Form 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person*     

Victoria & Eagle Strategic Fund, Ltd.
(Last)       (First)       (Middle)

P.O. Box 1984 G.T., Elizabethan Square
(Street)
Grand Cayman, Cayman Islands
British West Indies
(City)       (State)       (Zip)
 2. Date of Event
Requiring Statement
(Month/Day/Year)

10/25/2001
 4. Issuer Name and Ticker or Trading Symbol

Ultrak, Inc. (ULTK)
3. I.R.S. Identification
Number of Reporting
Person, if an entity
(voluntary)


 5. Relationship of Reporting Person(s) to Issuer
 (Check all applicable)
___ Director      X   10% Owner
___ Officer      ___Other (specify
(give title below)               below) 		6. If Amendment, Date of
Original (Month/Day/Year)
7. Individual or Joint/Group
Filing (Check Applicable Line)
___ Form filed by One Reporting Person
  X   Form filed by More than One Reporting Person

 Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security
(Instr. 4)		 2. Amount of Securities
Beneficially Owned
(Instr. 4)		 3. Ownership
Form: Direct
(D) or Indirect
(I)  (Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, $0.01 par value 2,120,000 D N/A 
         
          
          
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instructions 5(b)(v).
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB control number.

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SEC 1474 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and
Expiration Date
(Month/Day/Year)

 3. Title and Amount of Securities Underlying
Derivative Security
(Instr. 4)		 4. Conversion or
Exercise
Price of
Derivative
Security 		5. Ownership
Form of
Derivative
Security:
Direct
(D) or
Indirect
(I)
(Instr. 5)		 6. Nature of Indirect
Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount
or
Number
of
Shares
                     
                     
                     
                     
Explanation of Responses:

SEE CONTINUATION SHEET

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). 		VICTORIA & EAGLE STRATEGIC FUND, LTD.

By:  /s/ Fabio Conti
 Fabio Conti, Director

**Signature of Reporting Person

12/10/2002 
Date
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient,
See Instruction 6 for procedure.

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<PAGE>

 

CONTINUATION SHEET TO FORM 3



Name and Address of Reporting Person:


Victoria & Eagle Strategic Fund, Ltd.
P.O. Box 1984 G.T.
Elizabethan Square
Grand Cayman, Cayman Islands
British West Indies

Issuer Name and Ticker or Trading Symbol:

Ultrak, Inc. (ULTK)

Date of Event Requiring Statement:

October 25, 2001
   


Other Reporting Person:


Signature of Reporting Person:

BIPIELLE Bank (Suisse) S.A. (1)
Via Nassa 11
6900 Lugano, Switzerland

BIPIELLE BANK (SUISSE) S.A.

By:       /s/ G. Basta
Name:  G. Basta
Title:    Deputy General Manager

By:       /s/ M. Torti
Name:  M. Torti
Title:     Vice President


Explanation of Responses:

(1) BIPIELLE Bank (Suisse) S.A. (the "Bank"), as the majority equity owner of Victoria & Eagle Strategic Fund, Ltd., a Cayman Islands corporation, may be deemed to be the beneficial owner of the securities reported herein.  Pursuant to Rule 16a-1(a)(4) under the Act, this filing shall not be deemed an admission that the Bank is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities in which it does not have a pecuniary interest.













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