IN-CAPITAL-COMMON>             129,257
<SHARES-COMMON-STOCK>                129,257
<SHARES-COMMON-PRIOR>                121,610
<ACCUMULATED-NII-CURRENT>            0
<OVERDISTRIBUTION-NII>               0
<ACCUMULATED-NET-GAINS>              (1)
<OVERDISTRIBUTION-GAINS>             0
<ACCUM-APPREC-OR-DEPREC>             0
<NET-ASSETS>                         129,256
<DIVIDEND-INCOME>                    0
<INTEREST-INCOME>                    2,462
<OTHER-INCOME>                       0
<EXPENSES-NET>                       428
<NET-INVESTMENT-INCOME>              2,034
<REALIZED-GAINS-CURRENT>             0
<APPREC-INCREASE-CURRENT>            0
<NET-CHANGE-FROM-OPS>                2,034
<EQUALIZATION>                       0
<DISTRIBUTIONS-OF-INCOME>            (2,034)
<DISTRIBUTIONS-OF-GAINS>             0
<DISTRIBUTIONS-OTHER>                0
<NUMBER-OF-SHARES-SOLD>              197,265
<NUMBER-OF-SHARES-REDEEMED>          (190,716)
<SHARES-REINVESTED>                  1,097
<NET-CHANGE-IN-ASSETS>               7,647
<ACCUMULATED-NII-PRIOR>              0
<ACCUMULATED-GAINS-PRIOR>            0
<OVERDISTRIB-NII-PRIOR>              0
<OVERDIST-NET-GAINS-PRIOR>           0
<GROSS-ADVISORY-FEES>                201
<INTEREST-EXPENSE>                   0
<GROSS-EXPENSE>                      447
<AVERAGE-NET-ASSETS>                 135,116
<PER-SHARE-NAV-BEGIN>                1.00
<PER-SHARE-NII>                      0.014
<PER-SHARE-GAIN-APPREC>              0
<PER-SHARE-DIVIDEND>                 (0.014)
<PER-SHARE-DISTRIBUTIONS>            0
<RETURNS-OF-CAPITAL>                 0
<PER-SHARE-NAV-END>                  1.00
<EXPENSE-RATIO>                      0.75
<AVG-DEBT-OUTSTANDING>               0
<AVG-DEBT-PER-SHARE>                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                            6
<LEGEND>                             
<RESTATED>                           
<CIK>                   0000814067
<NAME>                  PEGASUS FUNDS
<SERIES>                            
<NUMBER>                            22
<NAME>                  PEGASUS MICHIGAN MUNICIPAL MONEY MARKET
<MULTIPLIER>                         1
<CURRENCY>              U.S. DOLLARS
<PERIOD-TYPE>           6-MOS
<FISCAL-YEAR-END>                    DEC-31-1997
<PERIOD-START>                       DEC-31-1996
<PERIOD-END>                         JUN-30-1997
<EXCHANGE-RATE>                      1
<INVESTMENTS-AT-COST>                129,905
<INVESTMENTS-AT-VALUE>               129,789
<RECEIVABLES>                        1,161
<ASSETS-OTHER>                       106
<OTHER-ITEMS-ASSETS>                 0
<TOTAL-ASSETS>                       131,056
<PAYABLE-FOR-SECURITIES>             1,700
<SENIOR-LONG-TERM-DEBT>              0
<OTHER-ITEMS-LIABILITIES>            100
<TOTAL-LIABILITIES>                  1,800
<SENIOR-EQUITY>                      0
<PAID-IN-CAPITAL-COMMON>             129,257
<SHARES-COMMON-STOCK>                129,257
<SHARES-COMMON-PRIOR>                121,610
<ACCUMULATED-NII-CURRENT>            0
<OVERDISTRIBUTION-NII>               0
<ACCUMULATED-NET-GAINS>              (1)
<OVERDISTRIBUTION-GAINS>             0
<ACCUM-APPREC-OR-DEPREC>             0
<NET-ASSETS>                         129,256
<DIVIDEND-INCOME>                    0
<INTEREST-INCOME>                    2,462
<OTHER-INCOME>                       0
<EXPENSES-NET>                       428
<NET-INVESTMENT-INCOME>              2,034
<REALIZED-GAINS-CURRENT>             0
<APPREC-INCREASE-CURRENT>            0
<NET-CHANGE-FROM-OPS>                2,034
<EQUALIZATION>                       0
<DISTRIBUTIONS-OF-INCOME>            (2,034)
<DISTRIBUTIONS-OF-GAINS>             0
<DISTRIBUTIONS-OTHER>                0
<NUMBER-OF-SHARES-SOLD>              197,265
<NUMBER-OF-SHARES-REDEEMED>          (190,716)
<SHARES-REINVESTED>                  1,097
<NET-CHANGE-IN-ASSETS>               7,647
<ACCUMULATED-NII-PRIOR>              0
<ACCUMULATED-GAINS-PRIOR>            0
<OVERDISTRIB-NII-PRIOR>              0
<OVERDIST-NET-GAINS-PRIOR>           0
<GROSS-ADVISORY-FEES>                201
<INTEREST-EXPENSE>                   0
<GROSS-EXPENSE>                      447
<AVERAGE-NET-ASSETS>                 135,116
<PER-SHARE-NAV-BEGIN>                1.00
<PER-SHARE-NII>                      0.015
<PER-SHARE-GAIN-APPREC>              0
<PER-SHARE-DIVIDEND>                 (0.015)
<PER-SHARE-DISTRIBUTIONS>            0
<RETURNS-OF-CAPITAL>                 0
<PER-SHARE-NAV-END>                  1.00
<EXPENSE-RATIO>                      0.50
<AVG-DEBT-OUTSTANDING>               0
<AVG-DEBT-PER-SHARE>                 0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                              6
<LEGEND>
<RESTATED>
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>
<NUMBER>                              23
<NAME>                    PEGASUS EQUITY INDEX FUND
<MULTIPLIER>                           1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                     DEC-31-1997
<PERIOD-START>                        DEC-31-1996
<PERIOD-END>                          JUN-30-1997
<EXCHANGE-RATE>                       1
<INVESTMENTS-AT-COST>                 492,831
<INVESTMENTS-AT-VALUE>                753,698
<RECEIVABLES>                         1,017
<ASSETS-OTHER>                        2,942
<OTHER-ITEMS-ASSETS>                  0
<TOTAL-ASSETS>                        757,657
<PAYABLE-FOR-SECURITIES>              1,980
<SENIOR-LONG-TERM-DEBT>               0
<OTHER-ITEMS-LIABILITIES>             2,972
<TOTAL-LIABILITIES>                   4,952
<SENIOR-EQUITY>                       0
<PAID-IN-CAPITAL-COMMON>              479,554
<SHARES-COMMON-STOCK>                 37,680
<SHARES-COMMON-PRIOR>                 51,944
<ACCUMULATED-NII-CURRENT>             133
<OVERDISTRIBUTION-NII>                0
<ACCUMULATED-NET-GAINS>               12,151
<OVERDISTRIBUTION-GAINS>              0
<ACCUM-APPREC-OR-DEPREC>              260,867
<NET-ASSETS>                          752,705
<DIVIDEND-INCOME>                     6,528
<INTEREST-INCOME>                     60
<OTHER-INCOME>                        0
<EXPENSES-NET>                        1,138
<NET-INVESTMENT-INCOME>               5,450
<REALIZED-GAINS-CURRENT>              126,504
<APPREC-INCREASE-CURRENT>             7,574
<NET-CHANGE-FROM-OPS>                 139,528
<EQUALIZATION>                        0
<DISTRIBUTIONS-OF-INCOME>             (5,794)
<DISTRIBUTIONS-OF-GAINS>              0
<DISTRIBUTIONS-OTHER>                 0
<NUMBER-OF-SHARES-SOLD>               116,514
<NUMBER-OF-SHARES-REDEEMED>           (371,489)
<SHARES-REINVESTED>                   4,129
<NET-CHANGE-IN-ASSETS>                (250,845)
<ACCUMULATED-NII-PRIOR>               477
<ACCUMULATED-GAINS-PRIOR>             369
<OVERDISTRIB-NII-PRIOR>               0
<OVERDIST-NET-GAINS-PRIOR>            0
<GROSS-ADVISORY-FEES>                 354
<INTEREST-EXPENSE>                    0
<GROSS-EXPENSE>                       1,138
<AVERAGE-NET-ASSETS>                  714,378
<PER-SHARE-NAV-BEGIN>                 16.75
<PER-SHARE-NII>                       0.13
<PER-SHARE-GAIN-APPREC>               3.25
<PER-SHARE-DIVIDEND>                  (0.14)
<PER-SHARE-DISTRIBUTIONS>             0
<RETURNS-OF-CAPITAL>                  0
<PER-SHARE-NAV-END>                   19.99
<EXPENSE-RATIO>                       0.55
<AVG-DEBT-OUTSTANDING>                0
<AVG-DEBT-PER-SHARE>                  0

