<PAGE> PAGE 1
000 A000000 03/31/1999
000 C000000 0000063848
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 U
001 A000000 CHESAPEAKE INVESTORS, INC.
001 B000000 811-3087
001 C000000 3019021653
002 A000000 11785 BELTSVILLE DRIVE, SUITE 1600
002 B000000 BELTSVILLE
002 C000000 MD
002 D010000 20705
002 D020000 3121
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
019 B000000 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 C000001 0
022 D000001 0
022 C000002 0
022 D000002 0
022 C000003 0
022 D000003 0
<PAGE> PAGE 2
022 C000004 0
022 D000004 0
022 C000005 0
022 D000005 0
022 C000006 0
022 D000006 0
022 C000007 0
022 D000007 0
022 C000008 0
022 D000008 0
022 C000009 0
022 D000009 0
022 C000010 0
022 D000010 0
023 C000000 0
023 D000000 0
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 N
026 B000000 N
026 C000000 N
026 D000000 N
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 N
028 A010000 0
028 A020000 0
028 A030000 0
028 A040000 0
028 B010000 0
028 B020000 0
028 B030000 0
028 B040000 0
028 C010000 0
028 C020000 0
028 C030000 0
028 C040000 0
028 D010000 0
028 D020000 0
028 D030000 0
028 D040000 0
<PAGE> PAGE 3
028 E010000 0
028 E020000 0
028 E030000 0
028 E040000 0
028 F010000 0
028 F020000 0
028 F030000 0
028 F040000 0
028 G010000 0
028 G020000 0
028 G030000 0
028 G040000 0
028 H000000 0
030 A000000 0
030 B000000 0.00
030 C000000 0.00
031 A000000 0
031 B000000 0
032 000000 0
033 000000 0
035 000000 0
036 B000000 0
038 000000 0
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 N
048 000000 0.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
<PAGE> PAGE 4
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
055 A000000 N
055 B000000 N
056 000000 N
057 000000 N
061 000000 0
062 A000000 Y
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.5
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 99.5
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 12.4
066 A000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
071 A000000 520
071 B000000 388
071 C000000 15662
071 D000000 2
072 A000000 6
072 B000000 448
072 C000000 0
072 D000000 0
072 E000000 0
072 F000000 28
072 G000000 0
072 H000000 0
072 I000000 8
072 J000000 6
072 K000000 0
<PAGE> PAGE 5
072 L000000 2
072 M000000 3
072 N000000 0
072 O000000 0
072 P000000 0
072 Q000000 9
072 R000000 13
072 S000000 0
072 T000000 0
072 U000000 0
072 V000000 0
072 W000000 1
072 X000000 70
072 Y000000 0
072 Z000000 378
072AA000000 32
072BB000000 0
072CC010000 0
072CC020000 179
072DD010000 415
072DD020000 0
072EE000000 1
073 A010000 0.1100
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 79
074 D000000 15741
074 E000000 0
074 F000000 0
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 0
074 K000000 0
074 L000000 270
074 M000000 0
074 N000000 16090
074 O000000 0
074 P000000 0
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 18
074 S000000 0
074 T000000 16072
074 U010000 3784
074 U020000 0
<PAGE> PAGE 6
074 V010000 4.25
074 V020000 0.00
074 W000000 0.0000
074 X000000 777
074 Y000000 0
075 A000000 0
075 B000000 16133
076 000000 4.25
077 A000000 N
080 C000000 0
081 B000000 0
082 B000000 0
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE ALBERT W. TURNER
TITLE BOARD CHAIRMAN
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEMI-ANNUAL REPORT FOR THE SIX MONTH PERIOD ENDED MARCH 31, 1999 OF CHESAPEAKE
INVESTORS, INC. AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-START> OCT-01-1998
<PERIOD-END> MAR-31-1999
<INVESTMENTS-AT-COST> 14,404,865
<INVESTMENTS-AT-VALUE> 15,740,976
<RECEIVABLES> 270,364
<ASSETS-OTHER> 78,886
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 16,090,226
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 17,808
<TOTAL-LIABILITIES> 17,808
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 16,072,418
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 447,763
<OTHER-INCOME> 0
<EXPENSES-NET> 69,407
<NET-INVESTMENT-INCOME> 378,356
<REALIZED-GAINS-CURRENT> 31,840
<APPREC-INCREASE-CURRENT> (178,754)
<NET-CHANGE-FROM-OPS> 231,442
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 415,074
<DISTRIBUTIONS-OF-GAINS> 1,155
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (184,787)
<ACCUMULATED-NII-PRIOR> 823,215
<ACCUMULATED-GAINS-PRIOR> 1,155
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 27,960
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 69,407
<AVERAGE-NET-ASSETS> 16,133,115
<PER-SHARE-NAV-BEGIN> 4.29
<PER-SHARE-NII> .10
<PER-SHARE-GAIN-APPREC> (.03)
<PER-SHARE-DIVIDEND> (.11)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 4.25
<EXPENSE-RATIO> .43
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
