FORM N-8F
I. GENERAL IDENTIFYING INFORMATION
1. Reason fund is applying to deregister (check only one; for descriptions,
see Instruction 1 above):
[ ] Merger
[XX] Liquidation
[ ] Abandonment of Registration (Note: Abandonments of Registration answer
only questions I through 15, 24 and 25 of this form and complete
verification at the end of the form.)
[ ] Election of status as a Business Development Company (Note: Business
Development Companies answer only questions I through 10 of this
form and complete verification at the end of the form.)
2. Name of fund: The Sports Funds Trust
3. Securities and Exchange Commission File No.: 811 -08563
4. Is this an initial Form N-8F or an amendment to a previously filed
Form N-8F?
[XX] Initial Application [ ] Amendment
5. Address of Principal Executive Office (include No. & Street, City, State,
Zip Code):
610 Pasteur Drive
Suite 2
Greensboro, NC 27403
6. Name, address and telephone number of individual the Commission staff
should contact with any questions regarding this form:
David Peters
3200 Horizon Drive
King of Prussia, PA 19406
(610) 239-4754
7. Name, address and telephone number of individual or entity responsible
for maintenance and preservation of fund records in accordance with rules
31a-1 and 31a-2 under the Act [ 17 CFR 270.3la-l,.3la-2]:
First Data Investor Services Group, Inc.
3200 Horizon Drive
King of Prussia, PA 19406
(610) 239-4754
NOTE: Once deregistered, a fund is still required to maintain and preserve the
records described in rules 31a-l and 31a-2 for the periods specified in those
rules.
8. Classification of fund (check only one):
[XX] Management company;
[ ] Unit investment trust; or
[ ] Face-amount certificate company.
9. Subclassification if the fund is a management company (check only one):
[XX] Open-end [ ] Closed-end
10. State law under which the fund was organized or formed (e.g., Delaware,
Massachusetts):
Delaware
11. Provide the name and address of each investment adviser of the fund
(including sub-advisers) during the last five years, even if the fund's
contracts with those advisers have been terminated:
Pegasus Advisory Group, Inc.
5-H Oak Branch Drive
Greensboro, NC 27407
Chartwell Investment Partners
1235 Westlakes Drive, Suite 330
Berwyn, PA 19312
12. Provide the name and address of each principal underwriter of the fund
during the last five years, even if the fund's contracts with those
underwriters have been terminated:
FPS Broker Services, Inc.
3200 Horizon Drive
King of Prussia, PA 19406
First Data Distributors, Inc.
3200 Horizon Drive
King of Prussia, PA 19406
13. If the fund is a unit investment trust (" UIT") provide:
(a) Depositor's name(s) and address(es):
(b) Trustee's name(s) and address(es):
14. Is there a UIT registered under the Act that served as a vehicle for
investment in the fund (e.g., an insurance company separate account)?
[ ]Yes [X]No
If Yes, for each UIT state:
Name(s):
File No.: 811-
Business Address:
15. (a) Did the fund obtain approval from the board of directors
concerning the decision to engage in a Merger, Liquidation or
Abandonment of Registration?
[XX]Yes [ ]No
If Yes, state the date on which the board vote took place:
February 24, 1999
If No, explain:
(b) Did the fund obtain approval from the shareholders concerning
the decision to engage in a Merger, Liquidation or Abandonment
of Registration?
[ ]Yes [XX]No
If Yes, state the date on which the shareholder vote took place:
If No, explain:
Under Delaware law, and according to The Sports Funds Trust's (the "Trust")
Agreement and Declaration of Trust, the Trustees, in their discretion and
without a shareholder vote, could liquidate the assets of the Trust. As opposed
to having shareholders bear the cost of taking a shareholder vote, the Trustees
opted to liquidate the Trust's assets.
II. DISTRIBUTIONS TO SHAREHOLDERS
16. Has the fund distributed any assets to its shareholders in connection
with the Merger or Liquidation?
[XX]Yes [ ]No
(a) If Yes, list the date(s) on which the fund made those distributions:
February 26, 1999
(b) Were the distributions made on the basis of net assets?
[XX]Yes [ ]No
(c) Were the distributions made pro rata based on share ownership?
