PEGASUS FUNDS
NSAR-B/A, 1999-06-11
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<PAGE>      PAGE  1
000 B000000 03/28/99
000 C000000 0000814067
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 Y
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE PEGASUS FUNDS
001 B000000 811-5148
001 C000000 8108286960
002 A000000 BISYS FUND SERVICES
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003  000000 N
004  000000 Y
005  000000 N
006  000000 N
007 A000000 Y
007 B000000 30
007 C010100  1
007 C020100 PEGASUS MONEY MARKET FUND
007 C030100 Y
007 C010200  2
007 C010300  3
007 C020300 PEGASUS MUNICIPAL MONEY MARKET FUND
007 C030300 Y
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C020800 PEGASUS GROWTH AND VALUE FUND
007 C030800 Y
007 C010900  9
007 C020900 PEGASUS MID-CAP OPPORTUNITY FUND
007 C030900 Y
007 C011000 10
007 C021000 PEGASUS INTRINSIC VALUE FUND
007 C031000 Y
007 C011100 11
007 C021100 PEGASUS INTERMEDIATE BOND FUND
007 C031100 Y
007 C011200 12
007 C021200 PEGASUS BOND FUND
007 C031200 Y
007 C011300 13
007 C021300 PEGASUS MICH. MUNICIPAL MONEY MARKET FUND
007 C031300 Y
<PAGE>      PAGE  2
007 C011400 14
007 C021400 PEGASUS EQUITY INDEX FUND
007 C031400 Y
007 C011500 15
007 C021500 PEGASUS TREASURY MONEY MARKET FUND
007 C031500 Y
007 C011600 16
007 C021600 PEGASUS MUNICIPAL BOND FUND
007 C031600 Y
007 C011700 17
007 C021700 PEGASUS MICHIGAN MUNICIPAL BOND FUND
007 C031700 Y
007 C011800 18
007 C021800 PEGASUS MANAGED ASSETS BALANCED FUND
007 C031800 Y
007 C011900 19
007 C021900 PEGASUS GROWTH FUND
007 C031900 Y
007 C012000 20
007 C022000 PEGASUS SHORT BOND FUND
007 C032000 Y
007 C012100 21
007 C022100 PEGASUS INTERNATIONAL EQUITY FUND
007 C032100 Y
007 C012200 22
007 C012300 23
007 C022300 PEGASUS SMALL CAP OPPORTUNITY FUND
007 C032300 Y
007 C012400 24
007 C022400 PEGASUS EQUITY INCOME FUND
007 C032400 Y
007 C012500 25
007 C022500 PEGASUS MANAGED ASSETS CONSERVATIVE FUND
007 C032500 Y
007 C012600 26
007 C022600 PEGASUS MANAGED ASSETS GROWTH FUND
007 C032600 Y
007 C012700 27
007 C022700 PEGASUS MULTI SECTOR BOND FUND
007 C032700 Y
007 C012800 28
007 C022800 PEGASUS INTERMEDIATE MUNICIPAL BOND FUND
007 C032800 Y
007 C012900 29
007 C022900 PEGASUS CASH MANAGEMENT FUND
007 C032900 Y
007 C013000 30
007 C023000 PEGASUS U.S. GOV. SEC. CASH MANAGEMENT FUND
007 C033000 Y
007 C013100 31
007 C023100 PEGASUS TREASURY PRIME CASH MANAGEMENT FUND
<PAGE>      PAGE  3
007 C033100 Y
007 C013200 32
007 C023200 PEGASUS HIGH YIELD BOND FUND
007 C033200 Y
007 C013300 33
007 C023300 PEGASUS MUNICIPAL CASH MANAGEMENT FUND
007 C033300 Y
007 C013400 34
007 C023400 PEGASUS TREASURY CASH MANAGEMENT FUND
007 C033400 Y
007 C013500 35
007 C023500 PEGASUS SHORT MUNICIPAL BOND FUND
007 C033500 Y
007 C013600 36
007 C023600 PEGASUS MARKET EXPANSION IDNEX FUND
007 C033600 Y
007 C013700 37
007 C013800 38
007 C013900 39
007 C014000 40
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012 C01AA01 WESTBORO
012 C02AA01 MA
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014 B00AA01 8-35186
014 A00AA02 RONEY & CO.
014 B00AA02 8-50985
014 A00AA03 BANC ONE SECURITIES CORP.
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<PAGE>      PAGE  4
014 A00AA04 BANC ONE CAPITAL CORP.
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<PAGE>      PAGE  5
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<PAGE>      PAGE  6
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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008 A000301 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
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<PAGE>      PAGE  12
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
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<PAGE>      PAGE  17
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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<PAGE>      PAGE  20
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<PAGE>      PAGE  21
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<PAGE>      PAGE  22
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<PAGE>      PAGE  23
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<PAGE>      PAGE  24
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<PAGE>      PAGE  25
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<PAGE>      PAGE  27
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<PAGE>      PAGE  28
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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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033  001300      0
034  001300 N
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042 E001300   0
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045  001300 Y
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<PAGE>      PAGE  38
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070 C021300 N
070 D011300 N
070 D021300 N
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070 E021300 N
070 F011300 N
<PAGE>      PAGE  39
070 F021300 N
070 G011300 Y
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 O011300 N
070 O021300 N
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070 Q011300 N
070 Q021300 N
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<PAGE>      PAGE  40
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008 A001401 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
008 B001401 A
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<PAGE>      PAGE  41
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<PAGE>      PAGE  42
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<PAGE>      PAGE  43
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<PAGE>      PAGE  44
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<PAGE>      PAGE  45
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008 A001501 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
008 B001501 A
008 C001501 801-5148
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008 D021501 IL
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<PAGE>      PAGE  46
033  001500      0
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<PAGE>      PAGE  47
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070 F021500 N
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070 Q021500 N
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<PAGE>      PAGE  48
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<PAGE>      PAGE  49
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008 A001601 FIRST CHICAGO NBD INVESTMENT MANAGEMNT CO.
008 B001601 A
008 C001601 801-5148
008 D011601 CHICAGO
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<PAGE>      PAGE  50
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<PAGE>      PAGE  51
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<PAGE>      PAGE  52
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<PAGE>      PAGE  53
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008 A001701 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
008 B001701 A
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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  59
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<PAGE>      PAGE  65
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<PAGE>      PAGE  68
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<PAGE>      PAGE  73
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<PAGE>      PAGE  75
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<PAGE>      PAGE  76
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<PAGE>      PAGE  77
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<PAGE>      PAGE  82
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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  90
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<PAGE>      PAGE  91
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<PAGE>      PAGE  112
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<PAGE>      PAGE  114
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<PAGE>      PAGE  117
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<PAGE>      PAGE  118
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<PAGE>      PAGE  119
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<PAGE>      PAGE  120
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<PAGE>      PAGE  121
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<PAGE>      PAGE  122
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<PAGE>      PAGE  123
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<PAGE>      PAGE  124
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<PAGE>      PAGE  125
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<PAGE>      PAGE  128
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<PAGE>      PAGE  129
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074 Y003500        0
075 A003500        0
075 B003500   121604
076  003500     0.00
008 A003601 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
008 B003601 A
008 C003601 801-5148
008 D013601 CHICAGO
008 D023601 IL
008 D033601 60670
<PAGE>      PAGE  130
028 A013600         0
028 A023600         0
028 A033600         0
028 A043600      1080
028 B013600        39
028 B023600         0
028 B033600         0
028 B043600       457
028 C013600        29
028 C023600       597
028 C033600         0
028 C043600     23755
028 D013600         0
028 D023600         0
028 D033600         0
028 D043600         0
028 E013600         0
028 E023600         0
028 E033600         0
028 E043600         0
028 F013600         0
028 F023600         0
028 F033600         0
028 F043600         0
028 G013600        68
028 G023600       597
028 G033600         0
028 G043600     25292
028 H003600         0
029  003600 Y
030 A003600      0
030 B003600  3.00
030 C003600  0.00
031 A003600      0
031 B003600      0
032  003600      0
033  003600      0
034  003600 Y
035  003600      0
036 A003600 N
036 B003600      0
042 A003600   0
042 B003600   0
042 C003600 100
042 D003600   0
042 E003600   0
042 F003600   0
042 G003600   0
042 H003600   0
043  003600      0
044  003600      0
<PAGE>      PAGE  131
045  003600 Y
046  003600 N
047  003600 Y
048  003600  0.250
048 A013600        0
048 A023600 0.000
048 B013600        0
048 B023600 0.000
048 C013600        0
048 C023600 0.000
048 D013600        0
048 D023600 0.000
048 E013600        0
048 E023600 0.000
048 F013600        0
048 F023600 0.000
048 G013600        0
048 G023600 0.000
048 H013600        0
048 H023600 0.000
048 I013600        0
048 I023600 0.000
048 J013600        0
048 J023600 0.000
048 K013600        0
048 K023600 0.000
058 A003600 N
059  003600 Y
060 A003600 Y
060 B003600 Y
061  003600     1000
062 A003600 N
062 B003600   0.0
062 C003600   0.0
062 D003600   0.0
062 E003600   0.0
062 F003600   0.0
062 G003600   0.0
062 H003600   0.0
062 I003600   0.0
062 J003600   0.0
062 K003600   0.0
062 L003600   0.0
062 M003600   0.0
062 N003600   0.0
062 O003600   0.0
062 P003600   0.0
062 Q003600   0.0
062 R003600   0.0
070 A013600 Y
070 A023600 N
<PAGE>      PAGE  132
070 B013600 Y
070 B023600 N
070 C013600 Y
070 C023600 N
070 D013600 Y
070 D023600 N
070 E013600 Y
070 E023600 N
070 F013600 Y
070 F023600 N
070 G013600 Y
070 G023600 N
070 H013600 Y
070 H023600 N
070 I013600 N
070 I023600 N
070 J013600 Y
070 J023600 N
070 K013600 Y
070 K023600 N
070 L013600 Y
070 L023600 N
070 M013600 N
070 M023600 N
070 N013600 Y
070 N023600 N
070 O013600 N
070 O023600 N
070 P013600 Y
070 P023600 N
070 Q013600 N
070 Q023600 N
070 R013600 N
070 R023600 N
071 A003600      2396
071 B003600      3934
071 C003600     25465
071 D003600    9
072 A003600  3
072 B003600        1
072 C003600       70
072 D003600        0
072 E003600        0
072 F003600       11
072 G003600        8
072 H003600        0
072 I003600        0
072 J003600        0
072 K003600        0
072 L003600        0
072 M003600        0
<PAGE>      PAGE  133
072 N003600        0
072 O003600        0
072 P003600        0
072 Q003600        0
072 R003600        0
072 S003600        0
072 T003600        0
072 U003600        0
072 V003600        0
072 W003600       37
072 X003600       56
072 Y003600       25
072 Z003600       40
072AA003600     2547
072BB003600        0
072CC013600        0
072CC023600     4761
072DD013600        0
072DD023600        0
072EE003600      714
073 A013600   0.0000
073 A023600   0.0000
073 B003600   0.8817
073 C003600   0.0000
074 A003600        0
074 B003600        0
074 C003600        0
074 D003600        0
074 E003600        0
074 F003600        0
074 G003600        0
074 H003600        0
074 I003600        0
074 J003600        0
074 K003600        0
074 L003600        0
074 M003600        0
074 N003600        0
074 O003600        0
074 P003600        0
074 Q003600        0
074 R013600        0
074 R023600        0
074 R033600        0
074 R043600        0
074 S003600        0
074 T003600        0
074 U013600        0
074 U023600        0
074 V013600     0.00
074 V023600     0.00
<PAGE>      PAGE  134
074 W003600   0.0000
074 X003600        0
074 Y003600        0
075 A003600        0
075 B003600    24795
076  003600     0.00
SIGNATURE   CHRIS SABATO
TITLE       MANAGER


