Mr. Shapiro,
Attached is your Monthly Holdings Report for the month of May, 2001. If
there are any holdings outside of UBS PaineWebber that you would like me to
report on, please send your monthly/quarterly statements to me at:
109 North Post Oak Lane, Suite 150
Houston, TX 77024
and I will include them in this report. Please call me at 713-957-7060 if
you have any questions regarding this report.

Sincerely,
Hank Emery
UBSPaineWebber
Emery Financial Group

 <<SHAPIRO.pdf>>



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 - SHAPIRO.pdf