----

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

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

|                                     |               |
|------------------------------------------|--------------------|
| MARYLAND                                 | 27-3008946         |
| (State or Other Jurisdiction of          | (I.R.S. Employer   |
| Incorporation or Organization)           | Identification No) |
|                                     |               |
| 150 Almaden Boulevard, Suite 1250        |               |
| San Jose, California                     | 95113              |
| (Address of Principal Executive Offices) | (Zip Code)         |
| [   ]        Large Accelerated Filer              | [X]        Accelerated Filer                                                         |
|------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------|
|              Non-accelerated Filer |               Smaller Reporting Company                     |
|                                                                                        |              (Do not check if smaller reporting company) |

| Class                                    |   | Outstanding at July 31, 2016 |   |
|------------------------------------------|--------|------------------------------|--------|
| Common Stock, $0.001 par value per share |   | 7,564,824                    |   |

----

| PART I.  FINANCIAL INFORMATION  | 2                                                                                                                                                                                                                                                                                                                                            |
|-------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                      |                                                                                                                                                                                                                                                                                                                                         |   |
| Item 1.                                   | Financial Statements                                                                                                                                                                                                                                                                                                                         | 2 |
|                                      | Consolidated Statements of Assets and Liabilities as of June 30, 2016 (Unaudited) and December 31, 2015                                                                                                                                                                                                                                      | 3 |
|                                      | Statements of Operations (Unaudited) for the Three Months Ended June 30, 2016, and June 30, 2015 and for the Six Months Ended June 30, 2016, and June 30, 2015                                                                                                                                                                               | 4 |
|                                      | Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2016 and the Six Months Ended June 30, 2015                                                                                                                                                                                                                           | 5 |
|                                      | Statements of Changes in Net Assets for the Six Months Ended June 30, 2016 (Unaudited) and the Year Ended December 31, 2015                                                                                                                                                                                                                  | 6 |
|                                      | Selected Per Share Data and Ratios for the Six Months Ended June 30, 2016 (Unaudited), 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, and for the Period April 18, 2011(Commencement of  Operations) Through December 31, 2011 | 7 |
|                                           | Consolidated Schedule of Investments (Unaudited) as of June 30, 2016                                                                                                                                                                                                                                                                         | 8 |
|                                           | Consolidated Notes To Financial Statements (Unaudited)                                                                                                                                                                                                                                                                                       | 11 |
| Item 2.                                   | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                  | 26 |
| Item 3.                                   | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                   | 34 |
| Item 4.                                   | Controls and Procedures                                                                                                                                                                                                                                                                                                                      | 35 |
|                                      |                                                                                                                                                                                                                                                                                                                                         |   |
| PART II.  OTHER INFORMATION     | 36                                                                                                                                                                                                                                                                                                                                           |
|                                      |                                                                                                                                                                                                                                                                                                                                         |
| Item 1.    | Legal Proceedings                                           | 37     |
|------------|-------------------------------------------------------------|--------|
| Item 1A.   | Risk Factors                                                | 37     |
| Item 2.    | Unregistered Sales of Equity Securities and Use of Proceeds | 37     |
| Item 3.    | Defaults Upon Senior Securities                             | 37     |
| Item 4.    | Mine Safety Disclosures                                     | 37     |
| Item 5.    | Other Information                                           | 37     |
| Item 6.    | Exhibits                                                    | 37     |
|       |                                                        |   |
| SIGNATURES | 38                                                          |

----

----

----

|                                                                                                        |   | AS OF JUNE 30, 2016(UNAUDITED) |        |   | AS OF DECEMBER 31,2015 |   |
|-------------------------------------------------------------------------------------------------------------|--------|--------------------------------|-------------|--------|------------------------|--------|
| ASSETS                                                                                                      |   |                           |        |   |                   |   |
| Investment securities:                                                                                      |   |                           |        |   |                   |   |
|     Unaffiliated investments at acquisition cost                                        |   | $                              | 80,787,799  |   |                   | $      | 93,589,422 |   |
|     Affiliated investments at acquisition cost                                          |   |                           | 11,898,906  |   |                   |   | 11,034,882 |   |
|     Controlled investments at acquisition cost                                          |   |                           | 89,723,387  |   |                   |   | 78,652,059 |   |
|          Total acquisition cost                                |   | $                              | 182,410,092 |   |                   | $      | 183,276,363 |   |
|     Unaffiliated investments at market value                                            |   | $                              | 54,137,797  |   |                   | $      | 80,268,986 |   |
|     Affiliated investments at market value                                              |   |                           | 12,904,758  |   |                   |   | 12,928,943 |   |
|     Controlled investments at market value                                              |   |                           | 88,152,392  |   |                   |   | 77,480,846 |   |
|         Total market value* (Note 6)                                |   |                           | 155,194,947 |   |                   |   | 170,678,775 |   |
| Cash**                                                                                                      |   |                           | 10,651,509  |   |                   |   | 767,286 |   |
| Escrow cash                                                                                                 |   |                           | —     |   |                   |   | 1,000,000 |   |
| Receivable from dividends and interest                                                                      |   |                           | 573,707     |   |                   |   | 3,436,726 |   |
| Other assets                                                                                                |   |                           | 48,314      |   |                   |   | 786,468 |   |
|     Total Assets                                                                        |   |                           | 166,468,477 |   |                   |   | 176,669,255 |   |
| LIABILITIES                                                                                                 |   |                           |        |   |                   |   |   |   |
| Payable to affiliates (Note 4)                                                                              |   |                           | 836,291     |   |                   |   | 895,372 |   |
| Consulting fee payable                                                                                      |   |                           | 51,000      |   |                   |   | 29,000 |   |
| Accrued expenses and other payables                                                                         |   |                           | 32,002      |   |                   |   | 165,504 |   |
|     Total Liabilities                                                                   |   |                           | 919,293     |   |                   |   | 1,089,876 |   |
| NET ASSETS                                                                                                  |   | $                              | 165,549,184 |   |                   | $      | 175,579,379 |   |
| Net Assets consist of:                                                                                      |   |                           |        |   |                   |   |   |   |
|     Common Stock, par value $0.001 per share 100,000,000 shares authorized              |   | $                              | 7,565       |   |                   | $      | 7,703 |   |
|     Paid-in-capital                                                                     |   |                           | 189,501,405 |   |                   |   | 190,538,978 |   |
|     Accumulated net investment loss                                                     |   |                           | (1,902,461  | )      |                   |   | — |   |
|     Accumulated net realized gain (loss) from security transactions and written options |   |                           | 5,157,820   |   |                   |   | (2,369,714 | ) |
|     Net unrealized depreciation on investments and warrants transactions                |   |                           | (27,215,145 | )      |                   |   | (12,597,588 | ) |
| NET ASSETS                                                                                                  |   | $                              | 165,549,184 |   |                   | $      | 175,579,379 |   |
| Shares of Common Stock outstanding                                                                          |   |                           | 7,564,824   |   |                   |   | 7,702,705 |   |
| Net asset value per share (Note 2)                                                                          |   | $                              | 21.88       |   |                   | $      | 22.79 |   |

