Enters into share exchange agreement with Septeni Co., Ltd. (JASDAQ 4293) that is premised on Septeni making Galileo Zest Ltd. a wholly owned subsidiary.

Underwrites an issuance of bonds with share warrants by Xelo, Inc., a company involved in the design, development and operation of software for document management systems.

Underwrites a third-party allotment of new shares by Interscope Inc., which provides planning and analysis services based on new research methods that utilize Internet/Web technology. The cash raised by the company is used to finance systems development.

Invests in a third-party allotment of new shares by Nozomi Photonics Co., Ltd., a developer of integrated optical components.

Invests in a third-party allotment of new shares by Link Evolution Co., Ltd., a developer of infrared (IrDA) and other short-range radio products.

Invests in a third-party allotment of new shares by MoneySquare Japan, Inc., a company that provides individual investors with a new asset-management option through its Internet-based currency brokerage and market-making services.

Underwrites a third-party allotment of new shares by Galileo Zest Ltd., a provider of marketing/promotion ASPs for mobile phones and PCs.

Invests in a third-party allotment of new shares by Health Care Management Co., Ltd., which develops and provides highly advanced in-home nursing care and other medical services to the elderly.

Invests in a third-party allotment of new shares by Lumin-oZ Co., Ltd., a developer of optical screens and films made from new polymer technology.

Invests in a third-party allotment of new shares by MicroBio Corporation, which develops, manufactures and sells tools and equipment that enable rapid microbial detection and measurement. The company's products offer an easy-to-use alternative to methods that had previously required considerable human experience and skill.

Invests in a third-party allotment of new shares by Optware Corporation, which develops next-generation, ultra-high-speed-and-high-capacity optical disk systems. By integrating holographic storage and optical disk technologies, Optware's systems offer convertibility with existing CD and DVDs, ultra-high storage densities, and ultra-high capacity, as well as fast transfer rates and can be connected directly to optical fiber networks.

Underwrites a third-party allotment of new shares by Interscope Inc., which provides planning and analysis services based on new research methods that utilize Internet/Web technology. The cash raised by the company is used to finance development of a system that will enable client companies to conduct research by preparing their own questionnaires over the Internet.

Reflecting high expectations for Japan's first developer of peer-to-peer collaborative software, the fund underwrites a third-party allotment of new shares by Ariel Networks, Inc., which aims to provide Japan's first-ever P2P-based collaborative software to businesses based on its advanced software development capabilities.

Reflecting high expectations for embedded applications, which are an essential basic technology for information appliances and equipment, the fund invests in a third-party allotment of new shares by ELT, Inc.

Works Application Co., Ltd. lists on the JASDAQ Securities Exchange.

Sells all of its shares in Bizseek, Inc., a holding of the fund since March 2000.

The fund projects growth in the market for digital image processing software used in digital cameras and mobile phones. Accordingly, it underwrites a third-party allotment of new shares by AcuteLogic Corporation, which aims to expand its business by licensing software that can be embedded into chipsets.

Sells all of its shares in Pasona Tech, Ltd., a holding of the fund since September 1999.

Invests in a third-party allotment of new shares by VirtualeX, Inc., which provides consulting and operations for call center outsourcing.

Underwrites a third-party allotment of new shares by REALCOM Inc., which provides knowledge management platforms focused on "people," "knowledge," and "community." The cash raised will be used to develop next-generation versions of "KnowledgeMarketTM," the company's enterprise knowledge management solution, and "KnowledgeCommunityTM," its CRM solution. Cash is also allocated toward significantly strengthening marketing capabilities and toward investments that will enable the company to expand the business.

Underwrites a third-party allotment of new shares by GDH K.K. (Gonzo Digimation Holding), a company with leading edge digital technologies which aims to become a global leader in next-generation digital content.

Invests in a third-party allotment of new shares by AXIS Soft Co., Ltd. Using the latest Web technologies, AXIS provides "integrated one-stop solutions" for small and large Web sites, which range from systems infrastructure design to the building, operating and supporting of Web site systems.

Invests in a third-party allotment of new shares by PhotoniXnet Corporation, which enhances the possibilities of Internet-based communications by providing solutions that rely on wavelength division multiplexing technology.

Invests in a third-party allotment of new shares by digitalBoutique, inc., which provides various solutions to the "community."

Invests in a third-party allotment of new shares by FISCO Ltd., a financial service company that provides real-time financial information

Invests in a third-party allotment of new shares by Works Application Co., Ltd., which develops, sells, and supports a packaged software product called "Company" which is aimed at large businesses.