----

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| [X] | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----|-------------------------------------------------------------------------------------------|

| [  ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|-----------|-----------------------------------------------------------------------------------------------|

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| Maryland                                                      | 27-3008946                          |
|---------------------------------------------------------------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |

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| Title of each class                 |  | Name of each exchange on which registered |
|-------------------------------------|--|-------------------------------------------|
| Common Stock, $0.001 par value |  | The NASDAQ Global Market                  |

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| Large accelerated filer  [  ] | Accelerated filer  [X] | Non-accelerated filer  [  ](Do not check if a smaller reporting company) | Smaller reporting company  [  ] |
|----------------------------------------------|----------------------------------|-----------------------------------------------------------------------------------------|----------------------------------------------------------|

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|      |     |                                                                                                    |   |   |
|-----------|----------|---------------------------------------------------------------------------------------------------------|--------|--------|
| PART I.   |     |
|      |     |                                                                                                    |   |   |
|      | Item 1.  | Business                                                                                                |   | 4      |
|      | Item 1A. | Risk Factors                                                                                            |   | 18     |
|      | Item 2.  | Properties                                                                                              |   | 25     |
|      | Item 3.  | Legal Proceedings                                                                                       |   | 25     |
|      | Item 4   | Mine Safety Disclosures                                                                                 |   | 25     |
|      |     |                                                                                                    |   |   |
| PART II.  |     |
|      |     |                                                                                                    |   |   |
|      | Item 5.  | Market for Registrant’s Common Equity, Related Matters, and Issuer Purchases of Equity Securities |   | 25     |
|      | Item 6.  | Selected Financial Data                                                                                 |   | 26     |
|      | Item 7.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations             |   | 29     |
|      | Item 8.  | Financial Statements and Supplemental Data                                                              |   | 40     |
|      | Item 9.  | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure                    |   | 71     |
|      | Item 9A. | Controls and Procedures                                                                                 |   | 71     |
|      | Item 9B. | Other Information                                                                                       |   | 71     |
|      |     |                                                                                                    |   |   |
| PART III. |     |
|      |     |                                                                                                    |   |   |
|      | Item 10. | Directors, Executive Officers, and Corporate Governance                                                 |   | 72     |
|      | Item 11. | Executive Compensation                                                                                  |   | 72     |
|      | Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters          |   | 72     |
|      | Item 13. | Certain Relationships and Related Transactions and Director Independence                                |   | 73     |
|      | Item 14. | Principal Accountant Fees and Services                                                                  |   | 73     |
|      |     |                                                                                                    |   |   |
| PART IV.  |     |
|      |     |                                                                                                    |   |   |
|      | Item 15. | Exhibits and Financial Statements Schedules                                                             |   | 73     |

----

|   | • | our future operating results,                                                                                    |
|--------|---------|------------------------------------------------------------------------------------------------------------------|
|   | • | our business prospects and the prospects of our prospective portfolio companies,                                 |
|   | • | the impact of investments that we expect to make,                                                                |
|   | • | our contractual arrangements and relationships with third parties,                                               |
|   | • | the dependence of our future success on the general economy and its impact on the industries in which we invest, |
|   | • | the ability of our prospective portfolio companies to achieve their objectives,                                  |
|   | • | our expected financings and investments,                                                                         |
|   | • | the adequacy of our cash resources and working capital, and                                                      |
|   | • | the timing of cash flows, if any, from the operations of our prospective portfolio companies.                    |

----

|   | • | Venture capital investments, whether in corporate, partnership, or other form, including development-stage or start-up entities;                               |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | Equity, equity-related securities (including options and warrants), and debt with equity features from either private or public issuers;                       |
|   | • | Debt obligations of all types having varying terms with respect to security or credit support, subordination, purchase price, interest payments, and maturity; |
|   | • | Foreign securities;                                                                                                                                            |
|   | • | Intellectual property or patents or research and development in technology or product development that may lead to patents or other marketable technology; and |
|   | • | Miscellaneous investments.                                                                                                                                     |

----

| INVESTMENT                 | BUSINESS DESCRIPTION     | FAIR VALUE1         |
|----------------------------|--------------------------|-------------------------------------------------------------|
| AliphCom, Inc.             | Consumer Electronics     | $11,820,642                                                 |
| ARM Holdings plc2          | Semiconductors           | 4,630,000                                                   |
| Gilt Groupe Holdings, Inc. | Internet Retail          | 2,547,272                                                   |
| Hightail, Inc.             | Cloud Computing          | 9,999,998                                                   |
| Hiku Labs, Inc.            | Consumer Electronics     | 500,000                                                     |
| Intevac, Inc.2             | Other Electronics        | 1,894,971                                                   |
| IntraOp Medical Corp.      | Medical Devices          | 19,986,250                                                  |
| InvenSense, Inc. 2         | Semiconductors           | 6,504,000                                                   |
| Lam Research Corp.2        | Semiconductor Equipment  | 7,934,000                                                   |
| Mattson Technology, Inc.2  | Semiconductor Equipment  | 11,152,000                                                  |
| Netflix, Inc.2             | Internet                 | 6,832,200                                                   |
| Phunware, Inc.             | Mobile Computing         | 9,999,997                                                   |
| Pivotal Systems Corp.      | Semiconductor Equipment  | 20,682,483                                                  |
| QMAT, Inc.                 | Advanced Materials       | 12,000,240                                                  |
| QUALCOMM, Inc.2            | Communications Equipment | 7,433,000                                                   |
| Silicon Genesis Corp.      | Intellectual Property    | 5,250,000                                                   |
| Sunrun, Inc.               | Renewable Energy         | 5,061,960                                                   |
| Tapad, Inc.                | Advertising Technology   | 4,323,221                                                   |
| Telepathy Investors, Inc.  | Consumer Electronics     | 4,000,000                                                   |
| Turn Inc.                  | Advertising Technology   | 15,000,007                                                  |
| UCT Coatings, Inc.         | Advanced Materials       | 607,786                                                     |
| Western Digital Corp.2     | Peripherals              | 4,428,000                                                   |
| Workday, Inc.2             | Software                 | 8,161,000                                                   |
| Wrightspeed, Inc.          | Automotive               | 10,916,840                                                  |
| 1 | Fair value for our private company holdings was determined in good faith by our board of directors on December 31, 2014. For public companies, the figure represents the market value of our securities on December 31, 2014, less any discount due to resale restriction on the security. |
|---|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 2 | Public company.                                                                                                                                                                                                                                                                            |

----

|   | • | Recruiting management,                                   |
|--------|---------|----------------------------------------------------------|
|   | • | Formulating operating strategies,                        |
|   | • | Formulating intellectual property strategies,            |
|   | • | Assisting in financial planning,                         |
|   | • | Providing management in the initial start-up stages, and |
|   | • | Establishing corporate goals.                            |

----

----

|   | • | Funding research and development in the development of a technology,                            |
|--------|---------|-------------------------------------------------------------------------------------------------|
|   | • | Obtaining licensing rights to intellectual property or patents,                                 |
|   | • | Acquiring intellectual property or patents, or                                                  |
|   | • | Forming and funding companies or joint ventures to commercialize further intellectual property. |

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----

----

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|   | • | outstanding technology,                                                                        |
|--------|---------|------------------------------------------------------------------------------------------------|
|   | • | barriers to entry (i.e., patents and other intellectual property rights),                      |
|   | • | experienced management team,                                                                   |
|   | • | established financial sponsors that have a history of creating value with portfolio companies, |
|   | • | strong and competitive industry position, and                                                  |
|   | • | viable exit strategy.                                                                          |

----

|   | • | Advanced Materials         |
|--------|---------|----------------------------|
|   | • | Advertising Technology     |
|   | • | Biofuels                   |
|   | • | Cloud Computing            |
|   | • | Computer Hardware          |
|   | • | Computer Peripherals       |
|   | • | Computer Software          |
|   | • | Electronic Components      |
|   | • | Energy Efficiency          |
|   | • | Fuel Cells                 |
|   | • | Medical Devices            |
|   | • | Mobile Computing           |
|   | • | Semiconductors             |
|   | • | Social Networking          |
|   | • | Solar Photovoltaics        |
|   | • | Solid-state Lighting       |
|   | • | Telecommunications         |
|   | • | Water Purification         |
|   | • | Wearable Technology        |
|   | • | Wind-Generated Electricity |

----

|   | • | review of historical and prospective financial information;                                                          |
|--------|---------|----------------------------------------------------------------------------------------------------------------------|
|   | • | review of technology, product, and business plan;                                                                    |
|   | • | on-site visits;                                                                                                      |
|   | • | interviews with management, employees, customers, and vendors of the potential portfolio company;               |
|   | • | background checks; and                                                                                               |
|   | • | research relating to the company’s management, industry, markets, products and services, and competitors. |

----

|   | • | Assessment of success in adhering to portfolio company’s technology development, business plan and compliance with covenants;                                                       |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | Periodic and regular contact with portfolio company management and, if appropriate, the financial or strategic sponsor, to discuss financial position, requirements, and accomplishments; |
|   | • | Comparisons to other portfolio companies in the industry, if any;                                                                                                                         |
|   | • | Attendance at and participation in board meetings; and                                                                                                                                    |
|   | • | Review of monthly and quarterly financial statements and financial projections for portfolio companies.                                                                                   |
|   |    |                                                                                                                                                       |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | • | determine the composition of our portfolio, the nature and timing of the changes to our portfolio, and the manner of implementing such changes;            |
|   | • | identify, evaluate and negotiate the structure of the investments we make (including performing due diligence on our prospective portfolio companies); and |
|   | • | close and monitor the investments we make.                                                                                                                 |

----

| Incentive fee | = | 20% | x | ( | Cumulative realized gains | - | Cumulative realized losses | - | Unrealized depreciation | ) | - | Previously paid incentive fees |
|---------------|---|-----|---|---|---------------------------|---|----------------------------|---|-------------------------|---|---|--------------------------------|
|                         |                 |    |                      |
|------------------------------|----------------------|---------|---------------------------|
| Calculation of Incentive Fee |                 |    |                      |
|                         | Year 1 incentive fee | =       | 20% x (0)                 |
|                         |                 | =       | 0                         |
|                         |                 | =  | no incentive fee          |
|                         | Year 2 incentive fee | =       | 20% x ($50,000 - $20,000) |
|                         |                 | =       | 20% x $30,000             |
|                         |                 | =       | $ 6,000                   |

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|   |    |                                                                                                              |
|--------|---------|-------------------------------------------------------------------------------------------------------------------|
|   | • | increase or maintain in whole or in part our equity ownership percentage; or                                      |
|   | • | exercise warrants, options, or convertible securities that were acquired in the original or subsequent financing. |

----

| 2014 Quarter Ending |   | Low     |   | High   |
|---------------------|--------|---------|--------|--------|
| March 31            |   | $21.06  |   | $24.41 |
| June 30             |   | $19.56  |   | $21.63 |
| September 30        |   | $20.42  |   | $24.35 |
| December 31         |   | $18.31* |   | $25.22 |

| * | Price reflects cash distributions on November 6, 2014 and December 11, 2014 totaling approximately $5.86 per share. |
|---|---------------------------------------------------------------------------------------------------------------------|

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----

|                                                                                                                      |   | AS OF              |        |   | AS OF              |    |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------|--------------------|---------|
|                                                                                                                      |   | DECEMBER 31,  2014 |        |   | DECEMBER 31,  2013 |    |
| ASSETS                                                                                                                    |   |                    |        |   |                    |    |
| Investment securities:                                                                                                    |   |                    |        |   |                    |    |
| Unaffiliated investments at acquisition cost                                                                              |   | $                  | 118,567,567 |   |               | $       | 84,275,180 |   |
| Affiliated investments at acquisition cost                                                                                |   |               | 13,375,885  |   |               |    | 10,999,999 |   |
| Controlled investments at acquisition cost                                                                                |   |               | 60,815,580  |   |               |    | 47,402,530 |   |
| Total acquisition cost                                                                                                    |   | $                  | 192,759,032 |   |               | $       | 142,677,709 |   |
| Unaffiliated investments at market value                                                                                  |   | $                  | 118,830,054 |   |               | $       | 129,786,732 |   |
| Affiliated investments at market value                                                                                    |   |               | 14,916,840  |   |               |    | 9,467,499 |   |
| Controlled investments at market value                                                                                    |   |               | 57,918,973  |   |               |    | 42,621,599 |   |
| Total market value * (Note 6)                                                                                             |   |               | 191,665,867 |   |               |    | 181,875,830 |   |
| Cash**                                                                                                                    |   |               | 69,014,110  |   |               |    | 83,179,168 |   |
| Receivable from dividends and interest                                                                                    |   |               | 2,729,276   |   |               |    | 1,853,119 |   |
| Other assets                                                                                                              |   |               | 29,993      |   |               |    | 31,938 |   |
| Total Assets                                                                                                              |   |               | 263,439,246 |   |               |    | 266,940,055 |   |
| LIABILITIES                                                                                                               |   |               |        |   |               |    |   |   |
| Payable for securities purchased                                                                                          |   |               | 38,253,718  |   |               |    | — |   |
| Incentive fees payable (Note 4)                                                                                           |   |               | 13,716,658  |   |               |    | 8,311,199 |   |
| Payable to affiliates (Note 4)                                                                                            |   |               | 1,294,481   |   |               |    | 1,272,031 |   |
| Consulting fee payable                                                                                                    |   |               | 23,000      |   |               |    | 18,000 |   |
| Accrued expenses and other payables                                                                                       |   |               | 421,318     |   |               |    | 434,410 |   |
| Total Liabilities                                                                                                         |   |               | 53,709,175  |   |               |    | 10,035,640 |   |
| NET ASSETS                                                                                                                |   | $             | 209,730,071 |   |               | $  | 256,904,415 |   |
| Net Assets consist of:                                                                                                    |   |               |        |   |               |    |   |   |
| Common Stock, par value $0.001 per share 100,000,000 shares authorized                                                    |   | $             | 8,562       |   |               | $       | 9,072 |   |
| Paid-in-capital                                                                                                           |        |                    | 204,981,680 |        |                    |         | 217,798,652 |  |
| Accumulated net investment income                                                                                         |   |               | 5,832,994   |   |               |    | — |   |
| Accumulated net realized gain (loss) from security transactions, purchased and written options, and warrants transactions |   |               | —     |   |               |    | (101,430 | ) |
| Net unrealized appreciation (depreciation) on investments, other assets, and warrants transactions                        |   |               | (1,093,165  | )      |               |    | 39,198,121 |   |
| NET ASSETS                                                                                                                |   | $                  | 209,730,071 |   |               | $       | 256,904,415 |   |
| Shares of Common Stock outstanding                                                                                        |   |               | 8,562,173   |   |               |    | 9,072,032 |   |
| Net asset value per share (Note 2)                                                                                        |   | $                  | 24.49       |   |               | $       | 28.32 |   |

| * | Includes warrants and purchased options whose primary risk exposure is equity contracts. |
|---|------------------------------------------------------------------------------------------|

