GARDNER LEWIS INVESTMENT TRUST, N-30D, 2000-05-01

GARDNER LEWIS INVESTMENT TRUST
N-30D, 2000-05-01

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________________________________________________________________________________

THE CHESAPEAKE GROWTH FUND

________________________________________________________________________________

a series of the Gardner Lewis Investment Trust

Annual Report 2000

FOR THE YEAR ENDED FEBRUARY 29

INVESTMENT ADVISOR
Gardner Lewis Asset Management
285 Wilmington-West Chester Pike
Chadds Ford, Pennsylvania 19317

THE CHESAPEAKE GROWTH FUND
107 North Washington Street
Post Office Drawer 4365
Rocky Mount, North Carolina 27803-0365
1-800-430-3863

<PAGE>

____________________________________

THE CHESAPEAKE FUNDS
____________________________________

April 3, 2000

Dear Shareholder:

The Chesapeake Growth Fund Institutional Class closed the first quarter
with a gain of 22.8%. This gain compares to gains of 2.3% for the S&P 500 and
7.1% for the Russell 2000. This quarterly letter, the 40th one we have written,
brings to close our firm's tenth year in business. Over this time we have made
tens of thousands of telephone calls to, and met with, thousands of companies.
The net result has been success across the market cap spectrum. Our Smaller Cap,
Growth (mid cap), Core Growth (large cap) disciplines have outperformed both the
S&P 500 and the Russell 2000 since their respective inceptions. This is despite
volatile environments and those environments from time to time favoring other
investment styles. Throughout our tenure, one thing has rung true perhaps more
than any other. Ultimately stock price will reflect underlying company
fundamentals.

This simple understanding is not only what drives us, but also what
grounds us when market volatility rears its head. We have been amazed in recent
months both by the intraday and the intraweek movements in market indices.
Reactive investors have been panicked to buy and panicked to sell based solely
on price action. All the while, fundamentals have been relatively constant.

This psychological tug of war has been centered around the desire to be
invested in or divested of either the "new economy" or the "old economy". Not
one of us here has been able to locate either one of these economies. The only
one we seem to be able to find is the one that we have been investing in for
years. The point is that no one need make an either-or decision.

We have visited with automotive parts suppliers whose factories would
be thought leading edge in Silicon Valley. And, we have visited with companies
whose involvement with the internet has brought them great investor notoriety,
but whose business models we thought doomed for failure from the beginning.
Whether supposed "new economy" or "old", for us it is always about the same
thing. How defensible is this company's position? What catalyst for positive
change exists? At what rate can this company grow? And, how is its stock
currently priced?

We believe that many of today's technological innovators, those with
evolutionary product or service and proprietary position will continue to
experience dramatic success. Those whose companies were formulated simply to
catch part of this amazing wave of available investment capital will not. We
missed the e-tailers' dramatic moves to the upside in 1998 because we could
neither grow comfortable with their business models nor their valuations. Given
that this group was responsible for the heaviest contribution to index results
by a wide margin in that year, our lack of ownership certainly hurt our
comparative returns. But now that many of these e-commerce companies are at the
point of bankruptcy and their stock prices reflect this, we feel somewhat
vindicated. We will attempt to avoid the hundreds of companies that in the next
couple of years will suffer the fate of the also-ran e-tailers. But, at the same
time, we will attempt to capitalize on the unprecedented technological changes
that are now shaping and reshaping our lives.

Fund Administration Investment Advisor
107 North Washington Street Gardner Lewis Asset Management
Post Office Drawer 4365 285 Wilmington - West Chester Pike
Rocky Mount, North Carolina 27803-0365 Chadds Ford, Pennsylvania 19317
(800) 430-3863 (610) 558-2800

<PAGE>

As to what are now being simplistically categorized as "old economy"
companies, similar statements can be made. Those that do not adapt to a more
fiercely competitive landscape simply will not succeed. Those that will succeed
are adapting already. In coming quarters this dichotomy will become more
apparent.

Many of the so-called "new economy" companies are evidencing extremely
strong fundamentals. Many of the so-called "old economy" companies are also
evidencing strong fundamentals, just not as strong. However, they are less
expensive. We own some of both because our bottom-up fundamental approach has
led us to them. But whether labeled "new" or "old" economy, we expect our
companies to exceed Wall Street's expectations. Our process attempts to avoid
the significant number that will not. For despite "new/old" distinctions,
minefields still exist and navigating them is important.

We dig every day in all sectors of the economy, and the opportunity in
a number of them is now very compelling. Our current positioning is intended to
best advantage us of the good news we expect forthcoming in our portfolio
companies. As in the past, these positions will change when we discover other
opportunities we think better.

In one final note, we would like to welcome Brett Nelson, John
Fraunces, and Joel Fishbein to our research staff and Sharon Hayden to our
settlements area. Have a pleasant Spring!

Sincerely,

/s/ W. Whitfield Gardner /s/ John L. Lewis, IV

W. Whitfield Gardner John L. Lewis, IV

<PAGE>

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

March 31, 2000

Investment Strategy
- --------------------------------------------------------------------------------

The Chesapeake Growth Fund seeks capital appreciation through investments in
small, medium, and large growth equities. The cornerstone of the fund's
intensive in-house fundamental analysis is in constant contact with the
management, customers, competitors, and suppliers of both current and potential
investments.

Investment Guidelines
- --------------------------------------------------------------------------------

The Fund seeks companies that:

o are experiencing a rapid growth rate - companies in our portfolio are
forecasted to grow their profits in excess of 15% annually;
o are selling at a stock price not yet fully reflective of their growth rate;
o are undergoing a positive change created by new products, managements,
distribution strategies or manufacturing technologies;
o have a strong balance sheet;
o are less susceptible to macroeconomic change.

The Largest Industry Groups
- --------------------------------------------------------------------------------

[Pie Chart Here]:

Apparel 2.6%
Business Services 5.1%
Computer Software 13.4%
Computers & Peripherals 10.5%
Electronics/Instruments 8.3%
Energy Services 7.3%
Financial Services 2.2%
Pharmaceuticals 5.5%
Semiconductors & Related 20.4%
Telecommunications 15.9%
All Others 9.0%

About The Investment Advisor
- --------------------------------------------------------------------------------

Gardner Lewis Asset management serves as investment advisor to the Chesapeake
Family of Funds. Overall, through the funds and separately managed accounts,
Gardner Lewis invests approximately $4 billion in growth equities for both
institutions and individuals including some of the top foundations, endowments,
and pension plans in the U.S. Gardner Lewis was founded in 1990 and employs a
staff of 29. The research team is comprised of 16.

<PAGE>

Ten Largest Holdings
- ----------------------------------------------------

1. Atmel Corp. 4.6%
2. EMC Corporation 4.4%
3. LSI Logic Corp. 4.2%
4. Jones Apparel Group, Inc. 2.6%
5. Sun Microsystems, Inc. 2.6%
6. JDS Uniphase, Inc. 2.5%
7. SDL, Inc. 2.4%
8. Scientific-Atlanta Inc. 2.4%
9. Amkor Technology Inc. 2.2%
10. AES Corporation 2.1%

Portfolio Characteristics
- ----------------------------------------------------

Overall Assets ($MM) 370
Number of Companies 79
5 Yr. Historical Earnings Growth 17%
Earnings Growth - net year 39%
P/E Ratio - next year 49
(Gardner Lewis earnings estimates)

Performance Summary
- ----------------------------------------------------
Annualized
- ---------------------------------------------------------------------------
Quarter Since
End 1 Year 5 Year Inception
- ---------------------------------------------------------------------------
The Chesapeake Growth
Fund Institutional Shares 22.8% 89.0% 27.1% 25.5%
- ---------------------------------------------------------------------------

Historical performance for The Chesapeake Growth Fund Institutional Series has
been calculated by using the performance of an original class of The Fund (known
as the A Shares) from inception on April 6,1994 until the date of issuance of
the new Institutional Series on April 7, 1995, and combining such performance
with the performance of the Institutional Series since April 7, 1995. The
performance quoted represents past performance and is not a guarantee of future
results. Share price and investment return will vary, so you may have a gain or
loss when you sell shares.

For more complete information regarding The Fund or to obtain an additional copy
of the prospectus please call (800)430-3863 or contact Gardner Lewis Asset
Management, the Investment Advisor at (610)558-2800.

Must be accompanied or preceded by a prospectus.
Capital Investment Group, Inc., Distributor
Raleigh, NC (800)525-3863

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

PORTFOLIO OF INVESTMENTS
(unaudited)
March 31, 2000

- ------------------------------------------------------------- -----------------------------------------------------------
Quantity Security Market Value Quantity Security Market Value
============================================================= ===========================================================
127,700 ADC Telecommunications, Inc. 6,879,837 58,000 Human Genome Sciences 4,817,625
97,700 AES Corporation 7,693,875 38,600 IBasis Inc. 1,585,012
229,000 Acxiom Corp. 7,614,250 56,300 Infineon Technologies ADS 3,237,250
149,500 Adaptec, Inc. 5,774,437 88,700 Infonet Services Corp. 2,006,837
36,400 Advanced Micro Devices, Inc. 2,077,075 25,900 Interwoven, Inc. 2,842,525
22,200 Aether Systems, Inc. 4,029,300 76,600 JDS Uniphase, Inc. 9,235,087
4,300 Affymetrix 638,281 299,200 Jones Apparel Group, Inc. 9,462,200
61,400 Agile Software Corp. 3,837,500 59,600 KLA-Tencor Corp. 5,021,300
168,200 Alza Corp. 6,318,012 25,900 Keynote Systems Inc. 2,648,275
153,900 Amkor Technology Inc. 8,166,319 210,300 LSI Logic Corp. 15,273,037
16,600 Applied Micro Circuits Corp. 2,491,037 146,500 MCI Worldcom Inc. 6,638,281
39,700 Aspect Development, Inc. 2,555,687 50,500 Nabors Industries, Inc. 1,960,031
322,200 Atmel Corp. 16,633,575 163,500 NextCard, Inc. 2,501,039
75,900 BEA Systems, Inc. 5,569,162 100,000 Nova Corporation 2,912,500
41,800 BMC Software, Inc. 2,063,875 95,300 Novellus Systems, Inc. 5,348,712
42,900 Biomet, Inc. 1,560,487 101,100 PerkinElmer, Inc. 6,723,150
146,100 Boston Scientific Corp. 3,113,756 28,000 Quest Software 3,157,000
43,600 Broadbased Software 3,477,100 279,600 R & B Falcon Corp. 5,504,625
43,900 CNet Networks, Inc. 2,225,181 49,900 Rare Medium Group, Inc. 2,201,837
215,700 Cadence Design Systems 4,448,812 241,600 Republic Services, Inc. 2,642,500
86,600 Checkfree Holdings Corp. 6,105,300 55,000 Research In Motion Ltd. 5,857,500
46,500 Ciena Corp. 5,864,812 41,600 SDL, Inc. 8,855,600
108,100 Circuit City Stores, Inc. 6,580,587 35,000 SPX Corp. 3,987,812
42,500 Citrix Systems, Inc. 2,815,625 35,000 Sandisk Corp. 4,287,500
103,300 Columbia/HCA Healthcare Corp. 2,614,781 137,800 Scientific-Atlanta, Inc. 8,715,850
38,700 Commscope, Inc. 1,768,106 57,700 Semtech Corp. 3,696,406
21,300 Comverse Technology, Inc. 4,025,700 77,800 St. Jude Medical, Inc. 2,008,212
99,800 Conexant Systems, Inc. 7,085,800 100,000 Sun Microsystems, Inc. 9,370,312
46,000 Diamond Technology Partners 3,024,500 60,500 Symbol Technologies 4,979,906
30,100 Digex, Inc. 3,339,219 38,750 System Software Associates, Inc. 58,125
36,200 Digital Island, Inc. 2,205,937 83,600 Tektronix, Inc. 4,681,600
6,100 E-Tek Dynamics, Inc. 1,435,025 39,000 Tellabs, Inc. 2,456,391
128,400 EMC Corporation 16,178,400 70,000 Transkaryotic Therapies 3,893,750
91,500 EchoStar Communications 7,228,500 74,300 Transocean Sedco Forex, Inc. 3,812,519
35,500 Efficient Networks, Inc. 5,529,125 67,200 US Internet Working 2,604,000
43,100 Extreme Networks, Inc. 3,404,900 15,800 Via Networks, Inc. 419,687
63,500 Forest Laboratories, Inc. 5,365,750 22,100 Vitria Technology 2,227,956
109,300 Global Marine, Inc. 2,773,487 87,000 Weatherford International, Inc 5,089,500
22,900 Harmonic Inc. 1,906,425 17,600 i2 Technologies, Inc. 2,149,400
110,400 Heller Financial 2,539,200

TOTAL EQUITY 363,829,598

CASH EQUIVALENT 6,430,408

TOTAL ASSETS 370,260,007
</TABLE>
<PAGE>

____________________________________

THE CHESAPEAKE FUNDS
____________________________________

April 3, 2000

Dear Shareholder:

The Chesapeake Growth Fund Series A closed the first quarter with a
gain of 22.8%. This gain compares to gains of 2.3% for the S&P 500 and 7.1% for
the Russell 2000. This quarterly letter, the 40th one we have written, brings to
close our firm's tenth year in business. Over this time we have made tens of
thousands of telephone calls to, and met with, thousands of companies. The net
result has been success across the market cap spectrum. Our Smaller Cap, Growth
(mid cap), Core Growth (large cap) disciplines have outperformed both the S&P
500 and the Russell 2000 since their respective inceptions. This is despite
volatile environments and those environments from time to time favoring other
investment styles. Throughout our tenure, one thing has rung true perhaps more
than any other. Ultimately stock price will reflect underlying company
fundamentals.

<PAGE>

In one final note, we would like to welcome Brett Nelson, John
Fraunces, and Joel Fishbein to our research staff and Sharon Hayden to our
settlements area. Have a pleasant Spring!

Sincerely,

/s/ W. Whitfield Gardner /s/ John L. Lewis, IV

W. Whitfield Gardner John L. Lewis, IV

<PAGE>

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

March 31, 2000

Investment Strategy
- --------------------------------------------------------------------------------

Investment Guidelines
- --------------------------------------------------------------------------------

The Fund seeks companies that:

The Largest Industry Groups
- --------------------------------------------------------------------------------

[Pie Chart Here]:

About The Investment Advisor
- --------------------------------------------------------------------------------

<PAGE>

Ten Largest Holdings
- ----------------------------------------------------

Portfolio Characteristics
- ----------------------------------------------------

Overall Assets ($MM) 370
Number of Companies 79
5 Yr. Historical Earnings Growth 17%
Earnings Growth - net year 39%
P/E Ratio - next year 49
(Gardner Lewis earnings estimates)

Performance Summary
- ----------------------------------------------------
Annualized
- ----------------------------------------------------------------------------
The Chesapeake Quarter Since
Growth Fund Series A End 1 Year 5 Year Inception
- ----------------------------------------------------------------------------
Without the sales load
deduction 22.8% 88.3% 26.7% 25.2%
- ----------------------------------------------------------------------------
Net of the maximum
sales load^1 19.1% 82.6% 25.9% 24.5%
- ----------------------------------------------------------------------------

1 The maximum sales load for the Fund is 3%. Historical performance for the
Chesapeake Growth Fund Series A has been calculated by using the performance
of the original class of The Fund now called the Institutional Shares) from
inception on April 6, 1994 until the date of issuance of the new Series A
Shares on April 7, 1995, and combining such performance with the performance
of the Series A Shares since April 7, 1995. The performance quoted represents
past performance and is not a guarantee of future results. Share price and
investment return will vary, so you may have a gain or loss when you sell
shares.

Must be accompanied or preceded by a prospectus.
Capital Investment Group, Inc., Distributor
Raleigh, NC (800)525-3863

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

PORTFOLIO OF INVESTMENTS
(unaudited)
March 31, 2000

TOTAL EQUITY 363,829,598

CASH EQUIVALENT 6,430,408

TOTAL ASSETS 370,260,007
</TABLE>
<PAGE>

____________________________________

THE CHESAPEAKE FUNDS
____________________________________

April 3, 2000

Dear Shareholder:

The Chesapeake Growth Fund Series C closed the first quarter with a
gain of 22.0%. This gain compares to gains of 2.3% for the S&P 500 and 7.1% for
the Russell 2000. This quarterly letter, the 40th one we have written, brings to
close our firm's tenth year in business. Over this time we have made tens of
thousands of telephone calls to, and met with, thousands of companies. The net
result has been success across the market cap spectrum. Our Smaller Cap, Growth
(mid cap), Core Growth (large cap) disciplines have outperformed both the S&P
500 and the Russell 2000 since their respective inceptions. This is despite
volatile environments and those environments from time to time favoring other
investment styles. Throughout our tenure, one thing has rung true perhaps more
than any other. Ultimately stock price will reflect underlying company
fundamentals.

<PAGE>

In one final note, we would like to welcome Brett Nelson, John
Fraunces, and Joel Fishbein to our research staff and Sharon Hayden to our
settlements area. Have a pleasant Spring!

