<PAGE> PAGE 1
000 B000000 09/30/96
000 C000000 0000799196
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
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000 J000000 A
001 A000000 THE ELITE GROUP
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001 C000000 2066245863
002 A000000 1325 4TH AVENUE #2144
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002 D010000 98101
002 D020000 2509
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007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 MCCORMICK CAPITAL MANAGEMENT
008 B00AA01 A
008 C00AA01 801-27092
008 D01AA01 SEATTLE
008 D02AA01 WA
008 D03AA01 98101
008 D04AA01 2509
012 A00AA01 FUND PLAN SERVICE
012 B00AA01 84-932
012 C01AA01 CONSHOHOCKEN
012 C02AA01 PA
012 C03AA01 19428
013 A00AA01 TAIT, WELLER & BAKER
013 B01AA01 PHILADELPHIA
<PAGE> PAGE 2
013 B02AA01 PA
013 B03AA01 19102
013 B04AA01 1707
015 A00AA01 UNITED MISSOURI BANK
015 B00AA01 C
015 C01AA01 KANSAS CITY
015 C02AA01 MO
015 C03AA01 64141
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
019 C00AA00 ELITEGROUP
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020 B000001 13-3209942
020 C000001 84
020 A000002 PAIN WEBBER JACKSON & CO
020 B000002 13-2760086
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020 A000003 CAPITAL INSTITUTIONAL SERVICES
020 B000003 75-1565705
020 C000003 3
020 A000004 PIPER, JAFFROY & HOPEWOOD
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020 C000004 7
020 A000005 CANTOR FITZGERALD & CO
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<PAGE> PAGE 3
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022 A000004 CANTOR FITZGERALD & CO.
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022 A000007 MERRILL LYNCH PIERCE FENNER
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022 B000008 13-2545018
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<PAGE> PAGE 4
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080 A00AA00 NATIONAL UNION FIRE INSURANCE CO.
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
073 C000100 0.0000
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<PAGE> PAGE 9
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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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SIGNATURE RICHARD MCCORMICK
TITLE PRESIDENT
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<CIK> 0000799196
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Trustees
The Elite Group
Seattle, Washington
In planning and performing our audit of the financial statements of The Elite
Growth and Income Fund and The Elite Income Fund, each a series of shares of The
Elite Group, for the year ended September 30, 1996, we considered its internal
control structure, including procedures 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 the internal control structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities 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 the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
September 30, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
\s\ Tait, Weller & Baker
Philadelphia, Pennsylvania
October 15, 1996