| ** | Cash composed primarily of the Fidelity Institutional Money Market Treasury Portfolio which invests primarily in U.S. Treasury securities. The yield as of 12/31/14 was 0.01%. Please see https://fundresearch.fidelity.com/ mutual-funds/summary/316175504 for additional information. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                                                                              |   | FOR THE  YEAR ENDED |        |   | FOR THE  YEAR ENDED |   |
|-----------------------------------------------------------------------------------|--------|---------------------|-------------|--------|---------------------|--------|
|                                                                              |   | DECEMBER 31,  2014  |        |   | DECEMBER 31,  2013  |   |
| INVESTMENT INCOME                                                                 |   |                     |        |   |                     |   |
| Unaffiliated dividend Income                                                      |   | $                   | 68,000      |   |                | $      | — |   |
| Unaffiliated interest                                                             |   |                | 13,423      |   |                |   | 6,976 |   |
| Affiliated/Controlled interest                                                    |   |                | 1,906,121   |   |                |   | 1,138,990 |   |
| Royalty income                                                                    |   |                | 444,346     |   |                |   | 62,733 |   |
| TOTAL INVESTMENT INCOME                                                           |   |                | 2,431,890   |   |                |   | 1,208,699 |   |
|                                                                              |   |                |        |   |                |   |   |   |
| EXPENSES                                                                          |   |                |        |   |                |   |   |   |
| Investment advisory fees (Note 4)                                                 |   |                | 5,223,631   |   |                |   | 4,390,112 |   |
| Administration fees                                                               |   |                | 143,527     |   |                |   | 125,046 |   |
| Incentive fees (Note 4)                                                           |   |                | 5,405,459   |   |                |   | 8,311,199 |   |
| Custody fees                                                                      |   |                | 16,825      |   |                |   | 16,194 |   |
| Transfer agent fees                                                               |   |                | 34,917      |   |                |   | 47,002 |   |
| Registration and filing fees                                                      |   |                | 23,156      |   |                |   | 18,000 |   |
| Professional fees                                                                 |   |                | 1,077,568   |   |                |   | 831,387 |   |
| Printing fees                                                                     |   |                | 317,918     |   |                |   | 142,100 |   |
| Trustees fees                                                                     |   |                | 70,311      |   |                |   | 60,000 |   |
| Settlement fees                                                                   |   |                | 838,000     |   |                |   | — |   |
| Miscellaneous fees                                                                |   |                | 58,039      |   |                |   | 120,455 |   |
| TOTAL NET EXPENSES                                                                |   |                | 13,209,351  |   |                |   | 14,061,495 |   |
|                                                                              |   |                |        |   |                |   |   |   |
| NET INVESTMENT LOSS                                                               |   |                | (10,777,461 | )      |                |   | (12,852,796 | ) |
|                                                                              |        |                     |             |        |                     |        |  |  |
| Net Realized and Unrealized Gains (Losses) on Investments:                        |   |                |        |   |                |   |   |   |
| Net realized gains (losses) from security transactions                            |   |                |        |   |                |   |   |   |
| Affiliated/Controlled                                                             |   |                | (5,173,500  | )      |                |   | — |   |
| Non-affiliated and other assets                                                   |   |                | 54,971,518  |   |                |   | 6,715,069 |   |
| Net realized gain from purchased options transactions (1)                         |   |                | 15,290,438  |   |                |   | — |   |
| Net realized gains (losses) from written option transactions (1)                  |   |                | 1,964,401   |   |                |   | (2,794,531 | ) |
| Net realized losses from warrants transactions (1)                                |   |                | —     |   |                |   | (959,992 | ) |
| Net change in unrealized appreciation (depreciation) on other assets              |   |                | —     |   |                |   | 27,370 |   |
| Net change in unrealized appreciation (depreciation) on investments               |   |                | (38,082,722 | )      |                |   | 56,813,794 |   |
| Net change in unrealized appreciation (depreciation) on warrants transactions (1) |   |                | (2,208,564  | )      |                |   | 3,412,871 |   |
|                                                                              |        |                     |             |        |                     |        |  |  |
| Net Realized and Unrealized Gains on Investments                                  |   |                | 26,761,571  |   |                |   | 63,214,581 |   |
|                                                                              |   |                |        |   |                |   |   |   |
| Net Increase In Net Assets Resulting From Operations                              |   | $                   | 15,984,110  |   |                | $      | 50,361,785 |   |
| Net Increase In Net Assets Per Share Resulting from Operations (2)                |   | $                   | 1.77        |   |                | $      | 5.80 |   |

| (1) | Primary risk exposure is equity contracts. |
|-----|--------------------------------------------|

| (2) | Per share results are calculated based on weighted average shares outstanding for each period. |
|-----|------------------------------------------------------------------------------------------------|

----

|                    | December 31, 2014 | December 31, 2013 |
|-------------------------|-------------------|-------------------|
| Semiconductor Equipment | 19.0%             | 3.6%              |
| Medical Devices         | 9.5%              | 7.9%              |
| Advertising Technology  | 9.3%              | 7.0%              |
| Consumer Electronics    | 7.7%              | 5.4%              |
| Advanced Materials      | 6.0%              | 3.6%              |
| Semiconductor           | 5.3%              | 0.0%              |
| Automotive              | 5.2%              | 2.3%              |
| Mobile Computing        | 4.8%              | 0.0%              |
| Cloud Computing         | 4.8%              | 0.0%              |
| Internet                | 4.5%              | 0.7%              |
| Software                | 3.9%              | 0.0%              |

----

| (continued)                           | December 31, 2014 | December 31, 2013 |
|---------------------------------------|-------------------|-------------------|
| Communications Equipment              | 3.5%              | 0.0%              |
| Intellectual Property                 | 2.5%              | 2.2%              |
| Renewable Energy                      | 2.4%              | 2.3%              |
| Peripherals                           | 2.1%              | 0.0%              |
| Other Electronics                     | 0.9%              | 1.6%              |
| Social Networking                     | 0.0%              | 34.0%             |
| Services                              | 0.0%              | 0.2%              |
| Other Assets in Excess of Liabilities | 8.6%              | 29.2%             |
| Net Assets                            | 100.0%            | 100.0%            |

----

|                                                                             |   |                   |             |   |
|----------------------------------------------------------------------------------|--------|-------------------|-------------|--------|
|                                                                             |   | Year Ended        |        |
|                                                                             |   | December 31, 2014 |        |
| Realized gains                                                                   |   | $                 | 67,052,857  |   |
| Net change in unrealized appreciation on investments                             |   | $                 | (40,291,286 | )      |
| Net realized and unrealized gain on investments                                  |   | $                 | 26,761,571  |   |
|                                                                             |   |              |        |   |
|                                                                             |   | As of             |        |
|                                                                             |   | December 31, 2014 |        |
| Gross unrealized appreciation on portfolio investments                           |   | $                 | 12,958,786  |   |
| Gross unrealized depreciation on portfolio investments                           |   | $                 | (14,051,951 | )      |
| Net unrealized depreciation on portfolio investments, warrants, and other assets |   | $                 | (1,093,165  | )      |
|                                                                             |   |              |        |   |
|                                                                             |   | Year Ended        |        |
|                                                                             |   | December 31, 2013 |        |
| Realized gains                                                                   |   | $                 | 2,960,546   |   |
| Net change in unrealized appreciation on investments                             |   | $                 | 60,254,035  |   |
| Net realized and unrealized gain on investments                                  |   | $                 | 63,214,581  |   |
|                                                                             |   |              |        |   |
|                                                                             |   | As of             |        |
|                                                                             |   | December 31, 2013 |        |
| Gross unrealized appreciation on portfolio investments                           |   | $                 | 54,672,337  |   |
| Gross unrealized depreciation on portfolio investments                           |   | $                 | (15,474,216 | )      |
| Net unrealized appreciation on portfolio investments, warrants, and other assets |   | $                 | 39,198,121  |   |

----

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|                                                                                                                      |   | AS OF              |        |   | AS OF              |   |
|---------------------------------------------------------------------------------------------------------------------------|--------|--------------------|-------------|--------|--------------------|--------|
|                                                                                                                      |   | DECEMBER 31,  2014 |        |   | DECEMBER 31,  2013 |   |
| ASSETS                                                                                                                    |   |               |        |   |               |   |
| Investment securities:                                                                                                    |   |               |        |   |               |   |
| Unaffiliated investments at acquisition cost                                                                              |   | $                  | 118,567,567 |   |               | $      | 84,275,180 |   |
| Affiliated investments at acquisition cost                                                                                |   |               | 13,375,885  |   |               |   | 10,999,999 |   |
| Controlled investments at acquisition cost                                                                                |   |               | 60,815,580  |   |               |   | 47,402,530 |   |
| Total acquisition cost                                                                                                    |   | $                  | 192,759,032 |   |               | $      | 142,677,709 |   |
| Unaffiliated investments at market value                                                                                  |   | $                  | 118,830,054 |   |               | $      | 129,786,732 |   |
| Affiliated investments at market value                                                                                    |   |               | 14,916,840  |   |               |   | 9,467,499 |   |
| Controlled investments at market value                                                                                    |   |               | 57,918,973  |   |               |   | 42,621,599 |   |
| Total market value * (Note 6)                                                                                             |   |               | 191,665,867 |   |               |   | 181,875,830 |   |
| Cash**                                                                                                                    |   |               | 69,014,110  |   |               |   | 83,179,168 |   |
| Receivable from dividends and interest                                                                                    |   |               | 2,729,276   |   |               |   | 1,853,119 |   |
| Other assets                                                                                                              |   |               | 29,993      |   |               |   | 31,938 |   |
| Total Assets                                                                                                              |   |               | 263,439,246 |   |               |   | 266,940,055 |   |
|                                                                                                                      |   |               |        |   |               |   |   |   |
| LIABILITIES                                                                                                               |   |               |        |   |               |   |   |   |
| Payable for securities purchased                                                                                          |   |               | 38,253,718  |   |               |   | — |   |
| Incentive fees payable (Note 4)                                                                                           |   |               | 13,716,658  |   |               |   | 8,311,199 |   |
| Payable to affiliates (Note 4)                                                                                            |   |               | 1,294,481   |   |               |   | 1,272,031 |   |
| Consulting fee payable                                                                                                    |   |               | 23,000      |   |               |   | 18,000 |   |
| Accrued expenses and other payables                                                                                       |   |               | 421,318     |   |               |   | 434,410 |   |
| Total Liabilities                                                                                                         |   |               | 53,709,175  |   |               |   | 10,035,640 |   |
| NET ASSETS                                                                                                                |   | $                  | 209,730,071 |   |               | $      | 256,904,415 |   |
|                                                                                                                      |   |               |        |   |               |   |   |   |
| Net Assets consist of:                                                                                                    |   |               |        |   |               |   |   |   |
| Common Stock, par value $0.001 per share 100,000,000 shares authorized                                                    |   | $                  | 8,562       |   |               | $      | 9,072 |   |
| Paid-in-capital                                                                                                           |   |               | 204,981,680 |   |               |   | 217,798,652 |   |
| Accumulated net investment income                                                                                         |   |               | 5,832,994   |   |               |   | — |   |
| Accumulated net realized gain (loss) from security transactions, purchased and written options, and warrants transactions |   |               | —     |   |               |   | (101,430 | ) |
| Net unrealized appreciation (depreciation) on investments, other assets, and warrants transactions                   |   |               | (1,093,165  | )      |               |   | 39,198,121 |   |
| NET ASSETS                                                                                                                |   | $                  | 209,730,071 |   |               | $      | 256,904,415 |   |
| Shares of Common Stock outstanding                                                                                        |   |               | 8,562,173   |   |               |   | 9,072,032 |   |
| Net asset value per share (Note 2)                                                                                        |   | $                  | 24.49       |   |               | $      | 28.32 |   |

| * | Includes warrants and purchased options whose primary risk exposure is equity contracts. |
|---|------------------------------------------------------------------------------------------|

| ** | Cash composed primarily of the Fidelity Institutional Money Market Treasury Portfolio which invests primarily in U.S. Treasury securities. The yield as of 12/31/14 was 0.01%. Please see https://fundresearch.fidelity.com/ mutual-funds/summary/316175504 for additional information. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Firsthand Technology Value Fund, Inc. |
|---------------------------------------|
| Schedule of Investments               |
| DECEMBER 31, 2014                     |

| PORTFOLIO COMPANY                 |   |                                 |   |       |       |   |       |   |       |   |   |
|-----------------------------------|--------|--------------------------------------|--------|------------|------------|--------|------------|--------|------------|--------|--------|
| (% OF NET ASSETS)                 |   |                                 |   | SHARES/PAR |       |   |       |   |       |   |   |
| AND INDUSTRY                      |   | TYPE OF INVESTMENT                   |   | VALUE ($)  |       |   | COST BASIS |   |       | VALUE  |   |
| ALIPHCOM, INC. (5.6%)             |   | Common Stock *(1)                    |   |       | 2,128,005  |   |       | $      | 10,108,024 |   |   | $ | 11,820,642 |   |
| Consumer Electronics              |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| ARM HOLDINGS PLC - SP ADR. (2.2%) |   | American Depository Receipt          |   |       | 100,000    |   |       |   | 4,624,520  |   |   |   | 4,630,000 |   |
| Semiconductors                    |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| GILT GROUPE HOLDINGS, INC. (1.2%) |   | Common Stock *(1)                    |   |       | 198,841    |   |       |   | 4,558,112  |   |   |   | 2,547,272 |   |
| Internet                          |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| HIGHTAIL, INC. (4.8%)             |   | Preferred Stock - Series E *(1)      |   |       | 2,268,602  |   |       |   | 9,999,998  |   |   |   | 9,999,998 |   |
| Cloud Computing                   |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| HIKU LABS, INC. (0.2%)            |   | Convertible Note (1)                 |   |       |       |   |       |   |       |   |   |   |   |   |
| Consumer Electronics              |   | Matures March 2015                   |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   | Interest Rate 5%                     |   |       | 500,000    |   |       |   | 500,000    |   |   |   | 500,000 |   |
|                              |   |
| INTEVAC, INC. (0.9%)              |   | Common Stock *                       |   |       | 243,883    |   |       |   | 2,721,734  |   |   |   | 1,894,971 |   |
| Other Electronics                 |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| INTRAOP MEDICAL CORP. (9.5%)      |   | Preferred Stock - Series A-1 *(1)(2) |   |       | 6,800,000  |   |       |   | 6,800,000  |   |   |   | 5,355,000 |   |
| Medical Devices                   |   | Preferred Stock - Series A-2 *(1)(2) |   |       | 13,500,000 |   |       |   | 13,499,940 |   |   |   | 10,631,250 |   |
|                              |   | Term Note (1)(2)                     |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   | Matures February 2016                |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   | Interest Rate 8%                     |   |       | 3,000,000  |   |       |   | 3,000,000  |   |   |   | 3,000,000 |   |
|                              |   | Convertible Note (1)(2)              |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   | Matures July 2016                    |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   | Interest Rate 15%                    |   |       | 1,000,000  |   |       |   | 1,000,000  |   |   |   | 1,000,000 |   |
|                              |   |                                 |   |       |       |   |       |   |       |   |   |   | 19,986,250 |   |
|                              |   |
| INVENSENSE, INC. (3.1%)           |   | Common Stock *                       |   |       | 400,000    |   |       |   | 6,482,780  |   |   |   | 6,504,000 |   |
| Semiconductors                    |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| LAM RESEARCH CORP. (3.8%)         |   | Common Stock                         |   |       | 100,000    |   |       |   | 7,957,000  |   |   |   | 7,934,000 |   |
| Semiconductor Equipment           |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| MATTSON TECHNOLOGY, INC. (5.3%)   |   | Common Stock *                       |   |       | 3,280,000  |   |       |   | 8,239,200  |   |   |   | 11,152,000 |   |
| Semiconductor Equipment           |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                              |   |
| NETFLIX, INC. (3.3%)              |   | Common Stock *                       |   |       | 20,000     |   |       |   | 6,874,406  |   |   |   | 6,832,200 |   |
| Internet                          |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |

