PEGASUS VARIABLE FUNDS
NSAR-A, 1998-08-31
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<PAGE>      PAGE  1
000 A000000 06/30/98
000 C000000 0000932736
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 THE PEGASUS VARIABLE FUNDS
001 B000000 811-8854
001 C000000 3132590729
002 A000000 C/O NBD BANK  P.O. BOX 7058
002 B000000 TROY
002 C000000 MI
002 D010000 48007
002 D020000 7058
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C010200  2
007 C020200 PEGASUS GROWTH AND VALUE FUND
007 C030200 N
007 C010300  3
007 C020300 PEGASUS MID-CAP OPPORTUNITY FUND
007 C030300 N
007 C010400  4
007 C020400 PEGASUS GROWTH FUND
007 C030400 N
007 C010500  5
007 C010600  6
007 C020600 PEGASUS INTRINSIC VALUE FUND
007 C030600 N
007 C010700  7
007 C020700 PEGASUS BOND FUND
007 C030700 N
007 C010800  8
007 C010900  9
007 C011000 10
007 C011100 11
007 C011200 12
007 C011300 13
007 C011400 14
007 C011500 15
007 C011600 16
007 C011700 17
007 C011800 18
<PAGE>      PAGE  2
007 C011900 19
007 C012000 20
008 A00AA01 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO
008 B00AA01 A
008 C00AA01 801-5148
008 D01AA01 CHICAGO
008 D02AA01 IL
008 D03AA01 60670
010 A00AA01 FIRST CHICAGO NBD INVESTMENT MANAGEMENT CO
010 B00AA01 5148
010 C01AA01 CHICAGO
010 C02AA01 IL
010 C03AA01 60670
010 A00AA02 BISYS
010 C01AA02 COLUMBUS
010 C02AA02 OH
010 C03AA02 43219
010 C04AA02 3035
011 A00AA01 BISYS
011 B00AA01 8-17209
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
011 C04AA01 3035
012 A00AA01 FIRST DATA INVESTOR SERVICES GROUP, INC
012 B00AA01 84-5148
012 C01AA01 WESTBOROUGH
012 C02AA01 MA
012 C03AA01 01581
012 C04AA01 5120
013 A00AA01 ARTHUR ANDERSEN LLP
013 B01AA01 DETROIT
013 B02AA01 MI
013 B03AA01 48226
013 B04AA01 3424
014 A00AA01 FIRST CHICAGO NBD, INC. INVESTMENT SERVICES
014 B00AA01 8-35186
014 A00AA02 RONEY & CO
014 B00AA02 8-50985
015 A00AA01 NBD
015 B00AA01 C
015 C01AA01 TROY
015 C02AA01 MI
015 C03AA01 48098
015 E01AA01 X
018  00AA00 Y
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<PAGE>      PAGE  3
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<PAGE>      PAGE  4
022 D000006         0
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022 A000008 FIRST TENNESSE BANK
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022 A000010 FIDELITY CAPITAL MARKETS
022 B000010 04-2785576
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024  00AA00 N
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025 D00AA07       0
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<PAGE>      PAGE  5
039  00AA00 N
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055 A00AA00 N
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057  00AA00 N
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<PAGE>      PAGE  6
080 A00AA00 JOHNSON & HIGGINS
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<PAGE>      PAGE  7
028 G040200       634
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045  000200 Y
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<PAGE>      PAGE  8
066 D000200 Y
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066 F000200 N
066 G000200 N
067  000200 N
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069  000200 N
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070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 Y
070 F020200 Y
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 Y
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 Y
070 L020200 Y
070 M010200 N
070 M020200 N
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070 N020200 N
070 O010200 N
070 O020200 N
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070 R020200 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
074 R010200        0
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045  000300 Y
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<PAGE>      PAGE  11
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066 E000300 N
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067  000300 N
068 A000300 N
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069  000300 N
<PAGE>      PAGE  12
070 A010300 Y
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070 B010300 N
070 B020300 N
070 C010300 N
070 C020300 N
070 D010300 N
070 D020300 N
070 E010300 N
070 E020300 N
070 F010300 Y
070 F020300 Y
070 G010300 N
070 G020300 N
070 H010300 N
070 H020300 N
070 I010300 N
070 I020300 N
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070 J020300 N
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070 K020300 Y
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<PAGE>      PAGE  13
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<PAGE>      PAGE  14
074 V010300    15.32
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<PAGE>      PAGE  15
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<PAGE>      PAGE  16
070 E010400 N
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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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062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600   0.0
062 N000600   0.0
062 O000600   0.0
062 P000600   0.0
062 Q000600   0.0
062 R000600   0.0
063 A000600   0
063 B000600  0.0
066 A000600 Y
066 B000600 N
066 C000600 Y
066 D000600 N
066 E000600 N
066 F000600 N
066 G000600 N
067  000600 N
068 A000600 N
068 B000600 N
069  000600 N
070 A010600 Y
070 A020600 Y
070 B010600 N
070 B020600 N
070 C010600 N
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 N
