----

| [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 Incorporation or Organization) | (I.R.S. Employer Identification No) |

| 150 Almaden Boulevard, Suite 1250                            |            |
|--------------------------------------------------------------|-----------------|
| San Jose, California(Address of Principal Executive Offices) | 95113(Zip Code) |

| [  ]                                         | Large Accelerated Filer     | [X]       | Accelerated Filer         |
|---------------------------------------------------|-----------------------------|-----------|---------------------------|
| [  ]                                         | Non-accelerated Filer  | [  ] | Smaller Reporting Company |
|  (Do not check if smaller reporting company) |                        |      |

| Class                                    | Outstanding at October 31, 2017 |
|------------------------------------------|---------------------------------|
| Common Stock, $0.001 par value per share | 7,430,697                       |

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| PART I. FINANCIAL INFORMATION | 2                                                                                                                                                                                                                                                                                                                                          |
|-------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Item 1.                       | Financial Statements                                                                                                                                                                                                                                                                                                                       | 2 |
|                          | Consolidated Statements of Assets and Liabilities as of September 30, 2017 (Unaudited) and December 31, 2016                                                                                                                                                                                                                               | 3 |
|                          | Consolidated Statements of Operations (Unaudited) for the Three Months Ended September 30, 2017, and September 30, 2016 and for the Nine Months Ended September 30, 2017, and September 30, 2016                                                                                                                                           | 4 |
|                          | Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2017 (Unaudited) and the Nine Months Ended September 30, 2016 (Unaudited)                                                                                                                                                                                    | 5 |
|                          | Consolidated Statements of Changes in Net Assets for the Nine Months Ended September 30, 2017 (Unaudited) and the Year Ended December 31, 2016                                                                                                                                                                                             | 6 |
|                          | Selected Per Share Data and Ratios for the Nine Months Ended September 30, 2017 (Unaudited) (Consolidated), for the Year Ended December 31, 2016 (Consolidated), for the Year Ended December 31, 2015 (Consolidated), for the Year Ended December 31, 2014, for the Year Ended December 31, 2013, and for the Year Ended December 31, 2012 | 7 |
|                          | Consolidated Schedule of Investments (Unaudited) as of September 30, 2017                                                                                                                                                                                                                                                                  | 8 |
|                          | Consolidated Notes To Financial Statements (Unaudited)                                                                                                                                                                                                                                                                                     | 13 |
| Item 2.                       | Management’s Discussion and Analysis of Financial Condition and Results of Operations                                                                                                                                                                                                                                                | 29 |
| Item 3.                       | Quantitative and Qualitative Disclosures About Market Risk                                                                                                                                                                                                                                                                                 | 36 |
| Item 4.                       | Controls and Procedures                                                                                                                                                                                                                                                                                                                    | 38 |
| PART II. OTHER INFORMATION    | 39                                                                                                                                                                                                                                                                                                                                         |
| Item 1.                       | Legal Proceedings                                                                                                                                                                                                                                                                                                                          | 40 |
| Item 1A.                      | Risk Factors                                                                                                                                                                                                                                                                                                                               | 40 |
| Item 2.                       | Unregistered Sales of Equity Securities and Use of Proceeds                                                                                                                                                                                                                                                                                | 40 |
| Item 3.                       | Defaults Upon Senior Securities                                                                                                                                                                                                                                                                                                            | 40 |
| Item 4.                       | Mine Safety Disclosures                                                                                                                                                                                                                                                                                                                    | 40 |
| Item 5.                       | Other Information                                                                                                                                                                                                                                                                                                                          | 40 |
| Item 6.                       | Exhibits                                                                                                                                                                                                                                                                                                                                   | 40 |
| SIGNATURES                    | 41                                                                                                                                                                                                                                                                                                                                         |

