----

----

| [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 |
|-----------|-----------------------------------------------------------------------------------------------|

----

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

----

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

----

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

----

----

----

----

| 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                    | 75     |
| Item 9A.  | Controls and Procedures                                                                                 | 75     |
| Item 9B.  | Other Information                                                                                       | 75     |
| PART III. |                                                                                                    |   |
| Item 10.  | Directors, Executive Officers, and Corporate Governance                                                 | 76     |
| Item 11.  | Executive Compensation                                                                                  | 76     |
| Item 12.  | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters          | 76     |
| Item 13.  | Certain Relationships and Related Transactions and Director Independence                                | 76     |
| Item 14.  | Principal Accountant Fees and Services                                                                  | 76     |
| PART IV.  |                                                                                                    |   |
| Item 15.  | Exhibits and Financial Statements Schedules                                                             | 77     |

----

|  | • | 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       |   | $           | 1,339,366  |   |
| Cloudera, Inc.                               | Software                   |   |        | 245,466    |   |
| EQX Capital, Inc.                            | Equipment Leasing          |   |        | 4,020,030  |   |
| Hera Systems, Inc.                           | Aerospace                  |   |        | 516,664    |   |
| Hightail, Inc.                               | Cloud Computing            |   |        | 8,550,361  |   |
| Intevac, Inc.2                               | Other Electronics          |   |        | 1,401,200  |   |
| IntraOp Medical Corp.                        | Medical Devices            |   |        | 28,511,642 |   |
| iShares Short-Term Treasury Bond ETF 2       | Exchange-Traded Fund  |   |        | 2,371,450  |   |
| Nutanix, Inc. 2                              | Networking                 |   |        | 10,990,390 |   |
| Phunware, Inc.                               | Mobile Computing           |   |        | 7,365,796  |   |
| Pivotal Systems Corp.                        | Semiconductor Equipment    |   |        | 24,717,919 |   |
| Pure Storage, Inc. 2                         | Computer Storage           |   |        | 158,340    |   |
| QMAT, Inc.                                   | Advanced Materials         |   |        | 13,101,361 |   |
| QuickLogic Corp. 2                           | Semiconductors             |   |        | 375,300    |   |
| Revasum                                      | Semiconductor Equipment    |   |        | 2,200,924  |   |
| Roku, Inc.                                   | Consumer Electronics       |   |        | 1,683,750  |   |
| Rorus, Inc.                                  | Water Purification         |   |        | 50,000     |   |
| Silicon Genesis Corp.                        | Intellectual Property      |   |        | 6,168,986  |   |
| Sunrun, Inc. 2                               | Renewable Energy           |   |        | 3,583,294  |   |
| SPDR Bloomberg Barclays 1-3 Month T-Bill ETF | Exchange-Traded Fund  |   |        | 2,376,400  |   |
| Telepathy Investors, Inc.                    | Consumer Electronics       |   |        | 4,010,361  |   |
| Turn Inc.                                    | Advertising Technology     |   |        | 10,317,278 |   |
| UCT Coatings, Inc.                           | Advanced Materials         |   |        | 394,201    |   |
| Vufine, Inc.                                 | Consumer Electronics       |   |        | 2,670,325  |   |
| Wrightspeed, Inc.                            | Automotive                 |   |        | 10,410,045 |   |

| 1 | Fair value for our private company holdings was determined in good faith by our board of directors on December 31, 2016. For public companies, the figure represents the market value of our securities on December 31, 2016, 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. |
|--|---------|-------------------------------------------------------------------------------------------------|

----

----

----

----

|  | • | 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 |
|--|---------|------------------------|

|  | • | Automotive |
|--|---------|------------|

|  | • | 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 | ( | Cumulativerealized gains | - | Cumulativerealized losses | - | Unrealizeddepreciation | ) |  - | 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                    |

----

----

----

----

----

----

|  | • | 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. |
|--|---------|-------------------------------------------------------------------------------------------------------------------|

----

----

| 2016 Quarter Ending | Low   | High  |
|---------------------|-------|-------|
| March 31            | $6.47 | $8.64 |
| June 30             | $7.24 | $7.65 |
| September 30        | $6.88 | $7.85 |
| December 31         | $7.67 | $8.38 |

----

----

|                                                                         |   | AS OF DECEMBER 31, 2016 |        |   | AS OF DECEMBER 31, 2015 |   |
|------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|-------------------------|--------|
| ASSETS                                                                       |   |                    |        |   |                    |   |
| Investment securities:                                                       |   |                    |        |   |                    |   |
| Unaffiliated investments at acquisition cost                                 |   | $                       | 66,336,448  |   |                    | $      | 93,589,422 |   |
| Affiliated investments at acquisition cost                                   |   |                    | 11,898,906  |   |                    |   | 11,034,882 |   |
| Controlled investments at acquisition cost                                   |   |                    | 96,551,795  |   |                    |   | 78,652,059 |   |
| Total acquisition cost                                                       |   | $                       | 174,787,149 |   |                    | $      | 183,276,363 |   |
| Unaffiliated investments at market value                                     |   | $                       | 51,202,592  |   |                    | $      | 80,268,986 |   |
| Affiliated investments at market value                                       |   |                    | 10,410,045  |   |                    |   | 12,928,943 |   |
| Controlled investments at market value                                       |   |                    | 85,918,212  |   |                    |   | 77,480,846 |   |
| Total market value * (Note 6)                                                |   |                    | 147,530,849 |   |                    |   | 170,678,775 |   |
| Cash**                                                                       |   |                    | 1,934,247   |   |                    |   | 767,286 |   |
| Escrow cash                                                                  |   |                    | —     |   |                    |   | 1,000,000 |   |
| Receivable from dividends and interest                                       |   |                    | 820,824     |   |                    |   | 3,436,726 |   |
| Other assets                                                                 |   |                    | 28,513      |   |                    |   | 786,468 |   |
| Total Assets                                                                 |   |                    | 150,314,433 |   |                    |   | 176,669,255 |   |
|                                                                         |   |                    |        |   |                    |   |   |   |
| LIABILITIES                                                                  |   |                    |        |   |                    |   |   |   |
| Payable for securities purchased                                             |   |                    | 395,532     |   |                    |   | — |   |
| Payable to affiliates (Note 4)                                               |   |                    | 796,533     |   |                    |   | 895,372 |   |
| Consulting fee payable                                                       |   |                    | 27,250      |   |                    |   | 29,000 |   |
| Accrued expenses and other payables                                          |   |                    | 182,727     |   |                    |   | 165,504 |   |
| Total Liabilities                                                            |   |                    | 1,402,042   |   |                    |   | 1,089,876 |   |
| NET ASSETS                                                                   |   | $                       | 148,912,391 |   |                    | $      | 175,579,379 |   |
|                                                                         |   |                    |        |   |                    |   |   |   |
| Net Assets consist of:                                                       |   |                    |        |   |                    |   |   |   |
| Common Stock, par value $0.001 per share 100,000,000 shares authorized       |   | $                       | 7,431       |   |                    | $      | 7,703 |   |
| Paid-in-capital                                                              |   |                    | 184,698,313 |   |                    |   | 190,538,978 |   |
| Accumulated net realized loss from security transactions and written options |   |                    | (8,537,053  | )      |                    |   | (2,369,714 | ) |
| Net unrealized depreciation on investments and warrants transactions         |   |                    | (27,256,300 | )      |                    |   | (12,597,588 | ) |
| NET ASSETS                                                                   |   | $                       | 148,912,391 |   |                    | $      | 175,579,379 |   |
|                                                                         |   |                    |        |   |                    |   |   |   |
| Shares of Common Stock outstanding                                           |   |                    | 7,430,697   |   |                    |   | 7,702,705 |   |
| Net asset value per share (Note 2)                                           |   | $                       | 20.04       |   |                    | $      | 22.79 |   |

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

| ** | Cash composed primarily of the Fidelity Investments Money Market Treasury Portfolio, Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/16 and 12/31/15 were 0.35% and 0.01%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                               |   | FOR THE YEAR ENDEDDECEMBER 31, 2016 |        |   | FOR THE YEAR ENDED DECEMBER 31, 2015 |   |
|--------------------------------------------------------------------|--------|-------------------------------------|-------------|--------|--------------------------------------|--------|
| INVESTMENT INCOME                                                  |   |                                |        |   |                                 |   |
| Unaffiliated dividend income                                       |   | $                                   | 28,213      |   |                                 | $      | 148,000 |   |
| Unaffiliated interest                                              |   |                                | 19,133      |   |                                 |   | 21,381 |   |
| Affiliated/controlled interest                                     |   |                                | 830,677     |   |                                 |   | 1,895,384 |   |
| Royalty income                                                     |   |                                | —     |   |                                 |   | 35,977 |   |
| TOTAL INVESTMENT INCOME                                            |   |                                | 878,023     |   |                                 |   | 2,100,742 |   |
|                                                               |   |                                |        |   |                                 |   |   |   |
| EXPENSES                                                           |   |                                |        |   |                                 |   |   |   |
| Investment advisory fees (Note 4)                                  |   |                                | 3,281,617   |   |                                 |   | 3,826,904 |   |
| Administration fees                                                |   |                                | 165,024     |   |                                 |   | 150,861 |   |
| Custody fees                                                       |   |                                | 11,334      |   |                                 |   | 15,363 |   |
| Transfer agent fees                                                |   |                                | 27,283      |   |                                 |   | 35,225 |   |
| Registration and filing fees                                       |   |                                | 23,100      |   |                                 |   | 23,000 |   |
| Professional fees                                                  |   |                                | 779,689     |   |                                 |   | 668,836 |   |
| Printing fees                                                      |   |                                | 40,835      |   |                                 |   | 121,631 |   |
| Trustees fees                                                      |   |                                | 100,000     |   |                                 |   | 100,000 |   |
| Compliance fees                                                    |   |                                | 188,569     |   |                                 |   | — |   |
| Miscellaneous fees                                                 |   |                                | 96,075      |   |                                 |   | 85,675 |   |
| TOTAL GROSS EXPENSES                                               |   |                                | 4,713,526   |   |                                 |   | 5,027,495 |   |
| Incentive fee adjustments (Note 4)                                 |   |                                | —     |   |                                 |   | (2,478,204 | ) |
| TOTAL NET EXPENSES                                                 |   |                                | 4,713,526   |   |                                 |   | 2,549,291 |   |
| NET INVESTMENT LOSS                                                |   |                                | (3,835,503  | )      |                                 |   | (448,549 | ) |
|                                                               |   |                                |        |   |                                 |   |   |   |
| Net Realized and Unrealized Gains (Losses) on Investments:         |   |                                |        |   |                                 |   |   |   |
| Net realized gains (losses) from security transactions             |   |                                |        |   |                                 |   |   |   |
| Affiliated/controlled                                              |   |                                | (3,035,229  | )      |                                 |   | — |   |
| Non-affiliated and other assets                                    |   |                                | (3,132,110  | )      |                                 |   | (2,822,722 | ) |
| Net realized gains from written option transactions (1)            |   |                                | —     |   |                                 |   | 624,994 |   |
| Net change in unrealized depreciation on investments               |   |                                | (19,436,154 | )      |                                 |   | (11,607,974 | ) |
| Net change in unrealized appreciation on warrants transactions (1) |   |                                | 4,777,442   |   |                                 |   | 103,551 |   |
| Net Realized and Unrealized Losses on Investments                  |   |                                | (20,826,051 | )      |                                 |   | (13,702,151 | ) |
| Net Decrease In Net Assets Resulting From Operations               |   | $                                   | (24,661,554 | )      |                                 | $      | (14,150,700 | ) |
| Net Decrease In Net Assets Per Share Resulting from Operations (2) |   | $                                   | (3.26       | )      |                                 | $      | (1.82 | ) |

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

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

----

|                    | December 31, 2016 | December 31, 2015 |
|-------------------------|-------------------|-------------------|
| Medical Devices         | 19.2%             | 15.2%             |
| Semiconductor Equipment | 18.1%             | 19.9%             |
| Advanced Materials      | 9.1%              | 8.4%              |
| Networking              | 7.4%              | 2.7%              |
| Automotive              | 7.0%              | 7.4%              |
| Advertising Technology  | 6.9%              | 14.1%             |
| Consumer Electronics    | 6.5%              | 8.9%              |
| Cloud Computing         | 5.7%              | 5.7%              |
| Mobile Computing        | 4.9%              | 4.1%              |
| Intellectual Property   | 4.1%              | 2.0%              |
| Equipment Leasing       | 2.7%              | 0.0%              |

----

| continued                             | December 31, 2016 | December 31, 2015 |
|---------------------------------------|-------------------|-------------------|
| Renewable Energy                      | 2.4%              | 4.1%              |
| Other Electronics                     | 0.9%              | 0.7%              |
| Aerospace                             | 0.4%              | 1.1%              |
| Semiconductor                         | 0.3%              | 2.3%              |
| Software                              | 0.2%              | 0.3%              |
| Computer Storage                      | 0.1%              | 0.1%              |
| Water Purification                    | 0.0%              | 0.0%              |
| Internet                              | 0.0%              | 0.2%              |
| Exchange-Traded Funds                 | 3.2%              | 0.0%              |
| Other Assets in Excess of Liabilities | 0.9%              | 2.8%              |
| Net Assets                            | 100.0%            | 100.0%            |

----

|                                                 |        | Year Ended December 31, 2016 |        |
|------------------------------------------------------|--------|-----------------------------------|-------------|
| Realized losses                                      |   | $                                 | (6,167,339  | ) |
| Net change in unrealized depreciation on investments |   | $                                 | (14,658,712 | ) |
| Net realized and unrealized loss on investments      |   | $                                 | (20,826,051 | ) |
|                                                                             |   | As of  December 31, 2016 |        |
|----------------------------------------------------------------------------------|--------|-------------------------------|-------------|
| Gross unrealized appreciation on portfolio investments                           |   | $                             | 13,265,628  |   |
| Gross unrealized depreciation on portfolio investments                           |   | $                             | (40,521,928 | ) |
| Net unrealized depreciation on portfolio investments, warrants, and other assets |   | $                             | (27,256,300 | ) |
|                                                 |   | Year Ended December 31, 2015 |        |
|------------------------------------------------------|--------|-----------------------------------|-------------|
| Realized losses                                      |   | $                                 | (2,197,728  | ) |
| Net change in unrealized depreciation on investments |   | $                                 | (11,504,423 | ) |
| Net realized and unrealized loss on investments      |   | $                                 | (13,702,151 | ) |
|                                                                             |        | As of  December 31, 2015 |        |
|----------------------------------------------------------------------------------|--------|-------------------------------|-------------|
| Gross unrealized appreciation on portfolio investments                           |   | $                             | 16,224,066  |   |
| Gross unrealized depreciation on portfolio investments                           |   | $                             | (28,821,654 | ) |
| Net unrealized depreciation on portfolio investments, warrants, and other assets |   | $                             | (12,597,588 | ) |