----

| Firsthand Technology Value Fund, Inc. |
|---------------------------------------|
| Schedule of Investments - continued   |
| DECEMBER 31, 2014                     |

| PORTFOLIO COMPANY               |   |                                 |   |       |       |   |       |   |       |   |   |
|---------------------------------|--------|--------------------------------------|--------|------------|------------|--------|------------|--------|------------|--------|--------|
| (% OF NET ASSETS)               |   |                                 |   | SHARES/PAR |       |   |       |   |       |   |   |
| AND INDUSTRY                    |   | TYPE OF INVESTMENT                   |   | VALUE ($)  |       |   | COST BASIS |   |       | VALUE  |   |
| PHUNWARE, INC. (4.8%)           |   | Preferred Stock - Series E *(1)      |   |       | 3,257,328  |   |       | $      | 9,999,997  |   |   | $ | 9,999,997 |   |
| Mobile Computing                |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| PIVOTAL SYSTEMS CORP. (9.9%)    |   | Preferred Stock - Series C * (1)(2)  |   |       | 2,291,260  |   |       |   | 2,657,862  |   |   |   | 2,657,862 |   |
| Semiconductor Equipment         |   | Preferred Stock - Series B *(1)(2)   |   |       | 7,942,811  |   |       |   | 4,000,000  |   |   |   | 6,409,848 |   |
|                            |   | Preferred Stock - Series A *(1)(2)   |   |       | 11,914,217 |   |       |   | 6,000,048  |   |   |   | 9,614,773 |   |
|                            |   | Convertible Note (1)(2)              |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Matures March 2016                   |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Interest Rate 10%                    |   |       | 2,000,000  |   |       |   | 2,000,000  |   |   |   | 2,000,000 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 20,682,483 |   |
| QMAT, INC. (5.7%)               |   | Preferred Stock Warrants -           |   |       |       |   |       |   |       |   |   |   |   |   |
| Advanced Materials              |   | Series A *(1)(2)                     |   |       | 2,000,000  |   |       |   | 0          |   |   |   | 567,764 |   |
|                            |   | Preferred Stock - Series A *(1)(2)   |   |       | 12,000,240 |   |       |   | 12,000,240 |   |   |   | 11,432,476 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 12,000,240 |   |
|                            |   |
| QUALCOMM, INC. (3.5%)           |   | Common Stock                         |   |       | 100,000    |   |       |   | 7,496,400  |   |   |   | 7,433,000 |   |
| Communications Equipment        |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| SILICON GENESIS CORP. (2.5%) ** |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
| Intellectual Property           |   | Preferred Stock -Series 1-F *(1)(2)  |   |       | 912,453    |   |       |   | 583,060    |   |   |   | 0 |   |
|                            |   | Common Stock Warrants *(1)(2)        |   |       | 37,982     |   |       |   | 6,678      |   |   |   | 0 |   |
|                            |   | Common Stock *(1)(2)                 |   |       | 921,892    |   |       |   | 169,045    |   |   |   | 0 |   |
|                            |   | Preferred Stock - Series 1-D *(1)(2) |   |       | 850,830    |   |       |   | 431,901    |   |   |   | 0 |   |
|                            |   | Preferred Stock - Series 1-C *(1)(2) |   |       | 82,914     |   |       |   | 109,518    |   |   |   | 0 |   |
|                            |   | Preferred Stock - Series 1-E *(1)(2) |   |       | 5,704,480  |   |       |   | 2,946,535  |   |   |   | 0 |   |
|                            |   | Term Note (1)(2)                     |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Matures December 2016                |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Interest Rate 12%                    |   |       | 3,000,000  |   |       |   | 3,000,000  |   |   |   | 3,000,000 |   |
|                            |   | Convertible Note (1)(2)              |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Matures December 2014                |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Interest Rate 20%                    |   |       | 1,250,000  |   |       |   | 1,610,753  |   |   |   | 1,250,000 |   |
|                            |   | Common Stock Warrants *(1)(2)        |   |       | 5,000,000  |   |       |   | 0          |   |   |   | 0 |   |
|                            |   | Convertible Note (1)(2)              |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Matures December 2014                |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Interest Rate 20%                    |   |       | 1,000,000  |   |       |   | 1,000,000  |   |   |   | 1,000,000 |   |
|                            |   | Common Stock Warrants *(1)(2)        |   |       | 3,000,000  |   |       |   | 0          |   |   |   | 0 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 5,250,000 |   |

----

| Firsthand Technology Value Fund, Inc. |
|---------------------------------------|
| Schedule of Investments - continued   |
| DECEMBER 31, 2014                     |

| PORTFOLIO COMPANY                |   |                               |   |   |       |   |       |   |       |   |   |
|----------------------------------|--------|------------------------------------|--------|--------|------------|--------|------------|--------|------------|--------|--------|
| (% OF NET ASSETS)                |   |                               |   |   |       |   |       |   |       |   |   |
| AND INDUSTRY                     |   | TYPE OF INVESTMENT                 |   | SHARES |       |   | COST BASIS |   |       | VALUE  |   |
| SUNRUN, INC. (2.4%)              |   | Common Stock *(1)                  |   |   | 674,820    |   |       | $      | 6,417,495  |   |   | $ | 5,061,960 |   |
| Renewable Energy                 |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
|                             |   |
| TAPAD, INC. (2.1%)               |   | Preferred Stock - Series B-2 *(1)  |   |   | 79,172     |   |       |   | 1,149,997  |   |   |   | 1,149,997 |   |
| Advertising Technology           |   | Preferred Stock - Series B-1 *(1)  |   |   | 280,048    |   |       |   | 2,999,986  |   |   |   | 3,173,224 |   |
|                             |   |                               |   |   |       |   |       |   |       |   |   |   | 4,323,221 |   |
|                             |   |
| TELEPATHY INVESTORS, INC. (1.9%) |   | Preferred Stock - Series A *(1)(3) |   |   | 15,238,000 |   |       |   | 3,999,999  |   |   |   | 4,000,000 |   |
| Consumer Electronics             |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
|                             |   |
| TURN INC. (7.2%)                 |   | Preferred Stock - Series E (1)     |   |   | 1,798,562  |   |       |   | 15,000,007 |   |   |   | 15,000,007 |   |
| Advertising Technology           |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
|                             |   |
| UCT COATINGS, INC. (0.3%)        |   | Common Stock Warrants *(1)         |   |   | 136,986    |   |       |   | 0          |   |   |   | 110 |   |
| Advanced Materials               |   | Common Stock *(1)                  |   |   | 1,500,000  |   |       |   | 662,235    |   |   |   | 607,650 |   |
|                             |   | Common Stock Warrants *(1)         |   |   | 33,001     |   |       |   | 0          |   |   |   | 26 |   |
|                             |   | Common Stock Warrants *(1)         |   |   | 2,283      |   |       |   | 67         |   |   |   | 0 |   |
|                             |   |                               |   |   |       |   |       |   |       |   |   |   | 607,786 |   |
| WESTERN DIGITAL CORP. (2.1%)     |   | Common Stock                       |   |   | 40,000     |   |       |   | 4,484,380  |   |   |   | 4,428,000 |   |
| Peripherals                      |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
|                             |   |
| WORKDAY, INC. (3.9%)             |   | Common Stock, Class A *            |   |   | 100,000    |   |       |   | 8,291,229  |   |   |   | 8,161,000 |   |
| Software                         |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
|                             |   |
| WRIGHTSPEED, INC. (5.2%)         |   | Preferred Stock - Series C *(1)(3) |   |   | 2,267,659  |   |       |   | 5,999,999  |   |   |   | 7,146,981 |   |
| Automotive                       |   | Preferred Stock - Series D *(1)(3) |   |   | 1,100,978  |   |       |   | 3,375,887  |   |   |   | 3,769,859 |   |
|                             |   |                               |   |   |       |   |       |   |       |   |   |   | 10,916,840 |   |
| TOTAL INVESTMENTS                |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| (Cost $192,759,032)              |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| —91.4%                     |   |                               |   |   |       |   |       |   |       |   |   |   | 191,665,867 |   |
|                             |   |
| OTHER ASSETS IN EXCESS           |   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| OF LIABILITIES — 8.6%      |   |                               |   |   |       |   |       |   |       |   |   |   | 18,064,204 |   |
|                             |   |
| NET ASSETS — 100.0%        |   |                               |   |   |       |   |       |   |       |   |   | $ | 209,730,071 |   |

| * | Non-income producing security. |
|---|--------------------------------|

| ** | On February 17, 2015, Silicon Genesis Corp. filed a Voluntary Petition for Chapter 11 protection under the U.S. Bankruptcy Code. The Fund currently is the only secured creditor of Silicon Genesis. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (1) | Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see note 3). |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (2) | Controlled investments. |
|-----|-------------------------|

| (3) | Affiliated issuer. |
|-----|--------------------|

----

| Firsthand Technology Value Fund, Inc. |
|---------------------------------------|
| Schedule of Investments               |
| DECEMBER 31, 2013                     |

| PORTFOLIO COMPANY               |   |                                 |   | SHARES/PAR |       |   |       |   |       |   |   |
|---------------------------------|--------|--------------------------------------|--------|------------|------------|--------|------------|--------|------------|--------|--------|
| (% OF NET ASSETS)               |   | TYPE OF INVESTMENT                   |   | VALUE ($)  |       |   | COST BASIS |   |       | VALUE  |   |
| ALIPHCOM, INC. (4.0%)           |   | Common Stock *(1)                    |   |       | 2,128,005  |   |       | $      | 10,108,024 |   |   | $ | 10,270,178 |   |
| Consumer Electronics            |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| FACEBOOK (12.8%)                |   | Common Stock, Class A *              |   |       | 600,000    |   |       |   | 18,937,500 |   |   |   | 32,796,000 |   |
| Social Networking               |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| GILT GROUPE (0.7%)              |   | Common Stock *(1)                    |   |       | 198,841    |   |       |   | 4,558,112  |   |   |   | 1,794,520 |   |
| Internet                        |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| INNOVION CORP. (0.2%)           |   | Preferred Stock - Series A-1 *(1)    |   |       | 324,948    |   |       |   | 145,085    |   |   |   | 383,309 |   |
| Services                        |   | Preferred Stock - Series A-2 *(1)    |   |       | 168,804    |   |       |   | 744        |   |   |   | 108,389 |   |
|                            |   | Common Stock *(1)                    |   |       | 1          |   |       |   | 0          |   |   |   | 1 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 491,699 |   |
|                            |   |
| INTEVAC, INC. (1.6%)            |   | Common Stock *                       |   |       | 545,156    |   |       |   | 6,083,941  |   |   |   | 4,050,509 |   |
| Other Electronics               |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| INTRAOP MEDICAL CORP. (7.9%)    |   | Preferred Stock - Series A-1 *(1)(2) |   |       | 6,800,000  |   |       |   | 6,800,000  |   |   |   | 6,800,000 |   |
| Medical Devices                 |   | Preferred Stock - Series A-2 (1)(2)  |   |       | 13,500,000 |   |       |   | 13,499,940 |   |   |   | 13,500,000 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 20,300,000 |   |
|                            |   |
| MATTSON TECHNOLOGY, INC. (0.5%) |        | Common Stock                         |   |       | 432,000    |   |       |   | 1,208,584  |   |   |   | 1,183,680 |   |
| Semiconductor Equipment         |   |                                 |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   |
| PIVOTAL SYSTEMS (3.1%)          |   | Preferred Stock Warrants -           |   |       |       |   |       |   |       |   |   |   |   |   |
| Semiconductor Equipment         |   | Series A * (1)(2)                    |   |       | 3,176,935  |   |       |   | 0          |   |   |   | 1,599,904 |   |
|                            |   | Preferred Stock Warrants -           |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Series A *(1)(2)                     |   |       | 1,588,468  |   |       |   | 0          |   |   |   | 799,952 |   |
|                            |   | Preferred Stock - Series A *(1)(2)   |   |       | 7,148,814  |   |       |   | 6,000,000  |   |   |   | 3,600,143 |   |
|                            |   | Convertible Note (1)(2)              |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Matures March 2016                   |   |       |       |   |       |   |       |   |   |   |   |   |
|                            |   | Interest Rate 10%                    |   |       | 2,000,000  |   |       |   | 2,000,000  |   |   |   | 2,000,000 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 7,999,999 |   |
| QMAT, INC. (3.3%)               |   | Preferred Stock Warrants -           |   |       |       |   |       |   |       |   |   |   |   |   |
| Advanced Materials              |   | Series A *(1)(2)                     |   |       | 2,000,000  |   |       |   | 0          |   |   |   | 548,141 |   |
|                            |   | Preferred Stock - Series A *(1)(2)   |   |       | 8,571,600  |   |       |   | 8,571,600  |   |   |   | 8,023,459 |   |
|                            |   |                                 |   |       |       |   |       |   |       |   |   |   | 8,571,600 |   |

----

| Firsthand Technology Value Fund, Inc. |
|---------------------------------------|
| Schedule of Investments - continued   |
| DECEMBER 31, 2013                     |

| PORTFOLIO COMPANY            |   |                                |   | SHARES/PAR |      |   |       |   |       |   |   |
|------------------------------|--------|-------------------------------------|--------|------------|-----------|--------|------------|--------|------------|--------|--------|
| (% OF NET ASSETS)            |   | TYPE OF INVESTMENT                  |   | VALUE ($)  |      |   | COST BASIS |   |       | VALUE  |   |
| SILICON GENESIS CORP. (2.2%) |   | Preferred Stock -Series 1-C *(1)(2) |   |       | 82,914    |   |       | $      | 109,518    |   |   | $ | 0 |   |
| Intellectual Property        |   | Preferred Stock -Series 1-D *(1)(2) |   |       | 850,830   |   |       |   | 431,901    |   |   |   | 0 |   |
|                         |   | Preferred Stock -Series 1-E *(1)(2) |   |       | 5,704,480 |   |       |   | 2,946,535  |   |   |   | 0 |   |
|                         |   | Preferred Stock -Series 1-F *(1)(2) |   |       | 912,453   |   |       |   | 583,060    |   |   |   | 0 |   |
|                         |   | Common Stock *(1)(2)                |   |       | 921,892   |   |       |   | 169,045    |   |   |   | 0 |   |
|                         |   | Preferred Stock Warrants -          |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   | Series 1-E *(1)(2)                  |   |       | 1,257,859 |   |       |   | 173,500    |   |   |   | 0 |   |
|                         |   | Common Stock Warrants *(1)(2)       |   |       | 37,982    |   |       |   | 6,678      |   |   |   | 0 |   |
|                         |   | Common Stock Warrants *(1)(2)       |   |       | 3,000,000 |   |       |   | 0          |   |   |   | 0 |   |
|                         |   | Common Stock Warrants *(1)(2)       |   |       | 5,000,000 |   |       |   | 0          |   |   |   | 0 |   |
|                         |   | Convertible Note (1)(2) Matures     |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   | December 2014 Interest Rate 20%     |   |       | 500,000   |   |       |   | 500,000    |   |   |   | 500,000 |   |
|                         |   | Convertible Note (1)(2) Matures     |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   | December 2014 Interest Rate 20%     |   |       | 1,000,000 |   |       |   | 1,000,000  |   |   |   | 1,000,000 |   |
|                         |   | Convertible Note (1)(2) Matures     |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   | December 2014 Interest Rate 20%     |   |       | 1,250,000 |   |       |   | 1,610,753  |   |   |   | 1,250,000 |   |
|                         |   | Term Note (1)(2) Matures            |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   | December 2016 Interest Rate 10%     |   |       | 3,000,000 |   |       |   | 3,000,000  |   |   |   | 3,000,000 |   |
|                         |   |                                |   |       |      |   |       |   |       |   |   |   | 5,750,000 |   |
| SKYLINE SOLAR (0.0%)         |   | Preferred Stock - Series C *(1)     |   |       | 793,651   |   |       |   | 1,000,000  |   |   |   | 0 |   |
| Renewable Energy             |   |                                |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   |
| SUNRUN, INC. (2.3%)          |   | Common Stock *(1)                   |   |       | 674,820   |   |       |   | 6,417,495  |   |   |   | 6,026,750 |   |
| Renewable Energy             |   |                                |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   |
| TAPAD, INC. (1.2%)           |   | Preferred Stock - Series B-1 *(1)   |   |       | 280,048   |   |       |   | 2,999,986  |   |   |   | 2,999,986 |   |
| Advertising Technology       |   |                                |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   |
| TELEPATHY, INC. (1.4%)       |   | Preferred Stock - Series A *(1)(3)  |   |       | 5,000,000 |   |       |   | 5,000,000  |   |   |   | 3,467,500 |   |
| Consumer Electronics         |   |                                |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   |
| TURN INC. (5.8%)             |   | Preferred Stock - Series E (1)      |   |       | 1,798,562 |   |       |   | 15,000,007 |   |   |   | 15,000,007 |   |
| Advertising Technology       |   |                                |   |       |      |   |       |   |       |   |   |   |   |   |
|                         |   |
| TWITTER, INC. (21.2%)        |   | Common Stock *(1)                   |   |       | 1,006,200 |   |       |   | 17,153,400 |   |   |   | 54,437,936 |   |
| Social Networking            |   |                                |   |       |      |   |       |   |       |   |   |   |   |   |

