<PAGE> PAGE 1
000 B000000 08/31/98
000 C000000 0000893759
000 D000000 N
000 E000000 NF
000 F000000 Y
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000 J000000 U
001 A000000 GARDNER LEWIS INVESTMENT TRUST
001 B000000 811-7324
001 C000000 2529729922
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002 B000000 ROCKY MOUNT
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002 D020000 0069
003 000000 N
004 000000 N
005 000000 N
006 000000 N
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007 C020100 THE CHESAPEAKE AGGRESSIVE GROWTH FUND
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007 C010500 5
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007 C010700 7
007 C010800 8
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012 B00AA01 84-5687
012 C01AA01 ROCKY MOUNT
012 C02AA01 NC
012 C03AA01 27802
012 C04AA01 0069
013 A00AA01 DELOITTE & TOUCHE
013 B01AA01 PITTSBURGH
013 B02AA01 PA
013 B03AA01 15222
013 B04AA01 5401
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<PAGE> PAGE 2
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020 C000007 19
020 A000008 SPEAR, LEEDS
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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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SIGNATURE C. FRANK WATSON III
TITLE SECRETARY
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of Gardner Lewis Investment Trust and Shareholders of
The Chesapeake Aggressive Growth Fund:
In planning and performing our audit of the financial statements of The
Chesapeake Aggressive Growth Fund ("the Fund"), for the year ended August 31,
1998 (on which we have issued our report dated September 18, 1998), we
considered its internal control, including control activities 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, and not to provide assurance on the Fund's internal
control.
The management of the Fund is 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, errors or fraud may
occur and not be detected. Also, projection of any evaluation of internal
control 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 Fund's internal control would not necessarily disclose
all matters in 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 errors 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 Fund's internal
control and its operation, including controls for safeguarding securities, that
we consider to be material weaknesses as defined above as of August 31, 1998.
This report is intended solely for the information and use of management, the
Board of Trustees, and the Securities and Exchange Commission.
/s/ Deloitte & Touche LLP
September 18, 1998
