________________________________________________________________________________
CAPITAL VALUE FUND
________________________________________________________________________________
a series of The Nottingham Investment Trust II
SEMI-ANNUAL REPORT
FOR THE PERIOD ENDED SEPTEMBER 30, 2000
INVESTMENT ADVISOR
Capital Investment Counsel, Inc.
Post Office Box 32249
Raleigh, North Carolina 27622
1-919-831-2370
CAPITAL VALUE FUND
105 North Washington Street
Post Office Drawer 69
Rocky Mount, North Carolina 27802-0069
1-800-525-3863
This report and the financial statements contained herein are submitted for the
general information of the shareholders of the Fund. This report is not
authorized for distribution to prospective investors in the Fund unless preceded
or accompanied by an effective prospectus. Mutual fund shares are not deposits
or obligations of, or guaranteed by, any depository institution. Shares are not
insured by the FDIC, Federal Reserve Board or any other agency, and are subject
to investment risks, including possible loss of principal amount invested.
Neither the fund nor the fund's distributor is a bank.
For more information about Capital Value Fund, including charges and expenses,
call the fund for a free prospectus. You should read the prospectus carefully
before you invest or send money.
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CAPITAL VALUE FUND
PORTFOLIO OF INVESTMENTS
September 30, 2000
(Unaudited)
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Value
Shares (note 1)
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COMMON STOCKS - 58.44%
Auto & Truck - Parts & Equipment - 0.22%
Federal-Mogul Corporation ............................................. 6,000 $ 32,250
-----------
Commercial Services - 1.12%
(a)Gartner Group, Inc. Class A ........................................... 14,000 167,125
-----------
Computers - 8.05%
Compaq Computer Corporation ........................................... 15,000 413,700
(a)EMC Corporation ....................................................... 8,000 793,000
-----------
1,206,700
-----------
Computer Software & Services - 22.31%
(a)At Home Corporation ................................................... 5,500 77,688
(a)BroadVision, Inc. ..................................................... 2,000 51,125
(a)Cisco Systems, Inc. ................................................... 25,000 1,381,250
(a)Compuware Corporation ................................................. 12,000 100,500
(a)Intuit Inc. ........................................................... 3,000 171,000
(a)Legato Systems, Inc. .................................................. 14,000 188,125
(a)New Era of Networks, Inc. ............................................. 12,000 291,937
(a)Novell, Inc. .......................................................... 5,500 54,656
(a)Oracle Corporation .................................................... 10,000 787,500
(a)Parametric Technology Corporation ..................................... 15,000 164,063
(a)Synopsis, Inc. ........................................................ 2,000 75,750
-----------
3,343,594
-----------
Electronics - Semiconductor - 3.88%
(a)Cree Research, Inc. ................................................... 5,000 581,250
-----------
Financial - Banks, Commercial - 2.62%
Bank of America Corporation ........................................... 3,000 157,125
First Union Corporation ............................................... 3,000 96,750
The Chase Manhattan Corporation ....................................... 3,000 138,563
-----------
392,438
-----------
Financial - Securities Broker - 1.44%
(a)Knight Trading Group, Inc. ............................................ 6,000 216,000
-----------
Financial Services - 1.65%
(a)E*TRADE Group, Inc. ................................................... 15,000 246,563
-----------
Office & Business Equipment - 6.05%
(a)Splash Technology Holdings, Inc. ...................................... 98,000 906,500
-----------
Printers & Related Products - 0.67%
(a)Electronics for Imaging, Inc. ......................................... 4,000 101,000
-----------
(Continued)
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CAPITAL VALUE FUND
PORTFOLIO OF INVESTMENTS
September 30, 2000
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
Value
Shares (note 1)
------------------------------------------------------------------------------------------------------------------------------------
COMMON STOCKS - (Continued)
Retail - Apparel - 1.20%
NIKE, Inc. ............................................................ 4,500 $ 180,281
-----------
Retail - Department Stores - 0.96%
Wal-Mart Stores, Inc. ................................................. 3,000 144,562
-----------
Retail - Restaurants - 1.01%
McDonald's Corporation ................................................ 5,000 150,937
-----------
Telecommunications - 2.89%