----

----

----

----

----

----

----

----

----

|                                                                         |   | AS OF DECEMBER 31, 2016 |        |   | AS OF DECEMBER 31, 2015 |   |
|------------------------------------------------------------------------------|--------|-------------------------|-------------|--------|-------------------------|--------|
| ASSETS                                                                       |   |                    |        |   |                    |   |
| Investment securities:                                                       |   |                    |        |   |                    |   |
| Unaffiliated investments at acquisition cost                                 |   | $                       | 66,336,448  |   |                    | $      | 93,589,422 |   |
| Affiliated investments at acquisition cost                                   |   |                    | 11,898,906  |   |                    |   | 11,034,882 |   |
| Controlled investments at acquisition cost                                   |   |                    | 96,551,795  |   |                    |   | 78,652,059 |   |
| Total acquisition cost                                                       |   | $                       | 174,787,149 |   |                    | $      | 183,276,363 |   |
| Unaffiliated investments at market value                                     |   | $                       | 51,202,592  |   |                    | $      | 80,268,986 |   |
| Affiliated investments at market value                                       |   |                    | 10,410,045  |   |                    |   | 12,928,943 |   |
| Controlled investments at market value                                       |   |                    | 85,918,212  |   |                    |   | 77,480,846 |   |
| Total market value * (Note 6)                                                |   |                    | 147,530,849 |   |                    |   | 170,678,775 |   |
| Cash**                                                                       |   |                    | 1,934,247   |   |                    |   | 767,286 |   |
| Escrow cash                                                                  |   |                    | —     |   |                    |   | 1,000,000 |   |
| Receivable from dividends and interest                                       |   |                    | 820,824     |   |                    |   | 3,436,726 |   |
| Other assets                                                                 |   |                    | 28,513      |   |                    |   | 786,468 |   |
| Total Assets                                                                 |   |                    | 150,314,433 |   |                    |   | 176,669,255 |   |
|                                                                         |   |                    |        |   |                    |   |   |   |
| LIABILITIES                                                                  |   |                    |        |   |                    |   |   |   |
| Payable for securities purchased                                             |   |                    | 395,532     |   |                    |   | — |   |
| Payable to affiliates (Note 4)                                               |   |                    | 796,533     |   |                    |   | 895,372 |   |
| Consulting fee payable                                                       |   |                    | 27,250      |   |                    |   | 29,000 |   |
| Accrued expenses and other payables                                          |   |                    | 182,727     |   |                    |   | 165,504 |   |
| Total Liabilities                                                            |   |                    | 1,402,042   |   |                    |   | 1,089,876 |   |
| NET ASSETS                                                                   |   | $                       | 148,912,391 |   |                    | $      | 175,579,379 |   |
|                                                                         |   |                    |        |   |                    |   |   |   |
| Net Assets consist of:                                                       |   |                    |        |   |                    |   |   |   |
| Common Stock, par value $0.001 per share 100,000,000 shares authorized       |   | $                       | 7,431       |   |                    | $      | 7,703 |   |
| Paid-in-capital                                                              |   |                    | 184,698,313 |   |                    |   | 190,538,978 |   |
| Accumulated net realized loss from security transactions and written options |   |                    | (8,537,053  | )      |                    |   | (2,369,714 | ) |
| Net unrealized depreciation on investments and warrants transactions         |   |                    | (27,256,300 | )      |                    |   | (12,597,588 | ) |
| NET ASSETS                                                                   |   | $                       | 148,912,391 |   |                    | $      | 175,579,379 |   |
|                                                                         |   |                    |        |   |                    |   |   |   |
| Shares of Common Stock outstanding                                           |   |                    | 7,430,697   |   |                    |   | 7,702,705 |   |
| Net asset value per share (Note 2)                                           |   | $                       | 20.04       |   |                    | $      | 22.79 |   |

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

| ** | Cash composed primarily of the Fidelity Investments Money Market Treasury Portfolio, Class I, which invests primarily in U.S. Treasury securities. The yields as of 12/31/16 and 12/31/15 were 0.35% and 0.01%, respectively. Please see https://fundresearch. fidelity.com/mutual-funds/summary/316175504 for additional information. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY | TYPE OF INVESTMENT                       |   | SHARES/PAR VALUE ($) |       |   | COST BASIS |   |       | VALUE  |   |
|--------------------------------------------------|------------------------------------------|--------|----------------------|------------|--------|------------|--------|------------|--------|--------|
| ALIPHCOM, INC. (0.9%)                            | Common Stock *(1)                        |   |                 | 2,128,005  |   |       | $      | 10,108,024 |   |   | $ | 1,339,366 |   |
| Consumer Electronics                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| CLOUDERA, INC. (0.2%)                            | Common Stock *(1)                        |   |                 | 20,000     |   |       |   | 580,000    |   |   |   | 245,466 |   |
| Software                                         |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| EQX CAPITAL, INC. (2.7%)                         | Preferred Stock - Series A *(1)(2)       |   |                 | 4,000,000  |   |       |   | 4,000,000  |   |   |   | 3,975,600 |   |
| Equipment Leasing                                | Common Stock *(1)(2)                     |   |                 | 100,000    |   |       |   | 20,000     |   |   |   | 44,430 |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   | 4,020,030 |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| HERA SYSTEMS, INC. (0.4%)                        | Term Note (1)(2)                         |   |                 |       |   |       |   |       |   |   |   |   |   |
| Aerospace                                        | Matures May 2017                         |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 3%                    |   |                 | 41,208     |   |       |   | 41,208     |   |   |   | 41,208 |   |
|                                             | Preferred Stock - Series A (1)(2)        |   |                 | 3,642,324  |   |       |   | 2,000,000  |   |   |   | 445,456 |   |
|                                             | Convertible Note (1)(2)                  |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures August 2017                      |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 6%                         |   |                 | 30,000     |   |       |   | 30,000     |   |   |   | 30,000 |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   | 516,664 |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| HIGHTAIL, INC. (5.7%)                            | Preferred Stock - Series E *(1)(4)       |   |                 | 2,268,602  |   |       |   | 9,620,188  |   |   |   | 8,550,361 |   |
| Cloud Computing                                  |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| INTEVAC, INC. (0.9%)                             | Common Stock *                           |   |                 | 163,883    |   |       |   | 1,828,934  |   |   |   | 1,401,200 |   |
| Other Electronics                                |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| INTRAOP MEDICAL CORP. (19.2%)                    | Term Note (1)(2)                         |   |                 |       |   |       |   |       |   |   |   |   |   |
| Medical Devices                                  | Matures February 2017                    |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 8%                    |   |                 | 3,000,000  |   |       |   | 3,000,000  |   |   |   | 3,000,000 |   |
|                                             | Convertible Note (1)(2)                  |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures July 2017                   |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 15%                        |   |                 | 1,000,000  |   |       |   | 1,000,000  |   |   |   | 1,000,000 |   |
|                                             | Preferred Stock - Series C *(1)(2)  |   |                 | 26,856,187 |   |       |   | 26,299,938 |   |   |   | 24,511,642 |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   | 28,511,642 |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| NUTANIX, INC. (7.4%)                             | Common Stock *(1)                        |   |                 | 459,772    |   |       |   | 7,376,112  |   |   |   | 10,990,390 |   |
| Networking                                       |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |
| PHUNWARE, INC. (4.9%)                            | Preferred Stock - Series E *(1)          |   |                 | 3,257,328  |   |       |   | 9,999,997  |   |   |   | 7,365,796 |   |
| Mobile Computing                                 |                                     |   |                 |       |   |       |   |       |   |   |   |   |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY | TYPE OF INVESTMENT                        |   | SHARES/PAR VALUE ($) |       |   | COST BASIS |   |       | VALUE  |   |
|--------------------------------------------------|-------------------------------------------|--------|----------------------|------------|--------|------------|--------|------------|--------|--------|
| PIVOTAL SYSTEMS CORP. (16.6%)                    | Preferred Stock - Series D *(1)(2)        |   |                 | 6,237,978  |   |       | $      | 3,975,801  |   |   | $ | 4,060,924 |   |
| Semiconductor Equipment                          | Preferred Stock - Series C *(1)(2)        |   |                 | 2,291,260  |   |       |   | 2,657,862  |   |   |   | 2,273,159 |   |
|                                             | Preferred Stock - Series B *(1)(2)   |   |                 | 13,065,236 |   |       |   | 6,321,482  |   |   |   | 6,985,982 |   |
|                                             | Preferred Stock - Series A *(1)(2)        |   |                 | 11,914,217 |   |       |   | 6,000,048  |   |   |   | 6,370,532 |   |
|                                             | Common Stock Warrants -                   |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Class B *(1)(2)                           |   |                 | 18,180,475 |   |       |   | 0          |   |   |   | 4,743,286 |   |
|                                             | Preferred Stock Warrants -                |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Series D *(1)(2)                          |   |                 | 4,158,654  |   |       |   | 0          |   |   |   | 284,036 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   | 24,717,919 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| PURE STORAGE, INC. (0.1%)                        | Common Stock *                            |   |                 | 14,000     |   |       |   | 336,000    |   |   |   | 158,340 |   |
| Computer Storage                                 |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| QMAT, INC. (8.8%)                                | Preferred Stock - Series A *(1)(2)        |   |                 | 16,000,240 |   |       |   | 16,000,240 |   |   |   | 10,724,961 |   |
| Advanced Materials                               | Preferred Stock Warrants -                |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Series A *(1)(2)                     |   |                 | 2,000,000  |   |       |   | 0          |   |   |   | 376,400 |   |
|                                             | Preferred Stock - Series B *(1)(2)   |   |                 | 2,000,000  |   |       |   | 2,000,000  |   |   |   | 2,000,000 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   | 13,101,361 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| QUICKLOGIC CORP. (0.3%)                          | Common Stock *                            |   |                 | 270,000    |   |       |   | 395,532    |   |   |   | 375,300 |   |
| Semiconductors                                   |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| REVASUM, INC. (1.5%)                             | Common Stock *(1)(2)                      |   |                 | 10,000     |   |       |   | 1,000      |   |   |   | 7,524 |   |
| Semiconductor Equipment                          | Preferred Stock - Series A *(1)(2)        |   |                 | 2,200,000  |   |       |   | 2,200,000  |   |   |   | 2,193,400 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   | 2,200,924 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| ROKU, INC. (1.1%)                                | Common Stock *(1)                         |   |                 | 1,500,000  |   |       |   | 2,312,500  |   |   |   | 1,683,750 |   |
| Consumer Electronics                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| RORUS, INC. (0.0%)                               | Convertible Note (1)                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| Water Purification                               | Matures June 2021                         |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 2%                          |   |                 | 50,000     |   |       |   | 50,000     |   |   |   | 50,000 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   |   |   |
| SILICON GENESIS CORP. (4.1%)                     | Preferred Stock - Series 1-E *(1)(2)      |   |                 | 5,704,480  |   |       |   | 2,946,535  |   |   |   | 2,134,616 |   |
| Intellectual Property                            | Preferred Stock - Series 1-C *(1)(2)      |   |                 | 82,914     |   |       |   | 109,518    |   |   |   | 70,444 |   |
|                                             | Preferred Stock Series 1-G *(1)(2)(5)     |   |                 | 48,370,793 |   |       |   | 5,042,479  |   |   |   | 3,032,848 |   |
|                                             | Preferred Stock - Series 1-H *(1)(2)      |   |                 | 837,942    |   |       |   | 1,000,000  |   |   |   | 240,238 |   |
|                                             | Preferred Stock -Series 1-D *(1)(2)  |   |                 | 850,830    |   |       |   | 431,901    |   |   |   | 195,606 |   |
|                                             | Common Stock *(1)(2)                 |   |                 | 921,892    |   |       |   | 169,045    |   |   |   | 14,750 |   |
|                                             | Common Stock Warrants *(1)(2)             |   |                 | 37,982     |   |       |   | 6,678      |   |   |   | 319 |   |
|                                             | Preferred Stock -Series 1-F *(1)(2)       |   |                 | 912,453    |   |       |   | 583,060    |   |   |   | 464,165 |   |
|                                             | Common Stock Warrants *(1)(2)        |   |                 | 5,000,000  |   |       |   | 0          |   |   |   | 10,000 |   |
|                                             | Common Stock Warrants *(1)(2)             |   |                 | 3,000,000  |   |       |   | 0          |   |   |   | 6,000 |   |
|                                             |                                      |   |                 |       |   |       |   |       |   |   |   | 6,168,986 |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY | TYPE OF INVESTMENT                       |   | SHARES |       |   | COST BASIS |   |       | VALUE  |   |
|--------------------------------------------------|------------------------------------------|--------|--------|------------|--------|------------|--------|------------|--------|--------|
| SUNRUN, INC. (2.4%)                              | Common Stock *                           |   |   | 674,820    |   |       | $      | 6,417,495  |   |   | $ | 3,583,294 |   |
| Renewable Energy                                 |                                     |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   |   |   |
| TELEPATHY INVESTORS, INC. (2.7%)                 | Convertible Note (1)(2)                  |   |   |       |   |       |   |       |   |   |   |   |   |
| Consumer Electronics                             | Matures June 2018                        |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 10%                        |   |   | 500,000    |   |       |   | 500,000    |   |   |   | 277,335 |   |
|                                             | Preferred Stock - Series A *(1)(2)  |   |   | 15,238,000 |   |       |   | 3,999,999  |   |   |   | 2,096,749 |   |
|                                             | Convertible Note (1)(2)                  |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures June 2017                        |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 10%                   |   |   | 2,000,000  |   |       |   | 2,000,000  |   |   |   | 1,109,340 |   |
|                                             | Convertible Note (1)(2)                  |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures January 2018                     |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 10%                        |   |   | 300,000    |   |       |   | 300,000    |   |   |   | 166,401 |   |
|                                             | Convertible Note (1)(2)                  |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures January 2018                     |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 10%                        |   |   | 500,000    |   |       |   | 500,000    |   |   |   | 277,335 |   |
|                                             | Convertible Note (1)(2)             |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures January 2018                |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 10%                   |   |   | 150,000    |   |       |   | 150,000    |   |   |   | 83,201 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   | 4,010,361 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   |   |   |
| TURN INC. (6.9%)                                 | Preferred Stock - Series E *(1)(5)       |   |   | 1,798,562  |   |       |   | 11,339,911 |   |   |   | 9,757,918 |   |
| Advertising Technology                           | Convertible Note (1)                     |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures March 2023                       |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 1.48%                      |   |   | 559,360    |   |       |   | 559,360    |   |   |   | 559,360 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   | 10,317,278 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   |   |   |
| UCT COATINGS, INC. (0.3%)                        | Common Stock Warrants *(1)               |   |   | 2,283      |   |       |   | 67         |   |   |   | 1 |   |
| Advanced Materials                               | Common Stock *(1)                        |   |   | 1,500,000  |   |       |   | 662,235    |   |   |   | 394,200 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   | 394,201 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   |   |   |
| VUFINE, INC. (1.8%)                              | Common Stock *(1)(2)                     |   |   | 750,000    |   |       |   | 15,000     |   |   |   | 14,325 |   |
| Consumer Electronics                             | Preferred Stock - Series A *(1)(2)       |   |   | 22,500,000 |   |       |   | 2,250,000  |   |   |   | 1,656,000 |   |
|                                             | Convertible Note (1)(2)                  |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures September 2017                   |   |   |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 6%                         |   |   | 1,000,000  |   |       |   | 1,000,000  |   |   |   | 1,000,000 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   | 2,670,325 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   |   |   |
| WRIGHTSPEED, INC. (7.0%)                         | Preferred Stock - Series C *(1)(3)(4)    |   |   | 2,267,659  |   |       |   | 6,864,023  |   |   |   | 5,811,783 |   |
| Automotive                                       | Preferred Stock - Series D *(1)(3)       |   |   | 1,100,978  |   |       |   | 3,375,887  |   |   |   | 3,221,792 |   |
|                                             | Preferred Stock - Series E *(1)(3)       |   |   | 450,814    |   |       |   | 1,658,996  |   |   |   | 1,376,470 |   |
|                                             |                                     |   |   |       |   |       |   |       |   |   |   | 10,410,045 |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY   | TYPE OF INVESTMENT                           |   | SHARES/PAR VALUE ($) |   |   | COST BASIS |   |      | VALUE  |   |
|----------------------------------------------------|----------------------------------------------|--------|----------------------|--------|--------|------------|--------|-----------|--------|--------|
| EXCHANGE TRADED FUNDS (3.2%)                       | iShares Short Treasury Bond ETF              |   |                 | 21,500 |   |       | $      | 2,371,613 |   |   | $ | 2,371,450 |   |
|                                               | SPDR Bloomberg Barclays 1-3 Month T-Bill ETF |   |                 | 52,000 |   |       |   | 2,378,480 |   |   |   | 2,376,400 |   |
|                                               |                                         |   |                 |   |   |       |   |      |   |   |   | 4,747,850 |   |
| TOTAL INVESTMENTS (Cost $174,787,149) —99.1% |                                         |   |                 |   |   |       |   |      |   |   | 147,530,849 |   |
|                                               |                                         |   |                 |   |   |       |   |      |   |   |   |   |   |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.9% |                                         |   |                 |   |   |       |   |      |   |   | 1,381,542 |   |
|                                               |                                         |   |                 |   |   |       |   |      |   |   |   |   |   |
| NET ASSETS — 100.0%                          |                                         |   |                 |   |   |       |   |      |   |   | $ | 148,912,391 |   |

| * | 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. |
|-----|--------------------|

| (4) | A portion represents position held in Firsthand Holdings, Ltd. (See Note 1). |
|-----|------------------------------------------------------------------------------|

| (5) | A portion represents position held in Firsthand Development, Ltd. (See Note 1). |
|-----|---------------------------------------------------------------------------------|