----

| Firsthand Technology Value Fund, Inc. |
|---------------------------------------|
| Schedule of Investments - continued   |
| DECEMBER 31, 2013                     |

| PORTFOLIO COMPANY            |   |                               |   | SHARES/PAR |      |   |       |   |      |   |   |
|------------------------------|--------|------------------------------------|--------|------------|-----------|--------|------------|--------|-----------|--------|--------|
| (% OF NET ASSETS)            |   | TYPE OF INVESTMENT                 |   | VALUE ($)  |      |   | COST BASIS |   |      | VALUE  |   |
| UCT COATINGS (0.3%)          |   | Common Stock *(1)                  |   |       | 1,500,000 |   |       | $      | 662,235   |   |   | $ | 733,500 |   |
| Advanced Materials           |   | Common Stock Warrants *(1)         |   |       | 136,986   |   |       |   | 0         |   |   |   | 1,575 |   |
|                         |   | Common Stock Warrants *(1)         |   |       | 2,283     |   |       |   | 67        |   |   |   | 12 |   |
|                         |   | Common Stock Warrants *(1)         |   |       | 33,001    |   |       |   | 0         |   |   |   | 380 |   |
|                         |   |                               |   |       |      |   |       |   |      |   |   |   | 735,467 |   |
|                         |        |                                    |        |            |           |        |            |        |           |        |        |  |  |  |
| WRIGHTSPEED, INC. (2.3%)     |   | Preferred Stock - Series C *(1)(3) |   |       | 2,267,659 |   |       |   | 5,999,999 |   |   |   | 5,999,999 |   |
| Automotive                   |   |                               |   |       |      |   |       |   |      |   |   |   |   |   |
|                         |   |
| TOTAL INVESTMENTS            |   |                               |   |       |      |   |       |   |      |   |   |   |   |   |
| (Cost $142,677,709)          |   |                               |   |       |      |   |       |   |      |   |   |   |   |   |
| —70.8 %                |   |                               |   |       |      |   |       |   |      |   |   |   | 181,875,830 |   |
|                         |   |
| OTHER ASSETS IN EXCESS       |   |                               |   |       |      |   |       |   |      |   |   |   |   |   |
| OF LIABILITIES — 29.2% |   |                               |   |       |      |   |       |   |      |   |   |   | 75,028,585 |   |
|                         |   |
| NET ASSETS — 100.0%    |   |                               |   |       |      |   |       |   |      |   |   | $ | 256,904,415 |   |

| * | Non-income producing security. |
|---|--------------------------------|

| (1) | Restricted security. Fair Value is determined by or under the direction of the Company’s Board of Directors (see note 3). |
|-----|---------------------------------------------------------------------------------------------------------------------------------|

| (2) | Controlled investments. |
|-----|-------------------------|

| (3) | Affiliated issuer. |
|-----|--------------------|

----

|                                                                              |   | FOR THE YEAR ENDED |        |   | FOR THE YEAR ENDED |   |
|-----------------------------------------------------------------------------------|--------|--------------------|-------------|--------|--------------------|--------|
|                                                                              |   | DECEMBER 31,  2014 |        |   | DECEMBER 31,  2013 |   |
|                                                                              |   |                    |        |   |                    |   |
| INVESTMENT INCOME                                                                 |   |                    |        |   |                    |   |
| Unaffiliated dividend Income                                                      |   | $                  | 68,000      |   |               | $      | — |   |
| Unaffiliated interest                                                             |   |               | 13,423      |   |               |   | 6,976 |   |
| Affiliated/Controlled interest                                                    |   |               | 1,906,121   |   |               |   | 1,138,990 |   |
| Royalty income                                                                    |   |               | 444,346     |   |               |   | 62,733 |   |
| TOTAL INVESTMENT INCOME                                                           |   |               | 2,431,890   |   |               |   | 1,208,699 |   |
|                                                                              |   |               |        |   |               |   |   |   |
| EXPENSES                                                                          |   |               |        |   |               |   |   |   |
| Investment advisory fees (Note 4)                                                 |   |               | 5,223,631   |   |               |   | 4,390,112 |   |
| Administration fees                                                               |   |               | 143,527     |   |               |   | 125,046 |   |
| Incentive fees (Note 4)                                                           |   |               | 5,405,459   |   |               |   | 8,311,199 |   |
| Custody fees                                                                      |   |               | 16,825      |   |               |   | 16,194 |   |
| Transfer agent fees                                                               |   |               | 34,917      |   |               |   | 47,002 |   |
| Registration and filing fees                                                      |   |               | 23,156      |   |               |   | 18,000 |   |
| Professional fees                                                                 |   |               | 1,077,568   |   |               |   | 831,387 |   |
| Printing fees                                                                     |   |               | 317,918     |   |               |   | 142,100 |   |
| Trustees fees                                                                     |   |               | 70,311      |   |               |   | 60,000 |   |
| Settlement fees                                                                   |   |               | 838,000     |   |               |   | — |   |
| Miscellaneous fees                                                                |   |               | 58,039      |   |               |   | 120,455 |   |
| TOTAL NET EXPENSES                                                                |   |               | 13,209,351  |   |               |   | 14,061,495 |   |
|                                                                              |   |               |        |   |               |   |   |   |
| NET INVESTMENT LOSS                                                               |   |               | (10,777,461 | )      |               |   | (12,852,796 | ) |
|                                                                              |        |                    |             |        |                    |        |  |  |
| Net Realized and Unrealized Gains (Losses) on Investments:                        |   |               |        |   |               |   |   |   |
| Net realized gains (losses) from security transactions                            |   |               |        |   |               |   |   |   |
| Affiliated/Controlled                                                             |   |               | (5,173,500  | )      |               |   | — |   |
| Non-affiliated and other assets                                                   |   |               | 54,971,518  |   |               |   | 6,715,069 |   |
| Net realized gain from purchased options transactions (1)                         |   |               | 15,290,438  |   |               |   | — |   |
| Net realized gains (losses) from written option transactions (1)                  |   |               | 1,964,401   |   |               |   | (2,794,531 | ) |
| Net realized losses from warrants transactions (1)                                |   |               | —     |   |               |   | (959,992 | ) |
| Net change in unrealized appreciation (depreciation) on other assets              |   |               | —     |   |               |   | 27,370 |   |
| Net change in unrealized appreciation (depreciation) on investments               |   |               | (38,082,722 | )      |               |   | 56,813,794 |   |
| Net change in unrealized appreciation (depreciation) on warrants transactions (1) |   |               | (2,208,564  | )      |               |   | 3,412,871 |   |
|                                                                              |        |                    |             |        |                    |        |  |  |
| Net Realized and Unrealized Gains on Investments                                  |   |               | 26,761,571  |   |               |   | 63,214,581 |   |
|                                                                              |        |                    |             |        |                    |        |  |  |
| Net Increase In Net Assets Resulting From Operations                              |   | $                  | 15,984,110  |   |               | $      | 50,361,785 |   |
| Net Increase In Net Assets Per Share Resulting from Operations (2)                |   | $                  | 1.77        |   |               | $      | 5.80 |   |

| (1) | Primary risk exposure is equity contracts. |
|-----|--------------------------------------------|

| (2) | Per share results are calculated based on weighted average shares outstanding for each period. |
|-----|------------------------------------------------------------------------------------------------|

----

|                                                                                                                                           |   | FOR THE            |         |   | FOR THE            |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------|--------------|--------|--------------------|--------|
|                                                                                                                                           |   | YEAR ENDED         |         |   | YEAR ENDED         |   |
|                                                                                                                                           |   | DECEMBER 31,  2014 |         |   | DECEMBER 31,  2013 |   |
|                                                                                                                                           |   |               |         |   |               |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                           |   |               |         |   |               |   |
| Net increase in Net Assets resulting from operations                                                                                           |   | $                  | 15,984,110   |   |               | $      | 50,361,785 |   |
| Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by (used in) operating activities: |   |               |         |   |               |   |   |   |
| Purchases of investments                                                                                                                       |   |               | (181,556,214 | )      |               |   | (74,318,134 | ) |
| Proceeds from disposition of investments                                                                                                       |   |               | 181,754,896  |   |               |   | 17,638,875 |   |
| Net purchases from short-term investments                                                                                                      |   |               | (500,000     | )      |               |   | — |   |
| Net proceeds from written options                                                                                                              |   |               | 1,964,401    |   |               |   | (2,794,531 | ) |
| Net proceeds from purchased options                                                                                                            |   |               | 15,290,438   |   |               |   | — |   |
| Proceeds from litigation claim                                                                                                                 |   |               | 18,013       |   |               |   | 1,214 |   |
| Decrease in receivable for investments sold                                                                                                    |   |               | —      |   |               |   | 1 |   |
| Increase in dividends, interest, and reclaims receivable                                                                                       |   |               | (876,157     | )      |               |   | (835,905 | ) |
| Increase in payable for investment purchased                                                                                                   |   |               | 38,253,718   |   |               |   | — |   |
| Increase in payable to affiliates                                                                                                              |   |               | 22,450       |   |               |   | 281,063 |   |
| Increase in incentive fees payable                                                                                                             |   |               | 5,405,459    |   |               |   | 8,311,199 |   |
| Decrease (increase) in other assets                                                                                                            |   |               | 1,945        |   |               |   | (5,261 | ) |
| Decrease in offering costs payable                                                                                                             |   |               | —      |   |               |   | (5,090 | ) |
| Increase (decrease) in accrued expenses and other payables                                                                                     |   |               | (8,092       | )      |               |   | 309,335 |   |
| Net realized gain from investments                                                                                                             |   |               | (65,088,456  | )      |               |   | (5,755,077 | ) |
| Net realized (gain) loss from written options                                                                                                  |   |               | (1,964,401   | )      |               |   | 2,794,531 |   |
| Net unrealized appreciation (depreciation) from investments, other assets, and warrants transactions                                           |   |               | 40,291,286   |   |               |   | (60,254,035 | ) |
| Net cash provided by (used in) operating activities                                                                                            |   |               | 48,993,396   |   |               |   | (64,270,030 | ) |
|                                                                                                                                           |   |               |         |   |               |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                           |   |               |         |   |               |   |   |   |
| Proceeds from shares sold                                                                                                                      |   |               | —      |   |               |   | 13,499,939 |   |
| Proceeds from shares redeemed                                                                                                                  |   |               | (9,999,991   | )      |               |   | — |   |
| Distributions paid from realized capital gains                                                                                                 |   |               | (53,158,463  | )      |               |   | (2,878,338 | ) |
| Net cash provided (used) by financing activities                                                                                               |   |               | (63,158,454  | )      |               |   | 10,621,601 |   |
|                                                                                                                                           |   |               |         |   |               |   |   |   |
| Net decrease in cash                                                                                                                           |   |               | (14,165,058  | )      |               |   | (53,648,429 | ) |
| Cash - beginning of year                                                                                                                       |   |               | 83,179,168   |   |               |   | 136,827,597 |   |
| Cash - end of year                                                                                                                             |   | $                  | 69,014,110   |   |               | $      | 83,179,168 |   |

----

|                                                                                                         |   | FOR THE                  |        |   | FOR THE                  |   |
|--------------------------------------------------------------------------------------------------------------|--------|--------------------------|-------------|--------|--------------------------|--------|
|                                                                                                         |   | YEAR ENDED               |        |   | YEAR ENDED               |   |
|                                                                                                         |   |  DECEMBER 31,  2014 |        |   |  DECEMBER 31,  2013 |   |
| FROM OPERATIONS:                                                                                             |   |                     |        |   |                     |   |
| Net investment loss                                                                                          |   | $                        | (10,777,461 | )      |                     | $      | (12,852,796 | ) |
| Net realized gains from security transactions, written and purchased options, and warrants transactions      |   |                     | 67,052,857  |   |                     |   | 2,960,546 |   |
| Net change in unrealized appreciation (depreciation) on investments, other assets, and warrants transactions |   |                     | (40,291,286 | )      |                     |   | 60,254,035 |   |
| Net increase in net assets from operations                                                                   |   |                     | 15,984,110  |   |                     |   | 50,361,785 |   |
|                                                                                                         |   |                     |        |   |                     |   |   |   |
| FROM DISTRIBUTIONS:                                                                                          |   |                     |        |   |                     |   |   |   |
| From realized gains on investments                                                                           |   |                     | (53,158,463 | )      |                     |   | (2,878,338 | ) |
| TOTAL DISTRIBUTIONS                                                                                          |   |                     | (53,158,463 | )      |                     |   | (2,878,338 | ) |
|                                                                                                         |   |                     |        |   |                     |   |   |   |
| FROM CAPITAL SHARE TRANSACTIONS:                                                                             |   |                     |        |   |                     |   |   |   |
| Issuance of common stock (1)                                                                                 |   |                     | —     |   |                     |   | 13,499,939 |   |
| Value of shares repurchased                                                                                  |   |                     | (9,999,991  | )      |                     |   | — |   |
| Net increase (decrease) in net assets from capital share transactions                                        |   |                     | (9,999,991  | )      |                     |   | 13,499,939 |   |
| TOTAL INCREASE (DECREASE) IN NET ASSETS                                                                      |   |                     | (47,174,344 | )      |                     |   | 60,983,386 |   |
|                                                                                                         |   |                     |        |   |                     |   |   |   |
| NET ASSETS:                                                                                                  |   |                     |        |   |                     |   |   |   |
| Beginning of year                                                                                            |   |                     | 256,904,415 |   |                     |   | 195,921,029 |   |
| End of year                                                                                                  |   | $                        | 209,730,071 |   |                     | $      | 256,904,415 |   |
| Accumulated Net Investment Income                                                                            |   |                     | 5,832,994   |   |                     |   | — |   |
|                                                                                                         |   |                     |        |   |                     |   |   |   |
| COMMON STOCK ACTIVITY:                                                                                       |   |                     |        |   |                     |   |   |   |
| Shares issued                                                                                                |   |                     | —     |   |                     |   | 515,552 |   |
| Shares repurchased                                                                                           |   |                     | (509,859    | )      |                     |   | — |   |
| Net increase (decrease) in shares outstanding                                                                |   |                     | (509,859    | )      |                     |   | 515,552 |   |
| Shares outstanding, beginning of year                                                                        |   |                     | 9,072,032   |   |                     |   | 8,556,480 |   |
| Shares outstanding, end of year                                                                              |   |                     | 8,562,173   |   |                     |   | 9,072,032 |   |

| (1) | Net of underwriting fees and offering expenses. |
|-----|-------------------------------------------------|

