SECURITIES AND EXCHANGE COMMISSION
FORM 13F-HR
NAME OF REPORTING MANAGER: DFS ADVISORS LLC
Report for the Calendar Year or Quarter Ended: 12/31/98
Institutional Investment Manager: DFS Advisors LLC
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION IN
THIS FORM AND THE ATTACHMENTS TO IT ARE TRUE, CORRECT AND COMPLETE, AND I
UNDERSTAND THAT ALL REQUIRED ITEMS, STATEMENTS AND SCHEDULES ARE INTEGRAL PARTS
OF THIS FORM AND THAT THE SUBMISSION OF ANY AMENDMENT REPRESENTS THAT ALL
UNAMENDED ITEMS, STATEMENTS AND SCHEDULES REMAIN TRUE, CORRECT AND COMPLETE AS
PREVIOUSLY SUBMITTED.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
Name, Title and Telephone Number of Person Submitting Report:
Michael DiCarlo, Member
(617) 261-2222
Signature, Place and Date of Signing:
/s/ Michael DiCarlo
Boston, Massachusetts
2/12/98
Other Managers on Whose Behalf this Report is Filed:
None
Managers Reporting on Behalf of Reporting Manager:
None
REPORT SUMMARY:
Number of Other Included Managers: None
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Form 13F Information Table Entry Total: 58
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Form 13F Information Table Value Total: 48,889,812
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SECURITIES AND EXCHANGE COMMISSION
FORM 13F-HR
NAME OF REPORTING MANAGER: DFS ADVISORS LLC
<TABLE> <S> <C>
NAME OF ISSUER TITLE OF CUSIP VALUE SHARES OR VOTING AUTHORITY
-------------- CLASS ----- x1000 PRINCIPAL ----------------
-------- ----- AMOUNT
--------- SOLE SHARED NONE
---- ------ ----
ACE COMM CORP COM 004404 10 9 128 20000 20000
ACT NETWORKS INC COM 000975 10 2 1237 101000 101000
ADAPTEC INC COM 00651F 10 8 878 50000 50000
AMKOR TECHNOLOGY INC COM 031652 10 0 103 9500 9500
ANCHOR GAMING COM 033037 10 2 564 10000 10000
APPLIED MAGNETICS CORP COM 038213 10 4 371 60000 60000
AT HOME CORP - SER A COM 045919 10 7 2970 40000 40000
BIG ENTERTAINMENT INC COM 089144 10 9 907 64800 64800
BOSTON COMMUNICATIONS GROUP COM 100582 10 5 715 55000 55000
BUSINESS OBJECTS S.A. COM 12328X 10 7 1300 40000 40000
C-CUBE MICROSYSTEMS COM 125015 10 7 909 33500 33500
CAMBRIDGE TECHNOLOGY COM 132524 10 9 221 10000 10000
PARTNERS
CARRIER ACCESS CORP COM 144460 10 2 517 15000 15000
CBS CORP COM 12490K 10 7 1148 35000 35000
CELEGNE CORP COM 151020 90 4 154 10000 10000
COM21 INC COM 205937 10 5 328 15600 15600
COMPUTER NETWORK COM 204925 10 1 440 35200 35200
TECHNOLOGY
CONEXANT SYSTEMS INC COM 207142 10 0 838 50000 50000
COULTER PHARMACEUTICALS COM 222116 10 5 1050 35000 35000
DATA GENERAL CORP COM 237688 10 6 822 50000 50000
DELPHI INFORMATION SYSTEMS COM 247171 20 0 221 26000 26000
INC
DSP COMMUNICATIONS COM 23332K 10 6 306 20000 20000
DURA PHARMACEUTICALS INC COM 26632S 10 9 456 30000 30000
EARTHLINK NETWORK INC COM 270322 10 0 1197 21000 21000
ELECTRONICS FOR IMAGING INC COM 286082 10 2 1600 40000 40000
ELI LILLY & CO COM 532457 10 8 3555 40000 40000
EMC CORP-MASS COM 268648 10 2 2125 25000 25000
FIREARMS TRAINING SYSTEMS INC CLA 318120 10 2 28 20000 20000
I-STAT CORP COM 450312 10 3 1112 148200 148200
INFONAUTICS CORP CLA 456662 10 5 108 239800 239800
INSO CORP COM 457674 10 9 413 16500 16500
ISS GROUP INC COM 450306 10 5 1375 25000 25000
KNIGHT/TRIMARK GROUP INC CLA 499067 10 6 1496 190000 190000
MACROVISION CORP COM 555904 10 1 655 15500 15500
MYLEX CORP COM 628546 10 3 396 32990 32990
OUTDOOR SYSTEMS INC COM 690057 10 4 900 30000 30000
OVERLAND DATA INC COM 690213 10 3 110 15500 15500
PAYMENTECH INC COM 704384 10 6 94 5000 5000
PEREGRINE SYSTEMS INC COM 71366Q 10 1 1159 25000 25000
PERICOM SEMICONDUCTOR CORP COM 713831 10 5 162 15000 15000
PHAR-MOR INC COM 717113 20 3 108 14150 14150
POLYCOM INC COM 73172K 10 4 334 15000 15000
PRE-PAID LEGAL SERVICES INC COM 740065 10 7 1980 60000 60000
QUANTUM CORP COM 747906 10 5 531 25000 25000
RATIONAL SOFTWARE CORP COM 75409P 20 2 1060 40000 40000
RESPONSE USA INC COM 761235 50 6 181 53500 53500
SAVOIR TECHNOLOGY GROUP INC COM 80533W 10 7 47 5467 5467
SECURITY DYNAMICS COM 814208 10 4 400 17400 17400
TECHNOLOGIES
SECURITY DYNAMICS COM 814208 10 4 575 25,000 25,000
TECHNOLOGIES
SEGUE SOFTWARE INC COM 815807 10 2 1276 63,000 63,000
SEPRACOR INC COM 817315 10 4 3525 40,000 40,000
SUPERIOR TELECOM INC COM 868365 10 7 1890 40,000 40,000
TRANSWITCH CORP COM 894065 10 1 973 25,000 25,000
URS CORP COM 903236 10 7 514 22,000 22,000
VERITY INC COM 92343C 10 6 105 39,800 39,800
VIDEOSERVER INC COM 926918 10 3 303 16,500 16,500
VITESSE SEMICONDUCTOR CORP COM 928497 10 6 1369 30,000 30,000
XLINK INC COM 983919 10 1 651 10,000 10,000
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REPORT SUMMARY 58 DATA RECORDS 48890 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
