Prepared by MERRILL CORPORATION

    FORM 3




(Print or Type Responses)
  UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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(f) of the Investment Company Act of 1940
 
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1.   Name and Address of Reporting Person*   2.   Date of Event Requiring Statement
(Month/Day/Year)
  4.   Issuer Name and Ticker or Trading Symbol
                                         
    Leung   Wing-Yu           June 26, 2001   Monolithic System Technology, Inc. (MOSY)    

 
 
    (Last)   (First)   (Middle)   3.   IRS Identification Number of Reporting Person, if an entity (voluntary)   5.   Relationship of Reporting Person(s) to Issuer (Check all applicable)   6.   If Amendment, Date of Original
(Month/Day/Year)
1020 Stewart Drive            X  Director    X  10% Owner        

(Street)
 
   X  Officer
    (give title below)
       Other
    (specify below)
 
    Sunnyvale,   CA   94085           Executive Vice President, Chief Technical Officer   7.   Individual or Joint/Group

         
      (Check Applicable Line)
    (City)   (State)   (Zip)                            X  Form filed by One Reporting Person
     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       3,255,000         D        

    Common Stock       300,000         I       Held as Trustee of trusts established for the benefit of Michael Pak Shing Leung

    Common Stock       300,000         I       Held as Trustee of trusts established for the benefit of Matthew Pak-Ling Leung

                               

                               

                               

                               

                               

                               

                               

                               

                               

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.   (Over)
* If the form is filed by more than one reporting person, see Instruction 5(b)(v).   SEC 1473 (7-97)

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.


FORM 3 (Continued)   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                        

    Option to Purchase Common Stock   5/17/99(1)   5/16/09   Common Stock   30,000       $1.00       D        

    Option to Purchase Common Stock   3/7/97(2)   3/6/07   Common Stock   40,000       $1.00       D        

    Option to Purchase Common Stock   12/3/98(3)   12/2/08   Common Stock   30,000       $1.00       D        

    Option to Purchase Common Stock   5/12/00(4)   5/11/10   Common Stock   40,000       $8.00       D        

                                                     

                                                     

                                                     

                                                     

                                                     

                                                     

                                                     

                                                     

Explanation of Responses:

(1)
Option vests 8.333% per month commencing 7/1/02
(2)
Option vests 2% per month commencing 6/15/98
(3)
Option vests 8.333% per month commencing 7/1/01
(4)
Shares vest at 8.333% per month commencing 7/1/03
    /s/ Wing Yu Leung   June 26, 2001
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).  
**Signature of Reporting Person
 
Date
         
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.        
         
        Page 2
SEC 1473 (3-99)