Lucent Technologies Inc. .............................................. 6,500 198,250
(a)Performance Technologies, Incorporated ................................ 3,000 42,188
(a)Verizon Communications ................................................ 2,440 118,187
Telefonaktiebolaget LM Ericsson AB (Ericsson AB) - ADR ................ 5,000 74,062
-----------
432,687
-----------
Tobacco - 1.77%
Philip Morris Companies Inc. .......................................... 9,000 264,938
-----------
Transport - Services - 0.59%
(a)FedEx Corp. ........................................................... 2,000 88,780
-----------
Transportation - Air - 1.62%
(a)US Airways Group, Inc. ................................................ 8,000 243,500
-----------
Utilities - Telecommunications - 0.39%
Sprint Corporation .................................................... 2,000 57,750
-----------
Total Common Stocks (Cost $6,277,152) .............................................. 8,756,855
-----------
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Interest Maturity
Principal Rate Date
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE OBLIGATIONS - 12.33%
A T & T Corporation ..................... $ 50,000 7.500% 06/01/06 50,625
A T & T Corporation ..................... 50,000 8.125% 01/15/22 49,875
A T & T Corporation ..................... 50,000 8.125% 07/15/24 50,250
A T & T Corporation ..................... 100,000 8.625% 12/01/31 102,250
American Express Company ................ 50,000 8.625% 05/15/22 51,799
Anheuser-Busch Companies, Inc. .......... 25,000 9.000% 12/01/09 27,768
Archer Daniels Midland Corporation ...... 100,000 6.250% 05/15/03 98,112
Archer Daniels Midland Corporation ...... 25,000 8.875% 04/15/11 27,370
(Continued)
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CAPITAL VALUE FUND
PORTFOLIO OF INVESTMENTS
September 30, 2000
(Unaudited)
------------------------------------------------------------------------------------------------------------------------------------
Interest Maturity Value
Principal Rate Date (Note 1)
------------------------------------------------------------------------------------------------------------------------------------
CORPORATE OBLIGATIONS - (Continued)
BellSouth Telecommunications ............ $ 50,000 6.250% 05/15/03 $ 49,250
BellSouth Telecommunications ............ 50,000 7.000% 02/01/05 50,000
BellSouth Telecommunications ............ 25,000 7.875% 08/01/32 24,719
BellSouth Telecommunications ............ 125,000 6.750% 10/15/33 106,406
The Boeing Company ...................... 150,000 8.750% 09/15/31 170,441
The Coca-Cola Company ................... 70,000 8.500% 02/01/22 74,325
Du Pont (E.I.) De Nemours & Company ..... 50,000 8.125% 03/15/04 52,059
Du Pont (E.I.) De Nemours & Company ..... 50,000 7.950% 01/15/23 49,695
Duke Energy Corp ........................ 20,000 6.375% 03/01/08 18,900
Duke Energy Corp ........................ 100,000 6.750% 08/01/25 86,750
General Electric Capital Corporation .... 100,000 8.750% 05/21/07 109,806
International Business Machines ......... 50,000 8.375% 11/01/19 53,750
Morgan Stanley Group, Inc. .............. 75,000 7.500% 02/01/24 69,239
Pacific Bell ............................ 100,000 6.250% 03/01/05 97,311
United Parcel Service of America ........ 50,000 8.375% 04/01/20 55,663
U S West Communications Group ........... 50,000 6.875% 09/15/33 41,610
Wachovia Corporation .................... 75,000 6.375% 04/15/03 73,976
Wal-Mart Stores, Inc. ................... 25,000 6.500% 06/01/03 24,917
Wal-Mart Stores, Inc. ................... 150,000 8.875% 06/29/11 154,283
Wal-Mart Stores, Inc. ................... 25,000 8.500% 09/15/24 26,531
-----------
Total Corporate Obligations (Cost $1,798,366) .......................... 1,847,680
-----------
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Shares
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INVESTMENT COMPANIES - 9.16%
Evergreen Money Market Treasury Institutional Money
Market Fund Institutional Service Shares ........................................... 685,957 685,957
Evergreen Money Market Treasury Institutional Treasury Money
Market Fund Institutional Service Shares ........................................... 685,956 685,956
-----------
Total Investment Companies (Cost $1,371,913) ........................... 1,371,913
-----------
Total Value of Investments (Cost $9,447,431 (b)) .............................................. 79.93% $11,976,448
Other Assets Less Liabilities ................................................................. 20.07% 3,008,045
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Net Assets .............................................................................. 100.00% $14,984,493
====== ===========
(Continued)
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CAPITAL VALUE FUND
PORTFOLIO OF INVESTMENTS
September 30, 2000
(Unaudited)
(a) Non-income producing investment.