Sincerely,

/s/ W. Whitfield Gardner /s/ John L. Lewis, IV

W. Whitfield Gardner John L. Lewis, IV

<PAGE>

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

March 31, 2000

Investment Strategy
- --------------------------------------------------------------------------------

Investment Guidelines
- --------------------------------------------------------------------------------

The Fund seeks companies that:

The Largest Industry Groups
- --------------------------------------------------------------------------------

[Pie Chart Here]:

About The Investment Advisor
- --------------------------------------------------------------------------------

<PAGE>

Ten Largest Holdings
- ----------------------------------------------------

Portfolio Characteristics
- ----------------------------------------------------

Overall Assets ($MM) 370
Number of Companies 79
5 Yr. Historical Earnings Growth 17%
Earnings Growth - net year 39%
P/E Ratio - next year 49
(Gardner Lewis earnings estimates)

Performance Summary
- ----------------------------------------------
Annualized
- ---------------------------------------------------------------
Quarter Since
End 1 Year Inception
- ---------------------------------------------------------------
The Chesapeake
Growth Fund Series C 22.0% 84.6% 25.0%
- ---------------------------------------------------------------

The inception date of the Series C of the Fund was April 7, 1995. The
performance quoted represents past performance and is not a guarantee of future
results. Share price and investment return will vary, so you may have a gain or
loss when you sell shares.

Must be accompanied or preceded by a prospectus.
Capital Investment Group, Inc., Distributor
Raleigh, NC (800)525-3863

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

PORTFOLIO OF INVESTMENTS
(unaudited)
March 31, 2000

TOTAL EQUITY 363,829,598

CASH EQUIVALENT 6,430,408

TOTAL ASSETS 370,260,007
</TABLE>
<PAGE>

____________________________________

THE CHESAPEAKE FUNDS
____________________________________

April 3, 2000

Dear Shareholder:

The Chesapeake Growth Fund Series D closed the first quarter with a
gain of 22.6%. This gain compares to gains of 2.3% for the S&P 500 and 7.1% for
the Russell 2000. This quarterly letter, the 40th one we have written, brings to
close our firm's tenth year in business. Over this time we have made tens of
thousands of telephone calls to, and met with, thousands of companies. The net
result has been success across the market cap spectrum. Our Smaller Cap, Growth
(mid cap), Core Growth (large cap) disciplines have outperformed both the S&P
500 and the Russell 2000 since their respective inceptions. This is despite
volatile environments and those environments from time to time favoring other
investment styles. Throughout our tenure, one thing has rung true perhaps more
than any other. Ultimately stock price will reflect underlying company
fundamentals.

<PAGE>

In one final note, we would like to welcome Brett Nelson, John
Fraunces, and Joel Fishbein to our research staff and Sharon Hayden to our
settlements area. Have a pleasant Spring!

Sincerely,

/s/ W. Whitfield Gardner /s/ John L. Lewis, IV

W. Whitfield Gardner John L. Lewis, IV

<PAGE>

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

March 31, 2000

Investment Strategy
- --------------------------------------------------------------------------------

Investment Guidelines
- --------------------------------------------------------------------------------

The Fund seeks companies that:

The Largest Industry Groups
- --------------------------------------------------------------------------------

[Pie Chart Here]:

About The Investment Advisor
- --------------------------------------------------------------------------------

<PAGE>

Ten Largest Holdings
- ----------------------------------------------------

Portfolio Characteristics
- ----------------------------------------------------

Overall Assets ($MM) 370
Number of Companies 79
5 Yr. Historical Earnings Growth 17%
Earnings Growth - net year 39%
P/E Ratio - next year 49
(Gardner Lewis earnings estimates)

Performance Summary
- ----------------------------------------------------
Annualized
- ----------------------------------------------------------------------------
The Chesapeake Quarter Since
Growth Fund Series D End 1 Year 5 Year Inception
- ----------------------------------------------------------------------------
Without the sales load
deduction 22.6% 87.2% 26.0% 24.7%
- ----------------------------------------------------------------------------
Net of the maximum
sales load^1 20.7% 84.4% 25.6% 24.3%
- ----------------------------------------------------------------------------

1 The maximum sales load for the Fund is 1.5%. Historical performance for the
Chesapeake Growth Fund Series D has been calculated by using the performance
of the original class of The Fund (known as the B shares) from inception on
April 6, 1994 until the conversion into the new Series D Shares on April 7,
1995, and combining such performance with the performance of the Series D
Shares since April 7, 1995. The performance quoted represents past
performance and is not a guarantee of future results. Share price and
investment return will vary, so you may have a gain or loss when you sell
shares.

Must be accompanied or preceded by a prospectus.
Capital Investment Group, Inc., Distributor
Raleigh, NC (800)525-3863

___________________________________

THE CHESAPEAKE GROWTH FUND
___________________________________

PORTFOLIO OF INVESTMENTS
(unaudited)
March 31, 2000

TOTAL EQUITY 363,829,598

CASH EQUIVALENT 6,430,408

TOTAL ASSETS 370,260,007
</TABLE>
<PAGE>

THE CHESAPEAKE GROWTH FUND
Super-Institutional Shares

Performance Update - $50,000,000 Investment

For the period from June 12, 1996 (Commencement
of Operations) to February 29, 2000

[Line Graph]
- --------------------------------------------------------------------------------
Super-
Institutional S&P 500 Total Russell 2000
Class Return Index Index
- --------------------------------------------------------------------------------
06/12/1996 50,000,000.00 50,000,000.00 50,000,000.00
08/31/1996 44,816,484.00 48,940,746.00 46,588,155.00
11/30/1996 51,513,200.00 56,981,759.00 49,609,065.00
02/28/1997 52,446,877.00 59,969,752.00 50,634,550.00
05/31/1997 55,730,844.00 64,648,985.60 53,774,671.00
08/31/1997 64,713,458.00 68,834,820.81 59,999,176.00
11/30/1997 62,649,033.00 73,428,370.98 61,099,149.00
02/28/1998 65,766,812.00 80,962,184.29 65,841,141.00
05/31/1998 65,620,093.00 84,486,705.00 65,283,708.00
08/31/1998 48,160,527.00 74,406,542.00 48,468,547.00
11/30/1998 60,264,848.00 90,802,549.00 57,231,032.00
02/28/1999 62,923,801.00 96,941,275.00 56,630,169.00
05/31/1999 69,483,862.00 102,250,771.00 63,575,685.00
08/31/1999 70,690,309.00 104,038,621.00 62,599,929.00
11/30/1999 86,866,184.00 109,776,533.00 66,696,132.00
02/29/2000 132,830,714.00 108,311,865.00 85,104,292.00

This graph depicts the performance of The Chesapeake Growth Fund
Super-Institutional Shares versus the Russell 2000 Index and the S&P 500 Total
Return Index. It is important to note that The Chesapeake Growth Fund is a
professionally managed mutual fund while the indexes are not available for
investment and are unmanaged. The comparison is shown for illustrative purposes
only.

Average Annual Total Returns

- -----------------------------------------------------------------
One Year Three Years Since Inception
- -----------------------------------------------------------------
111.10% 36.27% 30.06%
- -----------------------------------------------------------------

The graph assumes an initial $50,000,000 investment at June 12, 1996. All
dividends and distributions are reinvested.

At February 29, 2000, the Super-Institutional Shares of The Chesapeake Growth
Fund would have grown to $132,830,714 - total investment return of 165.66% since
June 12, 1996.

At February 29, 2000, a similar investment in the Russell 2000 Index have been
worth $85,104,292 - total investment return of 70.21%; while a similar
investment in the S&P 500 Total Return Index would have grown to $108,311,865 -
total investment return of 116.62% since June 12, 1996. The Russell 2000 Index
is used in the graph above because the Investment Advisor feels that the Russell
2000 Index is a more accurate comparison to The Chesapeake Growth Fund's
investment strategy than the NASDAQ Industrials Index. The Russell 2000 Index
replaces the NASDAQ Industrials Index used for illustrative purposes in prior
annual reports. For the fiscal year ended February 29, 2000, the investment in
the Super-Institutional Shares of The Chesapeake Growth Fund would have
increased in value by $69,906,913; the similar investment in the Russell 2000
Index would have increased in value by $28,474,123; while the similar investment
in the NASDAQ Industrials Index would have increased in value by $57,660,500.

Past performance is not a guarantee of future results. A mutual fund's share
price and investment return will vary with market conditions, and the principal
value of shares, when redeemed, may be worth more or less than the original
cost. Average annual returns are historical in nature and measure net investment
income and capital gain or loss from portfolio investments assuming
reinvestments of dividends.

<PAGE>
THE CHESAPEAKE GROWTH FUND
Institutional Shares

Performance Update - $1,000,000 Investment

For the period from April 6,1994
(Commencement of Operations) to February 29, 2000

[LINE GRAPH]
- --------------------------------------------------------------------------------
Institutional S&P 500 Total Russell 2000
Shares Return Index Index
- --------------------------------------------------------------------------------
04/06/1994 1,000,000.00 1,000,000.00 1,000,000.00
05/31/1994 1,013,000.00 1,023,703.00 979,374.00
08/31/1994 1,058,200.00 1,073,692.00 1,010,961.00
11/30/1994 1,081,100.00 1,031,962.00 959,612.00
02/28/1995 1,128,600.00 1,116,296.00 1,008,015.00
05/31/1995 1,247,000.00 1,230,372.00 1,062,881.00
08/31/1995 1,535,000.00 1,303,973.00 1,204,901.00
11/30/1995 1,467,366.00 1,413,574.18 1,222,232.00
02/29/1996 1,463,316.00 1,503,656.41 1,291,575.00
05/31/1996 1,571,672.00 1,580,240.85 1,443,742.00
08/31/1996 1,408,631.00 1,548,169.98 1,337,421.00
11/30/1996 1,618,255.00 1,802,535.84 1,424,143.00
02/28/1997 1,646,610.00 1,897,056.68 1,453,582.00
05/31/1997 1,748,889.93 2,045,077.49 1,543,727.00
08/31/1997 2,030,413.61 2,177,490.36 1,722,415.00
11/30/1997 1,965,453.51 2,322,800.70 1,753,993.00
02/28/1998 2,062,398.96 2,561,122.03 1,890,122.00
05/31/1998 2,057,783.00 2,672,615.00 1,874,120.00
08/31/1998 1,509,579.00 2,353,744.00 1,391,402.00
11/30/1998 1,888,128.00 2,872,408.00 1,642,949.00
02/28/1999 1,969,483.00 3,066,598.00 1,625,700.00
05/31/1999 2,174,736.00 3,234,556.00 1,825,087.00
08/31/1999 2,211,515.00 3,291,112.00 1,797,076.00
11/30/1999 2,716,943.00 3,472,622.00 1,914,667.00
02/29/2000 4,153,848.00 3,426,290.00 2,443,116.00

This graph depicts the performance of The Chesapeake Growth Fund Institutional
Shares versus the Russell 2000 Index and the S&P 500 Total Return Index. It is
important to note that The Chesapeake Growth Fund is a professionally managed
mutual fund while the indexes are not available for investment and are
unmanaged. The comparison is shown for illustrative purposes only.

Average Annual Total Returns

- -----------------------------------------------------------------
One Year Five Years Since Inception
- -----------------------------------------------------------------
110.91% 29.74% 27.28%
- -----------------------------------------------------------------

The graph assumes an initial $1,000,000 investment at April 6, 1994. All
dividends and distributions are reinvested.

At February 29, 2000, the Institutional Shares of The Chesapeake Growth Fund
would have grown to $4,153,848 - total investment return of 315.38% since April
6, 1994.

At February 29, 2000, a similar investment in the Russell 2000 Index would have
grown to $2,443,116 - total investment return of 144.31%; while a similar
investment in the S&P 500 Total Return Index would have grown to $3,426,290 -
total investment return of 242.63% since April 6, 1994. The Russell 2000 Index
is used in the graph above because the Investment Advisor feels that the Russell
2000 Index is a more accurate comparison to The Chesapeake Growth Fund's
investment strategy than the NASDAQ Industrials Index. The Russell 2000 Index
replaces the NASDAQ Industrials Index used for illustrative purposes in prior
annual reports. For the fiscal year ended February 29, 2000, the investment in
the Institutional Shares of The Chesapeake Growth Fund would have increased in
value by $2,184,365; the similar investment in the Russell 2000 Index would have
increased in value by $817,416; while the similar investment in the NASDAQ
Industrials Index would have increased in value by $1,719,684.

<PAGE>

THE CHESAPEAKE GROWTH FUND
Series A Investor Shares

Performance Update - $25,000 Investment

For the period from April 7,1995
(Commencement of Operations) to February 29, 2000

[LINE GRAPH]
- --------------------------------------------------------------------------------
Class A Russell 2000 S&P 500 Total
Shares Index Return Index
- --------------------------------------------------------------------------------
04/07/1995 24,250.00 25,000.00 25,000.00
05/31/1995 25,628.00 26,011.00 26,443.00
08/31/1995 31,572.00 29,487.00 28,025.00
11/30/1995 30,140.00 29,911.00 32,020.00
02/29/1996 30,036.00 31,608.00 33,109.00
05/31/1996 32,244.00 35,331.00 33,963.00
08/31/1996 28,890.00 32,730.00 33,274.00
11/30/1996 33,139.00 34,852.00 38,741.00
02/28/1997 33,702.00 35,572.00 40,772.00
05/31/1997 35,784.79 37,778.00 43,983.30
08/31/1997 41,492.03 42,151.00 46,799.15
11/30/1997 40,136.35 42,924.00 49,922.20
02/28/1998 42,061.19 46,255.00 55,044.26
05/31/1998 41,942.00 45,864.00 57,440.00
08/31/1998 30,726.00 34,051.00 50,587.00
11/30/1998 38,402.00 40,207.00 61,734.00
02/28/1999 40,029.00 39,784.00 65,908.00
05/31/1999 44,159.00 44,664.00 69,518.00
08/31/1999 44,843.00 43,978.00 70,733.00
11/30/1999 55,034.00 46,856.00 74,634.00
02/29/2000 84,090.00 59,788.00 73,639.00

This graph depicts the performance of The Chesapeake Growth Fund Series A
Investor Shares versus the Russell 2000 Index and the S&P 500 Total Return
Index. It is important to note that The Chesapeake Growth Fund is a
professionally managed mutual fund while the indexes are not available for
investment and are unmanaged. The comparison is shown for illustrative purposes
only.

Average Annual Total Returns

- -----------------------------------------------------------------------------
One Year Three Years Since Inception
- -----------------------------------------------------------------------------
No Sales Load 110.07% 35.59% 28.88%
- -----------------------------------------------------------------------------
With 3.00% Sales Load 103.77% 34.23% 28.08%
- -----------------------------------------------------------------------------

The graph assumes an initial $25,000 investment at April 7, 1995 ($24,250 after
maximum sales load of 3.00%). All dividends and distributions are reinvested.

At February 29, 2000, the Series A Investor Shares of The Chesapeake Growth Fund
would have grown to $84,090 - total investment return of 236.36% since April 7,
1995. Without the deduction of the 3.00% maximum sales load, the Series A
Investor Shares of The Chesapeake Growth Fund would have grown to $86,691 -
total investment return of 246.76% since April 7, 1995. The sales load may be
reduced or eliminated for larger purchases.

At February 29, 2000, a similar investment in the Russell 2000 Index would have
grown to $59,788 - total investment return of 139.15%; while a similar
investment in the S&P 500 Total Return Index would have grown to $73,639 - total
investment return of 194.55% since April 7, 1995. The Russell 2000 Index is used
in the graph above because the Investment Advisor feels that the Russell 2000
Index is a more accurate comparison to The Chesapeake Growth Fund's investment
strategy than the NASDAQ Industrials Index. The Russell 2000 Index replaces the
NASDAQ Industrials Index used for illustrative purposes in prior annual reports.
For the fiscal year ended February 29, 2000, the investment in the Series A
Investor Shares of The Chesapeake Growth Fund would have increased in value by
$44,061; the similar investment in the Russell 2000 Index would have increased
in value by $20,004; while the similar investment in the NASDAQ Industrials
Index would have increased in value by $42,178.

<PAGE>

THE CHESAPEAKE GROWTH FUND
Series C Investor Shares

Performance Update - $25,000 Investment

For the period from April 7,1995
(Commencement of Operations) to February 29, 2000

[LINE GRAPH]
- --------------------------------------------------------------------------------
Class C Russell 2000 S&P 500 Total
Shares Index Return Index
- --------------------------------------------------------------------------------
04/07/1995 25,000.00 25,000.00 25,000.00
05/31/1995 26,421.00 26,011.00 26,443.00
08/31/1995 32,528.00 29,487.00 28,025.00
11/30/1995 30,966.00 29,911.00 32,020.00
02/29/1996 30,794.00 31,608.00 33,109.00
05/31/1996 33,028.00 35,331.00 33,963.00
08/31/1996 29,506.00 32,730.00 33,274.00
11/30/1996 33,779.00 34,852.00 38,741.00
02/28/1997 34,273.00 35,572.00 40,772.00
05/31/1997 36,291.80 37,778.00 43,983.30
08/31/1997 41,982.53 42,151.00 46,799.15
11/30/1997 40,367.70 42,924.00 49,922.20
02/28/1998 42,137.78 46,255.00 55,044.26
05/31/1998 41,818.00 45,864.00 57,440.00
08/31/1998 30,485.00 34,051.00 50,587.00
11/30/1998 37,885.00 40,207.00 61,734.00
02/28/1999 39,323.00 39,784.00 65,908.00
05/31/1999 43,222.00 44,664.00 69,518.00
08/31/1999 43,678.00 43,978.00 70,733.00
11/30/1999 53,374.00 46,856.00 74,634.00
02/29/2000 81,016.00 59,788.00 73,639.00

This graph depicts the performance of The Chesapeake Growth Fund Series C
Investor Shares versus the Russell 2000 Index and the S&P 500 Total Return
Index. It is important to note that The Chesapeake Growth Fund is a
professionally managed mutual fund while the indexes are not available for
investment and are unmanaged. The comparison is shown for illustrative purposes
only.

