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OMB APPROVAL
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OMB Number 3525-0287
Expires: September 30, 1998
Estimated average burden
hours per response ...... 0.5
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U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
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(f) of the Investment Company Act of 1940
[_] Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
________________________________________________________________________________
1. Name and Address of Reporting Person*
Clayton Stephen T.
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(Last) (First) (Middle)
c/o Tremont Advisers, Inc.
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(Street)
555 Fremd Avenue
Suite C 206
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(City) (State) (Zip)
Rye NY 10580
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2. Issuer Name and Ticker or Trading Symbol
Tremont Advisers, Inc. TMAVB
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3. IRS or Social Security Number of Reporting Person (Voluntary)
________________________________________________________________________________
4. Statement for Month/Year
June, 2000
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5. If Amendment, Date of Original (Month/Year)
November, 1999
________________________________________________________________________________
6. Relationship of Reporting Person to Issuer
(Check all applicable)
[_] Director [_] 10% Owner
[X] Officer (give title below) [_] Other (specify below)
Chief Financial Officer
________________________________________________________________________________
7. Individual or Joint/Group Filing (Check applicable line)
[X] Form filed by One Reporting Person
[_] Form filed by more than One Reporting Person
________________________________________________________________________________
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Table I -- Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
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<TABLE>
<CAPTION>
6.
4. 5. Owner-
Securities Acquired (A) or Amount of ship
3. Disposed of (D) Securities Form: 7.
Transaction (Instr. 3, 4 and 5) Beneficially Direct Nature of
2. Code ------------------------------- Owned at End (D) or Indirect
1. Transaction (Instr. 8) (A) of Month Indirect Beneficial
Title of Security Date ------------ Amount or Price (Instr. 3 (I) Ownership
(Instr. 3) (mm/dd/yy) Code V (D) and 4) (Instr.4) (Instr. 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class B Common Stock 11/8/99 S 801 D $11.125 20,548 D --
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Class B Common Stock 11/15/99 S 800 D $11.250 19,747 D --
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Class B Common Stock -- -- -- -- -- -- 4,500 I Spouse
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Class B Common Stock -- -- -- -- -- -- 125 I Minor
child
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Class B Common Stock -- -- -- -- -- -- 125 I Minor
child
====================================================================================================================================
</TABLE>
(Print or Type Responses)
[593631-1]
<PAGE>
FORM 4 (continued)
Table II -- Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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<TABLE>
<CAPTION>
10.
9. Owner-
Number ship
of Form
2. Deriv- of
Conver- 5. 7. ative Deriv- 11.
sion Number of Title and Amount Secur- ative Nature
or Derivative 6. of Underlying 8. ities Secur- of
Exer- 4. Securities Date Securities Price Bene- ity: In-
cise 3. Trans- Acquired (A) Exercisable and (Instr. 3 and 4) of ficially Direct direct
Price Trans- action or Disposed Expiration Date ---------------- Deriv- Owned (D) or Bene-
1. of action Code of(D) (Month/Day/Year) Amount ative at End In- ficial
Title of Deriv- Date (Instr. (Instr. 3, ---------------- or Secur- of direct Owner-
Derivative ative (Month/ 8) 4 and 5) Date Expira- Number ity Month (I) ship
Security Secur- Day/ ------ ------------ Exer- tion of (Instr. (Instr. (Instr. (Instr.
(Instr. 3) ity Year) Code V (A) (D) cisable Date Title Shares 5) 4) 4) 4)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Options $1.60 -- -- -- -- 12/15/96 12/15/99 Class B 6,250 -- 6,250 D --
Common
Stock
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Options $3.00 -- -- -- -- 5/15/99 5/15/02 Class B 12,500 -- 12,500 D --
Common
Stock
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Options $6.40 -- -- -- -- 12/9/98 12/9/03 Class B 781 -- 781 D --
Common
Stock
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Options $6.40 -- -- -- -- 12/9/99 12/9/03 Class B 781 -- 781 D --
Common
Stock
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Options $6.40 -- -- -- -- 12/9/00 12/9/03 Class B 1,563 -- 1,563 D --
Common
Stock
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Class A Common 1.1 -- -- -- -- 8/15/98 N/A Class B 948 -- 948 D --
Stock Common
Stock
====================================================================================================================================
</TABLE>
Explanation of Responses:
* If the Form is filed by more than one Reporting Person, see Instruction
4(b)(v).
Reminder: Report on a separate line for each class of securities owned
directly or Indirectly.
/s/ Stephen T. Clayton July 7, 2000
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**Signature of Reporting Person Date
Stephen T. Clayton
** Intentional misstatements or omissions of facts constitute Federal
Criminal Violations.
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
