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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: March 31, 2000
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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: Karen M. Fleiss
Address: 1270 Avenue of The Americas, 11th Floor
New York, New York 10020
Form 13F File Number: 28-07512
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: Karen M. Fleiss
Title: Managing Member of KMF Advisers LLC
Phone: (212) 582-5048
Signature, Place, and Date of Signing:
/s/ Karen M. Fleiss New York, New York 05/11/2000
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[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.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
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[ ] 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).)
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Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 2
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Form 13F Information Table Entry Total: 84
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Form 13F Information Table Value Total: 682,536
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(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.
No. Form 13F File Number Name
1 28-07518 KMF Partners, L.P.
2 KMF Advisers LLC
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KMF PARTNERS
13 F SECURITIES
FOR THE PERIOD ENDING 3/31/00
<CAPTION>
Item 2 Item 3 Item 4 Item 6 Item 8
Item 1 Title of CUSIP Fair Market Item 5 Investment Item 7 Voting
Name of Issuer Class Number Value Shares Discretion Managers Authority Value
<S> <C> <C> <C> <C> <C> <C> <C> <C>
(a) (b) (c) (a) (b) (c)
ABERCROMBIE AND FITCH CO. CLA 002896207 3,200 200,000 x 1,2 200,000 3,200,000.00
- CL A
ABGENIX INC. COM 00339B107 4,489 32,500 x 1,2 32,500 4,489,062.50
ADVANCED MICRO DEVICES COM 007903107 2,853 50,000 x 1,2 50,000 2,853,125.00
AIRGATE PCS COM 9367103 5,275 50,000 x 1,2 50,000 5,275,000.00
ALKERMES INC. COM 01642T108 3,700 40,000 x 1,2 40,000 3,700,000.00
AMERICA ONLINE INC. COM 02364J104 38,755 576,288 x 1,2 576,288 38,755,368.00
AMERICAN EAGLE OUT. COM 02553E106 3,794 100,000 x 1,2 100,000 3,793,750.00
APPLE COMPUTER CLA 37833100 6,791 50,000 x 1,2 50,000 6,790,625.00
APPLIED MICRO CIRCUITS CORP COM 03822W109 7,203 48,000 x 1,2 48,000 7,203,000.00
ARIBA INC. COM 04033V104 16,770 80,000 x 1,2 80,000 16,770,000.00
AT&T CORP-LIBERTY MEDIA COM 001957208 5,931 100,000 x 1,2 100,000 5,931,250.00
GROUP
AXYS PHARMACEUTICALS COM 054635107 1,538 200,000 x 1,2 200,000 1,537,500.00
BRILLIANT DIGITAL COM 109502104 3,581 300,000 x 1,2 300,000 3,581,250.00
ENTERTAINMENT
BROADCOM CORP CL A CLA 111320107 12,144 50,000 x 1,2 50,000 12,143,750.00
BROADVISION INC. COM 111412102 2,019 45,000 x 1,2 45,000 2,019,375.00
BROCADE COMMUNICATIONS COM 111621108 7,173 40,000 x 1,2 40,000 7,172,500.00
SYSTEMS INC.
CELL GENESYS INC. COM 150921104 3,836 180,000 x 1,2 180,000 3,836,250.00
CENDANT CORP. COM 151313103 3,700 200,000 x 1,2 200,000 3,700,000.00
CEPHALON INC. COM 156708109 5,250 140,000 x 1,2 140,000 5,250,000.00
CHECK POINT SOFTWARE INC. COM M22465104 12,830 75,000 x 1,2 75,000 12,829,687.50
CIENA CORP COM 171779101 16,396 130,000 x 1,2 130,000 16,396,250.00
CISCO SYSTEMS COM 17275R102 9,278 120,000 x 1,2 120,000 9,277,500.00
CITRIX SYSTEMS COM 177376100 7,950 120,000 x 1,2 120,000 7,950,000.00
CLEAR CHANNEL COM 184502102 4,144 60,000 x 1,2 60,000 4,143,750.00
CMGI INC. COM 125750109 24,929 220,000 x 1,2 220,000 24,928,750.00
COMMERCE ONE INC. COM 200693109 2,985 20,000 x 1,2 20,000 2,985,000.00
CORNING INC. COM 219350105 13,580 70,000 x 1,2 70,000 13,580,000.00
DIGEX INC. COM 253756100 4,438 40,000 x 1,2 40,000 4,437,500.00
DSP GROUP, INC. COM 23332B106 9,108 138,000 x 1,2 138,000 9,108,000.00
ENZON INC. COM 293904108 3,769 100,000 x 1,2 100,000 3,768,750.00
EPOCH PHARMACEUTICALS COM 294273107 2,803 195,000 x 1,2 195,000 2,803,125.00
GEMSTAR INTERNATIONAL COM G3788V106 3,440 40,000 x 1,2 40,000 3,440,000.00
GROUP LTD.
