<PAGE> PAGE 1
000 B000000 02/29/00
000 C000000 0000869351
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 NOTTINGHAM INVESTMENT TRUST II
001 B000000 811-06199
001 C000000 2529729922
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
007 B000000 8
007 C010100 1
007 C020100 THE CAROLINASFUND
007 C030100 N
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
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
011 A00AA01 CAPITAL INVESTMENT GROUP
011 B00AA01 8-74752
011 C01AA01 RALEIGH
011 C02AA01 NC
011 C03AA01 27603
012 A00AA01 NC SHAREHOLDER SERVICES LLC
012 B00AA01 84-5687
012 C01AA01 ROCKY MOUNT
012 C02AA01 NC
012 C03AA01 27803
<PAGE> PAGE 2
012 C04AA01 0435
013 A00AA01 DELOITTE & TOUCHE LLP
013 B01AA01 PRINCETON
013 B02AA01 NJ
013 B03AA01 08540
015 A00AA01 FIRST UNION NATIONAL BANK OF NORTH CAROLINA
015 B00AA01 C
015 C01AA01 CHARLOTTE
015 C02AA01 NC
015 C03AA01 28288
015 E01AA01 X
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 8
019 C00AA00 NOTTINGHA2
020 A000001 J.W. CHARLES
020 C000001 3
020 A000002 FISERV CORRESPONDENT
020 C000002 2
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 5
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
026 A000000 Y
<PAGE> PAGE 3
026 B000000 Y
026 C000000 Y
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
077 A000000 Y
077 B000000 Y
077 Q010000 Y
078 000000 N
080 A00AA00 GREAT AMERICAN INSURANCE COMPANY
080 C00AA00 3000
081 A00AA00 Y
081 B00AA00 17
082 A00AA00 Y
082 B00AA00 25
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
086 A01AA00 0
086 A02AA00 0
086 B01AA00 0
086 B02AA00 0
086 C01AA00 0
086 C02AA00 0
086 D01AA00 0
086 D02AA00 0
086 E01AA00 0
086 E02AA00 0
086 F01AA00 0
086 F02AA00 0
008 A000101 MOREHEAD CAPITAL ADVISORS, LLC
008 B000101 A
<PAGE> PAGE 4
008 C000101 801-49755
008 D010101 CHARLOTTE
008 D020101 NC
008 D030101 28203
008 A000102 CAPITAL INVESTMENT COUNSEL, INC.
008 B000102 S
008 C000102 801-20824
008 D010102 RALEIGH
008 D020102 NC
008 D030102 27622
014 A000101 CAPITAL INVESTMENT GROUP, INC.
014 B000101 8-74752
024 000100 N
025 D000101 0
025 D000102 0
025 D000103 0
025 D000104 0
025 D000105 0
025 D000106 0
025 D000107 0
025 D000108 0
028 A010100 1
028 A020100 0
028 A030100 0
028 A040100 36
028 B010100 5
028 B020100 0
028 B030100 0
028 B040100 33
028 C010100 1
028 C020100 0
028 C030100 0
028 C040100 20
028 D010100 1
028 D020100 162
028 D030100 0
028 D040100 23
028 E010100 2
028 E020100 0
028 E030100 0
028 E040100 539
028 F010100 1
028 F020100 0
028 F030100 0
028 F040100 16
028 G010100 11
028 G020100 162
028 G030100 0
028 G040100 667
028 H000100 5
029 000100 Y
<PAGE> PAGE 5
030 A000100 0
030 B000100 3.50
030 C000100 0.00
031 A000100 0
031 B000100 0
032 000100 0
033 000100 0
034 000100 N
035 000100 0
036 B000100 0
037 000100 N
038 000100 0
039 000100 Y
040 000100 Y
041 000100 Y
042 A000100 0
042 B000100 50
042 C000100 0
042 D000100 50
042 E000100 0
042 F000100 0
042 G000100 0
042 H000100 0
043 000100 7
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 250000
048 A020100 1.000
048 B010100 0
048 B020100 0.000
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 250000
048 K020100 0.650
<PAGE> PAGE 6
049 000100 N
050 000100 N
051 000100 N
052 000100 N
053 A000100 Y
053 B000100 Y
053 C000100 N
054 A000100 Y
054 B000100 Y
054 C000100 N
054 D000100 N
054 E000100 N
054 F000100 N
054 G000100 Y
054 H000100 Y
054 I000100 N
054 J000100 Y
054 K000100 N
054 L000100 N
054 M000100 Y
054 N000100 N
054 O000100 N
055 A000100 N
055 B000100 N
056 000100 Y
057 000100 N
058 A000100 N
059 000100 Y
060 A000100 Y
060 B000100 Y
061 000100 1000
062 A000100 N
062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
062 E000100 0.0
062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 0
063 B000100 0.0
<PAGE> PAGE 7
066 A000100 Y
066 B000100 N
066 C000100 Y
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
069 000100 N
070 A010100 Y
070 A020100 N
070 B010100 N
070 B020100 N
070 C010100 N
070 C020100 N
070 D010100 N
070 D020100 N
070 E010100 N
070 E020100 N
070 F010100 N
070 F020100 N
070 G010100 N
070 G020100 N
070 H010100 N
070 H020100 N
070 I010100 N
070 I020100 N
070 J010100 Y
070 J020100 N
070 K010100 Y
070 K020100 Y
070 L010100 N
070 L020100 N
070 M010100 N
070 M020100 N
070 N010100 N
070 N020100 N
070 O010100 Y
070 O020100 N
070 P010100 N
070 P020100 N
070 Q010100 N
070 Q020100 N
070 R010100 Y
070 R020100 N
071 A000100 266
071 B000100 1497
071 C000100 2970
071 D000100 9
<PAGE> PAGE 8
072 A000100 12
072 B000100 0
072 C000100 75
072 D000100 0
072 E000100 0
072 F000100 0
072 G000100 2
072 H000100 0
072 I000100 4
072 J000100 3
072 K000100 0
072 L000100 3
072 M000100 4
072 N000100 9
072 O000100 0
072 P000100 0
072 Q000100 20
072 R000100 12
072 S000100 7
072 T000100 7
072 U000100 8
072 V000100 0
072 W000100 8
072 X000100 87
072 Y000100 17
072 Z000100 5
072AA000100 1
072BB000100 0
072CC010100 0
072CC020100 162
072DD010100 3
072DD020100 0
072EE000100 166
073 A010100 0.0400
073 A020100 0.0030
073 B000100 0.7560
073 C000100 0.0000
074 A000100 136
074 B000100 0
074 C000100 0
074 D000100 0
074 E000100 0
074 F000100 2158
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 5
074 M000100 0
074 N000100 2299
<PAGE> PAGE 9
074 O000100 0
074 P000100 0
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 22
074 S000100 0
074 T000100 2277
074 U010100 82
074 U020100 103
074 V010100 12.49