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 202
									SHORT BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1386859	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	172073
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(26583)
									<NET-INVESTMENT-INCOME>	145490
									<REALIZED-GAINS-CURRENT>	6896
									<APPREC-INCREASE-CURRENT>	(85071)
									<NET-CHANGE-FROM-OPS>	67315
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(146289)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(7078)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	484185
									<NUMBER-OF-SHARES-REDEEMED>	(710514)
									<SHARES-REINVESTED>	74395
									<NET-CHANGE-IN-ASSETS>	(237986)
									<ACCUMULATED-NII-PRIOR>	37
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(68)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	26583
									<AVERAGE-NET-ASSETS>	13778020	<F1>
									<PER-SHARE-NAV-BEGIN>	10.22	<F1>
									<PER-SHARE-NII>	0.11	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.05)	<F1>
									<PER-SHARE-DIVIDEND>	0.11	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	10.16	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										53166
										0

									53166.000	53166.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 203
									SHORT BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	26464	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	3225
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(932)
									<NET-INVESTMENT-INCOME>	2293
									<REALIZED-GAINS-CURRENT>	125
									<APPREC-INCREASE-CURRENT>	(1520)
									<NET-CHANGE-FROM-OPS>	898
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(2333)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(139)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	20927
									<NUMBER-OF-SHARES-REDEEMED>	(20000)
									<SHARES-REINVESTED>	3306
									<NET-CHANGE-IN-ASSETS>	2659
									<ACCUMULATED-NII-PRIOR>	1
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(1)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	932
									<AVERAGE-NET-ASSETS>	258182	<F1>
									<PER-SHARE-NAV-BEGIN>	10.12	<F1>
									<PER-SHARE-NII>	0.09	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.05)	<F1>
									<PER-SHARE-DIVIDEND>	0.09	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	10.06	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										1864
										0

									1864.000	1864.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 201
									SHORT BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	32339604	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	3960248
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(418386)
									<NET-INVESTMENT-INCOME>	3541862
									<REALIZED-GAINS-CURRENT>	159699
									<APPREC-INCREASE-CURRENT>	(1961464)
									<NET-CHANGE-FROM-OPS>	1740097
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3484519)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(155215)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	21248089
									<NUMBER-OF-SHARES-REDEEMED>	(51094146)
									<SHARES-REINVESTED>	504736
									<NET-CHANGE-IN-ASSETS>	(31240958)
									<ACCUMULATED-NII-PRIOR>	858
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(1572)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	418386
									<AVERAGE-NET-ASSETS>	317227630	<F1>
									<PER-SHARE-NAV-BEGIN>	10.21	<F1>
									<PER-SHARE-NII>	0.11	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.05)	<F1>
									<PER-SHARE-DIVIDEND>	0.11	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	10.15	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										836772
										0

									836772.000	836772.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									`
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 112
									INTERMEDIATE BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	8303275	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	1281223
									<OTHER-INCOME>
									<EXPENSES-NET>	(169218)
									<NET-INVESTMENT-INCOME>	1112005
									<REALIZED-GAINS-CURRENT>	(23149)
									<APPREC-INCREASE-CURRENT>	(1262204)
									<NET-CHANGE-FROM-OPS>	(173348)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1100968)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	7712307
									<NUMBER-OF-SHARES-REDEEMED>	(23229638)
									<SHARES-REINVESTED>	1253129
									<NET-CHANGE-IN-ASSETS>	(15538519)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(779535)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	169218
									<AVERAGE-NET-ASSETS>	85591959	<F1>
									<PER-SHARE-NAV-BEGIN>	10.61	<F1>
									<PER-SHARE-NII>	0.14	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.13)	<F1>
									<PER-SHARE-DIVIDEND>	0.14	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.48	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										#VALUE!
										0

									#VALUE!	#VALUE!

















</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									`
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 112
									INTERMEDIATE BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	8303275	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	1281223
									<OTHER-INCOME>
									<EXPENSES-NET>	(169218)
									<NET-INVESTMENT-INCOME>	1112005
									<REALIZED-GAINS-CURRENT>	(23149)
									<APPREC-INCREASE-CURRENT>	(1262204)
									<NET-CHANGE-FROM-OPS>	(173348)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1100968)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	7712307
									<NUMBER-OF-SHARES-REDEEMED>	(23229638)
									<SHARES-REINVESTED>	1253129
									<NET-CHANGE-IN-ASSETS>	(15538519)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(779535)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	169218
									<AVERAGE-NET-ASSETS>	85591959	<F1>
									<PER-SHARE-NAV-BEGIN>	10.61	<F1>
									<PER-SHARE-NII>	0.14	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.13)	<F1>
									<PER-SHARE-DIVIDEND>	0.14	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.48	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										#VALUE!
										0

									#VALUE!	#VALUE!

















</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									`
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 111
									INTERMEDIATE BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	53515949	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	8612610
									<OTHER-INCOME>
									<EXPENSES-NET>	(961297)
									<NET-INVESTMENT-INCOME>	7651313
									<REALIZED-GAINS-CURRENT>	(160271)
									<APPREC-INCREASE-CURRENT>	(6956414)
									<NET-CHANGE-FROM-OPS>	534629
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(7824179)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	34281891
									<NUMBER-OF-SHARES-REDEEMED>	(23331807)
									<SHARES-REINVESTED>	5348846
									<NET-CHANGE-IN-ASSETS>	9009379
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(5156926)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	961297
									<AVERAGE-NET-ASSETS>	581137846	<F1>
									<PER-SHARE-NAV-BEGIN>	10.61	<F1>
									<PER-SHARE-NII>	0.14	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.14)	<F1>
									<PER-SHARE-DIVIDEND>	0.14	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.47	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1922594
										(1)

									1922593.000	1922593.000

















</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									`
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>122
									BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	20994234	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	3489598
									<OTHER-INCOME>
									<EXPENSES-NET>	(453934)
									<NET-INVESTMENT-INCOME>	3035664
									<REALIZED-GAINS-CURRENT>	(2335)
									<APPREC-INCREASE-CURRENT>	(4016288)
									<NET-CHANGE-FROM-OPS>	(982959)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3060551)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	19219437
									<NUMBER-OF-SHARES-REDEEMED>	18042715
									<SHARES-REINVESTED>	3601455
									<NET-CHANGE-IN-ASSETS>	734667
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(2816880)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	449779
									<AVERAGE-NET-ASSETS>	228389434	<F1>
									<PER-SHARE-NAV-BEGIN>	10.78	<F1>
									<PER-SHARE-NII>	0.14	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.19)	<F1>
									<PER-SHARE-DIVIDEND>	0.14	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.59	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										907868
										0

									907868.000	907868.000

















</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									`
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>123
									BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	841978	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	140710
									<OTHER-INCOME>
									<EXPENSES-NET>	(33084)
									<NET-INVESTMENT-INCOME>	107458
									<REALIZED-GAINS-CURRENT>	(94)
									<APPREC-INCREASE-CURRENT>	(162907)
									<NET-CHANGE-FROM-OPS>	(55543)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(107446)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	561998
									<NUMBER-OF-SHARES-REDEEMED>	(459441)
									<SHARES-REINVESTED>	126261
									<NET-CHANGE-IN-ASSETS>	65828
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(187792)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	33084
									<AVERAGE-NET-ASSETS>	9209649	<F1>
									<PER-SHARE-NAV-BEGIN>	10.78	<F1>
									<PER-SHARE-NII>	0.12	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.19)	<F1>
									<PER-SHARE-DIVIDEND>	0.12	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.59	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										66336
										0

									66336.000	66336.000

















</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									`
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>121
									BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	118500346	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	19419091
									<OTHER-INCOME>
									<EXPENSES-NET>	(1838617)
									<NET-INVESTMENT-INCOME>	17580474
									<REALIZED-GAINS-CURRENT>	(12896)
									<APPREC-INCREASE-CURRENT>	(22451520)
									<NET-CHANGE-FROM-OPS>	(4883943)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1778255)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	58691199
									<NUMBER-OF-SHARES-REDEEMED>	(46707991)
									<SHARES-REINVESTED>	12414303
									<NET-CHANGE-IN-ASSETS>	1735312
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	15774531
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	1815661
									<AVERAGE-NET-ASSETS>	1271027365	<F1>
									<PER-SHARE-NAV-BEGIN>	8.13	<F1>
									<PER-SHARE-NII>	0.08	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.14)	<F1>
									<PER-SHARE-DIVIDEND>	0.09	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.06	<F1>
									<RETURNS-OF-CAPITAL>	7.92	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										3677234
										1

									3677235.000	3677235.000

















</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 272
									MULTI SECTOR BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1950878	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	213618
									<OTHER-INCOME>
									<EXPENSES-NET>	(31490)
									<NET-INVESTMENT-INCOME>	182128
									<REALIZED-GAINS-CURRENT>	54178
									<APPREC-INCREASE-CURRENT>	(345179)
									<NET-CHANGE-FROM-OPS>	(108873)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(194143)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(114521)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1247361
									<NUMBER-OF-SHARES-REDEEMED>	(1369113)
									<SHARES-REINVESTED>	277290
									<NET-CHANGE-IN-ASSETS>	(261999)
									<ACCUMULATED-NII-PRIOR>	7596
									<ACCUMULATED-GAINS-PRIOR>	57682
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	31490
									<AVERAGE-NET-ASSETS>	15982513	<F1>
									<PER-SHARE-NAV-BEGIN>	8.09	<F1>
									<PER-SHARE-NII>	0.09	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.14)	<F1>
									<PER-SHARE-DIVIDEND>	0.10	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.06	<F1>
									<RETURNS-OF-CAPITAL>	7.88	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										62980
										0

									62980.000	62980.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 273
									MULTI SECTOR BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	78481	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	8607
									<OTHER-INCOME>
									<EXPENSES-NET>	(2278)
									<NET-INVESTMENT-INCOME>	6329
									<REALIZED-GAINS-CURRENT>	2188
									<APPREC-INCREASE-CURRENT>	(13857)
									<NET-CHANGE-FROM-OPS>	(5340)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(6860)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(4660)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	3683
									<NUMBER-OF-SHARES-REDEEMED>	(3416)
									<SHARES-REINVESTED>	9950
									<NET-CHANGE-IN-ASSETS>	(6643)
									<ACCUMULATED-NII-PRIOR>	196
									<ACCUMULATED-GAINS-PRIOR>	1479
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	2278
									<AVERAGE-NET-ASSETS>	853031	<F1>
									<PER-SHARE-NAV-BEGIN>	8.13	<F1>
									<PER-SHARE-NII>	0.08	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.14)	<F1>
									<PER-SHARE-DIVIDEND>	0.09	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.06	<F1>
									<RETURNS-OF-CAPITAL>	7.92	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										4556
										0

									4556.000	4556.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 271
									MULTI SECTOR BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	47634759	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	5119412
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(539054)
									<NET-INVESTMENT-INCOME>	4580358
									<REALIZED-GAINS-CURRENT>	1316839
									<APPREC-INCREASE-CURRENT>	(8288801)
									<NET-CHANGE-FROM-OPS>	(2391604)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(4865122)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(2726173)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	6254713
									<NUMBER-OF-SHARES-REDEEMED>	(17092634)
									<SHARES-REINVESTED>	2637036
									<NET-CHANGE-IN-ASSETS>	(18183784)
									<ACCUMULATED-NII-PRIOR>	187043
									<ACCUMULATED-GAINS-PRIOR>	1419860
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	539054
									<AVERAGE-NET-ASSETS>	389064245	<F1>
									<PER-SHARE-NAV-BEGIN>	8.10	<F1>
									<PER-SHARE-NII>	0.09	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.15)	<F1>
									<PER-SHARE-DIVIDEND>	0.10	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.06	<F1>
									<RETURNS-OF-CAPITAL>	7.88	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1078108
										0

