firsthand technology value fund leaders innovators e commerce global health sciences december 31 2006 annual report to shareholders funds this is provided for the general information of not intended distribution prospective investors in unless preceded or accompanied by an effective prospectus more complete about please call toll free 1 888 884 2675 option 2 visit www firsthandfunds com a which contains including risks fees and expenses read carefully before investing sending money are distributed alps distributors inc performance summary 4 president s letter 6 shareholder fee example 8 portfolio discussions 10 independent registered public accounting firm 22 financial statements investments 23 27 29 32 34 36 assets liabilities 40 operations 42 changes net 44 highlights