----

|                                                                    |   | FOR THE            |    |   | FOR THE            |   |    | FOR THE            |   |   | FOR THE              |   |
|-------------------------------------------------------------------------|--------|--------------------|---------|--------|--------------------|--------|---------|--------------------|--------|--------|----------------------|--------|
|                                                                    |   | YEAR ENDED         |    |   | YEAR ENDED         |   |    | YEAR ENDED         |   |   | PERIOD ENDED         |   |
|                                                                    |   | DECEMBER 31,  2014 |    |   | DECEMBER 31,  2013 |   |    | DECEMBER 31,  2012 |   |   | DECEMBER 31, 2011(1) |   |
| Net asset value at beginning of period                                  |   | $                  | 28.32   |   |               | $      | 22.90   |               |   | $      | 23.92                |   |   | $ | 27.01 |   |
| Income from investment operations:                                      |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Net investment loss                                                     |   |               | (1.26   | )      |               |   | (1.42   | )                  |   |   | (0.39                | )      |   |   | (0.41 | ) |
| Net realized and unrealized gains (losses) on investments               |   |               | 3.04    |   |               |   | 7.16    |               |   |   | (1.01                | )      |   |   | (2.68 | ) |
| Total from investment operations                                        |   |               | 1.78    |   |               |   | 5.74    |               |   |   | (1.40                | )      |   |   | (3.09 | ) |
|                                                                    |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Distributions from:                                                     |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Realized capital gains                                                  |   |               | (5.86   | )      |               |   | (0.32   | )                  |   |   | —              |   |   |   | — |   |
|                                                                    |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Premiums from shares sold in offerings                                  |   |               | — |   |               |   | — | (2)                |   |   | 0.38                 |   |   |   | — |   |
| Anti-dilutive effect from capital share transactions                    |   |               | 0.25    |   |               |   | — |               |   |   | —              |   |   |   | — |   |
| Net asset value at end of period                                        |   | $                  | 24.49   |   |               | $      | 28.32   |               |   | $      | 22.90                |   |   | $ | 23.92 |   |
|                                                                    |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Market value at end of period                                           |   | $                  | 18.65   |   |               | $      | 23.17   |               |   | $      | 17.44                |   |   | $ | 14.33 |   |
|                                                                    |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Total return                                                            |   |               |    |   |               |   |    |               |   |   |                 |   |   |   |   |   |
| Based on Net Asset Value                                                |   |               | 12.54   | %      |               |   | 25.30   | %                  |   |   | (4.26                | )%     |   |   | (11.44 | )% (A) |
| Based on Market Value                                                   |   |               | 4.76    | %      |               |   | 34.61   | %                  |   |   | 21.70                | %      |   |   | (46.95 | )% (A) |
| Net assets at end of period (millions)                                  |   | $                  | 209.7   |   |               | $      | 256.9   |               |   | $      | 195.9                |   |   | $ | 83.63 |   |
| Ratio of total expenses to average net assets                           |   |               | 5.29    | % (3)  |               |   | 6.52    | % (3)              |   |   | 2.56                 | %      |   |   | 2.76 | % (B) |
| Ratio of total expenses to average net assets, excluding incentive fees |   |               | 3.12    | %      |               |   | 2.67    | %                  |   |   | 2.56                 | %      |   |   | 2.76 | % (B) |
| Ratio of net investment loss to average net assets                      |   |               | (4.31   | )%     |               |   | (5.96   | )%                 |   |   | (2.12                | )%     |   |   | (2.28 | )% (B) |
| Portfolio turnover rate                                                 |   |               | 95      | %      |               |   | 17      | %                  |   |   | 10                   | %      |   |   | 18 | % (A) |

| (1) | For the period April 18, 2011 (inception) through December 31, 2011. |
|-----|----------------------------------------------------------------------|

| (2) | Less than $0.005 per share. |
|-----|-----------------------------|

| (3) | Amount includes the incentive fee. For the year ended December 31, 2014 and the year ended December 31, 2013, the ratio of the incentive fee to average net assets was 2.17% and 3.85%, respectively. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (A) | Not Annualized |
|-----|----------------|

| (B) | Annualized |
|-----|------------|

----

----

----

|                                   |   |      |    |     |   |       |   |
|----------------------------------------|--------|-----------|---------|----------|--------|------------|--------|
|                                   |   | CONTRACTS |    | RECEIVED |   |
| Options outstanding, beginning of year |   |      | — |     | $      | —    |   |
| Options written during period          |   |      | 27,000  |     |   | 7,685,253  |   |
| Options closed during period           |   |      | (18,000 | )        |   | (5,603,920 | )      |
| Options expired during period          |   |      | (2,000  | )        |   | (206,995   | )      |
| Options exercised during period        |   |      | (7,000  | )        |   | (1,874,338 | )      |
| Options outstanding, end of year       |        |      | — |     | $      | —    |        |
|                                  |   |                         |   |              |   |                        |   |   |   |   |
|---------------------------------------|--------|------------------------------|--------|-------------------|--------|-----------------------------|--------|--------|--------|--------|
|                                  |   | PURCHASEDOPTIONS (CONTRACTS) |   | WARRANTS (SHARES) |   | WRITTEN OPTIONS (CONTRACTS) |   |
| Firsthand Technology Value Fund, Inc. |   |                         | 5,809  |              |   | 13,374,272                  |   |   | 900    |   |
|                                   |   |      |    |     |   |       |   |
|----------------------------------------|--------|-----------|---------|----------|--------|------------|--------|
|                                   |   | CONTRACTS |    | RECEIVED |   |
| Options outstanding, beginning of year |   |      | — |     | $      | —    |   |
| Options written during period          |   |      | 86,520  |     |   | 7,761,066  |   |
| Options closed during period           |   |      | (78,000 | )        |   | (6,986,553 | )      |
| Options expired during period          |   |      | (7,666  | )        |   | (663,156   | )      |
| Options exercised during period        |   |      | (854    | )        |   | (111,357   | )      |
| Options outstanding, end of year       |   |      | — |     | $      | —    |   |
|                                  |   |              |            |                        |   |   |   |
|---------------------------------------|--------|-------------------|------------|-----------------------------|--------|--------|--------|
|                                  |   | WARRANTS (SHARES) |       | WRITTEN OPTIONS (CONTRACTS) |   |
| Firsthand Technology Value Fund, Inc. |   |              | 15,856,995 |                        |   | 852    |   |

----

|   |   |                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (1)    | each quarter the valuation process begins with each portfolio company or investment being initially valued by the Adviser Valuation Committee or the independent valuation firm;                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                 |
|   | (2)    | the Valuation Committee of the Board on a quarterly basis reviews the preliminary valuation of the Adviser Valuation Committee and that of the independent valuation firms and makes the fair value determination, in good faith, based on the valuation recommendations of the Adviser Valuation Committee and the independent valuation firms; and |
|   |   |                                                                                                                                                                                                                                                                                                                                                 |
|   | (3)    | at each quarterly Board meeting, the Board considers the valuations recommended by the Adviser Valuation Committee and the independent valuation firms that were previously submitted to the Valuation Committee of the Board and ratifies the fair value determinations made by the Valuation Committee of the Board.                               |

----

----

|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | -      | Market Approach (M): The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For example, the market approach often uses market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range each appropriate multiple falls requires the use of judgment in considering factors specific to the measurement (qualitative and quantitative).                                                                                          |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | -      | Income Approach (I): The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Those valuation techniques include present value techniques; option-pricing models, such as the Black-Scholes-Merton formula (a closed-form model) and a binomial model (a lattice model), which incorporate present value techniques; and the multi-period excess earnings method, which is used to measure the fair value of certain assets. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   | -      | Asset-Based Approach (A): The asset-based approach examines the value of a company’s assets net of its liabilities to derive a value for the equity holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

----

|   |      |                                                                                                                                                                                                                                                                                                                                                                                                     |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | Level 1 - | Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the date of measurement.                                                                                                                                                                                                                                                    |
|   |      |                                                                                                                                                                                                                                                                                                                                                                                                     |
|   | 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 in an inactive market, prices for similar instruments in an active or inactive market, 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 Company’s own assumptions about the assumptions a market participant would use in valuing the asset or liability based on the best information available.                                                                                                             |

----

|                     |   |                      |       |   |                                     |   |    |                                   |   |
|--------------------------|--------|----------------------|------------|--------|------------------------------------------|--------|---------|----------------------------------------|--------|
|                     |   | LEVEL 1QUOTED PRICES |       |   | LEVEL 2OTHERSIGNIFICANTOBSERVABLE INPUTS |   |    | LEVEL 3 SIGNIFICANTUNOBSERVABLE INPUTS |   |
| ASSETS                   |   |                      |       |   |                                          |   |    |                                        |   |
| Common Stocks            |   |                      |       |   |                                          |   |    |                                        |   |
| Advanced Materials       |   | $                    | —    |   |                                     | $      | — |                                   |   | $ | 607,650 |   |
| Communications Equipment |   |                 | 7,433,000  |   |                                     |   | — |                                   |   |   | — |   |
| Consumer Electronics     |   |                 | —    |   |                                     |   | — |                                   |   |   | 11,820,642 |   |
| Internet                 |   |                 | 6,832,200  |   |                                     |   | — |                                   |   |   | 2,547,272 |   |
| Other Electronics        |   |                 | 1,894,971  |   |                                     |   | — |                                   |   |   | — |   |
| Peripherals              |   |                 | 4,428,000  |   |                                     |   | — |                                   |   |   | — |   |
| Renewable Energy         |   |                 | —    |   |                                     |   | — |                                   |   |   | 5,061,960 |   |
| Semiconductor Equipment  |   |                 | 19,086,000 |   |                                     |   | — |                                   |   |   | — |   |
| Semiconductors           |   |                 | 11,134,000 |   |                                     |   | — |                                   |   |   | — |   |
| Software                 |   |                 | 8,161,000  |   |                                     |   | — |                                   |   |   | — |   |
| Total Common Stocks      |   |                 | 58,969,171 |   |                                     |   | — |                                   |   |   | 20,037,524 |   |
| Preferred Stocks         |   |                 |       |   |                                     |   |    |                                   |   |   |   |   |
| Advanced Materials       |   |                 | —    |   |                                     |   | — |                                   |   |   | 11,432,476 |   |
| Advertising Technology   |   |                 | —    |   |                                     |   | — |                                   |   |   | 19,323,228 |   |
| Automotive               |   |                 | —    |   |                                     |   | — |                                   |   |   | 10,916,840 |   |
| Cloud Computing          |   |                 | —    |   |                                     |   | — |                                   |   |   | 9,999,998 |   |
| Consumer Electronics     |   |                 | —    |   |                                     |   | — |                                   |   |   | 4,000,000 |   |
| Medical Devices          |   |                 | —    |   |                                     |   | — |                                   |   |   | 15,986,250 |   |
| Mobile Computing         |   |                 | —    |   |                                     |   | — |                                   |   |   | 9,999,997 |   |
| Semiconductor Equipment  |   |                 | —    |   |                                     |   | — |                                   |   |   | 18,682,483 |   |
| Total Preferred Stocks   |   |                 | —    |   |                                     |   | — |                                   |   |   | 100,341,272 |   |
| Asset Derivatives *      |   |                 |       |   |                                     |   |    |                                   |   |   |   |   |
| Equity Contracts         |   |                 | —    |   |                                     |   | — |                                   |   |   | 567,900 |   |
| Total Asset Derivatives  |   |                 | —    |   |                                     |   | — |                                   |   |   | 567,900 |   |
| Convertible Notes        |   |                 |       |   |                                     |   |    |                                   |   |   |   |   |
| Consumer Electronics     |   |                 | —    |   |                                     |   | — |                                   |   |   | 500,000 |   |
| Intellectual Property    |   |                 | —    |   |                                     |   | — |                                   |   |   | 5,250,000 |   |
| Medical Devices          |   |                 | —    |   |                                     |   | — |                                   |   |   | 4,000,000 |   |
| Semiconductor Equipment  |   |                 | —    |   |                                     |   | — |                                   |   |   | 2,000,000 |   |
| Total Convertible Notes  |   |                 | —    |   |                                     |   | — |                                   |   |   | 11,750,000 |   |
| Total                    |   | $                    | 58,969,171 |   |                                     | $      | — |                                   |   | $ | 132,696,696 |   |

| * | Asset derivatives include warrants. |
|---|-------------------------------------|

----

|                    |   |                 |       |   |                                       |   |    |                                         |   |
|-------------------------|--------|----------------------|------------|--------|--------------------------------------------|--------|---------|-----------------------------------------|--------|
|                    |   | LEVEL 1QUOTED PRICES |       |   | LEVEL 2OTHER SIGNIFICANT OBSERVABLE INPUTS |   |    | LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS |   |
| Common Stocks           |   |                      |       |   |                                            |   |    |                                         |   |
| Advanced Materials      |   | $                    | —    |   |                                       | $      | — |                                    |   | $ | 733,500 |   |
| Consumer Electronics    |   |                 | —    |   |                                       |   | — |                                    |   |   | 10,270,178 |   |
| Internet                |   |                 | —    |   |                                       |   |    |                                    |   |   | 1,794,520 |   |
| Other Electronics       |   |                 | 4,050,509  |   |                                       |   | — |                                    |   |   | — |   |
| Renewable Energy        |   |                 | —    |   |                                       |   | — |                                    |   |   | 6,026,750 |   |
| Semiconductor Equipment |   |                 | 1,183,680  |   |                                       |   |    |                                    |   |   | — |   |
| Services                |   |                 | —    |   |                                       |   | — |                                    |   |   | 1 |   |
| Social Networking       |   |                 | 32,796,000 |   |                                       |   | — |                                    |   |   | 54,437,936 |   |
| Total Common Stocks     |   |                 | 38,030,189 |   |                                       |   | — |                                    |   |   | 73,262,885 |   |
| Preferred Stocks        |   |                 |       |   |                                       |   |    |                                    |   |   |   |   |
| Advanced Materials      |   |                 | —    |   |                                       |   |    |                                    |   |   | 8,023,459 |   |
| Advertising Technology  |   |                 | —    |   |                                       |   |    |                                    |   |   | 17,999,993 |   |
| Automotive              |   |                 | —    |   |                                       |   |    |                                    |   |   | 5,999,999 |   |
| Consumer Electronics    |   |                 | —    |   |                                       |   |    |                                    |   |   | 3,467,500 |   |
| Medical Devices         |   |                 | —    |   |                                       |   |    |                                    |   |   | 20,300,000 |   |
| Semiconductor Equipment |   |                 | —    |   |                                       |   | — |                                    |   |   | 3,600,143 |   |
| Services                |   |                 | —    |   |                                       |   | — |                                    |   |   | 491,698 |   |
| Total Preferred Stocks  |   |                 | —    |   |                                       |   | — |                                    |   |   | 59,882,792 |   |
| Asset Derivatives *     |   |                 |       |   |                                       |   |    |                                    |   |   |   |   |
| Equity Contracts        |   |                 | —    |   |                                       |   | — |                                    |   |   | 2,949,964 |   |
| Total Asset Derivatives |   |                 | —    |   |                                       |   | — |                                    |   |   | 2,949,964 |   |
| Convertible Notes       |   |                 |       |   |                                       |   |    |                                    |   |   |   |   |
| Intellectual Property   |   |                 | —    |   |                                       |   | — |                                    |   |   | 5,750,000 |   |
| Semiconductor Equipment |   |                 | —    |   |                                       |   |    |                                    |   |   | 2,000,000 |   |
| Total Convertible Notes |   |                 | —    |   |                                       |   | — |                                    |   |   | 7,750,000 |   |
| Total                   |   | $                    | 38,030,189 |   |                                       | $      | — |                                    |   | $ | 143,845,641 |   |

| * | Asset derivatives include warrants. |
|---|-------------------------------------|