									1078108.000	1078108.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 322
									HIGH YIELD BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	226535	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	67811
									<OTHER-INCOME>
									<EXPENSES-NET>	(5477)
									<NET-INVESTMENT-INCOME>	62334
									<REALIZED-GAINS-CURRENT>	(12793)
									<APPREC-INCREASE-CURRENT>	2780
									<NET-CHANGE-FROM-OPS>	52321
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(40158)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(274)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	47820
									<NUMBER-OF-SHARES-REDEEMED>	(43322)
									<SHARES-REINVESTED>	15955
									<NET-CHANGE-IN-ASSETS>	32342
									<ACCUMULATED-NII-PRIOR>	12
									<ACCUMULATED-GAINS-PRIOR>	300
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	5477
									<AVERAGE-NET-ASSETS>	2224830	<F1>
									<PER-SHARE-NAV-BEGIN>	9.66	<F1>
									<PER-SHARE-NII>	0.28	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.05)	<F1>
									<PER-SHARE-DIVIDEND>	0.18	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.71	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										#VALUE!
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 323
									HIGH YIELD BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	36819	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	11752
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(1584)
									<NET-INVESTMENT-INCOME>	10168
									<REALIZED-GAINS-CURRENT>	(2130)
									<APPREC-INCREASE-CURRENT>	(71)
									<NET-CHANGE-FROM-OPS>	7967
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(6424)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(49)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	38490
									<NUMBER-OF-SHARES-REDEEMED>	(1200)
									<SHARES-REINVESTED>	5086
									<NET-CHANGE-IN-ASSETS>	43870
									<ACCUMULATED-NII-PRIOR>	2
									<ACCUMULATED-GAINS-PRIOR>	56
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	1584
									<AVERAGE-NET-ASSETS>	378948	<F1>
									<PER-SHARE-NAV-BEGIN>	9.68	<F1>
									<PER-SHARE-NII>	0.25	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.04)	<F1>
									<PER-SHARE-DIVIDEND>	0.16	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.73	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										3168
										0

									3168.000	3168.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 321
									HIGH YIELD BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	8036967	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	2462430
									<OTHER-INCOME>
									<EXPENSES-NET>	(155574)
									<NET-INVESTMENT-INCOME>	2306856
									<REALIZED-GAINS-CURRENT>	(462930)
									<APPREC-INCREASE-CURRENT>	114460
									<NET-CHANGE-FROM-OPS>	1958386
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1491615)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(9971)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	5736906
									<NUMBER-OF-SHARES-REDEEMED>	(3160385)
									<SHARES-REINVESTED>	927008
									<NET-CHANGE-IN-ASSETS>	3960329
									<ACCUMULATED-NII-PRIOR>	445
									<ACCUMULATED-GAINS-PRIOR>	10776
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	155574
									<AVERAGE-NET-ASSETS>	80825530	<F1>
									<PER-SHARE-NAV-BEGIN>	9.74	<F1>
									<PER-SHARE-NII>	0.28	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.05)	<F1>
									<PER-SHARE-DIVIDEND>	0.18	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.79	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										#VALUE!
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 172
									MICHIGAN MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	2073371	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	256748
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(44451)
									<NET-INVESTMENT-INCOME>	212297
									<REALIZED-GAINS-CURRENT>	48036
									<APPREC-INCREASE-CURRENT>	(132524)
									<NET-CHANGE-FROM-OPS>	127809
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(220906)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1439)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1548386
									<NUMBER-OF-SHARES-REDEEMED>	(4663804)
									<SHARES-REINVESTED>	235633
									<NET-CHANGE-IN-ASSETS>	(2974321)
									<ACCUMULATED-NII-PRIOR>	9015
									<ACCUMULATED-GAINS-PRIOR>	1709
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	44451
									<AVERAGE-NET-ASSETS>	22536754	<F1>
									<PER-SHARE-NAV-BEGIN>	11.03	<F1>
									<PER-SHARE-NII>	0.11	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.03)	<F1>
									<PER-SHARE-DIVIDEND>	0.11	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	11.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										88902
										0

									88902.000	88902.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 173
									MICHIGAN MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	181707	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	26225
									<OTHER-INCOME>
									<EXPENSES-NET>	(8240)
									<NET-INVESTMENT-INCOME>	17985
									<REALIZED-GAINS-CURRENT>	5521
									<APPREC-INCREASE-CURRENT>	(14839)
									<NET-CHANGE-FROM-OPS>	8667
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(20504)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(193)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	804239
									<NUMBER-OF-SHARES-REDEEMED>	(550)
									<SHARES-REINVESTED>	16897
									<NET-CHANGE-IN-ASSETS>	808556
									<ACCUMULATED-NII-PRIOR>	1288
									<ACCUMULATED-GAINS-PRIOR>	244
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	8240
									<AVERAGE-NET-ASSETS>	2302891	<F1>
									<PER-SHARE-NAV-BEGIN>	10.68	<F1>
									<PER-SHARE-NII>	0.08	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.03)	<F1>
									<PER-SHARE-DIVIDEND>	0.09	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.64	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										#VALUE!
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 171
									MICHIGAN MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	27088446	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	3445822
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(432046)
									<NET-INVESTMENT-INCOME>	3013776
									<REALIZED-GAINS-CURRENT>	652006
									<APPREC-INCREASE-CURRENT>	(1573726)
									<NET-CHANGE-FROM-OPS>	2092056
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3163932)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(22190)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	15105290
									<NUMBER-OF-SHARES-REDEEMED>	(6251239)
									<SHARES-REINVESTED>	118458
									<NET-CHANGE-IN-ASSETS>	7878443
									<ACCUMULATED-NII-PRIOR>	118486
									<ACCUMULATED-GAINS-PRIOR>	22464
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	432046
									<AVERAGE-NET-ASSETS>	302542337	<F1>
									<PER-SHARE-NAV-BEGIN>	11.03	<F1>
									<PER-SHARE-NII>	0.11	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.03)	<F1>
									<PER-SHARE-DIVIDEND>	0.12	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.99	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										864092
										0

									864092.000	864092.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 282
									INTERMEDIATE MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1830490	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	232506
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(40967)
									<NET-INVESTMENT-INCOME>	191539
									<REALIZED-GAINS-CURRENT>	245528
									<APPREC-INCREASE-CURRENT>	(364653)
									<NET-CHANGE-FROM-OPS>	72414
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(210787)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(277651)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	61729
									<NUMBER-OF-SHARES-REDEEMED>	(2305367)
									<SHARES-REINVESTED>	401026
									<NET-CHANGE-IN-ASSETS>	(2258634)
									<ACCUMULATED-NII-PRIOR>	21557
									<ACCUMULATED-GAINS-PRIOR>	47541
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	40967
									<AVERAGE-NET-ASSETS>	22027172	<F1>
									<PER-SHARE-NAV-BEGIN>	12.45	<F1>
									<PER-SHARE-NII>	0.11	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.07)	<F1>
									<PER-SHARE-DIVIDEND>	0.12	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.17	<F1>
									<RETURNS-OF-CAPITAL>	12.20	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										81934
										0

									81934.000	81934.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 283
									INTERMEDIATE MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	58808	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	7652
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(2561)
									<NET-INVESTMENT-INCOME>	5091
									<REALIZED-GAINS-CURRENT>	8289
									<APPREC-INCREASE-CURRENT>	(12366)
									<NET-CHANGE-FROM-OPS>	1014
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(5844)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(9703)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	(1300)
									<NUMBER-OF-SHARES-REDEEMED>	(15569)
									<SHARES-REINVESTED>	14260
									<NET-CHANGE-IN-ASSETS>	(17142)
									<ACCUMULATED-NII-PRIOR>	440
									<ACCUMULATED-GAINS-PRIOR>	970
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	2561
									<AVERAGE-NET-ASSETS>	725879	<F1>
									<PER-SHARE-NAV-BEGIN>	12.44	<F1>
									<PER-SHARE-NII>	0.09	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.06)	<F1>
									<PER-SHARE-DIVIDEND>	0.10	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.17	<F1>
									<RETURNS-OF-CAPITAL>	12.20	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										5122
										0

									5122.000	5122.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 281
									INTERMEDIATE MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	38049728	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	5007678
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(648812)
									<NET-INVESTMENT-INCOME>	4358866
									<REALIZED-GAINS-CURRENT>	5418926
									<APPREC-INCREASE-CURRENT>	(8087857)
									<NET-CHANGE-FROM-OPS>	1689935
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(4812516)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(6350401)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	21457184
									<NUMBER-OF-SHARES-REDEEMED>	(19286109)
									<SHARES-REINVESTED>	5339502
									<NET-CHANGE-IN-ASSETS>	(1962405)
									<ACCUMULATED-NII-PRIOR>	417934
									<ACCUMULATED-GAINS-PRIOR>	921719
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	648812
									<AVERAGE-NET-ASSETS>	475031184	<F1>
									<PER-SHARE-NAV-BEGIN>	12.45	<F1>
									<PER-SHARE-NII>	0.12	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.06)	<F1>
									<PER-SHARE-DIVIDEND>	0.13	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.17	<F1>
									<RETURNS-OF-CAPITAL>	12.21	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1297624
										0

									1297624.000	1297624.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>162
									MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	3631333	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	484997
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(82648)
									<NET-INVESTMENT-INCOME>	402348
									<REALIZED-GAINS-CURRENT>	164369
									<APPREC-INCREASE-CURRENT>	(346045)
									<NET-CHANGE-FROM-OPS>	220672
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(435523)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(29594)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	884549
									<NUMBER-OF-SHARES-REDEEMED>	(13785707)
									<SHARES-REINVESTED>	444215
									<NET-CHANGE-IN-ASSETS>	(12701388)
									<ACCUMULATED-NII-PRIOR>	42902
									<ACCUMULATED-GAINS-PRIOR>	39654
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	82648
									<AVERAGE-NET-ASSETS>	43244506	<F1>
									<PER-SHARE-NAV-BEGIN>	12.99	<F1>
									<PER-SHARE-NII>	0.12	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.06)	<F1>
									<PER-SHARE-DIVIDEND>	0.13	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	12.91	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										165297
										0

									165297.000	165297.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>163
									MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	164962	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	23451
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(7380)
									<NET-INVESTMENT-INCOME>	16071
									<REALIZED-GAINS-CURRENT>	7593
									<APPREC-INCREASE-CURRENT>	(16766)
									<NET-CHANGE-FROM-OPS>	6897
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(18119)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1727)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	9132
									<NUMBER-OF-SHARES-REDEEMED>	(88615)
									<SHARES-REINVESTED>	19142
									<NET-CHANGE-IN-ASSETS>	(73290)
									<ACCUMULATED-NII-PRIOR>	1619
									<ACCUMULATED-GAINS-PRIOR>	1496
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	7380
									<AVERAGE-NET-ASSETS>	2090970	<F1>
									<PER-SHARE-NAV-BEGIN>	12.99	<F1>
									<PER-SHARE-NII>	0.10	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.06)	<F1>
									<PER-SHARE-DIVIDEND>	0.11	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	12.91	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										14760
										1

									14761.000	14761.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>161
									MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	64838288	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	9517369
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(1157049)
									<NET-INVESTMENT-INCOME>	8360320
									<REALIZED-GAINS-CURRENT>	3089521
									<APPREC-INCREASE-CURRENT>	(6951036)
									<NET-CHANGE-FROM-OPS>	4492805
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(9243077)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(710334)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	31236850
									<NUMBER-OF-SHARES-REDEEMED>	(17690238)
									<SHARES-REINVESTED>	785403
									<NET-CHANGE-IN-ASSETS>	8871409
									<ACCUMULATED-NII-PRIOR>	764949
									<ACCUMULATED-GAINS-PRIOR>	707042
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	1157049
									<AVERAGE-NET-ASSETS>	848642771	<F1>
									<PER-SHARE-NAV-BEGIN>	12.98	<F1>
									<PER-SHARE-NII>	0.13	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.06)	<F1>
									<PER-SHARE-DIVIDEND>	0.14	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	12.90	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										2314098
										6000