Average Annual Total Returns

- -----------------------------------------------------------------
One Year Three Years Since Inception
- -----------------------------------------------------------------
106.03% 33.18% 27.11%
- -----------------------------------------------------------------

The graph assumes an initial $25,000 investment at April 7, 1995. All dividends
and distributions are reinvested.

At February 29, 2000, the Series C Investor Shares of The Chesapeake Growth Fund
would have grown to $81,016 - total investment return of 224.06% since April 7,
1995.

At February 29, 2000, a similar investment in the Russell 2000 Index would have
grown to $59,788 - total investment return of 139.15%; while a similar
investment in the S&P 500 Total Return Index would have grown to $73,639 - total
investment return of 194.55% since April 7, 1995. The Russell 2000 Index is used
in the graph above because the Investment Advisor feels that the Russell 2000
Index is a more accurate comparison to The Chesapeake Growth Fund's investment
strategy than the NASDAQ Industrials Index. The Russell 2000 Index replaces the
NASDAQ Industrials Index used for illustrative purposes in prior annual reports.
For the fiscal year ended February 29, 2000, the investment in the Series C
Investor Shares of The Chesapeake Growth Fund would have increased in value by
$41,693; the similar investment in the Russell 2000 Index would have increased
in value by $20,004; while the similar investment in the NASDAQ Industrials
Index would have increased in value by $42,178.

<PAGE>

THE CHESAPEAKE GROWTH FUND
Series D Investor Shares

Performance Update - $25,000 Investment

For the period from April 7,1995
(Commencement of Operations) to February 29, 2000

[LINE GRAPH]
- --------------------------------------------------------------------------------
Series D Russell 2000 S&P 500 Total
Investor Shares Index Return Index
- --------------------------------------------------------------------------------
04/07/1995 24,625.00 25,000.00 25,000.00
05/31/1995 26,045.00 26,011.00 26,443.00
08/31/1995 32,040.00 29,487.00 28,025.00
11/30/1995 30,606.00 29,911.00 32,020.00
02/29/1996 30,479.00 31,608.00 33,109.00
05/31/1996 32,700.00 35,331.00 33,963.00
08/31/1996 29,231.00 32,730.00 33,274.00
11/30/1996 33,504.00 34,852.00 38,741.00
02/28/1997 34,012.00 35,572.00 40,772.00
05/31/1997 36,084.35 37,778.00 43,983.30
08/31/1997 41,795.24 42,151.00 46,799.15
11/30/1997 40,310.49 42,924.00 49,922.20
02/28/1998 42,195.51 46,255.00 55,044.26
05/31/1998 42,002.00 45,864.00 57,440.00
08/31/1998 30,740.00 34,051.00 50,587.00
11/30/1998 38,353.00 40,207.00 61,734.00
02/28/1999 39,912.00 39,784.00 65,908.00
05/31/1999 43,965.00 44,664.00 69,518.00
08/31/1999 44,587.00 43,978.00 70,733.00
11/30/1999 54,657.00 46,856.00 74,634.00
02/29/2000 83,370.00 59,788.00 73,639.00

This graph depicts the performance of The Chesapeake Growth Fund Series D
Investor Shares versus the Russell 2000 Index and the S&P 500 Total Return
Index. It is important to note that The Chesapeake Growth Fund is a
professionally managed mutual fund while the indexes are not available for
investment and are unmanaged. The comparison is shown for illustrative purposes
only.

Average Annual Total Returns

- -----------------------------------------------------------------------------
One Year Three Years Since Inception
- -----------------------------------------------------------------------------
No Sales Load 108.89% 34.80% 28.25%
- -----------------------------------------------------------------------------
With 1.50% Sales Load 105.75% 34.12% 27.86%
- -----------------------------------------------------------------------------

The graph assumes an initial $25,000 investment at April 7, 1995 ($24,625 after
maximum sales load of 1.50%). All dividends and distributions are reinvested.

At February 29, 2000, the Series D Investor Shares of The Chesapeake Growth Fund
would have grown to $83,370 - total investment return of 233.48% since April 7,
1995. Without the deduction of the 1.50% maximum sales load, the Series D
Investor Shares of The Chesapeake Growth Fund would have grown to $84,639 -
total investment return of 238.56% since April 7, 1995. The sales load may be
reduced or eliminated for larger purchases.

At February 29, 2000, a similar investment in the Russell 2000 Index would have
grown to $59,788 - total investment return of 139.15%; while a similar
investment in the S&P 500 Total Return Index would have grown to $73,639 - total
investment return of 194.55% since April 7, 1995. The Russell 2000 Index is used
in the graph above because the Investment Advisor feels that the Russell 2000
Index is a more accurate comparison to The Chesapeake Growth Fund's investment
strategy than the NASDAQ Industrials Index. The Russell 2000 Index replaces the
NASDAQ Industrials Index used for illustrative purposes in prior annual reports.
For the fiscal year ended February 29, 2000, the investment in the Series D
Investor Shares of The Chesapeake Growth Fund would have increased in value by
$43,458; the similar investment in the Russell 2000 Index would have increased
in value by $20,004; while the similar investment in the NASDAQ Industrials
Index would have increased in value by $42,178

THE CHESAPEAKE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

- ------------------------------------------------------------------------------------------------------------------------------------
Value
Shares (note 1)
- ------------------------------------------------------------------------------------------------------------------------------------

COMMON STOCKS - 98.86%

Apparel Manufacturing - 1.48%
(a)Jones Apparel Group, Inc. .............................................. 265,300 $ 6,002,412
-----------

Commercial Services - 1.35%
(a)Diamond Technology Partners Incorporated ............................... 46,000 3,145,250
(a)NOVA Corporation ....................................................... 100,000 2,306,250
-----------
5,451,500
-----------
Computers - 9.07%
(a)Adaptec, Inc. .......................................................... 149,500 6,129,500
(a)Advanced Micro Devices, Inc. ........................................... 36,400 1,424,150
(a)EMC Corporation ........................................................ 131,400 15,636,600
(a)SanDisk Corporation .................................................... 44,200 3,933,800
(a)Sun Microsystems, Inc. ................................................. 100,000 9,525,000
-----------
36,649,050
-----------
Computer Software & Services - 20.34%
(a)Acxiom Corporation ..................................................... 194,500 5,616,187
(a)Aspect Development, Inc. ............................................... 32,400 4,823,550
(a)BEA Systems, Inc. ...................................................... 80,900 10,238,906
(a)BMC Software, Inc. ..................................................... 82,500 3,795,000
(a)Broadbase Software, Inc. ............................................... 31,600 4,785,425
(a)CNET, Inc. ............................................................. 43,900 2,935,812
(a)Cabeltron Systems, Inc. ................................................ 94,600 4,635,400
(a)Cadence Design Systems, Inc. ........................................... 215,700 4,300,519
(a)CheckFree Holdings Corporation ......................................... 86,600 7,615,387
(a)Citrix Systems, Inc. ................................................... 42,500 4,481,094
(a)Digex, Inc. ............................................................ 30,100 4,876,200
(a)i2 Technologies, Inc. .................................................. 33,800 5,526,300
(a)Interwoven, Inc. ....................................................... 30,500 4,559,750
(a)Keynote Systems, Inc. .................................................. 26,200 4,290,250
(a)Macromedia, Inc. ....................................................... 34,800 3,008,025
System Software Associates, Inc. ....................................... 38,750 48,438
(a)USinternetworking, Inc. ................................................ 45,300 3,023,775
(a)VA Linux Systems, Inc. ................................................. 5,100 538,688
(a)VIA NET.WORKS, Inc. .................................................... 17,700 1,168,200
(a)Vitria Technology, Inc. ................................................ 10,400 1,961,700
-----------
82,228,606
-----------
Electronics - 4.03%
(a)Novellus Systems, Inc. ................................................. 96,300 5,711,794
Symbol Technologies, Inc. .............................................. 60,500 5,755,063
Tektronix, Inc. ........................................................ 83,600 4,838,350
-----------
16,305,207
-----------

(Continued)

</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

COMMON STOCKS - (Continued)

Electronics - Semiconductor - 15.84%
(a)Amkor Technology ....................................................... 153,900 $ 7,993,181
(a)Applied Micro Circuits Corporation ..................................... 8,300 2,283,019
(a)Atmel Corporation ...................................................... 326,000 16,137,000
(a)Conexant Systems, Inc. ................................................. 103,800 10,198,350
(a)KLA Tencor Corporation ................................................. 59,600 4,645,075
(a)LSI Logic Corporation .................................................. 214,400 13,721,600
(a)SDL, Inc. .............................................................. 22,100 9,061,000
-----------
64,039,225
-----------
Environmental Control - 0.65%
(a)Republic Services, Inc. ................................................ 244,600 2,629,450
-----------

Financial - Consumer Credit - 0.92%
(a)NextCard, Inc. ......................................................... 163,500 3,699,187
-----------

Financial Services - 0.34%
Heller Financial, Inc. ................................................. 72,700 1,367,669
-----------

Medical - Biotechnology - 5.85%
(a)Affymetrix, Inc. ....................................................... 25,700 7,443,363
(a)Human Genome Sciences, Inc. ............................................ 58,000 12,658,500
(a)Transkaryotic Therapies, Inc. .......................................... 70,600 3,538,825
-----------
23,640,688
-----------
Medical - Hospital Management & Services - 0.50%
Columbia/HCA Healthcare Corporation .................................... 105,300 2,040,187
-----------

Medical Supplies - 1.52%
Biomet, Inc. ........................................................... 44,000 1,452,000
(a)Boston Scientific Corporation .......................................... 146,100 2,666,325
(a)St. Jude Medical, Inc. ................................................. 77,800 2,037,388
-----------
6,155,713
-----------
Oil & Gas - Equipment & Services - 3.30%
(a)Global Marine Inc. ..................................................... 109,300 2,452,419
(a)R&B Falcon Corporation ................................................. 216,300 3,339,131
Transocean Sedco Forex Inc. ............................................ 74,300 2,930,206
(a)Weatherford International, Inc. ........................................ 103,100 4,639,500
-----------
13,361,256
-----------

(Continued)

</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

COMMON STOCKS - (Continued)

Pharmaceuticals - 2.87%
(a)Alza Corporation ....................................................... 173,200 $ 6,354,275
(a)Forest Laboratories, Inc. .............................................. 67,500 4,606,875
(a)Gilead Sciences, Inc. .................................................. 8,600 657,900
-----------
11,619,050
-----------
Retail - Apparel - 0.15%
(a)American Eagle Outfitters, Inc. ........................................ 23,500 599,250
-----------

Retail - Department Stores - 0.49%
(a)Ames Department Stores, Inc. ........................................... 139,400 1,969,025
-----------

Retail - Specialty Line - 1.62%
Circuit City Stores-Circuit City Group ................................. 109,100 4,404,913
Tandy Corporation ...................................................... 56,500 2,147,000
-----------
6,551,913
-----------
Scientific & Technical Instruments - 1.37%
PerkinElmer, Inc. ...................................................... 62,200 4,019,675
(a)Waters Corporation ..................................................... 15,400 1,510,162
-----------
-----------
5,529,837
-----------
Telecommunications - 8.29%
(a)CIENA Corporation ...................................................... 47,000 7,511,188
(a)Digital Island ......................................................... 37,200 4,319,850
(a)E-Tek Dynamics, Inc. ................................................... 11,300 3,087,725
(a)Harmonic Inc. .......................................................... 22,900 3,135,869
(a)Infonet Services Corporation ........................................... 88,700 2,450,337
(a)JDS Uniphase ........................................................... 40,300 10,629,125
(a)Polycom, Inc. .......................................................... 20,300 2,361,144
-----------
33,495,238
-----------
Telecommunications Equipment - 15.16%
(a)ADC Telecommunications, Inc. ........................................... 132,700 5,954,912
(a)CommScope, Inc. ........................................................ 87,400 3,403,138
(a)Comverse Technology, Inc. .............................................. 21,300 4,193,438
(a)EchoStar Communications Corporation .................................... 46,000 5,244,000
(a)Efficient Networks, Inc. ............................................... 44,600 7,191,750
(a)Extreme Networks, Inc. ................................................. 45,600 5,073,000
(a)Research in Motion Limited ............................................. 127,100 17,190,275
Scientific-Atlanta, Inc. ............................................... 108,800 11,172,400
(a)Tellabs, Inc. .......................................................... 39,000 1,872,000
-----------
61,294,913
-----------

(Continued)

</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

COMMON STOCKS - (Continued)

Utilities - Electric - 2.10%
(a)The AES Corporation ................................................... 101,200 $ 8,481,825
------------

Utilities - Telecommunications - 1.62%
(a)MCI WorldCom, Inc. .................................................... 146,500 6,537,562
------------

Total Common Stocks (Cost $217,726,396) ............................... 399,648,763
------------

INVESTMENT COMPANY - 0.11%

Evergreen Money Market Institutional Money
Market Fund Institutional Service Shares .............................. 434,134 434,134
(Cost $434,134) ------------

Total Value of Investments (Cost $218,160,530 (b)) ........................... 98.97% $400,082,897
Other Assets Less Liabilities ................................................ 1.03% 4,144,915
-------- ------------
Net Assets ................................................................. 100.00% $404,227,812
======== ============

(a) Non-income producing investment.

(b) Aggreagate cost for federal income tax purposes is $218,216,162. Unrealized appreciation (depreciation) of investments
for federal income tax purposes is as follows:

Unrealized appreciation ....................................................... $193,107,846
Unrealized depreciation ....................................................... (11,241,111)
------------

Net unrealized appreciation ........................................ $181,866,735
============

See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>
CHESAPEAKE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

February 29, 2000

ASSETS
Investments, at value (cost $218,160,530) ....................................................... $400,082,897
Income receivable ............................................................................... 13,987
Receivable for investments sold ................................................................. 14,616,621
Receivable for fund shares sold ................................................................. 6,617
------------

Total assets ............................................................................... 414,720,122
------------

LIABILITIES
Accrued expenses ................................................................................ 76,535
Payable for investment purchases ................................................................ 10,377,065
Disbursements in excess of cash on demand deposit ............................................... 38,710
------------

Total liabilities .......................................................................... 10,492,310
------------

NET ASSETS ............................................................................................. $404,227,812
============

NET ASSETS CONSIST OF
Paid-in capital ................................................................................. $165,838,612
Undistributed net realized gain on investments .................................................. 56,466,833
Net unrealized appreciation on investments ...................................................... 181,922,367
------------
$404,227,812
============

INSTITUTIONAL SHARES
Net asset value, redemption and offering price per share
($120,416,083 / 3,640,047 shares outstanding) .............................................. $ 33.08
============

SERIES A INVESTOR SHARES
Net asset value, redemption and offering price per share
($33,199,556 / 1,022,492 shares outstanding) ............................................... $ 32.47
============
Maximum offering price per share (100 / 97 of $32.47) ........................................... $ 33.47
============

SERIES C INVESTOR SHARES
Net asset value, redemption and offering price per share
($1,952,445 / 64,957 shares outstanding) ................................................... $ 30.06
============

SERIES D INVESTOR SHARES
Net asset value, redemption and offering price per share
($9,832,303 / 311,247 shares outstanding) .................................................. $ 31.59
============
Maximum offering price per share (100 / 98.5 of $31.59) ......................................... $ 32.07
============

SUPER-INSTITUTIONAL SHARES
Net asset value, redemption and offering price per share
($238,827,425 / 7,172,151 shares outstanding) .............................................. $ 33.30
============

See accompanying notes to financial statements
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C>

CHESAPEAKE GROWTH FUND

STATEMENT OF OPERATIONS

Year ended February 29, 2000

INVESTMENT LOSS

Income
Dividends ..................................................................................... $ 433,642
-------------

Expenses
Investment advisory fees (note 2) ............................................................. 2,530,178
Fund administration fees (note 2) ............................................................. 109,532
Distribution fees - Series A (note 3) ......................................................... 60,943
Distribution fees - Series C (note 3) ......................................................... 17,085
Distribution fees - Series D (note 3) ......................................................... 35,088
Custody fees .................................................................................. 14,971
Registration and filing administration fees (note 2) .......................................... 22,716
Fund accounting fees (note 2) ................................................................. 84,000
Audit fees .................................................................................... 17,280
Legal fees .................................................................................... 14,025
Securities pricing fees ....................................................................... 5,045
Shareholder administration fees (note 2) ...................................................... 50,000
Shareholder recordkeeping fees ................................................................ 36,000
Shareholder servicing expenses ................................................................ 12,796
Registration and filing expenses .............................................................. 22,679
Printing expenses ............................................................................. 17,030
Trustee fees and meeting expenses ............................................................. 8,174
Other operating expenses ...................................................................... 35,797
-------------

