ARIES DOMESTIC FUND L P
13F-HR, 1999-05-17
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                              Washington, DC 20549

                               Form 13F COVER PAGE

            Report for the Calendar Year or Quarter Ended: March 31, 1999
              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:
     ARIES DOMESTIC FUND, L.P.
Address:
        787 Seventh Avenue, 48th Floor
        New York, New York  10019

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:
Reporting Manager:
Name:
     Lindsay A. Rosenwald, M.D.
Title:
      Chairman of Paramount Capital Asset Management, Inc., General Partner
Phone:
      (212) 554-4300

Signature, Place, and Date of Signing:

/s/ Lindsay A. Rosenwald, M.D.
- ------------------------------
[Signature]

New York, New York
- --------------------------------------------------------------------------------
[City, State]

5-17-99
- --------------------------------------------------------------------------------
[Date]

Report Type (Check only one):
|_| 13F HOLDINGS REPORT.  (Check here if all holdings of this reporting  manager
are reported in this report.)
|X| 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.  [If there are no entries in
this list, omit this section.] Form 13F File Number 28-
                                                       -------------------------
Name Paramount Capital Asset Management, Inc.
     ---------------------------------------------------------------------------
Form 13F File Number 28-



<PAGE>

                              Form 13F Summary Page

                                 Report Summary:



Number of Other Included Managers:

Zero (0)
- --------------------------------------------------------------------------------
Form 13F Information Table Entry Total:

N/A
- --------------------------------------------------------------------------------
Form 13F Information Table Value Total:

        $ N/A_ (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.]

     None

<PAGE>

Pursuant to General  Instruction 8b to Form 13F, the securities over which Aries
Domestic Fund, L.P. exercises investement  discretion are reported on its behalf
on the Form 13F, of even date, filed by Paramount Capital Asset Management, Inc.



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