U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24F-2
1. Name and address of issuer:
The Elite Group
1325 4th Ave, Suite 2144
Seattle, WA 98101
2. Name of each series or class of funds for which this notice is filed:
The Elite Growth & Income Fund
The Elite Income Fund
3. Investment Company Act File Number: 811-4804
Securities Act File Number: 33-8124
4. Last day of fiscal year for which this notice is filed: September 30, 1998
5. Check box if this notice is being filed more than 180 days after the
close of the issuer's Fiscal year for purposes of reporting securities sold
after the close of the fiscal year but Before termination of the issuers
24f-2 declaration: N/A [ ]
6. Date of termination of issuers declaration under rule 24f-2(a)(1), if
applicable (see Instruction A:6) N/A
7. Number and amount of securities of the same class or series which had been
registered Under the Securities Act of 1933 other than pursuant to rule
24f-2 in a prior fiscal year, But which remained unsold at the beginning of
the fiscal year: None
8. Number and amount of securities registered during the fiscal year other
than pursuant to Rule 24f-2: None
9. Number and aggregate sale price of securities sold during the fiscal year:
2,604,993 Share sold
$38,342,294 Dollar amount sold
10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon Registration pursuant to rule 24f-2
2,604,993 Shares sold
$38,342,294 Dollar amount sold
11. Number and aggregate sale price of securities issued during the fiscal year
in connection with dividend reinvestments plans, if applicable (see
instruction B.7): N/A
12. Calculation of registered fee:
(i) Aggregate sale price of securities sold during the
fiscal Year in reliance on rule 24f-2 (from item 10):
$38,342,294
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from item 11 if applicable)
+0
(iii)Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable).
$16,010,867
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant to
rule 24e-2 (if applicable).
+ 0
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 line (i) plus line
(ii) less line (iii) plus line (iv) (if applicable):
$22,331,427
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation (see
instruction C.6):
0.00027800
(vii) Fee due [ line (i) or line (v) multiplied by line
(vi)]:
$6,208.14
Instructions: Issuers should complete lines (ii), (iii), (iv) only if the form
is being filed within 60 days after the close of the issuer's fiscal year. See
instruction C.3
13. Check box if fees are being remitted to the Commissioners lockbox
depository as Described in section 3a of the Commissioners Rules of
informal and Other Procedures (17 CFR 202.3a). [ xx ] Date of mailing or
wire transfer of filing fees to the Commission's lockbox depository:
11/3/98
Signatures
This report has been signed below by the following persons on behalf of the
issuer and in the Capacities and on the dates indicated.
By (Signature and Title)* ______________________________
Date: 11/04/98 Richard McCormick, President