Total expenses .......................................................................... 3,093,339
-------------

Less:
Expense reimbursements (note 5) .................................................... (81,282)
Shareholder administration fees waived - Series C (note 2) ......................... (12,500)
Shareholder administration fees waived - Series D (note 2) ......................... (12,500)
-------------

Net expenses ............................................................................ 2,987,057
-------------

Net investment loss ................................................................ (2,553,415)
-------------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS

Net realized gain from investment transactions ..................................................... 74,143,440
Increase in unrealized appreciation on investments ................................................. 143,056,554
-------------

Net realized and unrealized gain on investments ............................................... 217,199,994
-------------

Net increase in net assets resulting from operations .................................... $ 214,646,579
=============

See accompanying notes to financial statements

</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C>

CHESAPEAKE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

- ------------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended
February 29, February 28,
2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------

INCREASE (DECREASE) IN NET ASSETS
Operations
Net investment loss ....................................................... $(2,553,415) $(2,000,912)
Net realized gain (loss) from investment transactions ..................... 74,143,440 (496,959)
Increase (decrease) in unrealized appreciation on investments ............. 143,056,554 (13,218,336)
------------ -----------
Net increase (decrease) in net assets resulting from operations ...... 214,646,579 (15,716,207)
------------ -----------
Distributions to shareholders from
Distribution in excess of net realized gains .............................. 0 (372,638)
Net realized gain from investment transactions ............................ (14,253,595) (5,445,095)
------------ -----------
Decrease in net assets resulting from distributions .................. (14,253,595) (5,817,733)
------------ -----------
Capital share transactions
Decrease in net assets resulting from capital share transactions (a) ...... (9,336,094) (33,312,063)
------------ -----------
Total increase (decrease) in net assets ......................... 191,056,890 (54,846,003)
NET ASSETS
Beginning of year ............................................................. 213,170,922 268,016,925
------------ ------------
End of year ................................................................... $404,227,812 $213,170,922
============ ============

(a) A summary of capital share activity follows:

--------------------------------------------------------------
Year ended Year ended
February 29, 2000 February 28, 1999
Shares Value Shares Value
--------------------------------------------------------------

- ---------------------------------------------------------------------
Institutional Shares
- ---------------------------------------------------------------------
Shares sold 466,088 $ 10,224,819 793,937 $ 13,750,824
Shares issued for reinvestment of distributions 185,999 3,965,509 98,122 1,628,824
Shares redeemed (833,274) (16,268,434) (2,269,992) (35,712,491)
------------- ------------- ------------ -------------
Net decrease (181,187) $ (2,078,106) (1,377,933) $ (20,332,843)
============= ============= ============ =============
- ---------------------------------------------------------------------
Series A Shares
- ---------------------------------------------------------------------
Shares sold 45,720 $ 1,042,915 115,434 $ 1,960,607
Shares issued for reinvestment of distributions 57,159 1,197,474 42,837 701,668
Shares redeemed (655,988) (12,362,303) (896,110) (14,772,539)
------------- ------------- ------------ -------------
Net decrease (553,109) $ (10,121,914) (737,839) $ (12,110,264)
============= ============= ============ =============
- ---------------------------------------------------------------------
Series C Shares
- ---------------------------------------------------------------------
Shares sold 6,563 $ 113,580 4,837 $ 62,950
Shares issued for reinvestment of distributions 7,682 150,104 4,820 74,850
Shares redeemed (125,773) (2,408,595) (98,489) (1,609,034)
------------- ------------- ------------ -------------
Net decrease (111,528) $ (2,144,911) (88,832) $ (1,471,234)
============= ============= ============ =============
- ---------------------------------------------------------------------
Series D Shares
- ---------------------------------------------------------------------
Shares sold 4,386 $ 75,662 9,442 $ 168,590
Shares issued for reinvestment of distributions 18,187 371,374 14,142 226,988
Shares redeemed (213,709) (3,787,932) (177,343) (2,861,271)
------------- ------------- ------------ -------------
Net decrease (191,136) $ (3,340,896) (153,759) $ (2,465,693)
============= ============= ============ =============
- ---------------------------------------------------------------------
Super-Institutional Shares
- ---------------------------------------------------------------------
Shares sold 0 $ 0 0 $ 0
Shares issued for reinvestment of distributions 389,265 8,349,733 183,821 3,067,971
Shares redeemed 0 0 0 0
------------- ------------- ------------ -------------
Net increase 389,265 $ 8,349,733 183,821 $ 3,067,971
============= ============= ============ =============
- ---------------------------------------------------------------------
Fund Summary
- ---------------------------------------------------------------------
Shares sold 522,757 $ 11,456,976 923,650 $ 15,942,971
Shares issued for reinvestment of distributions 658,292 14,034,194 343,742 5,700,301
Shares redeemed (1,828,744) (34,827,264) (3,441,934) (54,955,335)
------------- ------------- ------------ -------------
Net decrease (647,695) $ (9,336,094) (2,174,542) $ (33,312,063)
============= ============= ============ =============
See accompanying notes to financial statements

</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>

THE CHESAPEAKE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Year)

Institutional Shares

- ------------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended Year ended Year ended Year ended
February 28, February 28, February 28, February 29, February 29,
2000 1999 1998 1997 1996
- ------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of year $16.60 $17.86 $16.26 $14.45 $11.31

Income (loss) from investment operations
Net investment loss (0.21) (0.17) (0.15) (0.13) (0.05)
Net realized and unrealized gain (loss) on investments 17.92 (0.63) 4.22 1.94 3.38
-------- --------- --------- --------- ----------

Total from investment operations 17.71 (0.80) 4.07 1.81 3.33
-------- --------- --------- --------- ----------

Distributions to shareholders from
Net investment income (0.00) 0.00 0.00 0.00 (0.11)
Tax return of capital 0.00 0.00 (0.53) 0.00 0.00
Distribution in excess of net realized gains 0.00 (0.03) 0.00 0.00 0.00
Net realized gain from investment transactions (1.23) (0.43) (1.94) 0.00 (0.08)
-------- --------- --------- --------- ----------

Total distributions (1.23) (0.46) (2.47) 0.00 (0.19)
-------- --------- --------- --------- ----------

Net asset value, end of year $33.08 $16.60 $17.86 $16.26 $14.45
======== ========= ========= ========= ==========

Total return (a) 110.91 % (4.51)% 25.25 % 12.53 % 29.66 %
======== ========= ========= ========= ==========

Ratios/supplemental data
Net assets, end of year (000's) $120,416 $63,426 $92,858 $77,858 $80,252
======== ========= ========= ========= ==========

Ratio of expenses to average net assets
Before expense reimbursements and waived fees 1.21 % 1.22 % 1.19 % 1.23 % 1.65 %
After expense reimbursements and waived fees 1.17 % 1.15 % 1.16 % 1.22 % 1.49 %

Ratio of net investment loss to average net assets
Before expense reimbursements and waived fees (1.03)% (0.87)% (0.90)% (0.85)% (0.98)%
After expense reimbursements and waived fees (1.00)% (0.80)% (0.88)% (0.84)% (0.82)%

Portfolio turnover rate 165.92 % 121.48 % 105.60 % 126.44 % 99.33 %

(a) Total return does not reflect payment of a sales charge.

See accompanying notes to financial statements (Continued)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Period)

Super-Institutional Shares

- ------------------------------------------------------------------------------------------------------------------------------------
For the
period from
June 12, 1996
(commencement
Year ended Year ended Year ended of operations)
February 29, February 28, February 28, February 29,
2000 1999 1998 1997
- ------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period $16.68 $17.92 $16.29 $15.53

Income (loss) from investment operations
Net investment loss (0.18) (0.11) (0.12) (0.07)
Net realized and unrealized gain (loss) on investments 18.03 (0.67) 4.22 0.83
--------- --------- ---------- ----------

Total from investment operations 17.85 (0.78) 4.10 0.76
--------- --------- ---------- ----------

Distributions to shareholders from
Net investment income (0.00) 0.00 0.00 0.00
Tax return of capital 0.00 0.00 (0.53) 0.00
Distribution in excess of net realized gains 0.00 (0.03) 0.00 0.00
Net realized gain from investment transactions (1.23) (0.43) (1.94) 0.00
--------- ---------- ---------- ----------

Total distributions (1.23) (0.46) (2.47) 0.00
--------- ---------- ---------- ----------

Net asset value, end of period $33.30 $16.68 $17.92 $16.29
========= ========== ========== ==========

Total return (a) 111.10 % (4.32)% 25.40 % 4.89%(b)
========= ========== ========== ==========

Ratios/supplemental data
Net assets, end of period (000's) $238,827 $113,148 $118,246 $94,340
========= ========== ========== ==========

Ratio of expenses to average net assets
Before expense reimbursements and waived fees 1.08 % 1.05 % 1.06 % 1.08 %(c)
After expense reimbursements and waived fees 1.04 % 0.99 % 1.04 % 1.04 %(c)

Ratio of net investment loss to average net assets
Before expense reimbursements and waived fees (0.91)% (0.71)% (0.77)% (0.75)%(c)
After expense reimbursements and waived fees (0.87)% (0.64)% (0.75)% (0.72)%(c)

Portfolio turnover rate 165.92 % 121.48 % 105.60 % 126.44 %

(a) Total return does not reflect payment of a sales charge.
(b) Aggregate return. Not annualized.
(c) Annualized.

See accompanying notes to financial statements (Continued)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Period)

Series A Investor Shares

- ------------------------------------------------------------------------------------------------------------------------------------
For the
period from
April 7, 1995
(commencement
Year ended Year ended Year ended Year ended of operations)to
February 29, February 28, February 28, February 28, February 29,
2000 1999 1998 1997 1996
- ------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period $16.37 $17.69 $16.18 $14.42 $11.79

Income (loss) from investment operations
Net investment income loss (0.33) (0.24) (0.21) (0.18) (0.06)
Net realized and unrealized gain (loss) on investments 17.66 (0.62) 4.19 1.94 2.88
--------- --------- --------- ---------- -----------

Total from investment operations 17.33 (0.86) 3.98 1.76 2.82
--------- --------- --------- ---------- -----------

Total distributions (1.23) (0.46) (2.47) 0.00 (0.19)
--------- --------- --------- ---------- -----------

Net asset value, end of period $32.47 $16.37 $17.69 $16.18 $14.42
========= ========= ========= ========== ===========

Total return (a) 110.07 % (4.83)% 24.80 % 12.21 % 23.86 %(b)
========= ========= ========= ========== ===========

Ratios/supplemental data
Net assets, end of period (000's) $33,200 $25,797 $40,924 $39,376 $32,549
========= ========= ========= ========== ===========

Ratio of expenses to average net assets
Before expense reimbursements and waived fees 1.59 % 1.60 % 1.55 % 1.54 % 1.88 %(c)
After expense reimbursements and waived fees 1.56 % 1.53 % 1.52 % 1.53 % 1.71 %(c)

Ratio of net investment loss to average net assets
Before expense reimbursements and waived fees (1.41)% (1.26)% (1.27)% (1.16)% (1.20)%(c)
After expense reimbursements and waived fees (1.38)% (1.18)% (1.24)% (1.15)% (1.04)%(c)

Portfolio turnover rate 165.92 % 121.48 % 105.60 % 126.44 % 99.33 %

(a) Total return does not reflect payment of a sales charge.
(b) Aggregate return. Not annualized.
(c) Annualized.

See accompanying notes to financial statements (Continued)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Period)

Series C Investor Shares
- ------------------------------------------------------------------------------------------------------------------------------------
For the
period from
April 7, 1995
(commencement
Year ended Year ended Year ended Year ended of operations)to
February 29, February 28, February 28, February 29, February 28,
2000 1999 1998 1997 1996
- ------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period $15.52 $17.12 $15.97 $14.34 $11.79

Income (loss) from investment operations
Net investment income loss (1.14) (0.60) (0.52) (0.29) (0.12)
Net realized and unrealized gain (loss) on investments 16.91 (0.54) 4.14 1.92 2.86
--------- --------- --------- -------- ----------

Total from investment operations 15.77 (1.14) 3.62 1.63 2.74
--------- --------- --------- -------- ----------

Total distributions (1.23) (0.46) (2.47) 0.00 (0.19)
--------- --------- --------- -------- ----------

Net asset value, end of period $30.06 $15.52 $17.12 $15.97 $14.34
========= ========= ========= ======== ==========

Total return (a) 106.03 % (6.68)% 22.95 % 11.30 % 23.18 %(b)
========= ========= ========= ======== ==========

Ratios/supplemental data
Net assets, end of period (000's) $1,952 $2,740 $4,541 $9,192 $7,908
========= ========= ========= ======== ==========

Ratio of expenses to average net assets
Before expense reimbursements and waived fees 4.02 % 3.90 % 3.11 % 2.34 % 2.38 %(c)
After expense reimbursements and waived fees 3.43 % 3.45 % 3.05 % 2.33 % 2.18 %(c)

Ratio of net investment loss to average net assets
Before expense reimbursements and waived fees (3.83)% (3.55)% (2.84)% (1.97)% (1.77)%(c)
After expense reimbursements and waived fees (3.25)% (3.11)% (2.78)% (1.96)% (1.57)%(c)

Portfolio turnover rate 165.92 % 121.48 % 105.60 % 126.44 % 99.33 %

(a) Total return does not reflect payment of a sales charge.
(b) Aggregate return. Not annualized.
(c) Annualized.

See accompanying notes to financial statements (Continued)
</TABLE>
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
THE CHESAPEAKE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Period)

Series D Investor Shares
- ------------------------------------------------------------------------------------------------------------------------------------

For the
period from
April 7, 1995
(commencement
Year ended Year ended Year ended Year ended of operations)
Feruary 29, February 28, February 28, February 28, February 29,
2000 1999 1998 1997 1996
- ------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period $16.04 $17.45 $16.09 $14.41 $11.79

Income (loss) from investment operations
Net investment income loss (0.44) (0.34) (0.32) (0.29) (0.11)
Net realized and unrealized gain (loss) on investments 17.22 (0.61) 4.15 1.97 2.92
--------- -------- -------- -------- ---------

Total from investment operations 16.78 (0.95) 3.83 1.68 2.81
--------- -------- -------- -------- ---------

Total distributions (1.23) (0.46) (2.47) 0.00 (0.19)
--------- -------- -------- -------- ---------

Net asset value, end of period $31.59 $16.04 $17.45 $16.09 $14.41
========= ======== ======== ======== =========

Total return (a) 108.89 % (5.41)% 24.06 % 11.59 % 23.77 %(b)
========= ======== ======== ======== =========

Ratios/supplemental data
Net assets, end of period (000's) $9,832 $8,060 $11,448 $10,774 $11,929
========= ======== ======== ======== =========

Ratio of expenses to average net assets
Before expense reimbursements and waived fees 2.33 % 2.34 % 2.22 % 2.02 % 2.13 %(c)
After expense reimbursements and waived fees 2.12 % 2.14 % 2.18 % 2.01 % 1.73 %(c)

Ratio of net investment loss to average net assets
Before expense reimbursements and waived fees (2.15)% (2.00)% (1.94)% (1.64)% (1.54)%(c)
After expense reimbursements and waived fees (1.94)% (1.79)% (1.89)% (1.63)% (1.14)%(c)

Portfolio turnover rate 165.92 % 121.48 % 105.60 % 126.44 % 99.33 %

(a) Total return does not reflect payment of a sales charge.
(b) Aggregate return. Not annualized.
(c) Annualized.

See accompanying notes to financial statements
</TABLE>
<PAGE>
THE CHESAPEAKE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER INFORMATION

The Chesapeake Growth Fund (the "Fund"), formerly known as The Chesapeake
Fund prior to November 1, 1997, is a diversified series of shares of
beneficial interest of the Gardner Lewis Investment Trust (the "Trust").
The Trust, an open-end investment company, was organized on August 12, 1992
as a Massachusetts Business Trust and is registered under the Investment
Company Act of 1940, (the "Act") as amended. The investment objective of
the Fund is to seek capital appreciation through investments in equity
securities of medium and large capitalization companies, consisting
primarily of common and preferred stocks and securities convertible into
common stocks. The Fund offers five classes of shares -
Super-Institutional, Institutional, Investor Series A, Investor Series C,
and Investor Series D. The Institutional Shares and Super-Institutional
Shares are offered to institutional investors without a sales charge and
bear no distribution and service fees. The Investor Shares are offered with
a sales charge (except for Series C Shares) at different levels and bear
distribution fees at different levels.

