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<PAGE> PAGE 21
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070 M020500 N
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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SIGNATURE TINA D. HOSKING
TITLE SECRETARY
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Firsthand Funds
Los Altos, California
In planning and performing our audits of the financial statements of the
Technology Value Fund, Technology Innovators Fund, the Communications Fund, the
e-Commerce Fund and the Technology Leaders Fund, each a series of shares of
Firsthand Funds, for the period ended December 31, 1999, we considered its
internal control structure, including procedures for safeguarding securities, in
order to determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
Philadelphia, Pennsylvania
January 21, 2000
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Trustees
Medical Specialists Fund
Los Altos, California
In planning and performing our audit of the financial statements of the Medical
Specialists Fund a series of shares of Firsthand Funds, for the year ended
December 31, 1999, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the financial statements
and to comply with the requirements of Form N-SAR, not to provide assurance on
the internal control structure.
The management of the Fund is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure to future periods is subject to the risk that it may become
inadequate because of changes in conditions or that the effectiveness of the
design and operation may deteriorate.
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
December 31, 1999.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
Philadelphia, Pennsylvania
February 9, 2000
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> FIRSTHAND FUNDS - THE TECHNOLOGY VALUE FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 882,081,041
<INVESTMENTS-AT-VALUE> 1,379,770,635
<RECEIVABLES> 19,369,780
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1,399,140,415
<PAYABLE-FOR-SECURITIES> 37,933,418
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 5,587,765
<TOTAL-LIABILITIES> 43,521,183
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 860,735,376
<SHARES-COMMON-STOCK> 14,976,482
<SHARES-COMMON-PRIOR> 5,524,987
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (2,805,738)
<ACCUM-APPREC-OR-DEPREC> 497,689,594
<NET-ASSETS> 1,355,619,232
<DIVIDEND-INCOME> 2,193,047
<INTEREST-INCOME> 417,926
<OTHER-INCOME> 0
<EXPENSES-NET> 7,906,155
<NET-INVESTMENT-INCOME> (5,295,182)
<REALIZED-GAINS-CURRENT> 41,940,680
<APPREC-INCREASE-CURRENT> 493,368,505
<NET-CHANGE-FROM-OPS> 530,014,003
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 34,321,277
<DISTRIBUTIONS-OTHER> 956,985
<NUMBER-OF-SHARES-SOLD> 20,384,168
<NUMBER-OF-SHARES-REDEEMED> 11,350,482
<SHARES-REINVESTED> 417,809
<NET-CHANGE-IN-ASSETS> 1,177,488,135
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (4,172,974)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,202,423
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7,906,155
<AVERAGE-NET-ASSETS> 416,735,835
<PER-SHARE-NAV-BEGIN> 32.24
<PER-SHARE-NII> (.35)
<PER-SHARE-GAIN-APPREC> 61.36
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 2.73
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 90.52
<EXPENSE-RATIO> 1.91
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> FIRSTHAND FUNDS - THE MEDICAL SPECIALISTS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 15,204,831
<INVESTMENTS-AT-VALUE> 17,988,878
<RECEIVABLES> 501,136
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 18,490,014
<PAYABLE-FOR-SECURITIES> 1,894,975
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 37,272
<TOTAL-LIABILITIES> 1,932,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 13,796,578
<SHARES-COMMON-STOCK> 1,168,765
<SHARES-COMMON-PRIOR> 512,542
<ACCUMULATED-NII-CURRENT> (68,736)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (22,858)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,784,047
<NET-ASSETS> 16,557,767
<DIVIDEND-INCOME> 3,911
<INTEREST-INCOME> 61,882
<OTHER-INCOME> 0
<EXPENSES-NET> 134,529
<NET-INVESTMENT-INCOME> (68,736)
<REALIZED-GAINS-CURRENT> 888,866
<APPREC-INCREASE-CURRENT> 2,400,960
<NET-CHANGE-FROM-OPS> 3,221,090
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (444,569)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,525,063
<NUMBER-OF-SHARES-REDEEMED> 855,017
<SHARES-REINVESTED> 33,715
<NET-CHANGE-IN-ASSETS> 12,067,849
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (466,825)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 100,573
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 134,529
<AVERAGE-NET-ASSETS> 7,585,312
<PER-SHARE-NAV-BEGIN> 9.66
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 5.05
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.17
<EXPENSE-RATIO> 1.77