----

|                                                                     |   |                  |        |         |   |        |   |                       |         |                                         |   |                          |   |                  |        |   |   |    |   |   |        |   |
|--------------------------------------------------------------------------|--------|-----------------------|-------------|--------------|--------|-------------|--------|----------------------------|--------------|----------------------------------------------|--------|-------------------------------|--------|-----------------------|-------------|--------|--------|---------|--------|--------|-------------|--------|
| INVESTMENTS AT FAIRVALUE USING SIGNIFI-CANT UNOBSERVABLEINPUTS (LEVEL 3) |   | BALANCE AS OF12/31/13 |        | NETPURCHASES |   | NETSALES    |   | NETREALIZEDGAINS /(LOSSES) |         | NET UNREALIZEDAPPRECIATION(DEPRECIATION) (1) |   | TRANSFERS IN (OUT) OF LEVEL 3 |   | BALANCEAS OF 12/31/14 |        |
| Common Stocks                                                            |        |                       |             |              |        |             |        |                            |              |                                              |        |                               |        |                       |             |        |        |         |        |        |             |        |
| Advanced Materials                                                       |   | $                     | 733,500     |         | $      | —     |   | $                          | —      |                                         | $      | —                       |   | $                     | (125,850    | )      | $      | — |   | $      | 607,650     |   |
| Consumer Electronics                                                     |   |                  | 10,270,178  |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | 1,550,464   |   |   | — |   |   | 11,820,642  |   |
| Internet                                                                 |   |                  | 1,794,520   |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | 752,752     |   |   | — |   |   | 2,547,272   |   |
| Renewable Energy                                                         |   |                  | 6,026,750   |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | (964,790    | )      |   | — |   |   | 5,061,960   |   |
| Services                                                                 |   |                  | 1           |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | (1          | )      |   | — |   |   | —     |   |
| Social Networking                                                        |   |                  | 54,437,936  |         |   | 56,000,000  |   |                       | (119,120,495 | )                                            |   | 28,397,095                    |   |                  | (19,714,536 | )      |   | — |   |   | —     |   |
| Preferred Stocks                                                    |        |                       |             |              |        |             |        |                            |              |                                              |        |                               |        |                       |             |        |        |         |        |        |             |        |
| Advanced Materials                                                       |   |                  | 8,023,459   |         |   | 3,428,640   |   |                       | —      |                                         |   | —                       |   |                  | (19,623     | )      |   | — |   |   | 11,432,476  |   |
| Advertising Technology                                                   |   |                  | 17,999,993  |         |   | 1,149,997   |   |                       | —      |                                         |   | —                       |   |                  | 173,238     |   |   | — |   |   | 19,323,228  |   |
| Automotive                                                               |   |                  | 5,999,999   |         |   | 3,375,887   |   |                       | —      |                                         |   | —                       |   |                  | 1,540,954   |   |   | — |   |   | 10,916,840  |   |
| Cloud Computing                                                          |   |                  | —     |         |   | 9,999,998   |   |                       | —      |                                         |   | —                       |   |                  | —     |   |   | — |   |   | 9,999,998   |   |
| Consumer Electronics                                                     |   |                  | 3,467,500   |         |   | 3,999,999   |   |                       | —      |                                         |   | (5,000,000                    | )      |                  | 1,532,501   |   |   | — |   |   | 4,000,000   |   |
| Medical Devices                                                          |   |                  | 20,300,000  |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | (4,313,750  | )      |   | — |   |   | 15,986,250  |   |
| Mobile Computing                                                         |   |                  | —     |         |   | 9,999,997   |   |                       | —      |                                         |   | —                       |   |                  | —     |   |   | — |   |   | 9,999,997   |   |
| Renewable Energy                                                         |   |                  | —     |         |   | —     |   |                       | (1           | )                                            |   | (999,999                      | )      |                  | 1,000,000   |   |   | — |   |   | —     |   |
| Semiconductor Equipment                                                  |   |                  | 3,600,143   |         |   | 6,657,909   |   |                       | —      |                                         |   | —                       |   |                  | 8,424,431   |   |   | — |   |   | 18,682,483  |   |
| Services                                                                 |   |                  | 491,698     |         |   | —     |   |                       | (299,139     | )                                            |   | 153,311                       |   |                  | (345,870    | )      |   | — |   |   | —     |   |
| Asset Derivatives                                                        |        |                       |             |              |        |             |        |                            |              |                                              |        |                               |        |                       |             |        |        |         |        |        |             |        |
| Equity Contracts                                                         |   |                  | 2,949,964   |         |   | —     |   |                       | —      |                                         |   | (173,500                      | )      |                  | (2,208,564  | )      |   | — |   |   | 567,900     |   |
| Convertible Notes                                                   |        |                       |             |              |        |             |        |                            |              |                                              |        |                               |        |                       |             |        |        |         |        |        |             |        |
| Automotive                                                               |   |                  | —     |         |   | 1,500,000   |   |                       | (1,500,000   | )                                            |   | —                       |   |                  | —     |   |   | — |   |   | —     |   |
| Consumer Electronics                                                     |   |                  | —     |         |   | 500,000     |   |                       | —      |                                         |   | —                       |   |                  | —     |   |   | — |   |   | 500,000     |   |
| Intellectual Property                                                    |   |                  | 5,750,000   |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | (500,000    | )      |   | — |   |   | 5,250,000   |   |
| Medical Devices                                                          |   |                  | —     |         |   | 4,000,000   |   |                       | —      |                                         |   | —                       |   |                  | —     |   |   | — |   |   | 4,000,000   |   |
| Semiconductor Equipment                                                  |   |                  | 2,000,000   |         |   | —     |   |                       | —      |                                         |   | —                       |   |                  | —     |   |   | — |   |   | 2,000,000   |   |
| Total                                                                    |   | $                     | 143,845,641 |         | $      | 100,612,427 |   | $                          | (120,919,635 | )                                            | $      | 22,376,907                    |   | $                     | (13,218,644 | )      | $      | — |   | $      | 132,696,696 |   |

| (1) | The net change in unrealized appreciation from Level 3 instruments held as of December 31, 2014 was $7,035,620. |
|-----|-----------------------------------------------------------------------------------------------------------------|

----

|                                                                     |   |                  |       |         |   |       |   |                       |              |                                         |   |                        |   |                  |       |   |   |    |   |   |        |   |
|--------------------------------------------------------------------------|--------|-----------------------|------------|--------------|--------|------------|--------|----------------------------|-------------------|----------------------------------------------|--------|-----------------------------|--------|-----------------------|------------|--------|--------|---------|--------|--------|-------------|--------|
| INVESTMENTS AT FAIRVALUE USING SIGNIFI-CANT UNOBSERVABLEINPUTS (LEVEL 3) |   | BALANCE AS OF12/31/12 |       | NETPURCHASES |   | NETSALES   |   | NETREALIZEDGAINS /(LOSSES) |              | NET UNREALIZEDAPPRECIATION(DEPRECIATION) (1) |   | TRANSFERSIN (OUT) OFLEVEL 3 |   | BALANCEAS OF 12/31/13 |       |
| Common Stocks                                                       |   |                  |       |         |   |       |   |                       |              |                                         |   |                        |   |                  |       |   |   |    |   |   |        |   |
| Advanced Materials                                                       |   | $                     | —    |         | $      | —    |   | $                          | —           |                                         | $      | —                     |   | $                     | 733,500    |   | $      | — |   | $      | 733,500     |   |
| Consumer Electronics                                                     |   |                  | —    |         |   | 10,108,024 |   |                       | —           |                                         |   | —                     |   |                  | 162,154    |   |   | — |   |   | 10,270,178  |   |
| Intellectual Property                                                    |   |                  | 456        |         |   | —    |   |                       | —           |                                         |   | —                     |   |                  | (456       | )      |   | — |   |   | —     |   |
| Internet                                                                 |   |                  | 2,803,658  |         |   | —    |   |                       | —           |                                         |   | —                     |   |                  | (1,009,138 | )      |   | — |   |   | 1,794,520   |   |
| Renewable Energy                                                         |   |                  | 4,322,895  |         |   | 6,417,495  |   |                       | (17,338,675       | )                                            |   | 10,600,950                  |   |                  | 2,024,085  |   |   | — |   |   | 6,026,750   |   |
| Services                                                                 |   |                  | 1          |         |   | —    |   |                       | —           |                                         |   | —                     |   |                  | —    |   |   | — |   |   | 1           |   |
| Social Networking                                                        |   |                  | 13,369,647 |         |   | 3,934,500  |   |                       | —           |                                         |   | —                     |   |                  | 37,133,789 |   |   | — |   |   | 54,437,936  |   |
| Preferred Stocks                                                         |   |                  |       |         |   |       |   |                       |              |                                         |   |                        |   |                  |       |   |   |    |   |   |        |   |
| Advanced Materials                                                       |   |                  | 5,581,279  |         |   | 2,571,600  |   |                       | —           |                                         |   | —                     |   |                  | (129,420   | )      |   | — |   |   | 8,023,459   |   |
| Advertising Technology                                                   |   |                  | —    |         |   | 17,999,993 |   |                       | —           |                                         |   | —                     |   |                  | —    |   |   | — |   |   | 17,999,993  |   |
| Automotive                                                               |   |                  | —    |         |   | 5,999,999  |   |                       | —           |                                         |   | —                     |   |                  | —    |   |   | — |   |   | 5,999,999   |   |
| Consumer Electronics                                                     |   |                  | —    |         |   | 5,000,000  |   |                       | —           |                                         |   | —                     |   |                  | (1,532,500 | )      |   | — |   |   | 3,467,500   |   |
| Intellectual Property                                                    |   |                  | 575,261    |         |   | —    |   |                       | —           |                                         |   | —                     |   |                  | (575,261   | )      |   | — |   |   | —     |   |
| Medical Devices                                                          |   |                  | —    |         |   | 20,299,939 |   |                       | —           |                                         |   | —                     |   |                  | 61         |   |   | — |   |   | 20,300,000  |   |
| Renewable Energy                                                         |   |                  | 208,185    |         |   | —    |   |                       | —           |                                         |   | (3,846,714                  | )      |                  | 3,638,529  |   |   | — |   |   | —     |   |
| Semiconductor Equipment                                                  |   |                  | 3,933,780  |         |   | 2,000,000  |   |                       | —           |                                         |   | —                     |   |                  | (2,333,637 | )      |   | — |   |   | 3,600,143   |   |
| Services                                                                 |   |                  | 369,192    |         |   | —    |   |                       | —           |                                         |   | —                     |   |                  | 122,506    |   |   | — |   |   | 491,698     |   |
| Social Networking                                                        |   |                  | 3,294,857  |         |   | —    |   |                       | (3,522,000        | )                                            |   | —                     |   |                  | 227,143    |   |   | — |   |   | —     |   |
| Asset Derivatives                                                        |   |                  |       |         |   |       |   |                       |              |                                         |   |                        |   |                  |       |   |   |    |   |   |        |   |
| Equity Contracts                                                         |   |                  | 510,099    |         |   | —    |   |                       | (13,012           | )                                            |   | (959,992                    | )      |                  | 3,412,869  |   |   | — |   |   | 2,949,964   |   |
| Convertible Bonds                                                        |   |                  |       |         |   |       |   |                       |              |                                         |   |                        |   |                  |       |   |   |    |   |   |        |   |
| Intellectual Property                                                    |   |                  | 5,750,000  |         |   | —    |   |                       | —           |                                         |   | —                     |   |                  | —    |   |   | — |   |   | 5,750,000   |   |
| Semiconductor Equipment                                                  |   |                  | —    |         |   | 2,000,000  |   |                       | —           |                                         |   | —                     |   |                  | —    |   |   | — |   |   | 2,000,000   |   |
| Total                                                                    |   | $                     | 40,719,310 |         | $      | 76,331,550 |   | $                          |  (20,873,687 | )                                            | $      | 5,794,244                   |   | $                     | 41,874,224 |   | $      | — |   | $      | 143,845,641 |   |

| (1) | The net change in unrealized appreciation from Level 3 instruments held as of December 31, 2013 was $34,641,535. |
|-----|------------------------------------------------------------------------------------------------------------------|

----

|                                                        |   |                   |   |                                                            |   |                                                                        |   |                                          |   |
|-------------------------------------------------------------|--------|------------------------|--------|-----------------------------------------------------------------|--------|-----------------------------------------------------------------------------|--------|-----------------------------------------------|--------|
|                                                        |   | FAIR VALUE AT 12/31/14 |   | VALUATION TECHNIQUES                                            |   | UNOBSERVABLE INPUTS                                                         |   | RANGE (WEIGHTED AVG.)                         |
| Direct venture capital investments: Intellectual Property   |   | $5.3M             |   | Market Comparable Companies                                     |   | Revenue MultipleVolatilityRisk-Free Rate Discount for Lack of Marketability |   | 0.8x - 1.1x56.97%1.65% 0.0% - 33.4%           |
| Direct venture capital investments: Automotive              |   | $10.9M            |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 94.35%1.10% 0.0%                              |
| Direct venture capital investments: Consumer Electronics    |   | $16.3M            |   | Prior Transaction Analysis Probability Weighted Expected Return |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 48.09% - 64.02%1.10% - 1.65% 0.0% - 28.2%     |
| Direct venture capital investments: Internet                |   | $2.5M             |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 50.41%0.25% 15.50%                            |
| Direct venture capital investments: Advanced Materials      |   | $12.6M            |   | Market Comparable Companies Prior Transaction Analysis          |   | EBITDA MultipleVolatilityRisk-Free Rate Discount for Lack of Marketability  |   | 7.5x - 8.4x48.04% - 55.72%1.65% 28.7% - 32.8% |
| Direct venture capital investments: Semiconductor Equipment |   | $20.7M            |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 45.09%1.10% 0.0%                              |
| Direct venture capital investments: Advertising Technology  |   | $19.3M            |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 61.77% - 62.56%0.25% - 0.67% 0.0%             |
| Direct venture capital investments: Renewable Energy        |   | $5.1M             |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 118.95%0.67% 44.0%                            |
| Direct venture capital investments: Medical Devices         |   | $20.0M            |   | Market Comparable Companies Prior Transaction Analysis          |   | Revenue MultipleVolatilityRisk-Free Rate Discount for Lack of Marketability |   | 2.4x - 2.7x59.94%1.38% 0.0%                   |
| Direct venture capital investments: Cloud Computing         |   | $10.0M            |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 49.49%0.67% 0.0%                              |
| Direct venture capital investments: Mobile Computing        |   | $10.0M            |   | Prior Transaction Analysis                                      |   | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |   | 75.12%0.67% 0.0%                              |

----

|                                                        |   | FAIR VALUE AT12/31/13 |   | VALUATION TECHNIQUES             |                        | UNOBSERVABLE INPUTS                                                         |            | RANGE(WEIGHTED AVG.)                      |
|-------------------------------------------------------------|--------|-----------------------|--------|----------------------------------|-----------------------------|-----------------------------------------------------------------------------|-----------------|-------------------------------------------|
| Direct venture capital investments: Services                |   | $0.5M            |   | Market Comparable Companies      |                        | EBITDA MultipleVolatilityRisk-Free Rate Discount for Lack of Marketability  |            | 7.6x - 10.3x54.33%0.78% 0.0% - 27.2%      |
| Direct venture capital investments: Intellectual Property   |   | $5.8M            |   | Market Comparable Companies      |                        | Revenue MultipleVolatilityRisk-Free Rate Discount for Lack of Marketability |            | 2.0x - 2.5x57.27%1.75% 0.0% - 33.4%       |
| Direct venture capital investments: Automotive              |   | $6.0M            |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 85.77%0.78% 0.0%                          |
| Direct venture capital investments: Consumer Electronics    |   | $13.7M           |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 52.56% - 59.38%0.38% - 0.78% 0.0% - 29.5% |
| Direct venture capital investments: Internet                |   | $1.8M            |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 48.56%0.13% 15.00%                        |
| Direct venture capital investments: Advanced Materials      |   | $9.3M            |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 57.09% - 59.36%1.75% 0.0% -34.4%          |
|                                                        |   |                  |   |                             | Market Comparable Companies |                                                                        | EBITDA Multiple |                                      | 7.6x - 7.9x |
| Direct venture capital investments: Semiconductor Equipment |   | $8.0M            |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 48.80%0.78% 0.0%                          |
| Direct venture capital investments: Advertising Technology  |   | $18.0M           |   | Prior Transaction  Analysis |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 42.04%0.38% 0.0%                          |
| Direct venture capital investments: Renewable Energy        |   | $6.0M            |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 118.49%0.38% 44.1%                        |
| Direct venture capital investments: Medical Devices         |   | $20.3M           |   | Prior Transaction Analysis       |                        | VolatilityRisk-Free Rate Discount for Lack of Marketability                 |            | 62.56%1.27% 0.0%                          |
| Direct venture capital investments: Social Networking       |   | $54.4M                |   | Prior Transaction Analysis       |                        | Discount for Lack of Marketability                                          |            | 15.0%                                     |

