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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: 3/31/99
Check here if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings
entries.
Institutional Investment Manager Filing this Report:
Name: Chesapeake Asset Management LLC
Address: One Rockefeller Plaza
Suite 1210
New York, NY 10020
Form 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: Sherrill L. Blalock
Title: Managing Member
Phone: 212-218-4040
Signature, Place, and Date of Signing:
/s/ Sherrill L. Blalock New York, New York May 17, 1999
_______________________ __________________ ____________
[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.)
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[ ] 13F NOTICE. (Check here if no holdings reported are in
this report, and all holdings are reported by other
reporting manager(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:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28-
[Repeat as necessary.]
2
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: NONE
Form 13F Information Table Entry Total: 88
Form 13F Information Table Value Total: $149,102
[thousands]
List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.
[If there are no entries in this list, state "NONE" and omit the
column headings and list entries.]
No. Form 13F File Number Name
28-
[Repeat as necessary.]
3
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<TABLE>
FORM 13F INFORMATION TABLE
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
-------- -------- -------- -------- -------- -------- -------- ----------
NAME OF TITLE OF CUSIP FAIR MKT SHS/OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
ISSUER CLASS NUMBER VALUE PRN AMT PRN CALL DISCRETION MGR SOLE SHARED NONE
--------- -------- -------- -------- ------- --- ---- ---------- ----- ----- ------ -----
<C> <C> <C> <C> <C> <C> <C> <C> <C>
ACUSON CORP. COMMON 005113105 1,216,659 81,450 SOLE 20,850 60,600
ADVO INC. COMMON 007585102 1,190,944 61,667 SOLE 16,449 45,218
AES CORP. COMMON 00130H105 223,500 6,000 SOLE 6,000 0
AFLAC INC. COMMON 001055102 7,132,837 131,028 SOLE 21,974 109,054
ALLSTATE CORP. COMMON 020002101 253,656 6,844 SOLE 6,844 0
AMERADA HESS CORP. COMMON 023551104 961,538 18,900 SOLE 6,280 12,620
AMERICA ONLINE INC. COMMON 02364J104 3,557,400 24,200 SOLE 12,870 11,330
AMERICAN EXPRESS CO. COMMON 025816109 608,885 5,171 SOLE 3,637 1,534
AMERICAN HOME PRODUCTS COMMON 026609107 621,180 9,520 SOLE 6,600 2,920
AMYLIN PHARMACEUTICAL COMMON 032346108 18,063 17,000 SOLE 17,000
ANHEUSER BUSCH COS. INC. COMMON 035229103 1,826,087 23,988 SOLE 4,896 19,092
ARCHER DANIELS MIDLAND COMMON 039483102 1,887,123 128,485 SOLE 54,936 73,549
ARGOSY GAMING CORP. COMMON 040228108 64,441 12,130 SOLE 12,130 0
BJS WHSL CLUB INC. COMMON 05548J106 3,382,788 128,562 SOLE 41,074 87,488
BP AMOCO ADS COMMON 055622104 213,716 2,116 SOLE 2,116
BAKER HUGHES INC. COMMON 057224107 1,154,844 47,500 SOLE 45,000 2,500
BRISTOL MYERS SQUIBB COMMON 110122108 327,037 5,100 SOLE 2,000 3,100
BRITISH TELECOM PLC COMMON 111021408 1,403,803 8,550 SOLE 3,300 5,250
CADBURY SCHWEPPES PLC COMMON 127209302 526,569 9,069 SOLE 1,437 7,632
CAMPBELL SOUP CO. COMMON 134429109 222,455 5,467 SOLE 4,090 1,377
CARNIVAL CORP. CL A COMMON 143658102 1,508,885 31,071 SOLE 12,400 18,671
CHASE MANHATTAN CORP. COMMON 16161A108 5,350,406 65,750 SOLE 41,150 24,600
CHUBB CORP. COMMON 171232101 661,756 11,300 SOLE 7,000 4,300
CHURCH & DWIGHT INC. COMMON 171340102 299,309 7,345 SOLE 550 6,795
CIFRA SA DE CV ADR COMMON 171785405 962,961 63,145 SOLE 31,460 31,685
CITIGROUP INC. COMMON 172967101 2,337,825 36,600 SOLE 20,100 16,500
CORNING INC. COMMON 219350105 270,000 4,500 SOLE 4,500
DOLE FOOD INC. COMMON 256605106 219,000 7,300 SOLE 1,600 5,700
E I DUPONT DE NEMOURS COMMON 263534109 299,370 5,156 SOLE 1,920 3,236
EASTMAN KODAK COMMON 277461109 2,237,733 35,033 SOLE 26,800 8,233
ENGELHARD CORP. COMMON 292845104 354,417 20,925 SOLE 3,000 17,925
EQUITY RESIDENTIAL PPTYS COMMON 29476L107 207,694 5,035 SOLE 4,505 530