</TABLE>

<TABLE> <S> <C>
 
<ARTICLE>                            6
<LEGEND>                             
<RESTATED>                           
<CIK>                   0000814067
<NAME>                  PEGASUS FUNDS
<SERIES>                             
<NUMBER>                            24
<NAME>                  PEGASUS EQUITY INDEX FUND
<MULTIPLIER>                         1
<CURRENCY>              U.S. DOLLARS
<PERIOD-TYPE>           6-MOS
<FISCAL-YEAR-END>                   DEC-31-1997
<PERIOD-START>                      DEC-31-1996
<PERIOD-END>                        JUN-30-1997
<EXCHANGE-RATE>                     1
<INVESTMENTS-AT-COST>               492,831
<INVESTMENTS-AT-VALUE>              753,698
<RECEIVABLES>                       1,017
<ASSETS-OTHER>                      2,942
<OTHER-ITEMS-ASSETS>                0
<TOTAL-ASSETS>                      757,657
<PAYABLE-FOR-SECURITIES>            1,980
<SENIOR-LONG-TERM-DEBT>             0
<OTHER-ITEMS-LIABILITIES>           2,972
<TOTAL-LIABILITIES>                 4,952
<SENIOR-EQUITY>                     0
<PAID-IN-CAPITAL-COMMON>            479,554
<SHARES-COMMON-STOCK>               37,680
<SHARES-COMMON-PRIOR>               51,944
<ACCUMULATED-NII-CURRENT>           133
<OVERDISTRIBUTION-NII>              0
<ACCUMULATED-NET-GAINS>             12,151
<OVERDISTRIBUTION-GAINS>            0
<ACCUM-APPREC-OR-DEPREC>            260,867
<NET-ASSETS>                        752,705
<DIVIDEND-INCOME>                   6,528
<INTEREST-INCOME>                   60
<OTHER-INCOME>                      0
<EXPENSES-NET>                      1,138
<NET-INVESTMENT-INCOME>             5,450
<REALIZED-GAINS-CURRENT>            126,504
<APPREC-INCREASE-CURRENT>           7,574
<NET-CHANGE-FROM-OPS>               139,528
<EQUALIZATION>                      0
<DISTRIBUTIONS-OF-INCOME>           (5,794)
<DISTRIBUTIONS-OF-GAINS>            0
<DISTRIBUTIONS-OTHER>               0
<NUMBER-OF-SHARES-SOLD>             116,514
<NUMBER-OF-SHARES-REDEEMED>         (371,489)
<SHARES-REINVESTED>                 4,129
<NET-CHANGE-IN-ASSETS>              (250,845)
<ACCUMULATED-NII-PRIOR>             477
<ACCUMULATED-GAINS-PRIOR>           369
<OVERDISTRIB-NII-PRIOR>             0
<OVERDIST-NET-GAINS-PRIOR>          0
<GROSS-ADVISORY-FEES>               354
<INTEREST-EXPENSE>                  0
<GROSS-EXPENSE>                     1,138
<AVERAGE-NET-ASSETS>                714,378
<PER-SHARE-NAV-BEGIN>               10.50
<PER-SHARE-NII>                     0.09
<PER-SHARE-GAIN-APPREC>             1.98
<PER-SHARE-DIVIDEND>                (0.13)
<PER-SHARE-DISTRIBUTIONS>           0
<RETURNS-OF-CAPITAL>                0
<PER-SHARE-NAV-END>                 12.44
<EXPENSE-RATIO>                     1.30
<AVG-DEBT-OUTSTANDING>              0
<AVG-DEBT-PER-SHARE>                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                              6
<LEGEND>                               
<RESTATED>                             
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>                               
<NUMBER>                              25
<NAME>                    PEGASUS EQUITY INDEX FUND
<MULTIPLIER>                           1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                     DEC-31-1997
<PERIOD-START>                        DEC-31-1996
<PERIOD-END>                          JUN-30-1997
<EXCHANGE-RATE>                       1
<INVESTMENTS-AT-COST>                 492,831
<INVESTMENTS-AT-VALUE>                753,698
<RECEIVABLES>                         1,017
<ASSETS-OTHER>                        2,942
<OTHER-ITEMS-ASSETS>                  0
<TOTAL-ASSETS>                        757,657
<PAYABLE-FOR-SECURITIES>              1,980
<SENIOR-LONG-TERM-DEBT>               0
<OTHER-ITEMS-LIABILITIES>             2,972
<TOTAL-LIABILITIES>                   4,952
<SENIOR-EQUITY>                       0
<PAID-IN-CAPITAL-COMMON>              479,554
<SHARES-COMMON-STOCK>                 37,680
<SHARES-COMMON-PRIOR>                 51,944
<ACCUMULATED-NII-CURRENT>             133
<OVERDISTRIBUTION-NII>                0
<ACCUMULATED-NET-GAINS>               12,151
<OVERDISTRIBUTION-GAINS>              0
<ACCUM-APPREC-OR-DEPREC>              260,867
<NET-ASSETS>                          752,705
<DIVIDEND-INCOME>                     6,528
<INTEREST-INCOME>                     60
<OTHER-INCOME>                        0
<EXPENSES-NET>                        1,138
<NET-INVESTMENT-INCOME>               5,450
<REALIZED-GAINS-CURRENT>              126,504
<APPREC-INCREASE-CURRENT>             7,574
<NET-CHANGE-FROM-OPS>                 139,528
<EQUALIZATION>                        0
<DISTRIBUTIONS-OF-INCOME>             (5,794)
<DISTRIBUTIONS-OF-GAINS>              0
<DISTRIBUTIONS-OTHER>                 0
<NUMBER-OF-SHARES-SOLD>               116,514
<NUMBER-OF-SHARES-REDEEMED>           (371,489)
<SHARES-REINVESTED>                   4,129
<NET-CHANGE-IN-ASSETS>                (250,845)
<ACCUMULATED-NII-PRIOR>               477
<ACCUMULATED-GAINS-PRIOR>             369
<OVERDISTRIB-NII-PRIOR>               0
<OVERDIST-NET-GAINS-PRIOR>            0
<GROSS-ADVISORY-FEES>                 354
<INTEREST-EXPENSE>                    0
<GROSS-EXPENSE>                       1,138
<AVERAGE-NET-ASSETS>                  714,378
<PER-SHARE-NAV-BEGIN>                 16.75
<PER-SHARE-NII>                       0.15
<PER-SHARE-GAIN-APPREC>               3.24
<PER-SHARE-DIVIDEND>                  (0.15)
<PER-SHARE-DISTRIBUTIONS>             0
<RETURNS-OF-CAPITAL>                  0
<PER-SHARE-NAV-END>                   19.99
<EXPENSE-RATIO>                       0.21
<AVG-DEBT-OUTSTANDING>                0
<AVG-DEBT-PER-SHARE>                  0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                        6
<LEGEND>
<RESTATED>
<CIK>               0000814067
<NAME>              PEGASUS FUNDS
<SERIES>
<NUMBER>                        26
<NAME>              PEGASUS TREASURY MONEY MARKET FUND
<MULTIPLIER>                     1
<CURRENCY>          U.S. DOLLARS
<PERIOD-TYPE>       6-MOS
<FISCAL-YEAR-END>                DEC-31-1997
<PERIOD-START>                   DEC-31-1996
<PERIOD-END>                     JUN-30-1997
<EXCHANGE-RATE>                  1
<INVESTMENTS-AT-COST>            1,175,156
<INVESTMENTS-AT-VALUE>           1,176,001
<RECEIVABLES>                    6,767
<ASSETS-OTHER>                   1
<OTHER-ITEMS-ASSETS>             0
<TOTAL-ASSETS>                   1,182,768
<PAYABLE-FOR-SECURITIES>         0
<SENIOR-LONG-TERM-DEBT>          0
<OTHER-ITEMS-LIABILITIES>        930
<TOTAL-LIABILITIES>              930
<SENIOR-EQUITY>                  0
<PAID-IN-CAPITAL-COMMON>         1,181,855
<SHARES-COMMON-STOCK>            1,181,855
<SHARES-COMMON-PRIOR>            1,270,002
<ACCUMULATED-NII-CURRENT>        0
<OVERDISTRIBUTION-NII>           0
<ACCUMULATED-NET-GAINS>          (17)
<OVERDISTRIBUTION-GAINS>         0
<ACCUM-APPREC-OR-DEPREC>         0
<NET-ASSETS>                     1,181,838
<DIVIDEND-INCOME>                0
<INTEREST-INCOME>                31,080
<OTHER-INCOME>                   0
<EXPENSES-NET>                   2,861
<NET-INVESTMENT-INCOME>          28,218
<REALIZED-GAINS-CURRENT>         0
<APPREC-INCREASE-CURRENT>        0
<NET-CHANGE-FROM-OPS>            28,218
<EQUALIZATION>                   0
<DISTRIBUTIONS-OF-INCOME>        (28,218)
<DISTRIBUTIONS-OF-GAINS>         0
<DISTRIBUTIONS-OTHER>            0
<NUMBER-OF-SHARES-SOLD>          2,254,398
<NUMBER-OF-SHARES-REDEEMED>      2,349,200
<SHARES-REINVESTED>              6,639
<NET-CHANGE-IN-ASSETS>           (88,163)
<ACCUMULATED-NII-PRIOR>          0
<ACCUMULATED-GAINS-PRIOR>        0
<OVERDISTRIB-NII-PRIOR>          0
<OVERDIST-NET-GAINS-PRIOR>       0
<GROSS-ADVISORY-FEES>            1,695
<INTEREST-EXPENSE>               0
<GROSS-EXPENSE>                  2,861
<AVERAGE-NET-ASSETS>             1,152,338
<PER-SHARE-NAV-BEGIN>            1.00
<PER-SHARE-NII>                  0.023
<PER-SHARE-GAIN-APPREC>          0
<PER-SHARE-DIVIDEND>             (0.023)
<PER-SHARE-DISTRIBUTIONS>        0
<RETURNS-OF-CAPITAL>             0
<PER-SHARE-NAV-END>              0.999
<EXPENSE-RATIO>                  0.71
<AVG-DEBT-OUTSTANDING>           0
<AVG-DEBT-PER-SHARE>             0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                        6
<LEGEND>                         
<RESTATED>                       
<CIK>               0000814067
<NAME>              PEGASUS FUNDS
<SERIES>                         
<NUMBER>                        27
<NAME>              PEGASUS TREASURY MONEY MARKET FUND
<MULTIPLIER>                     1
<CURRENCY>          U.S. DOLLARS
<PERIOD-TYPE>       6-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-START>                  DEC-31-1996
<PERIOD-END>                    JUN-30-1997
<EXCHANGE-RATE>                 1
<INVESTMENTS-AT-COST>           1,175,156
<INVESTMENTS-AT-VALUE>          1,176,001
<RECEIVABLES>                   6,767
<ASSETS-OTHER>                  1
<OTHER-ITEMS-ASSETS>            0
<TOTAL-ASSETS>                  1,182,768
<PAYABLE-FOR-SECURITIES>        0
<SENIOR-LONG-TERM-DEBT>         0
<OTHER-ITEMS-LIABILITIES>       930
<TOTAL-LIABILITIES>             930
<SENIOR-EQUITY>                 0
<PAID-IN-CAPITAL-COMMON>        1,181,855
<SHARES-COMMON-STOCK>           1,181,855
<SHARES-COMMON-PRIOR>           1,270,002
<ACCUMULATED-NII-CURRENT>       0
<OVERDISTRIBUTION-NII>          0
<ACCUMULATED-NET-GAINS>         (17)
<OVERDISTRIBUTION-GAINS>        0
<ACCUM-APPREC-OR-DEPREC>        0
<NET-ASSETS>                    1,181,838
<DIVIDEND-INCOME>               0
<INTEREST-INCOME>               31,080
<OTHER-INCOME>                  0
<EXPENSES-NET>                  2,861
<NET-INVESTMENT-INCOME>         28,218
<REALIZED-GAINS-CURRENT>        0
<APPREC-INCREASE-CURRENT>       0
<NET-CHANGE-FROM-OPS>           28,218
<EQUALIZATION>                  0
<DISTRIBUTIONS-OF-INCOME>       (28,218)
<DISTRIBUTIONS-OF-GAINS>        0
<DISTRIBUTIONS-OTHER>           0
<NUMBER-OF-SHARES-SOLD>         2,254,398
<NUMBER-OF-SHARES-REDEEMED>     2,349,200
<SHARES-REINVESTED>             6,639
<NET-CHANGE-IN-ASSETS>          (88,163)
<ACCUMULATED-NII-PRIOR>         0
<ACCUMULATED-GAINS-PRIOR>       0
<OVERDISTRIB-NII-PRIOR>         0
<OVERDIST-NET-GAINS-PRIOR>      0
<GROSS-ADVISORY-FEES>           1,695
<INTEREST-EXPENSE>              0
<GROSS-EXPENSE>                 2,861
<AVERAGE-NET-ASSETS>            1,152,338
<PER-SHARE-NAV-BEGIN>           1.00
<PER-SHARE-NII>                 0.024
<PER-SHARE-GAIN-APPREC>         0
<PER-SHARE-DIVIDEND>            (0.024)
<PER-SHARE-DISTRIBUTIONS>       0
<RETURNS-OF-CAPITAL>            0
<PER-SHARE-NAV-END>             1.00
<EXPENSE-RATIO>                 0.46
<AVG-DEBT-OUTSTANDING>          0
<AVG-DEBT-PER-SHARE>            0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>
<RESTATED>
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>
<NUMBER>                          28
<NAME>                PEGASUS MUNICIPAL BOND FUND
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                 DEC-31-1997
<PERIOD-START>                    DEC-31-1996
<PERIOD-END>                      JUN-30-1997
<EXCHANGE-RATE>                   1
<INVESTMENTS-AT-COST>             354,048
<INVESTMENTS-AT-VALUE>            367,206
<RECEIVABLES>                     6,264
<ASSETS-OTHER>                    1,220
<OTHER-ITEMS-ASSETS>              0
<TOTAL-ASSETS>                    374,690
<PAYABLE-FOR-SECURITIES>          0
<SENIOR-LONG-TERM-DEBT>           0
<OTHER-ITEMS-LIABILITIES>         1,727
<TOTAL-LIABILITIES>               1,727
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          360,036
<SHARES-COMMON-STOCK>             30,003
<SHARES-COMMON-PRIOR>             29,791
<ACCUMULATED-NII-CURRENT>         1,073
<OVERDISTRIBUTION-NII>            0
<ACCUMULATED-NET-GAINS>           (1,304)
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          13,158
<NET-ASSETS>                      372,963
<DIVIDEND-INCOME>                 0
<INTEREST-INCOME>                 10,617
<OTHER-INCOME>                    0
<EXPENSES-NET>                    1,188
<NET-INVESTMENT-INCOME>           9,429
<REALIZED-GAINS-CURRENT>          1,055
<APPREC-INCREASE-CURRENT>         1,331
<NET-CHANGE-FROM-OPS>             11,814
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (9,411)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           65,816
<NUMBER-OF-SHARES-REDEEMED>       (64,156)
<SHARES-REINVESTED>               771
<NET-CHANGE-IN-ASSETS>            2,431
<ACCUMULATED-NII-PRIOR>           1,055
<ACCUMULATED-GAINS-PRIOR>         (2,359)
<OVERDISTRIB-NII-PRIOR>           0
<OVERDIST-NET-GAINS-PRIOR>        0
<GROSS-ADVISORY-FEES>             751
<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   1,188
<AVERAGE-NET-ASSETS>              385,718
<PER-SHARE-NAV-BEGIN>             12.36
<PER-SHARE-NII>                   0.29
<PER-SHARE-GAIN-APPREC>           0.08
<PER-SHARE-DIVIDEND>              (0.29)
<PER-SHARE-DISTRIBUTIONS>         0
<RETURNS-OF-CAPITAL>              0
<PER-SHARE-NAV-END>               12.44
<EXPENSE-RATIO>                   0.85
<AVG-DEBT-OUTSTANDING>            0
<AVG-DEBT-PER-SHARE>              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>                           
<NUMBER>                          29
<NAME>                PEGASUS MUNICIPAL BOND FUND
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>              354,048
<INVESTMENTS-AT-VALUE>             367,206
<RECEIVABLES>                      6,264
<ASSETS-OTHER>                     1,220
<OTHER-ITEMS-ASSETS>               0
<TOTAL-ASSETS>                     374,690
<PAYABLE-FOR-SECURITIES>           0
<SENIOR-LONG-TERM-DEBT>            0
<OTHER-ITEMS-LIABILITIES>          1,727
<TOTAL-LIABILITIES>                1,727
<SENIOR-EQUITY>                    0
<PAID-IN-CAPITAL-COMMON>           360,036
<SHARES-COMMON-STOCK>              30,003
<SHARES-COMMON-PRIOR>              29,791
<ACCUMULATED-NII-CURRENT>          1,073
<OVERDISTRIBUTION-NII>             0
<ACCUMULATED-NET-GAINS>            (1,304)
<OVERDISTRIBUTION-GAINS>           0
<ACCUM-APPREC-OR-DEPREC>           13,158
<NET-ASSETS>                       372,963
<DIVIDEND-INCOME>                  0
<INTEREST-INCOME>                  10,617
<OTHER-INCOME>                     0
<EXPENSES-NET>                     1,188
<NET-INVESTMENT-INCOME>            9,429
<REALIZED-GAINS-CURRENT>           1,055
<APPREC-INCREASE-CURRENT>          1,331
<NET-CHANGE-FROM-OPS>              11,814
<EQUALIZATION>                     0
<DISTRIBUTIONS-OF-INCOME>          (9,411)
<DISTRIBUTIONS-OF-GAINS>           0
<DISTRIBUTIONS-OTHER>              0
<NUMBER-OF-SHARES-SOLD>            65,816
<NUMBER-OF-SHARES-REDEEMED>        (64,156)
<SHARES-REINVESTED>                771
<NET-CHANGE-IN-ASSETS>             2,431
<ACCUMULATED-NII-PRIOR>            1,055
<ACCUMULATED-GAINS-PRIOR>          (2,359)
<OVERDISTRIB-NII-PRIOR>            0
<OVERDIST-NET-GAINS-PRIOR>         0
<GROSS-ADVISORY-FEES>              751
<INTEREST-EXPENSE>                 0
<GROSS-EXPENSE>                    1,188
<AVERAGE-NET-ASSETS>               385,718
<PER-SHARE-NAV-BEGIN>              12.36
<PER-SHARE-NII>                    0.23
<PER-SHARE-GAIN-APPREC>            0.08
<PER-SHARE-DIVIDEND>               (0.25)
<PER-SHARE-DISTRIBUTIONS>          0
<RETURNS-OF-CAPITAL>               0
<PER-SHARE-NAV-END>                12.43
<EXPENSE-RATIO>                    1.60
<AVG-DEBT-OUTSTANDING>             0
<AVG-DEBT-PER-SHARE>               0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>                           
<NUMBER>                          30
<NAME>                PEGASUS MUNICIPAL BOND FUND
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                 DEC-31-1997
<PERIOD-START>                    DEC-31-1996
<PERIOD-END>                      JUN-30-1997
<EXCHANGE-RATE>                   1
<INVESTMENTS-AT-COST>             354,048
<INVESTMENTS-AT-VALUE>            367,206
<RECEIVABLES>                     6,264
<ASSETS-OTHER>                    1,220
<OTHER-ITEMS-ASSETS>              0
<TOTAL-ASSETS>                    374,690
<PAYABLE-FOR-SECURITIES>          0
<SENIOR-LONG-TERM-DEBT>           0
<OTHER-ITEMS-LIABILITIES>         1,727
<TOTAL-LIABILITIES>               1,727
<SENIOR-EQUITY>                   0
<PAID-IN-CAPITAL-COMMON>          360,036
<SHARES-COMMON-STOCK>             30,003
<SHARES-COMMON-PRIOR>             29,791
<ACCUMULATED-NII-CURRENT>         1,073
<OVERDISTRIBUTION-NII>            0
<ACCUMULATED-NET-GAINS>           (1,304)
<OVERDISTRIBUTION-GAINS>          0
<ACCUM-APPREC-OR-DEPREC>          13,158
<NET-ASSETS>                      372,963
<DIVIDEND-INCOME>                 0
<INTEREST-INCOME>                 10,617
<OTHER-INCOME>                    0
<EXPENSES-NET>                    1,188
<NET-INVESTMENT-INCOME>           9,429
<REALIZED-GAINS-CURRENT>          1,055
<APPREC-INCREASE-CURRENT>         1,331
<NET-CHANGE-FROM-OPS>             11,814
<EQUALIZATION>                    0
<DISTRIBUTIONS-OF-INCOME>         (9,411)
<DISTRIBUTIONS-OF-GAINS>          0
<DISTRIBUTIONS-OTHER>             0
<NUMBER-OF-SHARES-SOLD>           65,816
<NUMBER-OF-SHARES-REDEEMED>       (64,156)
<SHARES-REINVESTED>               771
<NET-CHANGE-IN-ASSETS>            2,431
<ACCUMULATED-NII-PRIOR>           1,055
<ACCUMULATED-GAINS-PRIOR>         (2,359)
<OVERDISTRIB-NII-PRIOR>           0
<OVERDIST-NET-GAINS-PRIOR>        0
<GROSS-ADVISORY-FEES>             751
<INTEREST-EXPENSE>                0
<GROSS-EXPENSE>                   1,188
<AVERAGE-NET-ASSETS>              385,718
<PER-SHARE-NAV-BEGIN>             12.36
<PER-SHARE-NII>                   0.3
<PER-SHARE-GAIN-APPREC>           0.07
<PER-SHARE-DIVIDEND>              (0.30)
<PER-SHARE-DISTRIBUTIONS>         0
<RETURNS-OF-CAPITAL>              0
<PER-SHARE-NAV-END>               12.43
<EXPENSE-RATIO>                   0.60
<AVG-DEBT-OUTSTANDING>            0
<AVG-DEBT-PER-SHARE>              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                      6
<LEGEND>
<RESTATED>
<CIK>                0000814067
<NAME>               PEGASUS FUNDS
<SERIES>
<NUMBER>                      31
<NAME>               PEGASUS MICHIGAN MUNICIPAL BOND FUND
<MULTIPLIER>                   1
<CURRENCY>           U.S. DOLLARS
<PERIOD-TYPE>        6-MOS
<FISCAL-YEAR-END>                                           DEC-31-1997
<PERIOD-START>                                              DEC-31-1996
<PERIOD-END>                                                JUN-30-1997
<EXCHANGE-RATE>                                             1
<INVESTMENTS-AT-COST>                                       64,581
<INVESTMENTS-AT-VALUE>                                      66,300
<RECEIVABLES>                                               812
<ASSETS-OTHER>                                              150
<OTHER-ITEMS-ASSETS>                                        0
<TOTAL-ASSETS>                                              67,262
<PAYABLE-FOR-SECURITIES>                                    0
<SENIOR-LONG-TERM-DEBT>                                     0
<OTHER-ITEMS-LIABILITIES>                                   289
<TOTAL-LIABILITIES>                                         289
<SENIOR-EQUITY>                                             0
<PAID-IN-CAPITAL-COMMON>                                    65,472
<SHARES-COMMON-STOCK>                                       6,340
<SHARES-COMMON-PRIOR>                                       5,780
<ACCUMULATED-NII-CURRENT>                                   93
<OVERDISTRIBUTION-NII>                                      0
<ACCUMULATED-NET-GAINS>                                     (311)
<OVERDISTRIBUTION-GAINS>                                    0
<ACCUM-APPREC-OR-DEPREC>                                    1,719
<NET-ASSETS>                                                66,973
<DIVIDEND-INCOME>                                           0
<INTEREST-INCOME>                                           1,715
<OTHER-INCOME>                                              0
<EXPENSES-NET>                                              234
<NET-INVESTMENT-INCOME>                                     1,480
<REALIZED-GAINS-CURRENT>                                    (188)
<APPREC-INCREASE-CURRENT>                                   690
<NET-CHANGE-FROM-OPS>                                       1,982
<EQUALIZATION>                                              0
<DISTRIBUTIONS-OF-INCOME>                                   (1,480)
<DISTRIBUTIONS-OF-GAINS>                                    0
<DISTRIBUTIONS-OTHER>                                       0
<NUMBER-OF-SHARES-SOLD>                                     11,525
<NUMBER-OF-SHARES-REDEEMED>                                 (6,111)
<SHARES-REINVESTED>                                         463
<NET-CHANGE-IN-ASSETS>                                      5,877
<ACCUMULATED-NII-PRIOR>                                     93
<ACCUMULATED-GAINS-PRIOR>                                   (123)
<OVERDISTRIB-NII-PRIOR>                                     0
<OVERDIST-NET-GAINS-PRIOR>                                  0
<GROSS-ADVISORY-FEES>                                       124
<INTEREST-EXPENSE>                                          0
<GROSS-EXPENSE>                                             234
<AVERAGE-NET-ASSETS>                                        62,362
<PER-SHARE-NAV-BEGIN>                                       10.48
<PER-SHARE-NII>                                             0.24
<PER-SHARE-GAIN-APPREC>                                     0.09
<PER-SHARE-DIVIDEND>                                        (0.24)
<PER-SHARE-DISTRIBUTIONS>                                   0
<RETURNS-OF-CAPITAL>                                        0
<PER-SHARE-NAV-END>                                         10.57
<EXPENSE-RATIO>                                             0.95
<AVG-DEBT-OUTSTANDING>                                      0
<AVG-DEBT-PER-SHARE>                                        0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                      6
<LEGEND>                       
<RESTATED>                     
<CIK>                    0000814067
<NAME>                   PEGASUS FUNDS
<SERIES>                       
<NUMBER>                      32
<NAME>                   PEGASUS MICHIGAN MUNICIPAL BOND FUND
<MULTIPLIER>                   1
<CURRENCY>               U.S. DOLLARS
<PERIOD-TYPE>            6-MOS
<FISCAL-YEAR-END>                                           DEC-31-1997
<PERIOD-START>                                              DEC-31-1996
<PERIOD-END>                                                JUN-30-1997
<EXCHANGE-RATE>                                             1
<INVESTMENTS-AT-COST>                                       64,581
<INVESTMENTS-AT-VALUE>                                      66,300
<RECEIVABLES>                                               812
<ASSETS-OTHER>                                              150
<OTHER-ITEMS-ASSETS>                                        0
<TOTAL-ASSETS>                                              67,262
<PAYABLE-FOR-SECURITIES>                                    0
<SENIOR-LONG-TERM-DEBT>                                     0
<OTHER-ITEMS-LIABILITIES>                                   289
<TOTAL-LIABILITIES>                                         289
<SENIOR-EQUITY>                                             0
<PAID-IN-CAPITAL-COMMON>                                    65,472
<SHARES-COMMON-STOCK>                                       6,340
<SHARES-COMMON-PRIOR>                                       5,780
<ACCUMULATED-NII-CURRENT>                                   93
<OVERDISTRIBUTION-NII>                                      0
<ACCUMULATED-NET-GAINS>                                     (311)
<OVERDISTRIBUTION-GAINS>                                    0
<ACCUM-APPREC-OR-DEPREC>                                    1,719
<NET-ASSETS>                                                66,973
<DIVIDEND-INCOME>                                           0
<INTEREST-INCOME>                                           1,715
<OTHER-INCOME>                                              0
<EXPENSES-NET>                                              234
<NET-INVESTMENT-INCOME>                                     1,480
<REALIZED-GAINS-CURRENT>                                    (188)
<APPREC-INCREASE-CURRENT>                                   690
<NET-CHANGE-FROM-OPS>                                       1,982
<EQUALIZATION>                                              0
<DISTRIBUTIONS-OF-INCOME>                                   (1,480)
<DISTRIBUTIONS-OF-GAINS>                                    0
<DISTRIBUTIONS-OTHER>                                       0
<NUMBER-OF-SHARES-SOLD>                                     11,525
<NUMBER-OF-SHARES-REDEEMED>                                 (6,111)
<SHARES-REINVESTED>                                         463
<NET-CHANGE-IN-ASSETS>                                      5,877
<ACCUMULATED-NII-PRIOR>                                     93
<ACCUMULATED-GAINS-PRIOR>                                   (123)
<OVERDISTRIB-NII-PRIOR>                                     0
<OVERDIST-NET-GAINS-PRIOR>                                  0
<GROSS-ADVISORY-FEES>                                       124
<INTEREST-EXPENSE>                                          0
<GROSS-EXPENSE>                                             234
<AVERAGE-NET-ASSETS>                                        62,362
<PER-SHARE-NAV-BEGIN>                                       10.18
<PER-SHARE-NII>                                             0.2
<PER-SHARE-GAIN-APPREC>                                     0.07
<PER-SHARE-DIVIDEND>                                        (0.21)
<PER-SHARE-DISTRIBUTIONS>                                   0
<RETURNS-OF-CAPITAL>                                        0
<PER-SHARE-NAV-END>                                         10.24
<EXPENSE-RATIO>                                             1.70
<AVG-DEBT-OUTSTANDING>                                      0
<AVG-DEBT-PER-SHARE>                                        0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                      6
<LEGEND>                       
<RESTATED>                     
<CIK>                    0000814067
<NAME>                   PEGASUS FUNDS
<SERIES>                       
<NUMBER>                      33
<NAME>                   PEGASUS MICHIGAN MUNICIPAL BOND FUND
<MULTIPLIER>                   1
<CURRENCY>               U.S. DOLLARS
<PERIOD-TYPE>            6-MOS
<FISCAL-YEAR-END>                                           DEC-31-1997
<PERIOD-START>                                              DEC-31-1996
<PERIOD-END>                                                JUN-30-1997
<EXCHANGE-RATE>                                             1
<INVESTMENTS-AT-COST>                                       64,581
<INVESTMENTS-AT-VALUE>                                      66,300
<RECEIVABLES>                                               812
<ASSETS-OTHER>                                              150
<OTHER-ITEMS-ASSETS>                                        0
<TOTAL-ASSETS>                                              67,262
<PAYABLE-FOR-SECURITIES>                                    0
<SENIOR-LONG-TERM-DEBT>                                     0
<OTHER-ITEMS-LIABILITIES>                                   289
<TOTAL-LIABILITIES>                                         289
<SENIOR-EQUITY>                                             0
<PAID-IN-CAPITAL-COMMON>                                    65,472
<SHARES-COMMON-STOCK>                                       6,340
<SHARES-COMMON-PRIOR>                                       5,780
<ACCUMULATED-NII-CURRENT>                                   93
<OVERDISTRIBUTION-NII>                                      0
<ACCUMULATED-NET-GAINS>                                     (311)
<OVERDISTRIBUTION-GAINS>                                    0
<ACCUM-APPREC-OR-DEPREC>                                    1,719
<NET-ASSETS>                                                66,973
<DIVIDEND-INCOME>                                           0
<INTEREST-INCOME>                                           1,715
<OTHER-INCOME>                                              0
<EXPENSES-NET>                                              234
<NET-INVESTMENT-INCOME>                                     1,480
<REALIZED-GAINS-CURRENT>                                    (188)
<APPREC-INCREASE-CURRENT>                                   690
<NET-CHANGE-FROM-OPS>                                       1,982
<EQUALIZATION>                                              0
<DISTRIBUTIONS-OF-INCOME>                                   (1,480)
<DISTRIBUTIONS-OF-GAINS>                                    0
<DISTRIBUTIONS-OTHER>                                       0
<NUMBER-OF-SHARES-SOLD>                                     11,525
<NUMBER-OF-SHARES-REDEEMED>                                 (6,111)
<SHARES-REINVESTED>                                         463
<NET-CHANGE-IN-ASSETS>                                      5,877
<ACCUMULATED-NII-PRIOR>                                     93
<ACCUMULATED-GAINS-PRIOR>                                   (123)
<OVERDISTRIB-NII-PRIOR>                                     0
<OVERDIST-NET-GAINS-PRIOR>                                  0
<GROSS-ADVISORY-FEES>                                       124
<INTEREST-EXPENSE>                                          0
<GROSS-EXPENSE>                                             234
<AVERAGE-NET-ASSETS>                                        62,362
<PER-SHARE-NAV-BEGIN>                                       10.48
<PER-SHARE-NII>                                             0.25
<PER-SHARE-GAIN-APPREC>                                     0.08
<PER-SHARE-DIVIDEND>                                        (0.25)
<PER-SHARE-DISTRIBUTIONS>                                   0
<RETURNS-OF-CAPITAL>                                        0
<PER-SHARE-NAV-END>                                         10.56
<EXPENSE-RATIO>                                             0.70
<AVG-DEBT-OUTSTANDING>                                      0
<AVG-DEBT-PER-SHARE>                                        0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                      6
<LEGEND>
<RESTATED>
<CIK>                    0000814067
<NAME>                   PEGASUS FUNDS
<SERIES>
<NUMBER>                      34
<NAME>                   PEGASUS MANAGED ASSETS BALANCED FUND
<MULTIPLIER>                   1
<CURRENCY>               U.S. DOLLARS
<PERIOD-TYPE>            6-MOS
<FISCAL-YEAR-END>                                          DEC-31-1997
<PERIOD-START>                                             DEC-31-1996
<PERIOD-END>                                               JUN-30-1997
<EXCHANGE-RATE>                                            1
<INVESTMENTS-AT-COST>                                      213,931
<INVESTMENTS-AT-VALUE>                                     233,142
<RECEIVABLES>                                              485
<ASSETS-OTHER>                                             1,564
<OTHER-ITEMS-ASSETS>                                       0
<TOTAL-ASSETS>                                             236,191
<PAYABLE-FOR-SECURITIES>                                   0
<SENIOR-LONG-TERM-DEBT>                                    0
<OTHER-ITEMS-LIABILITIES>                                  1,986
<TOTAL-LIABILITIES>                                        1,986
<SENIOR-EQUITY>                                            0
<PAID-IN-CAPITAL-COMMON>                                   203,950
<SHARES-COMMON-STOCK>                                      18,762
<SHARES-COMMON-PRIOR>                                      11,213
<ACCUMULATED-NII-CURRENT>                                  57
<OVERDISTRIBUTION-NII>                                     0
<ACCUMULATED-NET-GAINS>                                    10,986
<OVERDISTRIBUTION-GAINS>                                   0
<ACCUM-APPREC-OR-DEPREC>                                   19,211
<NET-ASSETS>                                               234,204
<DIVIDEND-INCOME>                                          734
<INTEREST-INCOME>                                          3,103
<OTHER-INCOME>                                             0
<EXPENSES-NET>                                             956
<NET-INVESTMENT-INCOME>                                    2,881
<REALIZED-GAINS-CURRENT>                                   8,542
<APPREC-INCREASE-CURRENT>                                  6,938
<NET-CHANGE-FROM-OPS>                                      18,361
<EQUALIZATION>                                             0
<DISTRIBUTIONS-OF-INCOME>                                  (2,881)
<DISTRIBUTIONS-OF-GAINS>                                   0
<DISTRIBUTIONS-OTHER>                                      0
<NUMBER-OF-SHARES-SOLD>                                    138,198
<NUMBER-OF-SHARES-REDEEMED>                                (52,515)
<SHARES-REINVESTED>                                        2,780
<NET-CHANGE-IN-ASSETS>                                     88,463
<ACCUMULATED-NII-PRIOR>                                    56
<ACCUMULATED-GAINS-PRIOR>                                  2,444
<OVERDISTRIB-NII-PRIOR>                                    0
<OVERDIST-NET-GAINS-PRIOR>                                 0
<GROSS-ADVISORY-FEES>                                      589
<INTEREST-EXPENSE>                                         0
<GROSS-EXPENSE>                                            1,024
<AVERAGE-NET-ASSETS>                                       182,303
<PER-SHARE-NAV-BEGIN>                                      11.63
<PER-SHARE-NII>                                            0.16
<PER-SHARE-GAIN-APPREC>                                    0.85
<PER-SHARE-DIVIDEND>                                       (0.17)
<PER-SHARE-DISTRIBUTIONS>                                  0
<RETURNS-OF-CAPITAL>                                       0
<PER-SHARE-NAV-END>                                        12.47
<EXPENSE-RATIO>                                            1.22
<AVG-DEBT-OUTSTANDING>                                     0
<AVG-DEBT-PER-SHARE>                                       0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<LEGEND>                                             
<RESTATED>                                           
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>                                             
<NUMBER>                                            35
<NAME>                       PEGASUS MANAGED ASSETS BALANCED FUND
<MULTIPLIER>                                         1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               213,931
<INVESTMENTS-AT-VALUE>                              233,142
<RECEIVABLES>                                       485
<ASSETS-OTHER>                                      1,564
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      236,191
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           1,986
<TOTAL-LIABILITIES>                                 1,986
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            203,950
<SHARES-COMMON-STOCK>                               18,762
<SHARES-COMMON-PRIOR>                               11,213
<ACCUMULATED-NII-CURRENT>                           57
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             10,986
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            19,211
<NET-ASSETS>                                        234,204
<DIVIDEND-INCOME>                                   734
<INTEREST-INCOME>                                   3,103
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      956
<NET-INVESTMENT-INCOME>                             2,881
<REALIZED-GAINS-CURRENT>                            8,542
<APPREC-INCREASE-CURRENT>                           6,938
<NET-CHANGE-FROM-OPS>                               18,361
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           (2,881)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             138,198
<NUMBER-OF-SHARES-REDEEMED>                         (52,515)
<SHARES-REINVESTED>                                 2,780
<NET-CHANGE-IN-ASSETS>                              88,463
<ACCUMULATED-NII-PRIOR>                             56
<ACCUMULATED-GAINS-PRIOR>                           2,444
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               589
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     1,024
<AVERAGE-NET-ASSETS>                                182,303
<PER-SHARE-NAV-BEGIN>                               12.81
<PER-SHARE-NII>                                     0.13
<PER-SHARE-GAIN-APPREC>                             0.94
<PER-SHARE-DIVIDEND>                                (0.13)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 13.75
<EXPENSE-RATIO>                                     1.96
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<LEGEND>                                             
<RESTATED>                                           
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>                                             
<NUMBER>                                            36
<NAME>                       PEGASUS MANAGED ASSETS BALANCED FUND
<MULTIPLIER>                                         1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               213,931
<INVESTMENTS-AT-VALUE>                              233,142
<RECEIVABLES>                                       485
<ASSETS-OTHER>                                      1,564
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      236,191
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           1,986
<TOTAL-LIABILITIES>                                 1,986
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            203,950
<SHARES-COMMON-STOCK>                               18,762
<SHARES-COMMON-PRIOR>                               11,213
<ACCUMULATED-NII-CURRENT>                           57
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             10,986
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            19,211
<NET-ASSETS>                                        234,204
<DIVIDEND-INCOME>                                   734
<INTEREST-INCOME>                                   3,103
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      956
<NET-INVESTMENT-INCOME>                             2,881
<REALIZED-GAINS-CURRENT>                            8,542
<APPREC-INCREASE-CURRENT>                           6,938
<NET-CHANGE-FROM-OPS>                               18,361
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           (2,881)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             138,198
<NUMBER-OF-SHARES-REDEEMED>                         (52,515)
<SHARES-REINVESTED>                                 2,780
<NET-CHANGE-IN-ASSETS>                              88,463
<ACCUMULATED-NII-PRIOR>                             56
<ACCUMULATED-GAINS-PRIOR>                           2,444
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               589
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     1,024
<AVERAGE-NET-ASSETS>                                182,303
<PER-SHARE-NAV-BEGIN>                               11.59
<PER-SHARE-NII>                                     0.17
<PER-SHARE-GAIN-APPREC>                             0.88
<PER-SHARE-DIVIDEND>                                (0.18)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 12.46
<EXPENSE-RATIO>                                     0.97
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                                 6
<LEGEND>
<RESTATED>
<CIK>                              0000814067
<NAME>                             PEGASUS FUNDS
<SERIES>
<NUMBER>                                                 37
<NAME>                             PEGASUS GROWTH FUND
<MULTIPLIER>                                              1
<CURRENCY>                         U.S. DOLLARS
<PERIOD-TYPE>                      6-MOS
<FISCAL-YEAR-END>                                        DEC-31-1997
<PERIOD-START>                                           DEC-31-1996
<PERIOD-END>                                             JUN-30-1997
<EXCHANGE-RATE>                                          1
<INVESTMENTS-AT-COST>                                    423,813
