UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F Cover Page
Report for the Calendar Year or Quarter Ended March 31, 2005
Check here if Amendment: |_|; Amendment Number: ____
This Amendment (Check only one): |_| is a restatement
|_| adds new holding entries.
Institutional Manager Filing this Report:
Name: Chesapeake Asset Management LLC
Address: One Rockefeller Plaza
Suite 1210
New York, New York 10020
13F File Number: 28-7490
The institutional investment manager filing this report and the person by whom
it is signed hereby represent that the person signing the report is authorized
to submit it, that all information contained herein is true, correct and
complete, and that it is understood that all required items, statements,
schedules, lists, and tables, are considered integral parts of this form.
Person Signing this Report on Behalf of Reporting Manager:
Name: Cathaleen Lindsay
Title: 13F Compliance Officer
Phone: (212) 218-4040
Signature, Place and Date of Signing:
/s/ Cathaleen Lindsay New York, NY May 4, 2005
----------------------- -------------------------- ----------------------
[Signature] [City, State] [Date]
Report Type: (Check only one):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report).
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting managers(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager: None
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 98
Form 13F Information Table Value Total: $155,729
(thousands)
List of Other Included Managers: None
<table>
FORM 13F INFORMATION TABLE
<caption>
NAME TITLE OF CUSIP SHRS OR SH /PUT/ INVESTMENT/ OTHER VOTING AUTHORITY
OF ISSUER CLASS NUMBER VALUE PRN AMT PRN CALL DISCRETION MGRS SOLE SHARED NONE
------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ABBOTT LABORATORIES COMMON 002824100 219,114 4,700 SH SOLE NONE 3,700 1,000
ADVO INC. COMMON 007585102 3,237,852 86,458 SH SOLE NONE 44,626 41,832
AFLAC INC. COMMON 001055102 13,350,705 358,312 SH SOLE NONE 134,348 223,964
AIR PRODUCTS & CHEMICALS INC. COMMON 009158106 240,502 3,800 SH SOLE NONE 3,800 0
AMERICAN EXPRESS CO COMMON 025816109 241,439 4,700 SH SOLE NONE 2,600 2,100
AMERICAN INTERNATIONAL GROUP INC. COMMON 026874107 1,923,503 34,714 SH SOLE NONE 16,700 18,014
AMGEN COMMON 031162100 341,343 5,864 SH SOLE NONE 800 5,064
ANHEUSER BUSCH COS. INC. COMMON 035229103 1,610,123 33,976 SH SOLE NONE 14,192 19,784
ARCHER DANIELS MIDLAND COMMON 039483102 2,280,508 92,779 SH SOLE NONE 63,969 28,810
ASHLAND INC COMMON 044204105 867,192 12,853 SH SOLE NONE 12,853 0
BJS WHSL CLUB INC. COMMON 05548J106 1,502,465 48,373 SH SOLE NONE 21,900 26,473
BP PLC SPON ADR 055622104 957,902 15,351 SH SOLE NONE 1,244 14,107
BT GROUP PLC ADR COMMON 05577E101 3,187,239 81,850 SH SOLE NONE 33,400 48,450
BAKER HUGHES INC COMMON 057224107 8,669,989 194,875 SH SOLE NONE 93,550 101,325
BECTON DICKINSON & CO. COMMON 075887109 255,880 4,380 SH SOLE NONE 4,100 280
CADBURY SCHWEPPES PLC ADR 127209302 575,783 14,147 SH SOLE NONE 8,374 5,773
CARNIVAL CORP. PAIRED CTF 143658300 958,485 18,500 SH SOLE NONE 14,000 4,500
