<PAGE> PAGE 1
000 B000000 08/31/95
000 C000000 0000895613
000 D000000 N
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000 F000000 Y
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000 J000000 U
001 A000000 ALBEMARLE INVESTMENT TRUST
001 B000000 811-5098
001 C000000 9199729922
002 A000000 105 NORTH WASHINGTON STREET
002 B000000 ROCKY MOUNT
002 C000000 NC
002 D010000 27802
002 D020000 0069
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
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007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C020800 NORTH CAROLINA TAX FREE BOND FUND
007 C030800 N
007 C010900 9
007 C011000 10
010 A00AA01 THE NOTTINGHAM COMPANY
010 B00AA01 84-1954
010 C01AA01 ROCKY MOUNT
010 C02AA01 NC
010 C03AA01 27802
010 C04AA01 0069
012 A00AA01 THE NOTTINGHAM COMPANY
012 B00AA01 84-1954
012 C01AA01 ROCKY MOUNT
012 C02AA01 NC
012 C03AA01 27802
012 C04AA01 0069
013 A00AA01 KPMG PEAT MARWICK, L.L.P.
013 B01AA01 RICHMOND
013 B02AA01 VA
013 B03AA01 23219
<PAGE> PAGE 2
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022 A000002 J.C. BRADFORD
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022 A000003 LEGG MASON
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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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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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 audit of the financial statements of
The North Carolina Tax Free Bond Fund (the "Fund"), a series of the
Albemarle Investment Trust, for the year ended August 31, 1995, 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 instructions to Form N-
SAR, not to provide assurance on the internal control structure.
The management of the Fund 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, 1995.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
Richmond, Virginia
September 29, 1995