<INVESTMENTS-AT-VALUE>                                   614,302
<RECEIVABLES>                                            681
<ASSETS-OTHER>                                           356
<OTHER-ITEMS-ASSETS>                                     0
<TOTAL-ASSETS>                                           615,339
<PAYABLE-FOR-SECURITIES>                                 356
<SENIOR-LONG-TERM-DEBT>                                  0
<OTHER-ITEMS-LIABILITIES>                                738
<TOTAL-LIABILITIES>                                      1,094
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                                 392,638
<SHARES-COMMON-STOCK>                                    41,852
<SHARES-COMMON-PRIOR>                                    44,146
<ACCUMULATED-NII-CURRENT>                                (11)
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                                  31,130
<OVERDISTRIBUTION-GAINS>                                 0
<ACCUM-APPREC-OR-DEPREC>                                 190,488
<NET-ASSETS>                                             614,245
<DIVIDEND-INCOME>                                        2,841
<INTEREST-INCOME>                                        205
<OTHER-INCOME>                                           0
<EXPENSES-NET>                                           2,302
<NET-INVESTMENT-INCOME>                                  743
<REALIZED-GAINS-CURRENT>                                 23,228
<APPREC-INCREASE-CURRENT>                                63,937
<NET-CHANGE-FROM-OPS>                                    87,908
<EQUALIZATION>                                           0
<DISTRIBUTIONS-OF-INCOME>                                (769)
<DISTRIBUTIONS-OF-GAINS>                                 0
<DISTRIBUTIONS-OTHER>                                    0
<NUMBER-OF-SHARES-SOLD>                                  53,803
<NUMBER-OF-SHARES-REDEEMED>                              (84,726)
<SHARES-REINVESTED>                                      255
<NET-CHANGE-IN-ASSETS>                                   (30,668)
<ACCUMULATED-NII-PRIOR>                                  14
<ACCUMULATED-GAINS-PRIOR>                                7,902
<OVERDISTRIB-NII-PRIOR>                                  0
<OVERDIST-NET-GAINS-PRIOR>                               0
<GROSS-ADVISORY-FEES>                                    1,693
<INTEREST-EXPENSE>                                       0
<GROSS-EXPENSE>                                          2,302
<AVERAGE-NET-ASSETS>                                     576,803
<PER-SHARE-NAV-BEGIN>                                    12.64
<PER-SHARE-NII>                                          0
<PER-SHARE-GAIN-APPREC>                                  2.04
<PER-SHARE-DIVIDEND>                                     0
<PER-SHARE-DISTRIBUTIONS>                                0
<RETURNS-OF-CAPITAL>                                     0
<PER-SHARE-NAV-END>                                      14.68
<EXPENSE-RATIO>                                          1.04
<AVG-DEBT-OUTSTANDING>                                   0
<AVG-DEBT-PER-SHARE>                                     0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                              0000814067
<NAME>                             PEGASUS FUNDS
<SERIES>                           
<NUMBER>                           38
<NAME>                             PEGASUS GROWTH FUND
<MULTIPLIER>                       1
<CURRENCY>                         U.S. DOLLARS
<PERIOD-TYPE>                      6-MOS
<FISCAL-YEAR-END>                                        DEC-31-1997
<PERIOD-START>                                           DEC-31-1996
<PERIOD-END>                                             JUN-30-1997
<EXCHANGE-RATE>                                          1
<INVESTMENTS-AT-COST>                                    423,813
<INVESTMENTS-AT-VALUE>                                   614,302
<RECEIVABLES>                                            681
<ASSETS-OTHER>                                           356
<OTHER-ITEMS-ASSETS>                                     0
<TOTAL-ASSETS>                                           615,339
<PAYABLE-FOR-SECURITIES>                                 356
<SENIOR-LONG-TERM-DEBT>                                  0
<OTHER-ITEMS-LIABILITIES>                                738
<TOTAL-LIABILITIES>                                      1,094
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                                 392,638
<SHARES-COMMON-STOCK>                                    41,852
<SHARES-COMMON-PRIOR>                                    44,146
<ACCUMULATED-NII-CURRENT>                                (11)
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                                  31,130
<OVERDISTRIBUTION-GAINS>                                 0
<ACCUM-APPREC-OR-DEPREC>                                 190,488
<NET-ASSETS>                                             614,245
<DIVIDEND-INCOME>                                        2,841
<INTEREST-INCOME>                                        205
<OTHER-INCOME>                                           0
<EXPENSES-NET>                                           2,302
<NET-INVESTMENT-INCOME>                                  743
<REALIZED-GAINS-CURRENT>                                 23,228
<APPREC-INCREASE-CURRENT>                                63,937
<NET-CHANGE-FROM-OPS>                                    87,908
<EQUALIZATION>                                           0
<DISTRIBUTIONS-OF-INCOME>                                (769)
<DISTRIBUTIONS-OF-GAINS>                                 0
<DISTRIBUTIONS-OTHER>                                    0
<NUMBER-OF-SHARES-SOLD>                                  53,803
<NUMBER-OF-SHARES-REDEEMED>                              (84,726)
<SHARES-REINVESTED>                                      255
<NET-CHANGE-IN-ASSETS>                                   (30,668)
<ACCUMULATED-NII-PRIOR>                                  14
<ACCUMULATED-GAINS-PRIOR>                                7,902
<OVERDISTRIB-NII-PRIOR>                                  0
<OVERDIST-NET-GAINS-PRIOR>                               0
<GROSS-ADVISORY-FEES>                                    1,693
<INTEREST-EXPENSE>                                       0
<GROSS-EXPENSE>                                          2,302
<AVERAGE-NET-ASSETS>                                     576,803
<PER-SHARE-NAV-BEGIN>                                    12.56
<PER-SHARE-NII>                                          (0.40)
<PER-SHARE-GAIN-APPREC>                                  2.03
<PER-SHARE-DIVIDEND>                                     0
<PER-SHARE-DISTRIBUTIONS>                                0
<RETURNS-OF-CAPITAL>                                     0
<PER-SHARE-NAV-END>                                      14.55
<EXPENSE-RATIO>                                          1.79
<AVG-DEBT-OUTSTANDING>                                   0
<AVG-DEBT-PER-SHARE>                                     0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                              0000814067
<NAME>                             PEGASUS FUNDS
<SERIES>                           
<NUMBER>                           39
<NAME>                             PEGASUS GROWTH FUND
<MULTIPLIER>                       1
<CURRENCY>                         U.S. DOLLARS
<PERIOD-TYPE>                      6-MOS
<FISCAL-YEAR-END>                                        DEC-31-1997
<PERIOD-START>                                           DEC-31-1996
<PERIOD-END>                                             JUN-30-1997
<EXCHANGE-RATE>                                          1
<INVESTMENTS-AT-COST>                                    423,813
<INVESTMENTS-AT-VALUE>                                   614,302
<RECEIVABLES>                                            681
<ASSETS-OTHER>                                           356
<OTHER-ITEMS-ASSETS>                                     0
<TOTAL-ASSETS>                                           615,339
<PAYABLE-FOR-SECURITIES>                                 356
<SENIOR-LONG-TERM-DEBT>                                  0
<OTHER-ITEMS-LIABILITIES>                                738
<TOTAL-LIABILITIES>                                      1,094
<SENIOR-EQUITY>                                          0
<PAID-IN-CAPITAL-COMMON>                                 392,638
<SHARES-COMMON-STOCK>                                    41,852
<SHARES-COMMON-PRIOR>                                    44,146
<ACCUMULATED-NII-CURRENT>                                (11)
<OVERDISTRIBUTION-NII>                                   0
<ACCUMULATED-NET-GAINS>                                  31,130
<OVERDISTRIBUTION-GAINS>                                 0
<ACCUM-APPREC-OR-DEPREC>                                 190,488
<NET-ASSETS>                                             614,245
<DIVIDEND-INCOME>                                        2,841
<INTEREST-INCOME>                                        205
<OTHER-INCOME>                                           0
<EXPENSES-NET>                                           2,302
<NET-INVESTMENT-INCOME>                                  743
<REALIZED-GAINS-CURRENT>                                 23,228
<APPREC-INCREASE-CURRENT>                                63,937
<NET-CHANGE-FROM-OPS>                                    87,908
<EQUALIZATION>                                           0
<DISTRIBUTIONS-OF-INCOME>                                (769)
<DISTRIBUTIONS-OF-GAINS>                                 0
<DISTRIBUTIONS-OTHER>                                    0
<NUMBER-OF-SHARES-SOLD>                                  53,803
<NUMBER-OF-SHARES-REDEEMED>                              (84,726)
<SHARES-REINVESTED>                                      255
<NET-CHANGE-IN-ASSETS>                                   (30,668)
<ACCUMULATED-NII-PRIOR>                                  14
<ACCUMULATED-GAINS-PRIOR>                                7,902
<OVERDISTRIB-NII-PRIOR>                                  0
<OVERDIST-NET-GAINS-PRIOR>                               0
<GROSS-ADVISORY-FEES>                                    1,693
<INTEREST-EXPENSE>                                       0
<GROSS-EXPENSE>                                          2,302
<AVERAGE-NET-ASSETS>                                     576,803
<PER-SHARE-NAV-BEGIN>                                    12.63
<PER-SHARE-NII>                                          0.02
<PER-SHARE-GAIN-APPREC>                                  2.06
<PER-SHARE-DIVIDEND>                                     (0.02)
<PER-SHARE-DISTRIBUTIONS>                                0
<RETURNS-OF-CAPITAL>                                     0
<PER-SHARE-NAV-END>                                      14.68
<EXPENSE-RATIO>                                          0.79
<AVG-DEBT-OUTSTANDING>                                   0
<AVG-DEBT-PER-SHARE>                                     0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>
<RESTATED>
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>
<NUMBER>                                               40
<NAME>                           PEGASUS SHORT BOND FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  191,948
<INVESTMENTS-AT-VALUE>                                 192,204
<RECEIVABLES>                                          2,602
<ASSETS-OTHER>                                         868
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         195,674
<PAYABLE-FOR-SECURITIES>                               0
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              1,009
<TOTAL-LIABILITIES>                                    1,009
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               194,275
<SHARES-COMMON-STOCK>                                  19,272
<SHARES-COMMON-PRIOR>                                  17,064
<ACCUMULATED-NII-CURRENT>                              17
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                116
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               256
<NET-ASSETS>                                           194,665
<DIVIDEND-INCOME>                                      0
<INTEREST-INCOME>                                      5,616
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         524
<NET-INVESTMENT-INCOME>                                5,093
<REALIZED-GAINS-CURRENT>                               1
<APPREC-INCREASE-CURRENT>                              18
<NET-CHANGE-FROM-OPS>                                  5,112
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              5,158
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                46,238
<NUMBER-OF-SHARES-REDEEMED>                            (26,037)
<SHARES-REINVESTED>                                    1,993
<NET-CHANGE-IN-ASSETS>                                 22,194
<ACCUMULATED-NII-PRIOR>                                81,695
<ACCUMULATED-GAINS-PRIOR>                              115
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  318
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        525
<AVERAGE-NET-ASSETS>                                   183,299
<PER-SHARE-NAV-BEGIN>                                  10.11
<PER-SHARE-NII>                                        0.26
<PER-SHARE-GAIN-APPREC>                                0
<PER-SHARE-DIVIDEND>                                   (0.27)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    10.10
<EXPENSE-RATIO>                                        0.82
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                                         6
<LEGEND>                                                          
<RESTATED>                                                        
<CIK>                                      0000814067
<NAME>                                     PEGASUS FUNDS
<SERIES>                                                          
<NUMBER>                                                         41
<NAME>                                     PEGASUS SHORT BOND FUND
<MULTIPLIER>                                                      1
<CURRENCY>                                 U.S. DOLLARS
<PERIOD-TYPE>                              6-MOS
<FISCAL-YEAR-END>                                                DEC-31-1997
<PERIOD-START>                                                   DEC-31-1996
<PERIOD-END>                                                     JUN-30-1997
<EXCHANGE-RATE>                                                  1
<INVESTMENTS-AT-COST>                                            191,948
<INVESTMENTS-AT-VALUE>                                           192,204
<RECEIVABLES>                                                    2,602
<ASSETS-OTHER>                                                   868
<OTHER-ITEMS-ASSETS>                                             0
<TOTAL-ASSETS>                                                   195,674
<PAYABLE-FOR-SECURITIES>                                         0
<SENIOR-LONG-TERM-DEBT>                                          0
<OTHER-ITEMS-LIABILITIES>                                        1,009
<TOTAL-LIABILITIES>                                              1,009
<SENIOR-EQUITY>                                                  0
<PAID-IN-CAPITAL-COMMON>                                         194,275
<SHARES-COMMON-STOCK>                                            19,272
<SHARES-COMMON-PRIOR>                                            17,064
<ACCUMULATED-NII-CURRENT>                                        17
<OVERDISTRIBUTION-NII>                                           0
<ACCUMULATED-NET-GAINS>                                          116
<OVERDISTRIBUTION-GAINS>                                         0
<ACCUM-APPREC-OR-DEPREC>                                         256
<NET-ASSETS>                                                     194,665
<DIVIDEND-INCOME>                                                0
<INTEREST-INCOME>                                                5,616
<OTHER-INCOME>                                                   0
<EXPENSES-NET>                                                   524
<NET-INVESTMENT-INCOME>                                          5,093
<REALIZED-GAINS-CURRENT>                                         1
<APPREC-INCREASE-CURRENT>                                        18
<NET-CHANGE-FROM-OPS>                                            5,112
<EQUALIZATION>                                                   0
<DISTRIBUTIONS-OF-INCOME>                                        5,158
<DISTRIBUTIONS-OF-GAINS>                                         0
<DISTRIBUTIONS-OTHER>                                            0
<NUMBER-OF-SHARES-SOLD>                                          46,238
<NUMBER-OF-SHARES-REDEEMED>                                      (26,037)
<SHARES-REINVESTED>                                              1,993
<NET-CHANGE-IN-ASSETS>                                           22,194
<ACCUMULATED-NII-PRIOR>                                          81,695
<ACCUMULATED-GAINS-PRIOR>                                        115
<OVERDISTRIB-NII-PRIOR>                                          0
<OVERDIST-NET-GAINS-PRIOR>                                       0
<GROSS-ADVISORY-FEES>                                            318
<INTEREST-EXPENSE>                                               0
<GROSS-EXPENSE>                                                  525
<AVERAGE-NET-ASSETS>                                             183,299
<PER-SHARE-NAV-BEGIN>                                            10.02
<PER-SHARE-NII>                                                  0.22
<PER-SHARE-GAIN-APPREC>                                          0
<PER-SHARE-DIVIDEND>                                             (0.23)
<PER-SHARE-DISTRIBUTIONS>                                        0
<RETURNS-OF-CAPITAL>                                             0
<PER-SHARE-NAV-END>                                              10.01
<EXPENSE-RATIO>                                                  1.57
<AVG-DEBT-OUTSTANDING>                                           0
<AVG-DEBT-PER-SHARE>                                             0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                                         6
<LEGEND>                                                          
<RESTATED>                                                        
<CIK>                                      0000814067
<NAME>                                     PEGASUS FUNDS
<SERIES>                                                          
<NUMBER>                                                         42
<NAME>                                     PEGASUS SHORT BOND FUND
<MULTIPLIER>                                                      1
<CURRENCY>                                 U.S. DOLLARS
<PERIOD-TYPE>                              6-MOS
<FISCAL-YEAR-END>                                                DEC-31-1997
<PERIOD-START>                                                   DEC-31-1996
<PERIOD-END>                                                     JUN-30-1997
<EXCHANGE-RATE>                                                  1
<INVESTMENTS-AT-COST>                                            191,948
<INVESTMENTS-AT-VALUE>                                           192,204
<RECEIVABLES>                                                    2,602
<ASSETS-OTHER>                                                   868
<OTHER-ITEMS-ASSETS>                                             0
<TOTAL-ASSETS>                                                   195,674
<PAYABLE-FOR-SECURITIES>                                         0
<SENIOR-LONG-TERM-DEBT>                                          0
<OTHER-ITEMS-LIABILITIES>                                        1,009
<TOTAL-LIABILITIES>                                              1,009
<SENIOR-EQUITY>                                                  0
<PAID-IN-CAPITAL-COMMON>                                         194,275
<SHARES-COMMON-STOCK>                                            19,272
<SHARES-COMMON-PRIOR>                                            17,064
<ACCUMULATED-NII-CURRENT>                                        17
<OVERDISTRIBUTION-NII>                                           0
<ACCUMULATED-NET-GAINS>                                          116
<OVERDISTRIBUTION-GAINS>                                         0
<ACCUM-APPREC-OR-DEPREC>                                         256
<NET-ASSETS>                                                     194,665
<DIVIDEND-INCOME>                                                0
<INTEREST-INCOME>                                                5,616
<OTHER-INCOME>                                                   0
<EXPENSES-NET>                                                   524
<NET-INVESTMENT-INCOME>                                          5,093
<REALIZED-GAINS-CURRENT>                                         1
<APPREC-INCREASE-CURRENT>                                        18
<NET-CHANGE-FROM-OPS>                                            5,112
<EQUALIZATION>                                                   0
<DISTRIBUTIONS-OF-INCOME>                                        5,158
<DISTRIBUTIONS-OF-GAINS>                                         0
<DISTRIBUTIONS-OTHER>                                            0
<NUMBER-OF-SHARES-SOLD>                                          46,238
<NUMBER-OF-SHARES-REDEEMED>                                      (26,037)
<SHARES-REINVESTED>                                              1,993
<NET-CHANGE-IN-ASSETS>                                           22,194
<ACCUMULATED-NII-PRIOR>                                          81,695
<ACCUMULATED-GAINS-PRIOR>                                        115
<OVERDISTRIB-NII-PRIOR>                                          0
<OVERDIST-NET-GAINS-PRIOR>                                       0
<GROSS-ADVISORY-FEES>                                            318
<INTEREST-EXPENSE>                                               0
<GROSS-EXPENSE>                                                  525
<AVERAGE-NET-ASSETS>                                             183,299
<PER-SHARE-NAV-BEGIN>                                            10.11
<PER-SHARE-NII>                                                  0.28
<PER-SHARE-GAIN-APPREC>                                          (0.01)
<PER-SHARE-DIVIDEND>                                             (0.28)
<PER-SHARE-DISTRIBUTIONS>                                        0
<RETURNS-OF-CAPITAL>                                             0
<PER-SHARE-NAV-END>                                              10.10
<EXPENSE-RATIO>                                                  0.57
<AVG-DEBT-OUTSTANDING>                                           0
<AVG-DEBT-PER-SHARE>                                             0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>
<RESTATED>
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>
<NUMBER>                                               43
<NAME>                           PEGASUS INTERNATIONAL EQUITY FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  407,947
<INVESTMENTS-AT-VALUE>                                 480,701
<RECEIVABLES>                                          2,572
<ASSETS-OTHER>                                         938
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         484,211
<PAYABLE-FOR-SECURITIES>                               1,976
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              539
<TOTAL-LIABILITIES>                                    2,515
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               412,900
<SHARES-COMMON-STOCK>                                  37,340
<SHARES-COMMON-PRIOR>                                  34,090
<ACCUMULATED-NII-CURRENT>                              (1,579)
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                (2,522)
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               72,754
<NET-ASSETS>                                           481,695
<DIVIDEND-INCOME>                                      5,010
<INTEREST-INCOME>                                      910
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         2,329
<NET-INVESTMENT-INCOME>                                3,591
<REALIZED-GAINS-CURRENT>                               (3,320)
<APPREC-INCREASE-CURRENT>                              42,118
<NET-CHANGE-FROM-OPS>                                  44,081
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              (2,867)
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                65,940
<NUMBER-OF-SHARES-REDEEMED>                            (28,460)
<SHARES-REINVESTED>                                    1,038
<NET-CHANGE-IN-ASSETS>                                 38,518
<ACCUMULATED-NII-PRIOR>                                6,249
<ACCUMULATED-GAINS-PRIOR>                              (1,511)
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  1,714
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        2,329
<AVERAGE-NET-ASSETS>                                   431,914
<PER-SHARE-NAV-BEGIN>                                  11.77
<PER-SHARE-NII>                                        0.02
<PER-SHARE-GAIN-APPREC>                                1.15
<PER-SHARE-DIVIDEND>                                   (0.06)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    12.88
<EXPENSE-RATIO>                                        1.37
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>                                                
<RESTATED>                                              
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>                                                
<NUMBER>                                               44
<NAME>                           PEGASUS INTERNATIONAL EQUITY FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  407,947
<INVESTMENTS-AT-VALUE>                                 480,701
<RECEIVABLES>                                          2,572
<ASSETS-OTHER>                                         938
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         484,211
<PAYABLE-FOR-SECURITIES>                               1,976
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              539
<TOTAL-LIABILITIES>                                    2,515
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               412,900
<SHARES-COMMON-STOCK>                                  37,340
<SHARES-COMMON-PRIOR>                                  34,090
<ACCUMULATED-NII-CURRENT>                              (1,579)
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                (2,522)
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               72,754
<NET-ASSETS>                                           481,695
<DIVIDEND-INCOME>                                      5,010
<INTEREST-INCOME>                                      910
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         2,329
<NET-INVESTMENT-INCOME>                                3,591
<REALIZED-GAINS-CURRENT>                               (3,320)
<APPREC-INCREASE-CURRENT>                              42,118
<NET-CHANGE-FROM-OPS>                                  44,081
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              (2,867)
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                65,940
<NUMBER-OF-SHARES-REDEEMED>                            (28,460)
<SHARES-REINVESTED>                                    1,038
<NET-CHANGE-IN-ASSETS>                                 38,518
<ACCUMULATED-NII-PRIOR>                                6,249
<ACCUMULATED-GAINS-PRIOR>                              (1,511)
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  1,714
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        2,329
<AVERAGE-NET-ASSETS>                                   431,914
<PER-SHARE-NAV-BEGIN>                                  11.08
<PER-SHARE-NII>                                        (0.02)
<PER-SHARE-GAIN-APPREC>                                1.08
<PER-SHARE-DIVIDEND>                                   (0.03)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    12.11
<EXPENSE-RATIO>                                        2.12
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>                                                
<RESTATED>                                              
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>                                                
<NUMBER>                                               45
<NAME>                           PEGASUS INTERNATIONAL EQUITY FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  407,947
<INVESTMENTS-AT-VALUE>                                 480,701
<RECEIVABLES>                                          2,572
<ASSETS-OTHER>                                         938
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         484,211
<PAYABLE-FOR-SECURITIES>                               1,976
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              539
<TOTAL-LIABILITIES>                                    2,515
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               412,900
<SHARES-COMMON-STOCK>                                  37,340
<SHARES-COMMON-PRIOR>                                  34,090
<ACCUMULATED-NII-CURRENT>                              (1,579)
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                (2,522)
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               72,754
<NET-ASSETS>                                           481,695
<DIVIDEND-INCOME>                                      5,010
<INTEREST-INCOME>                                      910
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         2,329
<NET-INVESTMENT-INCOME>                                3,591
<REALIZED-GAINS-CURRENT>                               (3,320)
<APPREC-INCREASE-CURRENT>                              42,118
<NET-CHANGE-FROM-OPS>                                  44,081
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              (2,867)
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                65,940
<NUMBER-OF-SHARES-REDEEMED>                            (28,460)
<SHARES-REINVESTED>                                    1,038
<NET-CHANGE-IN-ASSETS>                                 38,518
<ACCUMULATED-NII-PRIOR>                                6,249
<ACCUMULATED-GAINS-PRIOR>                              (1,511)
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  1,714
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        2,329
<AVERAGE-NET-ASSETS>                                   431,914
<PER-SHARE-NAV-BEGIN>                                  11.79
<PER-SHARE-NII>                                        0.04
<PER-SHARE-GAIN-APPREC>                                1.15
<PER-SHARE-DIVIDEND>                                   (0.08)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    12.90
<EXPENSE-RATIO>                                        1.07
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>
<RESTATED>
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>
<NUMBER>                                               46
<NAME>                           PEGASUS INTERNATIONAL BOND FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  75,539
<INVESTMENTS-AT-VALUE>                                 73,315
<RECEIVABLES>                                          1,563
<ASSETS-OTHER>                                         343
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         75,221
<PAYABLE-FOR-SECURITIES>                               0
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              417
<TOTAL-LIABILITIES>                                    417
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               77,170
<SHARES-COMMON-STOCK>                                  7,310
<SHARES-COMMON-PRIOR>                                  5,153
<ACCUMULATED-NII-CURRENT>                              121
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                (230)
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               2,784
<NET-ASSETS>                                           74,804
<DIVIDEND-INCOME>                                      0
<INTEREST-INCOME>                                      1,990
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         299
<NET-INVESTMENT-INCOME>                                1,691
<REALIZED-GAINS-CURRENT>                               (229)
<APPREC-INCREASE-CURRENT>                              (3,481)
<NET-CHANGE-FROM-OPS>                                  (2,019)
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              (1,594)
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                25,672
<NUMBER-OF-SHARES-REDEEMED>                            (4,002)
<SHARES-REINVESTED>                                    850
<NET-CHANGE-IN-ASSETS>                                 22,520
<ACCUMULATED-NII-PRIOR>                                24
<ACCUMULATED-GAINS-PRIOR>                              0
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  240
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        380
<AVERAGE-NET-ASSETS>                                   69,243
<PER-SHARE-NAV-BEGIN>                                  10.79
<PER-SHARE-NII>                                        0.19
<PER-SHARE-GAIN-APPREC>                                (0.58)
<PER-SHARE-DIVIDEND>                                   (0.22)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    10.18
<EXPENSE-RATIO>                                        1.11
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>                                                
<RESTATED>                                              
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>                                                
<NUMBER>                                               47
<NAME>                           PEGASUS INTERNATIONAL BOND FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  75,539
<INVESTMENTS-AT-VALUE>                                 73,315
<RECEIVABLES>                                          1,563
<ASSETS-OTHER>                                         343
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         75,221
<PAYABLE-FOR-SECURITIES>                               0
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              417
<TOTAL-LIABILITIES>                                    417
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               77,170
<SHARES-COMMON-STOCK>                                  7,310
<SHARES-COMMON-PRIOR>                                  5,153
<ACCUMULATED-NII-CURRENT>                              121
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                (230)
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               2,784
<NET-ASSETS>                                           74,804
<DIVIDEND-INCOME>                                      0
<INTEREST-INCOME>                                      1,990
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         299
<NET-INVESTMENT-INCOME>                                1,691
<REALIZED-GAINS-CURRENT>                               (229)
<APPREC-INCREASE-CURRENT>                              (3,481)
<NET-CHANGE-FROM-OPS>                                  (2,019)
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              (1,594)
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                25,672
<NUMBER-OF-SHARES-REDEEMED>                            (4,002)
<SHARES-REINVESTED>                                    850
<NET-CHANGE-IN-ASSETS>                                 22,520
<ACCUMULATED-NII-PRIOR>                                24
<ACCUMULATED-GAINS-PRIOR>                              0
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  240
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        380
<AVERAGE-NET-ASSETS>                                   69,243
<PER-SHARE-NAV-BEGIN>                                  10.87
<PER-SHARE-NII>                                        0.16
<PER-SHARE-GAIN-APPREC>                                (0.58)
<PER-SHARE-DIVIDEND>                                   (0.19)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    10.26
<EXPENSE-RATIO>                                        1.86
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>                                                
<RESTATED>                                              
<CIK>                            0000814067
<NAME>                           PEGASUS FUNDS
<SERIES>                                                
<NUMBER>                                               48
<NAME>                           PEGASUS INTERNATIONAL BOND FUND
<MULTIPLIER>                                            1
<CURRENCY>                       U.S. DOLLARS
<PERIOD-TYPE>                    6-MOS
<FISCAL-YEAR-END>                                      DEC-31-1997
<PERIOD-START>                                         DEC-31-1996
<PERIOD-END>                                           JUN-30-1997
<EXCHANGE-RATE>                                        1
<INVESTMENTS-AT-COST>                                  75,539
<INVESTMENTS-AT-VALUE>                                 73,315
<RECEIVABLES>                                          1,563
<ASSETS-OTHER>                                         343
<OTHER-ITEMS-ASSETS>                                   0
<TOTAL-ASSETS>                                         75,221
<PAYABLE-FOR-SECURITIES>                               0
<SENIOR-LONG-TERM-DEBT>                                0
<OTHER-ITEMS-LIABILITIES>                              417
<TOTAL-LIABILITIES>                                    417
<SENIOR-EQUITY>                                        0
<PAID-IN-CAPITAL-COMMON>                               77,170
<SHARES-COMMON-STOCK>                                  7,310
<SHARES-COMMON-PRIOR>                                  5,153
<ACCUMULATED-NII-CURRENT>                              121
<OVERDISTRIBUTION-NII>                                 0
<ACCUMULATED-NET-GAINS>                                (230)
<OVERDISTRIBUTION-GAINS>                               0
<ACCUM-APPREC-OR-DEPREC>                               2,784
<NET-ASSETS>                                           74,804
<DIVIDEND-INCOME>                                      0
<INTEREST-INCOME>                                      1,990
<OTHER-INCOME>                                         0
<EXPENSES-NET>                                         299
<NET-INVESTMENT-INCOME>                                1,691
<REALIZED-GAINS-CURRENT>                               (229)
<APPREC-INCREASE-CURRENT>                              (3,481)
<NET-CHANGE-FROM-OPS>                                  (2,019)
<EQUALIZATION>                                         0
<DISTRIBUTIONS-OF-INCOME>                              (1,594)
<DISTRIBUTIONS-OF-GAINS>                               0
<DISTRIBUTIONS-OTHER>                                  0
<NUMBER-OF-SHARES-SOLD>                                25,672
<NUMBER-OF-SHARES-REDEEMED>                            (4,002)
<SHARES-REINVESTED>                                    850
<NET-CHANGE-IN-ASSETS>                                 22,520
<ACCUMULATED-NII-PRIOR>                                24
<ACCUMULATED-GAINS-PRIOR>                              0
<OVERDISTRIB-NII-PRIOR>                                0
<OVERDIST-NET-GAINS-PRIOR>                             0
<GROSS-ADVISORY-FEES>                                  240
<INTEREST-EXPENSE>                                     0
<GROSS-EXPENSE>                                        380
<AVERAGE-NET-ASSETS>                                   69,243
<PER-SHARE-NAV-BEGIN>                                  10.85
<PER-SHARE-NII>                                        0.25
<PER-SHARE-GAIN-APPREC>                                (0.62)
<PER-SHARE-DIVIDEND>                                   (0.23)
<PER-SHARE-DISTRIBUTIONS>                              0
<RETURNS-OF-CAPITAL>                                   0
<PER-SHARE-NAV-END>                                    10.24
<EXPENSE-RATIO>                                        0.86
<AVG-DEBT-OUTSTANDING>                                 0
<AVG-DEBT-PER-SHARE>                                   0