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----

----

|                                                                   |   | AS OFSEPTEMBER 30, 2017 (UNAUDITED) |        |   | AS OFDECEMBER 31, 2016 |   |
|------------------------------------------------------------------------|--------|-------------------------------------|-------------|--------|------------------------|--------|
| ASSETS                                                                 |   |                                |        |   |                   |   |
| Investment securities:                                                 |   |                                |        |   |                   |   |
| Unaffiliated investments at acquisition cost *                         |   | $                                   | 41,800,052  |   |                   | $      | 66,336,448 |   |
| Affiliated investments at acquisition cost                             |   |                                | 24,061,200  |   |                   |   | 11,898,906 |   |
| Controlled investments at acquisition cost                             |   |                                | 108,462,512 |   |                   |   | 96,551,795 |   |
| Total acquisition cost                                                 |   | $                                   | 174,323,764 |   |                   | $      | 174,787,149 |   |
| Unaffiliated investments at market value*                              |   | $                                   | 34,697,485  |   |                   | $      | 51,202,592 |   |
| Affiliated investments at market value                                 |   |                                | 18,483,191  |   |                   |   | 10,410,045 |   |
| Controlled investments at market value                                 |   |                                | 85,547,952  |   |                   |   | 85,918,212 |   |
| Total market value ** (Note 6)                                         |   |                                | 138,728,628 |   |                   |   | 147,530,849 |   |
| Cash                                                                   |   |                                | —     |   |                   |   | 1,934,247 |   |
| Receivable from dividends and interest                                 |   |                                | 1,460,238   |   |                   |   | 820,824 |   |
| Other assets                                                           |   |                                | 10,974      |   |                   |   | 28,513 |   |
| Total Assets                                                           |   |                                | 140,199,840 |   |                   |   | 150,314,433 |   |
| LIABILITIES                                                            |   |                                |        |   |                   |   |   |   |
| Payable for securities purchased                                       |   |                                | —     |   |                   |   | 395,532 |   |
| Payable to affiliates (Note 4)                                         |   |                                | 759,105     |   |                   |   | 796,533 |   |
| Consulting fee payable                                                 |   |                                | 26,143      |   |                   |   | 27,250 |   |
| Accrued expenses and other payables                                    |   |                                | 129,405     |   |                   |   | 182,727 |   |
| Total Liabilities                                                      |   |                                | 914,653     |   |                   |   | 1,402,042 |   |
| NET ASSETS                                                             |   | $                                   | 139,285,187 |   |                   | $      | 148,912,391 |   |
| Net Assets consist of:                                                 |   |                                |        |   |                   |   |   |   |
| Common Stock, par value $0.001 per share 100,000,000 shares authorized |   | $                                   | 7,431       |   |                   | $      | 7,431 |   |
| Paid-in-capital                                                        |   |                                | 184,698,313 |   |                   |   | 184,698,313 |   |
| Accumulated net investment loss                                        |   |                                | (2,056,356  | )      |                   |   | — |   |
| Accumulated net realized loss from security transactions               |   |                                | (7,769,065  | )      |                   |   | (8,537,053 | ) |
| Net unrealized depreciation on investments and warrants transactions   |   | (35,595,136                         | )      |   | (27,256,300            | )      |
| NET ASSETS                                                             |   | $                                   | 139,285,187 |   |                   | $      | 148,912,391 |   |
| Shares of Common Stock outstanding                                     |   |                                | 7,430,697   |   |                   |   | 7,430,697 |   |
| Net asset value per share (Note 2)                                     |   | $                                   | 18.74       |   |                   | $      | 20.04 |   |

| * | Includes Fidelity Investments Money Market Treasury Portfolio- Class I, which invests primarily in U.S. Treasury securities. The yields as of 09/30/17 and 12/31/16 were 0.94% and 0.35%, respectively. Please see https://fundresearch.fidelity.com/mutual-funds/ summary/316175504 for additional information. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