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY | TYPE OF INVESTMENT                 |   | SHARES/PAR VALUE ($) |       |   | COST BASIS |   |       | VALUE  |   |
|--------------------------------------------------|------------------------------------|--------|----------------------|------------|--------|------------|--------|------------|--------|--------|
| ALIPHCOM, INC. (2.3%)                            | Common Stock *(1)                  |   |                 | 2,128,005  |   |       | $      | 10,108,024 |   |   | $ | 4,090,238 |   |
| Consumer Electronics                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| CLOUDERA, INC. (0.3%)                            | Common Stock *(1)                  |   |                 | 20,000     |   |       |   | 580,000    |   |   |   | 557,216 |   |
| Software                                         |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| GILT GROUPE HOLDINGS, INC. (0.2%)                | Common Stock *(1)                  |   |                 | 198,841    |   |       |   | 4,558,112  |   |   |   | 333,317 |   |
| Internet                                         |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| HERA SYSTEMS, INC. (1.1%)                        | Preferred Stock - Series A (1)(2)  |   |                 | 3,642,324  |   |       |   | 2,000,000  |   |   |   | 2,000,000 |   |
| Aerospace                                        |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| HIGHTAIL, INC. (5.7%)                            | Preferred Stock - Series E *(1)    |   |                 | 2,268,602  |   |       |   | 9,999,998  |   |   |   | 9,999,998 |   |
| Cloud Computing                                  |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| HIKU LABS, INC. (1.3%)                           | Preferred Stock - Series A (1)     |   |                 | 3,280,191  |   |       |   | 2,124,074  |   |   |   | 2,280,060 |   |
| Consumer Electronics                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| INTEVAC, INC. (0.7%)                             | Common Stock *                     |   |                 | 243,883    |   |       |   | 2,721,734  |   |   |   | 1,148,688 |   |
| Other Electronics                                |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| INTRAOP MEDICAL CORP. (15.2%)                    | Preferred Stock - Series C *(1)(2) |   |                 | 26,856,187 |   |       |   | 26,299,938 |   |   |   | 22,655,879 |   |
| Medical Devices                                  | Term Note (1)(2)                   |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures February 2016              |   |                 |       |   |       |   | 3,000,000  |   |   |   |   |   |
|                                             | Interest Rate 8%                   |   |                 | 3,000,000  |   |       |   |       |   |   |   | 3,000,000 |   |
|                                             | Convertible Note (1)(2)            |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Matures July 2016                  |   |                 |       |   |       |   | 1,000,000  |   |   |   |   |   |
|                                             | Interest Rate 15%                  |   |                 | 1,000,000  |   |       |   |       |   |   |   | 1,000,000 |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   | 26,655,879 |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| INVENSENSE, INC. (2.3%)                          |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| Semiconductors                                   | Common Stock *                     |   |                 | 400,000    |   |       |   | 6,380,014  |   |   |   | 4,092,000 |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| MATTSON TECHNOLOGY, INC. (6.6%)                  | Common Stock *                     |   |                 | 3,280,000  |   |       |   | 8,239,200  |   |   |   | 11,578,400 |   |
| Semiconductor Equipment                          |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                               |   |                 |       |   |       |   |       |   |   |   |   |   |
| NUTANIX, INC. (2.7%)                             | Preferred Stock - Series A *(1)    |   |                 | 227,272    |   |       |   | 3,999,987  |   |   |   | 4,772,712 |   |
| Networking                                       |                               |   |                 |       |   |       |   |       |   |   |   |   |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY | TYPE OF INVESTMENT                   |   | SHARES/PAR VALUE ($) |       |   | COST BASIS |   |       | VALUE  |   |
|--------------------------------------------------|--------------------------------------|--------|----------------------|------------|--------|------------|--------|------------|--------|--------|
| PHUNWARE, INC. (4.1%)                            | Preferred Stock - Series E *(1)      |   |                 | 3,257,328  |   |       | $      | 9,999,997  |   |   | $ | 7,110,747 |   |
| Mobile Computing                                 |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| PIVOTAL SYSTEMS CORP. (13.3%)                    | Preferred Stock - Series C * (1)(2)  |   |                 | 2,291,260  |   |       |   | 2,657,862  |   |   |   | 2,657,862 |   |
| Semiconductor Equipment                          | Preferred Stock - Series B *(1)(2)   |   |                 | 13,065,236 |   |       |   | 6,321,482  |   |   |   | 10,833,694 |   |
|                                             | Preferred Stock - Series A *(1)(2)   |   |                 | 11,914,217 |   |       |   | 6,000,048  |   |   |   | 9,879,269 |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   | 23,370,825 |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| PURE STORAGE, INC. (0.1%)                        | Common Stock - Class B *(1)          |   |                 | 14,000     |   |       |   | 336,000    |   |   |   | 185,283 |   |
| Computer Storage                                 |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| QMAT, INC. (8.3%)                                | Preferred Stock Warrants -           |   |                 |       |   |       |   |       |   |   |   |   |   |
| Advanced Materials                               | Series A *(1)(2)                     |   |                 | 2,000,000  |   |       |   | 0          |   |   |   | 642,600 |   |
|                                             | Preferred Stock - Series A *(1)(2)   |   |                 | 14,000,240 |   |       |   | 14,000,240 |   |   |   | 14,000,240 |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   | 14,642,840 |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| ROKU, INC. (1.2%)                                | Common Stock *(1)                    |   |                 | 1,500,000  |   |       |   | 2,312,500  |   |   |   | 2,059,350 |   |
| Consumer Electronics                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| SILICON GENESIS CORP. (2.0%)                     |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| Intellectual Property                            | Preferred Stock -Series 1-F *(1)(2)  |   |                 | 912,453    |   |       |   | 583,060    |   |   |   | — |   |
|                                             | Common Stock Warrants *(1)(2)        |   |                 | 37,982     |   |       |   | 6,678      |   |   |   | — |   |
|                                             | Common Stock *(1)(2)                 |   |                 | 921,892    |   |       |   | 169,045    |   |   |   | — |   |
|                                             | Preferred Stock - Series 1-D *(1)(2) |   |                 | 850,830    |   |       |   | 431,901    |   |   |   | — |   |
|                                             | Preferred Stock - Series 1-C *(1)(2) |   |                 | 82,914     |   |       |   | 109,518    |   |   |   | — |   |
|                                             | Preferred Stock - Series 1-E *(1)(2) |   |                 | 5,704,480  |   |       |   | 2,946,535  |   |   |   | — |   |
|                                             | Term Note (1)(2)                     |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | December 2016                        |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             | Interest Rate 12%                    |   |                 | 3,000,000  |   |       |   | 3,000,000  |   |   |   | 2,074,504 |   |
|                                             | Convertible Note (1)(2)              |   |                 | 1,250,000  |   |       |   | 1,610,753  |   |   |   | 864,377 |   |
|                                             | Convertible Note (1)(2)              |   |                 | 1,000,000  |   |       |   | 1,000,000  |   |   |   | 691,502 |   |
|                                             | Common Stock Warrants *(1)(2)        |   |                 | 5,000,000  |   |       |   | 0          |   |   |   | — |   |
|                                             | Common Stock Warrants *(1)(2)        |   |                 | 3,000,000  |   |       |   | 0          |   |   |   | — |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   | 3,630,383 |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| SUNRUN, INC. (4.1%)                              | Common Stock *(1)                    |   |                 | 674,820    |   |       |   | 6,417,495  |   |   |   | 7,148,368 |   |
| Renewable Energy                                 |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   |   |   |
| TAPAD, INC. (5.9%)                               | Preferred Stock - Series B-2 *(1)    |   |                 | 492,244    |   |       |   | 7,149,992  |   |   |   | 7,149,992 |   |
| Advertising Technology                           | Preferred Stock - Series B-1 *(1)    |   |                 | 280,048    |   |       |   | 2,999,986  |   |   |   | 3,261,047 |   |
|                                             |                                 |   |                 |       |   |       |   |       |   |   |   | 10,411,039 |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY         | TYPE OF INVESTMENT                 |   | SHARES |       |   | COST BASIS |   |       | VALUE  |   |
|----------------------------------------------------------|------------------------------------|--------|--------|------------|--------|------------|--------|------------|--------|--------|
| TELEPATHY INVESTORS, INC. (3.2%)                         | Preferred Stock - Series A *(1)(2) |   |   | 15,238,000 |   |       | $      | 3,999,999  |   |   | $ | 3,658,644 |   |
| Consumer Electronics                                     | Convertible Note (1)(2)            |   |   |       |   |       |   |       |   |   |   |   |   |
|                                                     | Matures June 2017                  |   |   |       |   |       |   |       |   |   |   |   |   |
|                                                     | Interest Rate 10%                  |   |   | 2,000,000  |   |       |   | 2,000,000  |   |   |   | 2,000,000 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   | 5,658,644 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| TURN INC. (8.2%)                                         | Preferred Stock - Series E *(1)    |   |   | 1,798,562  |   |       |   | 15,000,007 |   |   |   | 14,297,669 |   |
| Advertising Technology                                   |                               |   |   |       |   |       |   |       |   |   |   |   |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| UCT COATINGS, INC. (0.1%)                                | Common Stock *(1)                  |   |   | 1,500,000  |   |       |   | 662,235    |   |   |   | 203,901 |   |
| Advanced Materials                                       | Common Stock Warrants *(1)         |   |   | 2,283      |   |       |   | 67         |   |   |   | 0 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   | 203,901 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| VUFINE, INC. (0.9%)                                      | Preferred Stock - Series A *(1)(2) |   |   | 15,000,000 |   |       |   | 1,500,000  |   |   |   | 1,500,000 |   |
| Consumer Electronics                                     | Common Stock *(1)(2)               |   |   | 750,000    |   |       |   | 15,000     |   |   |   | 22,275 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   | 1,522,275 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| WRIGHTSPEED, INC. (7.4%)                                 | Preferred Stock - Series C *(1)(3) |   |   | 2,267,659  |   |       |   | 5,999,999  |   |   |   | 7,345,401 |   |
| Automotive                                               | Preferred Stock - Series D *(1)(3) |   |   | 1,100,978  |   |       |   | 3,375,887  |   |   |   | 3,924,546 |   |
|                                                     | Preferred Stock - Series E *(1)(3) |   |   | 450,814    |   |       |   | 1,658,996  |   |   |   | 1,658,996 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   | 12,928,943 |   |
| TOTAL INVESTMENTS (Cost $183,276,363) —97.2%       |                               |   |   |       |   |       |   |       |   |   | 170,678,775 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 2.8%  |                               |   |   |       |   |       |   |       |   |   | 4,900,604 |   |
|                                                     |                               |   |   |       |   |       |   |       |   |   |   |   |   |
| NET ASSETS — 100.0%                                |                               |   |   |       |   |       |   |       |   |   | $ | 175,579,379 |   |

| * | 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 DECEMBER 31, 2016 |        |   | FOR THE YEAR ENDED DECEMBER 31, 2015 |   |
|--------------------------------------------------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|
| INVESTMENT INCOME                                                  |   |                                 |        |   |                                 |   |
| Unaffiliated dividend income                                       |   | $                                    | 28,213      |   |                                 | $      | 148,000 |   |
| Unaffiliated interest                                              |   |                                 | 19,133      |   |                                 |   | 21,381 |   |
| Affiliated/controlled interest                                     |   |                                 | 830,677     |   |                                 |   | 1,895,384 |   |
| Royalty income                                                     |   |                                 | —     |   |                                 |   | 35,977 |   |
| TOTAL INVESTMENT INCOME                                            |   |                                 | 878,023     |   |                                 |   | 2,100,742 |   |
| EXPENSES                                                           |   |                                 |        |   |                                 |   |   |   |
| Investment advisory fees (Note 4)                                  |   |                                 | 3,281,617   |   |                                 |   | 3,826,904 |   |
| Administration fees                                                |   |                                 | 165,024     |   |                                 |   | 150,861 |   |
| Custody fees                                                       |   |                                 | 11,334      |   |                                 |   | 15,363 |   |
| Transfer agent fees                                                |   |                                 | 27,283      |   |                                 |   | 35,225 |   |
| Registration and filing fees                                       |   |                                 | 23,100      |   |                                 |   | 23,000 |   |
| Professional fees                                                  |   |                                 | 779,689     |   |                                 |   | 668,836 |   |
| Printing fees                                                      |   |                                 | 40,835      |   |                                 |   | 121,631 |   |
| Trustees fees                                                      |   |                                 | 100,000     |   |                                 |   | 100,000 |   |
| Compliance fees                                                    |   |                                 | 188,569     |   |                                 |   | — |   |
| Miscellaneous fees                                                 |   |                                 | 96,075      |   |                                 |   | 85,675 |   |
| TOTAL GROSS EXPENSES                                               |   |                                 | 4,713,526   |   |                                 |   | 5,027,495 |   |
| Incentive fee adjustments (Note 4)                                 |   |                                 | —     |   |                                 |   | (2,478,204 | ) |
| TOTAL NET EXPENSES                                                 |   |                                 | 4,713,526   |   |                                 |   | 2,549,291 |   |
| NET INVESTMENT LOSS                                                |   |                                 | (3,835,503  | )      |                                 |   | (448,549 | ) |
|                                                               |   |                                 |        |   |                                 |   |   |   |
| Net Realized and Unrealized Gains (Losses) on Investments:         |   |                                 |        |   |                                 |   |   |   |
| Net realized gains (losses) from security transactions             |   |                                 |        |   |                                 |   |   |   |
| Affiliated/controlled                                              |   |                                 | (3,035,229  | )      |                                 |   | — |   |
| Non-affiliated and other assets                                    |   |                                 | (3,132,110  | )      |                                 |   | (2,822,722 | ) |
| Net realized gains from written option transactions (1)            |   |                                 | —     |   |                                 |   | 624,994 |   |
| Net change in unrealized depreciation on investments               |   |                                 | (19,436,154 | )      |                                 |   | (11,607,974 | ) |
| Net change in unrealized appreciation on warrants transactions (1) |   |                                 | 4,777,442   |   |                                 |   | 103,551 |   |
| Net Realized and Unrealized Losses on Investments                  |   |                                 | (20,826,051 | )      |                                 |   | (13,702,151 | ) |
| Net Decrease In Net Assets Resulting From Operations               |   | $                                    | (24,661,554 | )      |                                 | $      | (14,150,700 | ) |
| Net Decrease In Net Assets Per Share Resulting from Operations (2) |   | $                                    | (3.26       | )      |                                 | $      | (1.82 | ) |

