ALTEX Portfolio

Firsthand Alternative Energy Fund

Complete Portfolio

As of March 31, 2017

Security Market Value % Assets
Power Integrations, Inc. $ 381,284 7.19%
Itron, Inc. $ 337,796 6.37%
Exar Corp. $ 260,200 4.91%
Honeywell International, Inc. $ 259,730 4.90%
TerraForm Power, Inc. $ 247,400 4.66%
Vestas Wind Systems A/S $ 245,880 4.64%
Cree, Inc. $ 213,840 4.03%
Intevac, Inc. $ 197,500 3.72%
3M Co. $ 191,330 3.61%
First Solar, Inc. $ 189,700 3.58%
Quanta Services, Inc. $ 185,550 3.50%
Koninklijke (Royal) Philips Electronics N.V. $ 185,275 3.49%
Corning, Inc. $ 174,420 3.29%
Gamesa Corporacion Tecnologica, S.A. $ 172,044 3.24%
SolarEdge Technologies, Inc. $ 171,600 3.24%
United Technologies Corp. $ 168,315 3.17%
Tesla Motors, Inc. $ 166,980 3.15%
Praxair, Inc. $ 166,040 3.13%
ABB Ltd. $ 163,800 3.09%
Covanta Holding Corp. $ 157,000 2.96%
Aspen Aerogels, Inc. $ 145,250 2.74%
Iberdrola S.A. $ 143,729 2.71%
ULVAC Corp. $ 125,869 2.37%
SunPower Corp. - Class B $ 121,579 2.29%
Cash $ 93,220 1.76%
JA Solar Holdings Co Ltd. $ 85,020 1.60%
Advanced Emissions Solutions, Inc $ 64,872 1.22%
Silver Spring Networks, Inc. $ 56,450 1.06%
Motech Industries, Inc. $ 53,586 1.01%
Sharp Corp. $ 46,439 0.88%
Amtech Systems, Inc. $ 36,300 0.68%
Vivint Solar, Inc. $ 33,600 0.63%
Orion Energy Systems, Inc. $ 27,720 0.52%
Sunrun, Inc. $ 27,000 0.51%
*Silicon Genesis Corp.-Common Stock $ 2,903 0.05%
AdvanSix, Inc. $ 2,268 0.04%
Sunedision, Inc. $ 1,553 0.03%
*Silicon Genesis Corp.-Series 1-E $ 1,123 0.02%
*Silicon Genesis Corp.-Series 1-C $ 129 0.00%
TOTAL: $ 5,304,292 100.00%
* 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.