</TABLE>

<TABLE> <S> <C>
                                                  
<ARTICLE>                                               6
<LEGEND>                                                
<RESTATED>                                              
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>                                                
<NUMBER>                                               49
<NAME>                          PEGASUS SMALL-CAP OPPORTUNITY FUND
<MULTIPLIER>                                            1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1997
<PERIOD-START>                                          DEC-31-1996
<PERIOD-END>                                            JUN-30-1997
<EXCHANGE-RATE>                                         1
<INVESTMENTS-AT-COST>                                   140,007
<INVESTMENTS-AT-VALUE>                                  179,097
<RECEIVABLES>                                           897
<ASSETS-OTHER>                                          148
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                          180,143
<PAYABLE-FOR-SECURITIES>                                3,718
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               151
<TOTAL-LIABILITIES>                                     3,869
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                125,232
<SHARES-COMMON-STOCK>                                   11,089
<SHARES-COMMON-PRIOR>                                   9,613
<ACCUMULATED-NII-CURRENT>                               (338)
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 12,290
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                39,090
<NET-ASSETS>                                            176,274
<DIVIDEND-INCOME>                                       250
<INTEREST-INCOME>                                       144
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                          699,872
<NET-INVESTMENT-INCOME>                                 (305)
<REALIZED-GAINS-CURRENT>                                7,546
<APPREC-INCREASE-CURRENT>                               15,700
<NET-CHANGE-FROM-OPS>                                   22,940
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               0
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 35,393
<NUMBER-OF-SHARES-REDEEMED>                             (14,708)
<SHARES-REINVESTED>                                     0
<NET-CHANGE-IN-ASSETS>                                  20,685
<ACCUMULATED-NII-PRIOR>                                 (33)
<ACCUMULATED-GAINS-PRIOR>                               4,744
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                                   514
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                         700
<AVERAGE-NET-ASSETS>                                    48,015
<PER-SHARE-NAV-BEGIN>                                   13.70
<PER-SHARE-NII>                                         (0.04)
<PER-SHARE-GAIN-APPREC>                                 2.11
<PER-SHARE-DIVIDEND>                                    0
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                     15.77
<EXPENSE-RATIO>                                         1.19
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0