CHESAPEAKE ENERGY CORP. COMMON 165167107 2,373,162 108,166 SH SOLE NONE 40,400 67,766
CHUBB CORP. COMMON 171232101 2,393,954 30,200 SH SOLE NONE 16,500 13,700
CHURCH & DWIGHT INC. COMMON 171340102 587,064 16,551 SH SOLE NONE 1,650 14,901
CINCINNATI FINANCIAL CORP. COMMON 172062101 227,034 5,466 SH SOLE NONE 0 5,466
CITIGROUP INC. COMMON 172967101 470,612 10,472 SH SOLE NONE 5,526 4,946
COMCAST CORP. CL A COMMON 20030N200 300,960 9,000 SH SOLE NONE 0 9,000
COMCAST CORP. COMMON 20030N101 360,027 10,658 SH SOLE NONE 1,075 9,583
CORNING INC. COMMON 219350105 262,668 23,600 SH SOLE NONE 20,000 3,600
COVENTRY HEALTH CARE COMMON 222862104 240,194 3,525 SH SOLE NONE 1,791 1,734
DIAGEO PLC SPON ADR NEW 25243Q205 204,840 3,600 SH SOLE NONE 3,600 0
E I DUPONT DE NEMOURS CO COMMON 263534109 318,918 6,224 SH SOLE NONE 0 6,224
ECHOSTAR COMMUNICATIONS CL A 278762109 1,177,313 40,250 SH SOLE NONE 28,000 12,250
ENSCO INTERNATIONAL COMMON 26874Q100 1,559,124 41,400 SH SOLE NONE 18,500 22,900
EL PASO CORPORATION COMMON 28336L109 476,100 45,000 SH SOLE NONE 45,000 0
ERICSSON L M TEL CO. ADR B SEK 10 294821608 2,544,373 90,226 SH SOLE NONE 22,440 67,786
EXXON MOBIL CORP. COMMON 30231G102 2,741,004 45,990 SH SOLE NONE 7,224 38,766
FEDERAL NAT MTG ASSN. COMMON 313586109 858,949 15,775 SH SOLE NONE 8,050 7,725
FEDERAL HOME LN MTG CORP COMMON 313400301 2,243,600 35,500 SH SOLE NONE 15,800 19,700
GENERAL ELECTRIC CO. COMMON 369604103 5,068,161 140,548 SH SOLE NONE 35,500 105,048
GLOBALSANTAFE CORP. SHS G3930E101 2,337,224 63,100 SH SOLE NONE 30,000 33,100
GRANT PRIDECO INC. COMMON 38821G101 2,000,448 82,800 SH SOLE NONE 35,300 47,500
GRUPO TELEVISA SA SP ADR REP ODR 40049J206 870,240 14,800 SH SOLE NONE 9,450 5,350
HSBC HOLDINGS PLC SPON ADR NEW 404280406 3,721,081 46,865 SH SOLE NONE 24,800 22,065
IMPAX LABORATORIES INC COMMON 45256B101 323,056 20,191 SH SOLE NONE 0 20,191
INTL BUSINESS MACHINES COMMON 459200101 1,527,691 16,718 SH SOLE NONE 13,550 3,168
INTERNATIONAL PAPER CO. COMMON 460146103 720,127 19,574 SH SOLE NONE 19,495 79
ISHARES INC MSCI JAPAN 464286848 5,299,548 505,200 SH SOLE NONE 214,800 290,400
ISHARES INC MSCI HONG KONG 464286871 2,554,069 221,900 SH SOLE NONE 89,500 132,400
ITT INDUSTRIES INC COMMON 450911102 207,552 2,300 SH SOLE NONE 2,300 0
J.P. MORGAN CHASE & CO. COMMON 46625H100 2,930,378 84,693 SH SOLE NONE 54,916 29,777
JETBLUE AIRWAYS CORP. COMMON 477143101 1,886,864 99,100 SH SOLE NONE 37,000 62,100
JOHNSON & JOHNSON COMMON 478160104 209,472 3,119 SH SOLE NONE 1,800 1,319
KIMCO REALTY CORP. COMMON 49446R109 4,697,924 87,160 SH SOLE NONE 0 87,160
LOCKHEED MARTIN CORP. COMMON 539830109 2,903,769 47,556 SH SOLE NONE 17,700 29,856
LUCENT TECHNOLOGIES COMMON 549463107 35,965 13,078 SH SOLE NONE 10,000 3,078
MEDCO HEALTH SOLUTIONS COMMON 58405U102 278,484 5,618 SH SOLE NONE 1,891 3,727
MERCK & CO. INC. COMMON 589331107 607,973 18,782 SH SOLE NONE 8,000 10,782
MICROSOFT CORP. COMMON 594918104 408,473 16,900 SH SOLE NONE 15,600 1,300
MITSUBISHI TOKYO FINANCIAL COMMON 606816106 3,292,190 380,600 SH SOLE NONE 143,500 237,100
MORGAN STANLEY COMMON 617446448 2,058,825 35,962 SH SOLE NONE 19,962 16,000