----

|                                                                                                   |   | FOR THE THREE MONTHS ENDED   |       |   | FOR THE NINE MONTHS ENDED   |     |
|--------------------------------------------------------------------------------------------------------|--------|----------------------------------------|------------|--------|---------------------------------------|----------|
|                                                                                                   |   | SEPTEMBER 30, 2017                     |       |   | SEPTEMBER 30, 2016                    |     |   | SEPTEMBER 30, 2017 |   |   | SEPTEMBER 30, 2016 |   |
| INVESTMENT INCOME                                                                                      |   |                                   |       |   |                                  |     |   |   |   |   |   |   |
| Unaffiliated dividends                                                                                 |   | $                                      | —    |   |                                  | $        | 9,205 |   |   | $ | — |   |   | $ | 13,547 |   |
| Unaffiliated interest                                                                                  |   |                                   | 5,820      |   |                                  |     | 2,931 |   |   |   | 35,085 |   |   |   | 14,398 |   |
| Affiliated/Controlled interest                                                                         |   |                                   | 427,547    |   |                                  |     | 227,875 |   |   |   | 1,008,376 |   |   |   | 588,861 |  |
| TOTAL INVESTMENT INCOME                                                                                |   |                                   | 433,367    |   |                                  |     | 240,011 |   |   |   | 1,043,461 |   |   |   | 616,806 |   |
| EXPENSES                                                                                               |   |                                   |       |   |                                  |     |   |   |   |   |   |   |   |   |   |   |
| Investment advisory fees (Note 4)                                                                      |   |                                   | 707,865    |   |                                  |     | 813,334 |   |   |   | 2,175,267 |   |   |   | 2,510,446 |   |
| Administration fees                                                                                    |   |                                   | 48,398     |   |                                  |     | 45,326 |   |   |   | 142,049 |   |   |   | 120,581 |   |
| Custody fees                                                                                           |   |                                   | 7,587      |   |                                  |     | 2,377 |   |   |   | 18,209 |   |   |   | 9,454 |   |
| Transfer agent fees                                                                                    |   |                                   | 9,114      |   |                                  |     | 6,842 |   |   |   | 23,815 |   |   |   | 20,261 |   |
| Registration and filing fees                                                                           |   |                                   | 5,823      |   |                                  |     | 5,806 |   |   |   | 17,278 |   |   |   | 17,293 |   |
| Professional fees                                                                                      |   |                                   | 128,954    |   |                                  |     | 194,218 |   |   |   | 374,257 |   |   |   | 456,623 |   |
| Printing fees                                                                                          |   |                                   | 38,260     |   |                                  |     | (2,913 | ) |   |   | 68,176 |   |   |   | 35,004 |   |
| Trustees fees                                                                                          |   |                                   | 25,000     |   |                                  |     | 25,000 |   |   |   | 75,000 |   |   |   | 75,000 |   |
| Compliance fees                                                                                        |   |                                   | 27,900     |   |                                  |     | 47,407 |   |   |   | 80,509 |   |   |   | 141,192 |   |
| Settlement fees                                                                                        |   |                                   | 50,000     |   |                                  |     | — |   |   |   | 50,000 |   |   |   | — |   |
| Miscellaneous fees                                                                                     |   |                                   | 28,021     |   |                                  |     | 24,639 |   |   |   | 75,257 |   |   |   | 55,438 |   |
| TOTAL NET EXPENSES                                                                                     |   |                                   | 1,076,922  |   |                                  |     | 1,162,036 |   |   |   | 3,099,817 |   |   |   | 3,441,292 |   |
|                                                                                                   |   |                                   |       |   |                                  |     |   |   |   |   |   |   |   |   |   |   |
| NET INVESTMENT LOSS                                                                                    |   | (643,555                               | )          |   |                                  | (922,025 | ) |   | (2,056,356 | ) |   |   | (2,824,486 | ) |
| Net Realized and Unrealized Loss on Investments:                                                       |   |                                   |       |   |                                  |     |   |   |   |   |   |   |   |   |   |   |
| Net realized gains (losses) from security transactions Affiliated/Controlled                           |   |                                   | —    |   |                                  |     | (3,538,500 | ) |   |   | — |   |   |   | (3,035,229 | ) |
| Non-affiliated and other assets                                                                        |   |                                   | 207,196    |   |                                  |     | (5,769,095 | ) |   |   | 767,988 |   |   |   | 1,255,168 |   |
| Net change in unrealized appreciation (depreciation) on investments                                    |   |                                   | 2,897,235  |   |                                  |     | 10,868,623 |   |   |   | 5,128,989 |   |   |   | (2,461,007 | ) |
| Net change in unrealized appreciation (depreciation) on affiliated/controlled investments              |   |                                   | (5,844,537 | )      |                                  |     | (8,456,604 | ) |   |   | (17,191,561 | ) |   |   | (15,952,775 | ) |
| Net change in unrealized appreciation (depreciation) on affiliated/controlled warrants investments (1) |   |                                   | 2,923,747  |   |                                  |     | (1,686,853 | ) |   |   | 3,723,736 |   |   |   | 4,521,391 |   |
| Net Realized and Unrealized Gains (Losses)on Investments                                               |   |                                   | 183,641    |   |                                  |     | (8,582,429 | ) |   |   | (7,570,848 | ) |   |   | (15,672,452 | ) |
| Net Decrease In Net Assets Resulting From Operations                                                   |   | $                                      | (459,914   | )      |                                  | $        | (9,504,454 | ) |   | $ | (9,627,204 | ) |   | $ | (18,496,938 | ) |
| Net Decrease In Net Assets Per Share Resulting From Operations (2)                                     |   | $                                      | (0.07      | )      |                                  | $        | (1.26 | ) |   | $ | (1.30 | ) |   | $ | (2.43 | ) |