</TABLE>

<TABLE> <S> <C>
                                                  
<ARTICLE>                                               6
<LEGEND>                                                
<RESTATED>                                              
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>                                                
<NUMBER>                                               50
<NAME>                          PEGASUS SMALL-CAP OPPORTUNITY FUND
<MULTIPLIER>                                            1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1997
<PERIOD-START>                                          DEC-31-1996
<PERIOD-END>                                            JUN-30-1997
<EXCHANGE-RATE>                                         1
<INVESTMENTS-AT-COST>                                   140,007
<INVESTMENTS-AT-VALUE>                                  179,097
<RECEIVABLES>                                           897
<ASSETS-OTHER>                                          148
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                          180,143
<PAYABLE-FOR-SECURITIES>                                3,718
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               151
<TOTAL-LIABILITIES>                                     3,869
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                125,232
<SHARES-COMMON-STOCK>                                   11,089
<SHARES-COMMON-PRIOR>                                   9,613
<ACCUMULATED-NII-CURRENT>                               (338)
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 12,290
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                39,090
<NET-ASSETS>                                            176,274
<DIVIDEND-INCOME>                                       250
<INTEREST-INCOME>                                       144
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                          699,872
<NET-INVESTMENT-INCOME>                                 (305)
<REALIZED-GAINS-CURRENT>                                7,546
<APPREC-INCREASE-CURRENT>                               15,700
<NET-CHANGE-FROM-OPS>                                   22,940
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               0
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 35,393
<NUMBER-OF-SHARES-REDEEMED>                             (14,708)
<SHARES-REINVESTED>                                     0
<NET-CHANGE-IN-ASSETS>                                  20,685
<ACCUMULATED-NII-PRIOR>                                 (33)
<ACCUMULATED-GAINS-PRIOR>                               4,744
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                                   514
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                         700
<AVERAGE-NET-ASSETS>                                    148,015
<PER-SHARE-NAV-BEGIN>                                   13.58
<PER-SHARE-NII>                                         (0.06)
<PER-SHARE-GAIN-APPREC>                                 2.04
<PER-SHARE-DIVIDEND>                                    0
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                     15.56
<EXPENSE-RATIO>                                         1.94
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>
<RESTATED>
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>
<NUMBER>                                               51
<NAME>                          PEGASUS SMALL-CAP OPPORTUNITY FUND
<MULTIPLIER>                                            1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1997
<PERIOD-START>                                          DEC-31-1996
<PERIOD-END>                                            JUN-30-1997
<EXCHANGE-RATE>                                         1
<INVESTMENTS-AT-COST>                                   140,007
<INVESTMENTS-AT-VALUE>                                  79,097
<RECEIVABLES>                                           897
<ASSETS-OTHER>                                          148
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                          180,143
<PAYABLE-FOR-SECURITIES>                                3,718
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               151
<TOTAL-LIABILITIES>                                     3,869
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                125,232
<SHARES-COMMON-STOCK>                                   11,089
<SHARES-COMMON-PRIOR>                                   9,613
<ACCUMULATED-NII-CURRENT>                               (338)
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 12,290
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                39,090
<NET-ASSETS>                                            176,274
<DIVIDEND-INCOME>                                       250
<INTEREST-INCOME>                                       144
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                          699,872
<NET-INVESTMENT-INCOME>                                 (305)
<REALIZED-GAINS-CURRENT>                                7,546
<APPREC-INCREASE-CURRENT>                               15,700
<NET-CHANGE-FROM-OPS>                                   22,940
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               0
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 35,393
<NUMBER-OF-SHARES-REDEEMED>                             (14,708)
<SHARES-REINVESTED>                                     0
<NET-CHANGE-IN-ASSETS>                                  20,685
<ACCUMULATED-NII-PRIOR>                                 (33)
<ACCUMULATED-GAINS-PRIOR>                               4,744
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                                   514
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                         700
<AVERAGE-NET-ASSETS>                                    148,015
<PER-SHARE-NAV-BEGIN>                                   13.8
<PER-SHARE-NII>                                         (0.03)
<PER-SHARE-GAIN-APPREC>                                 2.13
<PER-SHARE-DIVIDEND>                                    0
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                     15.90
<EXPENSE-RATIO>                                         0.94
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>
<RESTATED>
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>
<NUMBER>                                               52
<NAME>                          PEGASUS EQUITY INCOME FUND
<MULTIPLIER>                                            1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1997
<PERIOD-START>                                          DEC-31-1996
<PERIOD-END>                                            JUN-30-1997
<EXCHANGE-RATE>                                         1
<INVESTMENTS-AT-COST>                                   245,814
<INVESTMENTS-AT-VALUE>                                  312,027
<RECEIVABLES>                                           4,414
<ASSETS-OTHER>                                          1,142
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                          317,583
<PAYABLE-FOR-SECURITIES>                                744
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               1,336
<TOTAL-LIABILITIES>                                     2,079
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                217,449
<SHARES-COMMON-STOCK>                                   21,936
<SHARES-COMMON-PRIOR>                                   24,857
<ACCUMULATED-NII-CURRENT>                               288
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 31,587
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                66,180
<NET-ASSETS>                                            315,504
<DIVIDEND-INCOME>                                       5,344
<INTEREST-INCOME>                                       1,009
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                          1,116
<NET-INVESTMENT-INCOME>                                 5,237
<REALIZED-GAINS-CURRENT>                                17,572
<APPREC-INCREASE-CURRENT>                               8,197
<NET-CHANGE-FROM-OPS>                                   31,007
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               5,314
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 14,071
<NUMBER-OF-SHARES-REDEEMED>                             (54,027)
<SHARES-REINVESTED>                                     278
<NET-CHANGE-IN-ASSETS>                                  (39,678)
<ACCUMULATED-NII-PRIOR>                                 365
<ACCUMULATED-GAINS-PRIOR>                               14,014
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                                   778
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                         1,116
<AVERAGE-NET-ASSETS>                                    313,751
<PER-SHARE-NAV-BEGIN>                                   13.29
<PER-SHARE-NII>                                         0.22
<PER-SHARE-GAIN-APPREC>                                 1.13
<PER-SHARE-DIVIDEND>                                    (0.22)
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                     14.42
<EXPENSE-RATIO>                                         0.95
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                               6
<LEGEND>
<RESTATED> 
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>
<NUMBER>                                               53
<NAME>                          PEGASUS EQUITY INCOME FUND
<MULTIPLIER>                                            1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1997
<PERIOD-START>                                          DEC-31-1996
<PERIOD-END>                                            JUN-30-1997
<EXCHANGE-RATE>                                         1
<INVESTMENTS-AT-COST>                                   245,814
<INVESTMENTS-AT-VALUE>                                  312,027
<RECEIVABLES>                                           4,414
<ASSETS-OTHER>                                          1,142
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                          317,583
<PAYABLE-FOR-SECURITIES>                                744
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               1,336
<TOTAL-LIABILITIES>                                     2,079
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                217,449
<SHARES-COMMON-STOCK>                                   21,936
<SHARES-COMMON-PRIOR>                                   24,857
<ACCUMULATED-NII-CURRENT>                               288
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 31,587
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                66,180
<NET-ASSETS>                                            315,504
<DIVIDEND-INCOME>                                       5,344
<INTEREST-INCOME>                                       1,009
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                          1,116
<NET-INVESTMENT-INCOME>                                 5,237
<REALIZED-GAINS-CURRENT>                                17,572
<APPREC-INCREASE-CURRENT>                               8,197
<NET-CHANGE-FROM-OPS>                                   31,007
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               5,314
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 14,071
<NUMBER-OF-SHARES-REDEEMED>                             (54,027)
<SHARES-REINVESTED>                                     278
<NET-CHANGE-IN-ASSETS>                                  (39,678)
<ACCUMULATED-NII-PRIOR>                                 365
<ACCUMULATED-GAINS-PRIOR>                               14,014
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                                   778
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                         1,116
<AVERAGE-NET-ASSETS>                                    313,751
<PER-SHARE-NAV-BEGIN>                                   13.28
<PER-SHARE-NII>                                         0.19
<PER-SHARE-GAIN-APPREC>                                 1.11
<PER-SHARE-DIVIDEND>                                    (0.17)
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                     14.41
<EXPENSE-RATIO>                                         1.70
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0

</TABLE>

<TABLE> <S> <C>
 
<ARTICLE>                                               6
<LEGEND>
<RESTATED> 
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES> 
<NUMBER>                                               54
<NAME>                          PEGASUS EQUITY INCOME FUND
<MULTIPLIER>                                            1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                       DEC-31-1997
<PERIOD-START>                                          DEC-31-1996
<PERIOD-END>                                            JUN-30-1997
<EXCHANGE-RATE>                                         1
<INVESTMENTS-AT-COST>                                   245,814
<INVESTMENTS-AT-VALUE>                                  312,027
<RECEIVABLES>                                           4,414
<ASSETS-OTHER>                                          1,142
<OTHER-ITEMS-ASSETS>                                    0
<TOTAL-ASSETS>                                          317,583
<PAYABLE-FOR-SECURITIES>                                744
<SENIOR-LONG-TERM-DEBT>                                 0
<OTHER-ITEMS-LIABILITIES>                               1,336
<TOTAL-LIABILITIES>                                     2,079
<SENIOR-EQUITY>                                         0
<PAID-IN-CAPITAL-COMMON>                                217,449
<SHARES-COMMON-STOCK>                                   21,936
<SHARES-COMMON-PRIOR>                                   24,857
<ACCUMULATED-NII-CURRENT>                               288
<OVERDISTRIBUTION-NII>                                  0
<ACCUMULATED-NET-GAINS>                                 31,587
<OVERDISTRIBUTION-GAINS>                                0
<ACCUM-APPREC-OR-DEPREC>                                66,180
<NET-ASSETS>                                            315,504
<DIVIDEND-INCOME>                                       5,344
<INTEREST-INCOME>                                       1,009
<OTHER-INCOME>                                          0
<EXPENSES-NET>                                          1,116
<NET-INVESTMENT-INCOME>                                 5,237
<REALIZED-GAINS-CURRENT>                                17,572
<APPREC-INCREASE-CURRENT>                               8,197
<NET-CHANGE-FROM-OPS>                                   31,007
<EQUALIZATION>                                          0
<DISTRIBUTIONS-OF-INCOME>                               5,314
<DISTRIBUTIONS-OF-GAINS>                                0
<DISTRIBUTIONS-OTHER>                                   0
<NUMBER-OF-SHARES-SOLD>                                 14,071
<NUMBER-OF-SHARES-REDEEMED>                             (54,027)
<SHARES-REINVESTED>                                     278
<NET-CHANGE-IN-ASSETS>                                  (39,678)
<ACCUMULATED-NII-PRIOR>                                 365
<ACCUMULATED-GAINS-PRIOR>                               14,014
<OVERDISTRIB-NII-PRIOR>                                 0
<OVERDIST-NET-GAINS-PRIOR>                              0
<GROSS-ADVISORY-FEES>                                   778
<INTEREST-EXPENSE>                                      0
<GROSS-EXPENSE>                                         1,116
<AVERAGE-NET-ASSETS>                                    313,751
<PER-SHARE-NAV-BEGIN>                                   13.25
<PER-SHARE-NII>                                         0.23
<PER-SHARE-GAIN-APPREC>                                 1.14
<PER-SHARE-DIVIDEND>                                    (0.24)
<PER-SHARE-DISTRIBUTIONS>                               0
<RETURNS-OF-CAPITAL>                                    0
<PER-SHARE-NAV-END>                                     14.38
<EXPENSE-RATIO>                                         0.70
<AVG-DEBT-OUTSTANDING>                                  0
<AVG-DEBT-PER-SHARE>                                    0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<LEGEND>
<RESTATED>
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>
<NUMBER>                                            55
<NAME>                       PEGASUS MANAGED ASSETS CONSERVATIVE FUND
<MULTIPLIER>                                         1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               85,224
<INVESTMENTS-AT-VALUE>                              91,476
<RECEIVABLES>                                       210
<ASSETS-OTHER>                                      67
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      92,297
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           467
<TOTAL-LIABILITIES>                                 467
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            76,287
<SHARES-COMMON-STOCK>                               5,719
<SHARES-COMMON-PRIOR>                               4,989
<ACCUMULATED-NII-CURRENT>                           25
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             9,316
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            6,251
<NET-ASSETS>                                        91,830
<DIVIDEND-INCOME>                                   208
<INTEREST-INCOME>                                   1,978
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      524
<NET-INVESTMENT-INCOME>                             1,663
<REALIZED-GAINS-CURRENT>                            2,458
<APPREC-INCREASE-CURRENT>                           1,582
<NET-CHANGE-FROM-OPS>                               5,703
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           (1,706)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             24,341
<NUMBER-OF-SHARES-REDEEMED>                         (14,654)
<SHARES-REINVESTED>                                 1,068
<NET-CHANGE-IN-ASSETS>                              11,295
<ACCUMULATED-NII-PRIOR>                             0
<ACCUMULATED-GAINS-PRIOR>                           6,858
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               267
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     557
<AVERAGE-NET-ASSETS>                                82,877
<PER-SHARE-NAV-BEGIN>                               15.34
<PER-SHARE-NII>                                     0.31
<PER-SHARE-GAIN-APPREC>                             0.72
<PER-SHARE-DIVIDEND>                                (0.32)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 16.05
<EXPENSE-RATIO>                                     1.22
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<LEGEND>
<RESTATED>
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>
<NUMBER>                                            56
<NAME>                       PEGASUS MANAGED ASSETS CONSERVATIVE FUND
<MULTIPLIER>                                         1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               85,224
<INVESTMENTS-AT-VALUE>                              91,476
<RECEIVABLES>                                       210
<ASSETS-OTHER>                                      67
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      92,297
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           467
<TOTAL-LIABILITIES>                                 467
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            76,287
<SHARES-COMMON-STOCK>                               5,719
<SHARES-COMMON-PRIOR>                               4,989
<ACCUMULATED-NII-CURRENT>                           25
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             9,316
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            6,251
<NET-ASSETS>                                        91,830
<DIVIDEND-INCOME>                                   208
<INTEREST-INCOME>                                   1,978
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      524
<NET-INVESTMENT-INCOME>                             1,663
<REALIZED-GAINS-CURRENT>                            2,458
<APPREC-INCREASE-CURRENT>                           1,582
<NET-CHANGE-FROM-OPS>                               5,703
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           (1,706)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             24,341
<NUMBER-OF-SHARES-REDEEMED>                         (14,654)
<SHARES-REINVESTED>                                 1,068
<NET-CHANGE-IN-ASSETS>                              11,295
<ACCUMULATED-NII-PRIOR>                             0
<ACCUMULATED-GAINS-PRIOR>                           6,858
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               267
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     557
<AVERAGE-NET-ASSETS>                                82,877
<PER-SHARE-NAV-BEGIN>                               15.36
<PER-SHARE-NII>                                     0.25
<PER-SHARE-GAIN-APPREC>                             0.72
<PER-SHARE-DIVIDEND>                                (0.27)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 16.07
<EXPENSE-RATIO>                                     1.97
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                            6
<LEGEND>                                             
<RESTATED>                                           
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>                                             
<NUMBER>                                            57
<NAME>                       PEGASUS MANAGED ASSETS CONSERVATIVE FUND
<MULTIPLIER>                                         1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               85,224
<INVESTMENTS-AT-VALUE>                              91,476
<RECEIVABLES>                                       210
<ASSETS-OTHER>                                      67
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      92,297
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           467
<TOTAL-LIABILITIES>                                 467
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            76,287
<SHARES-COMMON-STOCK>                               5,719
<SHARES-COMMON-PRIOR>                               4,989
<ACCUMULATED-NII-CURRENT>                           25
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             9,316
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            6,251
<NET-ASSETS>                                        91,830
<DIVIDEND-INCOME>                                   208
<INTEREST-INCOME>                                   1,978
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      524
<NET-INVESTMENT-INCOME>                             1,663
<REALIZED-GAINS-CURRENT>                            2,458
<APPREC-INCREASE-CURRENT>                           1,582
<NET-CHANGE-FROM-OPS>                               5,703
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           (1,706)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             24,341
<NUMBER-OF-SHARES-REDEEMED>                         (14,654)
<SHARES-REINVESTED>                                 1,068
<NET-CHANGE-IN-ASSETS>                              11,295
<ACCUMULATED-NII-PRIOR>                             0
<ACCUMULATED-GAINS-PRIOR>                           6,858
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               267
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     557
<AVERAGE-NET-ASSETS>                                82,877
<PER-SHARE-NAV-BEGIN>                               15.38
<PER-SHARE-NII>                                     0.32
<PER-SHARE-GAIN-APPREC>                             0.74
<PER-SHARE-DIVIDEND>                                (0.33)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 16.11
<EXPENSE-RATIO>                                     0.97
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                              6
<LEGEND>
<RESTATED>
<CIK>                          0000814067
<NAME>                         PEGASUS FUNDS
<SERIES>
<NUMBER>                                              58
<NAME>                         PEGASUS MANAGED ASSETS GROWTH FUND
<MULTIPLIER>                                           1
<CURRENCY>                     U.S. DOLLARS
<PERIOD-TYPE>                  6-MOS
<FISCAL-YEAR-END>                                     DEC-31-1997
<PERIOD-START>                                        DEC-31-1996
<PERIOD-END>                                          JUN-30-1997
<EXCHANGE-RATE>                                       1
<INVESTMENTS-AT-COST>                                 4,173
<INVESTMENTS-AT-VALUE>                                4,457
<RECEIVABLES>                                         19
<ASSETS-OTHER>                                        22
<OTHER-ITEMS-ASSETS>                                  0
<TOTAL-ASSETS>                                        4,498
<PAYABLE-FOR-SECURITIES>                              0
<SENIOR-LONG-TERM-DEBT>                               0
<OTHER-ITEMS-LIABILITIES>                             28
<TOTAL-LIABILITIES>                                   28
<SENIOR-EQUITY>                                       0
<PAID-IN-CAPITAL-COMMON>                              4,172
<SHARES-COMMON-STOCK>                                 405
<SHARES-COMMON-PRIOR>                                 68
<ACCUMULATED-NII-CURRENT>                             (3)
<OVERDISTRIBUTION-NII>                                0
<ACCUMULATED-NET-GAINS>                               17
<OVERDISTRIBUTION-GAINS>                              0
<ACCUM-APPREC-OR-DEPREC>                              283
<NET-ASSETS>                                          4,470
<DIVIDEND-INCOME>                                     13
<INTEREST-INCOME>                                     28
<OTHER-INCOME>                                        0
<EXPENSES-NET>                                        16
<NET-INVESTMENT-INCOME>                               24
<REALIZED-GAINS-CURRENT>                              17
<APPREC-INCREASE-CURRENT>                             276
<NET-CHANGE-FROM-OPS>                                 318
<EQUALIZATION>                                        0
<DISTRIBUTIONS-OF-INCOME>                             (27)
<DISTRIBUTIONS-OF-GAINS>                              0
<DISTRIBUTIONS-OTHER>                                 0
<NUMBER-OF-SHARES-SOLD>                               3,753
<NUMBER-OF-SHARES-REDEEMED>                           (280)
<SHARES-REINVESTED>                                   0
<NET-CHANGE-IN-ASSETS>                                3,493
<ACCUMULATED-NII-PRIOR>                               (42)
<ACCUMULATED-GAINS-PRIOR>                             0
<OVERDISTRIB-NII-PRIOR>                               0
<OVERDIST-NET-GAINS-PRIOR>                            0
<GROSS-ADVISORY-FEES>                                 8
<INTEREST-EXPENSE>                                    0
<GROSS-EXPENSE>                                       45
<AVERAGE-NET-ASSETS>                                  2,340
<PER-SHARE-NAV-BEGIN>                                 10.08
<PER-SHARE-NII>                                       0.09
<PER-SHARE-GAIN-APPREC>                               1.02
<PER-SHARE-DIVIDEND>                                  (0.10)
<PER-SHARE-DISTRIBUTIONS>                             0
<RETURNS-OF-CAPITAL>                                  0
<PER-SHARE-NAV-END>                                   11.09
<EXPENSE-RATIO>                                       1.21
<AVG-DEBT-OUTSTANDING>                                0
<AVG-DEBT-PER-SHARE>                                  0

