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<PAGE> PAGE 2
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<PAGE> PAGE 6
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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 16
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SIGNATURE C FRANK WATSON, III
TITLE SECRETARY
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Capital Management Investment Trust:
In planning and performing our audit of the financial statements of Capital
Management Mid-Cap Fund and Capital Management Small-Cap Fund (the "Funds") for
the year ended November 30, 1999 (on which we have issued our reports dated
December 17, 1999), we considered their internal control, including control
activities for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinions on the financial
statements and to comply with the requirements of Form N-SAR, and not to provide
assurance on the Funds' internal control.
The management of the Funds are 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, misstatments 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 or procedures may deteriorate.
Our consideration of the Funds' internal control would not necessarily disclose
all matters in the 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 misstatments 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
Funds' internal control and their operations, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of November 30, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of Capital Management Investment Trust, 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
DELOITTE & TOUCHE LLP
December 17, 1999
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