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

| ** | Cash composed primarily of the Fidelity Institutional Money Market Treasury Portfolio which invests primarily in U.S. Treasury securities. The yield as of  06/30/16 and 12/31/15 was 0.09% and 0.01%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/summary/316175504 for additional information. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                                                                              |   | FOR THE THREE MONTHS ENDED |       |   | FOR THE SIX MONTHS ENDED  |   |
|-----------------------------------------------------------------------------------|--------|----------------------------|------------|--------|---------------------------|--------|
|                                                                              |   | JUNE 30, 2016*(UNAUDITED)  |       |   | JUNE 30, 2015 (UNAUDITED) |   |   | JUNE 30, 2016* (UNAUDITED) |   |   | JUNE 30, 2015 (UNAUDITED) |   |
| INVESTMENT INCOME                                                                 |   |                       |       |   |                      |   |   |   |   |   |   |   |
| Unaffiliated dividend income                                                      |   | $                          | 4,342      |   |                      | $      | 68,000 |   |   | $ | 4,342 |   |   | $ | 148,000 |   |
| Unaffiliated interest                                                             |   |                       | 11,231     |   |                      |   | 7,681 |   |   |   | 11,467 |   |   |   | 15,103 |   |
| Affiliated/controlled interest                                                    |   |                       | 201,307    |   |                      |   | 474,728 |   |   |   | 360,986 |   |   |   | 947,463 |   |
| Royalty income                                                                    |   |                       | —    |   |                      |   | — |   |   |   | — |   |   |   | 14,261 |   |
|     TOTAL INVESTMENT INCOME                                   |   |                       | 216,880    |   |                      |   | 550,409 |   |   |   | 376,795 |   |   |   | 1,124,827 |   |
| EXPENSES                                                                          |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Investment advisory fees (Note 4)                                                 |   |                       | 836,291    |   |                      |   | 971,371 |   |   |   | 1,697,112 |   |   |   | 1,994,761 |   |
| Administration fees                                                               |   |                       | 38,378     |   |                      |   | 30,087 |   |   |   | 75,255 |   |   |   | 63,339 |   |
| Custody fees                                                                      |   |                       | 3,539      |   |                      |   | 3,673 |   |   |   | 7,077 |   |   |   | 8,175 |   |
| Transfer agent fees                                                               |   |                       | 6,244      |   |                      |   | 8,673 |   |   |   | 13,419 |   |   |   | 18,015 |   |
| Registration and filing fees                                                      |   |                       | 5,744      |   |                      |   | 5,734 |   |   |   | 11,487 |   |   |   | 11,405 |   |
| Professional fees                                                                 |   |                       | 81,717     |   |                      |   | 711,361 |   |   |   | 262,405 |   |   |   | 846,435 |   |
| Printing fees                                                                     |   |                       | 18,939     |   |                      |   | 59,341 |   |   |   | 37,917 |   |   |   | 99,810 |   |
| Trustees fees                                                                     |   |                       | 25,000     |   |                      |   | 25,000 |   |   |   | 50,000 |   |   |   | 50,000 |   |
| Compliance fees                                                                   |   |                       | 44,335     |   |                      |   | — |   |   |   | 93,785 |   |   |   | — |   |
| Miscellaneous fees                                                                |   |                       | 17,142     |   |                      |   | 13,723 |   |   |   | 30,799 |   |   |   | 26,831 |   |
|     TOTAL GROSS EXPENSES                                      |   |                       | 1,077,329  |   |                      |   | 1,828,963 |   |   |   | 2,279,256 |   |   |   | 3,118,771 |   |
| Incentive fee adjustments (Note 4)                                                |   |                       | —    |   |                      |   | (401,080 | ) |   |   | — |   |   |   | 353,696 |   |
|     TOTAL NET EXPENSES                                        |   |                       | 1,077,329  |   |                      |   | 1,427,883 |   |   |   | 2,279,256 |   |   |   | 3,472,467 |   |
| NET INVESTMENT LOSS                                                               |   |                       | (860,449   | )      |                      |   | (877,474 | ) |   |   | (1,902,461 | ) |   |   | (2,347,640 | ) |
| Net Realized and Unrealized Gains(Losses) on Investments:                         |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gains (losses) from security transactions                            |   |                       |       |   |                      |   |   |   |   |   |   |   |   |   |   |   |
| Affiliated/controlled                                                             |   |                       | 864,024    |   |                      |   | — |   |   |   | 503,271 |   |   |   | — |   |
| Non-affiliated and other assets                                                   |   |                       | 3,348,667  |   |                      |   | 121,642 |   |   |   | 7,024,263 |   |   |   | 1,290,832 |   |
| Net realized gains from written options transactions (1)                          |   |                       | —    |   |                      |   | 473,497 |   |   |   | — |   |   |   | 624,994 |   |
| Net change in unrealized depreciation on investments                              |   |                       | (4,600,443 | )      |                      |   | (2,603,977 | ) |   |   | (20,825,801 | ) |   |   | (294,886 | ) |
| Net change in unrealized appreciation (depreciation) on warrants transactions (1) |   |                       | 271,816    |   |                      |   | 3,435 |   |   |   | 6,208,244 |   |   |   | (5,772 | ) |
| Net Realized and Unrealized Gains(Losses) on Investments                          |   |                       | (115,936   | )      |                      |   | (2,005,403 | ) |   |   | (7,090,023 | ) |   |   | 1,615,168 |   |
| Net Decrease In Net Assets Resulting From Operations                              |   | $                          | (976,385   | )      |                      | $      | (2,882,877 | ) |   | $ | (8,992,484 | ) |   | $ | (732,472 | ) |
| Net Decrease In Net Assets Per Share Resulting From Operations (2)                |   | $                          | (0.13      | )      |                      | $      | (0.37 | ) |   | $ | (1.17 | ) |   | $ | (0.10 | ) |

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

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

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

----

|                                                                                                                                               |   | FOR THE SIX MONTHS ENDED  |        |
|----------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------|-------------|
|                                                                                                                                               |   | JUNE 30, 2016(UNAUDITED)* |        |   | JUNE 30, 2015(UNAUDITED) |   |
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                               |   |                      |        |   |   |   |
| Net decrease in Net Assets resulting from operations                                                                                               |   | $                         | (8,992,484  | ) |   | $ | (732,472 | ) |
| Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by(used in) operating activities: |   |                      |        |   |   |   |   |   |
| Purchases of investments                                                                                                                           |   |                      | (39,534,269 | ) |   |   | (24,176,276 | ) |
| Proceeds from disposition of investments                                                                                                           |   |                      | 49,309,176  |   |   |   | 33,152,358 |   |
| Net purchases from short-term investments                                                                                                          |   |                      | (1,381,102  | ) |   |   | (2,350,000 | ) |
| Net proceeds from written options                                                                                                                  |   |                      | —     |   |   |   | 624,994 |   |
| Proceeds from litigation claim                                                                                                                     |   |                      | —     |   |   |   | 7,782 |   |
| (Increase) decrease in dividends and interest receivable                                                                                           |   |                      | 2,863,020   |   |   |   | (682,731 | ) |
| Decrease in restricted cash                                                                                                                        |   |                      | 1,000,000   |   |   |   | — |   |
| Decrease in payable for investment purchased                                                                                                       |   |                      | —     |   |   |   | (38,253,718 | ) |
| Decrease in payable to affiliates                                                                                                                  |   |                      | (59,081     | ) |   |   | (323,110 | ) |
| Decrease in incentive fees payable                                                                                                                 |   |                      | —     |   |   |   | (10,884,758 | ) |
| Decrease in other assets                                                                                                                           |   |                      | 738,153     |   |   |   | 4,699 |   |
| Decrease in accrued expenses and other payables                                                                                                    |   |                      | (111,502    | ) |   |   | (151,922 | ) |
| Net realized gain from investments                                                                                                                 |   |                      | (7,527,534  | ) |   |   | (1,290,832 | ) |
| Net realized gain from written options                                                                                                             |   |                      | —     |   |   |   | (624,994 | ) |
| Net unrealized appreciation (depreciation) from investments, other assets, and warrants transactions                                               |   |                      | 14,617,557  |   |   |   | 300,658 |   |
| Net cash provided by (used in) operating activities                                                                                                |   |                      | 10,921,934  |   |   |   | (45,380,322 | ) |
|                                                                                                                                               |   |                      |        |   |   |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                               |   |                      |        |   |   |   |   |   |
|     Cost of shares repurchased                                                                                                 |   |                      | (1,037,711  | ) |   |   | (19,999,992 | ) |
| Net cash provided (used) by financing activities                                                                                                   |   |                      | (1,037,711  | ) |   |   | (19,999,992 | ) |
|                                                                                                                                               |   |                      |        |   |   |   |   |   |
| Net increase (decrease) in cash                                                                                                                    |   |                      | 9,884,223   |   |   |   | (65,380,314 | ) |
| Cash - beginning of period                                                                                                                         |   |                      | 767,286     |   |   |   | 69,014,110 |   |
| Cash - end of period                                                                                                                               |   | $                         | 10,651,509  |   |   | $ | 3,633,796 |   |