</TABLE>

<TABLE> <S> <C>
                                              
<ARTICLE>                                           6
<LEGEND>                                            
<RESTATED>                                          
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>                                            
<NUMBER>                                            59
<NAME>                       PEGASUS MANAGED ASSETS GROWTH FUND
<MULTIPLIER>                                         1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               4,173
<INVESTMENTS-AT-VALUE>                              4,457
<RECEIVABLES>                                       19
<ASSETS-OTHER>                                      22
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      4,498
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           28
<TOTAL-LIABILITIES>                                 28
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            4,172
<SHARES-COMMON-STOCK>                               405
<SHARES-COMMON-PRIOR>                               68
<ACCUMULATED-NII-CURRENT>                           (3)
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             17
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            283
<NET-ASSETS>                                        4,470
<DIVIDEND-INCOME>                                   13
<INTEREST-INCOME>                                   28
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      16
<NET-INVESTMENT-INCOME>                             24
<REALIZED-GAINS-CURRENT>                            17
<APPREC-INCREASE-CURRENT>                           276
<NET-CHANGE-FROM-OPS>                               318
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                           (27)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             3,753
<NUMBER-OF-SHARES-REDEEMED>                         (280)
<SHARES-REINVESTED>                                 0
<NET-CHANGE-IN-ASSETS>                              3,493
<ACCUMULATED-NII-PRIOR>                             (42)
<ACCUMULATED-GAINS-PRIOR>                           0
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               8
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     45
<AVERAGE-NET-ASSETS>                                2,340
<PER-SHARE-NAV-BEGIN>                               9.99
<PER-SHARE-NII>                                     0.07
<PER-SHARE-GAIN-APPREC>                             0.97
<PER-SHARE-DIVIDEND>                                (0.09)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 10.94
<EXPENSE-RATIO>                                     1.96
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                                           6
<LEGEND>                                            
<RESTATED>                                          
<CIK>                        0000814067
<NAME>                       PEGASUS FUNDS
<SERIES>                                            
<NUMBER>                                            60
<NAME>                       PEGASUS MANAGED ASSETS GROWTH FUND
<MULTIPLIER>                                        1
<CURRENCY>                   U.S. DOLLARS
<PERIOD-TYPE>                6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               4,173
<INVESTMENTS-AT-VALUE>                              4,457
<RECEIVABLES>                                       19
<ASSETS-OTHER>                                      22
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      4,498
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           28
<TOTAL-LIABILITIES>                                 28
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            4,172
<SHARES-COMMON-STOCK>                               405
<SHARES-COMMON-PRIOR>                               68
<ACCUMULATED-NII-CURRENT>                           (3)
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                             17
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            283
<NET-ASSETS>                                        4,470
<DIVIDEND-INCOME>                                   13
<INTEREST-INCOME>                                   28
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      16
<NET-INVESTMENT-INCOME>                             24
<REALIZED-GAINS-CURRENT>                            17
<APPREC-INCREASE-CURRENT>                           276
<NET-CHANGE-FROM-OPS>                               318
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                          (27)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             3,753
<NUMBER-OF-SHARES-REDEEMED>                        (280)
<SHARES-REINVESTED>                                 0
<NET-CHANGE-IN-ASSETS>                              3,493
<ACCUMULATED-NII-PRIOR>                            (42)
<ACCUMULATED-GAINS-PRIOR>                           0
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               8
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     45
<AVERAGE-NET-ASSETS>                                2,340
<PER-SHARE-NAV-BEGIN>                               10.13
<PER-SHARE-NII>                                     0.14
<PER-SHARE-GAIN-APPREC>                             0.97
<PER-SHARE-DIVIDEND>                               (0.11)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 11.13
<EXPENSE-RATIO>                                     0.96
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>
                                              
<ARTICLE>                                           6
<LEGEND>                                            
<RESTATED>                                          
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>                                            
<NUMBER>                                            61
<NAME>                          PEGASUS INCOME FUND
<MULTIPLIER>                                        1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               139,502
<INVESTMENTS-AT-VALUE>                              140,190
<RECEIVABLES>                                       1,996
<ASSETS-OTHER>                                      811
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      142,997
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           824
<TOTAL-LIABILITIES>                                 824
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            141,463
<SHARES-COMMON-STOCK>                               18,210
<SHARES-COMMON-PRIOR>                               25,018
<ACCUMULATED-NII-CURRENT>                           319
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                            (298)
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            689
<NET-ASSETS>                                        142,173
<DIVIDEND-INCOME>                                   0
<INTEREST-INCOME>                                   5,636
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      528
<NET-INVESTMENT-INCOME>                             5,108
<REALIZED-GAINS-CURRENT>                           (261)
<APPREC-INCREASE-CURRENT>                          (1,174)
<NET-CHANGE-FROM-OPS>                               3,673
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                          (4,875)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             6,323
<NUMBER-OF-SHARES-REDEEMED>                        (59,624)
<SHARES-REINVESTED>                                 265
<NET-CHANGE-IN-ASSETS>                             (53,037)
<ACCUMULATED-NII-PRIOR>                             87
<ACCUMULATED-GAINS-PRIOR>                          (37)
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               332
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     528,452
<AVERAGE-NET-ASSETS>                                167,569
<PER-SHARE-NAV-BEGIN>                               7.84
<PER-SHARE-NII>                                     0.23
<PER-SHARE-GAIN-APPREC>                            (0.05)
<PER-SHARE-DIVIDEND>                               (0.22)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 7.80
<EXPENSE-RATIO>                                     0.87
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>
                                              
<ARTICLE>                                           6
<LEGEND>                                            
<RESTATED>                                          
<CIK>                           0000814067
<NAME>                          PEGASUS FUNDS
<SERIES>                                            
<NUMBER>                                            62
<NAME>                          PEGASUS INCOME FUND
<MULTIPLIER>                                        1
<CURRENCY>                      U.S. DOLLARS
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-START>                                      DEC-31-1996
<PERIOD-END>                                        JUN-30-1997
<EXCHANGE-RATE>                                     1
<INVESTMENTS-AT-COST>                               139,502
<INVESTMENTS-AT-VALUE>                              140,190
<RECEIVABLES>                                       1,996
<ASSETS-OTHER>                                      811
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      142,997
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           824
<TOTAL-LIABILITIES>                                 824
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            141,463
<SHARES-COMMON-STOCK>                               18,210
<SHARES-COMMON-PRIOR>                               25,018
<ACCUMULATED-NII-CURRENT>                           319
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                            (298)
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            689
<NET-ASSETS>                                        142,173
<DIVIDEND-INCOME>                                   0
<INTEREST-INCOME>                                   5,636
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      528
<NET-INVESTMENT-INCOME>                             5,108
<REALIZED-GAINS-CURRENT>                           (261)
<APPREC-INCREASE-CURRENT>                          (1,174)
<NET-CHANGE-FROM-OPS>                               3,673
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                          (4,875)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             6,323
<NUMBER-OF-SHARES-REDEEMED>                        (59,624)
<SHARES-REINVESTED>                                 265
<NET-CHANGE-IN-ASSETS>                             (53,037)
<ACCUMULATED-NII-PRIOR>                             87
<ACCUMULATED-GAINS-PRIOR>                          (37)
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               332
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     528,452
<AVERAGE-NET-ASSETS>                                167,569
<PER-SHARE-NAV-BEGIN>                               7.85
<PER-SHARE-NII>                                     0.20
<PER-SHARE-GAIN-APPREC>                            (0.05)
<PER-SHARE-DIVIDEND>                               (0.20)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 7.80
<EXPENSE-RATIO>                                     1.62
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                       6
<LEGEND>
<RESTATED> 
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES> 
<NUMBER>                       63
<NAME>             PEGASUS INCOME FUND
<MULTIPLIER>                    1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>               DEC-31-1997
<PERIOD-START>                  DEC-31-1996
<PERIOD-END>                    JUN-30-1997
<EXCHANGE-RATE>                 1
<INVESTMENTS-AT-COST>                               139,502
<INVESTMENTS-AT-VALUE>                              140,190
<RECEIVABLES>                                       1,996
<ASSETS-OTHER>                                      811
<OTHER-ITEMS-ASSETS>                                0
<TOTAL-ASSETS>                                      142,997
<PAYABLE-FOR-SECURITIES>                            0
<SENIOR-LONG-TERM-DEBT>                             0
<OTHER-ITEMS-LIABILITIES>                           824
<TOTAL-LIABILITIES>                                 824
<SENIOR-EQUITY>                                     0
<PAID-IN-CAPITAL-COMMON>                            141,463
<SHARES-COMMON-STOCK>                               18,210
<SHARES-COMMON-PRIOR>                               25,018
<ACCUMULATED-NII-CURRENT>                           319
<OVERDISTRIBUTION-NII>                              0
<ACCUMULATED-NET-GAINS>                            (298)
<OVERDISTRIBUTION-GAINS>                            0
<ACCUM-APPREC-OR-DEPREC>                            689
<NET-ASSETS>                                        142,173
<DIVIDEND-INCOME>                                   0
<INTEREST-INCOME>                                   5,636
<OTHER-INCOME>                                      0
<EXPENSES-NET>                                      528
<NET-INVESTMENT-INCOME>                             5,108
<REALIZED-GAINS-CURRENT>                           (261)
<APPREC-INCREASE-CURRENT>                          (1,174)
<NET-CHANGE-FROM-OPS>                               3,673
<EQUALIZATION>                                      0
<DISTRIBUTIONS-OF-INCOME>                          (4,875)
<DISTRIBUTIONS-OF-GAINS>                            0
<DISTRIBUTIONS-OTHER>                               0
<NUMBER-OF-SHARES-SOLD>                             6,323
<NUMBER-OF-SHARES-REDEEMED>                        (59,624)
<SHARES-REINVESTED>                                 265
<NET-CHANGE-IN-ASSETS>                             (53,037)
<ACCUMULATED-NII-PRIOR>                             87
<ACCUMULATED-GAINS-PRIOR>                          (37)
<OVERDISTRIB-NII-PRIOR>                             0
<OVERDIST-NET-GAINS-PRIOR>                          0
<GROSS-ADVISORY-FEES>                               332
<INTEREST-EXPENSE>                                  0
<GROSS-EXPENSE>                                     528,452
<AVERAGE-NET-ASSETS>                                167,569
<PER-SHARE-NAV-BEGIN>                               7.85
<PER-SHARE-NII>                                     0.25
<PER-SHARE-GAIN-APPREC>                            (0.03)
<PER-SHARE-DIVIDEND>                               (0.23)
<PER-SHARE-DISTRIBUTIONS>                           0
<RETURNS-OF-CAPITAL>                                0
<PER-SHARE-NAV-END>                                 7.81
<EXPENSE-RATIO>                                     0.62
<AVG-DEBT-OUTSTANDING>                              0
<AVG-DEBT-PER-SHARE>                                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>
<RESTATED>
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>
<NUMBER>                          64
<NAME>                PEGASUS INTERMEDIATE MUNICIPAL BOND FUND
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>                              379,707
<INVESTMENTS-AT-VALUE>                             390,792
<RECEIVABLES>                                      7,055
<ASSETS-OTHER>                                     1,486
<OTHER-ITEMS-ASSETS>                               0
<TOTAL-ASSETS>                                     399,365
<PAYABLE-FOR-SECURITIES>                           0
<SENIOR-LONG-TERM-DEBT>                            0
<OTHER-ITEMS-LIABILITIES>                          1,747
<TOTAL-LIABILITIES>                                1,747
<SENIOR-EQUITY>                                    0
<PAID-IN-CAPITAL-COMMON>                           385,453
<SHARES-COMMON-STOCK>                              32,817
<SHARES-COMMON-PRIOR>                              524
<ACCUMULATED-NII-CURRENT>                          0
<OVERDISTRIBUTION-NII>                             0
<ACCUMULATED-NET-GAINS>                            556
<OVERDISTRIBUTION-GAINS>                           0
<ACCUM-APPREC-OR-DEPREC>                           11,085
<NET-ASSETS>                                       397,617
<DIVIDEND-INCOME>                                  0
<INTEREST-INCOME>                                  10,449
<OTHER-INCOME>                                     0
<EXPENSES-NET>                                     1,195
<NET-INVESTMENT-INCOME>                            9,255
<REALIZED-GAINS-CURRENT>                           508
<APPREC-INCREASE-CURRENT>                         (209)
<NET-CHANGE-FROM-OPS>                              9,554
<EQUALIZATION>                                     0
<DISTRIBUTIONS-OF-INCOME>                         (9,322)
<DISTRIBUTIONS-OF-GAINS>                           0
<DISTRIBUTIONS-OTHER>                              0
<NUMBER-OF-SHARES-SOLD>                            36,626
<NUMBER-OF-SHARES-REDEEMED>                       (33,269)
<SHARES-REINVESTED>                                397
<NET-CHANGE-IN-ASSETS>                             3,755
<ACCUMULATED-NII-PRIOR>                            591
<ACCUMULATED-GAINS-PRIOR>                          48
<OVERDISTRIB-NII-PRIOR>                            0
<OVERDIST-NET-GAINS-PRIOR>                         0
<GROSS-ADVISORY-FEES>                              783
<INTEREST-EXPENSE>                                 0
<GROSS-EXPENSE>                                    1,195
<AVERAGE-NET-ASSETS>                               394,904
<PER-SHARE-NAV-BEGIN>                              12.1
<PER-SHARE-NII>                                    0.27
<PER-SHARE-GAIN-APPREC>                            0.01
<PER-SHARE-DIVIDEND>                              (0.27)
<PER-SHARE-DISTRIBUTIONS>                          0
<RETURNS-OF-CAPITAL>                               0
<PER-SHARE-NAV-END>                                12.11
<EXPENSE-RATIO>                                    0.85
<AVG-DEBT-OUTSTANDING>                             0
<AVG-DEBT-PER-SHARE>                               0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND> 
<RESTATED>
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES> 
<NUMBER>                          65
<NAME>                PEGASUS INTERMEDIATE MUNICIPAL BOND FUND
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>                             379,707
<INVESTMENTS-AT-VALUE>                            390,792
<RECEIVABLES>                                     7,055
<ASSETS-OTHER>                                    1,486
<OTHER-ITEMS-ASSETS>                              0
<TOTAL-ASSETS>                                    399,365
<PAYABLE-FOR-SECURITIES>                          0
<SENIOR-LONG-TERM-DEBT>                           0
<OTHER-ITEMS-LIABILITIES>                         1,747
<TOTAL-LIABILITIES>                               1,747
<SENIOR-EQUITY>                                   0
<PAID-IN-CAPITAL-COMMON>                          385,453
<SHARES-COMMON-STOCK>                             32,817
<SHARES-COMMON-PRIOR>                             524
<ACCUMULATED-NII-CURRENT>                         0
<OVERDISTRIBUTION-NII>                            0
<ACCUMULATED-NET-GAINS>                           556
<OVERDISTRIBUTION-GAINS>                          0
<ACCUM-APPREC-OR-DEPREC>                          11,085
<NET-ASSETS>                                      397,617
<DIVIDEND-INCOME>                                 0
<INTEREST-INCOME>                                 10,449
<OTHER-INCOME>                                    0
<EXPENSES-NET>                                    1,195
<NET-INVESTMENT-INCOME>                           9,255
<REALIZED-GAINS-CURRENT>                          508
<APPREC-INCREASE-CURRENT>                        (209)
<NET-CHANGE-FROM-OPS>                             9,554
<EQUALIZATION>                                    0
<DISTRIBUTIONS-OF-INCOME>                        (9,322)
<DISTRIBUTIONS-OF-GAINS>                          0
<DISTRIBUTIONS-OTHER>                             0
<NUMBER-OF-SHARES-SOLD>                           36,626
<NUMBER-OF-SHARES-REDEEMED>                      (33,269)
<SHARES-REINVESTED>                               397
<NET-CHANGE-IN-ASSETS>                            3,755
<ACCUMULATED-NII-PRIOR>                           591
<ACCUMULATED-GAINS-PRIOR>                         48
<OVERDISTRIB-NII-PRIOR>                           0
<OVERDIST-NET-GAINS-PRIOR>                        0
<GROSS-ADVISORY-FEES>                             783
<INTEREST-EXPENSE>                                0
<GROSS-EXPENSE>                                   1,195
<AVERAGE-NET-ASSETS>                              394,904
<PER-SHARE-NAV-BEGIN>                             12.10
<PER-SHARE-NII>                                   0.22
<PER-SHARE-GAIN-APPREC>                           0
<PER-SHARE-DIVIDEND>                             (0.23)
<PER-SHARE-DISTRIBUTIONS>                         0
<RETURNS-OF-CAPITAL>                              0
<PER-SHARE-NAV-END>                               12.10
<EXPENSE-RATIO>                                   1.60
<AVG-DEBT-OUTSTANDING>                            0
<AVG-DEBT-PER-SHARE>                              0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>
<RESTATED>
<CIK>                 0000814067
<NAME>                PEGASUS FUNDS
<SERIES>
<NUMBER>                          66
<NAME>                PEGASUS INTERMEDIATE MUNICIPAL BOND FUND
<MULTIPLIER>                       1
<CURRENCY>            U.S. DOLLARS
<PERIOD-TYPE>         6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>                            379,707
<INVESTMENTS-AT-VALUE>                           390,792
<RECEIVABLES>                                    7,055
<ASSETS-OTHER>                                   1,486
<OTHER-ITEMS-ASSETS>                             0
<TOTAL-ASSETS>                                   399,365
<PAYABLE-FOR-SECURITIES>                         0
<SENIOR-LONG-TERM-DEBT>                          0
<OTHER-ITEMS-LIABILITIES>                        1,747
<TOTAL-LIABILITIES>                              1,747
<SENIOR-EQUITY>                                  0
<PAID-IN-CAPITAL-COMMON>                         385,453
<SHARES-COMMON-STOCK>                            32,817
<SHARES-COMMON-PRIOR>                            524
<ACCUMULATED-NII-CURRENT>                        0
<OVERDISTRIBUTION-NII>                           0
<ACCUMULATED-NET-GAINS>                          556
<OVERDISTRIBUTION-GAINS>                         0
<ACCUM-APPREC-OR-DEPREC>                         11,085
<NET-ASSETS>                                     397,617
<DIVIDEND-INCOME>                                0
<INTEREST-INCOME>                                10,449
<OTHER-INCOME>                                   0
<EXPENSES-NET>                                   1,195
<NET-INVESTMENT-INCOME>                          9,255
<REALIZED-GAINS-CURRENT>                         508
<APPREC-INCREASE-CURRENT>                       (209)
<NET-CHANGE-FROM-OPS>                            9,554
<EQUALIZATION>                                   0
<DISTRIBUTIONS-OF-INCOME>                       (9,322)
<DISTRIBUTIONS-OF-GAINS>                         0
<DISTRIBUTIONS-OTHER>                            0
<NUMBER-OF-SHARES-SOLD>                          36,626
<NUMBER-OF-SHARES-REDEEMED>                     (33,269)
<SHARES-REINVESTED>                              397
<NET-CHANGE-IN-ASSETS>                           3,755
<ACCUMULATED-NII-PRIOR>                          591
<ACCUMULATED-GAINS-PRIOR>                        48
<OVERDISTRIB-NII-PRIOR>                          0
<OVERDIST-NET-GAINS-PRIOR>                       0
<GROSS-ADVISORY-FEES>                            783
<INTEREST-EXPENSE>                               0
<GROSS-EXPENSE>                                  1,195
<AVERAGE-NET-ASSETS>                             394,904
<PER-SHARE-NAV-BEGIN>                            12.11
<PER-SHARE-NII>                                  0.28
<PER-SHARE-GAIN-APPREC>                          0.01
<PER-SHARE-DIVIDEND>                            (0.29)
<PER-SHARE-DISTRIBUTIONS>                        0
<RETURNS-OF-CAPITAL>                             0
<PER-SHARE-NAV-END>                              12.12
<EXPENSE-RATIO>                                  0.60
<AVG-DEBT-OUTSTANDING>                           0
<AVG-DEBT-PER-SHARE>                             0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                6
<LEGEND>
<RESTATED>
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES>
<NUMBER>                67
<NAME>             PEGASUS CASH MANAGEMENT FUND - INSTITUTIONAL SHARES
<MULTIPLIER>             1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>        DEC-31-1997
<PERIOD-START>           DEC-31-1996
<PERIOD-END>             JUN-30-1997
<EXCHANGE-RATE>          1
<INVESTMENTS-AT-COST>                    871,479
<INVESTMENTS-AT-VALUE>                   872,930
<RECEIVABLES>                            5,388
<ASSETS-OTHER>                           124
<OTHER-ITEMS-ASSETS>                     0
<TOTAL-ASSETS>                           878,442
<PAYABLE-FOR-SECURITIES>                 0
<SENIOR-LONG-TERM-DEBT>                  0
<OTHER-ITEMS-LIABILITIES>                2,944
<TOTAL-LIABILITIES>                      2,944
<SENIOR-EQUITY>                          0
<PAID-IN-CAPITAL-COMMON>                 875,700
<SHARES-COMMON-STOCK>                    875,700
<SHARES-COMMON-PRIOR>                    1,118,397
<ACCUMULATED-NII-CURRENT>                0
<OVERDISTRIBUTION-NII>                   0
<ACCUMULATED-NET-GAINS>                 (202)
<OVERDISTRIBUTION-GAINS>                 0
<ACCUM-APPREC-OR-DEPREC>                 0
<NET-ASSETS>                             875,498
<DIVIDEND-INCOME>                        0
<INTEREST-INCOME>                        18,211
<OTHER-INCOME>                           0
<EXPENSES-NET>                           1,449
<NET-INVESTMENT-INCOME>                  16,762
<REALIZED-GAINS-CURRENT>                 0
<APPREC-INCREASE-CURRENT>                0
<NET-CHANGE-FROM-OPS>                    16,762
<EQUALIZATION>                           0
<DISTRIBUTIONS-OF-INCOME>                16,762
<DISTRIBUTIONS-OF-GAINS>                 0
<DISTRIBUTIONS-OTHER>                    0
<NUMBER-OF-SHARES-SOLD>                  2,957,833
<NUMBER-OF-SHARES-REDEEMED>             (3,202,574)
<SHARES-REINVESTED>                      2,044
<NET-CHANGE-IN-ASSETS>                  (242,697)
<ACCUMULATED-NII-PRIOR>                  0
<ACCUMULATED-GAINS-PRIOR>               (202)
<OVERDISTRIB-NII-PRIOR>                  0
<OVERDIST-NET-GAINS-PRIOR>               0
<GROSS-ADVISORY-FEES>                    649
<INTEREST-EXPENSE>                       0
<GROSS-EXPENSE>                          1,553
<AVERAGE-NET-ASSETS>                     654,119
<PER-SHARE-NAV-BEGIN>                    0.999
<PER-SHARE-NII>                          0.025
<PER-SHARE-GAIN-APPREC>                 (0.000)
<PER-SHARE-DIVIDEND>                    (0.025)
<PER-SHARE-DISTRIBUTIONS>                0
<RETURNS-OF-CAPITAL>                     0
<PER-SHARE-NAV-END>                      0.999
<EXPENSE-RATIO>                          0.35
<AVG-DEBT-OUTSTANDING>                   0
<AVG-DEBT-PER-SHARE>                     0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                6
<LEGEND>
<RESTATED>
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES>
<NUMBER>                68
<NAME>             PEGASUS CASH MANAGEMENT FUND - SERVICE SHARES
<MULTIPLIER>             1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>        DEC-31-1997
<PERIOD-START>           DEC-31-1996
<PERIOD-END>             JUN-30-1997
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<INVESTMENTS-AT-COST>              871,479
<INVESTMENTS-AT-VALUE>             872,930
<RECEIVABLES>                      5,388
<ASSETS-OTHER>                     124
<OTHER-ITEMS-ASSETS>               0
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<PAYABLE-FOR-SECURITIES>           0
<SENIOR-LONG-TERM-DEBT>            0
<OTHER-ITEMS-LIABILITIES>          2,944
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<SENIOR-EQUITY>                    0
<PAID-IN-CAPITAL-COMMON>           875,700
<SHARES-COMMON-STOCK>              875,700
<SHARES-COMMON-PRIOR>              1,118,397
<ACCUMULATED-NII-CURRENT>          0
<OVERDISTRIBUTION-NII>             0
<ACCUMULATED-NET-GAINS>           (202)
<OVERDISTRIBUTION-GAINS>           0
<ACCUM-APPREC-OR-DEPREC>           0
<NET-ASSETS>                       875,498
<DIVIDEND-INCOME>                  0
<INTEREST-INCOME>                  18,211
<OTHER-INCOME>                     0
<EXPENSES-NET>                     1,449
<NET-INVESTMENT-INCOME>            16,762
<REALIZED-GAINS-CURRENT>           0
<APPREC-INCREASE-CURRENT>          0
<NET-CHANGE-FROM-OPS>              16,762
<EQUALIZATION>                     0
<DISTRIBUTIONS-OF-INCOME>          16,762
<DISTRIBUTIONS-OF-GAINS>           0
<DISTRIBUTIONS-OTHER>              0
<NUMBER-OF-SHARES-SOLD>            2,957,833
<NUMBER-OF-SHARES-REDEEMED>       (3,202,574)
<SHARES-REINVESTED>                2,044
<NET-CHANGE-IN-ASSETS>            (242,697)
<ACCUMULATED-NII-PRIOR>            0
<ACCUMULATED-GAINS-PRIOR>         (202)
<OVERDISTRIB-NII-PRIOR>            0
<OVERDIST-NET-GAINS-PRIOR>         0
<GROSS-ADVISORY-FEES>              649
<INTEREST-EXPENSE>                 0
<GROSS-EXPENSE>                    1,553
<AVERAGE-NET-ASSETS>               654,119
<PER-SHARE-NAV-BEGIN>              0.999
<PER-SHARE-NII>                    0.024
<PER-SHARE-GAIN-APPREC>            0
<PER-SHARE-DIVIDEND>              (0.024)
<PER-SHARE-DISTRIBUTIONS>          0
<RETURNS-OF-CAPITAL>               0
<PER-SHARE-NAV-END>                0.999
<EXPENSE-RATIO>                    0.60
<AVG-DEBT-OUTSTANDING>             0
<AVG-DEBT-PER-SHARE>               0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                6
<LEGEND>
<RESTATED>
<CIK>              0000814067
<NAME>             PEGASUS FUNDS
<SERIES>
<NUMBER>                69
<NAME>             PEGASUS U.S. GOVERNMENT SECURITIES CASH MANAGMENT 
                   FUND - INSTITUTIONAL SHARES
<MULTIPLIER>             1
<CURRENCY>         U.S. DOLLARS
<PERIOD-TYPE>      6-MOS
<FISCAL-YEAR-END>        DEC-31-1997
<PERIOD-START>           DEC-31-1996
<PERIOD-END>             JUN-30-1997
<EXCHANGE-RATE>          1
<INVESTMENTS-AT-COST>               744,691
<INVESTMENTS-AT-VALUE>              745,815
<RECEIVABLES>                       3,885
<ASSETS-OTHER>                      85
<OTHER-ITEMS-ASSETS>                0
<TOTAL-ASSETS>                      749,786
<PAYABLE-FOR-SECURITIES>            0
<SENIOR-LONG-TERM-DEBT>             0
<OTHER-ITEMS-LIABILITIES>           3,552
<TOTAL-LIABILITIES>                 3,552
<SENIOR-EQUITY>                     0
<PAID-IN-CAPITAL-COMMON>            746,745
<SHARES-COMMON-STOCK>               746,745
<SHARES-COMMON-PRIOR>               576,724
<ACCUMULATED-NII-CURRENT>           0
<OVERDISTRIBUTION-NII>              0
<ACCUMULATED-NET-GAINS>            (511)
<OVERDISTRIBUTION-GAINS>            0
<ACCUM-APPREC-OR-DEPREC>            0
<NET-ASSETS>                        746,234
<DIVIDEND-INCOME>                   0
<INTEREST-INCOME>                   17,719
<OTHER-INCOME>                      0
<EXPENSES-NET>                      1,405
<NET-INVESTMENT-INCOME>             16,314
<REALIZED-GAINS-CURRENT>            5
<APPREC-INCREASE-CURRENT>           0
<NET-CHANGE-FROM-OPS>               16,318
<EQUALIZATION>                      0
<DISTRIBUTIONS-OF-INCOME>           16,314
<DISTRIBUTIONS-OF-GAINS>            0
<DISTRIBUTIONS-OTHER>               0
<NUMBER-OF-SHARES-SOLD>             2,598,847
<NUMBER-OF-SHARES-REDEEMED>        (2,429,200)
<SHARES-REINVESTED>                 374
<NET-CHANGE-IN-ASSETS>              170,020
<ACCUMULATED-NII-PRIOR>             0
<ACCUMULATED-GAINS-PRIOR>          (516)
<OVERDISTRIB-NII-PRIOR>             0
<OVERDIST-NET-GAINS-PRIOR>          0
<GROSS-ADVISORY-FEES>               641
<INTEREST-EXPENSE>                  0
<GROSS-EXPENSE>                     1,452
<AVERAGE-NET-ASSETS>                646,749
<PER-SHARE-NAV-BEGIN>               0.998
<PER-SHARE-NII>                     0.025
<PER-SHARE-GAIN-APPREC>             0.000
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<PER-SHARE-NAV-END>                 0.999
<EXPENSE-RATIO>                     0.35
<AVG-DEBT-OUTSTANDING>              0
<AVG-DEBT-PER-SHARE>                0