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

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

----

|                                                                                                                                           |   | FOR THE YEAR ENDED DECEMBER 31, 2016 |        |   | FOR THE YEAR ENDED DECEMBER 31, 2015 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                           |   |                                 |        |   |                                 |   |
| Net decrease in Net Assets resulting from operations                                                                                           |   | $                                    | (24,661,554 | )      |                                 | $      | (14,150,700 | ) |
| Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by (used in) operating activities: |   |                                 |        |   |                                 |   |   |   |
| Purchases of investments                                                                                                                       |   |                                 | (76,522,603 | )      |                                 |   | (40,491,729 | ) |
| Proceeds from disposition of investments                                                                                                       |   |                                 | 80,015,681  |   |                                 |   | 48,643,893 |   |
| Net purchases from short-term investments                                                                                                      |   |                                 | (1,171,203  | )      |                                 |   | (1,500,000 | ) |
| Net proceeds from written options                                                                                                              |   |                                 | —     |   |                                 |   | 624,994 |   |
| Proceeds from litigation claim                                                                                                                 |   |                                 | —     |   |                                 |   | 7,783 |   |
| (Decrease) increase in dividends, interest, and reclaims receivable                                                                            |   |                                 | 2,615,902   |   |                                 |   | (707,451 | ) |
| (Decrease) increase in restricted cash                                                                                                         |   |                                 | 1,000,000   |   |                                 |   | (1,000,000 | ) |
| Increase (decrease) in payable for investment purchased                                                                                        |   |                                 | 395,532     |   |                                 |   | (38,253,718 | ) |
| Decrease in payable to affiliates                                                                                                              |   |                                 | (98,839     | )      |                                 |   | (399,109 | ) |
| Decrease in incentive fees payable                                                                                                             |   |                                 | —     |   |                                 |   | (13,716,658 | ) |
| (Decrease) increase in other assets                                                                                                            |   |                                 | 757,955     |   |                                 |   | (756,475 | ) |
| Increase (decrease) in accrued expenses and other payables                                                                                     |   |                                 | 15,473      |   |                                 |   | (249,814 | ) |
| Net realized loss from investments                                                                                                             |   |                                 | 6,167,339   |   |                                 |   | 2,822,721 |   |
| Net realized gain from written options                                                                                                         |   |                                 | —     |   |                                 |   | (624,994 | ) |
| Net unrealized depreciation from investments, other assets, and warrants transactions                                                          |   |                                 | 14,658,712  |   |                                 |   | 11,504,423 |   |
| Net cash provided by (used in) operating activities                                                                                            |   |                                 | 3,172,395   |   |                                 |   | (48,246,834 | ) |
|                                                                                                                                           |   |                                 |        |   |                                 |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                           |   |                                 |        |   |                                 |   |   |   |
| Cost of shares repurchased                                                                                                                     |   |                                 | (2,005,434  | )      |                                 |   | (19,999,992 | ) |
| Net cash (used in) financing activities                                                                                                        |   |                                 | (2,005,434  | )      |                                 |   | (19,999,992 | ) |
|                                                                                                                                           |   |                                 |        |   |                                 |   |   |   |
| Net increase (decrease) in cash                                                                                                                |   |                                 | 1,166,961   |   |                                 |   | (68,246,826 | ) |
| Cash - beginning of year                                                                                                                       |   |                                 | 767,286     |   |                                 |   | 69,014,110 |   |
| Cash - end of year                                                                                                                             |   | $                                    | 1,934,247   |   |                                 | $      | 767,286 |   |

----

|                                                                                       |   | FOR THE YEAR ENDED DECEMBER 31, 2016 |        |   | FOR THE YEAR ENDED DECEMBER 31, 2015 |   |
|--------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|
| FROM OPERATIONS:                                                                           |   |                                 |        |   |                                 |   |
| Net investment loss                                                                        |   | $                                    | (3,835,503  | )      |                                 | $      | (448,549 | ) |
| Net realized losses from security transactions, written options, and warrants transactions |   |                                 | (6,167,339  | )      |                                 |   | (2,197,728 | ) |
| Net change in unrealized depreciation on investments and warrants transactions             |   |                                 | (14,658,712 | )      |                                 |   | (11,504,423 | ) |
| Net decrease in net assets from operations                                                 |   |                                 | (24,661,554 | )      |                                 |   | (14,150,700 | ) |
|                                                                                       |   |                                 |        |   |                                 |   |   |   |
| FROM CAPITAL SHARE TRANSACTIONS:                                                           |   |                                 |        |   |                                 |   |   |   |
| Value of shares repurchased                                                                |   |                                 | (2,005,434  | )      |                                 |   | (19,999,992 | ) |
| Net decrease in net assets from capital share transactions                                 |   |                                 | (2,005,434  | )      |                                 |   | (19,999,992 | ) |
| TOTAL DECREASE IN NET ASSETS                                                               |   |                                 | (26,666,988 | )      |                                 |   | (34,150,692 | ) |
|                                                                                       |   |                                 |        |   |                                 |   |   |   |
| NET ASSETS:                                                                                |   |                                 |        |   |                                 |   |   |   |
| Beginning of year                                                                          |   |                                 | 175,579,379 |   |                                 |   | 209,730,071 |   |
| End of year                                                                                |   | $                                    | 148,912,391 |   |                                 | $      | 175,579,379 |   |
| Accumulated Net Investment Loss                                                            |   |                                 | —     |   |                                 |   | — |   |
|                                                                                       |   |                                 |        |   |                                 |   |   |   |
| COMMON STOCK ACTIVITY:                                                                     |   |                                 |        |   |                                 |   |   |   |
| Shares repurchased                                                                         |   |                                 | (272,008    | )      |                                 |   | (859,468 | ) |
| Net decrease in shares outstanding                                                         |   |                                 | (272,008    | )      |                                 |   | (859,468 | ) |
| Shares outstanding, beginning of year                                                      |   |                                 | 7,702,705   |   |                                 |   | 8,562,173 |   |
| Shares outstanding, end of year                                                            |   |                                 | 7,430,697   |   |                                 |   | 7,702,705 |   |

----

|                                                                    |   | FOR THE YEAR ENDED DECEMBER 31, 2016* |    |   | FOR THE YEAR ENDED DECEMBER 31, 2015* |   |    | FOR THE YEAR ENDED DECEMBER 31, 2014 |   |   | FOR THE YEAR ENDED DECEMBER 31, 2013 |   |   | FOR THE YEAR ENDED DECEMBER 31, 2012 |    |
|-------------------------------------------------------------------------|--------|---------------------------------------|---------|--------|---------------------------------------|--------|---------|--------------------------------------|--------|--------|--------------------------------------|--------|--------|--------------------------------------|---------|
| Net asset value at beginning of period                                  |   | $                                     | 22.79   |   |                                  | $      | 24.49   |                                 |   | $      | 28.32                                |   |   | $                                    | 22.90   |   |   | $ | 23.92 |   |
| Income from investment operations:                                      |   |                                  |    |   |                                  |   |    |                                 |   |   |                                 |   |   |                                 |    |   |   |   |   |   |
| Net investment loss                                                     |   |                                  | (0.52   | )      |                                  |   | (0.06   | )(1)                                 |   |   | (1.26                                | )      |   |                                 | (1.42   | ) |   |   | (0.39 | ) |
| Net realized and unrealized gains (losses) on investments               |   |                                  | (2.76   | )      |                                  |   | (1.78   | )                                    |   |   | 3.04                                 |   |   |                                 | 7.16    |   |   |   | (1.01 | ) |
| Total from investment operations                                        |   |                                  | (3.28   | )      |                                  |   | (1.84   | )                                    |   |   | 1.78                                 |   |   |                                 | 5.74    |   |   |   | (1.40 | ) |
| 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                    |   |                                  | 0.53    |   |                                  |   | 0.14    |                                 |   |   | 0.25                                 |   |   |                                 | — |   |   |   | — |   |
| Net asset value at end of year                                          |   | $                                     | 20.04   |   |                                  | $      | 22.79   |                                 |   | $      | 24.49                                |   |   | $                                    | 28.32   |   |   | $ | 22.90 |   |
| Market value at end of year                                             |   | $                                     | 7.67    |   |                                  | $      | 8.17    |                                 |   | $      | 18.65                                |   |   | $                                    | 23.17   |   |   | $ | 17.44 |   |
|                                                                    |   |                                  |    |   |                                  |   |    |                                 |   |   |                                 |   |   |                                 |    |   |   |   |   |   |
| Total return                                                            |   |                                  |    |   |                                  |   |    |                                 |   |   |                                 |   |   |                                 |    |   |   |   |   |   |
| Based on Net Asset Value                                                |   |                                  | (12.07  | )%     |                                  |   | (6.94   | )%                                   |   |   | 12.54                                | %      |   |                                 | 25.30   | % |   |   | (4.26 | )% |
| Based on Market Value                                                   |   |                                  | (6.12   | )%     |                                  |   | (56.19  | )%                                   |   |   | 4.76                                 | %      |   |                                 | 34.61   | % |   |   | 21.70 | % |
|                                                                    |   |                                  |    |   |                                  |   |    |                                 |   |   |                                 |   |   |                                 |    |   |   |   |   |   |
| Net assets at end of year (millions)                                    |   | $                                     | 148.9   |   |                                  | $      | 175.6   |                                 |   | $      | 209.7                                |   |   | $                                    | 256.9   |   |   | $ | 195.9 |   |
| Ratio of total expenses to average net assets                           |   |                                  | 2.90    | %      |                                  |   | 1.36    | %(3)                                 |   |   | 5.29                                 | %(3)   |   |                                 | 6.52    | %(3) |   |   | 2.56 | % |
| Ratio of total expenses to average net assets, excluding incentive fees |   |                                  | 2.90    | %      |                                  |   | 2.68    | %                                    |   |   | 3.12                                 | %      |   |                                 | 2.67    | % |   |   | 2.56 | % |
| Ratio of net investment loss to average net assets                      |   |                                  | (2.36   | )%     |                                  |   | (0.24   | )%                                   |   |   | (4.31                                | )%     |   |                                 | (5.96   | )% |   |   | (2.12 | )% |
| Portfolio turnover rate                                                 |   |                                  | 49      | %      |                                  |   | 22      | %                                    |   |   | 95                                   | %      |   |                                 | 17      | % |   |   | 10 | % |

| * | Consolidated. |
|---|---------------|

| (1) | Calculated using average shares outstanding. |
|-----|----------------------------------------------|

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

| (3) | Amount includes the incentive fee. For the year ended December 31, 2015, the year ended December 31, 2014, and the year ended December 31, 2013, the ratio of the incentive fee to average net assets was (1.32)%, 2.17%, and 3.85%, respectively. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

----

|                                  |   | PURCHASED OPTIONS (CONTRACTS) |    |   | WARRANTS (SHARES) |   |       | WRITTEN OPTIONS (CONTRACTS) |   |
|---------------------------------------|--------|-------------------------------|---------|--------|-------------------|--------|------------|-----------------------------|--------|
| Firsthand Technology Value Fund, Inc. |   |                          | — |   |              |   | 25,383,287 |                        |   |   | — |   |
|                                   |   | CONTRACTS |    |   | RECEIVED |   |
|----------------------------------------|--------|-----------|---------|--------|----------|--------|
| Options outstanding, beginning of year |   |      | — |   |     | $      | — |   |
| Options written during period          |   |      | 8,100   |   |     |   | 1,384,952 |   |
| Options closed during period           |   |      | (1,000  | )      |     |   | (98,668 | ) |
| Options expired during period          |   |      | (5,032  | )      |     |   | (541,326 | ) |
| Options exercised during period        |   |      | (2,068  | )      |     |   | (744,958 | ) |
| Options outstanding, end of year       |   |      | — |   |     | $      | — |   |

----

|                                  |   | PURCHASED OPTIONS (CONTRACTS) |    |   | WARRANTS (SHARES) |   |       | WRITTEN OPTIONS (CONTRACTS) |   |
|---------------------------------------|--------|-------------------------------|---------|--------|-------------------|--------|------------|-----------------------------|--------|
| Firsthand Technology Value Fund, Inc. |   |                          | — |   |              |   | 10,307,010 |                        |   |   | 377 |   |

----

|  | (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 1 QUOTED PRICES |       |   | LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS |   |    | LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS |   |
|-------------------------|--------|-----------------------|------------|--------|---------------------------------------------|--------|---------|-----------------------------------------|--------|
| ASSETS                  |   |                  |       |   |                                        |   |    |                                    |   |
| Common Stocks           |   |                  |       |   |                                        |   |    |                                    |   |
| Advanced Materials      |   | $                     | —    |   |                                        | $      | — |                                    |   | $ | 394,200 |   |
| Computer Storage        |   |                  | 158,340    |   |                                        |   | — |                                    |   |   | — |   |
| Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 3,037,441 |   |
| Equipment Leasing       |   |                  | —    |   |                                        |   | — |                                    |   |   | 44,430 |   |
| Intellectual Property   |   |                  | —    |   |                                        |   | — |                                    |   |   | 14,750 |   |
| Networking              |   |                  | —    |   |                                        |   | — |                                    |   |   | 10,990,390 |   |
| Other Electronics       |   |                  | 1,401,200  |   |                                        |   | — |                                    |   |   | — |   |
| Renewable Energy        |   |                  | 3,583,294  |   |                                        |   | — |                                    |   |   | — |   |
| Semiconductor Equipment |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,524 |   |
| Semiconductors          |   |                  | 375,300    |   |                                        |   | — |                                    |   |   | — |   |
| Software                |   |                  | —    |   |                                        |   | — |                                    |   |   | 245,466 |   |
| Total Common Stocks     |   |                  | 5,518,134  |   |                                        |   | — |                                    |   |   | 14,734,201 |   |
| Preferred Stocks        |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
| Advanced Materials      |   |                  | —    |   |                                        |   | — |                                    |   |   | 12,724,961 |   |
| Advertising Technology  |   |                  | —    |   |                                        |   | — |                                    |   |   | 9,757,918 |   |
| Aerospace               |   |                  | —    |   |                                        |   | — |                                    |   |   | 445,456 |   |
| Automotive              |   |                  | —    |   |                                        |   | — |                                    |   |   | 10,410,045 |   |
| Cloud Computing         |   |                  | —    |   |                                        |   | — |                                    |   |   | 8,550,361 |   |
| Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 3,752,749 |   |
| Equipment Leasing       |   |                  | —    |   |                                        |   | — |                                    |   |   | 3,975,600 |   |
| Intellectual Property   |   |                  | —    |   |                                        |   | — |                                    |   |   | 6,137,917 |   |
| Medical Devices         |   |                  | —    |   |                                        |   | — |                                    |   |   | 24,511,642 |   |
| Mobile Computing        |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,365,796 |   |
| Semiconductor Equipment |   |                  | —    |   |                                        |   | — |                                    |   |   | 21,883,997 |   |
| Total Preferred Stocks  |   |                  | —    |   |                                        |   | — |                                    |   |   | 109,516,442 |   |
| Asset Derivatives *     |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
| Equity Contracts        |   |                  | —    |   |                                        |   | — |                                    |   |   | 5,420,042 |   |
| Total Asset Derivatives |   |                  | —    |   |                                        |   | — |                                    |   |   | 5,420,042 |   |
| Convertible Notes       |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
| Advertising Technology  |   |                  | —    |   |                                        |   | — |                                    |   |   | 559,360 |   |
| Aerospace               |   |                  | —    |   |                                        |   | — |                                    |   |   | 71,208 |   |
| Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 2,913,612 |   |
| Medical Devices         |   |                  | —    |   |                                        |   | — |                                    |   |   | 4,000,000 |   |
| Water Purification      |   |                  | —    |   |                                        |   | — |                                    |   |   | 50,000 |   |
| Total Convertible Notes |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,594,180 |   |
| Exchange-Traded Funds   |   |                  | 4,747,850  |   |                                        |   | — |                                    |   |   | — |   |
| Total                   |   | $                     | 10,265,984 |   |                                        | $      | — |                                    |   | $ | 137,264,865 |   |

