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<PAGE> PAGE 3
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<PAGE> PAGE 5
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 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 19
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<PAGE> PAGE 20
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074 R040400 9
074 S000400 0
074 T000400 11542
074 U010400 869
074 U020400 0
074 V010400 13.28
074 V020400 0.00
074 W000400 0.0000
074 X000400 2
074 Y000400 0
075 A000400 0
075 B000400 8456
<PAGE> PAGE 21
076 000400 0.00
028 A010500 11
028 A020500 6
028 A030500 0
028 A040500 8
028 B010500 58
028 B020500 5
028 B030500 0
028 B040500 2
028 C010500 104
028 C020500 6
028 C030500 0
028 C040500 25
028 D010500 78
028 D020500 6
028 D030500 0
028 D040500 1
028 E010500 83
028 E020500 6
028 E030500 0
028 E040500 11
028 F010500 259
028 F020500 8
028 F030500 0
028 F040500 9
028 G010500 593
028 G020500 37
028 G030500 0
028 G040500 56
028 H000500 0
045 000500 Y
046 000500 N
047 000500 Y
048 000500 0.300
048 A010500 0
048 A020500 0.000
048 B010500 0
048 B020500 0.000
048 C010500 0
048 C020500 0.000
048 D010500 0
048 D020500 0.000
048 E010500 0
048 E020500 0.000
048 F010500 0
048 F020500 0.000
048 G010500 0
048 G020500 0.000
048 H010500 0
048 H020500 0.000
048 I010500 0
<PAGE> PAGE 22
048 I020500 0.000
048 J010500 0
048 J020500 0.000
048 K010500 0
048 K020500 0.000
062 A000500 Y
062 B000500 1.0
062 C000500 0.0
062 D000500 32.2
062 E000500 0.0
062 F000500 2.7
062 G000500 8.3
062 H000500 0.0
062 I000500 52.3
062 J000500 0.0
062 K000500 0.0
062 L000500 3.5
062 M000500 0.0
062 N000500 0.0
062 O000500 0.0
062 P000500 0.0
062 Q000500 0.0
062 R000500 0.0
063 A000500 52
063 B000500 0.0
064 A000500 Y
064 B000500 N
066 A000500 N
067 000500 N
068 A000500 N
068 B000500 N
069 000500 N
070 A010500 Y
070 A020500 Y
070 B010500 N
070 B020500 N
070 C010500 N
070 C020500 N
070 D010500 N
070 D020500 N
070 E010500 N
070 E020500 N
070 F010500 N
070 F020500 N
070 G010500 N
070 G020500 N
070 H010500 N
070 H020500 N
070 I010500 N
070 I020500 N
070 J010500 Y
<PAGE> PAGE 23
070 J020500 N
070 K010500 N
070 K020500 N
070 L010500 Y
070 L020500 N
070 M010500 N
070 M020500 N
070 N010500 Y
070 N020500 Y
070 O010500 N
070 O020500 N
070 P010500 N
070 P020500 N
070 Q010500 N
070 Q020500 N
070 R010500 N
070 R020500 N
071 A000500 0
071 B000500 0
071 C000500 0
071 D000500 0
072 A000500 12
072 B000500 74
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072 D000500 0
072 E000500 0
072 F000500 6
072 G000500 0
072 H000500 0
072 I000500 0
072 J000500 7
072 K000500 0
072 L000500 6
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072 N000500 0
072 O000500 0
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<PAGE> PAGE 24
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074 I000500 0
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SIGNATURE DANE CRIGER
TITLE VICE PRESIDENT
RESULTS OF SPECIAL SHAREHOLDER MEETING (Unaudited)
On July 10, 1996, a special meeting of the shareholders of Pegasus
Variable Annuity Funds was held to approve the following proposals.