									2320098.000	2320098.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 202
									SHORT MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	55140	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	5588
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(1126)
									<NET-INVESTMENT-INCOME>	4462
									<REALIZED-GAINS-CURRENT>	416
									<APPREC-INCREASE-CURRENT>	(1153)
									<NET-CHANGE-FROM-OPS>	3725
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(4661)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(116)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	153858
									<NUMBER-OF-SHARES-REDEEMED>	(9600)
									<SHARES-REINVESTED>	7084
									<NET-CHANGE-IN-ASSETS>	150290
									<ACCUMULATED-NII-PRIOR>	50
									<ACCUMULATED-GAINS-PRIOR>	118
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(1126)
									<AVERAGE-NET-ASSETS>	600141	<F1>
									<PER-SHARE-NAV-BEGIN>	10.15	<F1>
									<PER-SHARE-NII>	0.08	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.02)	<F1>
									<PER-SHARE-DIVIDEND>	0.08	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.01	<F1>
									<RETURNS-OF-CAPITAL>	10.13	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										-0.01
										2252
										0

									2251.990	2251.990


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 203
									SHORT MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	10954	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	1089
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(408)
									<NET-INVESTMENT-INCOME>	681
									<REALIZED-GAINS-CURRENT>	80
									<APPREC-INCREASE-CURRENT>	(202)
									<NET-CHANGE-FROM-OPS>	559
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(768)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(21)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	45316
									<NUMBER-OF-SHARES-REDEEMED>	(100)
									<SHARES-REINVESTED>	1146
									<NET-CHANGE-IN-ASSETS>	46132
									<ACCUMULATED-NII-PRIOR>	9
									<ACCUMULATED-GAINS-PRIOR>	22
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(408)
									<AVERAGE-NET-ASSETS>	116794	<F1>
									<PER-SHARE-NAV-BEGIN>	10.19	<F1>
									<PER-SHARE-NII>	0.15	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.10)	<F1>
									<PER-SHARE-DIVIDEND>	0.06	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.18	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.00
										816
										0

									816.000	816.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 201
									SHORT MUNICIPAL BOND FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	11646428	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	1131755
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(162153)
									<NET-INVESTMENT-INCOME>	969602
									<REALIZED-GAINS-CURRENT>	86264
									<APPREC-INCREASE-CURRENT>	(230831)
									<NET-CHANGE-FROM-OPS>	825035
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(985811)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(23262)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	12444500
									<NUMBER-OF-SHARES-REDEEMED>	(5840696)
									<SHARES-REINVESTED>	79637
									<NET-CHANGE-IN-ASSETS>	6499403
									<ACCUMULATED-NII-PRIOR>	10352
									<ACCUMULATED-GAINS-PRIOR>	24338
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	162154
									<AVERAGE-NET-ASSETS>	120919819	<F1>
									<PER-SHARE-NAV-BEGIN>	10.16	<F1>
									<PER-SHARE-NII>	0.24	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.18)	<F1>
									<PER-SHARE-DIVIDEND>	0.08	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	10.14	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										324306
										0

									324306.000	324306.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 242
									                   EQUITY INCOME FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1065503	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	94236
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(25502)
									<NET-INVESTMENT-INCOME>	68734
									<REALIZED-GAINS-CURRENT>	59834
									<APPREC-INCREASE-CURRENT>	(630618)
									<NET-CHANGE-FROM-OPS>	(502049
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(67353)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(575428)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	92486
									<NUMBER-OF-SHARES-REDEEMED>	(145989)
									<SHARES-REINVESTED>	56664
									<NET-CHANGE-IN-ASSETS>	(1137536)
									<ACCUMULATED-NII-PRIOR>	3986
									<ACCUMULATED-GAINS-PRIOR>	521394
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	12795
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	25555
									<AVERAGE-NET-ASSETS>	11954296	<F1>
									<PER-SHARE-NAV-BEGIN>	12.54	<F1>
									<PER-SHARE-NII>	0.06	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.16)	<F1>
									<PER-SHARE-DIVIDEND>	(0.06)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.57)	<F1>
									<RETURNS-OF-CAPITAL>	10.81	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.26
										51004
										#VALUE!

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 243
									                   EQUITY INCOME FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	286681	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	25613
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(12265)
									<NET-INVESTMENT-INCOME>	13348
									<REALIZED-GAINS-CURRENT>	15555
									<APPREC-INCREASE-CURRENT>	(164326)
									<NET-CHANGE-FROM-OPS>	(135423)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(13333)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(159592)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	2505
									<NUMBER-OF-SHARES-REDEEMED>	(19193)
									<SHARES-REINVESTED>	15227
									<NET-CHANGE-IN-ASSETS>	229493
									<ACCUMULATED-NII-PRIOR>	1073
									<ACCUMULATED-GAINS-PRIOR>	140285
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	3541
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	12280
									<AVERAGE-NET-ASSETS>	3209756	<F1>
									<PER-SHARE-NAV-BEGIN>	11.91	<F1>
									<PER-SHARE-NII>	0.05	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.53)	<F1>
									<PER-SHARE-DIVIDEND>	(0.05)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.57)	<F1>
									<RETURNS-OF-CAPITAL>	10.81	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.24
										24530
										0

									24531.240	24531.240


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 241
									                   EQUITY INCOME FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	46789350	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	4127516
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(832983)
									<NET-INVESTMENT-INCOME>	3294533
									<REALIZED-GAINS-CURRENT>	2582034
									<APPREC-INCREASE-CURRENT>	(27200065)
									<NET-CHANGE-FROM-OPS>	(21323498)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3240420)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(25493999)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	295189
									<NUMBER-OF-SHARES-REDEEMED>	(2405693)
									<SHARES-REINVESTED>	2245543
									<NET-CHANGE-IN-ASSETS>	229493
									<ACCUMULATED-NII-PRIOR>	175058
									<ACCUMULATED-GAINS-PRIOR>	22895959
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	564958
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	835335
									<AVERAGE-NET-ASSETS>	520993598	<F1>
									<PER-SHARE-NAV-BEGIN>	11.87	<F1>
									<PER-SHARE-NII>	0.07	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.53)	<F1>
									<PER-SHARE-DIVIDEND>	(0.07)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.57)	<F1>
									<RETURNS-OF-CAPITAL>	10.77	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.28
										1665966
										0

									1665967.280	1665967.280


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 142
									                   EQUITY INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	12665533	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	978454
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(481232)
									<NET-INVESTMENT-INCOME>	498095
									<REALIZED-GAINS-CURRENT>	3105071
									<APPREC-INCREASE-CURRENT>	15791165
									<NET-CHANGE-FROM-OPS>	19394331
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(704218)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(3548763)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1024550
									<NUMBER-OF-SHARES-REDEEMED>	816903
									<SHARES-REINVESTED>	173543
									<NET-CHANGE-IN-ASSETS>	25132878
									<ACCUMULATED-NII-PRIOR>	217576
									<ACCUMULATED-GAINS-PRIOR>	721609
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	72924
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	481232
									<AVERAGE-NET-ASSETS>	332904374	<F1>
									<PER-SHARE-NAV-BEGIN>	26.18	<F1>
									<PER-SHARE-NII>	0.03	<F1>
									<PER-SHARE-GAIN-APPREC>	0.70	<F1>
									<PER-SHARE-DIVIDEND>	(0.05)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.28)	<F1>
									<RETURNS-OF-CAPITAL>	26.58	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.66
										961591
										0

									961591.660	961591.660


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 143
									                   EQUITY INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	355815	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	17000
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(17983)
									<NET-INVESTMENT-INCOME>	(970)
									<REALIZED-GAINS-CURRENT>	50501
									<APPREC-INCREASE-CURRENT>	283036
									<NET-CHANGE-FROM-OPS>	332567
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(14948)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(112255)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	60525
									<NUMBER-OF-SHARES-REDEEMED>	(7206)
									<SHARES-REINVESTED>	8689
									<NET-CHANGE-IN-ASSETS>	1134541
									<ACCUMULATED-NII-PRIOR>	6112
									<ACCUMULATED-GAINS-PRIOR>	20271
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	1322
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	17985
									<AVERAGE-NET-ASSETS>	5747652	<F1>
									<PER-SHARE-NAV-BEGIN>	14.67	<F1>
									<PER-SHARE-NII>	0.00	<F1>
									<PER-SHARE-GAIN-APPREC>	0.86	<F1>
									<PER-SHARE-DIVIDEND>	(0.04)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.28)	<F1>
									<RETURNS-OF-CAPITAL>	15.21	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.64
										35953
										0

									35953.640	35953.640


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 141
									                   EQUITY INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	27567428	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	2125864
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	648769
									<NET-INVESTMENT-INCOME>	1478999
									<REALIZED-GAINS-CURRENT>	6764226
									<APPREC-INCREASE-CURRENT>	34511549
									<NET-CHANGE-FROM-OPS>	42754774
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1908667)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(7691025)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1049448
									<NUMBER-OF-SHARES-REDEEMED>	(754391)
									<SHARES-REINVESTED>	308019
									<NET-CHANGE-IN-ASSETS>	48796042
									<ACCUMULATED-NII-PRIOR>	473569
									<ACCUMULATED-GAINS-PRIOR>	1570631
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	158236
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	648769
									<AVERAGE-NET-ASSETS>	722985743	<F1>
									<PER-SHARE-NAV-BEGIN>	25.40	<F1>
									<PER-SHARE-NII>	0.05	<F1>
									<PER-SHARE-GAIN-APPREC>	1.49	<F1>
									<PER-SHARE-DIVIDEND>	(0.07)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.28)	<F1>
									<RETURNS-OF-CAPITAL>	26.59	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.70
										(1904)
										0

									(1903.300)	(1903.300)


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 192
									                   GROWTH  FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	6622459	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	174066
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(312927)
									<NET-INVESTMENT-INCOME>	(138862)
									<REALIZED-GAINS-CURRENT>	7528355
									<APPREC-INCREASE-CURRENT>	(494415)
									<NET-CHANGE-FROM-OPS>	6895078
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(13379409)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	487393
									<NUMBER-OF-SHARES-REDEEMED>	(514937)
									<SHARES-REINVESTED>	721383
									<NET-CHANGE-IN-ASSETS>	6165640
									<ACCUMULATED-NII-PRIOR>	401
									<ACCUMULATED-GAINS-PRIOR>	5830375
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	170643
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	312927
									<AVERAGE-NET-ASSETS>	129987447	<F1>
									<PER-SHARE-NAV-BEGIN>	20.19	<F1>
									<PER-SHARE-NII>	(0.01)	<F1>
									<PER-SHARE-GAIN-APPREC>	0.04	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(2.02)	<F1>
									<RETURNS-OF-CAPITAL>	18.20	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										4.04
										625855
										0