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

----

|                                                                                                                            |   | FOR THESIX MONTHS ENDED JUNE 30, 2016 (UNAUDITED)* |        |   | FOR THEYEAR ENDED DECEMBER 31, 2015* |   |
|---------------------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------|-------------|--------|--------------------------------------|--------|
| FROM OPERATIONS:                                                                                                                |   |                                               |        |   |                                 |   |
|     Net investment loss                                                                                     |   | $                                                  | (1,902,461  | )      |                                 | $      | (448,549 | ) |
|     Net realized gains (losses) from security transactions, written options, and warrants transactions |   |                                               | 7,527,534   |   |                                 |   | (2,197,728 | ) |
|     Net change in unrealized depreciation on investments and warrants transactions                          |   |                                               | (14,617,557 | )      |                                 |   | (11,504,423 | ) |
|     Net decrease in net assets from operations                                                              |   |                                               | (8,992,484  | )      |                                 |   | (14,150,700 | ) |
|                                                                                                                            |   |                                               |        |   |                                 |   |   |   |
| FROM CAPITAL SHARE TRANSACTIONS:                                                                                                |   |                                               |        |   |                                 |   |   |   |
|     Value of shares repurchased                                                                             |   |                                               | (1,037,711  | )      |                                 |   | (19,999,992 | ) |
|     Net decrease in net assets from capital share transactions                                              |   |                                               | (1,037,711  | )      |                                 |   | (19,999,992 | ) |
| TOTAL DECREASE IN NET ASSETS                                                                                                    |   |                                               | (10,030,195 | )      |                                 |   | (34,150,692 | ) |
| NET ASSETS:                                                                                                                     |   |                                               |        |   |                                 |   |   |   |
|     Beginning of period                                                                                     |   |                                               | 175,579,379 |   |                                 |   | 209,730,071 |   |
|     End of period                                                                                           |   | $                                                  | 165,549,184 |   |                                 | $      | 175,579,379 |   |
|     Accumulated Net Investment Loss                                                                         |   |                                               | (1,902,461  | )      |                                 |   | — |   |
|                                                                                                                            |   |                                               |        |   |                                 |   |   |   |
| COMMON STOCK ACTIVITY:                                                                                                          |   |                                               |        |   |                                 |   |   |   |
|     Shares repurchased                                                                                      |   |                                               | (137,881    | )      |                                 |   | (859,468 | ) |
|     Net decrease in shares outstanding                                                                      |   |                                               | (137,881    | )      |                                 |   | (859,468 | ) |
|     Shares outstanding, beginning of period                                                                 |   |                                               | 7,702,705   |   |                                 |   | 8,562,173 |   |
|     Shares outstanding, end of period                                                                       |   |                                               | 7,564,824   |   |                                 |   | 7,702,705 |   |

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

----

|                                                                             |   | FOR THE SIX MONTHS ENDED JUNE 30, 2016*(UNAUDITED) |    | 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 |   |   | FOR THE PERIOD ENDEDDECEMBER 31, 2011(1) |   |
|----------------------------------------------------------------------------------|--------|----------------------------------------------------|---------|---------------------------------------|-----------|--------------------------------------|--------|-------------------------------------|--------|--------------------------------------|--------|--------|------------------------------------------|--------|
| Net asset value at beginning of period                                           |   | $                                                  | 22.79   |                                  |      |                                 | $      | 24.49                               |   |                                 |   | $      | 28.32                                    |   |   |   | $ | 22.90 |   |   |   | $ | 23.92 |   |   | $ | 27.01 |   |   |
| Income from investment operations:                                               |   |                                               |    |                                  |      |                                 |   |                                |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Net investment loss                                      |   |                                               | (0.25   | )                                     | (2)  |                                 |   | (0.06                               | )      | (2)                                  |   |   | (1.26                                    | )      |   |   |   | (1.42 | ) |   |   |   | (0.39 | ) |   |   | (0.41 | ) |   |
|     Net realized and unrealized gains(losses) on investments |   |                                               | (0.92   | )                                     |      |                                 |   | (1.78                               | )      |                                 |   |   | 3.04                                     |   |   |   |   | 7.16 |   |   |   |   | (1.01 | ) |   |   | (2.68 | ) |   |
| Total from investment operations                                                 |   |                                               | (1.17   | )                                     |      |                                 |   | (1.84                               | )      |                                 |   |   | 1.78                                     |   |   |   |   | 5.74 |   |   |   |   | (1.40 | ) |   |   | (3.09 | ) |   |
|                                                                             |   |                                               |    |                                  |      |                                 |   |                                |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Distributions from:                                                              |   |                                               |    |                                  |      |                                 |   |                                |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Realized capital gains                                   |   |                                               | — |                                  |      |                                 |   | —                             |   |                                 |   |   | (5.86                                    | )      |   |   |   | (0.32 | ) |   |   |   | — |   |   |   | — |   |   |
| Premiums from shares sold in offerings                                      |   |                                               | — |                                  |      |                                 |   | —                             |   |                                 |   |   | —                                  |   |   |   |   | — |   | (3) |   |   | 0.38 |   |   |   | — |   |   |
| Anti-dilutive effect from capital sharetransactions                              |   |                                               | 0.26    |                                  |      |                                 |   | 0.14                                |   |                                 |   |   | 0.25                                     |   |   |   |   | — |   |   |   |   | — |   |   |   | — |   |   |
| Net asset value at end of period                                                 |   | $                                                  | 21.88   |                                  |      |                                 | $      | 22.79                               |   |                                 |   | $      | 24.49                                    |   |   |   | $ | 28.32 |   |   |   | $ | 22.90 |   |   | $ | 23.92 |   |   |
| Market value at end of period                                                    |   | $                                                  | 7.45    |                                  |      |                                 | $      | 8.17                                |   |                                 |   | $      | 18.65                                    |   |   |   | $ | 23.17 |   |   |   | $ | 17.44 |   |   | $ | 14.33 |   |   |
|                                                                             |   |                                               |    |                                  |      |                                 |   |                                |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Total return                                                                     |   |                                               |    |                                  |      |                                 |   |                                |   |                                 |   |   |                                     |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |   |
|     Based on Net Asset Value                                 |   |                                               | (3.99   | )%                                    | (A)       |                                 |   | (6.94                               | )%     |                                 |   |   | 12.54                                    | %      |   |   |   | 25.30 | % |   |   |   | (4.26 | )% |   |   | (11.44 | )% | (A) |
|     Based on Market Value                                    |   |                                               | (8.81   | )%                                    | (A)       |                                 |   | (56.19                              | )%     |                                 |   |   | 4.76                                     | %      |   |   |   | 34.61 | % |   |   |   | 21.70 | % |   |   | (46.95 | )% | (A) |
| Net assets at end of period (millions)                                           |   | $                                                  | 165.5   |                                  |      |                                 | $      | 175.6                               |   |                                 |   | $      | 209.7                                    |   |   |   | $ | 256.9 |   |   |   | $ | 195.9 |   |   | $ | 83.63 |   |   |
| Ratio of total expenses to averagenet assets                                     |   |                                               | 2.71    | %                                     | (B)       |                                 |   | 1.36                                | %      | (4)                                  |   |   | 5.29                                     | %      | (4) |   |   | 6.52 | % | (4) |   |   | 2.56 | % |   |   | 2.76 | % | (B) |
| Ratio of total expenses to averagenet assets, excluding incentive fees           |   |                                               | 2.71    | %                                     | (B)       |                                 |   | 2.68                                | %      |                                 |   |   | 3.12                                     | %      |   |   |   | 2.67 | % |   |   |   | 2.56 | % |   |   | 2.76 | % | (B) |
| Ratio of net investment loss to averagenet assets                           |   |                                               | (2.26   | )%                                    | (B)       |                                 |   | (0.24                               | )%     |                                 |   |   | (4.31                                    | )%     |   |   |   | (5.96 | )% |   |   |   | (2.12 | )% |   |   | (2.28 | )% | (B) |
| Portfolio turnover rate                                                          |   |                                               | 7       | %                                     | (A)       |                                 |   | 22                                  | %      |                                 |   |   | 95                                       | %      |   |   |   | 17 | % |   |   |   | 10 | % |   |   | 18 | % | (A) |

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

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

| (2) | Calculated using average shares outstanding. |
|-----|----------------------------------------------|

| (3) | Less than $0.005 per share. |
|-----|-----------------------------|

| (4) | Amount includes the incentive fee. For the year ended December 31, 2015, the year ended December 31, 2014 and the year December 31, 2013, the ratio of the incentive fee to average net assets was (1.32)%, 2.17% and 3.85%, respectively. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