Each class of shares has equal rights as to assets of the Fund, and the
classes are identical except for differences in their sales charge
structures, ongoing distribution and service fees, and various expenses
that can be attributed to specific class activity. Income, expenses (other
than distribution and service fees, which are attributable to each class of
Investor Shares based upon a set percentage of its net assets, and other
expenses which can be traced to specific class activity), and realized and
unrealized gains or losses on investments are allocated to each class of
shares based upon its relative net assets. All classes have equal voting
privileges since the Trust shareholders vote in the aggregate, not by fund
or class, except where otherwise required by law or when the Board of
Trustees determines that the matter to be voted on affects only the
interests of a particular fund or class. The following is a summary of
significant accounting policies followed by the Fund.

A. Security Valuation - The Fund's investments in securities are carried
at value. Securities listed on an exchange or quoted on a national
market system are valued at the last quoted sales price as of 4:00
p.m. New York time on the day of valuation. Other securities traded in
the over-the-counter market and listed securities for which no sale
was reported on that date are valued at the most recent bid price.
Securities for which market quotations are not readily available, if
any, are valued by using an independent pricing service or by
following procedures approved by the Board of Trustees. Short-term
investments are valued at cost which approximates value.

B. Federal Income Taxes - The Fund is considered a personal holding
company as defined under Section 542 of the Internal Revenue Code
since 50% of the value of the Fund's shares were owned directly or
indirectly by five or fewer individuals at certain times during the
last half of the year. As a personal holding company, the Fund is
subject to federal income taxes on undistributed personal holding
company income at the maximum individual income tax rate. No provision
has been made for federal income taxes since substantially all taxable
income has been distributed to shareholders. It is the policy of the
Fund to comply with the provisions of the Internal Revenue Code
applicable to regulated investment companies and to make sufficient
distributions of taxable income to relieve it from all federal income
taxes.

Net investment income (loss) and net realized gains (losses) may
differ for financial statement and income tax purposes primarily
because of losses incurred subsequent to October 31, which are
deferred for income tax purposes. The character of distributions made
during the year from net investment income or net realized gains may
differ from their ultimate characterization for federal income tax
purposes. Also, due to the timing of dividend distributions, the
fiscal year in which amounts are distributed may differ from the year
that the income or realized gains were recorded by the Fund.

(Continued)
<PAGE>

THE CHESAPEAKE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000

Distributions which exceed net investment income and net realized gains for
financial reporting purposes but not for tax purposes, if any, are shown as
distributions in excess of net investment income and net realized gains in
the accompanying statements.

As a result of the Fund's operating net investment loss, a reclassification
adjustment of $2,553,415 has been made on the statement of assets and
liabilities to decrease accumulated net investment loss, bringing it to
zero, and decrease undistributed net realized gain on investments.

C. Investment Transactions - Investment transactions are recorded on the
trade date. Realized gains and losses are determined using the
specific identification cost method. Interest income is recorded daily
on an accrual basis. Dividend income is recorded on the ex-dividend
date.

D. Distributions to Shareholders - The Fund may declare dividends
annually, generally payable on a date selected by the Trust's
Trustees. Distributions to shareholders are recorded on the
ex-dividend date. In addition, distributions may be made annually in
November out of net realized gains through October 31 of that year.
The Fund may make a supplemental distribution subsequent to the end of
its fiscal year.

E. Use of Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles requires
management to make estimates and assumptions that affect the amounts
of assets, liabilities, expenses and revenues reported in the
financial statements. Actual results could differ from those
estimates.

NOTE 2 - INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS

The Fund's administrator, The Nottingham Company, (the "Administrator"),
provides administrative services to and is generally responsible for the
overall management and day-to-day operations of the Fund pursuant to a fund
accounting and compliance agreement with the Trust. As compensation for its
services, the Administrator receives a fee at the annual rate of 0.075% of
the average daily net assets for the Institutional Shares and for Series A,
Series C, and Series D Investor Shares and receives a fee at the annual
rate of 0.015% of the average daily net assets for the Super-institutional
Shares. The Administrator also receives a monthly fee of $1,750 for the
Institutional Shares and for Series A, Series C, and Series D Investor
Shares for accounting and recordkeeping services. The contract with the
Administrator provides that the aggregate fees for the aforementioned
administration, accounting and recordkeeping services shall not be less
than $3,000 per month. The Administrator receives a fee of $12,500 per year
for shareholder administration costs for the Institutional Shares and for
Series A, Series C, and Series D Investor shares. The Administrator also
charges the Fund for certain expenses involved with the daily valuation of
portfolio securities. The Administrator voluntarily waived a portion of its
fees amounting to $25,000 for the fiscal year ended February 29, 2000.
There can be no assurance that the foregoing voluntary fee waivers will
continue.

(Continued)

<PAGE>
THE CHESAPEAKE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000

NC Shareholder Services, LLC (the "Transfer Agent") has been retained by
the Administrator to serve as the Fund's transfer, dividend paying, and
shareholder servicing agent. The Transfer Agent maintains the records of
each shareholder's account, answers shareholder inquiries concerning
accounts, processes purchases and redemptions of Fund shares, acts as
dividend and distribution disbursing agent, and performs other shareholder
servicing functions.

Capital Investment Group, Inc. (the "Distributor") serves as the Fund's
principal underwriter and distributor. The Distributor receives any sales
charges imposed on purchases of shares and re-allocates a portion of such
charges to dealers through whom the sale was made. For the fiscal year
ended February 29, 2000, the Distributor retained sales charges in the
amount of $470.

Certain Trustees and officers of the Trust are also officers or directors
of the Advisor or the Administrator.

NOTE 3 - DISTRIBUTION AND SERVICE FEES

The Board of Trustees, including a majority of the Trustees who are not
"interested persons" of the Trust as defined in the Act, adopted a
distribution plan with respect to all Investor Shares pursuant to Rule
12b-1 of the Act (the "Plan"). Rule 12b-1 regulates the manner in which a
regulated investment company may assume costs of distributing and promoting
the sales of its shares and servicing of its shareholder accounts.

The Plan provides that the Fund may incur certain costs, which may not
exceed 0.25%, 0.75% and 0.50% per annum of the average daily net assets of
Series A, Series C and Series D Investor Shares, respectively, for each
year elapsed subsequent to adoption of the Plan, for payment to the
Distributor and others for items such as advertising expenses, selling
expenses, commissions, travel or other expenses reasonably intended to
result in sales of Investor Shares of the Fund or support servicing of
shareholder accounts.

The Fund incurred $60,943, $17,085 and $35,088, net of waived fees, in
distribution and service fees under the Plan with respect to Series A,
Series C and Series D Investor Shares, respectively, for the fiscal year
ended February 29, 2000.

NOTE 4 - PURCHASES AND SALES OF INVESTMENTS

Purchases and sales of investments other than short-term investments
aggregated $417,821,939 and $447,126,270, respectively, for the fiscal year
ended February 29, 2000.

NOTE 5 - EXPENSE REDUCTIONS

The Advisor has transacted certain portfolio trades with brokers who paid a
portion of the Fund's expenses. For the fiscal year ended February 29,
2000, the Fund's expenses were reduced by $81,282 under this arrangement.

NOTE 6 - DISTRIBUTIONS TO SHAREHOLDERS

For federal income tax purposes, the Fund must report distributions from
net realized gain from investment transactions that represent long-term
capital gain to its shareholders. The Fund paid a total amount of $1.23 per
share distributions for the year ended February 29, 2000, including $0.64
that is classified as long term gain. Shareholders should consult a tax
advisor on how to report distributions for state and local income tax
purposes.
<PAGE>

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of Gardner Lewis Investment Trust and Shareholders of
The Chesapeake Growth Fund:

We have audited the accompanying statement of assets and liabilities of The
Chesapeake Growth Fund, including the portfolio of investments, as of February
29, 2000, and the related statement of operations for the year then ended, the
statements of changes in net assets for the years ended February 29, 2000 and
February 28, 1999, and financial highlights for the periods presented. These
financial statements and financial highlights are the responsibility of the
Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned as of
February 29, 2000, by correspondence with the custodian and brokers; where
replies were not received from brokers, we performed other auditing procedures.
An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Chesapeake Growth Fund as of February 29, 2000, the results of its operations
for the year ended, and the changes in its net assets and its financial
highlights for the respective stated periods, in conformity with generally
accepted accounting principles.

/S/ Deloitte & Touche LLP

Princeton, New Jersey
March 22, 2000

<PAGE>

________________________________________________________________________________

THE CHESAPEAKE GROWTH FUND

________________________________________________________________________________

a series of the Gardner Lewis Investment Trust

This Report has been prepared for
shareholders and may be distributed to
others only if preceded or accompanied by
a current prospectus.
<PAGE>

________________________________________________________________________________

THE CHESAPEAKE CORE GROWTH FUND

________________________________________________________________________________

a series of the Gardner Lewis Investment Trust

Annual Report 2000

FOR THE YEAR ENDED FEBRUARY 29

INVESTMENT ADVISOR
Gardner Lewis Asset Management
285 Wilmington-West Chester Pike
Chadds Ford, Pennsylvania 19317

THE CHESAPEAKE CORE GROWTH FUND
107 North Washington Street
Post Office Drawer 4365
Rocky Mount, North Carolina 27803-0365
1-800-430-3863

<PAGE>

__________________________________

THE CHESAPEAKE FUNDS
__________________________________

April 3, 2000

Dear Shareholder:

The Chesapeake Core Growth Fund closed the first quarter with a gain of
13.1%. This gain compares to gains of 2.3% and 7.1% for the S&P 500 and Russell
2000, respectively. This quarterly letter, the 40th one we have written, brings
to close our firm's tenth year in business. Over this time we have made tens of
thousands of telephone calls to, and met with, thousands of companies. The net
result has been success across the market cap spectrum. Our Smaller Cap, Growth
(mid cap), and Core Growth (large cap) disciplines have each outperformed both
the S&P 500 and the Russell 2000 since their respective inceptions. This is
despite volatile environments and those environments from time to time favoring
other investment styles. Throughout our tenure, one thing has rung true perhaps
more than any other. Ultimately stock price will reflect underlying company
fundamentals.

We believe that many of today's technological innovators, those with
evolutionary product or service and proprietary position will continue to
experience dramatic success. Those whose companies were formulated simply to
catch part of this amazing wave of available investment capital will not. We
missed the e-tailers' dramatic moves to the upside in 1998 because we could
neither grow comfortable with their business models nor their valuations. Given
that this group was responsible for the heaviest contribution to most index
results by a wide margin in that year, our lack of ownership certainly hurt our
comparative returns. But now that many of these e-commerce companies are at the
point of bankruptcy and their stock prices reflect this, we feel somewhat
vindicated. We will attempt to avoid the hundreds of companies that in the next
couple of years will suffer the fate of the also-ran e-tailers. But, at the same
time, we will attempt to capitalize on the unprecedented technological changes
that are now shaping and reshaping our lives.

In one final note, we would like to welcome Brett Nelson, John
Fraunces, and Joel Fishbein to our research staff and Sharon Hayden to our
settlements area. Have a pleasant Spring!

Sincerely,

/s/ W. Whitfield Gardner

W. Whitfield Gardner

<PAGE>

____________________________________________

THE CHESAPEAKE CORE GROWTH FUND
____________________________________________

March 31, 2000

Investment Strategy
- --------------------------------------------------------------------------------

The Chesapeake Core Growth Fund seeks capital appreciation through investments
in large capitalization growth equities. The cornerstone of the fund's intensive
in-house fundamental analysis is constant contact with the management,
customers, competitors, and suppliers of both current and potential investments.

Investment Guidelines
- --------------------------------------------------------------------------------

The Fund seeks companies that:

The Largest Industry Groups
- --------------------------------------------------------------------------------

[Pie Chart Here]

Computer Software 5.4%
Computers & Peripherals 8.9%
Electronics/Instruments 5.3%
Energy Services 8.9%
Financial Services 10.9%
Machinery, Construction & Manufacturing 6.4%
Networking 4.9%
Pharmaceuticals 6.7%
Semiconductors & Related 10.5%
Telecommunications 11.9%
All Others 20.3%

About The Investment Advisor
- --------------------------------------------------------------------------------

<PAGE>

Ten Largest Holdings
- ---------------------------------------
1. EMC Corporation 5.6%
2. Cisco Systems 3.3%
3. Enron Corporation 3.1%
4. JDS Uniphase, Inc. 3.0%
5. Amgen 2.8%
6. Citigroup, Inc. 2.7%
7. Goldman Sachs, Inc. 2.7%
8. Ciena Corp 2.7%
9. Tyco Industries, Inc. 2.7%
10. Oracle Corp. 2.6%

Portfolio Characteristics
- ---------------------------------------
Number of Companies 48
5 Yr. Historical Earnings Growth 16%
Earnings Growth - net year 25%
P/E Ratio - next year 36
(Gardner Lewis earnings estimates)

Performance Summary
- ---------------------------------------
Annualized
- --------------------------------------------------------------------
Quarter Since
End 1 Year Inception
- --------------------------------------------------------------------
The Chesapeake
Core Growth Fund 13.1% 60.3% 34.8%
- --------------------------------------------------------------------

The inception date of the Fund was September 29, 1997. The performance quoted
represents past performance and is not a guarantee of future results. Share
price and investment return will vary, so you may have a gain or loss when you
sell shares.

Must be accompanied or preceded by a prospectus.
Capital Investment Group, Inc., Distributor
Raleigh, NC (800)525-3863

<PAGE>
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<S> <C> <C> <C> <C> <C>
____________________________________________

THE CHESAPEAKE CORE GROWTH FUND
____________________________________________

PORTFOLIO OF INVESTMENTS
(unaudited)
March 31, 2000

- ------------------------------------------------------------ -----------------------------------------------------------
Quantity Security Market Value Quantity Security Market Value
============================================================ ===========================================================
5,000 ADC Telecommunications, Inc. 269,375 6,300 IMS Health Inc. 106,706
2,600 AES Corporation 204,750 3,400 Infineon Technologies ADS 195,500
4,200 AT&T 236,512 2,800 JDS Uniphase, Inc. 337,575
2,600 Agilent Technologies, Inc. 270,400 7,200 Jones Apparel Group, Inc. 227,700
5,200 Amgen 319,150 6,222 MCI Worldcom Inc. 281,934
2,800 BEA Systems, Inc. 205,450 5,300 Medtronic, Inc. 272,619
5,300 Banc One Corp. 182,850 6,600 Nabors Industries, Inc. 256,162
4,465 BankAmerica Corp. 234,133 1,300 Nokia Corp. 288,600
3,500 Boeing Co. 132,344 3,800 Oracle Corp. 296,637
6,600 Boston Scientific Corp. 140,662 2,800 Pharmacia & Upjohn Inc. 166,600
900 CMGI, Inc. 101,981 1,300 SDL, Inc. 276,737
2,800 CVS Corporation 105,175 5,300 Solectron Corporation 212,662
6,800 Cendant Corporation 125,800 3,080 Sun Microsystems, Inc. 288,606
2,600 Chase Manhattan Bank 226,687 1,500 Sycamore Networks, Inc. 193,500
2,400 Ciena Corp. 302,700 2,600 Target Corp. 194,350
4,800 Cisco Systems 371,100 3,100 Teradyne, Inc. 254,200
5,150 Citigroup Inc. 308,356 6,000 Tyco Industries, Inc. 300,750
8,400 Columbia/HCA Healthcare Corp. 212,625 2,500 United Parcel Service, Inc. 157,471
4,000 Compaq Computer Corp. 108,000 5,625 Walt Disney Co. 232,031
1,300 Corning, Inc. 252,200 2,900 Warner Lambert & Co. 283,294
5,040 EMC Corporation 635,040 3,850 Weatherford International, Inc. 225,225
4,600 Enron Corporation 344,425 8,200 Webvan Group, Inc. 63,037
2,900 Goldman Sachs, Inc. 305,225 3,200 Xilinx Inc. 265,000
3,500 Honeywell International, Inc. 184,406 950 i2 Technologies, Inc. 116,019

TOTAL EQUITY 11,272,265

CASH EQUIVALENT 263,112

TOTAL ASSETS 11,535,377

</TABLE>
<PAGE>

THE CHESAPEAKE CORE GROWTH FUND

Performance Update - $25,000 Investment

For the period from September 29,1997
(Commencement of Operations) to February 29, 2000

[Line Graph Here]:
- -------------------------------------------------------
The Chesapeake S&P 500 Total
Core Growth Fund Return Index
- -------------------------------------------------------
9/29/97 $25,000 $25,000
11/30/97 24,825 25,123
2/28/98 26,872 27,701
5/31/98 27,649 28,907
8/31/98 23,391 25,458
11/30/98 28,676 31,067
2/28/99 31,781 33,168
5/31/99 41,198 34,984
8/31/99 34,736 35,596
11/30/99 41,998 37,559
2/29/00 52,961 37,058

This graph depicts the performance of The Chesapeake Core Growth Fund versus the
S&P 500 Total Return Index. It is important to note that The Chesapeake Core
Growth Fund is a professionally managed mutual fund while the index is not
available for investment and is unmanaged. The comparison is shown for
illustrative purposes only.

Average Annual Total Returns

- --------------------------------------------
One Year Since Inception
- --------------------------------------------
66.64% 36.38%
- --------------------------------------------

The graph assumes an initial $25,000 investment at September 29, 1997. All
dividends and distributions are reinvested.

At February 29, 2000, The Chesapeake Core Growth Fund would have grown to
$52,961 - total investment return of 111.84% since September 29, 1997.