									625859.040	625859.040


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 193
									                   GROWTH  FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	319001	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	9033
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(27511)
									<NET-INVESTMENT-INCOME>	(18477)
									<REALIZED-GAINS-CURRENT>	379729
									<APPREC-INCREASE-CURRENT>	(12440)
									<NET-CHANGE-FROM-OPS>	348812
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(742784)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	61340
									<NUMBER-OF-SHARES-REDEEMED>	8644
									<SHARES-REINVESTED>	41480
									<NET-CHANGE-IN-ASSETS>	1337587
									<ACCUMULATED-NII-PRIOR>	19
									<ACCUMULATED-GAINS-PRIOR>	280847
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	9222
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	27510
									<AVERAGE-NET-ASSETS>	6607478	<F1>
									<PER-SHARE-NAV-BEGIN>	18.74	<F1>
									<PER-SHARE-NII>	(0.04)	<F1>
									<PER-SHARE-GAIN-APPREC>	1.03	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(2.02)	<F1>
									<RETURNS-OF-CAPITAL>	17.71	<F1>
									<PER-SHARE-NAV-END>	-	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										#VALUE!
										55021
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 191
									                   GROWTH  FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	44992899	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	1178681
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(1640304)
									<NET-INVESTMENT-INCOME>	(461623)
									<REALIZED-GAINS-CURRENT>	51088063
									<APPREC-INCREASE-CURRENT>	(3085887)
									<NET-CHANGE-FROM-OPS>	54784443
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(104731026)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1869406
									<NUMBER-OF-SHARES-REDEEMED>	(1993764)
									<SHARES-REINVESTED>	5195897
									<NET-CHANGE-IN-ASSETS>	92371199
									<ACCUMULATED-NII-PRIOR>	2725
									<ACCUMULATED-GAINS-PRIOR>	39611492
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	1157861
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	1640304
									<AVERAGE-NET-ASSETS>	881163832	<F1>
									<PER-SHARE-NAV-BEGIN>	19.23	<F1>
									<PER-SHARE-NII>	(0.02)	<F1>
									<PER-SHARE-GAIN-APPREC>	1.07	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(2.02)	<F1>
									<RETURNS-OF-CAPITAL>	18.26	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										4.04
										3280608
										(7243890)

									(3963277.960)	(3963277.960)


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 082
									                   GROWTH  AND VALUE FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	16046046	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	973129
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(656030)
									<NET-INVESTMENT-INCOME>	317098
									<REALIZED-GAINS-CURRENT>	16832007
									<APPREC-INCREASE-CURRENT>	(17562253)
									<NET-CHANGE-FROM-OPS>	(413148)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(370808)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(25692742)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1289957
									<NUMBER-OF-SHARES-REDEEMED>	(1460485)
									<SHARES-REINVESTED>	1697763
									<NET-CHANGE-IN-ASSETS>	(3165818)
									<ACCUMULATED-NII-PRIOR>	80382
									<ACCUMULATED-GAINS-PRIOR>	8717494
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	352806
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	658492
									<AVERAGE-NET-ASSETS>	270117221	<F1>
									<PER-SHARE-NAV-BEGIN>	17.62	<F1>
									<PER-SHARE-NII>	0.02	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.92)	<F1>
									<PER-SHARE-DIVIDEND>	(0.02)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(1.60)	<F1>
									<RETURNS-OF-CAPITAL>	15.10	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										3.24
										1312061
										0

									1312064.240	1312064.240


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 083
									                   GROWTH  AND VALUE FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1154598	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	37776
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(42806)
									<NET-INVESTMENT-INCOME>	(5029)
									<REALIZED-GAINS-CURRENT>	654984
									<APPREC-INCREASE-CURRENT>	(684693)
									<NET-CHANGE-FROM-OPS>	34738
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(15313)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1726214)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	25453
									<NUMBER-OF-SHARES-REDEEMED>	205077
									<SHARES-REINVESTED>	109125
									<NET-CHANGE-IN-ASSETS>	(908830)
									<ACCUMULATED-NII-PRIOR>	5783
									<ACCUMULATED-GAINS-PRIOR>	627273
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	13722
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	42901
									<AVERAGE-NET-ASSETS>	10503912	<F1>
									<PER-SHARE-NAV-BEGIN>	9.71	<F1>
									<PER-SHARE-NII>	(0.01)	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.02)	<F1>
									<PER-SHARE-DIVIDEND>	(0.01)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(1.60)	<F1>
									<RETURNS-OF-CAPITAL>	8.07	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										3.22
										85611
										(69476)

									16138.220	16138.220


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 081
									                   GROWTH  AND VALUE FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	73228249	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	4237012
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(2260965)
									<NET-INVESTMENT-INCOME>	1976047
									<REALIZED-GAINS-CURRENT>	74666596
									<APPREC-INCREASE-CURRENT>	(77025361)
									<NET-CHANGE-FROM-OPS>	(382718)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(2309580)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(114082910)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	4005695
									<NUMBER-OF-SHARES-REDEEMED>	(3853625)
									<SHARES-REINVESTED>	7431233
									<NET-CHANGE-IN-ASSETS>	(5023973)
									<ACCUMULATED-NII-PRIOR>	366836
									<ACCUMULATED-GAINS-PRIOR>	39783434
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	1570334
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	2272012
									<AVERAGE-NET-ASSETS>	1181741613	<F1>
									<PER-SHARE-NAV-BEGIN>	16.75	<F1>
									<PER-SHARE-NII>	0.03	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.04)	<F1>
									<PER-SHARE-DIVIDEND>	(0.03)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(1.60)	<F1>
									<RETURNS-OF-CAPITAL>	15.11	<F1>
									<PER-SHARE-NAV-END>	-	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										#VALUE!
										4521930
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 102
									                   INTRINSIC VALUE FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	8537047	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	514615
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(268871)
									<NET-INVESTMENT-INCOME>	245744
									<REALIZED-GAINS-CURRENT>	(6623783)
									<APPREC-INCREASE-CURRENT>	(4091434)
									<NET-CHANGE-FROM-OPS>	(10469474)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(290380)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1087260)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	302423
									<NUMBER-OF-SHARES-REDEEMED>	(911991)
									<SHARES-REINVESTED>	110203
									<NET-CHANGE-IN-ASSETS>	(18413273)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	1031248
									<OVERDISTRIB-NII-PRIOR>	3554
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	140587
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	270273
									<AVERAGE-NET-ASSETS>	106662827	<F1>
									<PER-SHARE-NAV-BEGIN>	14.51	<F1>
									<PER-SHARE-NII>	0.03	<F1>
									<PER-SHARE-GAIN-APPREC>	(2.01)	<F1>
									<PER-SHARE-DIVIDEND>	(0.04)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.14)	<F1>
									<RETURNS-OF-CAPITAL>	12.35	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.36
										537742
										1

									537743.360	537743.360


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 103
									                   INTRINSIC VALUE FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	506709	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	20673
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(17813)
									<NET-INVESTMENT-INCOME>	2859
									<REALIZED-GAINS-CURRENT>	(266141)
									<APPREC-INCREASE-CURRENT>	(166962)
									<NET-CHANGE-FROM-OPS>	(430243)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(11033)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(62385)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	2244
									<NUMBER-OF-SHARES-REDEEMED>	(58727)
									<SHARES-REINVESTED>	9904
									<NET-CHANGE-IN-ASSETS>	(921592)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	61209
									<OVERDISTRIB-NII-PRIOR>	211
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	5604
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	17869
									<AVERAGE-NET-ASSETS>	4290260	<F1>
									<PER-SHARE-NAV-BEGIN>	9.48	<F1>
									<PER-SHARE-NII>	0.00	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.88)	<F1>
									<PER-SHARE-DIVIDEND>	(0.02)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.14)	<F1>
									<RETURNS-OF-CAPITAL>	8.44	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.32
										35627
										(1)

									35626.320	35626.320


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 101
									                   INTRINSIC VALUE FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	33232119	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	1949995
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(772629)
									<NET-INVESTMENT-INCOME>	1177366
									<REALIZED-GAINS-CURRENT>	(25781189)
									<APPREC-INCREASE-CURRENT>	16608030
									<NET-CHANGE-FROM-OPS>	(41211854)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1143897)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(3954265)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	602267
									<NUMBER-OF-SHARES-REDEEMED>	(7369693)
									<SHARES-REINVESTED>	114633
									<NET-CHANGE-IN-ASSETS>	(129804584)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	4014335
									<OVERDISTRIB-NII-PRIOR>	13833
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	516103
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	777578
									<AVERAGE-NET-ASSETS>	407052664	<F1>
									<PER-SHARE-NAV-BEGIN>	13.79	<F1>
									<PER-SHARE-NII>	0.04	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.29)	<F1>
									<PER-SHARE-DIVIDEND>	(0.04)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.14)	<F1>
									<RETURNS-OF-CAPITAL>	12.36	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.36
										1545258
										33216061

									34761319.360	34761319.360


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 232
									                  SMALL CAP OPPORTUNITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	2175819	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	28303
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(79845)
									<NET-INVESTMENT-INCOME>	(51542)
									<REALIZED-GAINS-CURRENT>	450203
									<APPREC-INCREASE-CURRENT>	(5476950)
									<NET-CHANGE-FROM-OPS>	(5078289)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(168122)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	180236
									<NUMBER-OF-SHARES-REDEEMED>	244973
									<SHARES-REINVESTED>	12927
									<NET-CHANGE-IN-ASSETS>	(5483659)
									<ACCUMULATED-NII-PRIOR>	97
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	154905
									<GROSS-ADVISORY-FEES>	9049
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	79973
									<AVERAGE-NET-ASSETS>	29796362	<F1>
									<PER-SHARE-NAV-BEGIN>	15.59	<F1>
									<PER-SHARE-NII>	(0.02)	<F1>
									<PER-SHARE-GAIN-APPREC>	(3.07)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.08)	<F1>
									<RETURNS-OF-CAPITAL>	12.42	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.16
										159690
										0

									159690.160	159690.160


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 233
									                   SMALL CAP OPPORTUNITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	278490	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	3351
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(15315)
									<NET-INVESTMENT-INCOME>	(11963)
									<REALIZED-GAINS-CURRENT>	53612
									<APPREC-INCREASE-CURRENT>	(651493)
									<NET-CHANGE-FROM-OPS>	(609844)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(20575)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	14097
									<NUMBER-OF-SHARES-REDEEMED>	(36994)
									<SHARES-REINVESTED>	1636
									<NET-CHANGE-IN-ASSETS>	(910722)
									<ACCUMULATED-NII-PRIOR>	12
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	19827
									<GROSS-ADVISORY-FEES>	1069
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	15330
									<AVERAGE-NET-ASSETS>	3536129	<F1>
									<PER-SHARE-NAV-BEGIN>	14.41	<F1>
									<PER-SHARE-NII>	(0.05)	<F1>
									<PER-SHARE-GAIN-APPREC>	(2.22)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.08)	<F1>
									<RETURNS-OF-CAPITAL>	12.06	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.16
										30629
										0

									30629.160	30629.160


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 231
									                  SMALL CAP OPPORTUNITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	18425056	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	242973
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(544472)
									<NET-INVESTMENT-INCOME>	(301499)
									<REALIZED-GAINS-CURRENT>	3796690
									<APPREC-INCREASE-CURRENT>	(46918678)
									<NET-CHANGE-FROM-OPS>	(43423487)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1454808)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	2556053
									<NUMBER-OF-SHARES-REDEEMED>	(2346564)
									<SHARES-REINVESTED>	97365
									<NET-CHANGE-IN-ASSETS>	(40662934)
									<ACCUMULATED-NII-PRIOR>	823
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	1311750
									<GROSS-ADVISORY-FEES>	79620
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	545594
									<AVERAGE-NET-ASSETS>	255577450	<F1>
									<PER-SHARE-NAV-BEGIN>	15.02	<F1>
									<PER-SHARE-NII>	(0.02)	<F1>
									<PER-SHARE-GAIN-APPREC>	(2.32)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.08)	<F1>
									<RETURNS-OF-CAPITAL>	12.60	<F1>
									<PER-SHARE-NAV-END>	-	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										#VALUE!
										1088944
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 092
									                    MID CAP OPPORTUNITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	13672601	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	522088
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(672342)
									<NET-INVESTMENT-INCOME>	(150253)
									<REALIZED-GAINS-CURRENT>	7845408
									<APPREC-INCREASE-CURRENT>	(23418409)
									<NET-CHANGE-FROM-OPS>	(15723255)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(720326)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	535883
									<NUMBER-OF-SHARES-REDEEMED>	1197879
									<SHARES-REINVESTED>	31079
									<NET-CHANGE-IN-ASSETS>	(28879141)
									<ACCUMULATED-NII-PRIOR>	85
									<ACCUMULATED-GAINS-PRIOR>	716612
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	71096
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	672342
									<AVERAGE-NET-ASSETS>	261835738	<F1>
									<PER-SHARE-NAV-BEGIN>	21.42	<F1>
									<PER-SHARE-NII>	(0.01)	<F1>
									<PER-SHARE-GAIN-APPREC>	(2.24)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.05)	<F1>
									<RETURNS-OF-CAPITAL>	19.12	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.10
										1344683
										1