GENENTECH INC. COM 368710406 7,798 51,300 x 1,2 51,300 7,797,600.00
GUIDANT CORP COM 401698105 4,705 80,000 x 1,2 80,000 4,705,000.00
HARMONIC INC. COM 413160102 2,498 30,000 x 1,2 30,000 2,497,500.00
HUMAN GENOME SCIENCE COM 444903108 3,323 40,000 x 1,2 40,000 3,322,500.00
IMCLONE SYSTEMS COM 45245W109 4,997 65,000 x 1,2 65,000 4,996,875.00
INFOSPACE.COM COM 45678T102 3,636 25,000 x 1,2 25,000 3,635,937.50
INKTOMI CORP. COM 457277101 7,800 40,000 x 1,2 40,000 7,800,000.00
INTEL CORP. COM 458140100 6,597 50,000 x 1,2 50,000 6,596,875.00
INTUIT INC. COM 461202103 5,981 110,000 x 1,2 110,000 5,981,250.00
JDS UNIPHASE CORP COM 46612J101 72,338 600,000 x 1,2 600,000 72,337,500.00
JUNIPER NETWORKS INC. COM 48203R104 6,589 25,000 x 1,2 25,000 6,589,062.50
KOHL'S CORPORATION COM 500255104 8,979 87,600 x 1,2 87,600 8,979,000.00
LEGATO SYSTEMS COM 524651106 5,355 120,000 x 1,2 120,000 5,355,000.00
LEVEL 3 COMMUNICATIONS COM 52729N100 14,276 135,000 x 1,2 135,000 14,276,250.00
INC.
LIBERTY DIGITAL INC. COM 530436104 6,160 160,000 x 1,2 160,000 6,160,000.00
MACROMEDIA, INC. COM 556100105 4,516 50,000 x 1,2 50,000 4,515,625.00
MCDONALD'S CORP. COM 580135101 3,756 100,000 x 1,2 100,000 3,756,250.00
MEDIMMUNE INC. COM 584699102 19,154 110,000 x 1,2 110,000 19,153,750.00
MEDTRONIC INC. COM 585055106 3,436 66,800 x 1,2 66,800 3,436,025.00
MICROSOFT COM 594918104 10,625 100,000 x 1,2 100,000 10,625,000.00
NETVALUE HOLDINGS COM 64120C104 888 50,000 x 1,2 50,000 887,500.00
NEUROCRINE BIOSCIENCES COM 64125C109 3,488 150,000 x 1,2 150,000 3,487,500.00
INC.
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<CAPTION>
Item 2 Item 3 Item 4 Item 6 Item 8
Item 1 Title of CUSIP Fair Market Item 5 Investment Item 7 Voting
Name of Issuer Class Number Value Shares Discretion Managers Authority Value
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NEXT LEVEL COMMUNICATIONS COM 65333U104 6,090 56,000 x 1,2 56,000 6,090,000.00
INC.
NEXTEL COMMUNICATIONS CLA 65332V103 7,413 50,000 x 1,2 50,000 7,412,500.00
INC CLASS A
NEXTLINK COMM CL A CLA 65333H707 7,421 60,000 x 1,2 60,000 7,421,250.00
NORTEL NETWORKS CORP. COM 656569100 7,560 60,000 x 1,2 60,000 7,560,000.00
NTL INC. COM 629407107 17,402 187,500 x 1,2 187,500 17,402,343.73
NTN COMMUNICATIONS INC. COM 629410309 800 200,000 x 1,2 200,000 800,000.00
ORACLE SYSTEMS COM 68389X105 7,806 100,000 x 1,2 100,000 7,806,250.00
OSI PHARMACEUTICALS, INC. COM 671040103 4,875 250,000 x 1,2 250,000 4,875,000.00
PFIZER INC. COM 717081103 3,656 100,000 x 1,2 100,000 3,656,250.00
PMC-SIERRA INC. COM 69344F106 16,295 80,000 x 1,2 80,000 16,295,000.00
PORTAL SOFTWARE INC. COM 736126103 2,562 45,000 x 1,2 45,000 2,562,187.50
PRICELINE.COM INC. COM 741503106 8,000 100,000 x 1,2 100,000 8,000,000.00
REALNETWORKS INC. COM 75605L104 3,986 70,000 x 1,2 70,000 3,985,625.00
REDBACK NETWORKS INC. COM 757209101 5,999 20,000 x 1,2 20,000 5,998,750.00
RESEARCH IN MOTION LTD. COM 760975102 9,585 90,000 x 1,2 90,000 9,585,000.00
SCIENTIFIC-ATLANTA, INC. COM 808655104 6,344 100,000 x 1,2 100,000 6,343,750.00
SDL INC. COM 784076101 6,386 30,000 x 1,2 30,000 6,386,250.00
SUN MICROSYSTEMS COM 866810104 12,181 130,000 x 1,2 130,000 12,181,406.25
TANDY CORP. COM 875382103 5,331 100,000 x 1,2 100,000 5,331,250.00
TCI SATELLITE ENTERTAINMENT, COM 872298104 5,929 310,000 x 1,2 310,000 5,928,750.00
INC.
TELEWEST COMMUNICATIONS ADR 87956P105 3,457 40,909 x 1,2 40,909 3,456,810.50
PLC ADR
TENET HEALTHCARE CORP. COM 88033G100 4,600 200,000 x 1,2 200,000 4,600,000.00
TIFFANY & CO.-NEW COM 886547108 5,018 60,000 x 1,2 60,000 5,017,500.00
UNITED PAN-EUROPE COM 911300200 4,461 90,000 x 1,2 90,000 4,460,625.00
COMMUNICATIONS N.V.
US TECHNOLOGIES INC. COM 91272D309 32,413 12,060,801 x 1,2 12,060,801 32,413,402.69
VERITAS SOFTWARE COM 923436109 2,620 20,000 x 1,2 20,000 2,620,000.00
VERTICALNET INC. COM 92532L107 4,760 35,000 x 1,2 35,000 4,760,000.00
VOICE STREAM WIRELESS COM 928615103 3,864 30,000 x 1,2 30,000 3,864,375.00
WAL-MART STORES INC. COM 931142103 8,325 150,000 x 1,2 150,000 8,325,000.00
YAHOO! INC COM 984332106 6,855 40,000 x 1,2 40,000 6,855,000.00
TOTAL 682,541 682,536,393.67
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