000 B000000 08/31/97
000 C000000 0000893759
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 U
001 A000000 GARDNER LEWIS INVESTMENT TRUST
001 B000000 811-7324
001 C000000 9199729922
002 A000000 POST OFFICE DRAWER 69
002 B000000 ROCKY MOUNT
002 C000000 NC
002 D010000 27802
002 D020000 0069
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 1
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007 C020100 THE CHESAPEAKE GROWTH FUND
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007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
013 B04AA01 5401
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 2
019 C00AA00 CHESAPEAKE
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020 C000001 31
020 A000002 EQUITABLE
020 C000002 34
020 A000003 INSTINET
020 C000003 83
020 A000004 JP MORGAN
020 C000004 39
020 A000005 ALEX BROWN
020 C000005 92
020 A000006 RAGEN, MCKENZIE
020 C000006 112
020 A000007 FIRST BOSTON
020 C000007 30
020 A000008 SPEAR, LEEDS
020 C000008 57
020 A000009 PRUDENTIAL BACHE
020 C000009 47
020 A000010 UBS SECURITIES
020 C000010 28
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077 B000000 Y
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036 B000100 0
037 000100 N
038 000100 0
039 000100 N
040 000100 N
041 000100 N
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042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 0
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062 B000100 0.0
062 C000100 0.0
062 D000100 0.0
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062 F000100 0.0
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 0.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
066 A000100 Y
066 B000100 Y
066 C000100 N
066 D000100 N
066 E000100 N
066 F000100 N
066 G000100 N
067 000100 N
068 A000100 N
068 B000100 N
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071 B000100 613242
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072 B000100 423
072 C000100 872
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072 L000100 38
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072 V000100 0
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072 X000100 7377
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073 A010100 0.0000
073 A020100 0.0000
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074 D000100 0
074 E000100 0
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074 N000100 619577
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074 S000100 0
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074 V020100 0.00
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080 A000100 ICI MUTUAL INSURANCE SERVICES
080 C000100 2000
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081 B000100 19
082 A000100 N
082 B000100 0
083 A000100 N
083 B000100 0
084 A000100 N
084 B000100 0
085 A000100 N
085 B000100 N
SIGNATURE C. FRANK WATSON III
TITLE SECRETARY
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees and Shareholders of
Gardner Lewis Investment Trust:
In planning and performing our audit of the financial statements of The
Chesapeake Growth Fund (a portfolio of Gardner Lewis Investment Trust) for the
year ended August 31, 1997 (on which we have issued our report dated September
19, 1997), 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 The Chesapeake Growth 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
August 31, 1997.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
September 19, 1997