</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>                           
<NUMBER>                          70
<NAME>                    PEGASUS U.S. GOVERNMENT SECURITIES 
                          CASH MANAGEMENT FUND - SERVICE SHARES
<MULTIPLIER>                       1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>                   744,691
<INVESTMENTS-AT-VALUE>                  745,815
<RECEIVABLES>                           3,885
<ASSETS-OTHER>                          85
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<TOTAL-ASSETS>                          749,786
<PAYABLE-FOR-SECURITIES>                0
<SENIOR-LONG-TERM-DEBT>                 0
<OTHER-ITEMS-LIABILITIES>               3,552
<TOTAL-LIABILITIES>                     3,552
<SENIOR-EQUITY>                         0
<PAID-IN-CAPITAL-COMMON>                746,745
<SHARES-COMMON-STOCK>                   746,745
<SHARES-COMMON-PRIOR>                   576,724
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<OVERDISTRIBUTION-GAINS>                0
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<NET-ASSETS>                            746,234
<DIVIDEND-INCOME>                       0
<INTEREST-INCOME>                       17,719
<OTHER-INCOME>                          0
<EXPENSES-NET>                          1,405
<NET-INVESTMENT-INCOME>                 16,314
<REALIZED-GAINS-CURRENT>                5
<APPREC-INCREASE-CURRENT>               0
<NET-CHANGE-FROM-OPS>                   16,318
<EQUALIZATION>                          0
<DISTRIBUTIONS-OF-INCOME>               16,314
<DISTRIBUTIONS-OF-GAINS>                0
<DISTRIBUTIONS-OTHER>                   0
<NUMBER-OF-SHARES-SOLD>                 2,598,847
<NUMBER-OF-SHARES-REDEEMED>            (2,429,200)
<SHARES-REINVESTED>                     374
<NET-CHANGE-IN-ASSETS>                  170,020
<ACCUMULATED-NII-PRIOR>                 0
<ACCUMULATED-GAINS-PRIOR>              (516)
<OVERDISTRIB-NII-PRIOR>                 0
<OVERDIST-NET-GAINS-PRIOR>              0
<GROSS-ADVISORY-FEES>                   641
<INTEREST-EXPENSE>                      0
<GROSS-EXPENSE>                         1,452
<AVERAGE-NET-ASSETS>                    646,749
<PER-SHARE-NAV-BEGIN>                   0.999
<PER-SHARE-NII>                         0.024
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<PER-SHARE-NAV-END>                     0.999
<EXPENSE-RATIO>                         0.60
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</TABLE>

<TABLE> <S> <C>

<ARTICLE>                          6
<LEGEND>
<RESTATED>
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>
<NUMBER>                          71
<NAME>                    PEGASUS TREASURY PRIME CASH MANAGEMENT 
                          FUND - INSTITUTIONAL SHARES
<MULTIPLIER>                       1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>                   186,009
<INVESTMENTS-AT-VALUE>                  186,483
<RECEIVABLES>                           957
<ASSETS-OTHER>                          71
<OTHER-ITEMS-ASSETS>                    0
<TOTAL-ASSETS>                          187,511
<PAYABLE-FOR-SECURITIES>                0
<SENIOR-LONG-TERM-DEBT>                 0
<OTHER-ITEMS-LIABILITIES>               1,062
<TOTAL-LIABILITIES>                     1,062
<SENIOR-EQUITY>                         0
<PAID-IN-CAPITAL-COMMON>                186,452
<SHARES-COMMON-STOCK>                   186,452
<SHARES-COMMON-PRIOR>                   285,158
<ACCUMULATED-NII-CURRENT>               0
<OVERDISTRIBUTION-NII>                  0
<ACCUMULATED-NET-GAINS>                 03
<OVERDISTRIBUTION-GAINS>                0
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<DIVIDEND-INCOME>                       0
<INTEREST-INCOME>                       6,369,504
<OTHER-INCOME>                          0
<EXPENSES-NET>                          705
<NET-INVESTMENT-INCOME>                 5,664
<REALIZED-GAINS-CURRENT>                05
<APPREC-INCREASE-CURRENT>               0
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<EQUALIZATION>                          0
<DISTRIBUTIONS-OF-INCOME>               5,664
<DISTRIBUTIONS-OF-GAINS>                0
<DISTRIBUTIONS-OTHER>                   0
<NUMBER-OF-SHARES-SOLD>                 1,323,981
<NUMBER-OF-SHARES-REDEEMED>            (1,422,813)
<SHARES-REINVESTED>                     125
<NET-CHANGE-IN-ASSETS>                 (98,706)
<ACCUMULATED-NII-PRIOR>                 0
<ACCUMULATED-GAINS-PRIOR>               2
<OVERDISTRIB-NII-PRIOR>                 0
<OVERDIST-NET-GAINS-PRIOR>              0
<GROSS-ADVISORY-FEES>                   251
<INTEREST-EXPENSE>                      0
<GROSS-EXPENSE>                         759
<AVERAGE-NET-ASSETS>                    253,186
<PER-SHARE-NAV-BEGIN>                   0.99
<PER-SHARE-NII>                         0.023
<PER-SHARE-GAIN-APPREC>                 0
<PER-SHARE-DIVIDEND>                    (0.023)
<PER-SHARE-DISTRIBUTIONS>               0
<RETURNS-OF-CAPITAL>                    0
<PER-SHARE-NAV-END>                     0.999
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<AVG-DEBT-PER-SHARE>                    0

</TABLE>

<TABLE> <S> <C>
 
<ARTICLE>                          6
<LEGEND>                           
<RESTATED>                         
<CIK>                     0000814067
<NAME>                    PEGASUS FUNDS
<SERIES>                           
<NUMBER>                          72
<NAME>                    PEGASUS TREASURY PRIME CASH 
                          MANAGEMENT - SERVICE SHARES
<MULTIPLIER>                       1
<CURRENCY>                U.S. DOLLARS
<PERIOD-TYPE>             6-MOS
<FISCAL-YEAR-END>                  DEC-31-1997
<PERIOD-START>                     DEC-31-1996
<PERIOD-END>                       JUN-30-1997
<EXCHANGE-RATE>                    1
<INVESTMENTS-AT-COST>                   186,009
<INVESTMENTS-AT-VALUE>                  186,483
<RECEIVABLES>                           957
<ASSETS-OTHER>                          71
<OTHER-ITEMS-ASSETS>                    0
<TOTAL-ASSETS>                          187,511
<PAYABLE-FOR-SECURITIES>                0
<SENIOR-LONG-TERM-DEBT>                 0
<OTHER-ITEMS-LIABILITIES>               1,062
<TOTAL-LIABILITIES>                     1,062
<SENIOR-EQUITY>                         0
<PAID-IN-CAPITAL-COMMON>                186,452
<SHARES-COMMON-STOCK>                   186,452
<SHARES-COMMON-PRIOR>                   285,158
<ACCUMULATED-NII-CURRENT>               0
<OVERDISTRIBUTION-NII>                  0
<ACCUMULATED-NET-GAINS>                (3)
<OVERDISTRIBUTION-GAINS>                0
<ACCUM-APPREC-OR-DEPREC>                0
<NET-ASSETS>                            186,449
<DIVIDEND-INCOME>                       0
<INTEREST-INCOME>                       6,369,504
<OTHER-INCOME>                          0
<EXPENSES-NET>                          705
<NET-INVESTMENT-INCOME>                 5,664
<REALIZED-GAINS-CURRENT>               (5)
<APPREC-INCREASE-CURRENT>               0
<NET-CHANGE-FROM-OPS>                   5,659
<EQUALIZATION>                          0
<DISTRIBUTIONS-OF-INCOME>               5,664
<DISTRIBUTIONS-OF-GAINS>                0
<DISTRIBUTIONS-OTHER>                   0
<NUMBER-OF-SHARES-SOLD>                 1,323,981
<NUMBER-OF-SHARES-REDEEMED>            (1,422,813)
<SHARES-REINVESTED>                     125
<NET-CHANGE-IN-ASSETS>                 (98,706)
<ACCUMULATED-NII-PRIOR>                 0
<ACCUMULATED-GAINS-PRIOR>               2
<OVERDISTRIB-NII-PRIOR>                 0
<OVERDIST-NET-GAINS-PRIOR>              0
<GROSS-ADVISORY-FEES>                   251
<INTEREST-EXPENSE>                      0
<GROSS-EXPENSE>                         759
<AVERAGE-NET-ASSETS>                    253,186
<PER-SHARE-NAV-BEGIN>                   1.00
<PER-SHARE-NII>                         0.022
<PER-SHARE-GAIN-APPREC>                 0
<PER-SHARE-DIVIDEND>                   (0.022)
<PER-SHARE-DISTRIBUTIONS>              (0.000)
<RETURNS-OF-CAPITAL>                    0
<PER-SHARE-NAV-END>                     0.99
<EXPENSE-RATIO>                         0.60
<AVG-DEBT-OUTSTANDING>                  0
<AVG-DEBT-PER-SHARE>                    0

</TABLE>


                                                                EXHIBIT 99.A

SUB-ITEM 77Q1(e)

                            SUB-ADVISORY AGREEMENT


         This Sub-Advisory Agreement (the "Agreement"), dated as of this 30th
day of June, 1997, is entered into by and between First Chicago NBD
Investment Management Company ("FCNIMCO") and Federated Investment
Counseling, a Delaware business trust
("Federated").