									1344684.100	1344684.100


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 093
									                    MID CAP OPPORTUNITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	744553	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	12505
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(26477)
									<NET-INVESTMENT-INCOME>	(13972)
									<REALIZED-GAINS-CURRENT>	187492
									<APPREC-INCREASE-CURRENT>	(561622)
									<NET-CHANGE-FROM-OPS>	(388102)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(36888)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	11125
									<NUMBER-OF-SHARES-REDEEMED>	(94348)
									<SHARES-REINVESTED>	3920
									<NET-CHANGE-IN-ASSETS>	(1169925)
									<ACCUMULATED-NII-PRIOR>	5
									<ACCUMULATED-GAINS-PRIOR>	39024
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	1697
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	26477
									<AVERAGE-NET-ASSETS>	6277341	<F1>
									<PER-SHARE-NAV-BEGIN>	9.55	<F1>
									<PER-SHARE-NII>	(0.02)	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.55)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.05)	<F1>
									<RETURNS-OF-CAPITAL>	8.93	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.10
										52954
										0

									52954.100	52954.100


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 251
									                 MID CAP OPPORTUNITY FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1030567	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	1879121
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(1898092)
									<NET-INVESTMENT-INCOME>	(18973)
									<REALIZED-GAINS-CURRENT>	28098811
									<APPREC-INCREASE-CURRENT>	(84191565)
									<NET-CHANGE-FROM-OPS>	(56111726)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(2582438)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1055589
									<NUMBER-OF-SHARES-REDEEMED>	(2389659)
									<SHARES-REINVESTED>	29943
									<NET-CHANGE-IN-ASSETS>	(84198519)
									<ACCUMULATED-NII-PRIOR>	301
									<ACCUMULATED-GAINS-PRIOR>	2529580
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	256387
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	1898092
									<AVERAGE-NET-ASSETS>	940240074	<F1>
									<PER-SHARE-NAV-BEGIN>	20.46	<F1>
									<PER-SHARE-NII>	0.00	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.18)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.05)	<F1>
									<RETURNS-OF-CAPITAL>	19.23	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.10
										3796186
										(1)

									3796185.100	3796185.100


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 212
									                INTERNATIONAL EQUITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	3183837	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	14594352
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(125422)
									<NET-INVESTMENT-INCOME>	3238
									<REALIZED-GAINS-CURRENT>	344111
									<APPREC-INCREASE-CURRENT>	1179919
									<NET-CHANGE-FROM-OPS>	1527268
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	526633
									<NUMBER-OF-SHARES-REDEEMED>	(856586)
									<SHARES-REINVESTED>	9273
									<NET-CHANGE-IN-ASSETS>	(3020669)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	165220
									<OVERDIST-NET-GAINS-PRIOR>	1942126
									<GROSS-ADVISORY-FEES>	16207
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	126194
									<AVERAGE-NET-ASSETS>	42321587	<F1>
									<PER-SHARE-NAV-BEGIN>	14.62	<F1>
									<PER-SHARE-NII>	0.00	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.22)	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	14.40	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										14716536
										0

									14716536.000	14716536.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 213
									                INTERNATIONAL EQUITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	195552	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	782887
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(10859)
									<NET-INVESTMENT-INCOME>	(3668)
									<REALIZED-GAINS-CURRENT>	19587
									<APPREC-INCREASE-CURRENT>	62891
									<NET-CHANGE-FROM-OPS>	78810
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1518
									<NUMBER-OF-SHARES-REDEEMED>	(21569)
									<SHARES-REINVESTED>	424
									<NET-CHANGE-IN-ASSETS>	(176426)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	10148
									<OVERDIST-NET-GAINS-PRIOR>	119286
									<GROSS-ADVISORY-FEES>	917
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	10903
									<AVERAGE-NET-ASSETS>	2355896	<F1>
									<PER-SHARE-NAV-BEGIN>	13.01	<F1>
									<PER-SHARE-NII>	(0.03)	<F1>
									<PER-SHARE-GAIN-APPREC>	0.49	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	13.47	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										797414
										0

									797414.000	797414.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 211
									                INTERNATIONAL EQUITY FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	40895930	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	196297034
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(1366694)
									<NET-INVESTMENT-INCOME>	369625
									<REALIZED-GAINS-CURRENT>	4726524
									<APPREC-INCREASE-CURRENT>	15586753
									<NET-CHANGE-FROM-OPS>	20682902
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	739954
									<NUMBER-OF-SHARES-REDEEMED>	(1303599)
									<SHARES-REINVESTED>	17679
									<NET-CHANGE-IN-ASSETS>	13023729
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	2122222
									<OVERDIST-NET-GAINS-PRIOR>	24946326
									<GROSS-ADVISORY-FEES>	223130
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	1377319
									<AVERAGE-NET-ASSETS>	566442573	<F1>
									<PER-SHARE-NAV-BEGIN>	13.93	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.51	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	14.45	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										197294103
										0

									197294103.000	197294103.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 362
									                 MARKET EXPANSION INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	2894	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	86
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(53)
									<NET-INVESTMENT-INCOME>	32
									<REALIZED-GAINS-CURRENT>	2865
									<APPREC-INCREASE-CURRENT>	(5454)
									<NET-CHANGE-FROM-OPS>	(2557)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1078)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	774
									<NUMBER-OF-SHARES-REDEEMED>	0
									<SHARES-REINVESTED>	25
									<NET-CHANGE-IN-ASSETS>	4143
									<ACCUMULATED-NII-PRIOR>	4
									<ACCUMULATED-GAINS-PRIOR>	791
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	10
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	60
									<AVERAGE-NET-ASSETS>	29715	<F1>
									<PER-SHARE-NAV-BEGIN>	10.86	<F1>
									<PER-SHARE-NII>	0.30	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.50)	<F1>
									<PER-SHARE-DIVIDEND>	(0.29)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.37	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.58
										107
										0

									107.580	107.580


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 363
									                 MARKET EXPANSION INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	21	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	26
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(25)
									<NET-INVESTMENT-INCOME>	1
									<REALIZED-GAINS-CURRENT>	127
									<APPREC-INCREASE-CURRENT>	(452)
									<NET-CHANGE-FROM-OPS>	(324)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(450)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1510
									<NUMBER-OF-SHARES-REDEEMED>	0
									<SHARES-REINVESTED>	48
									<NET-CHANGE-IN-ASSETS>	14488
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	6
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	5
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	29
									<AVERAGE-NET-ASSETS>	7574	<F1>
									<PER-SHARE-NAV-BEGIN>	10.49	<F1>
									<PER-SHARE-NII>	0.29	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.17)	<F1>
									<PER-SHARE-DIVIDEND>	(0.29)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.32	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.58
										50
										0

									50.580	50.580


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 361
									                 MARKET EXPANSION INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	2612545	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	71130
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(30997)
									<NET-INVESTMENT-INCOME>	40134
									<REALIZED-GAINS-CURRENT>	2544488
									<APPREC-INCREASE-CURRENT>	(4755175)
									<NET-CHANGE-FROM-OPS>	(2170553)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(712364)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	4705
									<NUMBER-OF-SHARES-REDEEMED>	(205154)
									<SHARES-REINVESTED>	62878
									<NET-CHANGE-IN-ASSETS>	(4293313)
									<ACCUMULATED-NII-PRIOR>	3213
									<ACCUMULATED-GAINS-PRIOR>	713290
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	7265
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	36060
									<AVERAGE-NET-ASSETS>	24757392	<F1>
									<PER-SHARE-NAV-BEGIN>	10.52	<F1>
									<PER-SHARE-NII>	0.31	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.17)	<F1>
									<PER-SHARE-DIVIDEND>	(0.29)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.37	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.58
										61993
										0

									61993.580	61993.580


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 252
									                 MGD ASSETS CONSERVATIVE FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	7102226	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	1222035
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(267182)
									<NET-INVESTMENT-INCOME>	954854
									<REALIZED-GAINS-CURRENT>	1488532
									<APPREC-INCREASE-CURRENT>	(3580183)
									<NET-CHANGE-FROM-OPS>	(1136797)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1131746)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(4140686)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	635701
									<NUMBER-OF-SHARES-REDEEMED>	(973576)
									<SHARES-REINVESTED>	387707
									<NET-CHANGE-IN-ASSETS>	(6159704)
									<ACCUMULATED-NII-PRIOR>	49481
									<ACCUMULATED-GAINS-PRIOR>	557001
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	113478
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	275968
									<AVERAGE-NET-ASSETS>	98579096	<F1>
									<PER-SHARE-NAV-BEGIN>	15.40	<F1>
									<PER-SHARE-NII>	0.14	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.07)	<F1>
									<PER-SHARE-DIVIDEND>	(0.16)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.64)	<F1>
									<RETURNS-OF-CAPITAL>	13.67	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.60
										534363
										0

									534364.600	534364.600


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 253
									                 MGD ASSETS CONSERVATIVE FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1795632	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	318373
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(114010)
									<NET-INVESTMENT-INCOME>	204364
									<REALIZED-GAINS-CURRENT>	401176
									<APPREC-INCREASE-CURRENT>	(943407)
									<NET-CHANGE-FROM-OPS>	(337867)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(250576)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(1128985)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	41435
									<NUMBER-OF-SHARES-REDEEMED>	(86669)
									<SHARES-REINVESTED>	101737
									<NET-CHANGE-IN-ASSETS>	(960053)
									<ACCUMULATED-NII-PRIOR>	49481
									<ACCUMULATED-GAINS-PRIOR>	557001
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	30708
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	116358
									<AVERAGE-NET-ASSETS>	25632410	<F1>
									<PER-SHARE-NAV-BEGIN>	14.65	<F1>
									<PER-SHARE-NII>	0.11	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.30)	<F1>
									<PER-SHARE-DIVIDEND>	(0.14)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.64)	<F1>
									<RETURNS-OF-CAPITAL>	13.68	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.56
										228019
										0

									228020.560	228020.560


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 251
									                 MGD ASSETS CONSERVATIVE FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1030567	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	174128
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(32061)
									<NET-INVESTMENT-INCOME>	142067
									<REALIZED-GAINS-CURRENT>	219363
									<APPREC-INCREASE-CURRENT>	(509181)
									<NET-CHANGE-FROM-OPS>	(147751)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(167397)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(621531)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	127724
									<NUMBER-OF-SHARES-REDEEMED>	(184570)
									<SHARES-REINVESTED>	59597
									<NET-CHANGE-IN-ASSETS>	(957729)
									<ACCUMULATED-NII-PRIOR>	28399
									<ACCUMULATED-GAINS-PRIOR>	319680
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	17035
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	33365
									<AVERAGE-NET-ASSETS>	13925662	<F1>
									<PER-SHARE-NAV-BEGIN>	14.69	<F1>
									<PER-SHARE-NII>	0.15	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.31)	<F1>
									<PER-SHARE-DIVIDEND>	(0.17)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.64)	<F1>
									<RETURNS-OF-CAPITAL>	13.72	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.62
										64122
										0