074 V020100 12.10
074 W000100 0.0000
074 X000100 125
074 Y000100 2277
075 A000100 0
075 B000100 3092
076 000100 0.00
SIGNATURE C. FRANK WATSON III
TITLE SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869351
<NAME> Nottingham Investment Trust II
<SERIES>
<NUMBER> 1
<NAME> CarolinasFund - Instit Class
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-29-2000
<PERIOD-END> Feb-29-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,018,520
<INVESTMENTS-AT-VALUE> 2,293,663
<RECEIVABLES> 5,203
<ASSETS-OTHER> 384
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,299,250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,492
<TOTAL-LIABILITIES> 22,492
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,042,101
<SHARES-COMMON-STOCK> 82,124
<SHARES-COMMON-PRIOR> 76,488
<ACCUMULATED-NII-CURRENT> 1,827
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (42,313)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 275,143
<NET-ASSETS> 2,276,758
<DIVIDEND-INCOME> 74,948
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 69,632
<NET-INVESTMENT-INCOME> 5,316
<REALIZED-GAINS-CURRENT> 643
<APPREC-INCREASE-CURRENT> (162,217)
<NET-CHANGE-FROM-OPS> (156,258)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3,065
<DISTRIBUTIONS-OF-GAINS> 58,769
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,224
<NUMBER-OF-SHARES-REDEEMED> 1,244
<SHARES-REINVESTED> 4,656
<NET-CHANGE-IN-ASSETS> (1,450,674)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 122,682
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,002
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 147,896
<AVERAGE-NET-ASSETS> 3,091,715
<PER-SHARE-NAV-BEGIN> 14.01
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> (0.78)
<PER-SHARE-DIVIDEND> 0.04
<PER-SHARE-DISTRIBUTIONS> 0.76
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.49
<EXPENSE-RATIO> 2.00
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000869351
<NAME> Nottingham Investment Trust II
<SERIES>
<NUMBER> 2
<NAME> CarolinasFund - Investor Class
<MULTIPLIER> 1
<CURRENCY> U.S. Dollars
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> Feb-29-2000
<PERIOD-END> Feb-29-2000
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,018,520
<INVESTMENTS-AT-VALUE> 2,293,663
<RECEIVABLES> 5,203
<ASSETS-OTHER> 384
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,299,250
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 22,492
<TOTAL-LIABILITIES> 22,492
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,042,101
<SHARES-COMMON-STOCK> 103,408
<SHARES-COMMON-PRIOR> 195,079
<ACCUMULATED-NII-CURRENT> 1,827
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (42,313)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 275,143
<NET-ASSETS> 2,276,758
<DIVIDEND-INCOME> 74,948
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 69,632
<NET-INVESTMENT-INCOME> 5,316
<REALIZED-GAINS-CURRENT> 643
<APPREC-INCREASE-CURRENT> (162,217)
<NET-CHANGE-FROM-OPS> (156,258)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 424
<DISTRIBUTIONS-OF-GAINS> 106,868
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,304
<NUMBER-OF-SHARES-REDEEMED> 101,837
<SHARES-REINVESTED> 8,861
<NET-CHANGE-IN-ASSETS> (1,450,674)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 122,682
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 31,002
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 147,896
<AVERAGE-NET-ASSETS> 3,091,715
<PER-SHARE-NAV-BEGIN> 13.61
<PER-SHARE-NII> 0.00
<PER-SHARE-GAIN-APPREC> (0.75)
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0.76
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.10
<EXPENSE-RATIO> 2.38
</TABLE>
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Nottingham Investment Trust II and Shareholders of
The CarolinasFund:
In planning and performing our audit of the financial statements of The
CarolinasFund (the "Fund") (a portfolio of Nottingham Investment Trust II) for
the year ended February 29, 2000 (on which we have issued our report dated March
22, 2000), we considered its internal control, including control activities 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 requirements of Form N-SAR, and not to provide assurance on the Fund's
internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements due to
error or fraud may occur and not be detected. Also, projections of any
evaluation of internal control to future periods are subject to the risk that
the internal control may become inadequate because of changes in conditions, or
that the degree of compliance with policies and procedures may deteriorate.
Our consideration of the Fund's internal control would not necessarily disclose
all matters in internal control 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 one or
more of the internal control components does not reduce to a relatively low
level the risk that misstatements caused by error or fraud in amounts that would
be material in relation to the financial statements being audited may occur and
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
Fund's internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
February 29, 2000.
This report is intended solely for the information and use of management, the
Board of Trustees of Nottingham Investment Trust II, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/ Deloitte & Touche LLP
Princeton, New Jersey
March 22, 2000
