GARDNER LEWIS INVESTMENT TRUST
The Chesapeake Growth Fund
Class A Investor Shares
Class C Investor Shares
Class D Investor Shares
SUPPLEMENT
Dated April 28, 2000
This Supplement to the Investor Shares Prospectus and the Statement of
Additional Information of The Chesapeake Growth Fund ("Fund"), a series of the
Gardner Lewis Investment Trust ("Trust"), is to notify potential investors and
other interested parties that, as of April 26, 2000, all of the Fund's Class C
Investor Shares and Class D Investor Shares were converted into the Class A
Investor Shares of the Fund and, following that event, no Class C Investor
Shares or Class D Investor Shares will be available for purchase.
The Board of Trustees of the Trust decided to take these actions based on the
recommendation from Gardner Lewis Asset Management that eliminating two of the
Fund's classes of shares (by converting the Class C Investor and D Investor
Shares into one Class A Investor Shares) would make it more economical for the
Fund to operate. In addition, the Board also is of the view that it would be
beneficial to the former Class C and Class D Investor Shares' shareholders to
own Class A Investor Shares (without the payment of a sales load) because of the
lower expense ratio of the Class A Investor Shares. The Board of Trustees of the
Trust approved the conversion of the Class C Investor Shares and Class D
Investor Shares to Class A Investor Shares at the Trust's Board of Trustees
meeting held on March 6, 2000.
It is important to note that the transaction is not a taxable transaction. It
should also be noted that the Class A Investor Shares will maintain the current
expense structure and that the previous Class C Investor Shares and Class D
Investor Shares that are converted into Class A Investor Shares will operate
under the Class A Investor Shares expense structure.
Investors Should Retain This Supplement for Future Reference
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