									64123.620	64123.620


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 182
									                 MGD ASSETS BALANCED FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	14805367	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	1741378
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(582361)
									<NET-INVESTMENT-INCOME>	1287546
									<REALIZED-GAINS-CURRENT>	3844224
									<APPREC-INCREASE-CURRENT>	(8004832)
									<NET-CHANGE-FROM-OPS>	(2873062)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1260278)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(9078734)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	832787
									<NUMBER-OF-SHARES-REDEEMED>	(1256749)
									<SHARES-REINVESTED>	1134363
									<NET-CHANGE-IN-ASSETS>	(5824716)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	3496225
									<OVERDISTRIB-NII-PRIOR>	104
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	187019
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	785520
									<AVERAGE-NET-ASSETS>	165569999	<F1>
									<PER-SHARE-NAV-BEGIN>	12.02	<F1>
									<PER-SHARE-NII>	0.08	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.86)	<F1>
									<PER-SHARE-DIVIDEND>	(0.08)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.63)	<F1>
									<RETURNS-OF-CAPITAL>	10.53	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.42
										1036193
										0

									1036194.420	1036194.420


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 183
									                 MGD ASSETS BALANCED FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1445594	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	184919
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(77361)
									<NET-INVESTMENT-INCOME>	108000
									<REALIZED-GAINS-CURRENT>	411863
									<APPREC-INCREASE-CURRENT>	(843748)
									<NET-CHANGE-FROM-OPS>	(323885)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(90283)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(865602)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	39226
									<NUMBER-OF-SHARES-REDEEMED>	(113401)
									<SHARES-REINVESTED>	92138
									<NET-CHANGE-IN-ASSETS>	(1120017)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	341371
									<OVERDISTRIB-NII-PRIOR>	10
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	20287
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	79141
									<AVERAGE-NET-ASSETS>	17534719	<F1>
									<PER-SHARE-NAV-BEGIN>	12.88	<F1>
									<PER-SHARE-NII>	0.07	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.30)	<F1>
									<PER-SHARE-DIVIDEND>	(0.06)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.63)	<F1>
									<RETURNS-OF-CAPITAL>	11.96	<F1>
									<PER-SHARE-NAV-END>	-	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										#VALUE!
										154280
										0

									#VALUE!	#VALUE!


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 181
									                 MGD ASSETS BALANCED FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	7748539	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	914684
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(61173)
									<NET-INVESTMENT-INCOME>	724540
									<REALIZED-GAINS-CURRENT>	2019053
									<APPREC-INCREASE-CURRENT>	(4181136)
									<NET-CHANGE-FROM-OPS>	(1437544)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(713285)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(4779864)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	298803
									<NUMBER-OF-SHARES-REDEEMED>	(433034)
									<SHARES-REINVESTED>	565727
									<NET-CHANGE-IN-ASSETS>	(2428541)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	1829785
									<OVERDISTRIB-NII-PRIOR>	54
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	101288
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	70341
									<AVERAGE-NET-ASSETS>	86726935	<F1>
									<PER-SHARE-NAV-BEGIN>	11.40	<F1>
									<PER-SHARE-NII>	0.09	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.27)	<F1>
									<PER-SHARE-DIVIDEND>	(0.09)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.63)	<F1>
									<RETURNS-OF-CAPITAL>	10.50	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.44
										251317
										1

									251319.440	251319.440


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 262
									                 MGD ASSETS GROWTH FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1306294	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	135144
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(42994)
									<NET-INVESTMENT-INCOME>	92150
									<REALIZED-GAINS-CURRENT>	406638
									<APPREC-INCREASE-CURRENT>	(830795)
									<NET-CHANGE-FROM-OPS>	(332007)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(89325)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(898204)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	170519
									<NUMBER-OF-SHARES-REDEEMED>	(73049)
									<SHARES-REINVESTED>	94782
									<NET-CHANGE-IN-ASSETS>	815783
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	358619
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	9618
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	47803
									<AVERAGE-NET-ASSETS>	15545969	<F1>
									<PER-SHARE-NAV-BEGIN>	12.31	<F1>
									<PER-SHARE-NII>	0.06	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.94)	<F1>
									<PER-SHARE-DIVIDEND>	(0.06)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.64)	<F1>
									<RETURNS-OF-CAPITAL>	10.73	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.40
										85988
										0

									85989.400	85989.400


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 263
									                 MGD ASSETS GROWTH FUNDS

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1096043	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	105276
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(53635)
									<NET-INVESTMENT-INCOME>	51641
									<REALIZED-GAINS-CURRENT>	312902
									<APPREC-INCREASE-CURRENT>	(656391)
									<NET-CHANGE-FROM-OPS>	(291848)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(50007)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(702124)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	28461
									<NUMBER-OF-SHARES-REDEEMED>	(34508)
									<SHARES-REINVESTED>	77673
									<NET-CHANGE-IN-ASSETS>	(287884)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	300899
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	7408
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	57339
									<AVERAGE-NET-ASSETS>	12281883	<F1>
									<PER-SHARE-NAV-BEGIN>	11.51	<F1>
									<PER-SHARE-NII>	0.04	<F1>
									<PER-SHARE-GAIN-APPREC>	(0.32)	<F1>
									<PER-SHARE-DIVIDEND>	(0.04)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	(0.64)	<F1>
									<RETURNS-OF-CAPITAL>	10.55	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										1.36
										107270
										0

									107271.360	107271.360


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES> 24
									   <NUMBER> 361
									                 MARKET EXPANSION INDEX FUND

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	2612545	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	71130
									<INTEREST-INCOME>	0
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(30997)
									<NET-INVESTMENT-INCOME>	40134
									<REALIZED-GAINS-CURRENT>	2544488
									<APPREC-INCREASE-CURRENT>	(4755175)
									<NET-CHANGE-FROM-OPS>	(2170553)
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	0	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(712364)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	4705
									<NUMBER-OF-SHARES-REDEEMED>	(205154)
									<SHARES-REINVESTED>	62878
									<NET-CHANGE-IN-ASSETS>	(4293313)
									<ACCUMULATED-NII-PRIOR>	3213
									<ACCUMULATED-GAINS-PRIOR>	713290
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	7265
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	36060
									<AVERAGE-NET-ASSETS>	24757392	<F1>
									<PER-SHARE-NAV-BEGIN>	10.52	<F1>
									<PER-SHARE-NII>	0.31	<F1>
									<PER-SHARE-GAIN-APPREC>	(1.17)	<F1>
									<PER-SHARE-DIVIDEND>	(0.29)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	9.37	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	-	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.58
										61993
										0

									61993.580	61993.580


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 012
									Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1595927844	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	18291408
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(2678924)
									<NET-INVESTMENT-INCOME>	15612484
									<REALIZED-GAINS-CURRENT>	5949
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	15618433
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(15612484)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(9378)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1388508099
									<NUMBER-OF-SHARES-REDEEMED>	(2059532596)
									<SHARES-REINVESTED>	15920378
									<NET-CHANGE-IN-ASSETS>	(655107548)
									<ACCUMULATED-NII-PRIOR>	1970
									<ACCUMULATED-GAINS-PRIOR>	4106
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(2678924)
									<AVERAGE-NET-ASSETS>	1652945167	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	(0.01)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.02
										5357848
										0

									5357848.020	5357848.020


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 013
									Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	625071	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	6887
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(2017)
									<NET-INVESTMENT-INCOME>	4870
									<REALIZED-GAINS-CURRENT>	2
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	4873
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(4870)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(4)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	351493
									<NUMBER-OF-SHARES-REDEEMED>	(508321)
									<SHARES-REINVESTED>	5743
									<NET-CHANGE-IN-ASSETS>	(151086)
									<ACCUMULATED-NII-PRIOR>	1
									<ACCUMULATED-GAINS-PRIOR>	2
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(2017)
									<AVERAGE-NET-ASSETS>	605608	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	(0.01)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class B
									</FN>






										0
										0
										0
										0
										0.02
										4034
										(1)

									4033.020	4033.020


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 011
									Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1771676086	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	20581624
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(2007469)
									<NET-INVESTMENT-INCOME>	18574156
									<REALIZED-GAINS-CURRENT>	6650
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	18580805
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(18574156)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(16042)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	919644323
									<NUMBER-OF-SHARES-REDEEMED>	(872212945)
									<SHARES-REINVESTED>	4831977
									<NET-CHANGE-IN-ASSETS>	52253962
									<ACCUMULATED-NII-PRIOR>	2187
									<ACCUMULATED-GAINS-PRIOR>	4559
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(2007469)
									<AVERAGE-NET-ASSETS>	1861183964	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	(0.01)	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.02
										4014937
										1

									4014938.020	4014938.020


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 031
									Treasury Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	772469964	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	8148801
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(844147)
									<NET-INVESTMENT-INCOME>	7304653
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	7304653
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(7304653)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	654657456
									<NUMBER-OF-SHARES-REDEEMED>	(617182231)
									<SHARES-REINVESTED>	835995
									<NET-CHANGE-IN-ASSETS>	37824417
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(11542)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(864331)
									<AVERAGE-NET-ASSETS>	780783394	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1688295
										0

									1688295.000	1688295.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 031
									Treasury Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	772469964	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	8148801
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(844147)
									<NET-INVESTMENT-INCOME>	7304653
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	7304653
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(7304653)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	654657456
									<NUMBER-OF-SHARES-REDEEMED>	(617182231)
									<SHARES-REINVESTED>	835995
									<NET-CHANGE-IN-ASSETS>	37824417
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(11542)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(864331)
									<AVERAGE-NET-ASSETS>	780783394	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1688295
										0

									1688295.000	1688295.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 132
									Michigan Municipal Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	64283183	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	411827
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(103440)
									<NET-INVESTMENT-INCOME>	308387
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	308387
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(308387)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	70038400
									<NUMBER-OF-SHARES-REDEEMED>	(58845408)
									<SHARES-REINVESTED>	237899
									<NET-CHANGE-IN-ASSETS>	11430890
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(365)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(103440)
									<AVERAGE-NET-ASSETS>	63859164	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.00	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										206880
										0

									206880.000	206880.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 131
									Michigan Municipal Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	110833239	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	849901
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(142784)
									<NET-INVESTMENT-INCOME>	707116
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	707116
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(707116)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	112958728
									<NUMBER-OF-SHARES-REDEEMED>	(92308983)
									<SHARES-REINVESTED>	26309
									<NET-CHANGE-IN-ASSETS>	20676053
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(622)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(142784)
									<AVERAGE-NET-ASSETS>	131939741	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										285569
										0

									285569.000	285569.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 032
									Municipal Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	209157570	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	1345779
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(344077)
									<NET-INVESTMENT-INCOME>	1001702
									<REALIZED-GAINS-CURRENT>	5460
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	1007162
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1001615)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(2678)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	128848326
									<NUMBER-OF-SHARES-REDEEMED>	(218321253)
									<SHARES-REINVESTED>	1078895
									<NET-CHANGE-IN-ASSETS>	(88391163)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	1551
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(368763)
									<AVERAGE-NET-ASSETS>	211905433	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.00	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.00	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class A
									</FN>






										0
										0
										0
										0
										0.00
										688154
										0

									688154.000	688154.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 031
									Municipal Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-21-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	609859862	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	3930990
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(669372)
									<NET-INVESTMENT-INCOME>	3261618
									<REALIZED-GAINS-CURRENT>	17455
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	3279073
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3261706)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	(10431)	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	273913225
									<NUMBER-OF-SHARES-REDEEMED>	(322337805)
									<SHARES-REINVESTED>	133567
									<NET-CHANGE-IN-ASSETS>	(48284077)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(4416)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(644686)
									<AVERAGE-NET-ASSETS>	618495073	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1338744
										0

