ALBEMARLE INVESTMENT TRUST/
NSAR-B, EX-27, 2000-10-26
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<TABLE> <S> <C>

<ARTICLE>                     6
<CIK>                         0000812073
<NAME>                        NORTH CAROLINA TAX-FREE BOND FUND

<S>                           <C>
<PERIOD-TYPE>                 12-MOS
<FISCAL-YEAR-END>                          AUG-31-2000
<PERIOD-END>                               AUG-31-2000
<INVESTMENTS-AT-COST>                       13,686,055
<INVESTMENTS-AT-VALUE>                      13,799,066
<RECEIVABLES>                                  209,631
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                             3,238
<TOTAL-ASSETS>                              14,011,935
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       44,028
<TOTAL-LIABILITIES>                             44,028
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                    13,977,800
<SHARES-COMMON-STOCK>                        1,319,562
<SHARES-COMMON-PRIOR>                        1,333,178
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                       (122,904)
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       113,011
<NET-ASSETS>                                13,967,907
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                              733,362
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 116,656
<NET-INVESTMENT-INCOME>                        616,706
<REALIZED-GAINS-CURRENT>                      (122,904)
<APPREC-INCREASE-CURRENT>                      329,262
<NET-CHANGE-FROM-OPS>                          823,064
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      616,706
<DISTRIBUTIONS-OF-GAINS>                        13,244
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        327,351
<NUMBER-OF-SHARES-REDEEMED>                    392,920
<SHARES-REINVESTED>                             51,953
<NET-CHANGE-IN-ASSETS>                          60,120
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       13,244
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           48,035
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                186,778
<AVERAGE-NET-ASSETS>                        13,711,865
<PER-SHARE-NAV-BEGIN>                            10.43
<PER-SHARE-NII>                                   0.46
<PER-SHARE-GAIN-APPREC>                           0.17
<PER-SHARE-DIVIDEND>                              0.46
<PER-SHARE-DISTRIBUTIONS>                         0.01
<RETURNS-OF-CAPITAL>                               .00
<PER-SHARE-NAV-END>                              10.59
<EXPENSE-RATIO>                                   0.85


</TABLE>


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