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

----

|                         |   | LEVEL 1 QUOTED PRICES |       |   | LEVEL 2 OTHER SIGNIFICANT OBSERVABLE INPUTS |   |    | LEVEL 3 SIGNIFICANT UNOBSERVABLE INPUTS |   |
|-------------------------|--------|-----------------------|------------|--------|---------------------------------------------|--------|---------|-----------------------------------------|--------|
| ASSETS                  |   |                  |       |   |                                        |   |    |                                    |   |
| Common Stocks           |   |                  |       |   |                                        |   |    |                                    |   |
| Advanced Materials      |   | $                     | —    |   |                                        | $      | — |                                    |   | $ | 203,901 |   |
| Computer Storage        |   |                  | —    |   |                                        |   | — |                                    |   |   | 185,283 |   |
| Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 6,171,863 |   |
| Internet                |   |                  | —    |   |                                        |   | — |                                    |   |   | 333,317 |   |
| Other Electronics       |   |                  | 1,148,688  |   |                                        |   | — |                                    |   |   | — |   |
| Renewable Energy        |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,148,368 |   |
| Semiconductor Equipment |   |                  | 11,578,400 |   |                                        |   | — |                                    |   |   | — |   |
| Semiconductors          |   |                  | 4,092,000  |   |                                        |   | — |                                    |   |   | — |   |
| Software                |   |                  | —    |   |                                        |   | — |                                    |   |   | 557,216 |   |
| Total Common Stocks     |   |                  | 16,819,088 |   |                                        |   | — |                                    |   |   | 14,599,948 |   |
| Preferred Stocks        |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
| Advanced Materials      |   |                  | —    |   |                                        |   | — |                                    |   |   | 14,000,240 |   |
| Advertising Technology  |   |                  | —    |   |                                        |   | — |                                    |   |   | 24,708,708 |   |
| Automotive              |   |                  | —    |   |                                        |   | — |                                    |   |   | 12,928,943 |   |
| Aerospace               |   |                  | —    |   |                                        |   | — |                                    |   |   | 2,000,000 |   |
| Cloud Computing         |   |                  | —    |   |                                        |   | — |                                    |   |   | 9,999,998 |   |
| Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,438,704 |   |
| Medical Devices         |   |                  | —    |   |                                        |   | — |                                    |   |   | 22,655,879 |   |
| Mobile Computing        |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,110,747 |   |
| Networking              |   |                  | —    |   |                                        |   | — |                                    |   |   | 4,772,712 |   |
| Semiconductor Equipment |   |                  | —    |   |                                        |   | — |                                    |   |   | 23,370,825 |   |
| Total Preferred Stocks  |   |                  | —    |   |                                        |   | — |                                    |   |   | 128,986,756 |   |
| Asset Derivatives *     |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
| Equity Contracts        |   |                  | —    |   |                                        |   | — |                                    |   |   | 642,600 |   |
| Total Asset Derivatives |   |                  | —    |   |                                        |   | — |                                    |   |   | 642,600 |   |
| Convertible Notes       |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
| Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 2,000,000 |   |
| Intellectual Property   |   |                  | —    |   |                                        |   | — |                                    |   |   | 3,630,383 |   |
| Medical Devices         |   |                  | —    |   |                                        |   | — |                                    |   |   | 4,000,000 |   |
| Total Convertible Notes |   |                  | —    |   |                                        |   | — |                                    |   |   | 9,630,383 |   |
| Total                   |   | $                     | 16,819,088 |   |                                        | $      | — |                                    |   | $ | 153,859,687 |   |

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

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   |   | BALANCE AS OF 12/31/15 |   |   |   | NET PURCHASES/ CONVERSION |   |   |   | NET SALES/ CONVERSION |   |   |   | NET REALIZED GAINS / (LOSSES) |   |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION) (1) |   |   |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |   |   | BALANCE AS OF 12/31/16 |   |
|---------------------------------------------------------------------------|--------|--------|------------------------|--------|--------|--------|---------------------------|--------|--------|--------|-----------------------|--------|--------|--------|-------------------------------|--------|--------|--------|------------------------------------------------|--------|--------|--------|-------------------------------|--------|--------|--------|------------------------|--------|
| Common Stocks                |   |   |       |   |   |   |       |   |   |   |        |   |   |   |       |   |   |   |       |   |   |
|------------------------------|--------|--------|------------|--------|--------|--------|------------|--------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|--------|------------|--------|--------|
| Advanced Materials           |   | $      | 203,901    |   |   | $      | —    |   |   | $      | —     |   |   | $      | —    |   |   | $      | 190,299    |   |   | $  | — |   |   | $ | 394,200 |   |
| Computer Storage             |   |   | 185,283    |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | 150,717    |   |   |   | (336,000 | ) |   |   | — |   |
| Consumer Electronics         |   |   | 6,171,863  |   |   |   | 1,000,000  |   |   |   | —     |   |   |   | —    |   |   |   | (4,134,422 | )      |   |   | — |   |   |   | 3,037,441 |   |
| Equipment Leasing            |   |   | —    |   |   |   | 20,000     |   |   |   | —     |   |   |   | —    |   |   |   | 24,430     |   |   |   | — |   |   |   | 44,430 |   |
| Intellectual Property        |   |   | —    |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | 14,750     |   |   |   | — |   |   |   | 14,750 |   |
| Internet                     |   |   | 333,317    |   |   |   | —    |   |   |   | (689,999    | )      |   |   | (8,426,224 | )      |   |   | 8,782,906  |   |   |   | — |   |   |   | — |   |
| Networking                   |   |   | 4,772,712  |   |   |   | 5,176,125  |   |   |   | —     |   |   |   | —    |   |   |   | 1,041,553  |   |   |   | — |   |   |   | 10,990,390 |   |
| Renewable Energy             |   |   | 7,148,368  |   |   |   | 13,775     |   |   |   | —     |   |   |   | —    |   |   |   | (7,162,143 | )      |   |   | — |   |   |   | — |   |
| Semiconductor Equipment      |   |   | —    |   |   |   | 1,000      |   |   |   | —     |   |   |   | —    |   |   |   | 6,524      |   |   |   | — |   |   |   | 7,524 |   |
| Software                     |   |   | 557,216    |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | (311,750   | )      |   |   | — |   |   |   | 245,466 |   |
| Preferred Stocks             |   |   |       |   |   |   |       |   |   |   |        |   |   |   |       |   |   |   |       |   |   |   |   |   |   |   |   |   |
| Advanced Materials           |   |   | 14,000,240 |   |   |   | 7,500,000  |   |   |   | —     |   |   |   | —    |   |   |   | (8,775,279 | )      |   |   | — |   |   |   | 12,724,961 |   |
| Advertising Technology  |   |   | 24,708,708 |   |   |   | 4,346,304  |   |   |   | (40,091,196 | )      |   |   | 11,784,839 |   |   |   | 9,009,263  |   |   |   | — |   |   |   | 9,757,918 |   |
| Aerospace                    |   |   | 2,000,000  |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | (1,554,544 | )      |   |   | — |   |   |   | 445,456 |   |
| Automotive                   |   |   | 12,928,943 |   |   |   | 4,779,956  |   |   |   | (4,779,956  | )      |   |   | 864,024    |   |   |   | (3,382,922 | )      |   |   | — |   |   |   | 10,410,045 |   |
| Cloud Computing              |   |   | 9,999,998  |   |   |   | 2,705,790  |   |   |   | (2,264,990  | )      |   |   | (379,810   | )      |   |   | (1,510,627 | )      |   |   | — |   |   |   | 8,550,361 |   |
| Consumer Electronics         |   |   | 7,438,704  |   |   |   | 750,000    |   |   |   | (5          | )      |   |   | (2,124,069 | )      |   |   | (2,311,881 | )      |   |   | — |   |   |   | 3,752,749 |   |
| Equipment Leasing            |   |   | —    |   |   |   | 4,000,000  |   |   |   | —     |   |   |   | —    |   |   |   | (24,400    | )      |   |   | — |   |   |   | 3,975,600 |   |
| Intellectual Property        |   |   | —    |   |   |   | 12,251,478 |   |   |   | (2,670,500  | )      |   |   | (3,538,500 | )      |   |   | 95,439     |   |   |   | — |   |   |   | 6,137,917 |   |
| Medical Devices              |   |   | 22,655,879 |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | 1,855,763  |   |   |   | — |   |   |   | 24,511,642 |   |
| Mobile Computing             |   |   | 7,110,747  |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | 255,049    |   |   |   | — |   |   |   | 7,365,796 |   |
| Semiconductor Equipment |   |   | 23,370,825 |   |   |   | 6,175,801  |   |   |   | —     |   |   |   | —    |   |   |   | (7,662,629 | )      |   |   | — |   |   |   | 21,883,997 |   |

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   |   | BALANCE AS OF 12/31/15 |   |   |   | NET PURCHASES/ CONVERSION |   |   |   | NET SALES/ CONVERSION |   |   |   | NET REALIZED GAINS / (LOSSES) |   |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION) (1) |   |   |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |   |   | BALANCE AS OF 12/31/16 |   |
|---------------------------------------------------------------------------|--------|--------|------------------------|--------|--------|--------|---------------------------|--------|--------|--------|-----------------------|--------|--------|--------|-------------------------------|--------|--------|--------|------------------------------------------------|--------|--------|--------|-------------------------------|--------|--------|--------|------------------------|--------|
| Asset Derivatives           |   |   |        |   |   |   |       |   |   |   |        |   |   |   |       |   |   |   |        |   |   |
|-----------------------------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|--------|-------------|--------|--------|--------|------------|--------|--------|--------|-------------|--------|--------|
| Equity Contracts            |   | $      | 642,600     |   |   | $      | —    |   |   | $      | —     |   |   | $      | —    |   |   | $      | 4,777,442   |   |   | $ | — |   |   | $ | 5,420,042 |   |
| Convertible Notes           |   |   |        |   |   |   |       |   |   |   |        |   |   |   |       |   |   |   |        |   |   |   |   |   |   |   |   |   |
| Advertising Technology |   |   | —     |   |   |   | 2,321,564  |   |   |   | —     |   |   |   | —    |   |   |   | (1,762,204  | )      |   |   | — |   |   |   | 559,360 |   |
| Aerospace                   |   |   | —     |   |   |   | 80,500     |   |   |   | (8,792      | )      |   |   | —    |   |   |   | (500        | )      |   |   | — |   |   |   | 71,208 |   |
| Consumer Electronics        |   |   | 2,000,000   |   |   |   | 3,560,000  |   |   |   | (5          | )      |   |   | (99,995    | )      |   |   | (2,546,388  | )      |   |   | — |   |   |   | 2,913,612 |   |
| Intellectual Property       |   |   | 3,630,383   |   |   |   | —    |   |   |   | (5,250,000  | )      |   |   | (360,753   | )      |   |   | 1,980,370   |   |   |   | — |   |   |   | — |   |
| Medical Devices             |   |   | 4,000,000   |   |   |   | —    |   |   |   | —     |   |   |   | —    |   |   |   | —     |   |   |   | — |   |   |   | 4,000,000 |   |
| Semiconductor Equipment     |   |   | —     |   |   |   | 2,940,462  |   |   |   | (1,381,102  | )      |   |   | —    |   |   |   | (1,559,360  | )      |   |   | — |   |   |   | — |   |
| Water Purification          |   |   | —     |   |   |   | 50,000     |   |   |   | —     |   |   |   | —    |   |   |   | —     |   |   |   | — |   |   |   | 50,000 |   |
| Total                       |   | $      | 153,859,687 |   |   | $      | 57,672,755 |   |   | $      | (57,136,545 | )      |   | $      | (2,280,488 | )      |   | $      | (14,514,544 | )      |   | $  | (336,000 | ) |   | $ | 137,264,865 |   |

| (1) | The net change in unrealized appreciation from Level 3 instruments held as of December 31, 2016 was $(22,130,823). |
|-----|--------------------------------------------------------------------------------------------------------------------|

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCE AS OF 12/31/14 |       |   | NET PURCHASES/ CONVERSION |   |      | NET SALES/ CONVERSION |   |   | NET REALIZED GAINS / (LOSSES) |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION) (1) |    |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |       | BALANCE AS OF 12/31/15 |   |
|---------------------------------------------------------------------------|--------|------------------------|------------|--------|---------------------------|--------|-----------|-----------------------|--------|--------|-------------------------------|--------|--------|------------------------------------------------|---------|--------|-------------------------------|--------|------------|------------------------|--------|
| Common Stocks                                                             |   |                   |       |   |                      |   |      |                  |   |   |                          |   |   |                                           |    |   |                          |   |       |                   |   |
| Advanced Materials                                                        |   | $                      | 607,650    |   |                      | $      | —   |                  |   | $      | —                       |   |   | $                                              | — |   |                          | $      | (403,749   | )                      |   | $ | — |   |   | $ | 203,901 |   |
| Computer Storage                                                          |   |                   | —    |   |                      |   | 336,000   |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (150,717   | )                      |   |   | — |   |   |   | 185,283 |   |
| Consumer Electronics                                                      |   |                   | 11,820,642 |   |                      |   | 2,327,500 |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (7,976,279 | )                      |   |   | — |   |   |   | 6,171,863 |   |
| Internet                                                                  |   |                   | 2,547,272  |   |                      |   | —   |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (2,213,955 | )                      |   |   | — |   |   |   | 333,317 |   |
| Renewable Energy                                                          |   |                   | 5,061,960  |   |                      |   | —   |                  |   |   | —                       |   |   |                                           | — |   |                          |   | 2,086,408  |                   |   |   | — |   |   |   | 7,148,368 |   |
| Software                                                                  |   |                   | —    |   |                      |   | 580,000   |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (22,784    | )                      |   |   | — |   |   |   | 557,216 |   |
|                                                                      |   |                   |       |   |                      |   |      |                  |   |   |                          |   |   |                                           |    |   |                          |   |       |                   |   |   |   |   |   |   |   |   |
| Preferred Stocks                                                          |   |                   |       |   |                      |   |      |                  |   |   |                          |   |   |                                           |    |   |                          |   |       |                   |   |   |   |   |   |   |   |   |
| Advanced Materials                                                        |   |                   | 11,432,476 |   |                      |   | 2,000,000 |                  |   |   | —                       |   |   |                                           | — |   |                          |   | 567,764    |                   |   |   | — |   |   |   | 14,000,240 |   |
| Advertising Technology                                                    |   |                   | 19,323,228 |   |                      |   | 5,999,995 |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (614,515   | )                      |   |   | — |   |   |   | 24,708,708 |   |
| Automotive                                                                |   |                   | 10,916,840 |   |                      |   | 1,658,996 |                  |   |   | —                       |   |   |                                           | — |   |                          |   | 353,107    |                   |   |   | — |   |   |   | 12,928,943 |   |
| Aerospace                                                                 |   |                   | —    |   |                      |   | 2,000,000 |                  |   |   | —                       |   |   |                                           | — |   |                          |   | —    |                   |   |   | — |   |   |   | 2,000,000 |   |

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCE AS OF 12/31/14 |        |   | NET PURCHASES/ CONVERSION |   |       | NET SALES/ CONVERSION |   |   | NET REALIZED GAINS / (LOSSES) |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION) (1) |    |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |       | BALANCE AS OF 12/31/15 |   |
|---------------------------------------------------------------------------|--------|------------------------|-------------|--------|---------------------------|--------|------------|-----------------------|--------|--------|-------------------------------|--------|--------|------------------------------------------------|---------|--------|-------------------------------|--------|------------|------------------------|--------|
| Cloud Computing                                                           |   | $                      | 9,999,998   |   |                      | $      | —    |                  |   | $      | —                       |   |   | $                                              | — |   |                          | $      | —    |                   |   | $ | — |   |   | $ | 9,999,998 |   |
| Consumer Electronics                                                      |   |                   | 4,000,000   |   |                      |   | 3,624,074  |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (185,370   | )                      |   |   | — |   |   |   | 7,438,704 |   |
| Medical Devices                                                           |   |                   | 15,986,250  |   |                      |   | 26,299,938 |                  |   |   | (20,299,939                   | )      |   |                                           | — |   |                          |   | 669,630    |                   |   |   | — |   |   |   | 22,655,879 |   |
| Mobile Computing                                                          |   |                   | 9,999,997   |   |                      |   | —    |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (2,889,250 | )                      |   |   | — |   |   |   | 7,110,747 |   |
| Networking                                                                |   |                   | —     |   |                      |   | 3,999,987  |                  |   |   | —                       |   |   |                                           | — |   |                          |   | 772,725    |                   |   |   | — |   |   |   | 4,772,712 |   |
| Semiconductor Equipment                                                   |   |                   | 18,682,483  |   |                      |   | 2,321,483  |                  |   |   | —                       |   |   |                                           | — |   |                          |   | 2,366,859  |                   |   |   | — |   |   |   | 23,370,825 |   |
|                                                                      |   |                   |        |   |                      |   |       |                  |   |   |                          |   |   |                                           |    |   |                          |   |       |                   |   |   |   |   |   |   |   |   |
| Asset Derivatives                                                         |   |                   |        |   |                      |   |       |                  |   |   |                          |   |   |                                           |    |   |                          |   |       |                   |   |   |   |   |   |   |   |   |
| Equity Contracts                                                          |   |                   | 567,900     |   |                      |   | —    |                  |   |   | —                       |   |   |                                           | — |   |                          |   | 74,700     |                   |   |   | — |   |   |   | 642,600 |   |
| Convertible Notes                                                         |   |                   |        |   |                      |   |       |                  |   |   |                          |   |   |                                           |    |   |                          |   |       |                   |   |   |   |   |   |   |   |   |
| Aerospace                                                                 |   |                   | —     |   |                      |   | 250,000    |                  |   |   | (250,000                      | )      |   |                                           | — |   |                          |   | —    |                   |   |   | — |   |   |   | — |   |
| Consumer Electronics                                                      |   |                   | 500,000     |   |                      |   | 2,100,000  |                  |   |   | (600,000                      | )      |   |                                           | — |   |                          |   | —    |                   |   |   | — |   |   |   | 2,000,000 |   |
| Intellectual Property                                                     |   |                   | 5,250,000   |   |                      |   | —    |                  |   |   | —                       |   |   |                                           | — |   |                          |   | (1,619,617 | )                      |   |   | — |   |   |   | 3,630,383 |   |
| Medical Devices                                                           |   |                   | 4,000,000   |   |                      |   | —    |                  |   |   | —                       |   |   |                                           | — |   |                          |   | —    |                   |   |   | — |   |   |   | 4,000,000 |   |
| Semiconductor Equipment                                                   |   |                   | 2,000,000   |   |                      |   | —    |                  |   |   | (2,000,000                    | )      |   |                                           | — |   |                          |   | —    |                   |   |   | — |   |   |   | — |   |
| Total                                                                     |   | $                      | 132,696,696 |   |                      | $      | 53,497,973 |                  |   | $      | (23,149,939                   | )      |   | $                                              | — |   |                          | $      | (9,185,043 | )                      |   | $ | — |   |   | $ | 153,859,687 |   |