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

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

----

|                                                                                                                                |   | FOR THENINE MONTHS ENDED SEPTEMBER 30, 2017 |        |   | FOR THENINE MONTHS ENDED SEPTEMBER 30, 2016 |   |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------|-------------|--------|---------------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                |   |                                        |        |   |                                        |   |
| Net decrease in Net Assets resulting from operations                                                                                |   | $                                           | (9,627,204  | )      |                                        | $      | (18,496,938 | ) |
|                                                                                                                                |   |                                        |        |   |                                        |   |   |   |
| Adjustments to reconcile net decrease in Net Assets derived from operations to net cash provided by (used in) operating activities: |   |                                        |        |   |                                        |   |   |   |
| Purchases of investments                                                                                                            |   |                                        | (16,078,804 | )      |                                        |   | (62,754,261 | ) |
| Proceeds from disposition of investments                                                                                            |   |                                        | 19,655,068  |   |                                        |   | 69,315,924 |   |
| Net purchases from short-term investments                                                                                           |   |                                        | (2,344,891  | )      |                                        |   | (1,130,000 | ) |
| (Increase) decrease in dividends and interest receivable                                                                            |   |                                        | (639,414    | )      |                                        |   | 2,787,165 |   |
| (Decrease) increase in payable for investment purchased                                                                             |   |                                        | (395,532    | )      |                                        |   | 3,056,390 |   |
| (Decrease) increase in payable to affiliates                                                                                        |   |                                        | (37,428     | )      |                                        |   | 754,253 |   |
| Decrease in other assets                                                                                                            |   |                                        | 17,539      |   |                                        |   | 776,140 |   |
| Decrease in accrued expenses and other payables                                                                                     |   |                                        | (54,429     | )      |                                        |   | (48,543 | ) |
| Decrease in restricted cash                                                                                                         |   |                                        | —     |   |                                        |   | 1,000,000 |   |
| Net realized (gain) loss from investments                                                                                           |   |                                        | (767,988    | )      |                                        |   | 1,780,061 |   |
| Net unrealized depreciation from investments, other assets, and warrants transactions                                               |   |                                        | 8,338,836   |   |                                        |   | 13,892,391 |   |
| Net cash provided by (used in) provided by operating activities                                                                     |   |                                        | (1,934,247  | )      |                                        |   | 10,932,582 |   |
|                                                                                                                                |   |                                        |        |   |                                        |   |   |   |
| CASH FLOWS FROM FINANCING ACTIVITIES                                                                                                |   |                                        |        |   |                                        |   |   |   |
| Cost of shares repurchased                                                                                                          |   |                                        | —     |   |                                        |   | (2,005,435 | ) |
| Net cash used by financing activities                                                                                               |   |                                        | —     |   |                                        |   | (2,005,435 | ) |
|                                                                                                                                |   |                                        |        |   |                                        |   |   |   |
| Net increase (decrease) in cash                                                                                                     |   |                                        | (1,934,247  | )      |                                        |   | 8,927,147 |   |
| Cash - beginning of period                                                                                                          |   |                                        | 1,934,247   |   |                                        |   | 767,286 |   |
| Cash - end of period                                                                                                                |   | $                                           | —     |   |                                        | $      | 9,694,433 |   |

----

|                                                                           |   | FOR THENINE MONTHS ENDED SEPTEMBER 30, 2017 (UNAUDITED) |        |   | FOR THEYEAR ENDED DECEMBER 31, 2016 |   |
|--------------------------------------------------------------------------------|--------|---------------------------------------------------------|-------------|--------|-------------------------------------|--------|
| FROM OPERATIONS:                                                               |   |                                                    |        |   |                                |   |
| Net investment loss                                                            |   | $                                                       | (2,056,356  | )      |                                | $      | (3,835,503 | ) |
| Net realized gains (loss) from security transactions and warrants transactions |   |                                                    | 767,988     |   |                                |   | (6,167,339 | ) |
| Net change in unrealized depreciation on investments and warrants transactions |   |                                                    | (8,338,836  | )      |                                |   | (14,658,712 | ) |
| Net decrease in net assets from operations                                     |   |                                                    | (9,627,204  | )      |                                |   | (24,661,554 | ) |
|                                                                           |   |                                                    |        |   |                                |   |   |   |
| FROM CAPITAL SHARE TRANSACTIONS:                                               |   |                                                    |        |   |                                |   |   |   |
| Value of shares repurchased                                                    |   |                                                    | —     |   |                                |   | (2,005,434 | ) |
| Net increase (decrease) in net assets from capital share transactions          |   |                                                    | —     |   |                                |   | (2,005,434 | ) |
| TOTAL DECREASE IN NET ASSETS                                                   |   |                                                    | (9,627,204  | )      |                                |   | (26,666,988 | ) |
|                                                                           |   |                                                    |        |   |                                |   |   |   |
| NET ASSETS:                                                                    |   |                                                    |        |   |                                |   |   |   |
| Beginning of period                                                            |   |                                                    | 148,912,391 |   |                                |   | 175,579,379 |   |
| End of period                                                                  |   | $                                                       | 139,285,187 |   |                                | $      | 148,912,391 |   |
| Accumulated Net Investment Loss                                                |   | $                                                       | (2,056,356  | )      |                                | $      | — |   |
|                                                                           |   |                                                    |        |   |                                |   |   |   |
| COMMON STOCK ACTIVITY:                                                         |   |                                                    |        |   |                                |   |   |   |
| Shares repurchased                                                             |   |                                                    | —     |   |                                |   | (272,008 | ) |
| Net decrease in shares outstanding                                             |   |                                                    | —     |   |                                |   | (272,008 | ) |
| Shares outstanding, beginning of period                                        |   |                                                    | 7,430,697   |   |                                |   | 7,702,705 |   |
| Shares outstanding, end of period                                              |   |                                                    | 7,430,697   |   |                                |   | 7,430,697 |   |

