TEFQX Portfolio

Firsthand Technology Opportunities Fund

Complete Portfolio

As of December 31 , 2016

Security Market Value % Assets
Arista Networks, Inc. $ 7,257,750 9.31%
Facebook, Inc. $ 6,903,000 8.86%
Tencent Holdings Ltd. $ 6,482,752 8.32%
InvenSense, Inc. $ 5,755,500 7.39%
Cash $ 4,788,140 6.14%
Netflix, Inc. $ 4,333,000 5.56%
Alphabet, Inc. $ 4,257,359 5.46%
Amazon.com, Inc. $ 3,749,350 4.81%
Equinix, Inc. $ 3,583,750 4.60%
Alibaba Group Holding Ltd. $ 3,512,400 4.51%
Exar Corp. $ 2,695,000 3.46%
Workday, Inc. $ 2,643,600 3.39%
Pandora Media, Inc $ 2,608,000 3.35%
Palo Alto Networks, Inc. $ 2,501,000 3.21%
Baidu.com, Inc. $ 2,466,150 3.16%
Ambarella, Inc. $ 2,165,200 2.78%
Tesla Motors, Inc. $ 2,136,900 2.74%
Twitter, Inc. $ 1,630,000 2.09%
Adobe Systems, Inc. $ 1,544,250 1.98%
PayPal Holdings, Inc. $ 1,184,100 1.52%
Pure Storage, Inc. $ 1,131,000 1.45%
Rocket Fuel, Inc. $ 1,128,600 1.45%
Sina Corp. $ 911,850 1.17%
VMware, Inc. $ 787,300 1.01%
Fitbit, Inc. $ 732,000 0.94%
Apple, Inc. $ 521,190 0.67%
Gogo Inc. $ 461,000 0.59%
Weibo Corp. $ 60,900 0.08%
TOTAL: $ 77,931,041 100.00%

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.