| (1) | The net change in unrealized appreciation from Level 3 instruments held as of December 31, 2015 was $(13,498,735). |
|-----|--------------------------------------------------------------------------------------------------------------------|

|                                                       |   |   | FAIR VALUE AT 12/31/16 |                 | VALUATION TECHNIQUES               | UNOBSERVABLE INPUTS | RANGE (WEIGHTED AVG.) |
|------------------------------------------------------------|--------|--------|------------------------|----------------------|------------------------------------|---------------------|-----------------------|
| Direct venture capital investments: Advanced Materials     |   | $      | 13.5M                  |                 | Market Comparable                  | Revenue Multiple    | 0.6x                  |
|                                                       |   |   |                   | Companies            | Years to Expiration                | 5 years             |
|                                                       |   |   |                   | Prior Transaction    | Volatility                         | 55.0%               |
|                                                       |   |   |                   | Analysis             | Risk-Free Rate                     | 1.93%               |
|                                                       |   |   |                   | Option Pricing Model | Discount for Lack of Marketability | 31.90%              |
| Direct venture capital investments: Advertising Technology |   | $      | 10.3M                  |                 | Market Comparable                  | Revenue Multiple    | 0.3x                  |
|                                                       |   |   |                   | Companies            | Years to Expiration                | 2 years             |
|                                                       |   |   |                   | Option Pricing Model | Volatility                         | 55.0%               |
|                                                       |   |   |                   |                 | Risk-Free Rate                     | 1.20%               |

----

| continued                                                 |   |   | FAIR VALUE AT 12/31/16 |                 | VALUATION TECHNIQUES                 | UNOBSERVABLE INPUTS                | RANGE (WEIGHTED AVG.) |
|-----------------------------------------------------------|--------|--------|------------------------|----------------------|--------------------------------------|------------------------------------|-----------------------|
| Direct venture capital investments: Aerospace             |   | $      | 0.5M                   |                 | Prior Transaction                    | Going Concern Probability          | 30%                   |
|                                                      |   |   |                   | Analysis             | Years to Expiration                  | 5 years                            |
|                                                      |   |   |                   | Probability-Weighted | Volatility                           | 60.0%                              |
|                                                      |   |   |                   | Expected Return      | Risk-Free Rate                       | 1.93%                              |
|                                                      |   |   |                   | Option Pricing Model | Discount for Lack of Marketability   | 25.8%                              |
| Direct venture capital investments: Automotive            |   | $      | 10.4M                  |                 | Prior Transaction                    | Years to Expiration                | 3 years               |
|                                                      |   |   |                   | Analysis             | Volatility                           | 55.0%                              |
|                                                      |   |   |                   | Option Pricing Model | Risk-Free Rate                       | 1.47%                              |
| Direct venture capital investments: Cloud Computing       |   | $      | 8.6M                   |                 | Market Comparable                    | Revenue Multiple                   | 1.3x - 1.5x           |
|                                                      |   |   |                   | Companies            | Years to Expiration                  | 2 years                            |
|                                                      |   |   |                   | Prior Transaction    | Volatility                           | 40.0%                              |
|                                                      |   |   |                   | Analysis             | Risk-Free Rate                       | 1.2%                               |
|                                                      |   |   |                   | Option Pricing Model |                                 |                               |
| Direct venture capital investments: Consumer Electronics  |   | $      | 9.7M                   |                 | Market Comparable                    | Revenue Mulitple                   | 0.9x                  |
|                                                      |   |   |                   | Companies            | IPO Exit Probability                 | 75%                                |
|                                                      |   |   |                   | Prior Transaction    | Merger & Acquisition Probability | 25%                                |
|                                                      |   |   |                   |                 | Analysis                             | Going Concern Probability          | 60% - 100%            |
|                                                      |   |   |                   |                 | Probability-Weighted                 | Years to Expiration                | 1 year - 5 years      |
|                                                      |   |   |                   |                 | Expected Return                      | Volatility                         | 50.0% - 70.0%         |
|                                                      |   |   |                   |                 | Invested Capital(Cost)               | Risk-Free Rate                     | 0.85% - 1.93%         |
|                                                      |   |   |                   |                 | Option Pricing Model                 | Discount for Lack of Marketability | 0.0% - 31.9%          |
| Direct venture capital investments: Equipment Leasing     |   | $      | 4.0M                   |                 | Prior Transaction                    | Years to Expiration                | 5 years               |
|                                                      |   |   |                   | Analysis             | Volatility                           | 50.0%                              |
|                                                      |   |   |                   |                 | Risk-Free Rate                       | 1.93%                              |
| Direct venture capital investments: Intellectual Property |   | $      | 6.2M                   |                 | Prior Transaction                    | Years to Expiration                | 5 years               |
|                                                      |   |   |                   | Analysis             | Volatility                           | 55%                                |
|                                                      |   |   |                   | Option Pricing Model | Risk-Free Rate                       | 1.93%                              |
|                                                      |   |   |                   |                 | Discount for Lack of Marketability   | 31.9%                              |
|                                                      |   |   |                   |                 | Adjustment for Market Movement       | (19.8%)                            |
| Direct venture capital investments: Medical Devices       |   | $      | 28.5M                  |                 | Market Comparable                    | Revenue Multiple                   | 2.7x - 3.1x           |
|                                                      |   |   |                   | Companies            | Years to Expiration                  | 4 years                            |
|                                                      |   |   |                   | Prior Transaction    | Volatility                           | 50.0%                              |
|                                                      |   |   |                   | Analysis             | Risk-Free Rate                       | 1.70%                              |
|                                                      |   |   |                   | Option Pricing Model |                                 |                               |
| Direct venture capital investments: Mobile Computing      |   | $      | 7.4M                   |                 | Prior Transaction                    | Years to Expiration                | 2 years               |
|                                                      |   |   |                   | Analysis             | Volatility                           | 60.0%                              |
|                                                      |   |   |                   | Option Pricing Model | Risk-Free Rate                       | 1.20%                              |
| Direct venture capital investments: Networking            |   | $      | 11.0M                  |                 | Prior Transaction                    | Discount for Lack of Marketability | 10%                   |
|                                                      |   |   |                   | Analysis             |                                 |                               |

----

| continued                                                   |   |   | FAIR VALUE AT 12/31/16 |                 | VALUATION TECHNIQUES               | UNOBSERVABLE INPUTS | RANGE (WEIGHTED AVG.) |
|-------------------------------------------------------------|--------|--------|------------------------|----------------------|------------------------------------|---------------------|-----------------------|
| Direct venture capital investments: Semiconductor Equipment |   | $      | 26.9M                  |                 | Prior Transaction                  | Years to Expiration | 2 years - 5 years     |
|                                                        |   |   |                   | Analysis             | Volatility                         | 50.0 - 55.0%        |
|                                                        |   |   |                   | Option Pricing Model | Risk-Free Rate                     | 1.20% - 1.93%       |
|                                                        |   |   |                   |                 | Discount for Lack of Marketability | 0.0% - 20.80%       |
| Direct venture capital investments: Software                |   | $      | 0.2M                   |                 | Prior Transaction                  | Years to Expiration | 1 year                |
|                                                        |   |   |                   | Analysis             | Volatility                         | 55.0%               |
|                                                        |   |   |                   | Option Pricing Model | Risk-Free Rate                     | 0.85%               |
| Direct venture capital investments: Water Purification      |   | $      | 0.1M                   |                 | Prior Transaction                  | Years to Expiration | 5 years               |
|                                                        |   |   |                   | Analysis             | Volatility                         | 40.0%               |
|                                                        |   |   |                   | Option Pricing Model | Risk-Free Rate                     | 1.93%               |

|                                                       |   |   | FAIR VALUE AT 12/31/15 |                 | VALUATION TECHNIQUES               | UNOBSERVABLE INPUTS                | RANGE (WEIGHTED AVG.) |
|------------------------------------------------------------|--------|--------|------------------------|----------------------|------------------------------------|------------------------------------|-----------------------|
| Direct venture capital investments: Advanced Materials     |   | $      | 14.8M                  |                 | Market Comparable                  | Revenue Multiple                   | 0.9x - 1.0x           |
|                                                       |   |   |                   | Companies            | Years to Expiration                | 5 years                            |
|                                                       |   |   |                   | Prior Transaction    | Volatility                         | 59.93% - 59.44%                    |
|                                                       |   |   |                   | Analysis             | Risk-Free Rate                     | 1.76%                              |
|                                                       |   |   |                   | Option Pricing Model | Discount for Lack of Marketability | 34.4% - 34.6%                      |
| Direct venture capital investments: Advertising Technology |   | $      | 24.7M                  |                 | Market Comparable                  | Revenue Multiple                   | 0.7x                  |
|                                                       |   |   |                   | Companies            | Years to Expiration                | 2 years                            |
|                                                       |   |   |                   | Prior Transaction    | Volatility                         | 56.62% - 62.08%                    |
|                                                       |   |   |                   | Analysis             | Risk-Free Rate                     | 1.06%                              |
|                                                       |   |   |                   | Option Pricing Model |                               |                               |
| Direct venture capital investments: Aerospace              |   | $      | 2.0M                   |                 | Prior Transaction                  | Years to Expiration                | 5 years               |
|                                                       |   |   |                   | Analysis             | Volatility                         | 60.53%                             |
|                                                       |   |   |                   | Option Pricing Model | Risk-Free Rate                     | 1.76%                              |
| Direct venture capital investments: Automotive             |   | $      | 12.9M                  |                 | Prior Transaction                  | Years to Expiration                | 3 years               |
|                                                       |   |   |                   | Analysis             | Volatility                         | 67.14%                             |
|                                                       |   |   |                   | Option Pricing Model | Risk-Free Rate                     | 1.31%                              |
| Direct venture capital investments: Cloud Computing        |   | $      | 10.0M                  |                 | Prior Transaction                  | Years to Expiration                | 1 year                |
|                                                       |   |   |                   | Analysis             | Volatility                         | 32.19%                             |
|                                                       |   |   |                   | Option Pricing Model | Risk-Free Rate                     | 0.65%                              |
| Direct venture capital investments: Computer Storage       |   | $      | 0.2M                   |                 | Prior Transaction                  | Discount for Lack of Marketability | 15.0%                 |
|                                                       |   |   |                   | Analysis             |                               |                               |

----

| continued                                                   |   |   | FAIR VALUE AT 12/31/15 |                   | VALUATION TECHNIQUES                 | UNOBSERVABLE INPUTS                | RANGE (WEIGHTED AVG.) |
|-------------------------------------------------------------|--------|--------|------------------------|------------------------|--------------------------------------|------------------------------------|-----------------------|
| Direct venture capital investments: Consumer Electronics    |   | $      | 15.6M                  |                   | Prior Transaction                    | IPO Exit Probability               | 90%                   |
|                                                        |   |   |                   | Analysis               | Merger & Acquisition Probability | 10%                                |
|                                                        |   |   |                   | Probability-Weighted   | Years to Expiration                  | 1 year - 5 years                   |
|                                                        |   |   |                   | Expected Return        | Volatility                           | 47.74% - 62.41%                    |
|                                                        |   |   |                   | Invested Capital(Cost) | Risk-Free Rate                       | 1.06% - 1.76%                      |
|                                                        |   |   |                   | Option Pricing Model   | Discount for Lack of Marketability   | 0.0% - 23.7%                       |
| Direct venture capital investments: Intellectual Property   |   | $      | 3.6M                   |                   | Prior Transaction                    | Years to Expiration                | 5 years               |
|                                                        |   |   |                   | Analysis               | Volatility                           | 54.81%                             |
|                                                        |   |   |                   | Option Pricing Model   | Risk-Free Rate                       | 1.76%                              |
|                                                        |   |   |                   |                   | Discount for Lack of Marketability   | 32.10%                             |
| Direct venture capital investments: Internet                |   | $      | 0.3M                   |                   | Probability-Weighted                 | High Value M&A Probability     | 5%                    |
|                                                        |   |   |                   | Expected Return        | Low Value M&A Probability        | 70%                                |
|                                                        |   |   |                   | Option Pricing Model   | Remain Private Probability           | 25%                                |
|                                                        |   |   |                   |                   | Volatility                           | 43.90%                             |
|                                                        |   |   |                   |                   | Risk-Free Rate                       | 0.65%                              |
|                                                        |   |   |                   |                   | Discount for Lack of Marketability   | 13.5%                              |
| Direct venture capital investments: Medical Devices         |   | $      | 26.7M                  |                   | Prior Transaction                    | Years to Expiration                | 4 years               |
|                                                        |   |   |                   | Analysis               | Volatility                           | 69.52%                             |
|                                                        |   |   |                   | Option Pricing Model   | Risk-Free Rate                       | 1.54%                              |
| Direct venture capital investments: Mobile Computing        |   | $      | 7.1M                   |                   | Prior Transaction                    | Years to Expiration                | 2 years               |
|                                                        |   |   |                   | Analysis               | Volatility                           | 71.34%                             |
|                                                        |   |   |                   | Option Pricing Model   | Risk-Free Rate                       | 1.06%                              |
| Direct venture capital investments: Networking              |   | $      | 4.8M                   |                   | Prior Transaction                    | Years to Expiration                | 0.5 years             |
|                                                        |   |   |                   | Analysis               | Volatility                           | 27.99%                             |
|                                                        |   |   |                   | Option Pricing Model   | Risk-Free Rate                       | 0.49%                              |
|                                                        |   |   |                   |                   | Discount for Lack of Marketability   | 6.1%                               |
| Direct venture capital investments: Renewable Energy        |   | $      | 7.1M                   |                   | Prior Transaction                    | Discount for Lack of Marketability | 10.0%                 |
|                                                        |   |   |                   | Analysis               |                                 |                               |
| Direct venture capital investments: Semiconductor Equipment |   | $      | 23.4M                  |                   | Prior Transaction                    | Years to Expiration                | 3 years               |
|                                                        |   |   |                   | Analysis               | Volatility                           | 49.83%                             |
|                                                        |   |   |                   | Option Pricing Model   | Risk-Free Rate                       | 1.31%                              |
| Direct venture capital investments: Software                |   | $      | 0.6M                   |                   | Prior Transaction                    | Years to Expiration                | 1 year                |
|                                                        |   |   |                   | Analysis               | Volatility                           | 62.48%                             |
|                                                        |   |   |                   | Option Pricing Model   | Risk-Free Rate                       | 0.65%                              |
|                                                        |   |   |                   |                   | Discount for Lack of Marketability   | 19.0%                              |

----

|                            |   | INCREASE (DECREASE)  |       |
|---------------------------------|--------|---------------------------|------------|
|                            |        |  Paid-in-Capital     |       |   | Accumulated Net Investment Income (Loss) |      |    | Accumulated Net Realized Gain (Loss) |   |
| Firsthand Technology Value Fund |   | $                         | (3,835,503 | ) |   | $ | 3,835,503 |   |   | $ | — |   |

|                            |   | INCREASE (DECREASE) |      |
|---------------------------------|--------|---------------------|-----------|
|                            |   | Paid-in-Capital     |      |   | Accumulated Net Investment Income (Loss) |     |    | Accumulated Net Realized Gain (Loss) |   |
| Firsthand Technology Value Fund |   | $                   | 5,556,431 |   |   | $ | (5,384,445 | ) |   | $ | (171,986 | ) |

