13F-HR 1 v017290_13fhr.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 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 holdings entries. Institutional Investment Manager Filing this Report: Name: Drake Asset Management, LLC Address: 55 Brookville Road Glen Head, NY 11545 Form 13F File Number: 28-_____ 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: Davis P. Stowell Title: Vice President Phone: (516) 686-2201 Signature, Place, and Date of Signing: /s/ DAVIS P. STOWELL Glen Head, NY April 29, 2005 Report Type (check only one): |X| 13F HOLDINGS REPORT. |_| 13F NOTICE. |_| 13F COMBINATION REPORT. FORM 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 208 Form 13F Information Table Value Total: $157,857 (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. NONE

DRAKE ASSET MANAGEMENT LLC 13F-HR