----

|                            |   | INCREASE (DECREASE) |       |
|---------------------------------|--------|---------------------|------------|
|                            |   | Paid-in-Capital     |       | Accumulated NetInvestment Income(Loss) |   | Accumulated NetRealized Gain(Loss) |   |
| Firsthand Technology Value Fund |   | $                   | (2,817,491 | ) | $ | 16,610,455 |   | $ | (13,792,964 | ) |
|                            |   | INCREASE (DECREASE) |        |
|---------------------------------|--------|---------------------|-------------|
|                            |   | Paid-in-Capital     |        | Accumulated NetInvestment Income(Loss) |   | Accumulated NetRealized Gain(Loss) |   |
| Firsthand Technology Value Fund |   | $                   | (12,852,796 | ) | $ | 12,852,796 |   | $ | — |   |
|                                       |  |                                      |       |
|--------------------------------------------|--|--------------------------------------|------------|
|                                       |  | FIRSTHANDTECHNOLOGY VALUE FUND, INC. |       |
| Net Unrealized Appreciation (Depreciation) |  | $                                    | (1,093,165 | ) |
| Other Temporary Differences                |  |                                 | 5,832,994  |   |
| Total Distributable Earnings               |  | $                                    | 4,739,829  |   |
| Gross unrealized appreciation        |   | $      | 12,958,786  |   |
|--------------------------------------|--------|--------|-------------|--------|
| Gross unrealized depreciation        |   |   | (14,051,951 | )      |
| Net unrealized depreciation          |   | $      | (1,093,165  | )      |
| Federal income tax cost, Investments |   | $      | 192,759,032 |   |

----

|                                       |  |                               |       |
|--------------------------------------------|--|-------------------------------|------------|
|                                       |  | FIRSTHANDTECHNOLOGYVALUE FUND |       |
| Net Unrealized Appreciation (Depreciation) |  | $                             | 39,096,355 |   |
| Undistributed Long-Term Capital Gains      |  |                          | 336        |   |
| Total Distributable Earnings               |  | $                             | 39,096,691 |   |
|                                 |   |        |        |
|--------------------------------------|--------|--------|-------------|
| Gross unrealized appreciation        |   | $      | 54,672,337  |   |
| Gross unrealized depreciation        |   |   | (15,575,982 | ) |
| Net unrealized appreciation          |   | $      | 39,096,355  |   |
| Federal income tax cost, Investments |   | $      | 142,779,475 |   |
|                                                        |   |   |        |
|-------------------------------------------------------------|--------|---|-------------|
| PURCHASES AND SALES                                         |   |   |        |
| Purchases of investment securities                          |   | $ | 181,556,214 |   |
| Proceeds from sales and maturities of investment securities |   | $ | 181,754,896 |   |

----

|                                        |   |                     |       |   |            |   |      |            |   |   |            |   |   |               |       |   |          |   |    |          |   |   |             |   |
|---------------------------------------------|--------|---------------------|------------|--------|------------|--------|-----------|------------|--------|--------|------------|--------|--------|---------------|------------|--------|----------|--------|---------|----------|--------|--------|-------------|--------|
|                                        |   | SHARES/PAR ACTIVITY |       |   |            |   |      |            |   |   |            |   |
|                                        |   |                     |       |   |            |   |      | SALES/     |   |   |            |   |   |               |       |   |          |   |    |          |   |   |             |   |
| AFFILIATE/                                  |   | BALANCE AT          |       |   | PURCHASES/ |   |      | MATURITY/  |   |   | BALANCE AT |   |   | REALIZED GAIN |       |   |          |   |    | VALUE    |   |   | ACQUISITION |   |
| CONTROLLED INVESTMENT*                      |   | 12/31/13            |       |   | MERGER     |   |      | EXPIRATION |   |   | 12/31/14   |   |   | (LOSS)        |       |   | INTEREST |   |    | 12/31/14 |   |   | COST        |   |
| IntraOp Medical Corp. Series A-1 Preferred* |   |                | 6,800,000  |   |       |   | —   |       |   |   | —    |   |   |          | 6,800,000  |   |     | $      | — |     |   | $      | —     |   |   | $ | 5,355,000 |   |   | $ | 6,800,000 |   |
| IntraOp Medical Corp. Series A-2 Preferred* |   |                | 13,500,000 |   |       |   | —   |       |   |   | —    |   |   |          | 13,500,000 |   |     |   | — |     |   |   | —     |   |   |   | 10,631,250 |   |   |   | 13,499,940 |   |
| IntraOp Medical Corp. Term Note*            |   |                | —    |   |       |   | 1,000,000 |       |   |   | —    |   |   |          | 1,000,000  |   |     |   | — |     |   |   | 72,739      |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| IntraOp Medical Corp. Term Note*            |   |                | —    |   |       |   | 3,000,000 |       |   |   | —    |   |   |          | 3,000,000  |   |     |   | — |     |   |   | 201,863     |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| Pivotal Systems, Series A Preferred*        |   |                | 7,148,814  |   |       |   | 4,765,403 |       |   |   | —    |   |   |          | 11,914,217 |   |     |   | — |     |   |   | —     |   |   |   | 9,614,773 |   |   |   | 6,000,048 |   |
| Pivotal Systems, Series B Preferred*        |   |                | —    |   |       |   | 7,942,811 |       |   |   | —    |   |   |          | 7,942,811  |   |     |   | — |     |   |   | —     |   |   |   | 6,409,848 |   |   |   | 4,000,000 |   |
| Pivotal Systems, Series C Preferred*        |   |                | —    |   |       |   | 2,291,260 |       |   |   | —    |   |   |          | 2,291,260  |   |     |   | — |     |   |   | —     |   |   |   | 2,657,862 |   |   |   | 2,657,862 |   |
| Pivotal Systems, Series A Warrants*         |   |                | 1,588,468  |   |       |   | —   |       |   |   | (1,588,468 | )      |   |          | —    |   |     |   | — |     |   |   | —     |   |   |   | — |   |   |   | — |   |
| Pivotal Systems, Series A Warrants*         |   |                | 3,176,935  |   |       |   | —   |       |   |   | (3,176,935 | )      |   |          | —    |   |     |   | — |     |   |   | —     |   |   |   | — |   |   |   | — |   |
| Pivotal Systems, Convertible Note*          |   |                | 2,000,000  |   |       |   | —   |       |   |   | —    |   |   |          | 2,000,000  |   |     |   | — |     |   |   | 200,607     |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| QMAT, Preferred Stock Series A*             |   |                | 8,571,600  |   |       |   | 3,428,640 |       |   |   | —    |   |   |          | 12,000,240 |   |     |   | — |     |   |   | —     |   |   |   | 11,432,476 |   |   |   | 12,000,240 |   |
| QMAT, Series A Warrant*                     |   |                | 2,000,000  |   |       |   | —   |       |   |   | —    |   |   |          | 2,000,000  |   |     |   | — |     |   |   | —     |   |   |   | 567,764 |   |   |   | — |   |
| Silicon Genesis Corp., Common*              |   |                | 921,892    |   |       |   | —   |       |   |   | —    |   |   |          | 921,892    |   |     |   | — |     |   |   | —     |   |   |   | — |   |   |   | 169,045 |   |
| Silicon Genesis Corp., Convertible Note*    |   |                | 1,250,000  |   |       |   | —   |       |   |   | —    |   |   |          | 1,250,000  |   |     |   | — |     |   |   | 514,587     |   |   |   | 1,250,000 |   |   |   | 1,610,753 |   |
| Silicon Genesis Corp., Convertible Note*    |   |                | 500,000    |   |       |   | —   |       |   |   | (500,000   | )      |   |          | —    |   |     |   | — |     |   |   | 167,679     |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Convertible Note*    |   |                | 1,000,000  |   |       |   | —   |       |   |   | —    |   |   |          | 1,000,000  |   |     |   | — |     |   |   | 325,943     |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| Silicon Genesis Corp., Term Note*           |   |                | 3,000,000  |   |       |   | —   |       |   |   | —    |   |   |          | 3,000,000  |   |     |   | — |     |   |   | 346,814     |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| Silicon Genesis Corp., Common Warrant*      |   |                | 37,982     |   |       |   | —   |       |   |   | —    |   |   |          | 37,982     |   |     |   | — |     |   |   | —     |   |   |   | — |   |   |   | 6,678 |   |

----

|                                         |   |                     |      |   |            |   |       |            |   |   |            |   |   |               |       |   |          |   |       |          |   |   |             |   |
|----------------------------------------------|--------|---------------------|-----------|--------|------------|--------|------------|------------|--------|--------|------------|--------|--------|---------------|------------|--------|----------|--------|------------|----------|--------|--------|-------------|--------|
|                                         |   | SHARES/PAR ACTIVITY |      |   |            |   |       |            |   |   |            |   |
|                                         |   |                     |      |   |            |   |       | SALES/     |   |   |            |   |   |               |       |   |          |   |       |          |   |   |             |   |
| AFFILIATE/                                   |   | BALANCE AT          |      |   | PURCHASES/ |   |       | MATURITY/  |   |   | BALANCE AT |   |   | REALIZED GAIN |       |   |          |   |       | VALUE    |   |   | ACQUISITION |   |
| CONTROLLED INVESTMENT*                       |   | 12/31/13            |      |   | MERGER     |   |       | EXPIRATION |   |   | 12/31/14   |   |   | (LOSS)        |       |   | INTEREST |   |       | 12/31/14 |   |   |  COST  |   |
| Silicon Genesis Corp., Common Warrant*       |   |                | 5,000,000 |   |       |   | —    |       |   |   | —    |   |   |          | 5,000,000  |   |     | $      | —    |     |   | $      | —     |   |   | $ | — |   |   | $ | — |   |
| Silicon Genesis Corp., Common Warrant*       |   |                | 3,000,000 |   |       |   | —    |       |   |   | —    |   |   |          | 3,000,000  |   |     |   | —    |     |   |   | —     |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Series 1-C Preferred* |   |                | 82,914    |   |       |   | —    |       |   |   | —    |   |   |          | 82,914     |   |     |   | —    |     |   |   | —     |   |   |   | — |   |   |   | 109,518 |   |
| Silicon Genesis Corp., Series 1-D*           |   |                | 850,830   |   |       |   | —    |       |   |   | —    |   |   |          | 850,830    |   |     |   | —    |     |   |   | —     |   |   |   | — |   |   |   | 431,901 |   |
| Silicon Genesis Corp., Series 1-E Preferred* |   |                | 5,704,480 |   |       |   | —    |       |   |   | —    |   |   |          | 5,704,480  |   |     |   | —    |     |   |   | —     |   |   |   | — |   |   |   | 2,946,535 |   |
| Silicon Genesis Corp., Series 1-F Preferred* |   |                | 912,453   |   |       |   | —    |       |   |   | —    |   |   |          | 912,453    |   |     |   | —    |     |   |   | —     |   |   |   | — |   |   |   | 583,060 |   |
| Telepathy, Inc. Series A Preferred           |   |                | 5,000,000 |   |       |   | —    |       |   |   | (5,000,000 | )      |   |          | —    |   |     |   | (5,000,000 | )        |   |   | —     |   |   |   | — |   |   |   | — |   |
| Telepathy, Inc. Series A Preferred           |   |                | —   |   |       |   | 15,238,000 |       |   |   | —    |   |   |          | 15,238,000 |   |     |   | —    |     |   |   | —     |   |   |   | 4,000,000 |   |   |   | 3,999,999 |   |
| Wrightspeed, Inc. Series C Preferred         |   |                | 2,267,659 |   |       |   | —    |       |   |   | —    |   |   |          | 2,267,659  |   |     |   | —    |     |   |   | —     |   |   |   | 7,146,981 |   |   |   | 5,999,999 |   |
| Wrightspeed, Inc. Series D Preferred         |   |                | —   |   |       |   | 1,100,978  |       |   |   | —    |   |   |          | 1,100,978  |   |     |   | —    |     |   |   | —     |   |   |   | 3,769,859 |   |   |   | 3,375,887 |   |
| Wrightspeed, Inc. Convertible Note           |   |                | —   |   |       |   | 500,000    |       |   |   | (500,000   | )      |   |          | —    |   |     |   | —    |     |   |   | 13,424      |   |   |   | — |   |   |   | — |   |
| Wrightspeed, Inc. Convertible Note           |   |                | —   |   |       |   | 1,000,000  |       |   |   | (1,000,000 | )      |   |          | —    |   |     |   | —    |     |   |   | 62,465      |   |   |   | — |   |   |   | — |   |
| Total Affiliates and Controlled Investments  |   |                |      |   |       |   |       |       |   |   |       |   |   |          |       |   |     |   |       |     |   |   |        |   |   | $ | 72,835,813 |   |   | $ | 74,191,465 |   |
| Total Affiliates                             |   |                |      |   |       |   |       |       |   |   |       |   |   |          |       |   |     |   |       |     |   |   |        |   |   | $ | 14,916,840 |   |   | $ | 13,375,885 |   |
| Total Controlled Investments                 |   |                |      |   |       |   |       |       |   |   |       |   |   |          |       |   |     |   |       |     |   |   |        |   |   | $ | 57,918,973 |   |   | $ | 60,815,580 |   |

| * | Controlled investment. |
|---|------------------------|

----

|                    |   |        |       |
|-------------------------|--------|--------|------------|
| QMAT Financial Summary* |   |        |       |
| Total Assets            |   | $      | 4,631,657  |   |
| Total Liabilities       |   |   | 2,214,060  |   |
| Net Shareholder Equity  |   | $      | 2,417,597  |   |
|                    |   |   |       |   |
| Total Revenues          |   | $      | —    |   |
| Total Expenses          |   |   | (2,993,191 | ) |
| Net Income              |   | $      | (2,993,191 | ) |

| * | The Company owns approximately 85% of the voting shares outstanding. |
|---|----------------------------------------------------------------------|

| IntraOp Medical Financial Summary |   |        |        |
|-----------------------------------|--------|--------|-------------|
|                              |   |        |        |
| Total Assets                      |   | $      | 24,400,263  |   |
| Total Liabilities                 |   |   | 5,185,846   |   |
| Net Shareholder Equity            |   | $      | 19,214,417  |   |
|                              |   |   |        |   |
| Total Revenues                    |   | $      | 7,247,091   |   |
| Total Expenses                    |   |   | (10,000,590 | ) |
| Net Income                        |   | $      | (2,753,499  | ) |
|                              |   |   |        |   |
| Pivotal Systems Financial Summary |   |   |        |   |
|                              |   |   |        |   |
| Total Assets                      |   | $      | 9,173,900   |   |
| Total Liabilities                 |   |   | 5,044,000   |   |
| Net Shareholder Equity            |   | $      | 4,129,900   |   |
|                              |   |   |        |   |
| Total Revenues                    |   | $      | 3,658,776   |   |
| Total Expenses                    |   |   | (9,786,473  | ) |
| Net Income                        |   | $      | (6,127,697  | ) |