[XX]Yes [ ]No
(d) If No to (b) or (c) above, describe the method of distributions to
shareholders. For Mergers, provide the exchange ratio(s) used and
explain how it was calculated:
(e) Liquidations only:
Were any distributions to shareholders made in kind?
[ ]Yes [XX]No
If Yes, indicate the percentage of fund shares owned by affiliates, or any
other affiliation of shareholders:
17. Closed-end funds only:
Has the fund issued senior securities?
[]Yes []No
If Yes, describe the method of calculating payments to senior securityholders
and distributions to other shareholders:
18. Has the fund distributed all of its assets to the fund's shareholders?
[XX]Yes [ ]No
If No,
(a) How many shareholders does the fund have as of the date this form
is filed?
(b) Describe the relationship of each remaining shareholder to the fund:
19. Are there any shareholders who have not yet received distributions in
complete liquidation of their interests?
[ ]Yes [XX]No
If Yes, describe briefly the plans (if any) for distributing to, or preserving
the interests of, those shareholders:
III. ASSETS AND LIABILITIES
20. Does the fund have any assets as of the date this form is filed?
(See question 18 above)
[ ]Yes [XX]No
If Yes,
(a) Describe the type and amount of each asset retained by the fund as
of the date this form is filed:
(b) Why has the fund retained the remaining assets?
(c) Will the remaining assets be invested in securities?
[]Yes []No
21. Does the fund have any outstanding debts (other than face-amount
certificates if the fund is a face-amount certificate company) or any
other liabilities?
[ ]Yes [XX]No
If Yes,
(a) Describe the type and amount of each debt or other liability:
(b) How does the fund intend to pay these outstanding debts or other
liabilities?
IV. Information About Event(s) Leading to Request For Deregistration
22. (a) List the expenses incurred in connection with the Merger or
Liquidation:
(i) Legal expenses: 0.00
(ii) Accounting expenses: 0.00
(iii) Other expenses (list and identify separately):
Blue Sky Termination Fees 580.00
Dissolution of Trust 200.00
Tail Directors and Officers Errors and
Omissions Insurance 5,509.00
(iv) Total expenses (sum of lines (i)-(iii) above):6,289.00
(b) How were those expenses allocated?
All expenses incurred in connection with the Liquidation were
allocated to the sole series of The Sports Funds Trust.
(c) Who paid those expenses?
The sole series of The Sports Funds Trust.
(d) How did the fund pay for unamortized expenses (if any)?
Not Applicable
23. Has the fund previously filed an application for an order of the
Commission regarding the Merger or Liquidation?
[ ]Yes [XX]No
If Yes, cite the release numbers of the Commission's notice and order or, if no
notice or order has been issued, the file number and date the application was
filed:
V. Conclusion of Fund Business
24. Is the fund a party to any litigation or administrative proceeding?
[ ]Yes [XX]No
If Yes, describe the nature of any litigation or proceeding and the position
taken by the fund in that litigation:
25. Is the fund now engaged, or intending to engage, in any business
activities other than those necessary for winding up its affairs?
[ ]Yes [XX]No
If Yes, describe the nature and extent of those activities:
VI. MERGERS ONLY
26. (a) State the name of the fund surviving the Merger:
(b) State the Investment Company Act file number of the fund surviving
the Merger:
811-
(c) If the merger or reorganization agreement has been filed with the
Commission, state the file number(s), form type used and date the
agreement was filed:
(d) If the merger or reorganization agreement has not been filed with
the Commission, provide a copy of the agreement as an exhibit to
this form.
VERIFICATION
The undersigned states that (i) he or she has executed this Form N-8F
application for an order under section 8(f) of the Investment Company Act of
1940 on behalf of The Sports Funds Trust, (ii) he or she is acting pursuant to
a previously filed power-of-attorney for the President of The Sports Funds Trust
and (iii) all actions by shareholders, directors, and any other body necessary
to authorize the undersigned to execute and file this Form N-8F application have
been taken. The undersigned also states that the facts set forth in this Form
N-8F application are true to the best of his or her knowledge, information and
belief
_______________________________________________________________
William J. Baltrus
pursuant to power-of-attorney for
the President of The Sports Funds Trust