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> FIRSTHAND FUNDS - THE TECHNOLOGY LEADERS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 242,321,152
<INVESTMENTS-AT-VALUE> 392,445,017
<RECEIVABLES> 4,857,717
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 397,302,734
<PAYABLE-FOR-SECURITIES> 942,188
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 771,874
<TOTAL-LIABILITIES> 1,714,062
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 245,461,128
<SHARES-COMMON-STOCK> 8,853,454
<SHARES-COMMON-PRIOR> 2,387,362
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3,679
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 150,123,865
<NET-ASSETS> 395,588,672
<DIVIDEND-INCOME> 607,145
<INTEREST-INCOME> 181,755
<OTHER-INCOME> 0
<EXPENSES-NET> 2,294,018
<NET-INVESTMENT-INCOME> (1,505,118)
<REALIZED-GAINS-CURRENT> 3,962,276
<APPREC-INCREASE-CURRENT> 139,007,139
<NET-CHANGE-FROM-OPS> 141,464,297
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 3,159,208
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 11,728,243
<NUMBER-OF-SHARES-REDEEMED> 5,345,391
<SHARES-REINVESTED> 83,240
<NET-CHANGE-IN-ASSETS> 352,753,951
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 705,730
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,769,767
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,294,018
<AVERAGE-NET-ASSETS> 118,943,865
<PER-SHARE-NAV-BEGIN> 17.94
<PER-SHARE-NII> (.17)
<PER-SHARE-GAIN-APPREC> 27.40
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .49
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 44.68
<EXPENSE-RATIO> 1.94
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> FIRSTHAND FUNDS - THE TECHNOLOGY INNOVATORS FUND
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 443,499,708
<INVESTMENTS-AT-VALUE> 616,228,879
<RECEIVABLES> 3,832,484
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 620,061,363
<PAYABLE-FOR-SECURITIES> 9,414,404
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 6,710,941
<TOTAL-LIABILITIES> 16,125,345
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 420,139,716
<SHARES-COMMON-STOCK> 12,236,166
<SHARES-COMMON-PRIOR> 405,301
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,067,131
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 182,729,171
<NET-ASSETS> 603,936,018
<DIVIDEND-INCOME> 1,547,387
<INTEREST-INCOME> 19,136
<OTHER-INCOME> 0
<EXPENSES-NET> 2,256,940
<NET-INVESTMENT-INCOME> (690,417)
<REALIZED-GAINS-CURRENT> 7,882,318
<APPREC-INCREASE-CURRENT> 181,766,125
<NET-CHANGE-FROM-OPS> 188,958,026
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 6,269,227
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 18,978,792
<NUMBER-OF-SHARES-REDEEMED> 7,282,584
<SHARES-REINVESTED> 134,657
<NET-CHANGE-IN-ASSETS> 597,446,919
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 144,457
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,751,713
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2,256,940
<AVERAGE-NET-ASSETS> 118,416,093
<PER-SHARE-NAV-BEGIN> 16.01
<PER-SHARE-NII> (.06)
<PER-SHARE-GAIN-APPREC> 33.98
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> .57
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 49.36
<EXPENSE-RATIO> 1.93
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> FIRSTHAND FUNDS - COMMUNICATIONS FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 156,923,725
<INVESTMENTS-AT-VALUE> 189,619,263
<RECEIVABLES> 4,507,043
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 194,126,306
<PAYABLE-FOR-SECURITIES> 11,381,420
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 589,542
<TOTAL-LIABILITIES> 11,970,962
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 149,459,806
<SHARES-COMMON-STOCK> 12,436,188
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 32,695,538
<NET-ASSETS> 182,155,344
<DIVIDEND-INCOME> 265,040
<INTEREST-INCOME> 5,853
<OTHER-INCOME> 0
<EXPENSES-NET> 322,942
<NET-INVESTMENT-INCOME> (52,049)
<REALIZED-GAINS-CURRENT> 49,150
<APPREC-INCREASE-CURRENT> 32,695,538
<NET-CHANGE-FROM-OPS> 32,692,639
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 13,146,370
<NUMBER-OF-SHARES-REDEEMED> 710,182
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 182,155,344
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 248,417
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 322,942
<AVERAGE-NET-ASSETS> 67,684,414
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0
<PER-SHARE-GAIN-APPREC> 4.65
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 14.65
<EXPENSE-RATIO> 1.95
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 6
<NAME> FIRSTHAND FUNDS - E-COMMERCE FUND
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> DEC-31-1999
<INVESTMENTS-AT-COST> 253,995,291
<INVESTMENTS-AT-VALUE> 305,609,726
<RECEIVABLES> 6,224,520
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 311,834,246
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</TABLE>
