TUSCARORA INVESTMENT TRUST
NSAR-A, 1998-02-27
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<PAGE>      PAGE  1
000 A000000 12/31/97
000 C000000 0000941722
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE TUSCARORA INVESTMENT TRUST
001 B000000 811-9000
001 C000000 9194191900
002 A000000 3100 TOWER BOULEVARD STE. 800
002 B000000 DURHAM
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002 D010000 27707
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008 A000001 OAK VALUE CAPITAL MANAGEMENT, INC.
008 B000001 A
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008 D030001 27707
010 A000001 COUNTRYWIDE FUND SERVICES, INC.
010 B000001 84-1093
010 C010001 CINCINNATI
010 C020001 OH
010 C030001 45202
010 C040001 4094
012 A000001 COUNTRYWIDE FUND SERVICES, INC.
012 B000001 84-1093
012 C010001 CINCINNATI
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013 A000001 ARTHUR ANDERSEN LLP
<PAGE>      PAGE  2
013 B010001 CINCINNATI
013 B020001 OH
013 B030001 45202
013 B040001 3912
014 A000001 COUNTRYWIDE INVESTMENTS, INC.
014 B000001 8-24674
014 A000002 NATIONAL FINANCIAL SERVICES CORPORATION
014 B000002 8-26740
014 A000003 CHARLES SCHWAB & CO., INC.
014 B000003 8-16514
015 A000001 STAR BANK N.A.
015 B000001 C
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015 C020001 OH
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015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10015
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015 A000003 BANCOMER S.A.
015 B000003 S
015 C010003 MEXICO CITY
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015 E040003 X
015 A000004 THE TORONTO-DOMINION BANK
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015 D010004 CANADA
015 D020004 M5KIA2
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020 A000003 JEFFERIES & COMPANY, INC.
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020 B000004 13-5108880
020 C000004      5
020 A000005 SALOMON SMITH BARNEY INC.
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<PAGE>      PAGE  3
020 A000006 LEHMAN BROTHERS INC.
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020 A000007 PAINEWEBBER INCORPORATED
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<PAGE>      PAGE  9
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SIGNATURE   JOHN F. SPLAIN                               
TITLE       SECRETARY           
 

WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000941722
<NAME> OAK VALUE FUND
       
<S>                             <C>
<PERIOD-TYPE>                   06-MOS
<FISCAL-YEAR-END>                          JUN-30-1998
<PERIOD-END>                               DEC-31-1997
<INVESTMENTS-AT-COST>                      112,002,464
<INVESTMENTS-AT-VALUE>                     140,539,322
<RECEIVABLES>                                2,962,114
<ASSETS-OTHER>                                  16,251
<OTHER-ITEMS-ASSETS>                               670
<TOTAL-ASSETS>                             143,518,357
<PAYABLE-FOR-SECURITIES>                     1,477,189
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                      203,485
<TOTAL-LIABILITIES>                          1,680,674
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                   113,265,721
<SHARES-COMMON-STOCK>                        6,117,334
<SHARES-COMMON-PRIOR>                        4,006,713
<ACCUMULATED-NII-CURRENT>                       32,025
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                          3,079
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                    28,536,858
<NET-ASSETS>                               141,837,683
<DIVIDEND-INCOME>                              332,210
<INTEREST-INCOME>                              374,130
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                 674,315
<NET-INVESTMENT-INCOME>                         32,025
<REALIZED-GAINS-CURRENT>                     2,036,093
<APPREC-INCREASE-CURRENT>                   12,513,568
<NET-CHANGE-FROM-OPS>                       14,581,686
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                     2,045,012
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                      2,766,458
<NUMBER-OF-SHARES-REDEEMED>                    743,721
<SHARES-REINVESTED>                             87,884
<NET-CHANGE-IN-ASSETS>                      59,176,271
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                       11,998
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                          466,833
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                674,315
<AVERAGE-NET-ASSETS>                       103,216,795
<PER-SHARE-NAV-BEGIN>                            20.63
<PER-SHARE-NII>                                   0.01
<PER-SHARE-GAIN-APPREC>                           2.96
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                          .41
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              23.19
<EXPENSE-RATIO>                                   1.30
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>


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