ERICSSON L M TEL CO. A COMMON 294821400 6,766,608 284,162 SOLE 85,225 198,937
EXXON CORP. COMMON 302290101 26,322,988 373,045 SOLE 364,630 8,415
FEDERAL HOME LOAN MTG. COMMON 313400301 464,231 8,100 SOLE 8,100 0
FEDERAL NATIONAL MTG. ASSN. COMMON 313586109 2,702,481 39,025 SOLE 9,100 29,925
FIRST HEALTH GROUP CO. COMMON 320960107 845,321 52,627 SOLE 16,240 36,387
FIRST UNION CORP. COMMON 337358105 6,426,180 120,256 SOLE 60,950 59,306
GENERAL ELECTRIC CO. COMMON 369604103 7,487,653 67,685 SOLE 13,850 53,835
4
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GENERAL MOTORS CORP. COMMON 370442105 1,853,796 21,308 SOLE 15,400 5,908
GRUPO TELEVISA SA COMMON P4987V137 399,620 26,000 SOLE 26,000 0
HEILIG MEYERS CO. COMMON 422893107 330,267 63,666 SOLE 15,954 47,712
HOMEBASE INC. COMMON 43738E108 292,223 65,853 SOLE 20,135 45,718
HOUSEHOLD INTL INC. PFD PREFERRED 441815792 203,705 2,511 SOLE 2,511
IMPERIAL CHEMICAL INDS PLC COMMON 452704505 706,402 19,725 SOLE 17,300 2,425
INTL BUSINESS MACHINES COMMON 459200101 2,079,674 11,733 SOLE 9,614 2,119
JOHNSON & JOHNSON COMMON 478160104 238,425 2,550 SOLE 150 2,400
MCI WORLDCOM COMMON 55268B106 5,220,848 58,951 SOLE 31,592 27,359
MERCK & CO. INC. COMMON 589331107 4,988,743 62,262 SOLE 17,580 44,682
MINIMED INC. COMMON 60365K108 558,937 11,000 SOLE 5,500 5,500
MORGAN J P & CO. INC. COMMON 616880100 1,172,063 9,500 SOLE 5,200 4,300
MOTOROLA INC. COMMON 620076109 1,461,704 19,955 SOLE 5,460 14,495
NESTLE SA REG ORD SF FOREIGN 272,110 150 SOLE 150
NEWS CORP LTD. ADR COMMON 652487703 1,259,650 42,700 SOLE 20,700 22,000
NEWSCORP LTD. SPON ADR COMMON 652487802 426,250 15,500 SOLE 5,500 10,000
NORTH AMERICAN VACCINE COMMON 657201109 1,540,744 251,550 SOLE 151,825 99,725
ORACLE SYSTEMS CORP. COMMON 68389X105 1,617,763 61,337 SOLE 47,950 13,387
PAGING NETWORK INC. COMMON 695542100 91,406 19,500 SOLE 19,500 0
PENNEY J C INC. COMMON 708160106 511,110 12,620 SOLE 11,500 1,120
PEPSICO INC. COMMON 713448108 987,525 25,200 SOLE 20,100 5,100
PFIZER INC. COMMON 717081103 1,054,500 7,600 SOLE 1,140 6,460
PIONEER NAT RES CO. COMMON 723787107 118,575 15,300 SOLE 8,800 6,500
PITNEY BOWES INC. COMMON 724479100 765,000 12,000 SOLE 9,000 3,000
PROCTER & GAMBLE CO. COMMON 742718109 336,905 3,440 SOLE 2,040 1,400
PXRE CORP. COMMON 693674103 1,820,628 101,146 SOLE 47,179 53,967
REPUBLIC NEW YORK CORP. COMMON 760719104 1,213,088 26,300 SOLE 9,080 17,220
ROYAL DUTCH PETROLEUM NY COMMON 780257804 4,178,460 80,355 SOLE 9,240 71,115
SCHLUMBERGER LTD. COMMON 806857108 4,622,942 76,809 SOLE 37,680 39,129
SCIENTIFIC ATLANTA INC. COMMON 808655104 223,450 8,200 SOLE 5,000 3,200
SINGER CO. N V COMMON 82930F109 125,431 32,900 SOLE 11,000 21,900
SOUTHDOWN INC. COMMON 841297104 684,838 12,756 SOLE 9,100 3,656
SPDR TR UNIT SER 1 COMMON 78462F103 397,962 3,100 SOLE 1,500 1,600
SUBURBAN PROPANE PARTNERS COMMON 864482104 201,438 11,000 SOLE 11,000
TELEFONICA DE ESPANA COMMON 879382208 938,452 7,34 SOLE 7,346
TEXAS INSTRUMENTS INC. COMMON 882508104 466,475 4,70 SOLE 4,700 0
TIME WARNER INC. COMMON 887315109 273,053 3,56 SOLE 3,856
TOOTSIE ROLL INDS. INC. COMMON 890516107 895,729 19472 SOLE 7,165 12,307
TRANSOCEAN OFFSHORE INC. COMMON 893817106 230,500 ,000 SOLE 8,000 0
TRIANGLE PHARMACEUTICALS COMMON 89589H104 205,734 9,250 SOLE 19,250 0
TRIMBLE NAV LTD. COMMON 896239100 188,175 19,300 SOLE 8,300 11,000
TYCO INTERNATIONAL LTD. COMMON 902124106 1,114,134 15,528 SOLE 12,200 3,328
U S INDUSTRIES INC. COMMON 912080108 183,29 11,151 SOLE 7,528 3,623
UNILEVER N V COMMON 904784501 4,509,13 67,870 SOLE 13,660 54,210
UNION PACIFIC CORP. COMMON 907818108 310,86 5,814 SOLE 4,164 1,650
UST INC. COMMON 902911106 872314 33,390 SOLE 12,100 21,290
5
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VODAFONE GROUP PLC COMMON 92857T107 244,075 1,300 SOLE 1,300
WALT DISNEY CO. COMMON 254687106 3,891,559 125,030 SOLE 54,100 70,930
WARNER LAMBERT CO. COMMON 934488107 246,450 3,720 SOLE 3,420 300
WESTERN WATER CO. COMMON 959881103 57,500 11,500 SOLE 11,500 0
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TOTAL 149,101,769
</TABLE>
6
02322001.AF5