----

|                                        |   |                     |      |   |            |   |       |            |   |   |            |   |   |             |       |   |          |   |    |          |   |   |                  |   |
|---------------------------------------------|--------|---------------------|-----------|--------|------------|--------|------------|------------|--------|--------|------------|--------|--------|-------------|------------|--------|----------|--------|---------|----------|--------|--------|------------------|--------|
|                                        |   | SHARES/PAR ACTIVITY |      |   |            |   |       |            |   |   |            |   |
|                                        |   |                     |      |   |            |   |       | SALES/     |   |   |            |   |   |             |       |   |          |   |    |          |   |   |                  |   |
| AFFILIATE/                                  |   | BALANCE AT          |      |   | PURCHASES/ |   |       | MATURITY/  |   |   | BALANCE AT |   |   | REALIZED    |       |   |     |   |    | VALUE    |   |   |                  |   |
| CONTROLLED INVESTMENT*                      |   | 12/31/12            |      |   | MERGER     |   |       | EXPIRATION |   |   | 12/31/13   |   |   | GAIN (LOSS) |       |   | INTEREST |   |    | 12/31/13 |   |   | ACQUISITION COST |   |
| IntraOp Medical Corp. Series A-2 Preferred* |   |                | —   |   |       |   | 13,500,000 |       |   |   | —    |   |   |        | 13,500,000 |   |     | $      | — |     |   | $      | —          |   |   | $ | 13,500,000 |   |   | $ | 13,499,940 |   |
| IntraOp Medical Corp. Series A-1 Preferred* |   |                | —   |   |       |   | 6,800,000  |       |   |   | —    |   |   |        | 6,800,000  |   |     |   | — |     |   |   | —          |   |   |   | 6,800,000 |   |   |   | 6,800,000 |   |
| Pivotal Systems, Series A*                  |   |                | 4,765,876 |   |       |   | 2,382,938  |       |   |   | —    |   |   |        | 7,148,814  |   |     |   | — |     |   |   | —          |   |   |   | 3,600,143 |   |   |   | 6,000,000 |   |
| Pivotal Systems, Series A Warrants*         |   |                | —   |   |       |   | 1,588,468  |       |   |   | —    |   |   |        | 1,588,468  |   |     |   | — |     |   |   | —          |   |   |   | 799,952 |   |   |   | — |   |
| Pivotal Systems, Series A Warrants*         |   |                | 3,176,935 |   |       |   | —    |       |   |   | —    |   |   |        | 3,176,935  |   |     |   | — |     |   |   | —          |   |   |   | 1,599,904 |   |   |   | — |   |
| Pivotal Systems, Convertible Note*          |   |                | —   |   |       |   | 2,000,000  |       |   |   | —    |   |   |        | 2,000,000  |   |     |   | — |     |   |   | 7,123            |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| QMAT, Preferred Stock Series A*             |   |                | 6,000,000 |   |       |   | 2,571,600  |       |   |   | —    |   |   |        | 8,571,600  |   |     |   | — |     |   |   | —          |   |   |   | 8,023,459 |   |   |   | 8,571,600 |   |
| QMAT, Series A Warrant*                     |   |                | 2,000,000 |   |       |   | —    |       |   |   | —    |   |   |        | 2,000,000  |   |     |   | — |     |   |   | —          |   |   |   | 548,141 |   |   |   | — |   |
| Silicon Genesis Corp., Common*              |   |                | 911,892   |   |       |   | 10,000     |       |   |   | —    |   |   |        | 921,892    |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | 169,045 |   |
| Silicon Genesis Corp., Convertible Note*    |   |                | 1,250,000 |   |       |   | —    |       |   |   | —    |   |   |        | 1,250,000  |   |     |   | — |     |   |   | 420,129          |   |   |   | 1,250,000 |   |   |   | 1,610,753 |   |
| Silicon Genesis Corp., Convertible Note*    |   |                | 500,000   |   |       |   | —    |       |   |   | —    |   |   |        | 500,000    |   |     |   | — |     |   |   | 140,042          |   |   |   | 500,000 |   |   |   | 500,000 |   |
| Silicon Genesis Corp., Convertible Note*    |   |                | 1,000,000 |   |       |   | —    |       |   |   | —    |   |   |        | 1,000,000  |   |     |   | — |     |   |   | 257,790          |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| Silicon Genesis Corp., Term Note*           |   |                | 3,000,000 |   |       |   | —    |       |   |   | —    |   |   |        | 3,000,000  |   |     |   | — |     |   |   | 310,822          |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| Silicon Genesis Corp., Common Warrant*      |   |                | 37,982    |   |       |   | —    |       |   |   | —    |   |   |        | 37,982     |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | 6,678 |   |
| Silicon Genesis Corp., Common Warrant*      |   |                | 5,000,000 |   |       |   | —    |       |   |   | —    |   |   |        | 5,000,000  |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Common Warrant*      |   |                | 3,000,000 |   |       |   | —    |       |   |   | —    |   |   |        | 3,000,000  |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Series 1-C*          |   |                | 82,914    |   |       |   | —    |       |   |   | —    |   |   |        | 82,914     |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | 109,518 |   |
| Silicon Genesis Corp., Series 1-D*          |   |                | 850,830   |   |       |   | —    |       |   |   | —    |   |   |        | 850,830    |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | 431,901 |   |
| Silicon Genesis Corp., Series 1-E*          |   |                | 5,704,480 |   |       |   | —    |       |   |   | —    |   |   |        | 5,704,480  |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | 2,946,535 |   |
| Silicon Genesis Corp., Series 1-E Warrant*  |   |                | 94,339    |   |       |   | —    |       |   |   | (94,339    | )      |   |        | —    |   |     |   | (13,012 | )        |   |   | —          |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Series 1-E Warrant*  |   |                | 1,257,859 |   |       |   | —    |       |   |   | —    |   |   |        | 1,257,859  |   |     |   | — |     |   |   | —          |   |   |   | — |   |   |   | 173,500 |   |

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|                                        |        |                |         |   |            |   |           |       |        |   |            |   |        |        |           |   |
|---------------------------------------------|--------|---------------------|---------|--------|------------|--------|-----------|------------|--------|--------|------------|--------|--------|-------------|-----------|--------|
|                                        |        | SHARES/PAR ACTIVITY |         |        |            |        |           |            |        |
|                                        |        |                     |         |        |            |        |           | SALES/     |        |        |            |        |        |             |           |        |  |  |  |  |  |  |
| AFFILIATE/                                  |   | BALANCE AT          |    |   | PURCHASES/ |   |      | MATURITY/  |   |   | BALANCE AT |   |   | REALIZED    |      |        |   |   | VALUE |   |  |   |
| CONTROLLED INVESTMENT*                      |   | 12/31/12            |    |   | MERGER     |   |      | EXPIRATION |   |   | 12/31/13   |   |   | GAIN (LOSS) |      |   | INTEREST |   |   | 12/31/13 |   |   | ACQUISITION COST |   |
| Silicon Genesis Corp., Series 1-F*          |   |                | 912,453 |   |       |   | —   |       |   |   | —    |   |   |        | 912,453   |   |   | $ | — |   |   | $ | — |   |   | $ | — |   |   | $ | 583,060 |   |
| Telepathy, Inc. Series A Preferred          |   |                | — |   |       |   | 5,000,000 |       |   |   | —    |   |   |        | 5,000,000 |   |   |   | — |   |   |   | 3,084 | ** |   |   | 3,467,500 |   |   |   | 5,000,000 |   |
| Wrightspeed, Inc. Series C Preferred        |   |                | — |   |       |   | 2,267,659 |       |   |   | —    |   |   |        | 2,267,659 |   |   |   | — |   |   |   | — |   |   |   | 5,999,999 |   |   |   | 5,999,999 |   |
| Total Affiliates and Controlled Investments |   |                |    |   |       |   |      |       |   |   |       |   |   |        |      |   |   |   |   |   |   |   |   |   |   | $ | 52,089,098 |   |   | $ | 58,402,529 |   |
| Total Affiliates                            |   |                |    |   |       |   |      |       |   |   |       |   |   |        |      |   |   |   |   |   |   |   |   |   |   | $ | 9,467,499 |   |   | $ | 10,999,999 |   |
| Total Controlled Investments                |   |                |    |   |       |   |      |       |   |   |       |   |   |        |      |   |   |   |   |   |   |   |   |   |   | $ | 42,621,599 |   |   | $ | 47,402,530 |   |

| * | Controlled investment. |
|---|------------------------|

| ** | Interest received from convertible note. |
|----|------------------------------------------|

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----

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|  | AUDITED FINANCIAL STATEMENTS                                |   |   |
|--|-------------------------------------------------------------|--------|--------|
|  | Report of Independent Registered Public Accounting Firm     |   | 38     |
|  | Statement of Assets and Liabilities as of December 31, 2014 |   | 40     |
|  | Schedule of Investments as of December 31, 2014             |   | 41     |
|  | Statement of Operations as of December 31, 2014             |   | 47     |
|  | Statement of Cash Flows as of December 31, 2014             |   | 48     |
|  | Statement of Changes in Net Assets as of December 31, 2014  |   | 49     |
|  | Financial Highlights                                        |   | 50     |
|  | Notes to Financial Statements                               |   | 51     |
|   | Number |   | Description                                                                                                                                                                                                                                                                                                     |
|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 3.1.   |   | Registrant’s Articles of Amendment and Restatement are incorporated by reference to Exhibit (a)(2) of Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.        |
|   | 3.2    |   | Certificate of Correction to Registrant’s Articles of Amendment and Restatement is incorporated by reference to Exhibit (a)(2) of Registration statement for closed-end investment companies on Form N-2 (File No. 333-179606) as filed with the Securities and Exchange Commission on February 21, 2012. |
|   | 3.3    |   | Registrant’s Amended and Restated Bylaws are incorporated by reference to Exhibit (b)(2) of Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                  |
|   | 10.1   |   | Registrant’s Dividend Reinvestment Plan is incorporated by reference to Exhibit (e) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                             |

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|   | 10.2 |   | Form of Investment Management Agreement between Registrant and SiVest Group, Inc. (now known as Firsthand Capital Management, Inc.) is incorporated by reference to Exhibit (g) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010. |
|--------|------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | 10.3 |   | Form of Custodian Services Agreement between Registrant and PFPC Trust Company is incorporated by reference to Exhibit (j) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                                                      |
|   | 10.4 |   | Form of Administration and Accounting Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. is incorporated by reference to Exhibit (k)(1) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                |
|   | 10.5 |   | Notice of Assignment dated February 9, 2011 by PFPC Trust Company assigning Custodian Services Agreement is incorporated by reference to the Registrant’s Registration Statement on Form N-2 (File No. 333-179606) as filed with the Securities and Exchange Commission on February 21, 2012.                                                                       |
|   | 10.6 |   | Form of Transfer Agency Services Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. is incorporated by reference to Exhibit (k)(2) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                     |
|   | 14.1 |   | Registrant’s Code of Ethics for Principal Executives and Senior Financial Officers is incorporated by reference to Exhibit 14.1 to the Registrant’s Form 10-K as filed with the Securities and Exchange Commission on March 21, 2012.                                                                                                                         |
|   | 14.2 |   | Registrant’s Code of Ethics last amended January 21, 2014 is incorporated by reference to Exhibit 14.2 to the Registrant’s Form 10-K as filed with the Securities and Exchange Commission on March 14, 2014.                                                                                                                                                  |
|   | 24.1 |   | Power of Attorney— filed herewith.                                                                                                                                                                                                                                                                                                                                  |
|   | 31.1 |   | Certification by Chief Executive Officer and Chief Financial Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002— filed herewith.                                                                                                                                                                 |
|   | 32.1 |   | Certification by Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 —filed herewith.                                                                                                                                                                      |
|                 | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |
|----------------------|---------------------------------------|
|                 |                                  |   |
| Date: March 16, 2015 | By:                                   | /s/ Kevin Landis |
|                 |                                  | Kevin Landis |
|                 |                                  | President |

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|                 | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |
|----------------------|---------------------------------------|
|                 |                                  |
| Date: March 16, 2015 | By:                                   | /s/ Kevin Landis |
|                 |                                  | Kevin Landis |
|                 |                                  | President |
| Signatures            |   | Title                                           |   | Date           |
|-----------------------|--------|-------------------------------------------------|--------|----------------|
|                  |   |                                            |   |           |
| /s/ Kevin Landis      |   | Chairman of the Board, Chief Executive Officer, |   | March 16, 2015 |
| Kevin Landis          |   | and Chief Financial Officer                     |   |           |
|                  |   |                                            |   |           |
| *                     |   | Director                                        |   | March 16, 2015 |
| Greg Burglin          |   |                                            |   |           |
|                  |   |                                            |   |           |
| *                     |   | Director                                        |   | March 16, 2015 |
| Mark FitzGerald  |   |                                            |   |           |
| *                     |   | Director                                        |   | March 16, 2015 |
| Kimun Lee             |   |                                            |   |           |
| *                 |   | Director |   | March 16, 2015 |
|-------------------|--------|----------|--------|----------------|
| Nicholas Petredis |   |     |   |           |
| *          |   | Director |   | March 16, 2015 |
|------------|--------|----------|--------|----------------|
| Rodney Yee |   |     |   |           |
|       |   |     |   |           |

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| ExhibitNumber |   | Descriptions                                                                                                                                                                                                                                                                                                                                                              |
|---------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 3.1           |   | Registrant’s Articles of Amendment and Restatement are incorporated by reference to Exhibit (a)(2) of Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                                                                  |
|               |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.2           |   | Certificate of Correction to Registrant’s Articles of Amendment and Restatement is incorporated by reference to Exhibit (a)(2) of the Registrant’s Registration Statement on Form N-2 (File No. 333-179606) as filed with the Securities and Exchange Commission on February 21, 2012.                                                                        |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 3.3           |   | Registrant’s Amended and Restated Bylaws are incorporated by reference to Exhibit (b)(2) of Pre-Effective Amendment No. 1 to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                                                                            |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.1          |   | Registrant’s Dividend Reinvestment Plan is incorporated by reference to Exhibit (e) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                                                                                       |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.2          |   | Form of Investment Management Agreement between Registrant and SiVest Group, Inc. (now known as Firsthand Capital Management, Inc.) is incorporated by reference to Exhibit (g) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010. |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.3          |   | Form of Custodian Services Agreement between Registrant and PFPC Trust Company is incorporated by reference to Exhibit (j) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                                                      |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.4          |   | Form of Administration and Accounting Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. is incorporated by reference to Exhibit (k)(1) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.5          |   | Notice of Assignment dated February 9, 2011 by PFPC Trust Company assigning Custodian Services Agreement is incorporated by reference to Exhibit (j)(2) of the Registrant’s Registration Statement on Form N-2 (File No. 333-179606) as filed with the Securities and Exchange Commission on February 21, 2012.                                                     |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 10.6          |   | Form of Transfer Agency Services Agreement between Registrant and BNY Mellon Investment Servicing (US), Inc. is incorporated by reference to Exhibit (k)(2) of Pre-Effective Amendment to the Registrant’s Registration Statement on Form N-2 (File No. 333-168195) as filed with the Securities and Exchange Commission on September 24, 2010.                     |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 14.1          |   | Registrant’s Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 14 to the Registrant’s Form 10-K as filed with the Securities and Exchange Commission on March 21, 2012.                                                                                                                            |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 14.2          |   | Registrant’s Code of Ethics last amended January 21, 2014 is incorporated by reference to Exhibit 14.2 to the Registrant’s Form 10-K as filed with the Securities and Exchange Commission on March 14, 2014.                                                                                                                                                  |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 24.1          |   | Power of Attorney – filed herewith.                                                                                                                                                                                                                                                                                                                                 |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 31.1          |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                    |
|          |        |                                                                                                                                                                                                                                                                                                                                                                           |
| 32.1          |   | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.                                                                                                                                                                |

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| /s/ Kevin Landis                      |  |
|---------------------------------------|--|
| Kevin Landis                          |
| CEO and President                     |
| Firsthand Technology Value Fund, Inc. |

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