----

|                                       |   | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |        |
|--------------------------------------------|--------|---------------------------------------|-------------|
| Net Unrealized Appreciation (Depreciation) |   | $                                     | (34,834,709 | ) |
| Capital Loss Carryforwards                 |   |                                  | (958,644    | ) |
| Total Distributable Earnings               |   | $                                     | (35,793,353 | ) |

|                                 |   | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |        |
|--------------------------------------|--------|---------------------------------------|-------------|
| Gross unrealized appreciation        |   | $                                     | 13,265,628  |   |
| Gross unrealized depreciation        |   |                                  | (48,100,337 | ) |
| Net unrealized depreciation          |   | $                                     | (34,834,709 | ) |
| Federal income tax cost, Investments |   | $                                     | 182,365,558 |   |

|                                       |   | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |        |
|--------------------------------------------|--------|---------------------------------------|-------------|
| Net Unrealized Appreciation (Depreciation) |   | $                                     | (12,597,590 | ) |
| Capital Loss Carryforwards                 |   |                                  | (2,369,712  | ) |
| Total Distributable Earnings               |   | $                                     | (14,967,302 | ) |

|                                 |   | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |        |
|--------------------------------------|--------|---------------------------------------|-------------|
| Gross unrealized appreciation        |   | $                                     | 16,195,265  |   |
| Gross unrealized depreciation        |   |                                  | (28,792,855 | ) |
| Net unrealized depreciation          |   | $                                     | (12,597,590 | ) |
| Federal income tax cost, Investments |   | $                                     | 183,276,365 |   |

----

| PURCHASES AND SALES                                         |   |   |       |
|-------------------------------------------------------------|--------|--------|------------|
| Purchases of investment securities                          |   | $      | 76,522,603 |   |
| Proceeds from sales and maturities of investment securities |   | $      | 80,015,681 |   |
|                                   |   | SHARES/PAR ACTIVITY |      |   |              |   |      |                        |   |   |                |   |   |                 |      |
|----------------------------------------|--------|---------------------|-----------|--------|-------------------|--------|-----------|-----------------------------|--------|--------|---------------------|--------|--------|----------------------|-----------|
| AFFILIATE/ CONTROLLED INVESTMENT*      |   | BALANCE AT 12/31/15 |      |   | PURCHASES/ MERGER |   |      | SALES/ MATURITY/ EXPIRATION |   |   | BALANCE AT 12/31/16 |   |   | REALIZED GAIN (LOSS) |      |   | INTEREST |   |   | VALUE 12/31/16 |   |   | ACQUISITION COST |   |
| EQX, Inc. Common Stock*                |   |                | —   |   |              |   | 100,000   |                        |   |   | —             |   |   |                 | 100,000   |   |   | $ | — |   |   | $ | — |   |   | $ | 44,430 |   |   | $ | 20,000 |   |
| EQX, Inc. Preferred Stock - Series A*  |   |                | —   |   |              |   | 4,000,000 |                        |   |   | —             |   |   |                 | 4,000,000 |   |   |   | — |   |   |   | — |   |   |   | 3,975,600 |   |   |   | 4,000,000 |   |
| Hera Systems, Inc. Term Note*          |   |                | —   |   |              |   | 50,000    |                        |   |   | (8,792              | )      |   |                 | 41,208    |   |   |   | — |   |   |   | 210 |   |   |   | 41,208 |   |   |   | 41,208 |   |
| Hera Systems, Inc. Series A Preferred* |   |                | 3,642,324 |   |              |   | —   |                        |   |   | —             |   |   |                 | 3,642,324 |   |   |   | — |   |   |   | — |   |   |   | 445,456 |   |   |   | 2,000,000 |   |

----

|                                      |   | SHARES/PAR ACTIVITY |       |   |              |   |       |                        |   |   |                |   |   |                 |       |
|-------------------------------------------|--------|---------------------|------------|--------|-------------------|--------|------------|-----------------------------|--------|--------|---------------------|--------|--------|----------------------|------------|
| AFFILIATE/CONTROLLED INVESTMENT*          |   | BALANCE AT 12/31/15 |       |   | PURCHASES/ MERGER |   |       | SALES/ MATURITY/ EXPIRATION |   |   | BALANCE AT 12/31/16 |   |   | REALIZED GAIN (LOSS) |       |   | INTEREST |   |   | VALUE 12/31/16 |   |   | ACQUISITION COST |   |
| Hera Systems, Inc. Convertible Note*      |   |                | —    |   |              |   | 30,000     |                        |   |   | —             |   |   |                 | 30,000     |   |   | $ | — |   |   | $ | 681 |   |   | $ | 30,000 |   |   | $  | 30,000 |   |
| IntraOp Medical Corp. Series C Preferred* |   |                | 26,856,187 |   |              |   | —    |                        |   |   | —             |   |   |                 | 26,856,187 |   |   |   | — |   |   |   | — |   |   |   | 24,511,642 |   |   |   | 26,299,938 |   |
| IntraOp Medical Corp. Convertible Note*   |   |                | 1,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 1,000,000  |   |   |   | — |   |   |   | 195,204 |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| IntraOp Medical Corp. Term Note*          |   |                | 3,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 3,000,000  |   |   |   | — |   |   |   | 240,658 |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| Pivotal Systems, Series A Preferred*      |   |                | 11,914,217 |   |              |   | —    |                        |   |   | —             |   |   |                 | 11,914,217 |   |   |   | — |   |   |   | — |   |   |   | 6,370,532 |   |   |   | 6,000,048 |   |
| Pivotal Systems, Series B Preferred*      |   |                | 13,065,236 |   |              |   | —    |                        |   |   | —             |   |   |                 | 13,065,236 |   |   |   | — |   |   |   | — |   |   |   | 6,985,982 |   |   |   | 6,321,483 |   |
| Pivotal Systems, Series C Preferred*      |   |                | 2,291,260  |   |              |   | —    |                        |   |   | —             |   |   |                 | 2,291,260  |   |   |   | — |   |   |   | — |   |   |   | 2,273,159 |   |   |   | 2,657,862 |   |
| Pivotal Systems, Series D Preferred*      |   |                | —    |   |              |   | 6,237,978  |                        |   |   | —             |   |   |                 | 6,237,978  |   |   |   | — |   |   |   | — |   |   |   | 4,060,924 |   |   |   | 3,975,801 |   |
| Pivotal Systems, Convertible Note*        |   |                | —    |   |              |   | 500,000    |                        |   |   | (500,000            | )      |   |                 | —    |   |   |   | — |   |   |   | 39,178 |   |   |   | — |   |   |   | — |   |
| Pivotal Systems, Convertible Note*        |   |                | —    |   |              |   | 881,102    |                        |   |   | (881,102            | )      |   |                 | —    |   |   |   | — |   |   |   | 55,521 |   |   |   | — |   |   |   | — |   |
| Pivotal Systems, Common Stocks Warrants*  |   |                | —    |   |              |   | 4,158,654  |                        |   |   | —             |   |   |                 | 4,158,654  |   |   |   | — |   |   |   | — |   |   |   | 284,036 |   |   |   | — |   |
| Pivotal Systems, Common Stocks Warrants*  |   |                | —    |   |              |   | 18,180,475 |                        |   |   | —             |   |   |                 | 18,180,475 |   |   |   | — |   |   |   | — |   |   |   | 4,743,286 |   |   |   | — |   |
| QMAT, Preferred Stock Series A*           |   |                | 14,000,240 |   |              |   | 2,000,000  |                        |   |   | —             |   |   |                 | 16,000,240 |   |   |   | — |   |   |   | — |   |   |   | 10,724,961 |   |   |   | 16,000,240 |   |
| QMAT, Preferred Stock Series B*           |   |                | —    |   |              |   | 2,000,000  |                        |   |   | —             |   |   |                 | 2,000,000  |   |   |   | — |   |   |   | — |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| QMAT, Series A Warrant*                   |   |                | 2,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 2,000,000  |   |   |   | — |   |   |   | — |   |   |   | 376,400 |   |   |   | — |   |
| Revasum, Common Stock*                    |   |                | —    |   |              |   | 10,000     |                        |   |   | —             |   |   |                 | 10,000     |   |   |   | — |   |   |   | — |   |   |   | 7,524 |   |   |   | 1,000 |   |
| Revasum, Preferred Stock Series A*        |   |                | —    |   |              |   | 2,200,000  |                        |   |   | —             |   |   |                 | 2,200,000  |   |   |   | — |   |   |   | — |   |   |   | 2,193,400 |   |   |   | 2,200,000 |   |
| Silicon Genesis Corp., Common*            |   |                | 921,892    |   |              |   | —    |                        |   |   | —             |   |   |                 | 921,892    |   |   |   | — |   |   |   | — |   |   |   | 14,750 |   |   |   | 169,045 |   |
| Silicon Genesis Corp., Convertible Note*  |   |                | 1,250,000  |   |              |   | —    |                        |   |   | (1,250,000          | )      |   |                 | —    |   |   |   | (360,753 | ) |   |   | — |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Convertible Note*  |   |                | 1,000,000  |   |              |   | —    |                        |   |   | (1,000,000          | )      |   |                 | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Term Note*         |   |                | 3,000,000  |   |              |   | —    |                        |   |   | (3,000,000          | )      |   |                 | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| Silicon Genesis Corp., Common Warrant*    |   |                | 37,982     |   |              |   | —    |                        |   |   | —             |   |   |                 | 37,982     |   |   |   | — |   |   |   | — |   |   |   | 319 |   |   |   | 6,678 |   |
| Silicon Genesis Corp., Common Warrant*    |   |                | 5,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 5,000,000  |   |   |   | — |   |   |   | — |   |   |   | 10,000 |   |   |   | — |   |

----

|                                          |   | SHARES/PAR ACTIVITY |       |   |              |   |       |                        |   |   |                |   |   |                 |       |
|-----------------------------------------------|--------|---------------------|------------|--------|-------------------|--------|------------|-----------------------------|--------|--------|---------------------|--------|--------|----------------------|------------|
| AFFILIATE/CONTROLLED INVESTMENT*              |   | BALANCE AT 12/31/15 |       |   | PURCHASES/ MERGER |   |       | SALES/ MATURITY/ EXPIRATION |   |   | BALANCE AT 12/31/16 |   |   | REALIZED GAIN (LOSS) |       |   | INTEREST |   |   | VALUE 12/31/16 |   |   | ACQUISITION COST |   |
| Silicon Genesis Corp., Common Warrant*        |   |                | 3,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 3,000,000  |   |   | $ | — |   |   | $ | — |   |   | $ | 6,000 |   |   | $ | — |   |
| Silicon Genesis Corp., Series 1-C Preferred*  |   |                | 82,914     |   |              |   | —    |                        |   |   | —             |   |   |                 | 82,914     |   |   |   | — |   |   |   | — |   |   |   | 70,444 |   |   |   | 109,518 |   |
| Silicon Genesis Corp., Series 1-D Preferred*  |   |                | 850,830    |   |              |   | —    |                        |   |   | —             |   |   |                 | 850,830    |   |   |   | — |   |   |   | — |   |   |   | 195,606 |   |   |   | 431,901 |   |
| Silicon Genesis Corp., Series 1-E Preferred*  |   |                | 5,704,480  |   |              |   | —    |                        |   |   | —             |   |   |                 | 5,704,480  |   |   |   | — |   |   |   | — |   |   |   | 2,134,616 |   |   |   | 2,946,535 |   |
| Silicon Genesis Corp., Series 1-F Preferred*  |   |                | 912,453    |   |              |   | —    |                        |   |   | —             |   |   |                 | 912,453    |   |   |   | — |   |   |   | — |   |   |   | 464,165 |   |   |   | 583,060 |   |
| Silicon Genesis Corp., Series 1-G Preferred*  |   |                | —    |   |              |   | 83,370,793 |                        |   |   | (35,000,000         | )      |   |                 | 48,370,793 |   |   |   | (3,538,500 | ) |   |   | — |   |   |   | 3,032,848 |   |   |   | 5,042,479 |   |
| Silicon Genesis Corp., Series 1-H Preferred*  |   |                | —    |   |              |   | 837,942    |                        |   |   | —             |   |   |                 | 837,942    |   |   |   | — |   |   |   | — |   |   |   | 240,238 |   |   |   | 1,000,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |                | 2,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 2,000,000  |   |   |   | — |   |   |   | 209,033 |   |   |   | 1,109,340 |   |   |   | 2,000,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |                | —    |   |              |   | 150,000    |                        |   |   | —             |   |   |                 | 150,000    |   |   |   | — |   |   |   | 7,973 |   |   |   | 83,201 |   |   |   | 150,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |                | —    |   |              |   | 500,000    |                        |   |   | —             |   |   |                 | 500,000    |   |   |   | — |   |   |   | 35,068 |   |   |   | 277,335 |   |   |   | 500,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |                | —    |   |              |   | 300,000    |                        |   |   | —             |   |   |                 | 300,000    |   |   |   | — |   |   |   | 27,781 |   |   |   | 166,401 |   |   |   | 300,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |                | —    |   |              |   | 500,000    |                        |   |   | —             |   |   |                 | 500,000    |   |   |   | — |   |   |   | 2,603 |   |   |   | 277,335 |   |   |   | 500,000 |   |
| Telepathy Investors, Inc. Series A Preferred* |   |                | 15,238,000 |   |              |   | —    |                        |   |   | —             |   |   |                 | 15,238,000 |   |   |   | — |   |   |   | — |   |   |   | 2,096,749 |   |   |   | 3,999,999 |   |
| Vufine, Inc., Series A Preferred*             |   |                | 15,000,000 |   |              |   | 7,500,000  |                        |   |   | —             |   |   |                 | 22,500,000 |   |   |   | — |   |   |   | — |   |   |   | 1,656,000 |   |   |   | 2,250,000 |   |
| Vufine, Inc., Common Stock*                   |   |                | 750,000    |   |              |   | —    |                        |   |   | —             |   |   |                 | 750,000    |   |   |   | — |   |   |   | — |   |   |   | 14,325 |   |   |   | 15,000 |   |
| Vufine, Inc., Convertible Note*               |   |                | —    |   |              |   | 1,000,000  |                        |   |   | —             |   |   |                 | 1,000,000  |   |   |   | — |   |   |   | 16,767 |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| Wrightspeed, Inc. Series C Preferred          |   |                | 2,267,659  |   |              |   | 1,480,000  |                        |   |   | (1,480,000          | )      |   |                 | 2,267,659  |   |   |   | 864,024 |   |   |   | — |   |   |   | 5,811,783 |   |   |   | 6,864,023 |   |
| Wrightspeed, Inc. Series D Preferred          |   |                | 1,100,978  |   |              |   | —    |                        |   |   | —             |   |   |                 | 1,100,978  |   |   |   | — |   |   |   | — |   |   |   | 3,221,792 |   |   |   | 3,375,887 |   |
| Wrightspeed, Inc. Series E Preferred          |   |                | 450,814    |   |              |   | —    |                        |   |   | —             |   |   |                 | 450,814    |   |   |   | — |   |   |   | — |   |   |   | 1,376,470 |   |   |   | 1,658,996 |   |
| Total Affiliates and Controlled Investments   |   |                |       |   |              |   |       |                        |   |   |                |   |   |                 |       |   |   | $ | (3,035,229 | ) |   | $ | 830,677 |   |   | $ | 96,328,257 |   |   | $ | 108,450,701 |   |
| Total Affiliates                              |   |                |       |   |              |   |       |                        |   |   |                |   |   |                 |       |   |   | $ | 864,024 |   |   | $ | — |   |   | $ | 10,410,045 |   |   | $ | 11,898,906 |   |
| Total Controlled Investments                  |   |                |       |   |              |   |       |                        |   |   |                |   |   |                 |       |   |   | $ | (3,899,253 | ) |   | $ | 830,677 |   |   | $ | 85,918,212 |   |   | $ | 96,551,795 |   |