070 E020600 N
070 F010600 Y
070 F020600 Y
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
<PAGE>      PAGE  20
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 N
070 O020600 N
070 P010600 Y
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600      4673
071 B000600       820
071 C000600     15732
071 D000600    5
072 A000600  6
072 B000600       68
072 C000600      192
072 D000600        0
072 E000600        0
072 F000600       50
072 G000600       12
072 H000600        0
072 I000600        0
072 J000600        9
072 K000600        0
072 L000600        2
072 M000600        0
072 N000600        0
072 O000600        0
072 P000600        0
072 Q000600        0
072 R000600        9
072 S000600        5
072 T000600        0
072 U000600        0
072 V000600        0
072 W000600        7
072 X000600       94
072 Y000600       15
072 Z000600      181
072AA000600      312
<PAGE>      PAGE  21
072BB000600        0
072CC010600      107
072CC020600        0
072DD010600      168
072DD020600        0
072EE000600       76
073 A010600   0.1070
073 A020600   0.0000
073 B000600   0.0495
073 C000600   0.0000
074 A000600        0
074 B000600        0
074 C000600       50
074 D000600     1770
074 E000600      214
074 F000600    15628
074 G000600        0
074 H000600        0
074 I000600     1536
074 J000600        0
074 K000600        0
074 L000600       42
074 M000600       10
074 N000600    19250
074 O000600        0
074 P000600       12
074 Q000600        0
074 R010600        0
074 R020600        0
074 R030600        0
074 R040600        8
074 S000600        0
074 T000600    19230
074 U010600     1617
074 U020600        0
074 V010600    11.89
074 V020600     0.00
074 W000600   0.0000
074 X000600        3
074 Y000600        0
075 A000600        0
075 B000600    16756
076  000600     0.00
028 A010700      1783
028 A020700       176
028 A030700         0
028 A040700        16
028 B010700      1960
028 B020700       187
028 B030700         0
028 B040700         0
<PAGE>      PAGE  22
028 C010700      4722
028 C020700       192
028 C030700         0
028 C040700       140
028 D010700      2455
028 D020700       201
028 D030700         0
028 D040700         0
028 E010700      1906
028 E020700       212
028 E030700         0
028 E040700        27
028 F010700      1889
028 F020700       198
028 F030700         0
028 F040700       821
028 G010700     14715
028 G020700      1166
028 G030700         0
028 G040700      1004
028 H000700         0
045  000700 Y
046  000700 N
047  000700 Y
048  000700  0.400
048 A010700        0
048 A020700 0.000
048 B010700        0
048 B020700 0.000
048 C010700        0
048 C020700 0.000
048 D010700        0
048 D020700 0.000
048 E010700        0
048 E020700 0.000
048 F010700        0
048 F020700 0.000
048 G010700        0
048 G020700 0.000
048 H010700        0
048 H020700 0.000
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700        0
048 K020700 0.000
062 A000700 Y
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
<PAGE>      PAGE  23
062 E000700   0.0
062 F000700   0.0
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   6.0
062 M000700  58.9
062 N000700  23.5
062 O000700   0.0
062 P000700   2.1
062 Q000700   9.5
062 R000700   0.0
063 A000700   0
063 B000700  6.3
064 A000700 N
064 B000700 Y
065  000700 Y
066 A000700 N
067  000700 N
068 A000700 N
068 B000700 N
069  000700 N
070 A010700 Y
070 A020700 Y
070 B010700 N
070 B020700 N
070 C010700 N
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 Y
070 M010700 N
070 M020700 N
070 N010700 Y
<PAGE>      PAGE  24
070 N020700 N
070 O010700 N
070 O020700 N
070 P010700 Y
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700     15460
071 B000700      2310
071 C000700     38920
071 D000700    6
072 A000700  6
072 B000700     1310
072 C000700        0
072 D000700        0
072 E000700        0
072 F000700       83
072 G000700       31
072 H000700        0
072 I000700        0
072 J000700       14
072 K000700        0
072 L000700        3
072 M000700        0
072 N000700        0
072 O000700        0
072 P000700        0
072 Q000700        0
072 R000700        9
072 S000700       10
072 T000700        0
072 U000700        0
072 V000700        0
072 W000700        8
072 X000700      158
072 Y000700        2
072 Z000700     1154
072AA000700        9
072BB000700        0
072CC010700      426
072CC020700        0
072DD010700     1166
072DD020700        0
072EE000700        0
073 A010700   0.2910
073 A020700   0.0000
073 B000700   0.0000
073 C000700   0.0000
074 A000700        0
<PAGE>      PAGE  25
074 B000700     1773
074 C000700        0
074 D000700    46050
074 E000700        0
074 F000700        0
074 G000700        0
074 H000700        0
074 I000700     1159
074 J000700        0
074 K000700        0
074 L000700      561
074 M000700       12
074 N000700    49555
074 O000700        0
074 P000700       24
074 Q000700        0
074 R010700        0
074 R020700        0
074 R030700        0
074 R040700        0
074 S000700        0
074 T000700    49531
074 U010700     4699
074 U020700        0
074 V010700    10.54
074 V020700     0.00
074 W000700   0.0000
074 X000700        3
074 Y000700        0
075 A000700        0
075 B000700    42008
076  000700     0.00
SIGNATURE   GARY YOUNG
TITLE       VICE PRESIDENT



<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
   <NUMBER> 2
   <NAME> PEGASUS GROWTH & VALUE
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