----

|                                                                          |   |  FOR THE NINE MONTHS ENDED SEPT 30, 2017* (UNAUDITED)   |    |   |  FOR THE YEAR ENDED DECEMBER 31, 2016*  |   |    |  FOR THE YEAR ENDED DECEMBER 31, 2015*  |   |   |  FOR THE YEAR ENDED DECEMBER 31, 2014  |   |   |  FOR THE YEAR ENDED DECEMBER 31, 2013  |    |   |  FOR THE YEAR ENDED DECEMBER 31, 2012 |   |
|-------------------------------------------------------------------------------|--------|------------------------------------------------------------------------|---------|--------|---------------------------------------------------|--------|---------|---------------------------------------------------|--------|--------|--------------------------------------------------|--------|--------|--------------------------------------------------|---------|--------|--------------------------------------------|--------|
| Net asset value at beginning of period                                        |   | $                                                                      | 20.04   |   |                                              | $      | 22.79   |                                              |   | $      | 24.49                                            |   |   | $                                                | 28.32   |   |                                       | $      | 22.90 |   |   | $ | 23.92 |   |
| Income from investment operations:                                            |   |                                                                   |    |   |                                              |   |    |                                              |   |   |                                             |   |   |                                             |    |   |                                       |   |   |   |   |   |   |   |
| Net investment loss                                                           |   |                                                                   | (0.28   | )      |                                              |   | (0.52   | )                                                 |   |   | (0.06                                            | )(1)   |   |                                             | (1.26   | )      |                                       |   | (1.42 | ) |   |   | (0.39 | ) |
| Net realized and unrealized gains (losses) on investments                     |   |                                                                   | (1.02   | )      |                                              |   | (2.76   | )                                                 |   |   | (1.78                                            | )      |   |                                             | 3.04    |   |                                       |   | 7.16 |   |   |   | (1.01 | ) |
| Total from investment operations                                              |   |                                                                   | (1.30   | )      |                                              |   | (3.28   | )                                                 |   |   | (1.84                                            | )      |   |                                             | 1.78    |   |                                       |   | 5.74 |   |   |   | (1.40 | ) |
|                                                                          |   |                                                                   |    |   |                                              |   |    |                                              |   |   |                                             |   |   |                                             |    |   |                                       |   |   |   |   |   |   |   |
| Distributions from:                                                           |   |                                                                   |    |   |                                              |   |    |                                              |   |   |                                             |   |   |                                             |    |   |                                       |   |   |   |   |   |   |   |
| Realized capital gains                                                        |   |                                                                   | — |   |                                              |   | — |                                              |   |   | —                                          |   |   |                                             | (5.86   | )      |                                       |   | (0.32 | ) |   |   | — |   |
| Premiums from shares sold in  offerings                                  |   |                                                                   | — |   |                                              |   | — |                                              |   |   | —                                          |   |   |                                             | — |   |                                       |   | — | (2) |   |   | 0.38 |   |
| Anti-dilutive effect from capital share  transactions                    |   |                                                                   | — |   |                                              |   | 0.53    |                                              |   |   | 0.14                                             |   |   |                                             | 0.25    |   |                                       |   | — |   |   |   | — |   |
| Net asset value at end of period                                              |   | $                                                                      | 18.74   |   |                                              | $      | 20.04   |                                              |   | $      | 22.79                                            |   |   | $                                                | 24.49   |   |                                       | $      | 28.32 |   |   | $ | 22.90 |   |
|                                                                          |   |                                                                   |    |   |                                              |   |    |                                              |   |   |                                             |   |   |                                             |    |   |                                       |   |   |   |   |   |   |   |
| Market value at end of period                                                 |   | $                                                                      | 8.00    |   |                                              | $      | 7.67    |                                              |   | $      | 8.17                                             |   |   | $                                                | 18.65   |   |                                       | $      | 23.17 |   |   | $ | 17.44 |   |
|                                                                          |   |                                                                   |    |   |                                              |   |    |                                              |   |   |                                             |   |   |                                             |    |   |                                       |   |   |   |   |   |   |   |
| Total return                                                                  |   |                                                                   |    |   |                                              |   |    |                                              |   |   |                                             |   |   |                                             |    |   |                                       |   |   |   |   |   |   |   |
| Based on Net Asset Value                                                      |   |                                                                   | (6.49   | )%(A)  |                                              |   | (12.07  | )%                                                |   |   | (6.94                                            | )%     |   |                                             | 12.54   | %      |                                       |   | 25.30 | % |   |   | (4.26 | )% |
| Based on Market Value                                                         |   |                                                                   | 4.30    | %(A)   |                                              |   | (6.12   | )%                                                |   |   | (56.19                                           | )%     |   |                                             | 4.76    | %      |                                       |   | 34.61 | % |   |   | 21.70 | % |
| Net assets at end of period (millions)                                        |   | $                                                                      | 139.3   |   |                                              | $      | 148.9   |                                              |   | $      | 175.6                                            |   |   | $                                                | 209.7   |   |                                       | $      | 256.9 |   |   | $ | 195.9 |   |
| Ratio of total expenses to average  net assets                           |   |                                                                   | 2.88    | %(B)   |                                              |   | 2.90    | %                                                 |   |   | 1.36                                             | %(3)   |   |                                             | 5.29    | %(3)   |                                       |   | 6.52 | %(3) |   |   | 2.56 | % |
| Ratio of total expenses to average  net assets, excluding incentive fees |   |                                                                   | 2.88    | %(B)   |                                              |   | 2.90    | %                                                 |   |   | 2.68                                             | %      |   |                                             | 3.12    | %      |                                       |   | 2.67 | % |   |   | 2.56 | % |
| Ratio of net investment loss to  average net assets                      |   |                                                                   | (1.91   | )%(B)  |                                              |   | (2.36   | )%                                                |   |   | (0.24                                            | )%     |   |                                             | (4.31   | )%     |                                       |   | (5.96 | )% |   |   | (2.12 | )% |
| Portfolio turnover rate                                                       |   |                                                                   | 12      | %(A)   |                                              |   | 49      | %                                                 |   |   | 22                                               | %      |   |                                             | 95      | %      |                                       |   | 17 | % |   |   | 10 | % |