| PORTFOLIO COMPANY(% OF NET ASSETS)AND INDUSTRY | TYPE OF INVESTMENT                                                                                                                                                                                                                               |   | SHARES/PARVALUE ($) |                                                 | COST BASIS |   | VALUE  |                                                 |
|------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|------------------------------------------------------|------------|--------|--------|------------------------------------------------------|
| ALIPHCOM, INC. (0.6%)Consumer Electronics      | Common Stock *(1)                                                                                                                                                                                                                                |   |                | 2,128,005                                            |       |   | $      | 10,108,024                                           |   |   | $ | 1,058,257 |   |
| CLOUDERA, INC. (0.4%)Software                  | Common Stock *(1)                                                                                                                                                                                                                                |   |                | 20,000                                               |       |   |   | 580,000                                              |   |   |   | 603,432 |   |
| EQX CAPITAL, INC. (1.2%)Equipment Leasing      | Common Stock *(1)(2)Preferred Stock - Series A *(1)(2)                                                                                                                                                                                           |   |                | 100,0002,000,000                                     |       |   |   | 20,0002,000,000                                      |   |   |   | 20,0002,000,000 |   |
|                                           |                                                                                                                                                                                                                                             |   |                |                                                 |       |   |   |                                                 |   |   |   | 2,020,000 |   |
| HERA SYSTEMS, INC. (0.4%)Aerospace             | Preferred Stock - Series A (1)(2)                                                                                                                                                                                                                |   |                | 3,642,324                                            |       |   |   | 2,000,000                                            |   |   |   | 697,505 |   |
| HIGHTAIL, INC. (5.2%)Cloud Computing           | Preferred Stock - Series E *(1)                                                                                                                                                                                                                  |   |                | 2,268,602                                            |       |   |   | 9,932,738                                            |   |   |   | 8,588,927 |   |
| HIKU LABS, INC. (1.4%)Consumer Electronics     | Preferred Stock - Series A (1)                                                                                                                                                                                                                   |   |                | 3,280,191                                            |       |   |   | 2,124,074                                            |   |   |   | 2,280,061 |   |
| INTEVAC, INC. (0.8%)Other Electronics          | Common Stock *                                                                                                                                                                                                                                   |   |                | 243,883                                              |       |   |   | 2,721,734                                            |   |   |   | 1,385,256 |   |
| INTRAOP MEDICAL CORP. (16.1%)Medical Devices   | Preferred Stock - Series C *(1)(2)Term Note (1)(2)    Matures February 2017    Interest Rate 8%Convertible Note (1)(2)    Matures July 2016    Interest Rate 15% |   |                | 26,856,187  3,000,000  1,000,000 |       |   |   | 26,299,938  3,000,000  1,000,000 |   |   |   | 22,655,879  3,000,000  1,000,000 |   |
|                                           |                                                                                                                                                                                                                                             |   |                |                                                 |       |   |   |                                                 |   |   |   | 26,655,879 |   |
| INVENSENSE, INC. (1.5%)Semiconductors          | Common Stock *                                                                                                                                                                                                                                   |   |                | 400,000                                              |       |   |   | 6,380,014                                            |   |   |   | 2,452,000 |   |
| NUTANIX, INC. (3.1%)Networking                 | Preferred Stock - Series A *(1)                                                                                                                                                                                                                  |   |                | 227,272                                              |       |   |   | 3,999,987                                            |   |   |   | 5,092,256 |   |
| PHUNWARE, INC. (4.2%)Mobile Computing          | Preferred Stock - Series E *(1)                                                                                                                                                                                                                  |   |                | 3,257,328                                            |       |   |   | 9,999,997                                            |   |   |   | 6,995,763 |   |

----

| PORTFOLIO COMPANY(% OF NET ASSETS)AND INDUSTRY       | TYPE OF INVESTMENT                                                                                                                                                                                                                                                                                                                    |   | SHARES/PARVALUE ($) |                                                                           | COST BASIS |   | VALUE  |                                                               |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|--------------------------------------------------------------------------------|------------|--------|--------|--------------------------------------------------------------------|
| PIVOTAL SYSTEMS CORP. (15.5%)Semiconductor Equipment | Preferred Stock - Series C *(1)(2)Preferred Stock - Series B *(1)(2)Preferred Stock - Series A *(1)(2)Convertible Note (1)(2)   Matures December 2016   Interest Rate 20%Convertible Note (1)(2)   Matures December 2016   Interest Rate 10%Common Stock Warrants *(1)(2) |   |                | 2,291,26013,065,23611,914,217  500,000  881,10218,180,475  |       |   | $      | 2,657,8626,321,4826,000,048  500,000  881,1020 |   |   | $ | 2,493,8078,087,3817,374,900  500,000  881,1026,234,812 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                  |   |                |                                                                           |       |   |   |                                                               |   |   |   | 25,572,002 |   |
| PURE STORAGE, INC. (0.1%)Computer Storage            | Common Stock*                                                                                                                                                                                                                                                                                                                         |   |                | 14,000                                                                         |       |   |   | 336,000                                                            |   |   |   | 152,600 |   |
| QMAT, INC. (10.0%)Advanced Materials                 | Preferred Stock - Series A *(1)(2)Preferred Stock Warrants -    Series A *(1)(2)                                                                                                                                                                                                                                       |   |                | 16,000,240 2,000,000                                                      |       |   |   | 16,000,240 0                                                  |   |   |   | 16,000,240 599,600 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                  |   |                |                                                                           |       |   |   |                                                               |   |   |   | 16,599,840 |   |
| ROKU, INC. (1.0%)Consumer Electronics                | Common Stock *(1)                                                                                                                                                                                                                                                                                                                     |   |                | 1,500,000                                                                      |       |   |   | 2,312,500                                                          |   |   |   | 1,713,750 |   |
| SILICON GENESIS CORP. (4.6%) Intellectual Property   | Preferred Stock - Series 1-E *(1)(2)Preferred Stock - Series 1-C *(1)(2)Preferred Stock - Series 1-G *(1)(2)Preferred Stock - Series 1-H *(1)(2)Preferred Stock - Series 1-D *(1)(2)Common Stock *(1)(2)Common Stock Warrants *(1)(2)Preferred Stock -Series 1-F *(1)(2)Common Stock Warrants *(1)(2)Common Stock Warrants *(1)(2)    |   |                | 5,704,48082,91448,370,793837,942 850,830921,89237,982912,4535,000,0003,000,000 |       |   |   | 2,946,535109,5188,580,9791,000,000431,901169,0456,678583,06000     |   |   |   | 2,667,98592,4413,736,160300,067254,39817,885365580,59410,0006,000 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                  |   |                |                                                                           |       |   |   |                                                               |   |   |   | 7,665,895 |   |
| SUNRUN, INC. (2.4%)Renewable Energy                  | Common Stock *                                                                                                                                                                                                                                                                                                                        |   |                | 674,820                                                                        |       |   |   | 6,417,495                                                          |   |   |   | 4,001,683 |   |

----

| PORTFOLIO COMPANY(% OF NET ASSETS)AND INDUSTRY       | TYPE OF INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | SHARES/PARVALUE ($) |                                                                                     | COST BASIS |   | VALUE         |                                                                                    |
|------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|------------------------------------------------------------------------------------------|------------|--------|---------------|-----------------------------------------------------------------------------------------|
| TELEPATHY INVESTORS, INC. (4.0%)Consumer Electronics | Convertible Note (1)(2)     Matures January 2018     Interest Rate 10%Convertible Note (1)(2)     Matures January 2018     Interest Rate 10%Convertible Note (1)(2)     Matures January 2018     Interest Rate 10%Preferred Stock - Series A *(1)(2)Convertible Note (1)(2)     Matures June 2017     Interest Rate 10% |   |                |   150,000  500,000  300,00015,238,000  2,000,000 |       |   |   $ |   150,000  500,000  300,0003,999,999  2,000,000 |   |   |   $ |   150,000  500,000  300,0003,719,596  2,000,000 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   | 6,669,596 |   |
| TURN INC. (6.0%)Advertising Technology               | Convertible Note (1)     Matures March 2023     Interest Rate 1.48%Preferred Stock - Series E *(1)                                                                                                                                                                                                                                                                                                                                                                            |   |                | 559,3601,798,562                                                                         |       |   |          | 559,36015,000,007                                                                       |   |   |   | 559,3609,275,004 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   | 9,834,364 |   |
| UCT COATINGS, INC. (0.2%)Advanced Materials          | Common Stock Warrants *(1) Common Stock *(1)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                | 2,283 1,500,000                                                                          |       |   |          | 67 662,235                                                                              |   |   |   | 3 325,350 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   | 325,353 |   |
| VUFINE, INC. (1.4%)Consumer Electronics              | Common Stock *(1)(2) Preferred Stock - Series A *(1)(2)                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                | 750,00022,500,000                                                                        |       |   |          | 15,0002,250,000                                                                         |   |   |   | 21,675 2,250,000 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   | 2,271,675 |   |
| WRIGHTSPEED, INC. (7.8%)Automotive                   | Preferred Stock - Series C *(1)(3)Preferred Stock - Series D *(1)(3)Preferred Stock - Series E *(1)(3)                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                | 2,267,6591,100,978450,814                                                                |       |   |          | 6,864,0233,375,8871,658,996                                                             |   |   |   | 7,323,8583,921,9041,658,996 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   | 12,904,758 |   |
| EXCHANGE TRADED FUNDS — 5.8% ($9,654,095)      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   |   |   |
| iShares Short Treasury Bond ETF                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                | 42,100                                                                                   |       |   |          | 4,647,229                                                                               |   |   |   | 4,649,945 |   |
| SPDR Barclays 1-3 Month T-Bill ETF*                  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                | 109,500                                                                                  |       |   |          | 5,006,339                                                                               |   |   |   | 5,004,150 |   |
|                                                 |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                |                                                                                     |       |   |          |                                                                                    |   |   |   | 9,654,095 |   |

