WOODLAWN FUNDS TRUST, N-18F1, 1999-09-07

WOODLAWN FUNDS TRUST
N-18F1, 1999-09-07

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                                  FORM N-18F-1


                            NOTIFICATION OF ELECTION


The  undersigned  registered  open-end  investment  company hereby  notifies the
Securities  and Exchange  Commission  that it elects to commit  itself to pay in
cash all  redemptions by a shareholder of record as provided by Rule 18f-1 under
the  Investment  Company Act of 1940.  It is  understood  that this  election is
irrevocable  while such Rule is in effect  unless the  Commission  by order upon
application permits the withdrawal of the Notification of Election.


Pursuant to the  requirements of Rule 18f-1 under the Investment  Company Act of
1940,  the  registrant  has caused  this  notification  of  election  to be duly
executed  on its  behalf  in the City of  Rocky  Mount,  and the  State of North
Carolina on the 31st day of August 1999.


                                             WOODLAWN FUNDS TRUST


                                         By:  /s/ Theo H. Pitt, Jr.
                                             ____________________________
                                              Theo H. Pitt, Jr. Trustee



Attest:  /s/ C. Frank Watson, III
        ____________________________