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

----

| Financial Summary      |   | QMAT   |       |   | INTRAOP MEDICAL |   |       | PIVOTAL SYSTEMS |   |
|------------------------|--------|--------|------------|--------|-----------------|--------|------------|-----------------|--------|
| Total Assets           |   | $      | 2,708,422  |   |            | $      | 20,398,974 |            |   | $ | 10,538,000 |   |
| Total Liabilities      |   |   | 2,795,633  |   |            |   | 8,464,797  |            |   |   | 5,457,000 |   |
| Net Shareholder Equity |   | $      | (87,211    | )      |            | $      | 11,934,177 |            |   | $ | 5,081,000 |   |
|                   |   |   |       |   |            |   |       |            |   |   |   |   |
| Total Revenues/Income  |   | $      | 4,237      |   |            | $      | 7,976,800  |            |   | $ | 8,378,000 |   |
| Total Expenses         |   |   | 5,214,013  |   |            |   | 14,482,076 |            |   |   | 12,444,000 |   |
| Net Income/(Loss)      |   | $      | (5,209,776 | )      |            | $      | (6,505,276 | )               |   | $ | (4,066,000 | ) |
| Financial Summary      |   | SILICON GENESIS |       |   | TELEPATHY INVESTORS |   |       | VUFINE |   |
|------------------------|--------|-----------------|------------|--------|---------------------|--------|------------|--------|--------|
| Total Assets           |   | $               | 1,369,914  |   |                | $      | 1,885,291  |   |   | $ | 1,113,269 |   |
| Total Liabilities      |   |            | 3,298,630  |   |                |   | 5,577,790  |   |   |   | 1,216,547 |   |
| Net Shareholder Equity |   | $               | (1,928,716 | )      |                | $      | (3,692,499 | )      |   | $ | (103,278 | ) |
|                   |   |            |       |   |                |   |       |   |   |   |   |   |
| Total Revenues/Income  |   | $               | 202,073    |   |                | $      | 448,590    |   |   | $ | 880,474 |   |
| Total Expenses         |   |            | 485,699    |   |                |   | 3,866,396  |   |   |   | 2,111,193 |   |
| Net Income/(Loss)      |   | $               | (283,626   | )      |                | $      | (3,417,806 | )      |   | $ | (1,230,719 | ) |
| Financial Summary      |   | EQX CAPITAL |      |   | REVASUM |   |      | HERA SYSTEMS |   |
|------------------------|--------|-------------|-----------|--------|---------|--------|-----------|--------------|--------|
| Total Assets           |   | $           | 3,776,706 |   |    | $      | 5,100,000 |         |   | $ | 1,569,995 |   |
| Total Liabilities      |   |        | 52,598    |   |    |   | 3,100,000 |         |   |   | 2,234,934 |   |
| Net Shareholder Equity |   | $           | 3,724,108 |   |    | $      | 2,000,000 |         |   | $ | (664,939 | ) |
|                   |   |        |      |   |    |   |      |         |   |   |   |   |
| Total Revenues/Income  |   | $           | 47,184    |   |    | $      | 1,500,000 |         |   | $ | 54,000 |   |
| Total Expenses         |   |        | 343,076   |   |    |   | 1,700,000 |         |   |   | 1,244,008 |   |
| Net Income/(Loss)      |   | $           | (295,892  | )      |    | $      | (200,000  | )            |   | $ | (1,190,008 | ) |

----

|                                         |   | SHARES/PAR ACTIVITY |       |   |              |   |       |                        |   |   |                |   |   |                 |       |
|----------------------------------------------|--------|---------------------|------------|--------|-------------------|--------|------------|-----------------------------|--------|--------|---------------------|--------|--------|----------------------|------------|
| AFFILIATE/ CONTROLLED INVESTMENT*            |   | BALANCE AT 12/31/14 |       |   | PURCHASES/ MERGER |   |       | SALES/ MATURITY/ EXPIRATION |   |   | BALANCE AT 12/31/15 |   |   | REALIZED GAIN (LOSS) |       |   | INTEREST |   |   | VALUE 12/31/15 |   |   | ACQUISITION COST |   |
| Hera Systems, Inc. Series A Preferred*       |   |                | —    |   |              |   | 3,642,324  |                        |   |   | —             |   |   |                 | 3,642,324  |   |   | $ | — |   |   | $ | — |   |   | $ | 2,000,000 |   |   | $  | 2,000,000 |   |
| IntraOp Medical Corp. Series A-1 Preferred*  |   |                | 6,800,000  |   |              |   | —    |                        |   |   | (6,800,000          | )      |   |                 | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| IntraOp Medical Corp. Series A-2 Preferred*  |   |                | 13,500,000 |   |              |   | —    |                        |   |   | (13,500,000         | )      |   |                 | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| IntraOp Medical Corp. Series B Preferred*    |   |                | —    |   |              |   | 3,000,000  |                        |   |   | (3,000,000          | )      |   |                 | —    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | — |   |
| IntraOp Medical Corp. Series C Preferred*    |   |                | —    |   |              |   | 26,856,187 |                        |   |   | —             |   |   |                 | 26,856,187 |   |   |   | — |   |   |   | — |   |   |   | 22,655,879 |   |   |   | 26,299,938 |   |
| IntraOp Medical Corp. Convertible Note*      |   |                | 1,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 1,000,000  |   |   |   | — |   |   |   | 150,423 |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| IntraOp Medical Corp. Term Note*             |   |                | 3,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 3,000,000  |   |   |   | — |   |   |   | 240,000 |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| Pivotal Systems, Series A Preferred*         |   |                | 11,914,217 |   |              |   | —    |                        |   |   | —             |   |   |                 | 11,914,217 |   |   |   | — |   |   |   | — |   |   |   | 9,879,269 |   |   |   | 6,000,048 |   |
| Pivotal Systems, Series B Preferred*         |   |                | 7,942,811  |   |              |   | 5,122,425  |                        |   |   | —             |   |   |                 | 13,065,236 |   |   |   | — |   |   |   | — |   |   |   | 10,833,694 |   |   |   | 6,321,482 |   |
| Pivotal Systems, Series C Preferred*         |   |                | 2,291,260  |   |              |   | —    |                        |   |   | —             |   |   |                 | 2,291,260  |   |   |   | — |   |   |   | — |   |   |   | 2,657,862 |   |   |   | 2,657,862 |   |
| Pivotal Systems, Convertible Note*           |   |                | 2,000,000  |   |              |   | —    |                        |   |   | (2,000,000          | )      |   |                 | —    |   |   |   | — |   |   |   | 113,700 |   |   |   | — |   |   |   | — |   |
| QMAT, Preferred Stock Series A*              |   |                | 12,000,240 |   |              |   | 2,000,000  |                        |   |   | —             |   |   |                 | 14,000,240 |   |   |   | — |   |   |   | — |   |   |   | 14,000,240 |   |   |   | 14,000,240 |   |
| QMAT, Series A Warrant*                      |   |                | 2,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 2,000,000  |   |   |   | — |   |   |   | — |   |   |   | 642,600 |   |   |   | — |   |
| Silicon Genesis Corp., Common*               |   |                | 921,892    |   |              |   | —    |                        |   |   | —             |   |   |                 | 921,892    |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 169,045 |   |
| Silicon Genesis Corp., Convertible Note*     |   |                | 1,250,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 1,250,000  |   |   |   | — |   |   |   | 583,303 |   |   |   | 864,377 |   |   |   | 1,610,753 |   |
| Silicon Genesis Corp., Convertible Note*     |   |                | 1,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 1,000,000  |   |   |   | — |   |   |   | 363,549 |   |   |   | 691,502 |   |   |   | 1,000,000 |   |
| Silicon Genesis Corp., Term Note*            |   |                | 3,000,000  |   |              |   | —    |                        |   |   | —             |   |   |                 | 3,000,000  |   |   |   | — |   |   |   | 337,743 |   |   |   | 2,074,504 |   |   |   | 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 Preferred* |   |                | 82,914     |   |              |   | —    |                        |   |   | —             |   |   |                 | 82,914     |   |   |   | — |   |   |   | — |   |   |   | — |   |   |   | 109,518 |   |

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|                                          |   | SHARES/PAR ACTIVITY |       |   |              |   |       |                        |   |   |                |   |   |                 |       |
|-----------------------------------------------|--------|---------------------|------------|--------|-------------------|--------|------------|-----------------------------|--------|--------|---------------------|--------|--------|----------------------|------------|
| AFFILIATE/ CONTROLLED INVESTMENT*             |   | BALANCE AT 12/31/14 |       |   | PURCHASES/ MERGER |   |       | SALES/ MATURITY/ EXPIRATION |   |   | BALANCE AT 12/31/15 |   |   | REALIZED GAIN (LOSS) |       |   | INTEREST |   |   | VALUE 12/31/15 |   |   | ACQUISITION COST |   |
| Silicon Genesis Corp., Series 1-D Preferred*  |   |                | 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 Investors, Inc. Convertible Note*   |   |                | —    |   |              |   | 2,000,000  |                        |   |   | —             |   |   |                 | 2,000,000  |   |   |   | — |   |   |   | 106,666 |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| Telepathy Investors, Inc. Series A Preferred* |   |                | 15,238,000 |   |              |   | —    |                        |   |   | —             |   |   |                 | 15,238,000 |   |   |   | — |   |   |   | — |   |   |   | 3,658,644 |   |   |   | 3,999,999 |   |
| Vufine, Inc., Series A Preferred*             |   |                | —    |   |              |   | 15,000,000 |                        |   |   | —             |   |   |                 | 15,000,000 |   |   |   | — |   |   |   | — |   |   |   | 1,500,000 |   |   |   | 1,500,000 |   |
| Vufine, Inc., Common Stock*                   |   |                | —    |   |              |   | 750,000    |                        |   |   | —             |   |   |                 | 750,000    |   |   |   | — |   |   |   | — |   |   |   | 22,275 |   |   |   | 15,000 |   |
| Wrightspeed, Inc. Series C Preferred          |   |                | 2,267,659  |   |              |   | —    |                        |   |   | —             |   |   |                 | 2,267,659  |   |   |   | — |   |   |   | — |   |   |   | 7,345,401 |   |   |   | 5,999,999 |   |
| Wrightspeed, Inc. Series D Preferred          |   |                | 1,100,978  |   |              |   | —    |                        |   |   | —             |   |   |                 | 1,100,978  |   |   |   | — |   |   |   | — |   |   |   | 3,924,546 |   |   |   | 3,375,887 |   |
| Wrightspeed, Inc. Series E Preferred          |   |                | —    |   |              |   | 450,814    |                        |   |   | —             |   |   |                 | 450,814    |   |   |   | — |   |   |   | — |   |   |   | 1,658,996 |   |   |   | 1,658,996 |   |
| Total Affiliates and Controlled Investments   |   |                |       |   |              |   |       |                        |   |   |                |   |   |                 |       |   |   |   |   |   |   |   |   |   |   | $ | 90,409,789 |   |   | $ | 89,686,941 |   |
| Total Affiliates                              |   |                |       |   |              |   |       |                        |   |   |                |   |   |                 |       |   |   |   |   |   |   |   |   |   |   | $ | 12,928,943 |   |   | $ | 11,034,882 |   |
| Total Controlled Investments                  |   |                |       |   |              |   |       |                        |   |   |                |   |   |                 |       |   |   |   |   |   |   |   |   |   |   | $ | 77,480,846 |   |   | $ | 78,652,059 |   |

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

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| AUDITED FINANCIAL STATEMENTS                                |   |
|-------------------------------------------------------------|--------|
| Report of Independent Registered Public Accounting Firm     | 38     |
| Statement of Assets and Liabilities as of December 31, 2016 | 40     |
| Schedule of Investments as of December 31, 2016             | 41     |
| Statement of Operations as of December 31, 2016             | 48     |
| Statement of Cash Flows as of December 31, 2016             | 49     |
| Statement of Changes in Net Assets as of December 31, 2016  | 50     |
| Financial Highlights                                        | 51     |
| Notes to Financial Statements                               | 52     |

|  | 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. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 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. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 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 is incorporated by reference to exhibit 24.1 to the registrant’s Form 10-K as filed with the Securities and Exchange Commission on March 16, 2015. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 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 14, 2017 | By:                                               |   |
|                 |                                              | Kevin Landis |
|                 |                                              | President |
| Signatures        | Title                                                                         | Date           |
|-------------------|-------------------------------------------------------------------------------|----------------|
|              |                                                                          |           |
| /s/ Kevin Landis  | Chairman of the Board and Chief Executive Officer and Chief Financial Officer | March 14, 2017 |
| Kevin Landis      |                                                                               |           |
|              |                                                                          |           |
| *                 | Director                                                                      | March 14, 2017 |
| Greg Burglin      |                                                                          |           |
|              |                                                                          |           |
| *                 | Director                                                                      | March 14, 2017 |
| Mark FitzGerald   |                                                                          |           |
|              |                                                                          |           |
| *                 | Director                                                                      | March 14, 2017 |
| Kimun Lee         |                                                                          |           |
|              |                                                                          |           |
| *                 | Director                                                                      | March 14, 2017 |
| Nicholas Petredis |                                                                          |           |
|              |                                                                          |           |
| *                 | Director                                                                      | March 14, 2017 |
| Rodney Yee        |                                                                          |           |

| * | Signed by Kevin Landis pursuant to powers of attorney. |
|---|--------------------------------------------------------|

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| Number | Descriptions |
|--------|--------------|

| 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. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.1 | Certification by Chief Executive Officer pursuant to Exchange Act Rule 13a-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 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 |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| FACTS | WHAT DOES FIRSTHAND TECHNOLOGY VALUE FUND, INC. DO WITH YOUR PERSONAL INFORMATION?                                                                                                                                                                                                                                                        |
|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Why?  | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.                          |
| What? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:► Social Security number► Banking information► Account transactions► Retirement assets                                                                                     |
| How?  | All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Firsthand Capital management, Inc. chooses to share; and whether you can limit this sharing. |
| Reasons we can share your personal information                                                                                                            | Does Firsthand Technology Value Fund, Inc. share? | Can you limit this sharing? |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------|-----------------------------|
| For our everyday business purposes—such as to process your transactions, maintain your account(s), respond to court orders and legal investigations | Yes                                               | No                          |
| For our marketing purposes—to offer our products and services to you                                                                                | No                                                | N/A                         |
| For joint marketing with other financial companies                                                                                                        | No                                                | N/A                         |
| For our affiliates’ everyday business purposes—information about your transactions and experiences                                            | No                                                | N/A                         |
| For our affiliates’ everyday business purposes—information about your creditworthiness                                                        | No                                                | N/A                         |
| For our affiliates to market to you                                                                                                                       | No                                                | N/A                         |
| For nonaffiliates to market to you                                                                                                                        | No                                                | N/A                         |
| Who we are                    |                                                                                                                                                                                 |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Who is providing this notice? | Firsthand Technology Value Fund, Inc. is a publically traded venture capital fund, listed on NASDAQ, that is a business development company under the Investment Company Act of 1940 |
| What we do                                                                      |
|---------------------------------------------------------------------------------|
| How does Firsthand Technology Value Fund, Inc. protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How does Firsthand Technology Value Fund, Inc. collect my personal information? | We collect your personal information, for example, when you►  open an account or deposit money |
| Why can’t I limit all sharing?                                            | Federal law gives you the right to limit only►  sharing for affiliates’ everyday business purposes—information about your creditworthiness►  affiliates from using your information to market to you►  sharing for nonaffiliates to market to youState laws and individual companies may give you additional rights to limit sharing. |
| Definitions     |
|-----------------|
| Affiliates      | Companies related by common ownership or control. They can be financial and nonfinancial companies.►  Firsthand Capital Management, Inc. and Firsthand Funds |
| Nonaffiliates   | Companies not related by common ownership or control. They can be financial and nonfinancial companies.►  BNY Mellon Investment Servicing (U.S.) Inc. (Transfer Agent for Firsthand Technology Value Fund, Inc. and Firsthand Funds) |
| Joint marketing | A formal agreement between nonaffiliated financial companies that together market financial products or services to you. |
| Other important information                                                                                                                                                                                                                                         |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| This notice applies to individual consumers who are customers or former customers. This notice replaces all previous notices of our consumer privacy policy, and may be amended at any time. We will keep you informed of changes or amendments as required by law. |

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