<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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<PAGE> PAGE 8
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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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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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074 B000800 194
074 C000800 0
074 D000800 447
074 E000800 5
074 F000800 1654
074 G000800 0
074 H000800 0
074 I000800 0
074 J000800 0
074 K000800 0
074 L000800 8
074 M000800 9
074 N000800 2319
074 O000800 20
074 P000800 0
074 Q000800 0
074 R010800 0
074 R020800 0
074 R030800 0
074 R040800 3
074 S000800 0
074 T000800 2296
074 U010800 199
074 U020800 0
074 V010800 11.56
074 V020800 0.00
074 W000800 0.0000
074 X000800 33
<PAGE> PAGE 22
074 Y000800 70
075 A000800 0
075 B000800 1457
076 000800 0.00
028 A010900 102
028 A020900 0
028 A030900 0
028 A040900 0
028 B010900 19
028 B020900 0
028 B030900 0
028 B040900 0
028 C010900 36
028 C020900 48
028 C030900 0
028 C040900 0
028 D010900 79
028 D020900 0
028 D030900 0
028 D040900 0
028 E010900 2
028 E020900 0
028 E030900 0
028 E040900 0
028 F010900 65
028 F020900 0
028 F030900 0
028 F040900 2
028 G010900 303
028 G020900 48
028 G030900 0
028 G040900 2
028 H000900 0
062 A000900 N
062 B000900 0.0
062 C000900 0.0
062 D000900 0.0
062 E000900 0.0
062 F000900 0.0
062 G000900 0.0
062 H000900 0.0
062 I000900 0.0
062 J000900 0.0
062 K000900 0.0
062 L000900 0.0
062 M000900 0.0
062 N000900 0.0
062 O000900 0.0
062 P000900 0.0
062 Q000900 0.0
062 R000900 0.0
<PAGE> PAGE 23
071 A000900 575
071 B000900 495
071 C000900 1510
071 D000900 33
072 A000900 12
072 B000900 18
072 C000900 5
072 D000900 0
072 E000900 0
072 F000900 20
072 G000900 13
072 H000900 0
072 I000900 1
072 J000900 5
072 K000900 0
072 L000900 1
072 M000900 4
072 N000900 2
072 O000900 0
072 P000900 0
072 Q000900 21
072 R000900 0
072 S000900 10
072 T000900 4
072 U000900 0
072 V000900 0
072 W000900 10
072 X000900 91
072 Y000900 50
072 Z000900 -18
072AA000900 129
072BB000900 0
072CC010900 258
072CC020900 0
072DD010900 48
072DD020900 0
072EE000900 0
073 A010900 0.2500
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 2
074 B000900 526
074 C000900 0
074 D000900 0
074 E000900 0
074 F000900 2082
074 G000900 0
074 H000900 0
074 I000900 0
074 J000900 0
<PAGE> PAGE 24
074 K000900 0
074 L000900 9
074 M000900 2
074 N000900 2621
074 O000900 10
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 2
074 S000900 0
074 T000900 2609
074 U010900 213
074 U020900 0
074 V010900 12.24
074 V020900 0.00
074 W000900 0.0000
074 X000900 74
074 Y000900 35
075 A000900 0
075 B000900 2035
076 000900 0.00
062 A001000 N
062 B001000 0.0
062 C001000 0.0
062 D001000 0.0
062 E001000 0.0
062 F001000 0.0
062 G001000 0.0
062 H001000 0.0
062 I001000 0.0
062 J001000 0.0
062 K001000 0.0
062 L001000 0.0
062 M001000 0.0
062 N001000 0.0
062 O001000 0.0
062 P001000 0.0
062 Q001000 0.0
062 R001000 0.0
071 A001000 0
071 B001000 0
071 C001000 0
071 D001000 0
072 A001000 2
074 N001000 0
074 T001000 0
SIGNATURE FRANK P. MEADOWS III
TITLE CHAIRMAN
Independent Auditors' Report on Internal Accounting Controls
To the Board of Trustees
The Nottingham Investment Trust II
In planning and performing our audits of the financial statements
of the Capital Value Fund, Investek Fixed Income Trust, ZSA Equity
Fund, ZSA Asset Allocation Fund, The Brown Capital Management
Equity Fund, The Brown Capital Management Balanced Fund and The
Brown Capital Management Small Company Fund (collectively, the
"Funds"), all of which are series of The Nottingham Investment
Trust II, for the year ended March 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 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 March 31, 1995.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
Richmond, Virginia
May 12, 1995
