Firsthand's Technology Leaders Fund closes, preps for reorganization

By Toni Weeks

San Diego, Dec. 13 - The board of trustees of Firsthand Funds approved on Dec. 12 the reorganization of Firsthand Technology Leaders Fund into Firsthand Technology Opportunities Fund.

The reorganization will require shareholder approval.

Effective Dec. 14, the Technology Leaders Fund will be closed and will not accept additional investments.

In anticipation of the reorganization, the fund will continue its defensive investment approach of holding a substantial portion of its assets in cash, which it has been doing for several months. Concurrently, the fund' principal investment strategy of investing 80% of its assets in high-technology companies will not be fully implemented.

Kevin Landis will be the sole portfolio manager of the fund as of Tuesday and through the closing of the reorganization.

The investment adviser to the fund is San Jose, Calif.-based SiVest Group, Inc.

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