(b) Aggregate cost for financial reporting and federal income tax purposes is the same. Unrealized appreciation
(depreciation) of investments for financial reporting and federal income tax purposes is as follows:
Unrealized appreciation ............................................................................ $ 3,771,859
Unrealized depreciation ............................................................................ (1,242,842)
-----------
Net unrealized appreciation ............................................................ $ 2,529,017
===========
The following acronym is used in this portfolio:
ADR - American Depository Receipt
See accompanying notes to financial statements
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CAPITAL VALUE FUND
STATEMENT OF ASSETS AND LIABILITIES
September 30, 2000
(Unaudited)
ASSETS
Investments, at value (cost $9,447,431) ......................................................... $ 11,976,448
Cash ............................................................................................ 3,067,230
Income receivable ............................................................................... 49,683
Other asset ..................................................................................... 5,980
------------
Total assets ............................................................................... 15,099,341
------------
LIABILITIES
Accrued expenses ................................................................................ 21,773
Payable for investment purchases ................................................................ 93,075
------------
Total liabilities .......................................................................... 114,848
------------
NET ASSETS
(applicable to 815,689 shares outstanding; unlimited
shares of no par value beneficial interest authorized) ......................................... $ 14,984,493
============
NET ASSET VALUE AND REDEMPTION PRICE PER INVESTOR CLASS SHARE
($14,984,493 / 815,689 shares) .................................................................. $ 18.37
============
OFFERING PRICE PER INVESTOR CLASS SHARE
(100 / 96.5 of $18.37) .......................................................................... $ 19.04
============
NET ASSETS CONSIST OF
Paid-in capital ................................................................................. $ 9,626,931
Accumulated net investment loss ................................................................. (7,012)
Undistributed net realized gain on investments .................................................. 2,835,557
Net unrealized appreciation on investments ...................................................... 2,529,017
------------
$ 14,984,493
============
See accompanying notes to financial statements
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CAPITAL VALUE FUND
STATEMENT OF OPERATIONS
Period ended September 30, 2000
(Unaudited)
NET INVESTMENT LOSS
Income
Interest ....................................................................................... $ 71,858
Dividends ...................................................................................... 60,485
-----------
Total income .............................................................................. 132,343
-----------
Expenses
Investment advisory fees (note 2) .............................................................. 45,756
Fund administration fees (note 2) .............................................................. 13,345
Distribution and service fees - Investor Class Shares (note 3) ................................. 38,130
Custody fees ................................................................................... 1,905
Registration and filing administration fees (note 2) ........................................... 1,765
Fund accounting fees (note 2) .................................................................. 12,000
Audit fees ..................................................................................... 6,017
Legal fees ..................................................................................... 2,507
Securities pricing fees ........................................................................ 2,649
Shareholder recordkeeping fees ................................................................. 4,500
Shareholder servicing expenses ................................................................. 3,008
Registration and filing expenses ............................................................... 1,755
Printing expenses .............................................................................. 1,856
Trustee fees and meeting expenses .............................................................. 2,006
Other operating expenses ....................................................................... 2,156
-----------
Total expenses ............................................................................ 139,355
-----------
Net investment loss ................................................................... (7,012)
-----------
REALIZED AND UNREALIZED LOSS ON INVESTMENTS
Net realized gain from investment transactions ...................................................... 2,549,181