At February 29, 2000, a similar investment in the S&P 500 Total Return Index
would have grown to $37,058 - total investment return of 48.23% since September
29, 1997.

THE CHESAPEAKE CORE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

COMMON STOCKS - 99.63%

Aerospace & Defense - 1.12%
The Boeing Company ................................................. 3,500 $ 129,063
-----------

Apparel Manufacturing - 1.41%
(a)Jones Apparel Group, Inc. .......................................... 7,200 162,900
-----------

Commercial Services - 2.24%
(a)Cendant Corporation ................................................ 6,800 121,125
United Parcel Service, Inc. ........................................ 2,500 136,563
-----------
257,688
-----------
Computers - 7.74%
EMC Corporation .................................................... 5,040 599,760
(a)Sun Microsystems, Inc. ............................................. 3,080 293,370
-----------
893,130
-----------
Computer Software & Services - 11.64%
(a)BEA Systems, Inc. .................................................. 3,000 379,687
(a)BMC Software, Inc. ................................................. 2,420 111,320
(a)i2 Technologies, Inc. .............................................. 2,000 327,000
IMS Health Incorporated ............................................ 6,300 127,575
(a)Oracle Corporation ................................................. 3,800 282,150
(a)Vignette Corporation ............................................... 500 115,250
-----------
1,342,982
-----------
Electrical Equipment - 1.46%
Honeywell International Inc. ....................................... 3,500 168,875
-----------

Electronics - 2.34%
(a)Teradyne, Inc. ..................................................... 3,100 269,700
-----------

Electronics - Semiconductor - 3.63%
(a)SDL, Inc. .......................................................... 400 164,000
(a)Xilinx, Inc. ....................................................... 3,200 255,200
-----------
419,200
-----------
Entertainment - 1.54%
The Walt Disney Company ............................................ 5,300 177,550
-----------

Financial - Banks, Commercial - 1.03%
Bank of America Corporation ........................................ 2,590 119,302
-----------

(Continued)
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THE CHESAPEAKE CORE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

COMMON STOCKS - (Continued)

Financial - Banks, Money Center - 4.87%
Banc One Corporation ............................................... 5,300 $ 137,137
Citigroup Inc. ..................................................... 5,150 266,191
(a)The Chase Manhattan Corporation .................................... 2,000 159,250
-----------
562,578
-----------
Financial - Securities Broker - 2.32%
The Goldman Sachs Group, Inc. ...................................... 2,900 268,250
-----------

Food - Wholesale - 0.81%
(a)Webvan Group Inc. .................................................. 8,200 93,275
-----------

Forest Products & Paper - 0.99%
International Paper Company ........................................ 3,100 114,119
-----------

Medical - Biotechnology - 12.73%
(a)Affymetrix, Inc. ................................................... 800 231,700
(a)Amgen, Inc. ........................................................ 5,200 354,575
(a)Human Genome Sciences, Inc. ........................................ 2,600 567,450
Medtronic, Inc. .................................................... 6,500 315,656
-----------
1,469,381
-----------
Medical - Hospital Mgmt & Service - 1.41%
Columbia/HCA Healthcare Corporation ................................ 8,400 162,750
-----------

Medical Supplies - 1.04%
(a)Boston Scientific Corporation ...................................... 6,600 120,450
-----------

Miscellaneous - Manufacturing - 4.09%
Corning Incorporated ............................................... 1,300 244,400
Tyco International Ltd. ............................................ 6,000 227,625
-----------
472,025
-----------
Oil & Gas - Domestic - 2.74%
Enron Corp. ........................................................ 4,600 316,538
-----------

Pharmaceuticals - 3.31%
Pharmacia & Upjohn, Inc. ........................................... 2,800 133,350
Warner-Lambert Company ............................................. 2,900 248,131
-----------
381,481
-----------

(Continued)
</TABLE>
<PAGE>
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THE CHESAPEAKE CORE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

COMMON STOCKS - (Continued)

Retail - Drug Stores - 0.85%
CVS Corporation .................................................... 2,800 $ 98,000
-----------

Retail - General Merchandise - 1.33%
Target Corporation ................................................. 2,600 153,400
-----------

Scientific & Electrical Instruments - 3.14%
(a)Agilent Technologies, Inc. ......................................... 3,500 362,906
-----------

Telecommunications - 8.27%
(a)CIENA Corporation .................................................. 2,600 415,513
(a)Sycamore Networks, Inc. ............................................ 1,500 222,000
(a)Cisco Systems, Inc. ................................................ 2,400 317,250
-----------
954,763
-----------
Telecommunications Equipment - 13.28%
(a)ADC Telecommunications, Inc. ....................................... 5,000 224,375
(a)Infonet Services Corporation - Class B ............................. 5,800 160,225
(a)JDS Uniphase Corporation ........................................... 1,400 369,250
(a)Nokia Oyj - ADR .................................................... 1,600 318,000
Telefonaktiebolaget LM Ericsson - ADR .............................. 4,800 460,800
-----------
1,532,650
-----------
Utilities - Electric - 1.89%
(a)The AES Corporation ................................................ 2,600 217,912
-----------

Utilities - Telecommunications - 2.41%
(a)MCI WorldCom, Inc. ................................................. 6,222 277,657
-----------

Total Common Stocks (Cost $7,416,235) ................................................. 11,498,525
-----------

INVESTMENT COMPANY - 0.46%

Evergreen Money Market Institutional Money
Market Fund Institutional Service Shares .............................................. 53,250 53,250
(Cost $53,250) -----------

Total Value of Investments (Cost $7,469,485 (b)) .................................................. 100.09 % $11,551,775
Liabilities In Excess of Other Assets ............................................................. (0.09)% (9,881)
------ -----------
Net Assets ................................................................................. 100.00 % $11,541,894
====== ===========

(Continued)
</TABLE>
<PAGE>
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THE CHESAPEAKE CORE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000

(a) Non-income producing investment.

(b) Aggregate cost for federal income tax purposes is $7,483,621. Unrealized appreciation (depreciation)
of investments for federal income tax purposes is as follows:

Unrealized appreciation .............................................................................. $ 4,623,240
Unrealized depreciation .............................................................................. (555,086)
-----------

Net unrealized appreciation .......................................................... $ 4,068,154
===========

See accompanying notes to financial statements
</TABLE>
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THE CHESAPEAKE CORE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

February 29, 2000

ASSETS
Investments, at value (cost $7,469,485) .......................................................... $11,551,775
Income receivable ................................................................................ 5,674
-----------

Total assets ................................................................................ 11,557,449
-----------

LIABILITIES
Accrued expenses ................................................................................. 15,555
-----------

NET ASSETS
(applicable to 594,210 shares outstanding; unlimited
shares of no par value beneficial interest authorized) .......................................... $11,541,894
===========

NET ASSET VALUE, REDEMPTION AND OFFERING PRICE PER SHARE
($11,541,894 / 594,210 shares) ................................................................... $19.42
===========

NET ASSETS CONSIST OF
Paid-in capital .................................................................................. $ 6,819,277
Undistributed net realized gain on investments ................................................... 640,327
Net unrealized oappreciation on investments ...................................................... 4,082,290
-----------
$11,541,894
===========

See accompanying notes to financial statements

</TABLE>
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THE CHESAPEAKE CORE GROWTH FUND

STATEMENT OF OPERATIONS

Year ended February 29, 2000

INVESTMENT LOSS

Income
Dividends ..................................................................................... $ 52,964
-----------

Expenses
Investment advisory fees (note 2) ............................................................. 80,628
Fund administration fees (note 2) ............................................................. 6,064
Custody fees .................................................................................. 4,446
Registration and filing administration fees (note 2) .......................................... 2,996
Fund accounting fees (note 2) ................................................................. 21,000
Audit fees .................................................................................... 17,957
Securities pricing fees ....................................................................... 3,415
Shareholder administration fees (note 2) ...................................................... 12,500
Shareholder recordkeeping fees ................................................................ 9,000
Shareholder servicing expenses ................................................................ 3,404
Registration and filing expenses .............................................................. 5,800
Printing expenses ............................................................................. 4,294
Trustee fees and meeting expenses ............................................................. 7,010
Other operating expenses ...................................................................... 2,509
-----------

Total expenses .......................................................................... 181,023
-----------

Less:
Expense reimbursements (note 4) .................................................... (5,446)
Investment advisory fees waived (note 2) ........................................... (69,737)
Fund administration fees waived (note 2) ........................................... (4,882)
Shareholder administration fees waived (note 2) .................................... (8,339)
-----------

Net expenses ............................................................................ 92,619
-----------

Net investment loss ................................................................ (39,655)
-----------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS

Net realized gain from investment transactions ................................................ 1,466,680
Increase in unrealized appreciation on investments ............................................ 3,065,717
-----------

Net realized and unrealized gain on investments ............................................... 4,532,397
-----------

Net increase in net assets resulting from operations .................................... $ 4,492,742
===========

See accompanying notes to financial statements

</TABLE>
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THE CHESAPEAKE CORE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

INCREASE IN NET ASSETS

Operations
Net investment loss .............................................................. $ (39,655) $ (33,853)
Net realized gain from investment transactions ................................... 1,466,680 175,957
Increase in unrealized appreciation on investments ............................... 3,065,717 581,260
----------- -----------

Net increase in net assets resulting from operations ......................... 4,492,742 723,364
----------- -----------

Distributions to shareholders from
Net realized gain from investment transactions ................................... (744,241) 0
----------- -----------

Capital share transactions
Increase in net assets resulting from capital share transactions (a) ............. 1,743,880 (722,119)
----------- -----------

Total increase in net assets ............................................ 5,492,381 1,245

NET ASSETS

Beginning of year ..................................................................... 6,049,513 6,048,268
----------- -----------

End of year ........................................................................... $11,541,894 $ 6,049,513
=========== ===========

(a) A summary of capital share activity follows:

---------------------------------------------------------------------------------------
Year ended Year ended
February 29, 2000 February 28, 1999

Shares Value Shares Value
---------------------------------------------------------------------------------------

Shares sold .............................. 71,242 $ 1,034,336 200,589 $ 2,203,206
Shares issued for reinvestment
of distributions .................... 48,484 744,241 0 0
----------- ----------- ----------- -----------

119,726 1,778,577 200,589 2,203,206

Shares redeemed .......................... (2,420) (34,697) (287,983) (2,925,325)
----------- ----------- ----------- -----------

Net increase (decrease) ............. 117,306 $ 1,743,880 (87,394) $ (722,119)
=========== =========== =========== ===========

See accompanying notes to financial statements

</TABLE>
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THE CHESAPEAKE CORE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Period)

- ------------------------------------------------------------------------------------------------------------------------------------
Year ended Year ended Period ended
February 29, February 28, February 28,
2000 1999 1998 (a)
- ------------------------------------------------------------------------------------------------------------------------------------

Net asset value, beginning of period ............................. $12.68 $10.72 $10.00

Income from investment operations
Net investment loss ................................... (0.07) (0.07) (0.01)
Net realized and unrealized gain on investments ....... 8.18 2.03 0.75
----------- ----------- -----------

Total from investment operations ................. 8.11 1.96 0.74
----------- ----------- -----------

Distributions to shareholders from
Distribution in excess of net investment income ....... (0.00) 0.00 (0.02)
Net realized gain from investment transactions ........ (1.37) 0.00 0.00
----------- ----------- -----------

Total distributions .............................. (1.37) 0.00 (0.02)
----------- ----------- -----------

Net asset value, end of period ................................... $19.42 $12.68 $10.72
=========== =========== ===========

Total return ..................................................... 66.64 % 18.27 % 7.49 %
=========== =========== ===========

Ratios/supplemental data

Net assets, end of period .................................. $11,541,894 $ 6,049,513 $ 6,048,268
=========== =========== ===========

Ratio of expenses to average net assets
Before expense reimbursements and waived fees ......... 2.25 % 2.73 % 3.19 % (b)
After expense reimbursements and waived fees .......... 1.15 % 1.39 % 1.24 % (b)

Ratio of net investment loss to average net assets
Before expense reimbursements and waived fees ......... (1.59)% (1.89)% (2.19)% (b)
After expense reimbursements and waived fees .......... (0.49)% (0.55)% (0.24)% (b)

Portfolio turnover rate .................................... 130.44 % 174.44 % 29.83 %

(a) For the period from September 29, 1997 (Commencement of Operations) to February 28, 1998.

(b) Annualized.

See accompanying notes to financial statements

</TABLE>
<PAGE>

THE CHESAPEAKE CORE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER INFORMATION

The Chesapeake Core Growth Fund (the "Fund") is a diversified series of
shares of beneficial interest of the Gardner Lewis Investment Trust
(the "Trust"). The Trust is an open-end investment company which was
organized in 1992 as a Massachusetts Business Trust and is registered
under the Investment Company Act of 1940, (the "Act"), as amended. The
Fund began operations on September 29, 1997. The investment objective
of the Fund is to seek capital appreciation through investments in
equity securities, consisting primarily of common and preferred stocks
and securities convertible into common stocks. The following is a
summary of significant accounting policies followed by the Fund:

A. Security Valuation - The Fund's investments in securities are
carried at value. Securities listed on an exchange or quoted
on a national market system are valued at the last sales price
as of 4:00 p.m. New York time. Other securities traded in the
over-the-counter market and listed securities for which no
sale was reported on that date are valued at the most recent
bid price. Securities for which market quotations are not
readily available, if any, are valued by using an independent
pricing service or by following procedures approved by the
Board of Trustees. Short-term investments are valued at cost
which approximates value.

B. Federal Income Taxes - The Fund is considered a personal
holding company as defined under Section 542 of the Internal
Revenue Code since 50% of the value of the Fund's shares were
owned directly or indirectly by five or fewer individuals at
certain times during the last half of the year. As a personal
holding company, the Fund is subject to federal income taxes
on undistributed personal holding company income at the
maximum individual income tax rate. No provision has been made
for federal income taxes since the Fund intends to distribute
substantially all taxable income to shareholders. It is the
policy of the Fund to comply with the provisions of the
Internal Revenue Code applicable to regulated investment
companies and to make sufficient distributions of taxable
income to relieve it from all federal income taxes.

Net investment income (loss) and net realized gains (losses)
may differ for financial statement and income tax purposes
primarily because of losses incurred subsequent to October 31,
which are deferred for income tax purposes. The character of
distributions made during the year from net investment income
or net realized gains may differ from their ultimate
characterization for federal income tax purposes. Also, due to
the timing of dividend distributions, the fiscal year in which
amounts are distributed may differ from the year that the
income or realized gains were recorded by the Fund.

C. Investment Transactions - Investment transactions are recorded
on the trade date. Realized gains and losses are determined
using the specific identification cost method. Interest income
is recorded daily on an accrual basis. Dividend income is
recorded on the ex-dividend date.

D. Distributions to Shareholders - The Fund may declare dividends
annually on a date selected by the Trust's Trustees.
Distributions to shareholders are recorded on the ex-dividend
date. In addition, distributions may be made annually in
November out of net realized gains through October 31 of that
year. The Fund may make a supplemental distribution subsequent
to the end of its fiscal year ending February 29.

(Continued)
<PAGE>

THE CHESAPEAKE CORE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000

E. Use of Estimates - The preparation of financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the amounts of assets, liabilities, expenses and
revenues reported in the financial statements. Actual results
could differ from those estimates.

NOTE 2 - INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS

Pursuant to an investment advisory agreement, Gardner Lewis Asset
Management (the "Advisor") provides the Fund with a continuous program
of supervision of the Fund's assets, including the composition of its
portfolio, and furnishes advice and recommendations with respect to
investments, investment policies, and the purchase and sale of
securities. As compensation for its services, the Advisor receives a
fee at the annual rate of 1.00% of the Fund's average daily net assets.
The Advisor intends to voluntarily waive all or a portion of its fee.
There can be no assurance that the foregoing voluntary fee waiver will
continue. The Advisor has voluntarily waived its fee amounting to
$69,737 ($0.13 per share) for the fiscal year ended February 29, 2000.

NC Shareholder Services, LLC (the "Transfer Agent") serves as the
Fund's transfer, dividend paying, and shareholder servicing agent. The
Transfer Agent maintains the records of each shareholder's account,
answers shareholder inquiries concerning accounts, processes purchases
and redemptions of Fund shares, acts as dividend and distribution
disbursing agent, and performs other shareholder servicing functions.

Certain Trustees and officers of the Trust are also officers of the
Advisor or the Administrator.

NOTE 3 - PURCHASES AND SALES OF INVESTMENTS

Purchases and sales of investments other than short-term investments
aggregated $11,261,361 and $10,349,061, respectively, for the fiscal
year ended February 29, 2000.

NOTE 4 - EXPENSE REDUCTION

The Advisor has transacted certain portfolio trades with brokers who
paid a portion of the Fund's expenses. For the year ended February 29,
2000, the Fund's expenses were reduced by $5,446 under this agreement.

(Continued)
<PAGE>

THE CHESAPEAKE CORE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000

NOTE 5 - DISTRIBUTIONS TO SHAREHOLDERS

For federal income tax purposes, the Fund must report distributions
from net realized gains from investment transactions that represent
long-term and short-term capital gains to its shareholders. Of the
total $1.37 per share distribution for the year ended February 29,
2000, $0.41 represents long-term capital gains and the remaining $0.96
represents the short-term capital gains. Shareholders should consult a
tax advisor on how to report distributions for state and local income
tax purposes.