The shareholders approved these proposals with respect to Pegasus
Variable Annuity Funds as follows:
1. To approve a new investment advisory agreement ("New Advisory Agreement")
between the Trust and FCNIMCO:
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,065,421.480 9,981.703 64,060.657
VA Growth/Value 363,264.691 9,935.437 9,079.132
VA Opportunity 430,828.155 2,537.301 41,784.705
VA Capital Growth 547,409.703 2,427.631 58,591.717
VA Money Market 1,246,991.502 .000 7,211.668
</TABLE>
2. To approve a change to the fundamental investment limitations of each Fund
of the Trust with regard to the following:
a) investment in commodities
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,033,755.781 26,093.721 79,614.338
VA Growth/Value 365,814.493 4,338.869 12,125.898
VA Opportunity 407,840.390 16,497.213 50,812.558
VA Capital Growth 528,664.004 11,432.381 68,332.666
VA Money Market 1,246,991.502 .000 7,211.668
</TABLE>
b) expanded power to borrow
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,003,138.388 57,827.789 78,497.663
VA Growth/Value 364,900.845 4,476.490 12,901.925
VA Opportunity 391,965.624 33,141.723 50,042.814
VA Capital Growth 511,311.607 28,620.502 68,496.942
VA Money Market 1,246,991.502 .000 7,211.668
</TABLE>
c) issuing senior securities
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,042,108.050 27,404.105 69,951.685
VA Growth/Value 365,814.493 4,338.869 12,125.898
VA Opportunity 416,364.584 12,045.056 46,740.521
VA Capital Growth 530,452.785 11,657.500 66,318.766
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
3. To approve a change to the fundamental investment policies and limitations
of certain Funds of the Trust, as follows:
c) to approve a change to the fundamental investment limitation concerning
concentration of investments in a particular industry with respect to the
Funds
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 999,822.548 50,398.485 89,242.807
VA Growth/Value 367,274.800 5,925.328 9,079.132
VA Opportunity 394,959.069 20,740.304 59,450.788
VA Capital Growth 516,629.276 22,158.986 69,640.789
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
44
<PAGE>
4. To approve a change of the following fundamental policies and limitations to
non-fundamental policies and limitations:
b) limitation on investment in other investment companies
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,042,996.833 14,653.504 81,813.503
VA Growth/Value 364,174.515 3,417.576 14,687.169
VA Opportunity 412,130.996 8,315.127 54,704.038
VA Capital Growth 530,008.632 9,838.297 68,582.122
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
c) limitation on illiquid securities
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,036,980.463 21,285.184 81,198.193
VA Growth/Value 350,852.083 16,740.008 14,687.169
VA Opportunity 412,287.796 7,735.444 55,126.921
VA Capital Growth 530,032.969 9,905.224 68,490.858
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
d) limitation on purchasing securities on margin
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,015,820.620 35,688.007 87,955.213
VA Growth/Value 354,575.483 9,189.993 18,513.784
VA Opportunity 402,585.229 16,616.001 55,948.931
VA Capital Growth 522,774.410 17,163.783 68,490.858
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
e) limitation on purchasing securities of companies for the purpose of
exercising control
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,020,173.371 38,092.276 81,198.193
VA Growth/Value 354,579.305 13,012.786 14,687.169
VA Opportunity 405,711.717 14,734.406 54,704.038
VA Capital Growth 524,916.080 15,338.496 68,174.475
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
f) limitation on writing or selling put options, call options, straddles,
spreads, or any combinations thereof
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,012,425.017 33,295.133 93,743.690
VA Growth/Value 357,465.514 8,673.916 16,139.830
VA Opportunity 400,798.664 12,306.389 62,045.108
VA Capital Growth 518,570.165 13,470.619 76,388.267
</TABLE>
5. To approve certain changes to fundamental investment objectives of VA
Growth/Value, VA Opportunity Funds, and VA Capital Growth Funds
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Growth/Value 365,959.759 3,417.576 12,901.925
VA Opportunity 403,103.143 17,076.896 54,970.122
VA Capital Growth 519,677.506 18,709.193 70,042.352
</TABLE>
45
<PAGE>
6. To ratify the appointment of two Trustees to the Board of Trustees of the
Trust.