Decrease in unrealized appreciation on investments .................................................. (4,611,200)
-----------
Net realized and unrealized loss on investments ................................................ (2,062,019)
-----------
Net decrease in net assets resulting from operations ...................................... $(2,069,031)
===========
See accompanying notes to financial statements
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CAPITAL VALUE FUND
STATEMENTS OF CHANGES IN NET ASSETS
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Period ended Year ended
September 30, March 31,
2000 (a) 2000
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(DECREASE) INCREASE IN NET ASSETS
Operations
Net investment (loss) income .............................................. $ (7,012) $ 7,418
Net realized gain from investment transactions ............................ 2,549,181 828,190
(Decrease) increase in unrealized appreciation on investments ............. (4,611,200) 4,240,386
----------- -----------
Net (decrease) increase in net assets resulting from operations ....... (2,069,031) 5,075,994
----------- -----------
Distributions to shareholders from
Net investment income ..................................................... 0 (7,418)
Net realized gain from investment transactions ............................ 0 (939,190)
----------- -----------
Decrease in net assets resulting from distributions ................... 0 (946,608)
----------- -----------
Capital share transactions
Increase in net assets resulting from capital share transactions (b) ...... 566,277 1,301,587
----------- -----------
Total (decrease) increase in net assets ....................... (1,502,754) 5,430,973
NET ASSETS
Beginning of period ............................................................ 16,487,247 11,056,274
----------- -----------
End of period .................................................................. $14,984,493 $16,487,247
=========== ===========
(a) Unaudited.
(b) A summary of capital share activity follows:
------------------------------------------------------------------------------------
Period ended Year ended
September 30, 2000 (a) March 31, 2000
Shares Value Shares Value
------------------------------------------------------------------------------------
Shares sold .................................... 51,994 $ 991,928 82,969 $ 1,479,836
Shares issued for reinvestment of distributions 0 0 49,947 944,653
----------- ----------- ----------- -----------
51,994 991,928 132,916 2,424,489
Shares redeemed ................................ (22,086) (425,651) (69,039) (1,122,902)
----------- ----------- ----------- -----------
Net increase .............................. 29,908 $ 566,277 63,877 $ 1,301,587
=========== =========== =========== ===========
See accompanying notes to financial statements
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CAPITAL VALUE FUND
FINANCIAL HIGHLIGHTS
(For a Share Outstanding Throughout the Period)
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Period ended Year ended Year ended Year ended Year ended
September 30, March 31, March 31, March 31, March 31,
2000 (a) 2000 1999 1998 1997
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Net asset value, beginning of period ............ $ 20.98 $ 15.32 $ 14.51 $ 12.50 $ 11.92
(Loss) income from investment operations
Net investment (loss) income ......... (0.01) 0.01 0.06 0.13 0.15
Net realized and unrealized (loss) gain
on investments .................. (2.60) 6.99 2.02 3.93 0.70
----------- ----------- ----------- ----------- -----------
Total from investment operations (2.61) 7.00 2.08 4.06 0.85
----------- ----------- ----------- ----------- -----------
Distributions to shareholders from
Net investment income ................ 0.00 (0.01) (0.06) (0.13) (0.15)
Tax return of capital ................ 0.00 0.00 0.00 0.00 (0.01)
Net realized gain from investment
transactions .................... 0.00 (1.33) (1.21) (1.92) (0.11)
----------- ----------- ----------- ----------- -----------
Total distributions ............. 0.00 (1.34) (1.27) (2.05) (0.27)
----------- ----------- ----------- ----------- -----------
Net asset value, end of period .................. $ 18.37 $ 20.98 $ 15.32 $ 14.51 $ 12.50
=========== =========== =========== =========== ===========
Total return .................................... (12.44)% 46.68 % 14.67 % 32.89 % 7.08 %
=========== =========== =========== =========== ===========
Ratios/supplemental data
Net assets, end of period .................... $14,984,493 $16,487,247 $11,056,274 $ 9,888,068 $ 7,738,255
=========== =========== =========== =========== ===========
Ratio of expenses to average net assets
Before expense reimbursements and waived fees 1.83 %(b) 1.95 % 2.15 % 2.12 % 2.38 %
After expense reimbursements and waived fees 1.83 %(b) 1.95 % 2.15 % 2.12 % 2.38 %
Ratio of net investment (loss) income to average net assets
Before expense reimbursements and waived fees (0.10)%(b) 0.06 % 0.40 % 0.91 % 1.12 %
After expense reimbursements and waived fees (0.10)%(b) 0.06 % 0.40 % 0.91 % 1.12 %
Portfolio turnover rate ...................... 22.28 % 34.93 % 70.65 % 33.50 % 7.31 %
(a) Unaudited.