<PAGE>

INDEPENDENT AUDITORS' REPORT

To the Board of Trustees of Gardner Lewis Investment Trust and Shareholders of
The Chesapeake Core Growth Fund:

We have audited the accompanying statement of assets and liabilities of The
Chesapeake Core Growth Fund, including the portfolio of investments, as of
February 29, 2000, and the related statement of operations for the year then
ended, the statements of changes in net assets for the years ended February 29,
2000 and February 28, 1999, and financial highlights for the periods presented.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of the securities owned as of
February 29, 2000, by correspondence with the custodian and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of The
Chesapeake Core Growth Fund as of February 29, 2000, the results of its
operations for the year ended, and the changes in its net assets and the
financial highlights for the respective stated periods, in conformity with
generally accepted accounting principles.

/s/ Deloitte & Touche LLP

Princeton, New Jersey
March 22, 2000

<PAGE>

________________________________________________________________________________

THE CHESAPEAKE AGGRESSIVE
GROWTH FUND

________________________________________________________________________________

a series of the Gardner Lewis Investment Trust

Semi-Annual Report 2000

FOR THE PERIOD ENDED FEBRUARY 29

INVESTMENT ADVISOR
Gardner Lewis Asset Management
285 Wilmington-West Chester Pike
Chadds Ford, Pennsylvania 19317

THE CHESAPEAKE AGGRESSIVE GROWTH FUND
107 North Washington Street
Post Office Drawer 4365
Rocky Mount, North Carolina 27803-0365
1-800-430-3863

<PAGE>

_______________________________________

THE CHESAPEAKE FUNDS
_______________________________________

April 3, 2000

Dear Shareholder:

The Chesapeake Aggressive Growth Fund closed the first quarter with a
gain of 14.8%. This gain compares to gains of 2.3% for the S&P 500 and 7.1% for
the Russell 2000. This quarterly letter, the 40th one we have written, brings to
close our firm's tenth year in business. Over this time we have made tens of
thousands of telephone calls to, and met with, thousands of companies. The net
result has been success across the market cap spectrum. Our Smaller Cap, Growth
(mid cap), Core Growth (large cap) disciplines have outperformed both the S&P
500 and the Russell 2000 since their respective inceptions. This is despite
volatile environments and those environments from time to time favoring other
investment styles. Throughout our tenure, one thing has rung true perhaps more
than any other. Ultimately stock price will reflect underlying company
fundamentals.

<PAGE>

In one final note, we would like to welcome Brett Nelson, John
Fraunces, and Joel Fishbein to our research staff and Sharon Hayden to our
settlements area. Have a pleasant Spring!

Sincerely,

/s/ W. Whitfield Gardner /s/ John L. Lewis, IV

W. Whitfield Gardner John L. Lewis, IV

<PAGE>

_______________________________________________

THE CHESAPEAKE AGGRESSIVE GROWTH FUND
_______________________________________________

March 31, 2000

Investment Strategy
- --------------------------------------------------------------------------------

The Chesapeake Aggressive Growth Fund seeks capital appreciation primarily
through investments in small and medium growth equities. The cornerstone of the
fund's intensive in-house fundamental analysis is constant contact with the
management, customers, competitors, and suppliers of both current and potential
investments.

Investment Guidelines
- --------------------------------------------------------------------------------

The Fund seeks companies that:

o are experiencing a rapid growth rate - companies in our portfolio are
forecasted to grow their profits in excess of 20% annually;
o are selling at a stock price not yet fully reflective of their growth rate;
o are undergoing a positive change created by new products, managements,
distribution strategies or manufacturing technologies;
o have a strong balance sheet;
o are less susceptible to macroeconomic change.

The Largest Industry Groups
- --------------------------------------------------------------------------------

[Pie Chart Here]

Business Services 6.5%
Computer Software 8.1%
Electronics/Instruments 8.9%
Energy Services 4.4%
Financial Services 4.3%
Healthcare Delivery 4.8%
Pharmaceuticals 5.2%
Retail Sales & Distribution 6.4%
Semiconductors & Related 27.6%
All Others 16.9%

About The Investment Advisor
- --------------------------------------------------------------------------------

<PAGE>

Ten Largest Holdings
- ----------------------------------------------------

1. LSI Logic Corp. 4.5%
2. TriQuint Semiconductor 3.5%
3. Atmel Corp. 3.1%
4. Jones Apparel Group 2.9%
5. Cognizant Technology Solutions 2.8%
6. Pinnacle Systems, Inc. 2.4%
7. Power-One, Inc. 2.3%
8. Semtech Corp. 2.1%
9. Novellus Systems, Inc. 2.1%
10. LTX Corp. 2.1%

Portfolio Characteristics
- ----------------------------------------------------
Overall Assets ($MM) 402
Number of Companies 111
5 Yr. Historical Earnings Growth 22%
Earnings Growth - net year 36%
P/E Ratio - next year 34
(Gardner Lewis earnings estimates)

Performance Summary
- ----------------------------------------------------
Annualized
- --------------------------------------------------------------------------------
The Chesapeake Quarter Since
Aggressive Growth Fund End 1 Year 5 Year Inception
- --------------------------------------------------------------------------------
Without the sales load
deduction 14.8% 89.1% 20.4% 20.8%
- --------------------------------------------------------------------------------
Net of the maximum
Sales load^1 11.4% 83.5% 19.6% 20.3%
- --------------------------------------------------------------------------------

1 The maximum sales load for the Fund is 3%. The inception date of the Fund was
January 4, 1993. The performance quoted represents past performance and is
not a guarantee of future results. Share price and investment return will
vary, so you may have a gain or loss when you sell shares.

Must be accompanied or preceded by a prospectus.
Capital Investment Group, Inc., Distributor
Raleigh, NC (800)525-3863

_______________________________________________

THE CHESAPEAKE AGGRESSIVE GROWTH FUND
_______________________________________________

PORTFOLIO OF INVESTMENTS
(unaudited)
March 31, 2000

- ------------------------------------------------- ------------------------------------------------
Quantity Security Market Value Quantity Security Market Value
================================================= ================================================
52,200 ART Technology Group, Inc. 3,428,887 84,600 Kent Electronics Corp. 2,469,262
100,500 ASM International N.V. 2,914,500 67,900 Kopin Corp. 4,668,125
187,600 AVT Corp 2,216,025 247,200 LSI Logic Corp. 17,952,900
138,700 Adaptec, Inc. 5,357,287 181,000 LTX Corp. 8,178,937
70,200 Advanced Radio Telecom 2,325,375 69,600 Lifeminders.com, Inc. 4,724,100
55,000 Allied Capital Corp. 959,062 289,500 Lifepoint Hospitals Inc. 4,812,937
44,300 Alpha Industries, Inc. 4,208,500 162,000 Linens'n Things 5,548,500
151,000 American Capital Strategies 3,831,625 36,200 MKS Instruments, Inc. 1,828,100
72,500 American Eagle Outfitters 2,750,469 55,000 MRV Communications, Inc. 5,039,375
230,900 Americredit Corp. 3,766,556 92,700 Marine Drilling Companies 2,543,456
165,800 Ames Department Stores 4,072,462 24,800 Maxim Pharmaceuticals 1,164,050
122,900 Amkor Technology Inc. 6,521,381 65,900 Nabors Industries, Inc. 2,557,744
102,800 Antec Corp. 4,606,725 134,000 NextCard, Inc. 2,049,781
168,100 Apria Healthcare Group, Inc. 2,426,944 105,500 Nova Corporation 3,072,687
54,100 Arthrocare 4,977,200 150,000 Novellus Systems, Inc. 8,418,750
103,050 Atlas Air Inc. 2,820,994 83,000 Open Market, Inc. 2,137,250
235,900 Atmel Corp. 12,178,337 208,200 P-Com, Inc. 3,851,700
3,281,536 Aura Systems, Inc. 1,312,614 31,700 PRI Automation, Inc. 1,937,662
108,000 BMC Software, Inc. 5,332,500 105,800 Peregrine Systems, Inc. 7,095,212
111,000 Bally Total Fitness Holdings 2,719,500 75,200 Pinnacle Holdings, Inc. 4,042,000
131,100 Biomatrix, Inc. 3,187,369 280,600 Pinnacle Systems, Inc. 9,329,950
43,100 Biomet, Inc. 1,567,762 79,700 PolyMedica Corp. 4,682,375
61,300 Brooks Automation, Inc. 3,831,250 151,900 Power-One, Inc. 9,170,962
46,500 C-Cube Microsystems, Inc. 3,385,781 48,100 Progenics Pharmaceuticals 3,367,000
159,000 CEC Entertainment Inc. 4,312,875 15,000 QRS Corp. 1,128,750
11,100 CNet Networks, Inc. 562,631 85,000 Quantum Corp 956,250
69,000 CTS Corp. 3,933,000 59,800 Rent-Way Inc. 1,166,100
170,400 Callaway Golf Company 2,641,200 197,300 Rowan Companies 5,808,019
351,400 Caremark RX, Inc. 1,471,487 32,900 SEI Investments Company 3,732,094
119,100 Cash America International 1,481,306 51,700 ST Assembly Test Svc. Ltd. 2,507,450
109,100 Checkfree Holdings Corp. 7,691,550 132,500 Semtech Corp. 8,488,281
174,200 Cognizant Tech. SolutioNS 10,887,500 197,700 Sensormatic Electronics 4,435,894
20,860 Comverse Technology, Inc. 3,942,540 54,537 Shire Pharmaceuticals ADR 2,795,021
58,000 Credence Systems Corp. 7,257,250 79,900 Sonic Automotive, Inc. 754,056
112,200 Digital Microwave Corp. 3,800,775 25,100 Spyglass, Inc. 1,946,427
21,200 Diversa Corporation 996,400 115,212 System Software Assoc. Inc. 172,818
72,900 Diversinet Corp. 1,303,087 90,300 Technology Solutions 823,987
90,300 ELoyalty Corp. 2,155,912 75,000 Telocity, Inc. 928,125
52,900 EMC Corporation 6,665,400 86,700 Texas BioTechnology Corp. 1,240,894
85,900 Edison Schools, Inc. 1,685,787 11,000 Three-Five Systems, Inc. 660,000
17,200 Energy Conversion Devices 351,525 189,200 TriQuint Semiconductor 13,906,200
130,600 Ensco International, Inc. 4,717,925 127,100 Unify Corp. 2,597,606
55,000 Entrust Technologies, Inc. 4,679,297 48,380 Universal Health Services 2,370,620
48,976 Excite@Home 1,613,147 173,000 Uniview Technologies, Corp. 843,375
25,300 Gene Logic, Inc. 1,064,181 122,100 ValueVision International 5,051,887
66,100 Gerald Stevens Inc. 528,800 160,300 Varco International, Inc. 2,023,787
59,800 Getty Images Inc. New 2,149,062 33,200 Varian Medical Systems 1,514,750
64,100 Gilead Sciences, Inc. 4,062,337 28,700 Veeco Instruments, Inc. 2,123,800
67,700 ILEX Oncology, Inc. 2,843,400 31,800 Visual Network, Inc. 1,804,650
117,100 Immunomedics 3,022,644 47,100 White Pine Software, Inc. 1,695,600
43,550 Insight Enterprises, Inc. 1,586,853 11,956 Wilshire Technologies Warrants 120
32,800 Integrated Devices Tech. 1,299,700 31,900 Xcare.net Inc. 458,562
23,000 InterVU, Inc. 2,070,000 60,200 Xircom, Inc. 2,227,400
33,400 Interdigital Communications 835,000 41,000 Zale Corporation 1,934,687
163,200 International Fibercom Inc. 3,876,000 187,400 eMachines, Inc. 1,124,400
358,000 Jones Apparel Group, Inc. 11,321,750

TOTAL EQUITY 395,373,863

CASH EQUIVALENT 6,726,131

TOTAL ASSETS 402,099,994

</TABLE>
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000
(Unaudited)

COMMON STOCKS - 99.32%

Apparel Manufacturing - 1.95%
(a)Jones Apparel Group, Inc. .............................................. 358,000 $ 8,099,750
-----------

Auto/Rental Leasing - 0.24%
(a)Rent-Way, Inc. ......................................................... 59,800 1,012,863
-----------

Biopharmaceuticals - 1.08%
(a)Progenics Pharmaceuticals, Inc. ........................................ 48,100 4,473,300
-----------

Broadcast - Radio and Television - 1.93%
(a)ValueVision International, Inc. ........................................ 160,200 8,010,000
-----------

Commercial Services - 0.85%
(a)Edison Schools Inc. .................................................... 85,900 1,116,700
(a)NOVA Corporation ....................................................... 105,500 2,433,094
-----------
3,549,794
-----------
Computers - 3.09%
(a)Adaptec, Inc. .......................................................... 138,700 5,686,700
(a)EMC Corporation ........................................................ 52,900 6,295,100
(a)uniView Technologies Corporation ....................................... 173,000 848,790
-----------
12,830,590
-----------
Computer Software & Services - 17.99%
(a)Art Technology Group, Inc. ............................................. 26,100 3,771,450
(a)At Home Corporation .................................................... 48,976 1,680,489
(a)AVT Corporation ........................................................ 187,600 4,959,675
(a)BMC Software, Inc. ..................................................... 108,000 4,968,000
(a)CheckFree Holdings Corporation ......................................... 103,500 9,101,531
(a)CNET, Inc. ............................................................. 11,100 742,313
(a)Cognizant Technology Solutions Corporation ............................. 87,100 9,504,787
(a)Diversinet Corp. ....................................................... 72,900 1,945,519
(a)eLoyalty Corporation ................................................... 90,300 2,759,794
(a)Entrust Technologies ................................................... 55,000 4,853,750
(a)Inprise Corporation .................................................... 236,800 2,397,600
(a)InterVU Inc. ........................................................... 23,000 3,402,563
(a)Lifeminders.com, Inc. .................................................. 61,000 3,240,625
(a)Onvia.com, Inc. ........................................................ 3,300 69,300
(a)Pinnacle Systems, Inc. ................................................. 140,300 7,032,538
(a)Peregrine Systems, Inc. ................................................ 105,800 5,779,325
(a)QRS Corporation ........................................................ 15,000 1,415,625
Spyglass, Inc. ......................................................... 25,100 1,468,350

(Continued)
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000
(Unaudited)

COMMON STOCKS - (Continued)

Computer Software & Services - (Continued)
System Software Associates, Inc. ................................... 115,212 $ 144,015
(a)Technology Solutions Company ....................................... 90,300 654,675
(a)Unify Corporation .................................................. 127,100 2,430,787
(a)Visual Networks, Inc. .............................................. 26,900 1,768,675
(a)XCare.net, Inc. .................................................... 31,900 606,100
-----------
74,697,486
-----------
Diversified Operations - 0.27%
(a)Aura Systems, Inc. ................................................. 3,281,536 1,115,722
-----------

Electronics - 10.15%
Cohu, Inc. ......................................................... 15,000 845,625
CTS Corporation .................................................... 69,000 4,433,250
(a)Kent Electronics Corporation ....................................... 84,600 2,865,825
(a)Kopin Corporation .................................................. 127,600 9,458,350
(a)LTX Corporation .................................................... 181,000 7,635,937
(a)Novellus Systems, Inc. ............................................. 166,500 9,875,531
(a)Power-One, Inc. .................................................... 143,400 7,044,525
-----------
42,159,043
-----------
Electronics - Semiconductor - 19.44%
Alpha Industries, Inc. ............................................. 44,300 6,431,806
(a)Amkor Technology, Inc. ............................................. 122,900 6,383,119
(a)Atmel Corporation .................................................. 292,700 14,488,650
(a)C-Cube Microsystems, Inc. .......................................... 46,500 4,336,125
(a)Integrated Device Technology, Inc. ................................. 32,800 1,209,500
(a)LSI Logic Corporation .............................................. 257,000 16,448,000
(a)Semtech Corporation ................................................ 132,500 8,281,250
(a)St Assembly Test Services .......................................... 13,700 657,600
(a)TriQuint Semiconductor, Inc. ....................................... 189,200 22,467,500
-----------
80,703,550
-----------
Environmental Control - 0.38%
(a)Republic Services, Inc. ............................................ 146,700 1,577,025
-----------

Financial - Consumer Credit - 1.51%
(a)Americredit Corp. .................................................. 230,900 3,218,169
(a)NextCard, Inc. ..................................................... 134,000 3,031,750
-----------
6,249,919
-----------

(Continued)
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000
(Unaudited)

COMMON STOCKS - (Continued)

Financial - Non-Banks - 1.10%
Allied Capital Corporation ............................................. 55,000 $ 955,625
American Capital Strategies, Ltd. ...................................... 151,000 3,624,000
-----------
4,579,625
-----------
Financial Services - 0.68%
SEI Investments Company ................................................ 31,400 2,804,412
-----------

Foreign - 0.79%
(a)ASM International N.V .................................................. 100,500 3,278,813
-----------