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<SENIOR-EQUITY>                                      0
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<NET-CHANGE-FROM-OPS>                            3,513
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (157)
<DISTRIBUTIONS-OF-GAINS>                         (195)
<DISTRIBUTIONS-OTHER>                                0
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<NUMBER-OF-SHARES-REDEEMED>                       (36)
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
   <NUMBER> 3
   <NAME> PEGASUS MID-CAP OPPORTUNITY FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
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</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
   <NUMBER> 4
   <NAME> PEGASUS GROWTH FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
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<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
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<NET-INVESTMENT-INCOME>                           (20)
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<NUMBER-OF-SHARES-REDEEMED>                      (100)
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<NET-CHANGE-IN-ASSETS>                           5,479
<ACCUMULATED-NII-PRIOR>                              3
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<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                    110
<AVERAGE-NET-ASSETS>                            18,919
<PER-SHARE-NAV-BEGIN>                            15.39
<PER-SHARE-NII>                                 (0.02)
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<PER-SHARE-DISTRIBUTIONS>                       (0.04)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              18.39
<EXPENSE-RATIO>                                   0.95
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
   <NUMBER> 6
   <NAME> PEGASUS INTRINSIC VALUE FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
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<INVESTMENTS-AT-VALUE>                          19,198
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<SENIOR-EQUITY>                                      0
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<NET-ASSETS>                                    19,229
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<NET-INVESTMENT-INCOME>                            182
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<NET-CHANGE-FROM-OPS>                              600
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                        (168)
<DISTRIBUTIONS-OF-GAINS>                          (76)
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            393
<NUMBER-OF-SHARES-REDEEMED>                        (4)
<SHARES-REINVESTED>                                 20
<NET-CHANGE-IN-ASSETS>                           5,304
<ACCUMULATED-NII-PRIOR>                              3
<ACCUMULATED-GAINS-PRIOR>                           76
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                               50
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                     94
<AVERAGE-NET-ASSETS>                            16,756
<PER-SHARE-NAV-BEGIN>                            11.53
<PER-SHARE-NII>                                   0.12
<PER-SHARE-GAIN-APPREC>                           0.40
<PER-SHARE-DIVIDEND>                            (0.11)
<PER-SHARE-DISTRIBUTIONS>                       (0.05)
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.89
<EXPENSE-RATIO>                                   0.95
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000932736
<NAME> THE PEGASUS PATHMAKER VARIABLE ANNUITY FUND
<SERIES>
   <NUMBER> 7
   <NAME> PEGASUS BOND FUND
<MULTIPLIER> 1,000
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1998
<PERIOD-START>                             JAN-01-1998
<PERIOD-END>                               JUN-30-1998
<INVESTMENTS-AT-COST>                           47,703
<INVESTMENTS-AT-VALUE>                          48,982
<RECEIVABLES>                                      506
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<TOTAL-ASSETS>                                  49,555
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<TOTAL-LIABILITIES>                                 24
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-PRIOR>                            3,279
<ACCUMULATED-NII-CURRENT>                          (6)
<OVERDISTRIBUTION-NII>                               0
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<NET-CHANGE-FROM-OPS>                            1,589
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<DISTRIBUTIONS-OF-GAINS>                             0
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<NUMBER-OF-SHARES-SOLD>                          1,404
<NUMBER-OF-SHARES-REDEEMED>                       (95)
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<INTEREST-EXPENSE>                                   0
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<PER-SHARE-NAV-BEGIN>                            10.44
<PER-SHARE-NII>                                   0.29
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<EXPENSE-RATIO>                                   0.75
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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