									1338744.000	1338744.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>292
									Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1521870142	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	17422513
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(2047030)
									<NET-INVESTMENT-INCOME>	15375482
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	15375482
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(15375482)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1598608241
									<NUMBER-OF-SHARES-REDEEMED>	(1751495061)
									<SHARES-REINVESTED>	0
									<NET-CHANGE-IN-ASSETS>	(152886820)
									<ACCUMULATED-NII-PRIOR>	95624
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(119120)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(2047030)
									<AVERAGE-NET-ASSETS>	1447949538	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class S
									</FN>






										0
										0
										0
										0
										0.00
										4094061
										0

									4094061.000	4094061.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>291
									Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1076203889	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	14127844
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(976338)
									<NET-INVESTMENT-INCOME>	13151506
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	13151506
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(13151506)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	2829985534
									<NUMBER-OF-SHARES-REDEEMED>	(2853355465)
									<SHARES-REINVESTED>	1181120
									<NET-CHANGE-IN-ASSETS>	(22188812)
									<ACCUMULATED-NII-PRIOR>	66450
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(82779)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(976338)
									<AVERAGE-NET-ASSETS>	1183775881	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1952676
										0

									1952676.000	1952676.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>302
									US Government Securities Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	559871101	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	6352659
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(773596)
									<NET-INVESTMENT-INCOME>	5579063
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	5579063
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(5579063)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	770473632
									<NUMBER-OF-SHARES-REDEEMED>	(783554527)
									<SHARES-REINVESTED>	0
									<NET-CHANGE-IN-ASSETS>	(16080895)
									<ACCUMULATED-NII-PRIOR>	47643
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(177572)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(773596)
									<AVERAGE-NET-ASSETS>	547111829	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class S
									</FN>






										0
										0
										0
										0
										0.00
										1547192
										0
									I
									1547192.000	1547192.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>301
									US Government Securities Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	1018236471	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	12157314
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(864025)
									<NET-INVESTMENT-INCOME>	11293289
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	11293289
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(11293289)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	1730315731
									<NUMBER-OF-SHARES-REDEEMED>	(1735727805)
									<SHARES-REINVESTED>	412392
									<NET-CHANGE-IN-ASSETS>	(4999682)
									<ACCUMULATED-NII-PRIOR>	88480
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(329777)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(864025)
									<AVERAGE-NET-ASSETS>	1047333258	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										1728050
										0
									I
									1728050.000	1728050.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 312
									Treasury Prime Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	469439832	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	4458104
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(584141)
									<NET-INVESTMENT-INCOME>	3873963
									<REALIZED-GAINS-CURRENT>	(14359)
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	3859604
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3873963)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	440108205
									<NUMBER-OF-SHARES-REDEEMED>	(505867893)
									<SHARES-REINVESTED>	93
									<NET-CHANGE-IN-ASSETS>	(65773954)
									<ACCUMULATED-NII-PRIOR>	11063
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(9972)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(584141)
									<AVERAGE-NET-ASSETS>	413200730	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class S
									</FN>






										0
										0
										0
										0
										0.00
										1168282
										0
									I
									1168282.000	1168282.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER> 311
									Treasury Prime Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	189631215	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	1515780
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(115741)
									<NET-INVESTMENT-INCOME>	1400038
									<REALIZED-GAINS-CURRENT>	(4372)
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	1395666
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(1400038)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	114355924
									<NUMBER-OF-SHARES-REDEEMED>	(144602066)
									<SHARES-REINVESTED>	649357
									<NET-CHANGE-IN-ASSETS>	(29601157)
									<ACCUMULATED-NII-PRIOR>	4518
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	(4073)
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(699883)
									<AVERAGE-NET-ASSETS>	140348864	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										231483
										0
									I
									231483.000	231483.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>342
									Treasury Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	331014751	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	3854385
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(482175)
									<NET-INVESTMENT-INCOME>	3372210
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	3372210
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(3372210)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	467231553
									<NUMBER-OF-SHARES-REDEEMED>	(512906079)
									<SHARES-REINVESTED>	0
									<NET-CHANGE-IN-ASSETS>	(45674526)
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(482175)
									<AVERAGE-NET-ASSETS>	341072710	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class S
									</FN>






										0
										0
										0
										0
										0.00
										964350
										0
									I
									964350.000	964350.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>341
									Treasury Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	32195940	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	449360
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(32697)
									<NET-INVESTMENT-INCOME>	416663
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	416663
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(416663)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	116140595
									<NUMBER-OF-SHARES-REDEEMED>	(14314470)
									<SHARES-REINVESTED>	23587
									<NET-CHANGE-IN-ASSETS>	101849712
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(32697)
									<AVERAGE-NET-ASSETS>	39649115	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										65394
										0
									I
									65394.000	65394.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>332
									Municipal Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	61243373	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	428491
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(86774)
									<NET-INVESTMENT-INCOME>	341717
									<REALIZED-GAINS-CURRENT>	0
									<APPREC-INCREASE-CURRENT>	0
									<NET-CHANGE-FROM-OPS>	344207
									<EQUALIZATION>	0
									<DISTRIBUTIONS-OF-INCOME>	(341718)	<F1>
									<DISTRIBUTIONS-OF-GAINS>	0	<F1>
									<DISTRIBUTIONS-OTHER>	0	<F1>
									<NUMBER-OF-SHARES-SOLD>	103673082
									<NUMBER-OF-SHARES-REDEEMED>	(103473278)
									<SHARES-REINVESTED>	0
									<NET-CHANGE-IN-ASSETS>	202293
									<ACCUMULATED-NII-PRIOR>	0
									<ACCUMULATED-GAINS-PRIOR>	0
									<OVERDISTRIB-NII-PRIOR>	0
									<OVERDIST-NET-GAINS-PRIOR>	0
									<GROSS-ADVISORY-FEES>	0
									<INTEREST-EXPENSE>	0
									<GROSS-EXPENSE>	(86774)
									<AVERAGE-NET-ASSETS>	61382053	<F1>
									<PER-SHARE-NAV-BEGIN>	1.00	<F1>
									<PER-SHARE-NII>	0.01	<F1>
									<PER-SHARE-GAIN-APPREC>	0.00	<F1>
									<PER-SHARE-DIVIDEND>	0.01	<F1>
									<PER-SHARE-DISTRIBUTIONS>	0.00	<F1>
									<RETURNS-OF-CAPITAL>	1.00	<F1>
									<PER-SHARE-NAV-END>	0.00	<F1>
									<EXPENSE-RATIO>	0.00	<F1>
									[AVG-DEBT-OUTSTANDING]	0
									[AVG-DEBT-PER-SHARE]	0
									<FN>
									<F1>Class I
									</FN>






										0
										0
										0
										0
										0.00
										173548
										(2490)
									I
									171058.000	171058.000


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

									<ARTICLE> 6
									<CIK> 0000814067
									<NAME> PEGASUS FUNDS
									<SERIES>
									   <NUMBER>331
									Municipal Cash Management Money Market Fund

									<S>                             <C>
									<PERIOD-TYPE>                   3-MOS
									<FISCAL-YEAR-END>	DEC-31-1998
									<PERIOD-START>	JAN-01-1999
									<PERIOD-END>	MAR-28-1999
									<INVESTMENTS-AT-COST>	0
									<INVESTMENTS-AT-VALUE>	0
									<RECEIVABLES>	0
									<ASSETS-OTHER>	0
									<OTHER-ITEMS-ASSETS>	0
									<TOTAL-ASSETS>	0
									<PAYABLE-FOR-SECURITIES>	0
									<SENIOR-LONG-TERM-DEBT>	0
									<OTHER-ITEMS-LIABILITIES>	0
									<TOTAL-LIABILITIES>	0
									<SENIOR-EQUITY>	0
									<PAID-IN-CAPITAL-COMMON>	0
									<SHARES-COMMON-STOCK>	0	<F1>
									<SHARES-COMMON-PRIOR>	588601864	<F1>
									<ACCUMULATED-NII-CURRENT>	0
									<OVERDISTRIBUTION-NII>	0
									<ACCUMULATED-NET-GAINS>	0
									<OVERDISTRIBUTION-GAINS>	0
									<ACCUM-APPREC-OR-DEPREC>	0
									<NET-ASSETS>	0
									<DIVIDEND-INCOME>	0
									<INTEREST-INCOME>	4253240
									<OTHER-INCOME>	0
									<EXPENSES-NET>	(501664)
									<NET-INVESTMENT-INCOME>	3751576
									<REALIZED-GAINS-CURRENT>	0
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</TABLE>

PEGASUS FUNDS
P.O. Box 5142
Westborough, Massachusetts 01581

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS
TO BE HELD ON MARCH 17, 1999

To Pegasus Shareholders:

     Notice is hereby given that a Special Meeting of the
 Shareholders ("Shareholders") of each investment portfolio
 (a "Pegasus Portfolio") of Pegasus Funds ("Pegasus") will
be held at the offices of BISYS Fund Services, 3435 Stelzer
Road, Columbus, Ohio on March 17, 1999 at 10:00 a.m. (Eastern
time) for the following purposes:

          ITEM 1.  With respect to each Pegasus Portfolio:

To consider and act upon a proposal to approve an Agreement
and Plan of Reorganization (the "Reorganization Agreement")
and the transactions contemplated thereby, including (a) the
transfer of all of the assets and liabilities of the Pegasus
Money Market, Treasury Money Market, Municipal Money Market,
Michigan Municipal Money Market, Cash Management, Treasury
Cash Management, Treasury Prime Cash Management, U.S.
Government Securities Cash Management, Municipal Cash
Management, Managed Assets Conservative Managed Assets
Balanced, Managed Assets Growth, Equity Income, Growth,
Mid-Cap Opportunity, Small-Cap Opportunity, Intrinsic Value,
Growth and Value, Equity Index, Market Expansion Index,
International Equity, Intermediate Bond, Bond, Short Bond,
Multi Sector Bond, High Yield Bond, Municipal Bond, Short
Municipal Bond, Intermediate Municipal Bond, and Michigan
Municipal Bond Funds to corresponding investment portfolios
("One Group Funds") of The One Group (the "One Group") in
exchange for Class A, Class B or Class I shares, as applicable,
of the One Group Funds; (b) the distribution of such One
Group Fund shares to the shareholders of the Pegasus
Portfolios according to their respective interests; and (c)
the termination of Pegasus under state law and the Investment
Company Act of 1940, as amended.

        ITEM 2.  With respect to each Pegasus Portfolio:

To transact such other business as may properly come before
the Special Meeting or any adjournment(s) thereof.

The proposed reorganization and related matters are described
in the attached Combined Prospectus/Proxy Statement.  Appendix
I to the Combined Prospectus/Proxy Statement is a copy of the
Reorganization Agreement.

Shareholders of record as of the close of business on December
18, 1998 are entitled to notice of, and to vote at, the Special
Meeting or any adjournment(s) thereof.

SHAREHOLDERS ARE REQUESTED TO EXECUTE AND RETURN PROMPTLY
IN THE ENCLOSED ENVELOPE EACH ACCOMPANYING PROXY CARD WHICH
IS BEING SOLICITED BY PEGASUS' BOARD OF TRUSTEES.  THIS IS
IMPORTANT TO ENSURE A QUORUM AT THE SPECIAL MEETING.
PROXIES MAY BE REVOKED AT ANY TIME BEFORE THEY ARE EXERCISED
BY SUBMITTING TO PEGASUS A WRITTEN NOTICE OF REVOCATION OR
A SUBSEQUENTLY EXECUTED PROXY OR BY ATTENDING THE SPECIAL
MEETING AND VOTING IN PERSON.

                      W. Bruce McConnel, III
                      Secretary

January 19, 1999



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