Leisure Time - 1.21%
(a)Bally Total Fitness Holding Corporation ................................ 111,000 2,962,312
Callaway Golf Company .................................................. 170,400 2,066,100
-----------
5,028,412
-----------
Machine - Construction & Mining - 0.13%
Terex Corporation ...................................................... 45,000 531,562
-----------

Machine - Diversified - 4.00%
(a)Brooks Automation, Inc. ................................................ 61,300 4,428,925
(a)Credence Systems Corporation ........................................... 58,000 7,728,500
(a)FSI International, Inc. ................................................ 67,300 1,316,556
(a)PRI Automation, Inc. ................................................... 31,700 2,532,037
(a)Semitool, Inc. ......................................................... 14,000 588,000
-----------
16,594,018
-----------
Medical - Biotechnology - 2.31%
(a)Diversa Corporation .................................................... 21,200 2,830,200
(a)Gene Logic Inc. ........................................................ 56,800 6,780,500
-----------
9,610,700
-----------
Medical - Hospital Management & Services - 2.61%
(a)Apria Healthcare Group Inc. ............................................ 168,100 2,332,387
(a)Caremark Rx, Inc. ...................................................... 351,400 1,581,300
(a)LifePoint Hospitals, Inc. .............................................. 289,500 4,360,594
Universal Health Services, Inc. ........................................ 65,900 2,561,863
-----------
10,836,144
-----------
Medical Supplies - 3.78%
(a)ArthroCare Corporation ................................................. 54,100 6,681,350
Biomet, Inc. ........................................................... 43,100 1,422,300
(a)Biomatrix, Inc. ........................................................ 131,100 3,892,031
(a)Polymedica Corporation ................................................. 79,700 3,691,106
-----------
15,686,787
-----------

(Continued)

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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000
(Unaudited)

COMMON STOCKS - (Continued)

Miscellaneous - Distribution & Wholesale - 1.31%
(a)Getty Images, Inc. ......................................................... 55,000 $ 2,829,062
(a)Insight Enterprises, Inc. .................................................. 83,250 2,611,969
-----------
5,441,031
-----------
Miscellaneous - Manufacturing - 0.09%
(a)Energy Conversion Devices, Inc. ............................................ 17,200 384,850
Wilshire Technologies, Warrants, expires 11/28/2002 ........................ 11,956 0
-----------
384,850
-----------
Oil & Gas - Equipment & Services - 3.69%
ENSCO International Incorporated ........................................... 135,400 4,095,850
(a)Marine Drilling Companies, Inc. ............................................ 92,700 2,114,719
(a)Nabors Industries, Inc. .................................................... 65,900 2,364,162
Rowan Companies, Inc. ...................................................... 197,300 4,957,162
Varco International, Inc. .................................................. 160,300 1,773,319
-----------
15,305,212
-----------
Pharmaceuticals - 2.74%
(a)Gilead Sciences, Inc. ...................................................... 64,100 4,903,650
(a)ILEX Oncology, Inc. ........................................................ 67,700 3,274,988
(a)Shire Pharmaceuticals Group PLC ............................................ 66,522 3,193,056
-----------
11,371,694
-----------
Restaurants & Food Services - 0.87%
(a)CEC Entertainment Inc. ..................................................... 159,000 3,617,250
-----------

Retail - Apparel - 0.45%
(a)American Eagle Outfitters, Inc. ............................................ 72,500 1,848,750
-----------

Retail - Automotive Parts - 0.16%
(a)Sonic Automotive, Inc. ..................................................... 79,900 684,144
-----------

Retail - Department Stores - 0.56%
(a)Ames Department Stores, Inc. ............................................... 165,800 2,341,925
-----------

Retail - Specialty Line - 1.56%
Cash America International, Inc. ........................................... 119,100 1,339,875
(a)Gerald Stevens, Inc. ....................................................... 66,100 421,388
(a)Linens 'n Things, Inc. ..................................................... 162,000 3,189,375
(a)Zale Corporation ........................................................... 41,000 1,542,625
-----------
6,493,263
-----------

(Continued)
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

PORTFOLIO OF INVESTMENTS

February 29, 2000
(Unaudited)

COMMON STOCKS - (Continued)

Telecommunications - 6.37%
(a)Advanced Radio Telecom Corp. ........................................... 70,200 $ 2,685,150
(a)Concord Communications, Inc. ........................................... 15,200 680,200
(a)InterDigital Communications Corporation ................................ 33,400 1,066,713
(a)MRV Communications, Inc. ............................................... 96,400 15,116,725
(a)Pinnacle Holdings Inc. ................................................. 75,200 4,399,200
(a)Xircom, Inc. ........................................................... 60,200 2,500,184
-----------
26,448,172
-----------
Telecommunications Equipment - 5.43%
(a)ANTEC Corporation ...................................................... 102,800 5,441,975
(a)Comverse Technology, Inc. .............................................. 22,060 4,343,063
(a)Digital Microwave Corporation .......................................... 95,300 3,180,637
(a)Internationsl Fibercom, Inc. ........................................... 144,000 4,536,000
(a)NETRIX Corporation ..................................................... 50,000 1,243,750
(a)P-COM, Inc. ............................................................ 208,200 3,799,650
-----------
22,545,075
-----------
Transportation - Air - 0.60%
(a)Atlas Air, Inc. ........................................................ 103,050 2,492,523
-----------

Total Common Stocks (Cost $210,772,448) ................................ 412,403,404
-----------

INVESTMENT COMPANY - 0.17%

Evergreen Money Market Treasury Institutional Money
Market Fund Institutional Service Shares ............................... 692,870 692,870
(Cost $692,870) -----------

Total Value of Investments (Cost $211,465,318 (b)) ................................. 99.49 % $413,096,274
Other Assets Less Liabilities ...................................................... 0.51 % 2,112,501
------ ------------
Net Assets .................................................................. 100.00 % $415,208,775
====== ============

(a) Non-income producing investment.

(b) Aggregate cost for federal income tax purposes is the $174,776,664. Unrealized appreciation (depreciation) of
investments for federal income tax purposes is as follows:

Unrealized appreciation ........................................ $256,018,371
Unrealized depreciation ........................................ (17,698,761)
------------

Net unrealized appreciation ................................. $238,319,610
============

See accompanying notes to financial statements
<PAGE>
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES

February 29, 2000
(Unaudited)

ASSETS
Investments, at value (cost $211,465,318) ....................................................... $413,096,274
Income receivable ............................................................................... 28,058
Receivable for investments sold ................................................................. 5,955,820
Receivable for fund shares sold ................................................................. 6,507
------------

Total assets ............................................................................... 419,086,659
------------

LIABILITIES
Accrued expenses ................................................................................ 32,591
Payable for investment purchases ................................................................ 3,785,988
Payable for fund shares redeemed ................................................................ 1,119
Disbursements in excess of cash on demand deposit ............................................... 58,186
------------

Total liabilities .......................................................................... 3,877,884
------------

NET ASSETS
(applicable to 14,796,017 shares outstanding; unlimited
shares of no par value beneficial interest authorized) ......................................... $415,208,775
============

NET ASSET VALUE, REDEMPTION AND OFFERING PRICE PER SHARE
($415,208,775 / 14,796,017 shares) .............................................................. $ 28.06
============

OFFERING PRICE PER SHARE
(100 / 97 of $28.06) ............................................................................ $ 28.93
============

NET ASSETS CONSIST OF
Paid-in capital ................................................................................. $179,847,367
Undistributed net realized gain on investments ................................................ 33,730,452
Net unrealized appreciation on investments .................................................... 201,630,956
------------
$415,208,775
============

See accompanying notes to financial statements
</TABLE>
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

STATEMENT OF OPERATIONS

Period ended February 29, 2000
(Unaudited)

INVESTMENT LOSS

Income
Dividends ................................................................................... $ 205,245
-------------

Expenses
Investment advisory fees (note 2) ........................................................... 1,968,003
Fund administration fees (note 2) ........................................................... 143,012
Custody fees ................................................................................ 12,059
Registration and filing administration fees (note 2) ........................................ 3,117
Fund accounting fees (note 2) ............................................................... 10,500
Audit fees .................................................................................. 8,101
Legal fees .................................................................................. 8,724
Securities pricing fees ..................................................................... 3,499
Shareholder servicing fees .................................................................. 25,000
Shareholder recordkeeping fees .............................................................. 6,081
Shareholder servicing expenses .............................................................. 19,692
Registration and filing expenses ............................................................ 3,714
Printing expenses ........................................................................... 13,966
Trustee fees and meeting expenses ........................................................... 3,972
Other operating expenses .................................................................... 20,614
-------------

Total expenses .......................................................................... 2,250,054
-------------

Less expense reimbursements (note 4) ............................................... (33,768)
-------------

Net expenses ............................................................................ 2,216,286
-------------

Net investment loss ................................................................ (2,011,041)
-------------

REALIZED AND UNREALIZED GAIN ON INVESTMENTS

Net realized gain from investment transactions ................................................ 47,144,770
Increase in unrealized appreciation on investments .......................................... 133,453,983
-------------

Net realized and unrealized gain on investments .......................................... 180,598,753
-------------

Net increase in net assets resulting from operations ................................. $ 178,587,712
=============

See accompanying notes to financial statements
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS
(Unaudited)

- ------------------------------------------------------------------------------------------------------------------------------------

Period ended Year ended
February 29, August 31,
2000 1999
- ------------------------------------------------------------------------------------------------------------------------------------

INCREASE (DECREASE) IN NET ASSETS

Operations
Net investment loss ............................................................. $ (2,011,041) $ (4,041,891)
Net realized gain(loss)from investment transactions ............................. 47,144,770 (1,409,378)
Increase in unrealized appreciation on investments .............................. 133,453,983 119,786,543
------------- -------------

Net increase in net assets resulting from operations ....................... 178,587,712 114,335,274
------------- -------------

Distributions to shareholders from
Net realized gain from investment transactions .................................. (9,840,604) (26,811,798)
------------- -------------

Capital share transactions
Decrease in net assets resulting from capital share transactions (a) ........... (39,619,401) (171,246,000)
------------- -------------

Total increase (decrease) in net assets ............................... 129,127,707 (83,722,524)

NET ASSETS

Beginning of period ................................................................. 286,081,068 369,803,592
------------- -------------

End of period ....................................................................... $ 415,208,775 $ 286,081,068
============= =============

</TABLE>

(a) A summary of capital share activity follows:
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----------------------------------------------------------------------------------
Period ended Year ended
February 29, 2000 August 31, 1999

Shares Value Shares Value
----------------------------------------------------------------------------------

Shares sold ...................................... 703,238 $ 14,164,016 2,212,958 $ 34,202,677
Shares issued for reinvestment
of distributions ............................ 490,847 9,630,408 1,782,993 26,370,458
------------- ------------- ------------- -------------

1,194,085 23,794,424 3,995,951 60,573,135

Shares redeemed .................................. (3,419,096) (63,413,825) (14,770,790) (231,819,135)
------------- ------------- ------------- -------------

Net decrease ................................ (2,225,011) $ (39,619,401) (10,774,839) $(171,246,000)
============= ============= ============= =============

See accompanying notes to financial statements
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

FINANCIAL HIGHLIGHTS

(For a Share Outstanding Throughout the Period)

(Unaudited)

Period ended Year ended Year ended Year ended Year ended
February 29, August 31, August 31, August 31, August 31,
2000 1999 1998 1997 1996
-------------- ------------- ------------- ------------- ------------
Net asset value, beginning of period $16.81 $13.30 $22.44 $16.88 $20.70

Income (loss) from investment operations
Net investment (loss) income (0.14) (0.24) (0.24) (0.22) (0.18)
Net realized and unrealized
gain (loss) on investments 10.72 4.89 (6.02) 6.84 (2.53)
-------------- ------------- ------------- ------------- ------------

Total from investment operations 10.58 4.65 (6.26) 6.62 (2.71)
-------------- ------------- ------------- ------------- ------------

Distributions to shareholders from
Net realized gain from
investment transactions 0.67 (1.14) (2.88) (1.06) (1.11)
-------------- ------------- ------------- ------------- ------------

Net asset value, end of period $28.06 $16.81 $13.30 $22.44 $16.88
============== ============= ============= ============= ============

Total return 72.47 %(b) 36.16 % (32.12) % 41.14 % (12.81)%
============== ============= ============= ============= ============

Ratios/supplemental data
Net assets, end of period $415,208,775 $286,081,068 $369,803,592 $613,488,902 $460,307,496
============== ============= ============= ============= =============

Ratio of expenses to average net assets
Before expense reimbursements
and waived fees 1.43 %(a) 1.42 % 1.40 % 1.42 % 1.42 %
After expense reimbursements
and waived fees 1.41 %(a) 1.39 % 1.40 % 1.42 % 1.42 %

Ratio of net investment loss to average net assets
Before expense reimbursements
and waived fees (1.31)%(a) (1.15)% (1.15)% (1.17)% (1.05)%
After expense reimbursements
and waived fees (1.29)%(a) (1.12)% (1.15)% (1.17)% (1.05)%

Portfolio turnover rate 45.99 % 110.27 % 86.18 % 115.51 % 110.04 %

(a) Annualized.
(b) Aggregate return. Not annualized.

See accompanying notes to financial statements
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000
(Unaudited)

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER INFORMATION

The Chesapeake Aggressive Growth Fund (the "Fund"), formerly known as The
Chesapeake Growth Fund prior to November 1, 1997, is a diversified series
of shares of beneficial interest of the Gardner Lewis Investment Trust (the
"Trust"). The Trust is an open-end investment company which was organized
in 1992 as a Massachusetts Business Trust and is registered under the
Investment Company Act of 1940, (the "Act") as amended. The Fund began
operations on January 4, 1993. The investment objective of the Fund is to
seek capital appreciation through investments in equity securities,
consisting primarily of common and preferred stocks and securities
convertible into common stocks. The following is a summary of significant
accounting policies followed by the Fund:

A. Security Valuation - The Fund's investments in securities are carried
at value. Securities listed on an exchange or quoted on a national
market system are valued at the last sales price as of 4:00 p.m. New
York time. Other securities traded in the over-the-counter market and
listed securities for which no sale was reported on that date are
valued at the most recent bid price. Securities for which market
quotations are not readily available, if any, are valued by using an
independent pricing service or by following procedures approved by the
Board of Trustees. Investment companies are valued at net asset value.
Short-term investments are valued at cost which approximates value.

B. Federal Income Taxes - No provision has been made for federal income
taxes since it is the policy of the Fund to comply with the provisions
of the Internal Revenue Code applicable to regulated investment
companies and to make sufficient distributions of taxable income to
relieve it from all federal income taxes.

As a result of the Fund's operating net investment loss, a
reclassification adjustment of $2,011,041 has been made on the
statement of assets and liabilities to decrease accumulated net
investment loss, bringing it to zero, and decrease undistributed net
short-term capital gains.

D. Distributions to Shareholders - The Fund may declare dividends
annually, payable on a date selected by the Trust's Trustees.
Distributions to shareholders are recorded on the ex-dividend date. In
addition, distributions may be made annually in November out of net
realized gains through October 31 of that year. The Fund may make a
supplemental distribution subsequent to the end of its fiscal year
ending August 31.

(Continued)
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000
(Unaudited)

NOTE 2 - INVESTMENT ADVISORY FEE AND OTHER RELATED PARTY TRANSACTIONS

NC Shareholder Services, LLC (the "Transfer Agent") serves as the Fund's
transfer, dividend paying, and shareholder servicing agent. The Transfer
Agent maintains the records of each shareholder's account, answers
shareholder inquiries concerning accounts, processes purchases and
redemptions of Fund shares, acts as dividend and distribution disbursing
agent, and performs other shareholder servicing functions.

Capital Investment Group, Inc. (the "Distributor") serves as the Fund's
principal underwriter and distributor. The Distributor receives any sales
charges imposed on purchases of shares and re-allocates a portion of such
charges to dealers through whom the sale was made, if any. For the period
ended February 29, 2000, the Distributor retained sales charges in the
amount of $558.

Certain Trustees and officers of the Trust are also officers of the Advisor
or the Administrator.

NOTE 3 - PURCHASES AND SALES OF INVESTMENTS

Purchases and sales of investments other than short-term investments
aggregated $145,270,586 and $194,888,671, respectively, for the period
ended February 29, 2000.

NOTE 4 - EXPENSE REDUCTIONS

The Advisor has transacted certain portfolio trades with brokers who paid a
portion of the Fund's expenses. For the period ended February 29, 2000, the
Fund's expenses were reduced by $33,768 under this agreement.

(Continued)
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THE CHESAPEAKE AGGRESSIVE GROWTH FUND

NOTES TO FINANCIAL STATEMENTS

February 29, 2000
(Unaudited)

NOTE 5 - DISTRIBUTIONS TO SHAREHOLDERS

For federal income tax purposes, the Fund must report distributions from
net realized gain from investment transactions that represent long-term and
short-term capital gains to its shareholders. Of the total amount of $0.67
per share distributions for the period ended February 29, 2000, $0.25 per
share is classified as long-term capital gains and $0.42 per share is
classified as short-term capital gains. Shareholders should consult a tax
advisor on how to report distributions for state and local income tax
purposes.