<PAGE> PAGE 1
000 B000000 02/28/95
000 C000000 0000893759
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000 J000000 A
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002 D020000 0069
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007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
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010 B00AA01 84-1954
010 C01AA01 ROCKY MOUNT
010 C02AA01 NC
010 C03AA01 27802
010 C04AA01 0069
011 A00AA01 CAPITAL INVESTMENT GROUP, INC.
011 B00AA01 8-74752
011 C01AA01 RALEIGH
011 C02AA01 NC
011 C03AA01 27603
012 A00AA01 THE NOTTINGHAM COMPANY, INC.
012 B00AA01 84-1954
012 C01AA01 ROCKY MOUNT
012 C02AA01 NC
012 C03AA01 27802
<PAGE> PAGE 2
012 C04AA01 0069
013 A00AA01 KPMG PEAT MARWICK, LLP
013 B01AA01 RICHMOND
013 B02AA01 VA
013 B03AA01 23219
013 B04AA01 4023
015 A00AA01 WACHOVIA BANK OF NORTH CAROLINA, N.A.
015 B00AA01 C
015 C01AA01 WINSTON-SALEM
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015 C03AA01 27102
015 E01AA01 X
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020 C000002 62
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020 A000004 INSTINET
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020 A000005 ALEX BROWN
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020 A000006 D. WHITMAN
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020 A000007 ANERICH
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020 A000008 JEFFRIES & COMPANY
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020 A000009 O'NEIL
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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054 A000200 N
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054 C000200 N
054 D000200 N
054 E000200 N
054 F000200 N
054 G000200 N
054 H000200 N
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054 J000200 N
054 K000200 N
054 L000200 N
054 M000200 N
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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SIGNATURE FRANK P. MEADOWS III
TITLE CHAIRMAN
Independent Auditors' Report on Internal Accounting Controls
To the Board of Trustees
Gardner Lewis Investment Trust
In planning and performing our audit of the financial statements of
The Chesapeake Fund (the "Fund"), a series of the Gardner Lewis
Investment Trust, for the period from April 6, 1994 (commencement
of operations) to February 28, 1995, 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 instructions to Form N-SAR, not to provide
assurance on the internal control structure.
The management of the 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 or 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 structure 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 may 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 a material weakness
as defined above as of February 28, 1995.
This report is intended solely for the use of management and the
Securities and Exchange Commission.
Richmond, Virginia
March 31, 1995
