<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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008 B000701 A
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<PAGE> PAGE 22
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<PAGE> PAGE 23
043 000700 0
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048 I010700 0
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048 J010700 0
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049 000700 N
050 000700 N
051 000700 N
052 000700 N
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054 A000700 N
054 B000700 N
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 N
054 I000700 N
054 J000700 N
054 K000700 N
054 L000700 N
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<PAGE> PAGE 24
062 B000700 0.0
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067 000700 N
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069 000700 N
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<PAGE> PAGE 25
072 T000700 0
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<PAGE> PAGE 26
008 A000801 BROWN CAPITAL MANAGEMENT, INC.
008 B000801 A
008 C000801 801-19287
008 D010801 BALTIMORE
008 D020801 MD
008 D030801 21201
011 A000801 CAPITAL INVESTMENT GROUP, INC.
011 B000801 8-14752
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011 C030801 27603
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<PAGE> PAGE 27
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054 D000800 N
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054 F000800 N
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054 H000800 N
<PAGE> PAGE 28
054 I000800 N
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054 K000800 N
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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008 A000901 BROWN CAPITAL MANAGEMENT, INC.
008 B000901 A
008 C000901 801-19287
008 D010901 BALTIMORE
008 D020901 MD
008 D030901 21201
011 A000901 CAPITAL INVESTMENT GROUP, INC.
011 B000901 8-14752
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011 C020901 NC
011 C030901 27603
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<PAGE> PAGE 31
030 C000900 0.00
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<PAGE> PAGE 32
054 A000900 N
054 B000900 N
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054 E000900 N
054 F000900 N
054 G000900 N
054 H000900 N
054 I000900 N
054 J000900 N
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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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, 1996, 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
March 31, 1996.
This report is intended solely for the use of management and the Securities and
Exchange Commission.
Richmond, Virginia
May 14, 1996
