<PAGE> PAGE 1
000 B000000 08/31/94
000 C000000 0000812073
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<PAGE> PAGE 2
013 A00AA01 KPMG PEAT MARWICK
013 B01AA01 RICHMOND
013 B02AA01 VA
013 B03AA01 23219
015 A00AA01 WACHOVIA BANK OF NORTH CAROLINA N.A.
015 B00AA01 C
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<PAGE> PAGE 3
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<PAGE> PAGE 4
008 A000101 OAK VALUE CAPITAL MANAGEMENT, INC.
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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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008 A000201 THE TRUST COMPANY OF THE SOUTH, INC.
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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008 A000701 DELETE
008 A000801 BOYS, ARNOLD & COMPANY, INC.
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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SIGNATURE FRANK P. MEADOWS III
TITLE CHAIRMAN
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROLS
To the Board of Trustees
Albemarle Investment Trust
In planning and performing our audits of the financial statements
of The North Carolina Tax-Free Bond Fund, Oak Value Fund, and The
Trust Company of the South Growth Fund (together, the "Funds"), all
of which are series of the Albemarle Investment Trust, for the year
ended August 31, 1994, we considered the 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 instructions to 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 may 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 a material weakness
as defined above as of August 31, 1994.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
KPMG PEAT MARWICK
ALBEMARLE INVESTMENT TRUST
CHANGE OF REGISTRANTS CERTIFYING ACCOUNTANTS
304(a)(1)(i)
Tait, Weller & Baker, the former principal accountant to the
registrant, resigned effective March 14, 1994.
304(a)(1)(ii)
The financial statements of the registrant for the past fiscal year
contained no adverse opinion or a disclaimer of opinion, nor was it
qualified or modified as to uncertainty, audit scope, or accounting
principles.
304(a)(1)(iii)
The change of accountants did not result from a recommendation by
the Audit Committee or the Trustees but by the resignation of Tait,
Weller & Baker. The selection of the new accountants was
recommended by the Audit Committee and approved by the Trustees as
more fully provided below.
304(a)(1(iv)
During the registrant's most recent fiscal year ended August 31,
1993, there were no disagreements with the former accountants,
Tait, Weller & Baker, on any matter of accounting principles or
practices, financial statement disclosure, or auditing scope or
procedure.
304(a)(1)(v)
No information required
304(a)(2)
KPMG Peat Marwick LLP has been selected, to audit the registrant's
accounts and records for the fiscal year ending August 31, 1994.
304(a)(2)(i)
There were no discussions relating to the application of accounting
principles to a specific transaction either completed or proposed
or the type of audit opinion that might be rendered on the
registrant's financial statements, either on the previous fiscal
year ended August 31, 1993 audited by Tait, Weller & Baker, or on
the proposed audit of the registrant for the fiscal year ending
August 31, 1994 by KPMG Peat Marwick LLP.
304(a)(2)(ii)
No matter to report.
304(b)
No disagreement of the type described in paragraph (a)(1)(iv) or
any reportable event as described in paragraph (a)(1)(v) to report.
TAIT, WELLER & BAKER
CERTIFIED PUBLIC ACCOUNTANTS
October 28, 1994
Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20546
Gentlemen:
We have read the statements issued by Albemarle Investment
Trust in response to the requirements of Item 304(a) of Regulation
S-K and filed as an exhibit under Item 77K of its Form N-SAR. We
are in agreement with such statements made.
Sincerely,
TAIT, WELLER & BAKER