         WHEREAS, the High Yield Bond Fund (the "Fund") is an investment
portfolio of Pegasus Funds (the "Trust"), a Massachusetts business trust
registered as an investment company under the Investment Company Act of 1940
(the "1940 Act");

         WHEREAS, the Trust employs FCNIMCO (the "Adviser") to act as
investment adviser to the Trust's investment portfolios, including the Fund,
pursuant to a written agreement (the "Advisory Agreement");

         WHEREAS, the Advisory Agreement provides that the Adviser may employ
one or more sub-advisers to assist it in the performance of the Advisory
Agreement; and

         WHEREAS, the Adviser desires to employ Federated to act as a
sub-adviser to the Fund;

         NOW, THEREFORE, the parties hereto intending to be legally bound,
hereby agree as follows:

         1.       Appointment.  The Adviser hereby appoints Federated to
provide investment sub-advisory services to the Fund for the
period and on the terms set forth in this Agreement.  Federated
accepts such appointment and agrees to furnish the services
herein set forth for the compensation herein provided.

         2.       Management.  (a)  Subject to the supervision and
approval of the Adviser, Federated will provide a continuous
investment program for the Fund, including investment research
and management with respect to all securities and investments in
the Fund.  Federated will determine from time to time what
securities and other investments will be purchased, retained or
sold by the Fund.  Federated further agrees that it:

                  (i)      will provide the services rendered by it hereunder
                           in accordance with the investment objective and
                           policies of the Fund as stated in its prospectus
                           ("Prospectus"), statement of additional
                           information ("SAI") and all amendments and
                           supplements thereto, the Trust's Bylaws, the
                           Trust's Amended and Restated Declaration of Trust,
                           resolutions adopted from time to time by the
                           Trust's Board of Trustees (the "Board") and other

<PAGE>


                           guidelines as set forth in the documents listed on
                           Schedule 1 to this Agreement;

                  (ii)     will conform with all applicable Rules and
                           Regulations (hereinafter called the "Rules") of
                           the Securities and Exchange Commission ("SEC"),
                           and will in addition conduct its activities under
                           this Agreement in accordance with other applicable
                           laws;

                  (iii)    will place all orders for the purchase and sale of
                           portfolio securities for the account of the Fund
                           with banks, brokers, dealers, futures commission
                           merchants or other firms dealing in securities
                           ("Brokers") selected by Federated, which may
                           include Brokers that are affiliated persons of
                           Federated, provided such orders are exempt from
                           the provisions of Section 17(a), (d) and (e) of
                           the 1940 Act. In executing portfolio transactions
                           and selecting Brokers, Federated will use its best
                           efforts to seek on behalf of the Trust and the
                           Fund the best overall terms available. In
                           assessing the best overall terms available for any
                           transaction, Federated shall consider all factors
                           it deems relevant, including the breadth of the
                           market in the security, the price of the security,
                           the execution capability of the Broker, the
                           reliability, integrity and financial condition of
                           the Broker, and the reasonableness of the
                           commission, if any, both for the specific
                           transaction and on a continuing basis. In
                           evaluating the best overall terms available, and
                           in selecting the Broker to execute a particular
                           transaction, Federated may also consider the
                           brokerage and research services (as those terms
                           are defined in Section 28(e) of the Securities
                           Exchange Act of 1934) provided for the Fund and/or
                           other accounts over which Federated or an
                           affiliate of Federated exercises investment
                           discretion. In addition, Federated is authorized,
                           subject to the prior approval of such policy by
                           the Trust's Board, to negotiate and pay to a
                           Broker who provides such brokerage and research
                           services within the meaning of such provision a
                           commission for executing a portfolio transaction
                           for the Fund which is in excess of the amount of
                           commission another Broker would have charged for
                           effecting that transaction if, but only if, such
                           is consistent with applicable law and Federated
                           determines in good faith that such commission was
                           reasonable in relation to the value of the
                           brokerage and research services provided by such
                           Broker -- viewed in terms of that particular
                           transaction or in terms of the overall

                                     -2-


<PAGE>


                           responsibilities of Federated to the Fund, the
                           Trust or its other clients.

                           In no instance will portfolio securities be
                           purchased from or sold to Federated, the Adviser
                           or the Trust's principal underwriter for the Fund
                           or an affiliated person of any of them, acting as
                           principal or as broker, except as permitted by
                           law. In executing portfolio transactions for the
                           Fund, Federated, to the extent permitted by
                           applicable laws and regulations, may but shall not
                           be obligated to, aggregate the securities to be
                           sold or purchased with those of other funds and
                           its other clients where such aggregation is not
                           inconsistent with applicable law and the policies
                           set forth in the Trust's registration statement.
                           In such event, Federated will allocate the
                           securities so purchased or sold, and the expenses
                           incurred in the transaction, in the manner it
                           considers to be the most equitable and consistent
                           with its fiduciary obligations to the Fund and to
                           such other clients;

                  (iv)     will maintain all books and records with respect
                           to the securities transactions of the Fund; and
                           furnish the Trust's Board such periodic (at least
                           quarterly) and special reports as the Board may
                           reasonably request.  Federated will permit the
                           Adviser, the auditors and appropriate regulators
                           to inspect such books and records at all
                           reasonable times during normal business hours,
                           upon reasonable notice;

                  (v)      will treat confidentially and as proprietary
                           information of the Trust all records and other
                           information relative to the Trust and prior or
                           present shareholders of the Fund or those persons
                           or entities who respond to inquiries of the
                           Trust's principal underwriter concerning
                           investment in the Fund and will not use such
                           records and information for any purpose other than
                           performance of its responsibilities and duties
                           hereunder, except after prior notification to and
                           approval in writing by the Trust, which approval
                           shall not be unreasonably withheld and may not be
                           withheld where Federated may be exposed to civil
                           or criminal contempt proceedings for failure to
                           comply, when requested to divulge such information
                           by duly constituted authorities, or when so
                           requested by the Trust. Nothing contained herein
                           or in any other agreement executed with the Trust,
                           however, shall prohibit Federated and any of its
                           affiliates from advertising to or soliciting the
                           public generally with respect to other products or

                                     -3-

<PAGE>


                           services, including, but not limited to, any
                           advertising or marketing via radio, television,
                           newspapers, magazines or direct mail solicitation,
                           regardless of whether such advertisement or
                           solicitation may coincidentally include prior or
                           present Fund shareholders or those persons or
                           entities who have responded to inquiries of the
                           Trust's principal underwriter.

         (b)      The Adviser will promptly notify Federated of any material
change in any of the documents listed on Schedule 1 to this Agreement and
will provide Federated with copies of any such modified document. The Adviser
will also provide Federated with a list, to the best of the Adviser's
knowledge, of all affiliated persons of the Trust, any of its promoters or
its principal underwriter (and any affiliated person of such an affiliated
person) and will promptly update the list whenever the Adviser becomes aware
of any additional affiliated persons.

         3.       Services Not Exclusive.  The services rendered by
Federated hereunder are not to be deemed exclusive, and Federated shall be
free to render similar services to others so long as its services under this
Agreement are not impaired thereby.

         4.       Expenses. Federated will bear all expenses in connection 
with the performance of its services under this Agreement. All other expenses
to be incurred in the operation of the Trust (other than those borne by the
Adviser) will be borne by the Trust, except to the extent specifically
assumed by Federated. The expenses to be borne by the Trust include, without
limitation, the following: organizational costs, taxes, interest, loan
commitment fees, interest and distributions paid on securities sold short,
brokerage fees and commissions, if any, fees of Board members, SEC fees and
state Blue Sky qualification fees, advisory fees, charges of custodians,
transfer and dividend disbursing agents' fees, certain insurance premiums,
industry association fees, outside auditing and legal expenses, costs of
independent pricing services, costs of maintaining the Fund's existence,
costs attributable to investor services (including, without limitation,
telephone and personnel expenses), costs of preparing, printing and
distributing proxy statements, prospectuses and statements of additional
information for regulatory purposes and for distribution to existing
stockholders, costs of stockholders' reports and meetings, and any
extraordinary expenses.

         5.       Compensation. For the services provided and the expense 
assumed pursuant to this Agreement, the Adviser will pay Federated and
Federated will accept as full compensation therefor the fees set forth on
Schedule 3 hereof.

         6.       Limitation of Liability of the Sub-Adviser. Federated
shall not be liable for any error of judgment or mistake of law or for any
loss suffered by FCNIMCO, the Trust, the Fund or the

                                     -4-

<PAGE>

Fund's shareholders in connection with the matters to which this Agreement
relates, except a loss resulting from willful misfeasance, bad faith or gross
negligence on the part of Federated in the performance of its duties or from
reckless disregard of its obligations and duties under this Agreement or
except as may otherwise be provided by the 1940 Act or the federal securities
laws. Any person, even though also an officer, Board member, partner,
director, employee or agent of the Adviser or of Federated, who may be or
become an officer, Board member, partner, employee or agent of the Trust,
shall be deemed, when rendering services to the Trust or acting on any
business of the Trust (other than services or business in connection with
Federated's duties hereunder) to be rendering such services to or acting
solely for the Trust and not as an officer, Board member, partner, director,
employee or agent or one under the control or direction of the Adviser or
Federated even though paid by either of them. The Adviser is hereby expressly
put on notice of the limitation of liability as set forth in the Declaration
of Trust of Federated and agrees that the obligations assumed by Federated
pursuant to this Agreement will be limited in any case to Federated and its
assets and the Adviser shall not seek satisfaction of any such obligations
from the shareholders of Federated, the trustees of Federated, officers,
employees or agents of Federated, or any of them.

         7.       Pricing. The Adviser hereby acknowledges that Federated is 
not responsible for pricing portfolio securities. Subject to its terms of the
Advisory Agreement and to the supervision of the Board of Trustees, the
Adviser and Federated will rely on the pricing agent approved by the Board of
the Trust to price portfolio securities. The appropriate officers and
employees of Federated will be available to consult with the Adviser, the
Trust and the Trustees at reasonable times upon reasonable notice concerning
valuations of securities for which reliable prices may not be available from
the approved pricing agent.

         In the event the pricing agent approved by the Board of the Trust is
unable to provide a reliable price for a security, Federated, following its
standard practices, will provide the Adviser a recommended price and the
rationale thereof.

         8.       Duration and Termination. This Agreement shall become 
effective as to the Fund upon the date first above written. Unless sooner
terminated as provided herein, this Agreement shall continue with respect to
the Fund until June 30, 1998. Thereafter, if not terminated, this Agreement
shall continue with respect to the Fund for successive annual periods,
provided such continuance is specifically approved at least annually (a) by
the vote of a majority of those members of the Board who are not parties to
this Agreement or "interested persons" of any such party, cast in person at a
meeting called for the purpose of voting on such approval, and (b) by the
Board or by vote of a majority of the outstanding voting securities of the
Fund;

                                     -5-

<PAGE>


provided, however, that this Agreement may be terminated with respect to the
Fund, without the payment of any penalty, by the Board, FCNIMCO or by vote of
a majority of the outstanding voting securities of the Fund on sixty (60)
days' written notice, or by Federated, without the payment of any penalty, on
sixty (60) days' written notice to the Trust. This Agreement will immediately
terminate in the event of its assignment. (As used in this Agreement, the
terms "majority of the outstanding voting securities," "interested person"
and "assignment" shall have the same meaning as such terms have in the 1940
Act.)

         9.       Conditions to Agreement.  Federated's and the Adviser's
obligations under this Agreement are subject to the satisfaction of the
following conditions precedent:

                  a.       Receipt of a certification of an officer of the
                           Trust stating that (i) this Agreement and the
                           Advisory Agreement have been approved by the vote
                           of a majority of the Fund's Board of Trustees, who
                           are not interested persons of Federated or the
                           Adviser, cast in person at a meeting of the Board
                           called for the purpose of voting on such approval,
                           and (ii) this Agreement and the Advisory Agreement
                           have been approved by the vote of a majority of
                           the outstanding voting securities of the Fund;

                  b.       Receipt of certified copies of instructions from
                           the Fund to its custodian designating the persons
                           specified by Federated as "Authorized Persons"
                           under the Fund's custody agreement;

                  c.       The Fund's execution and delivery of a limited
                           power of attorney in favor of Federated in a form
                           mutually agreeable to Federated, the Adviser and
                           the Board;

                  d.       Board resolutions, certified by an officer of the
                           Fund, adopting all procedures and guidelines
                           required by any exemptive order listed on Schedule
                           2 to this Agreement; and

                  e.       Any other documents, certificates or other
                           instruments that Federated or the Adviser may
                           reasonably request from the Fund.

         10.      Representations and Warranties. (a) Federated hereby 
represents and warrants to the Adviser that: (i) it is a business trust duly
formed and validly existing under the laws of Delaware, (ii) it is duly
authorized to execute and deliver this Agreement and to perform its
obligations hereunder and has taken all necessary action to authorize such
execution, delivery and performance, (iii) it is registered with the SEC as
an investment adviser under the Investment Advisers Act of 1940 (the
"Advisers Act") and is registered or licensed as an investment adviser

                                     -6-

<PAGE>

under the laws of all jurisdictions in which its activities require it to be
so registered or licensed, except where the failure to be so licensed would
not have a material adverse effect on its business, and (iv) it has furnished
to the Adviser true and complete copies of all the documents listed on
Schedule 2 to this Agreement.

                  (b) The Adviser hereby represents and warrants to Federated
that: (i) it is a corporation duly formed and validly existing under the laws
of Delaware, (ii) it is duly authorized to execute and deliver this Agreement
and to perform its obligations hereunder and has taken all necessary action
to authorize such execution, delivery and performance, (iii) it is registered
with the SEC as an investment adviser under the Advisers Act and is
registered or licensed as an investment adviser under the laws of all
jurisdictions in which its activities require it to be so registered or
licensed, except where the failure to be so licensed would not have a
material adverse effect on its business, and (iv) it has furnished to
Federated true and complete copies of all the documents listed on Schedule 1
to this Agreement.

         11.      Amendment of this Agreement. No provisions in this Agreement
may be changed, discharged or terminated orally, but only by an instrument in
writing signed by the party or parties against which enforcement of the
change, discharge or termination is sought, and no amendment to this
Agreement affecting the Fund shall be effective until approved by vote of the
holders of a majority of the outstanding voting securities of the Fund.

         12.      Notice.  Any notices and other communications to be given 
pursuant to this Agreement shall be delivered or mailed:

                           To the Adviser:

                           First Chicago NBD Investment Management Company
                           c/o NBD Bank
                           611 Woodward Avenue
                           Detroit, Michigan  60670
                           Attn: Timothy B. Kerr

                           To the Trust:

                           Pegasus Funds
                           c/o NBD Bank
                           900 Tower Drive
                           P.O. Box 7058
                           Troy, Michigan  48007-7058
                           (800) 688-3350
                           Attn:  President

                           With a copy to:

                           W. Bruce McConnel, III

                                     -7-

<PAGE>


                           Drinker Biddle & Reath LLP
                           1345 Chestnut Street
                           Philadelphia, PA  19107-3496

                           To Federated:

                           Federated Investment Counseling
                           Federated Investors Tower
                           Pittsburgh, PA  15222-3779
                           Attn:  President

         13.      Miscellaneous. The captions in this Agreement are included
for convenience of reference only and in no way define or delimit any of the
provisions hereof or otherwise affect their construction or effect. If any
provision of this Agreement shall be held or made invalid by a court
decision, statute, rule or otherwise, the remainder of this Agreement shall
not be affected thereby. This Agreement shall be binding upon and shall inure
to the benefit of the parties hereto and their respective successors and
shall be governed by Michigan law.

         14.      Counterparts.  This Agreement may be executed in two or
more counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument.

         IN WITNESS WHEREOF, the parties hereto have caused this instrument
to be executed by their officers designated below as of the day and year
first above written.


                                    FIRST CHICAGO NBD INVESTMENT
                                    MANAGEMENT COMPANY





                                    By:  /s/ George F. Abel
                                             Name:  George F. Abel
                                             Title: Chief Investment
                                                         Officer


                                    FEDERATED INVESTMENT
                                    COUNSELING




                                    By:      /s/ John B. Fisher
                                             Name:  John B. Fisher
                                             Title: President

                                     -8-


<PAGE>


                                  Schedule 1
                              Fund Documentation
                  Sub-Advisory Agreement dated June 30, 1997


         1.       The Trust's Amended and Restated Declaration of Trust,
                  as amended and Bylaws.

         2.       The most current Prospectus and Statement of Additional
                  Information for each class of the Fund's shares.

         3.       The Custody Agreement between the Trust and NBD Bank,
                  as Custodian for the Fund's portfolio, including
                  information as to:

                  o        the Fund's nominee,
                  o        the Federal tax identification numbers of the Fund
                           and its nominee,
                  o        all routing, bank, participant and account numbers
                           and other information necessary to provide proper
                           instructions for transfer and delivery of
                           securities to the Fund's accounts at the
                           Custodian, and
                  o        the name, address, phone and fax number of the
                           Custodian's employees responsible for the Fund's
                           accounts.

         4.       The schedule of current year's meetings of the Trust's
                  Board of Trustees.

         5.       The pricing and performance calculation entity and
                  contact persons.

                                     -9-

<PAGE>


                                  Schedule 2
                          Sub-Adviser Documentation
                  Sub-Advisory Agreement dated June 30, 1997


         1.       Part II of Federated's Form ADV most recently filed
                  with the SEC.

         2.       All exemptive orders granted by the SEC that will become
                  applicable to the Fund, and the procedures and guidelines
                  followed by Federated in accordance therewith.


                                     -10-

<PAGE>
                                  Schedule 3
                                     Fees
                  Sub-Advisory Agreement dated June 30, 1997


                  As compensation for its services hereunder, the Adviser
will pay to Federated a sub-advisory fee, computed daily and payable monthly,
at the following annual rates based on the Fund's average daily net assets:

                  .50% on assets up to $30 million,

                  .40% on increments of $30 million to $50 million,

                  .30% on increments of $50 million to $75 million,

                  .25% on increments of $75 million to $100 million,

                  .20% on increments over $100 million.

                  Net asset value shall be computed in accordance with the
Fund's Prospectus and resolutions of the Trust's Board of Trustees. The fee
for the period from the day of the month this Agreement is entered into until
the end of that month shall be pro-rated according to the proportion which
such period bears to the full monthly period. Upon any termination of this
Agreement before the end of any month, the fee for such part of a month shall
be pro-rated according to the proportion which such period bears to the full
monthly period and shall be payable upon the date of termination of this
Agreement. Such fee as is attributable to the Fund shall be a separate charge
to the Fund and shall be the several (and not joint or joint and several)
obligation of such Fund.



                                     -11-



                                                          EXHIBIT 99.B


SUB-ITEM 77I


                             TERMS OF NEW SECURITY


The registrant issued a new class of securities (the Pegasus High Yield Bond
Fund) on June 30, 1997. The High Yield Bond Fund seeks high current income.
In seeking to achieve its objective, the Fund will invest primarily in a
diversified portfolio of fixed income securities which, under normal market
conditions, are expected to be lower-rated corporate debt obligations or
unrated obligations of comparable quality.





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