MOTOROLA INC. COMMON 620076109 724,024 48,365 SH SOLE NONE 17,100 31,265
NABORS INDUSTRIES LTD SHS G6359F103 2,477,966 41,900 SH SOLE NONE 13,400 28,500
NEWS CORP CL A 65248E104 133,127 7,868 SH SOLE NONE 7,864 4
NEWS CORP CL B 65248E203 352,200 20,000 SH SOLE NONE 20,000 0
OPSWARE INC. COMMON 68383A101 2,044,908 396,300 SH SOLE NONE 172,800 223,500
ORACLE SYSTEMS CORP. COMMON 68389X105 2,669,472 213,900 SH SOLE NONE 104,900 109,000
PARKER HANNIFAN CORP. COMMON 701094104 265,002 4,350 SH SOLE NONE 4,350 0
PEPSICO INC. COMMON 713448108 1,410,598 26,600 SH SOLE NONE 15,000 11,600
PFIZER INC. COMMON 717081103 1,246,380 47,445 SH SOLE NONE 14,000 33,445
PITNEY BOWES INC. COMMON 724479100 493,297 10,933 SH SOLE NONE 9,000 1,933
PROCTER & GAMBLE CO. COMMON 742718109 357,750 6,750 SH SOLE NONE 2,000 4,750
QUALCOMM INC COMMON 747525103 879,120 24,000 SH SOLE NONE 9,900 14,100
REDWOOD TR INC COMMON 758075402 307,080 6,000 SH SOLE NONE 6,000 0
ROYAL BANK OF CANADA COMMON 780087102 220,142 3,616 SH SOLE NONE 3,616 0
ROYAL DUTCH PETROLEUM NY REG EVR 56 780257804 3,058,378 50,939 SH SOLE NONE 13,000 37,939
SCHLUMBERGER LTD. COMMON 806857108 1,510,668 21,434 SH SOLE NONE 8,714 12,720
SCIENTIFIC ATLANTA INC. COMMON 808655104 310,843 11,015 SH SOLE NONE 7,000 4,015
SIEBEL SYSTEMS INC COMMON 826170102 497,585 54,500 SH SOLE NONE 20,500 34,000
SOFTWARE HOLDERS TR DEPOSITRY RCPT 83404B103 696,800 20,000 SH SOLE NONE 10,000 10,000
SONUS NETWORKS INC. COMMON 835916107 899,304 212,100 SH SOLE NONE 110,600 101,500
SPDR TR UNIT SER 1 78462F103 4,340,928 36,800 SH SOLE NONE 17,100 19,700
SUBURBAN PROPANE PARTNERS UNIT LTD PARTN 864482104 206,640 6,000 SH SOLE NONE 0 6,000
TECHNE CORP. COMMON 878377100 1,615,236 40,200 SH SOLE NONE 5,500 34,700
TELEFLEX INC. COMMON 879369106 332,670 6,500 SH SOLE NONE 0 6,500
TELEFONICA S A SPON ADR 879382208 1,659,142 31,925 SH SOLE NONE 17,836 14,089
3M COMPANY COMMON 88579Y101 351,672 4,104 SH SOLE NONE 0 4,104
TELIK INC COMMON 87959M109 377,000 25,000 SH SOLE NONE 10,500 14,500
TIME WARNER INC. COMMON 887317105 554,387 31,589 SH SOLE NONE 20,150 11,439
TOOTSIE ROLL INDS. INC. COMMON 890516107 688,081 22,936 SH SOLE NONE 8,550 14,386
TRANSOCEAN ORD G90078109 330,167 6,416 SH SOLE NONE 1,917 4,499
TYCO INTERNATIONAL LTD. COMMON 902124106 4,379,804 129,580 SH SOLE NONE 67,180 62,400
UNILEVER N V NY SHS NEW 904784709 3,309,475 48,370 SH SOLE NONE 17,230 31,140
UST INC. COMMON 902911106 1,264,582 24,460 SH SOLE NONE 11,300 13,160
UNITED TECHNOLOGIES COMPANY COMMON 913017109 340,561 3,350 SH SOLE NONE 3,350 0
VASOGEN INC. COMMON 92232F103 1,717,200 424,000 SH SOLE NONE 195,700 228,300
VERIZON COMMUNICATION COMMON 92343V104 2,348,716 66,161 SH SOLE NONE 29,159 37,002
WACHOVIA CORP. COMMON 929903102 3,034,847 59,612 SH SOLE NONE 20,624 38,988
WAL MART STORES INC. COMMON 931142103 1,315,388 26,250 SH SOLE NONE 11,950 14,300
WALT DISNEY CO. COMMON 254687106 2,673,556 93,058 SH SOLE NONE 33,603 59,455
WYETH COMMON 983024100 272,905 6,470 SH SOLE NONE 0 6,470
XL CAPITAL LTD CL A G98255105 361,850 5,000 SH SOLE NONE 5,000 0
</table>
02322.0001 #568074