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

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

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

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

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

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

----

| PORTFOLIO COMPANY  (% OF NET ASSETS)  AND INDUSTRY | TYPE OF INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                      |   | SHARES/PAR VALUE ($) |                                                                                                                               |   | COST BASIS |   |                                                                                                                               | MARKET VALUE |   |
|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|
| ALIPHCOM, INC. (0.0%) Consumer Electronics                   | Common Stock *(1)(7)                                                                                                                                                                                                                                                                                                                                                                                                    |   |                 | 2,128,005                                                                                                                          |   |       | $      | 10,108,024                                                                                                                         |         |   | $ | 0 |   |
| CLOUDERA, INC. (0.2%) Software                               | Common Stock *(1)(7)                                                                                                                                                                                                                                                                                                                                                                                                    |   |                 | 20,000                                                                                                                             |   |       |   | 580,000                                                                                                                            |         |   |   | 299,160 |   |
| EQX CAPITAL, INC. (2.9%) Equipment Leasing                   | Common Stock *(1)(2)(7) Preferred Stock - Series A *(1)(2)(7)                                                                                                                                                                                                                                                                                                                                                           |   |                 | 100,000 4,000,000                                                                                                                  |   |       |   | 20,000 4,000,000                                                                                                                   |         |   |   | 44,420 3,975,600 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                 |                                                                                                                               |   |       |   |                                                                                                                               |         |   |   | 4,020,020 |   |
| HERA SYSTEMS, INC. (1.5%) Aerospace                          | Preferred Stock - Series A *(1)(2)(7) Preferred Stock - Series B *(1)(2)(7) Preferred Stock Warrants - Series B *(1)(2)(7) Preferred Stock Warrants - Series B *(1)(2)(7)                                                                                                                                                                                                                                     |   |                 | 3,642,324 2,039,203 700,000 6,214,922                                                                                              |   |       |   | 2,000,000 1,587,10200                                                                                                              |         |   |   | 154,434 453,315 155,540 1,380,956 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                 |                                                                                                                               |   |       |   |                                                                                                                               |         |   |   | 2,144,245 |   |
| HIGHTAIL, INC. (6.1%) Cloud Computing                        | Preferred Stock - Series E *(1)(4)(7)                                                                                                                                                                                                                                                                                                                                                                                   |   |                 | 2,268,602                                                                                                                          |   |       |   | 9,620,188                                                                                                                          |         |   |   | 8,537,430 |   |
| INTRAOP MEDICAL CORP. (15.2%) Medical Devices                | Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15% Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15% Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15% Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15% Preferred Stock - Series C *(1)(2)(7) Term Note (1)(2)(7) Matures February 2020 Interest Rate 8% Term Note (1)(2)(7) Matures February 2020 Interest Rate 8% |   |                 | 1,000,000   1,000,000   1,500,000   1,000,000 26,856,187   2,000,000   3,000,000 |   |       |   | 1,000,000   1,000,000   1,500,000   1,000,000 26,299,938   2,000,000   3,000,000 |         |   |   | 1,000,000   1,000,000   1,500,000   1,000,000 11,679,756   2,000,000   3,000,000 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                 |                                                                                                                               |   |       |   |                                                                                                                               |         |   |   | 21,179,756 |   |