----

| PORTFOLIO COMPANY(% OF NET ASSETS)AND INDUSTRY     | TYPE OF INVESTMENT |   | SHARES/PARVALUE ($) |   | COST BASIS |   | VALUE  |   |
|----------------------------------------------------|--------------------|--------|---------------------|--------|------------|--------|--------|--------|
| TOTAL INVESTMENTS                                  |               |   |                |   |       |   |   |   |   |   |   |   |   |
| (Cost $182,410,092) — 93.7%                  |               |   |                |   |       |   |   |   |   |   | $ | 155,194,947 |   |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 6.3% |               |   |                |   |       |   |   |   |   |   |   | 10,354,237 |   |
|                                               |               |   |                |   |       |   |   |   |   |   |   |   |   |
| NET ASSETS — 100.0%                          |               |   |                |   |       |   |   |   |   |   | $ | 165,549,184 |   |

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

----

----

----

|                                  | Purchased Options (Contracts) | Warrants (Shares) | Written Options (Contracts) |
|---------------------------------------|-------------------------------|-------------------|-----------------------------|
| Firsthand Technology Value Fund, Inc. | —                       | 20,574,811        | —                     |

----

----

----

|               - | 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 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      |   | $                     | —    |   |                                        | $      | — |                                    |   | $ | 325,353 |   |
|      Computer Storage        |   |                  | 152,600    |   |                                        |   | — |                                    |   |   | — |   |
|      Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 2,793,682 |   |
|      Equipment Leasing       |   |                  | —    |   |                                        |   | — |                                    |   |   | 20,000 |   |
|      Intellectual Property   |   |                  | —    |   |                                        |   | — |                                    |   |   | 17,885 |   |
|      Other Electronics       |   |                  | 1,385,256  |   |                                        |   | — |                                    |   |   | — |   |
|      Renewable Energy        |   |                  | 4,001,683  |   |                                        |   | — |                                    |   |   | — |   |
|      Semiconductors          |   |                  | 2,452,000  |   |                                        |   | — |                                    |   |   | — |   |
|      Software                |   |                  | —    |   |                                        |   | — |                                    |   |   | 603,432 |   |
|      Total Common Stocks     |   |                  | 7,991,539  |   |                                        |   | — |                                    |   |   | 3,760,352 |   |
|   Preferred Stocks                          |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
|      Advanced Materials      |   |                  | —    |   |                                        |   | — |                                    |   |   | 16,000,240 |   |
|      Advertising Technology  |   |                  | —    |   |                                        |   | — |                                    |   |   | 9,275,004 |   |
|      Aerospace               |   |                  | —    |   |                                        |   | — |                                    |   |   | 697,505 |   |
|      Automotive              |   |                  | —    |   |                                        |   | — |                                    |   |   | 12,904,758 |   |
|      Cloud Computing         |   |                  | —    |   |                                        |   | — |                                    |   |   | 8,588,927 |   |
|      Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 8,249,657 |   |
|      Equipment Leasing       |   |                  | —    |   |                                        |   | — |                                    |   |   | 2,000,000 |   |
|      Intellectual Property   |   |                  | —    |   |                                        |   | — |                                    |   |   | 7,631,645 |   |
|      Medical Devices         |   |                  | —    |   |                                        |   | — |                                    |   |   | 22,655,879 |   |
|      Mobile Computing        |   |                  | —    |   |                                        |   | — |                                    |   |   | 6,995,763 |   |
|      Networking              |   |                  | —    |   |                                        |   | — |                                    |   |   | 5,092,256 |   |
|      Semiconductor Equipment |   |                  | —    |   |                                        |   | — |                                    |   |   | 17,956,088 |   |
|      Total Preferred Stocks  |   |                  | —    |   |                                        |   | — |                                    |   |   | 118,047,722 |   |
|   Asset Derivatives *                       |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
|      Equity Contracts        |   |                  | —    |   |                                        |   | — |                                    |   |   | 6,850,777 |   |
|      Total Asset Derivatives |   |                  | —    |   |                                        |   | — |                                    |   |   | 6,850,777 |   |
|   Convertible Notes                         |   |                  |       |   |                                        |   |    |                                    |   |   |   |   |
|      Advertising Technology  |   |                  | —    |   |                                        |   | — |                                    |   |   | 559,360 |   |
|      Consumer Electronics    |   |                  | —    |   |                                        |   | — |                                    |   |   | 2,950,000 |   |
|      Medical Devices         |   |                  | —    |   |                                        |   | — |                                    |   |   | 4,000,000 |   |
|      Semiconductor Equipment |   |                  | —    |   |                                        |   | — |                                    |   |   | 1,381,102 |   |
|   Total Convertible Notes                   |   |                  | —    |   |                                        |   | — |                                    |   |   | 8,890,462 |   |
| Exchange-Traded Funds                                 |   |                  | 9,654,095  |   |                                        |   | — |                                    |   |   | — |   |
| Total                                                 |   | $                     | 17,645,634 |   |                                        | $      | — |                                    |   | $ | 137,549,313 |   |

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

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCE AS OF 12/31/15 |       |   | NETPURCHASES |   |      | NET SALES |   |   | NET REALIZED GAINS/(LOSSES) |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION) (1) |       |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |       | BALANCE AS OF 6/30/16 |   |
|---------------------------------------------------------------------------|--------|------------------------|------------|--------|--------------|--------|-----------|-----------|--------|--------|-----------------------------|--------|--------|------------------------------------------------|------------|--------|-------------------------------|--------|------------|-----------------------|--------|
| Common Stocks                                                             |   |                   |       |   |         |   |      |      |   |   |                        |   |   |                                           |       |   |                          |   |       |                  |   |
|   Advanced Materials                                            |   | $                      | 203,901    |   |         | $      | —   |      |   | $      | —                     |   |   | $                                              | —    |   |                          | $      | 121,452    |                  |   | $ | — |   |   | $ | 325,353 |   |
|   Computer Storage                                              |   |                   | 185,283    |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | (32,683    | )                     |   |   | (152,600 | ) |   |   | — |   |
|   Consumer      Electronics            |   |                   | 6,171,863  |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | (3,378,181 | )                     |   |   | — |   |   |   | 2,793,682 |   |
|   Equipment Leasing                                             |   |                   | —    |   |         |   | 20,000    |      |   |   | —                     |   |   |                                           | —    |   |                          |   | —    |                  |   |   | — |   |   |   | 20,000 |   |
|   Intellectual Property                                         |   |                   | —    |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | 17,885     |                  |   |   | — |   |   |   | 17,885 |   |
|   Internet                                                      |   |                   | 333,317    |   |         |   | —   |      |   |   | (341,749                    | )      |   |                                           | (4,216,363 | )      |                          |   | 4,224,795  |                  |   |   | — |   |   |   | — |   |
|   Renewable Energy                                              |   |                   | 7,148,368  |   |         |   | —   |      |   |   | (6,417,495                  | )      |   |                                           | —    |   |                          |   | (730,873   | )                     |   |   | — |   |   |   | — |   |
|   Software                                                      |   |                   | 557,216    |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | 46,216     |                  |   |   | — |   |   |   | 603,432 |   |
| Preferred Stocks                                                          |   |                   |       |   |         |   |      |      |   |   |                        |   |   |                                           |       |   |                          |   |       |                  |   |   |   |   |   |   |   |   |
|   Advanced Materials                                            |   |                   | 14,000,240 |   |         |   | 2,000,000 |      |   |   | —                     |   |   |                                           | —    |   |                          |   | —    |                  |   |   | — |   |   |   | 16,000,240 |   |
|   Advertising     Technology                |   |                   | 24,708,708 |   |         |   | —   |      |   |   | (17,335,528                 | )      |   |                                           | 7,185,549  |   |                          |   | (5,283,725 | )                     |   |   | — |   |   |   | 9,275,004 |   |
|   Aerospace                                                |   |                   | 2,000,000  |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | (1,302,495 | )                     |   |   | — |   |   |   | 697,505 |   |
|   Automotive                                                    |   |                   | 12,928,943 |   |         |   | 4,779,956 |      |   |   | (4,779,956                  | )      |   |                                           | 864,024    |   |                          |   | (888,209   | )                     |   |   | — |   |   |   | 12,904,758 |   |
|   Cloud Computing                                               |   |                   | 9,999,998  |   |         |   | 373,540   |      |   |   | (373,540                    | )      |   |                                           | (67,260    | )      |                          |   | (1,343,811 | )                     |   |   | — |   |   |   | 8,588,927 |   |
|   Consumer     Electronics                  |   |                   | 7,438,704  |   |         |   | 750,000   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | 60,953     |                  |   |   | — |   |   |   | 8,249,657 |   |
|   Equipment Leasing                                             |   |                   | —    |   |         |   | 2,000,000 |      |   |   | —                     |   |   |                                           | —    |   |                          |   | —    |                  |   |   | — |   |   |   | 2,000,000 |   |
|   Intellectual Property                                         |   |                   | —    |   |         |   | 9,580,979 |      |   |   | —                     |   |   |                                           | —    |   |                          |   | (1,949,334 | )                     |   |   | — |   |   |   | 7,631,645 |   |
|   Medical Devices                                               |   |                   | 22,655,879 |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | —    |                  |   |   | — |   |   |   | 22,655,879 |   |
|   Mobile Computing                                              |   |                   | 7,110,747  |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | (114,984   | )                     |   |   | — |   |   |   | 6,995,763 |   |
|   Networking                                                    |   |                   | 4,772,712  |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | 319,544    |                  |   |   | — |   |   |   | 5,092,256 |   |
|   Semiconductor      Equipment         |   |                   | 23,370,825 |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | (5,414,737 | )                     |   |   | — |   |   |   | 17,956,088 |   |
| Asset Derivatives                                                         |   |                   |       |   |         |   |      |      |   |   |                        |   |   |                                           |       |   |                          |   |       |                  |   |   |   |   |   |   |   |   |
|   Equity Contracts                                              |   |                   | 642,600    |   |         |   | —   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | 6,208,177  |                  |   |   | — |   |   |   | 6,850,777 |   |
| Convertible Notes                                                         |   |                   |       |   |         |   |      |      |   |   |                        |   |   |                                           |       |   |                          |   |       |                  |   |   |   |   |   |   |   |   |
|   Advertising    Technology                 |   |                   | —    |   |         |   | 559,360   |      |   |   | —                     |   |   |                                           | —    |   |                          |   | —    |                  |   |   | — |   |   |   | 559,360 |   |