Elected Trustees Current Trustees
Ms. Marilyn McCoy Mr. Will M. Caldwell * Mr. Julius L. Pallone
Mr. John P. Gould Mr. Donald L. Tuttle * Dr. Nicholas J. DeGrazia
Mr. Donald B. Sutherland
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,054,904.229 5,195.955 79,363.656
VA Growth/Value 373,200.128 .000 9,079.132
VA Opportunity 420,203.797 5,136.373 49,809.991
VA Capital Growth 537,796.524 4,222.497 66,410.030
VA Money Market 1,230,799.740 16,191.762 7,211.668
</TABLE>
8. To transact such other business as may properly come before the Meeting or
any adjournment thereof.
<TABLE>
<CAPTION>
Fund Affirmative Against Abstain
-------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
VA Balanced 1,050,437.531 4,523.671 84,502.638
VA Growth/Value 370,325.389 1,425.901 10,527.970
VA Opportunity 422,750.603 2,394.756 50,004.802
VA Capital 540,169.397 2,166.007 66,093.647
VA Money Market 1,246,991.502 .000 7,211.668
</TABLE>
46
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
<NUMBER> 1
<NAME> PEGASUS MANAGED ASSETS BALANCED FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 20,605
<INVESTMENTS-AT-VALUE> 22,102
<RECEIVABLES> 166
<ASSETS-OTHER> 24
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 22,292
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17
<TOTAL-LIABILITIES> 17
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,582
<SHARES-COMMON-STOCK> 1,859
<SHARES-COMMON-PRIOR> 995
<ACCUMULATED-NII-CURRENT> 9
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 187
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1497
<NET-ASSETS> 22,275
<DIVIDEND-INCOME> 144
<INTEREST-INCOME> 506
<OTHER-INCOME> 0
<EXPENSES-NET> 129
<NET-INVESTMENT-INCOME> 521
<REALIZED-GAINS-CURRENT> 569
<APPREC-INCREASE-CURRENT> 744
<NET-CHANGE-FROM-OPS> 1834
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (512)
<DISTRIBUTIONS-OF-GAINS> (434)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 855
<NUMBER-OF-SHARES-REDEEMED> (35)
<SHARES-REINVESTED> 44
<NET-CHANGE-IN-ASSETS> 11,064
<ACCUMULATED-NII-PRIOR> 2
<ACCUMULATED-GAINS-PRIOR> 52
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 114
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 231
<AVERAGE-NET-ASSETS> 15,326
<PER-SHARE-NAV-BEGIN> 11.27
<PER-SHARE-NII> 0.37
<PER-SHARE-GAIN-APPREC> 0.97
<PER-SHARE-DIVIDEND> (0.37)
<PER-SHARE-DISTRIBUTIONS> (0.26)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 11.98
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
<NUMBER> 2
<NAME> PEGASUS GROWTH AND VALUE
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,707
<INVESTMENTS-AT-VALUE> 8,567
<RECEIVABLES> 33
<ASSETS-OTHER> 21
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 8,621
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 18
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,597
<SHARES-COMMON-STOCK> 652
<SHARES-COMMON-PRIOR> 323
<ACCUMULATED-NII-CURRENT> 7
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 138
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 860
<NET-ASSETS> 8,603
<DIVIDEND-INCOME> 110
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 48
<NET-INVESTMENT-INCOME> 77
<REALIZED-GAINS-CURRENT> 383
<APPREC-INCREASE-CURRENT> 550
<NET-CHANGE-FROM-OPS> 1010
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (70)
<DISTRIBUTIONS-OF-GAINS> (277)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 356
<NUMBER-OF-SHARES-REDEEMED> (32)
<SHARES-REINVESTED> 5
<NET-CHANGE-IN-ASSETS> 4,849
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 32
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 43
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 129
<AVERAGE-NET-ASSETS> 5,707
<PER-SHARE-NAV-BEGIN> 11.63
<PER-SHARE-NII> 0.15
<PER-SHARE-GAIN-APPREC> 2.02
<PER-SHARE-DIVIDEND> (0.14)
<PER-SHARE-DISTRIBUTIONS> (0.47)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.19
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
<NUMBER> 3
