ALTEX Portfolio

Firsthand Alternative Energy Fund

Complete Portfolio

As of December 31, 2018

Security Market Value % Assets
Power Integrations, Inc. $ 353,623 7.96%
Cree, Inc. $ 342,200 7.71%
Itron, Inc. $ 263,169 5.93%
SolarEdge Technologies, Inc. $ 245,700 5.53%
Vestas Wind Systems A.S. $ 226,770 5.11%
First Solar, Inc. $ 212,275 4.78%
Honeywell International, Inc. $ 208,750 4.70%
Koninklijke (Royal) Philips Electronics N.V. $ 202,585 4.56%
Corning, Inc. $ 195,157 4.39%
3M Co. $ 190,540 4.29%
Iberdrola S.A. $ 173,402 3.90%
United Technologies Corp. $ 159,720 3.60%
Quanta Services, Inc. $ 150,500 3.39%
Linde plc $ 140,436 3.16%
Covanta Holding Corp. $ 134,200 3.02%
ABB, Ltd. -- SP ADR. $ 133,070 3.00%
SunPower Corp. $ 99,057 2.23%
GW Pharmaceuticals plc $ 97,390 2.19%
Siemens Gamesa Renewable Energy $ 88,639 2.00%
ULVAC $ 78,582 1.77%
Aspen Aerogels, Inc. $ 74,550 1.68%
Advanced Emissions Solutions, Inc $ 71,740 1.62%
Sunrun, Inc. $ 54,450 1.23%
Vivint Solar, Inc. $ 45,720 1.03%
Intevac, Inc. $ 30,334 0.68%
Amtech Systems, Inc. $ 29,898 0.67%
Motech Industries, Inc. $ 16,058 0.36%
Sharp Corp. $ 11,060 0.25%
Orion Energy Systems, Inc. $ 7,994 0.18%
Resdio Technologies, Inc. $ 5,405 0.12%
Garrett Motion Inc. $ 1,950 0.04%
TOTAL: $ 4,440,660 100.00%
* Indicates private company.

The information provided should not be considered a recommendation to purchase or sell a particular security and there is no assurance that, as of the date of publication, the securities purchased remain in the Fund's portfolio or that securities sold have not been repurchased. Also, you should note that the securities discussed, even if they have been purchased by the Fund, do not represent the Fund's entire portfolio and, in the aggregate, may represent only a small percentage of the Fund's holdings. There can be no assurance that any Firsthand Fund will buy, sell, or hold any particular security after the date referred to in the discussion.

Private companies with valuations of zero have been omitted.

Note: Cash figure is net of receivables and payables.