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCE AS OF 12/31/15 |        |   | NETPURCHASES |   |       | NET SALES |   |   | NET REALIZED GAINS/(LOSSES) |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION) (1) |      |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |       | BALANCE AS OF 6/30/16 |   |
|---------------------------------------------------------------------------|--------|------------------------|-------------|--------|--------------|--------|------------|-----------|--------|--------|-----------------------------|--------|--------|------------------------------------------------|-----------|--------|-------------------------------|--------|------------|-----------------------|--------|
|   Consumer Electronics                                          |   | $                      | 2,000,000   |   |         | $      | 950,000    |      |   | $      | —                     |   |   | $                                              | —   |   |                          | $      | —    |                  |   | $ | — |   |   | $ | 2,950,000 |   |
|    Intellectual Property                              |   |                   | 3,630,383   |   |         |   | —    |      |   |   | (5,250,000                  | )      |   |                                           | (360,753  | )      |                          |   | 1,980,370  |                  |   |   | — |   |   |   | — |   |
|   Medical Devices                                               |   |                   | 4,000,000   |   |         |   | —    |      |   |   | —                     |   |   |                                           | —   |   |                          |   | —    |                  |   |   | — |   |   |   | 4,000,000 |   |
|   Semiconductor Equipment                                       |   |                   | —     |   |         |   | 1,381,102  |      |   |   | —                     |   |   |                                           | —   |   |                          |   | —    |                  |   |   | — |   |   |   | 1,381,102 |   |
| Total                                                                     |   | $                      | 153,859,687 |   |         | $      | 22,394,937 |      |   | $      | (34,498,268                 | )      |   | $                                              | 3,405,197 |   |                          | $      | (7,459,640 | )                     |   | $ | (152,600 | ) |   | $ | 137,549,313 |   |

| (1) | The net change in unrealized depreciation from Level 3 instruments held as of June 30, 2016 was $(12,640,136). |
|-----|----------------------------------------------------------------------------------------------------------------|

|                                                       | FAIR VALUE AT 6/30/16 |   | VALUATION TECHNIQUES                                                                                      | UNOBSERVABLE INPUTS                                                                           | RANGE (WEIGHTED AVG.)                        |
|------------------------------------------------------------|-----------------------|--------|-----------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------|----------------------------------------------|
| Direct venture capital investments: Advanced Materials     | $16.9M                |   | Market Comparable   CompaniesPrior Transaction   AnalysisOption Pricing Model         | Revenue MultipleYears to ExpirationVolatilityRisk-Free RateDiscount for Lack of Marketability | 0.6x5 years54.52% - 64.55%1.01%33.2% - 38.1% |
| Direct venture capital investments: Advertising Technology | $9.8M                 |   | Market Comparable   CompaniesPrior Transaction   AnalysisOption Pricing Model         | Revenue MultipleYears to ExpirationVolatilityRisk-Free Rate                                   | 0.3x2 years55.45%0.58%                       |
| Direct venture capital  investments: Aerospace        | $0.7M                 |   | Prior Transaction   AnalysisProbability-Weighted  Expected ReturnOption Pricing Model | Going Concern ProbabilityYears to ExpirationVolatilityRisk-Free Rate                          | 50%5 years62.34% 1.01%                       |
| Direct venture capital  investments: Automotive       | $12.9M                |   | Prior Transaction   AnalysisOption Pricing Model                                                | Years to ExpirationVolatilityRisk-Free Rate                                                   | 3 years63.64%0.71%                           |
| Direct venture capital investments: Cloud Computing        | $8.6M                 |   | Prior Transaction   AnalysisOption Pricing Model                                                | Years to ExpirationVolatilityRisk-Free Rate                                                   | 2 years37.32%0.58%                           |

----

|                                                            | FAIR VALUE AT 6/30/16 |   | VALUATION TECHNIQUES                                                                                                             | UNOBSERVABLE INPUTS                                                                                                                   | RANGE (WEIGHTED AVG.)                                           |
|-----------------------------------------------------------------|-----------------------|--------|----------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------|
| Direct venture capital  investments: Consumer Electronics  | $13.9M                |   | Prior Transaction   AnalysisProbability-Weighted   Expected ReturnInvested Capital(Cost)Option Pricing Model | IPO Exit ProbabilityMerger & Acquisition ProbabilityYears to ExpirationVolatilityRisk-Free RateDiscount for Lack of Marketability | 75%25%2 years - 5 years50.26% - 64.94%0.58% - 1.01%0.0% - 31.0% |
| Direct venture capital  investments: Equipment Leasing     | $2.0M                 |   | Prior Transaction   Analysis                                                                                           |                                                                                                                                  |                                                            |
| Direct venture capital  investments: Intellectual Property | $7.7M                 |   | Prior Transaction   AnalysisOption Pricing Model                                                                       | Years to ExpirationVolatilityRisk-Free RateDiscount for Lack of Marketability                                                         | 5 years50.58%1.01%31.10%                                        |
| Direct venture capital  investments: Medical Devices       | $26.7M                |   | Prior Transaction   AnalysisOption Pricing Model                                                                       | Years to ExpirationVolatilityRisk-Free Rate                                                                                           | 4 years59.86%0.86%                                              |
| Direct venture capital investments: Mobile Computing            | $7.0M                 |   | Prior Transaction   AnalysisOption Pricing Model                                                                       | Years to Expiration VolatilityRisk-Free Rate                                                                                          | 2 years65.26%0.58%                                              |
| Direct venture capital investments: Networking                  | $5.1M                 |   | Prior Transaction   AnalysisOption Pricing Model                                                                       | Years to Expiration VolatilityRisk-Free RateDiscount for Lack of Marketability                                                        | 0.5 years36.94%0.36%8.1%                                        |
| Direct venture capital investments: Semiconductor Equipment     | $25.6M                |   | Prior Transaction   AnalysisOption Pricing Model                                                                       | Years to Expiration VolatilityRisk-Free RateDiscount for Lack of Marketability                                                        | 2 years50.0%0.58%21.2%                                          |
| Direct venture capital investments: Software                    | $0.6M                 |   | Prior Transaction   AnalysisOption Pricing Model                                                                       | Years to Expiration VolatilityRisk-Free RateDiscount for Lack of Marketability                                                        | 1 year55.30%0.45%16.9%                                          |

----

| PURCHASES AND SALES                                         |   |   |       |
|-------------------------------------------------------------|--------|--------|------------|
| Purchases of investment securities                          |   | $      | 39,534,269 |   |
| Proceeds from sales and maturities of investment securities |   | $      | 49,193,492 |   |