<NAME> PEGASUS MID-CAP OPPORTUNITY FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 7,744
<INVESTMENTS-AT-VALUE> 9,176
<RECEIVABLES> 26
<ASSETS-OTHER> 32
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 9,234
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 18
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 7,717
<SHARES-COMMON-STOCK> 685
<SHARES-COMMON-PRIOR> 451
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 1433
<NET-ASSETS> 9,216
<DIVIDEND-INCOME> 58
<INTEREST-INCOME> 15
<OTHER-INCOME> 0
<EXPENSES-NET> 55
<NET-INVESTMENT-INCOME> 17
<REALIZED-GAINS-CURRENT> 251
<APPREC-INCREASE-CURRENT> 1197
<NET-CHANGE-FROM-OPS> 1465
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (17)
<DISTRIBUTIONS-OF-GAINS> (148)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 260
<NUMBER-OF-SHARES-REDEEMED> (27)
<SHARES-REINVESTED> 1
<NET-CHANGE-IN-ASSETS> 4,243
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (37)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 49
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 138
<AVERAGE-NET-ASSETS> 6,571
<PER-SHARE-NAV-BEGIN> 11.02
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 2.67
<PER-SHARE-DIVIDEND> (0.03)
<PER-SHARE-DISTRIBUTIONS> (0.23)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.46
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
<NUMBER> 4
<NAME> PEGASUS GROWTH FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 9,613
<INVESTMENTS-AT-VALUE> 11,517
<RECEIVABLES> 21
<ASSETS-OTHER> 22
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 11,560
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 18
<TOTAL-LIABILITIES> 18
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 9,663
<SHARES-COMMON-STOCK> 869
<SHARES-COMMON-PRIOR> 566
<ACCUMULATED-NII-CURRENT> 1
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (27)
<ACCUM-APPREC-OR-DEPREC> 1904
<NET-ASSETS> 11,542
<DIVIDEND-INCOME> 91
<INTEREST-INCOME> 23
<OTHER-INCOME> 0
<EXPENSES-NET> 72
<NET-INVESTMENT-INCOME> 42
<REALIZED-GAINS-CURRENT> (7)
<APPREC-INCREASE-CURRENT> 1393
<NET-CHANGE-FROM-OPS> 1428
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (40)
<DISTRIBUTIONS-OF-GAINS> (4)
<DISTRIBUTIONS-OTHER> (19)
<NUMBER-OF-SHARES-SOLD> 327
<NUMBER-OF-SHARES-REDEEMED> (26)
<SHARES-REINVESTED> 3
<NET-CHANGE-IN-ASSETS> 5,107
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 4
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 63
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 72
<AVERAGE-NET-ASSETS> 8,456
<PER-SHARE-NAV-BEGIN> 11.37
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 1.94
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> (0.03)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.28
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
<RESTATED>
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
<NUMBER> 5
<NAME> PEGASUS MONEY MARKET FUND
<MULTIPLIER> 1
<CURRENCY> U.S. DOLLARS
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 1,873
<INVESTMENTS-AT-VALUE> 1,879
<RECEIVABLES> 9
<ASSETS-OTHER> 20
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,908
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 19
<TOTAL-LIABILITIES> 19
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,890
<SHARES-COMMON-STOCK> 1,890
<SHARES-COMMON-PRIOR> 1,176
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<NET-ASSETS> 1,890
<DIVIDEND-INCOME> 0
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<OTHER-INCOME> 0
<EXPENSES-NET> 7
<NET-INVESTMENT-INCOME> 67
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 67
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (67)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 795
<NUMBER-OF-SHARES-REDEEMED> (148)
<SHARES-REINVESTED> 67
<NET-CHANGE-IN-ASSETS> 714
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 70
<AVERAGE-NET-ASSETS> 1,364
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 0.00
<PER-SHARE-DIVIDEND> (0.05)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