(b) Annualized.
See accompanying notes to financial statements
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CAPITAL VALUE FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER INFORMATION
The Capital Value Fund (the "Fund") is a diversified series of
shares of beneficial interest of The Nottingham Investment Trust
II (the "Trust"). The Trust, an open-ended investment company, was
organized on October 25, 1990 as a Massachusetts Business Trust
and is registered under the Investment Company Act of 1940, as
amended. The investment objective of the Fund is to provide its
shareholders with a maximum total return consisting of any
combination of capital appreciation, both realized and unrealized,
and income under the constantly varying market conditions by
investing in a flexible portfolio of equity securities, fixed
income securities, and money market instruments. The Fund began
operations on November 16, 1990.
Pursuant to a plan approved by the Board of Trustees of the Trust,
the existing single class of shares of the Fund was redesignated
as the Investor Class of shares of the Fund on June 15, 1995 and
an additional class of shares, the Institutional shares, was
authorized. To date, only Investor Class shares have been issued
by the Fund. The Institutional Class shares will be sold without a
sales charge and will bear no distribution and service fees. The
Investor Class shares are subject to a maximum 3.50% sales charge
and bear distribution and service fees which may not exceed 0.50%
of the Investor Class shares' average net assets annually. The
following is a summary of significant accounting policies followed
by the Fund.
A. Security Valuation - The Fund's investments in securities
are carried at value. Securities listed on an exchange or
quoted on a national market system are valued at the last
sales price as of 4:00 p.m. New York time on the day of
valuation. Other securities traded in the over-the-counter
market and listed securities for which no sale was reported
on that date are valued at the most recent bid price.
Securities for which market quotations are not readily
available, if any, are valued by using an independent
pricing service or by following procedures approved by the
Board of Trustees. Short-term investments are valued at cost
which approximates value.
B. Federal Income Taxes - No provision has been made for
federal income taxes since substantially all taxable income
has been distributed to shareholders. It is the policy of
the Fund to comply with the provisions of the Internal
Revenue Code applicable to regulated investment companies
and to make sufficient distributions of taxable income to
relieve it from all federal income taxes.
Net investment income and net realized gains may differ for
financial statement and income tax purposes primarily
because of losses incurred subsequent to October 31, which
are deferred for income tax purposes. The character of
distributions made during the year from net investment
income or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due
to the timing of dividend distributions, the fiscal year in
which amounts are distributed may differ from the year that
the income or realized gains were recorded by the Fund.
C. Investment Transactions - Investment transactions are
recorded on the trade date. Realized gains and losses are
determined using the specific identification cost method.
Interest income is recorded daily on the accrual basis.
Dividend income is recorded on the ex-dividend date.
(Continued)
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CAPITAL VALUE FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
D. Distributions to Shareholders - The Fund generally declares
dividends quarterly, payable in March, June, September and
December, on a date selected by the Trust's Trustees. In
addition, distributions may be made annually in December out
of net realized gains through October 31 of that year.
Distributions to shareholders are recorded on the
ex-dividend date. The Fund may make a supplemental
distribution subsequent to the end of its fiscal year ending
March 31.
E. Use of Estimates - The preparation of financial statements
in conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the amount of assets, liabilities, expenses and
revenues reported in the financial statements. Actual
results could differ from those estimates.
NOTE 2 - INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS
Pursuant to an investment advisory agreement, Capital Investment
Counsel, Inc. (the "Advisor") provides the Fund with a continuous
program of supervision of the Fund's assets, including the
composition of its portfolio, and furnishes advice and
recommendations with respect to investments, investment policies
and the purchase and sale of securities. As compensation for its
services, the Advisor receives a fee at the annual rate of 0.60%
of the first $250 million of the average daily net assets of the
Fund and 0.50% of average daily net assets over $250 million.
The Fund's administrator, The Nottingham Company (the
"Administrator"), provides administrative services to and is
generally responsible for the overall management and day-to-day
operations of the Fund pursuant to a fund accounting and
compliance agreement with the Trust. As compensation for its
services, the Administrator receives a fee at the annual rate of
0.175% of the Fund's first $50 million of average daily net
assets, 0.15% of the next $50 million of average daily net assets,
0.125% of the next $50 million of average daily net assets, and
0.10% of average daily net assets over $150 million. The
Administrator also receives a monthly fee of $2,000 for accounting
and recordkeeping services. The contract with the Administrator
provides that the aggregate fees for the aforementioned
administration, accounting and recordkeeping services shall not be
less than $4,000 per month. The Administrator also charges the
Fund for certain expenses involved with the daily valuation of
portfolio securities.
NC Shareholder Services, LLC (the "Transfer Agent") serves as the
Funds' transfer, dividend paying, and shareholder servicing agent.
The Transfer Agent maintains the records of each shareholder's
account, answers shareholder inquiries concerning accounts,
processes purchases and redemptions of the Fund shares, acts as
dividend and distribution disbursing agent, and performs other
shareholder servicing functions.
Capital Investment Group, Inc. (the "Distributor"), an affiliate
of the Advisor, serves as the Fund's principal underwriter and
distributor. The Distributor receives any sales charges imposed on
purchases of shares and re-allocates a portion of such charges to
dealers through whom the sale was made, if any. For the period
ended September 30, 2000, the Distributor retained sales charges
in the amount of $3,327.
Certain Trustees and officers of the Trust are also officers of
the Advisor, the Distributor or the Administrator.
(Continued)
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CAPITAL VALUE FUND
NOTES TO FINANCIAL STATEMENTS
September 30, 2000
(Unaudited)
NOTE 3 - DISTRIBUTION AND SERVICE FEES
The Board of Trustees, including a majority of the Trustees who
are not "interested persons" of the Trust as defined in the
Investment Company Act of 1940 (the "Act"), as amended, adopted a
distribution plan pursuant to Rule 12b-1 of the Act (the "Plan").
The Act regulates the manner in which a regulated investment
company may assume expenses of distributing and promoting the
sales of its shares and servicing of its shareholder accounts.
The Plan provides that the Fund may incur certain expenses, which
may not exceed 0.50% per annum of the Investor Class shares'
average daily net assets for each year elapsed subsequent to
adoption of the Plan, for payment to the Distributor and others
for items such as advertising expenses, selling expenses,
commissions, travel or other expenses reasonably intended to
result in sales of Investor shares of the Fund or support
servicing of shareholder accounts. Expenditures incurred as
service fees may not exceed 0.25% per annum of the Investor Class
shares' average daily net assets. The Fund incurred $38,130 of
such expenses under the Plan for the period ended September 30,
2000.
NOTE 4 - PURCHASES AND SALES OF INVESTMENTS
Purchases and sales of investments, other than short-term
investments, aggregated $2,669,890 and $5,848,004, respectively,
for the period ended September 30, 2000.
