Firsthand Funds NPORT-P Firsthand Alternative Energy Fund (Mar 2022 report)

FIRSTHAND ALTERNATIVE ENERGY FUND

Portfolio of Investments, March 31, 2022 (unaudited)

	SHARES		MARKET VALUE
COMMON STOCKS — 88.0% ($14,752,447)
Advanced Materials — 3.6% ($607,539)
Corning, Inc.		16,460	$	607,539
Agriculture — 0.0% ($0)
Growlife, Inc.*		1		0
Alternative Energy — 3.7% ($613,400)
Social Capital Hedosophia Holdings Corp. VI, Class A*		40,000		404,000
Spring Valley Acquisition Corp., Class A*		20,000		209,400
Automotive — 3.8% ($631,300)
Hyzon Motors, Inc.*		98,795		631,300
Biotech — 0.5% ($90,980)
Curaleaf Holdings, Inc.*		10,000		72,300
Jazz Pharmaceuticals PLC*		120		18,680
Defense & Aerospace — 11.3% ($1,888,670)
Astra Space, Inc.*		100,000		386,000
Kratos Defense & Security Solutions, Inc.*		30,000		614,400
Maxar Technologies, Inc.		20,000		789,200
Raytheon Technologies Corp.		1,000		99,070
Electrical Equipment — 1.3% ($226,380)
ABB, Ltd. - SP ADR		7,000		226,380
Energy Efficiency — 2.4% ($406,021)
Honeywell International, Inc.		580		112,857
Itron, Inc.*		5,565		293,164
Engineering Service — 3.9% ($658,050)
Quanta Services, Inc.		5,000		658,050
Industrials — 0.3% ($45,870)
Carrier Global Corp.		1,000		45,870
Intellectual Property — 0.0% ($54)
Silicon Genesis Corp., Common(1)*		181,407		54
Materials — 7.2% ($1,206,800)
Aspen Aerogels, Inc.*		35,000		1,206,800
Other Electronics — 2.2% ($363,410)
Intevac, Inc.*		5,800		31,030
Koninklijke Philips Electronics N.V.		10,887		332,380

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FIRSTHAND ALTERNATIVE ENERGY FUND - continued

Portfolio of Investments, March 31, 2022 (unaudited)

	SHARES		MARKET VALUE
Renewable Energy — 33.4% ($5,600,324)
Amtech Systems, Inc.*		6,600	$	66,396
Enphase Energy, Inc.*		5,000		1,008,900
First Solar, Inc.*		5,000		418,700
Iberdrola S.A.		24,832		272,506
Maxeon Solar Technologies, Ltd.*		2,491		36,070
Orion Energy Systems, Inc.*		14,000		39,200
Sharp Corp.		1,100		10,382
Siemens Gamesa Renewable Energy S.A.*		7,271		128,496
SolarEdge Technologies, Inc.*		7,000		2,256,590
SunPower Corp., Class B*		19,931		428,118
Sunrun, Inc.*		11,600		352,292
ULVAC, Inc.		2,700		139,724
Vestas Wind Systems A.S.		15,000		442,950
Semiconductors — 9.5% ($1,599,753)
ON Semiconductor Corp.*		5,000		313,050
Power Integrations, Inc.		1,598		148,103
Wolfspeed, Inc.*		10,000		1,138,600
Services — 4.6% ($771,600)
EVgo, Inc.*		60,000		771,600
Waste & Environment Service — 0.3% ($42,296)
Advanced Emissions Solutions, Inc.*		6,800		42,296
PREFERRED STOCKS — 0.0% ($242)
Intellectual Property — 0.0% ($242)
Silicon Genesis Corp., Series 1-C(1)*		152		4
Silicon Genesis Corp., Series 1-E(1)*		3,000		238
WARRANTS — 0.1% ($9,069)
Alternative Energy — 0.1% ($9,069)
Queen's Gambit Growth Capital *		13,333		9,069
INVESTMENT COMPANY — 12.0% ($2,010,561)
Fidelity Investments Money Market Fund - Treasury Portfolio(2)		2,010,561		2,010,561
Total Investments (Cost $11,377,240) — 100.1%				16,772,319
Liabilities in excess of other assets — (0.1)%				(17,774	)
NET ASSETS - 100.0%			$	16,754,545

*	Non-income producing security.
(1)	Restricted/illiquid security (0.00% of net assets).
(2)	The Fidelity Investments Money Market Fund invests primarily in U.S. Treasury Securities.

PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt

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FIRSTHAND ALTERNATIVE ENERGY FUND - continued

Portfolio of Investments, March 31, 2022 (unaudited)

Securities Valuation—A Fund's portfolio of securities is valued as follows:

1. Securities traded on stock exchanges, or quoted by NASDAQ, are valued according to the NASDAQ official closing price, if applicable, or at their last reported sale price as of the close of trading on the New York Stock Exchange ("NYSE") (normally 4:00 P.M. Eastern Time). If a security is not traded that day, the security will be valued at its most recent bid price.

2. Securities traded in the over-the-counter market, but not quoted by NASDAQ, are valued at the last sale price (or, if the last sale price is not readily available, at the most recent closing bid price as quoted by brokers that make markets in the securities) at the close of trading on the NYSE.

3. Securities traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market.

4. Securities and other assets that do not have market quotations readily available are valued at their fair value as determined in good faith using procedures established by the Board of Trustees.

In pricing illiquid, privately placed securities, the advisor follows well-accepted valuation techniques. Initial valuations are generally determined by the initial purchase price for each security. Subsequent to initial purchase, securities are repriced from time to time to reflect changes to the companies' valuations caused by various events. Such events include, among others, a new round of financing establishing a new valuation for the company; material changes to a company's business or business prospects, either due to company-specific internal issues (gaining or losing a major customer, missing a significant milestone, etc.) or macroeconomic events affecting the industry or the world. In analyzing a company's valuation, factors that are also considered, include a company's cash flow, revenues, profitability, financial forecasts, and probability of success in those measures. Other potential factors include the value of comparable public and private companies and general market conditions.

Fair Value Measurement — In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Fund discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 - Observable inputs other than quoted prices included in level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risks, yield curves, default rates, and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The following is a summary of the inputs used to value the following Funds' net assets as of March 31, 2022:

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Portfolio of Investments, March 31, 2022 (unaudited)

FUND	LEVEL 1 QUOTED PRICES		LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS		LEVEL 3 SIGNIFICANT OBSERVABLE INPUTS
FIRSTHAND ALTERNATIVE ENERGY FUND
Common Stocks
Advanced Materials	$	607,539	$	—	$	—
Agriculture		—		—		—
Alternative Energy		613,400		—		—
Automotive		631,300		—		—
Biotech		90,980		—		—
Defense & Aerospace		1,888,670		—		—
Electrical Equipment		226,380		—		—
Energy Efficiency		406,021		—		—
Engineering Service		658,050		—		—
Industrials		45,870		—		—
Intellectual Property		—		—		54
Materials		1,206,800		—		—
Other Electronics		363,410		—		—
Renewable Energy		5,600,324		—		—
Semiconductors		1,599,753		—		—
Services		771,600		—		—
Waste & Environment Service		42,296		—		—
Total Common Stocks		14,752,393		—		54
Preferred Stocks
Intellectual Property		—		—		242
Warrants
Alternative Energy		9,069		—		—
Investment Company		2,010,561		—		—
Total	$	16,772,023	$	—	$	296

At the end of each calendar quarter, management evaluates the Level 2 and 3 assets and liabilities for changes in liquidity, including but not limited to: whether a broker is willing to execute at the quoted price, the depth and consistency of prices from third party services, and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the Level 1 and 2 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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FIRSTHAND ALTERNATIVE ENERGY FUND - continued

Portfolio of Investments, March 31, 2022 (unaudited)

Following is a reconciliation of Level 3 assets (at either the beginning or the ending of the period) for which significant unobservable inputs were used to determine fair value.

INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3)	BALANCE AS OF 12/31/21		NET PURCHASES		NET SALES		NET REALIZED GAINS/ (LOSSES)		NET UNREALIZED APPRECIATION (DEPRECIATION)			TRANSFERS IN (OUT) OF LEVEL 3		BALANCE AS OF 03/31/22
Common Stocks
Intellectual Property	$	54	$	—	$	—	$	—	$	—		$	—	$	54
Preferred Stocks		248		—		—		—		(6	)		—		242
Total	$	302	$	—	$	—	$	—	$	(6	)	$	—	$	296

As of the period ended March 31, 2022, these investments were valued in accordance with procedures approved by the Board of Trustees. These investments did not have a material impact on the Fund's net assets and, therefore, disclosure of unobservable inputs used in formulating valuation is not presented.

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

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