----

|                                     |   | SHARES/PAR ACTIVITY |       |   |             |   |       |                      |   |   |               |   |   |                 |       |
|------------------------------------------|--------|---------------------|------------|--------|------------------|--------|------------|---------------------------|--------|--------|--------------------|--------|--------|----------------------|------------|
| AFFILIATE/CONTROLLED INVESTMENT*         |   | BALANCE AT 12/31/15 |       |   | PURCHASES/MERGER |   |       | SALES/MATURITY/EXPIRATION |   |   | BALANCE AT 6/30/16 |   |   | REALIZED GAIN (LOSS) |       |   | INTEREST |   |   | VALUE 6/30/16 |   |   | ACQUISITION COST |   |
| EQX, Inc. Common Stock*                  |   |                | -          |   |             |   | 100,000    |                      |   |   | -                  |   |   |                 | 100,000    |   |   | $ | - |   |   | $ | - |   |   | $ | 20,000 |   |   | $ | 20,000 |   |
| EQX, Inc. Preferred Stock -Series A*     |   |                | -          |   |             |   | 2,000,000  |                      |   |   | -                  |   |   |                 | 2,000,000  |   |   |   | - |   |   |   | - |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| Hera Systems, Inc.Series A Preferred*    |   |                | 3,642,324  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 3,642,324  |   |   |   | - |   |   |   | - |   |   |   | 697,505 |   |   |   | 2,000,000 |   |
| 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  |   |   |   | - |   |   |   | 74,795 |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| IntraOp Medical Corp.Term Note*          |   |                | 3,000,000  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 3,000,000  |   |   |   | - |   |   |   | 119,671 |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| Pivotal Systems,Series A Preferred*      |   |                | 11,914,217 |   |             |   | -          |                      |   |   | -                  |   |   |                 | 11,914,217 |   |   |   | - |   |   |   | - |   |   |   | 7,374,900 |   |   |   | 6,000,048 |   |
| Pivotal Systems,Series B Preferred*      |   |                | 13,065,236 |   |             |   | -          |                      |   |   | -                  |   |   |                 | 13,065,236 |   |   |   | - |   |   |   | - |   |   |   | 8,087,381 |   |   |   | 6,321,482 |   |
| Pivotal Systems,Series C Preferred*      |   |                | 2,291,260  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 2,291,260  |   |   |   | - |   |   |   | - |   |   |   | 2,493,807 |   |   |   | 2,657,862 |   |
| Pivotal Systems,Convertible Note*        |   |                | -          |   |             |   | 500,000    |                      |   |   | -                  |   |   |                 | 500,000    |   |   |   | - |   |   |   | 21,918 |   |   |   | 500,000 |   |   |   | 500,000 |   |
| Pivotal Systems,Convertible Note*        |   |                | -          |   |             |   | 881,102    |                      |   |   | -                  |   |   |                 | 881,102    |   |   |   | - |   |   |   | 20,559 |   |   |   | 881,102 |   |   |   | 881,102 |   |
| Pivotal Systems,Common Stocks Warrants*  |   |                | -          |   |             |   | 18,180,475 |                      |   |   | -                  |   |   |                 | 18,180,475 |   |   |   | - |   |   |   | - |   |   |   | 6,234,812 |   |   |   | - |   |
| QMAT, Preferred StockSeries A*           |   |                | 14,000,240 |   |             |   | 2,000,000  |                      |   |   | -                  |   |   |                 | 16,000,240 |   |   |   | - |   |   |   | - |   |   |   | 16,000,240 |   |   |   | 16,000,240 |   |
| QMAT, Series A Warrant*                  |   |                | 2,000,000  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 2,000,000  |   |   |   | - |   |   |   | - |   |   |   | 599,600 |   |   |   | - |   |

----

|                                              |   | SHARES/PAR ACTIVITY |       |   |             |   |       |                      |   |   |               |   |   |                 |       |   |     |   |     |
|---------------------------------------------------|--------|---------------------|------------|--------|------------------|--------|------------|---------------------------|--------|--------|--------------------|--------|--------|----------------------|------------|--------|----------|--------|----------|
| AFFILIATE/CONTROLLED INVESTMENT*                  |   | BALANCE AT 12/31/15 |       |   | PURCHASES/MERGER |   |       | SALES/MATURITY/EXPIRATION |   |   | BALANCE AT 6/30/16 |   |   | REALIZED GAIN (LOSS) |       |   | INTEREST |   |     | VALUE 6/30/16 |   |   | ACQUISITION COST |   |
| Silicon Genesis Corp.,Common *                    |   |                | 921,892    |   |             |   | -          |                      |   |   | -                  |   |   |                 | 921,892    |   |     | $      | -        |   |   | $ | - |   |   | $ | 17,885 |   |   | $ | 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     |   |     |   | -        |   |   |   | - |   |   |   | 365 |   |   |   | 6,678 |   |
| Silicon Genesis Corp.,Common Warrant*             |   |                | 5,000,000  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 5,000,000  |   |     |   | -        |   |   |   | - |   |   |   | 10,000 |   |   |   | - |   |
| Silicon Genesis Corp.,Common Warrant*             |   |                | 3,000,000  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 3,000,000  |   |     |   | -        |   |   |   | - |   |   |   | 6,000 |   |   |   | - |   |
| Silicon Genesis Corp.,Series 1-C Preferred*       |   |                | 82,914     |   |             |   | -          |                      |   |   | -                  |   |   |                 | 82,914     |   |     |   | -        |   |   |   | - |   |   |   | 92,441 |   |   |   | 109,518 |   |
| Silicon Genesis Corp.,Series 1-D Preferred*       |   |                | 850,830    |   |             |   | -          |                      |   |   | -                  |   |   |                 | 850,830    |   |     |   | -        |   |   |   | - |   |   |   | 254,398 |   |   |   | 431,901 |   |
| Silicon Genesis Corp., Series 1-E Preferred* |   |                | 5,704,480  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 5,704,480  |   |     |   | -        |   |   |   | - |   |   |   | 2,667,985 |   |   |   | 2,946,535 |   |
| Silicon Genesis Corp.,Series 1-F Preferred*       |   |                | 912,453    |   |             |   | -          |                      |   |   | -                  |   |   |                 | 912,453    |   |     |   | -        |   |   |   | - |   |   |   | 580,594 |   |   |   | 583,060 |   |
| Silicon Genesis Corp.,Series 1-G Preferred*       |   |                | -          |   |             |   | 48,370,793 |                      |   |   | -                  |   |   |                 | 48,370,793 |   |     |   | -        |   |   |   | - |   |   |   | 3,736,160 |   |   |   | 8,580,979 |   |
| Silicon Genesis Corp.,Series 1-H Preferred*       |   |                | -          |   |             |   | 837,942    |                      |   |   | -                  |   |   |                 | 837,942    |   |     |   | -        |   |   |   | - |   |   |   | 300,067 |   |   |   | 1,000,000 |   |
| Telepathy Investors, Inc.Convertible Note*        |   |                | 2,000,000  |   |             |   | -          |                      |   |   | -                  |   |   |                 | 2,000,000  |   |     |   | -        |   |   |   | 101,111 |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| Telepathy Investors, Inc.Convertible Note*        |   |                | -          |   |             |   | 150,000    |                      |   |   | -                  |   |   |                 | 150,000    |   |     |   | -        |   |   |   | 411 |   |   |   | 150,000 |   |   |   | 150,000 |   |
| Telepathy Investors, Inc.Convertible Note*        |   |                | -          |   |             |   | 500,000    |                      |   |   | -                  |   |   |                 | 500,000    |   |     |   | -        |   |   |   | 9,863 |   |   |   | 500,000 |   |   |   | 500,000 |   |
| Telepathy Investors, Inc.Convertible Note*        |   |                | -          |   |             |   | 300,000    |                      |   |   | -                  |   |   |                 | 300,000    |   |     |   | -        |   |   |   | 12,658 |   |   |   | 300,000 |   |   |   | 300,000 |   |
| Telepathy Investors, Inc.Series A Preferred*      |   |                | 15,238,000 |   |             |   | -          |                      |   |   | -                  |   |   |                 | 15,238,000 |   |     |   | -        |   |   |   | - |   |   |   | 3,719,596 |   |   |   | 3,999,999 |   |
| Vufine, Inc.,Series A Preferred*                  |   |                | 15,000,000 |   |             |   | 7,500,000  |                      |   |   | -                  |   |   |                 | 22,500,000 |   |     |   | -        |   |   |   | - |   |   |   | 2,250,000 |   |   |   | 2,250,000 |   |
| Vufine, Inc., Common Stock*                       |   |                | 750,000    |   |             |   | -          |                      |   |   | -                  |   |   |                 | 750,000    |   |     |   | -        |   |   |   | - |   |   |   | 21,675 |   |   |   | 15,000 |   |

