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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
067 000900 N
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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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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<PAGE> PAGE 38
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<PAGE> PAGE 39
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008 A001301 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO.
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<PAGE> PAGE 40
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<PAGE> PAGE 41
059 001300 Y
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<PAGE> PAGE 42
070 K011300 Y
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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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<PAGE> PAGE 46
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<PAGE> PAGE 47
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<PAGE> PAGE 48
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<PAGE> PAGE 49
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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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<PAGE> PAGE 54
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<PAGE> PAGE 55
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<PAGE> PAGE 56
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<PAGE> PAGE 57
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<PAGE> PAGE 58
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
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<PAGE> PAGE 62
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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<PAGE> PAGE 85
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<PAGE> PAGE 86
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<PAGE> PAGE 87
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<PAGE> PAGE 88
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<PAGE> PAGE 89
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<PAGE> PAGE 90
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<PAGE> PAGE 91
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<PAGE> PAGE 92
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<PAGE> PAGE 93
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<PAGE> PAGE 94
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<PAGE> PAGE 95
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<PAGE> PAGE 96
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<PAGE> PAGE 97
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<PAGE> PAGE 98
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<PAGE> PAGE 99
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<PAGE> PAGE 101
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<PAGE> PAGE 102
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<PAGE> PAGE 103
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<PAGE> PAGE 104
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<PAGE> PAGE 105
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<PAGE> PAGE 106
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<PAGE> PAGE 107
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<PAGE> PAGE 108
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<PAGE> PAGE 110
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<PAGE> PAGE 112
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<PAGE> PAGE 113
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<PAGE> PAGE 116
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<PAGE> PAGE 118
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<PAGE> PAGE 119
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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 127
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<PAGE> PAGE 128
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<PAGE> PAGE 129
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<PAGE> PAGE 130
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<PAGE> PAGE 131
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<PAGE> PAGE 132
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<PAGE> PAGE 134
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<PAGE> PAGE 140
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<PAGE> PAGE 141
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<PAGE> PAGE 142
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066 C003600 N
066 D003600 Y
066 E003600 N
066 F003600 N
066 G003600 N
067 003600 N
068 A003600 N
068 B003600 N
069 003600 N
070 A013600 Y
070 A023600 N
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070 B023600 N
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070 C023600 N
070 D013600 Y
070 D023600 N
070 E013600 Y
070 E023600 N
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070 G023600 N
070 H013600 Y
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<PAGE> PAGE 143
070 J013600 Y
070 J023600 N
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070 O023600 N
070 P013600 Y
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070 Q023600 N
070 R013600 N
070 R023600 N
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<PAGE> PAGE 144
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Report of Independent Public Accountants
To the Trustees and Shareholders of
the Pegasus Cash Management Funds:
In planning and performing our audits of the financial statements of
the Cash Management Funds of the PEGASUS FUNDS (comprising, the Cash
Management, Treasury Cash Management, Treasury Prime Cash Management,
U.S. Government Securities Cash Management and Municipal Cash
Management), for the year ended December 31, 1998, we considered its
internal control, including control activities for safeguarding
securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to
comply with the requirements of Form N-SAR, not to provide assurance
on internal control.
The management of the Pegasus Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Trustees of the Pegasus Funds, and the
Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Detroit, Michigan,
February 12, 1999.
Report of Independent Public Accountants
To the Trustees and Shareholders of
the Pegasus Funds:
In planning and performing our audits of the financial statements of
the PEGASUS FUNDS (comprising, the 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
the Michigan Municipal Bond Funds), for the year ended December 31,
1998, we considered its internal control, including control activities
for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, not to
provide assurance on internal control.
The management of the Pegasus Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Trustees of the Pegasus Funds, and the
Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Detroit, Michigan,
February 12, 1999.
Report of Independent Public Accountants
To the Trustees and Shareholders of
the Pegasus Money Market Funds:
In planning and performing our audits of the financial statements of
the Money Market Funds of the PEGASUS FUNDS (comprising, the Money
Market, Treasury Money Market, Municipal Money Market and Michigan
Municipal Money Market), for the year ended December 31, 1998, we
considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide
assurance on internal control.
The management of the Pegasus Funds is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud
may occur and not be detected. Also, projection of any evaluation of
internal control to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation may deteriorate.
Our consideration of internal control would not necessarily disclose
all matters in internal control that might be material weaknesses
under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the
design or operation of one or more of the internal control components
does not reduce to a relatively low level the risk that misstatements
caused by error or fraud in amounts that would be material in relation
to the financial statements being audited may occur and not be detected
within a timely period by employees in the normal course of performing
their assigned functions. However, we noted no matters involving
internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above
as of December 31, 1998.
This report is intended solely for the information and use of
management, the Board of Trustees of the Pegasus Funds, and the
Securities and Exchange Commission.
ARTHUR ANDERSEN LLP
Detroit, Michigan,
February 12, 1999.
