ALTEX Portfolio

Firsthand Alternative Energy Fund

Complete Portfolio

As of December 31, 2016

Security Market Value % Assets
Power Integrations, Inc. $ 393,462 7.74%
Itron, Inc. $ 349,760 6.88%
Cree, Inc. $ 263,900 5.19%
TerraForm Power, Inc. $ 256,200 5.04%
Tesla Motors, Inc. $ 246,812 4.86%
Honeywell International, Inc. $ 240,968 4.74%
First Solar, Inc. $ 224,630 4.42%
Exar Corp. $ 215,600 4.24%
Vestas Wind Systems A/S $ 195,803 3.85%
3M Co. $ 178,570 3.51%
Koninklijke (Royal) Philips Electronics N.V. $ 176,389 3.47%
Quanta Services, Inc. $ 174,250 3.43%
United Technologies Corp. $ 164,430 3.24%
Praxair, Inc. $ 164,066 3.23%
Corning, Inc. $ 156,784 3.09%
Covanta Holding Corp. $ 156,000 3.07%
ABB Ltd. $ 147,490 2.90%
Gamesa Corporacion Tecnologica, S.A. $ 147,490 2.90%
Aspen Aerogels, Inc. $ 144,550 2.84%
SolarEdge Technologies, Inc. $ 136,400 2.68%
Intevac, Inc. $ 135,090 2.66%
SunPower Corp. - Class B $ 131,744 2.59%
Iberdrola S.A. $ 128,994 2.54%
ULVAC Corp. $ 82,704 1.63%
Cash $ 76,996 1.52%
Silver Spring Networks, Inc. $ 66,550 1.31%
Advanced Emissions Solutions, Inc $ 62,832 1.24%
JA Solar Holdings Co Ltd. $ 61,880 1.22%
Motech Industries, Inc. $ 50,990 1.00%
Vivint Solar, Inc. $ 30,600 0.60%
Orion Energy Systems, Inc. $ 30,380 0.60%
Amtech Systems, Inc. $ 28,050 0.55%
Sunrun, Inc. $ 26,550 0.52%
Sharp Corp. $ 25,412 0.50%
*Silicon Genesis Corp.-Common Stock $ 3,773 0.07%
AdvanSix, Inc. $ 1,838 0.04%
Sunedision, Inc. $ 1,492 0.03%
*Silicon Genesis Corp.-Series 1-E $ 1,307 0.03%
*Silicon Genesis Corp.-Series 1-C $ 165 0.00%
TOTAL: $ 5,080,899 100.00%
* 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.