----

|                                       |   | SHARES/PAR ACTIVITY |      |   |             |   |      |                      |   |   |               |   |   |                 |      |   |     |   |    |
|--------------------------------------------|--------|---------------------|-----------|--------|------------------|--------|-----------|---------------------------|--------|--------|--------------------|--------|--------|----------------------|-----------|--------|----------|--------|---------|
| AFFILIATE/CONTROLLED INVESTMENT*           |   | BALANCE AT 12/31/15 |      |   | PURCHASES/MERGER |   |      | SALES/MATURITY/EXPIRATION |   |   | BALANCE AT 6/30/16 |   |   | REALIZED GAIN (LOSS) |      |   | INTEREST |   |    | VALUE 6/30/16 |   |   | ACQUISITION COST |   |
| Wrightspeed, Inc.Series C Preferred        |   |                | 2,267,659 |   |             |   | 1,480,000 |                      |   |   | (1,480,000         | )      |   |                 | 2,267,659 |   |     | $      | 864,024 |   |   | $ | - |   |   | $ | 7,323,858 |   |   | $ | 6,864,023 |   |
| Wrightspeed, Inc.Series D Preferred        |   |                | 1,100,978 |   |             |   | -         |                      |   |   | -                  |   |   |                 | 1,100,978 |   |     |   | -       |   |   |   | - |   |   |   | 3,921,904 |   |   |   | 3,375,887 |   |
| Wrightspeed, Inc.Series E Preferred        |   |                | 450,814   |   |             |   | -         |                      |   |   | -                  |   |   |                 | 450,814   |   |     |   | -       |   |   |   | - |   |   |   | 1,658,996 |   |   |   | 1,658,996 |   |
| Total Affiliates andControlled Investments |   |                |      |   |             |   |      |                      |   |   |               |   |   |                 |      |   |     |   |    |   |   |   |   |   |   |   | 101,057,150 |   |   |   | 101,622,293 |   |
| Total Affiliates                           |   |                |      |   |             |   |      |                      |   |   |               |   |   |                 |      |   |     |   |    |   |   |   |   |   |   |   | 12,904,758 |   |   |   | 11,898,906 |   |
| Total Controlled Investments               |   |                |      |   |             |   |      |                      |   |   |               |   |   |                 |      |   |     |   |    |   |   |   |   |   |   | $ | 88,152,392 |   |   | $ | 89,723,387 |   |

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

----

----

----

|                                  |          |              |
|---------------------------------------|---------------|-------------------|
|                                  | June 30, 2016 | December 31, 2015 |
| Medical Devices                       | 16.1%         | 15.2%             |
| Semiconductor Equipment               | 15.5%         | 19.9%             |
| Advanced Materials                    | 10.2%         | 8.4%              |
| Consumer Electronics                  | 8.4%          | 8.9%              |
| Automotive                            | 7.8%          | 7.4%              |
| Adverising Technology                 | 6.0%          | 14.1%             |
| Cloud Computing                       | 5.2%          | 5.7%              |
| Intellectual Property                 | 4.6%          | 2.0%              |
| Mobile Computing                      | 4.2%          | 4.1%              |
| Networking                            | 3.1%          | 2.7%              |
| Renewable Energy                      | 2.4%          | 4.1%              |
| Semiconductor                         | 1.5%          | 2.3%              |
| Equipment Leasing                     | 1.2%          | 0.0%              |
| Other Electronics                     | 0.8%          | 0.7%              |
| Aerospace                             | 0.4%          | 1.1%              |
| Software                              | 0.4%          | 0.3%              |
| Computer Storage                      | 0.1%          | 0.1%              |
| Internet                              | 0.0%          | 0.2%              |
| Exchange-Traded Funds                 | 5.8%          | 0.0%              |
| Other Assets in Excess of Liabilities | 6.3%          | 2.8%              |
| Net Assets                            | 100.0%        | 100.0%            |

----

| EARLY STAGE                                                                                             | MIDDLE STAGE                                                      | LATE STAGE                                                                          |
|---------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------|-------------------------------------------------------------------------------------|
| Developing product or service for market, high level of research and development, little or no revenue. | Established product, customers, business model; limited revenues. | Appreciable revenue; may be break-even or profitable; IPO or acquisition candidate. |
|                                                                                                         |                                                                   |                                                                                     |

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|                                                 |   |   | Three MonthsEnded June 30, 2016 |    |
|------------------------------------------------------|--------|--------|---------------------------------|---------|
| Realized gains                                       |        | $      | 4,212,691                       |    |
| Net change in unrealized depreciation on investments |   |   | (4,328,627                      | )  |
| Net realized and unrealized loss on investments      |        | $      | (115,936                        | )       |
|                                                   |        |   | As of June 30, 2016 |   |
|--------------------------------------------------------|--------|--------|---------------------|--------|
| Gross unrealized appreciation on portfolio investments |   | $      | 12,283,155          |   |
| Gross unrealized depreciation on portfolio investments |   |   | (39,498,300         | )      |
| Net unrealized depreciation on portfolio investments   |   | $      | (27,215,145         | )      |
|                                                 |   | Three Months Ended June 30, 2015 |       |
|------------------------------------------------------|--------|----------------------------------|------------|
| Realized gains                                       |   | $                                | 595,139    |   |
| Net change in unrealized appreciation on investments |   |                             | (2,600,542 | )  |
| Net realized and unrealized gain on investments      |   | $                                | (2,005,403 | ) |
|                                                   |        |   | As of June 30, 2015 |   |
|--------------------------------------------------------|--------|--------|---------------------|--------|
| Gross unrealized appreciation on portfolio investments |   | $      | 14,017,439          |   |
| Gross unrealized depreciation on portfolio investments |   |   | (15,411,262         | )      |
| Net unrealized depreciation on portfolio investments   |   | $      | (1,393,823          | )      |

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|                                                 |   |   | Six MonthsEnded June 30, 2016 |    |
|------------------------------------------------------|--------|--------|-------------------------------|---------|
| Realized gains                                       |   | $      | 7,527,534                     |    |
| Net change in unrealized depreciation on investments |   |   | (14,617,557                   | )  |
| Net realized and unrealized losses on investments    |   | $      | (7,090,023                    | )       |
|                                                   |        |   | As of June 30, 2016 |   |
|--------------------------------------------------------|--------|--------|---------------------|--------|
| Gross unrealized appreciation on portfolio investments |   | $      | 12,283,155          |   |
| Gross unrealized depreciation on portfolio investments |   |   | (39,498,300         | )      |
| Net unrealized appreciation on portfolio investments   |   | $      | (27,215,145         | )      |
|                                                 |   | Six MonthsEnded June 30, 2015 |      |
|------------------------------------------------------|--------|-------------------------------|-----------|
| Realized gains                                       |   | $                             | 1,915,826 |   |
| Net change in unrealized appreciation on investments |   |                          | (300,658  | )  |
| Net realized and unrealized gains on investments     |   | $                             | 1,615,168 |   |
|                                                   |        |   | As of June 30, 2015 |   |
|--------------------------------------------------------|--------|--------|---------------------|--------|
| Gross unrealized appreciation on portfolio investments |   | $      | 14,017,439          |   |
| Gross unrealized depreciation on portfolio investments |   |   | (15,411,262         | )      |
| Net unrealized appreciation on portfolio investments   |   | $      | (1,393,823          | )      |

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| (a) Evaluation of Disclosure Controls and Procedures     | As of the end of the period covered by this Quarterly Report on Form 10-Q, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).  Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. |
|----------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                     |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| (b) Changes in Internal Control Over Financial Reporting | There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act, that occurred during the fiscal quarter ended June 30, 2016, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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| EXHIBIT NUMBER | DESCRIPTION                                                                                                                                                                                                  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1           | Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                   |
|           |                                                                                                                                                                                                         |
| 31.2           | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                   |
|           |                                                                                                                                                                                                         |
| 32.            | Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |

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|                  | FIRSTHAND TECHNOLOGY VALUE FUND, INC.  |                    |
|-----------------------|---------------------------------------------|-------------------------|
| Dated: August 9, 2016 |                                        |                    |   |
|                  | By:                                         | /s/ Kevin Landis        |   |
|                  |                                        | Kevin Landis            |   |
|                  |                                        | Chief Executive Officer |   |
| Dated: August 9, 2016   |   |                    |   |
|-----------------------------------|--------|-------------------------|--------|
|                              | By:    | /s/ Omar Billawala      |   |
|                              |   | Omar Billawala          |   |
|                              |   | Chief Financial Officer |   |

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| EXHIBIT NUMBER | DESCRIPTION                                                                                                                                                                                                  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.1           | Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                   |
|           |                                                                                                                                                                                                         |
| 31.2           | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                   |
|           |                                                                                                                                                                                                         |
| 32.            | Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |