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000 C000000 0000931491
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I000000 3.0.a 000 J000000 U
001 A000000 CAPITAL MANAGEMENT INVESTMENT TRUST
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001 C000000 9199729922
002 A000000 105 N WASHINGTON ST, PO DRAWER 69
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007 C010700 7
007 C010800 8
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007 C011000 10
020 A000001 SHIELDS CAPITAL
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020 A000002 DILLON READ
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077 A000000 Y
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074 V010100 18.20
074 V020100 18.04
074 W000100 0.0000
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080 A000100 GREAT AMERICAN INSURANCE SERVICES
080 C000100 3000
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SIGNATURE C FRANK WATSON III
TITLE SECRETARY
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Capital Management Investment Trust and Shareholders
of Capital Management Mid-Cap Fund:
In planning and performing our audit of the financial statements of Capital
Management Mid-Cap Fund (formerly, Capital Management Equity Fund), (a portfolio
of Capital Management Investment Trust) for the year ended November 30, 1997 (on
which we have issued our report dated January 9, 1998), 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 requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of Capital Management Mid-Cap Fund 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 and
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 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 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 material weaknesses as defined above as of
November 30, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
Deloitte & Touche LLP
January 9, 1998