----

| PORTFOLIO COMPANY  (% OF NET ASSETS)  AND INDUSTRY | TYPE OF INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | SHARES/PARVALUE ($) |                                                                                                                                         |   | COST BASIS |   |                                                                                                                                 | MARKET VALUE |   |
|--------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------|--------|------------|--------|--------------------------------------------------------------------------------------------------------------------------------------|--------------|--------|
| NUTANIX, INC. (7.4%) Networking                              | Common Stock *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                | 459,772                                                                                                                                      |   |       | $      | 7,376,112                                                                                                                            |         |   | $ | 10,294,295 |   |
| PHUNWARE, INC. (4.2%) Mobile Computing                       | Preferred Stock - Series E *(1)(3)(7)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                | 3,257,328                                                                                                                                    |   |       |   | 9,999,997                                                                                                                            |         |   |   | 5,850,813 |   |
| PIVOTAL SYSTEMS CORP. (21.3%) Semiconductor Equipment        | Common Stock Warrants - Class B *(1)(2)(7) Preferred Stock Warrants - Series D *(1)(2)(7) Preferred Stock - Series A *(1)(2)(7) Preferred Stock - Series B *(1)(2)(7) Preferred Stock - Series C *(1)(2)(7) Preferred Stock - Series D *(1)(2)(7)                                                                                                                                                                                                                                                                    |   |                | 18,180,475 4,158,654 11,914,217 13,065,236 2,291,260 6,237,978                                                                               |   |       |   | 00 6,000,048 6,321,482 2,657,862 3,975,801                                                                                           |         |   |   | 6,864,220 405,053 7,380,857 8,093,914 2,425,757 4,526,277 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                |                                                                                                                                         |   |       |   |                                                                                                                                 |         |   |   | 29,696,078 |   |
| QMAT, INC. (8.6%) Advanced Materials                         | Convertible Note (1)(2)(7) Matures March 2019 Interest Rate 8% Convertible Note (1)(2)(7) Matures March 2019 Interest Rate 8% Convertible Note (1)(2)(7) Matures March 2019 Interest Rate 8% Convertible Note (1)(2)(7) Matures March 2019 Interest Rate 8% Convertible Note (1)(2)(7) Matures March 2019 Interest Rate 8% Convertible Note (1)(2)(7) Matures March 2019 Interest Rate 8% Preferred Stock - Series A *(1)(2)(7) Preferred Stock - Series B *(1)(2)(7) Preferred Stock Warrants - Series A *(1)(2)(7) |   |                | 1,000,000   200,000   100,000   100,000   100,000   350,000 16,000,240 2,000,000 2,000,000 |   |       |   | 1,000,000   200,000   100,000   100,000   100,000   350,000 16,000,240 2,000,000 0 |         |   |   | 1,000,000   200,000   100,000   100,000   100,000   350,000 8,377,726 1,492,800 296,400 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                |                                                                                                                                         |   |       |   |                                                                                                                                 |         |   |   | 12,016,926 |   |
| QUICKLOGIC CORP. (1.3%) Semiconductors                       | Common Stock *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                | 1,100,000                                                                                                                                    |   |       |   | 1,682,134                                                                                                                            |         |   |   | 1,848,000 |   |

----

| PORTFOLIO COMPANY  (% OF NET ASSETS)  AND INDUSTRY | TYPE OF INVESTMENT                                                                                                                                                                                                                                                                                                                                                      |   | SHARES/PAR VALUE ($) |                                                                                   |   | COST BASIS |   |                                                                | MARKET VALUE |   |
|--------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|----------------------------------------------------------------------------------------|--------|------------|--------|---------------------------------------------------------------------|--------------|--------|
| REVASUM, INC. (5.5%) Semiconductor Equipment                 | Common Stock *(1)(2)(7) Term Note (1)(2)(7) Matures February 2020 Interest Rate 5% Preferred Stock - Series A *(1)(2)(7) Preferred Stock - Series Seed *(1)(2)(7)                                                                                                                                                                                                       |   |                 | 10,000   1,000,000 441,998 2,200,000                                         |   |       | $      | 1,000   1,000,000 1,999,997 2,200,000                     |         |   | $ | 20,862   1,000,000 1,877,873 4,781,920 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                    |   |                 |                                                                                   |   |       |   |                                                                |         |   |   | 7,680,655 |   |
| ROKU, INC. (4.1%) Consumer Electronics                       | Common Stock *(1)(7)                                                                                                                                                                                                                                                                                                                                                    |   |                 | 250,000                                                                                |   |       |   | 2,312,500                                                           |         |   |   | 5,639,750 |   |
| RORUS, INC. (0.0%) Water Purification                        | Convertible Note (1)(7) Matures June 2021 Interest Rate 2%                                                                                                                                                                                                                                                                                                              |   |                 | 50,000                                                                                 |   |       |   | 50,000                                                              |         |   |   | 50,000 |   |
| SILICON GENESIS CORP. (3.9%) Intellectual Property           | Common Stock *(1)(2)(7) Common Stock Warrants *(1)(2)(7) Common Stock Warrants *(1)(2)(7) Common Stock Warrants *(1)(2)(7) Preferred Stock -Series 1-C *(1)(2)(7) Preferred Stock -Series 1-D *(1)(2)(7) Preferred Stock -Series 1-E *(1)(2)(7) Preferred Stock -Series 1-F *(1)(2)(7) Preferred Stock -Series 1-G *(1)(2)(5)(7) Preferred Stock -Series 1-H *(1)(2)(7) |   |                 | 921,892 5,000,000 37,982 3,000,000 82,914 850,830 5,704,480 912,453 48,370,793 837,942 |   |       |   | 169,0450 6,6780 109,518 431,901 2,614,401 509,785 4,729,221 963,494 |         |   |   | 13,275 8,000 273 4,800 62,235 171,272 1,870,499 417,447 2,629,437 215,267 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                    |   |                 |                                                                                   |   |       |   |                                                                |         |   |   | 5,392,505 |   |
| SUNRUN, INC. (2.1%) Renewable Energy                         | Common Stock *                                                                                                                                                                                                                                                                                                                                                          |   |                 | 524,820                                                                                |   |       |   | 4,954,995                                                           |         |   |   | 2,912,751 |   |
| SVXR, INC. (0.7%) Semiconductor Equipment                    | Preferred Stock - Series A *(1)(3)(7)                                                                                                                                                                                                                                                                                                                                   |   |                 | 2,013,491                                                                              |   |       |   | 1,000,000                                                           |         |   |   | 1,000,000 |   |

----

| PORTFOLIO COMPANY  (% OF NET ASSETS)  AND INDUSTRY | TYPE OF INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                                                |   | SHARES/PAR VALUE ($) |                                                                                                                     |   | COST BASIS |          |                                                                                                                    | MARKET VALUE |   |
|--------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------------------|--------------------------------------------------------------------------------------------------------------------------|--------|------------|---------------|-------------------------------------------------------------------------------------------------------------------------|--------------|--------|
| TELEPATHY INVESTORS, INC. (1.2%) Consumer Electronics        | Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10% Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10% Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10% Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10% Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10% Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10% Preferred Stock - Series A *(1)(2)(7) |   |                 | 2,000,000   500,000   300,000   500,000   150,000   300,000 15,238,000 |   |       |   $ | 2,000,000   500,000   300,000   500,000   150,000   300,000 3,999,999 |         |   |   $ | 343,020   85,755   51,453   85,755   25,726   51,453 978,280 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                 |                                                                                                                     |   |       |          |                                                                                                                    |         |   |   | 1,621,442 |   |
| UCT COATINGS, INC. (0.7%) Advanced Materials                 | Common Stock *(1)(3)(7) Common Stock Warrants *(1)(3)(7)                                                                                                                                                                                                                                                                                                                                                                                          |   |                 | 1,500,000 2,283                                                                                                          |   |       |          | 662,235 67                                                                                                              |         |   |   | 912,0004 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                 |                                                                                                                     |   |       |          |                                                                                                                    |         |   |   | 912,004 |   |
| VUFINE, INC. (1.3%) Consumer Electronics                     | Common Stock *(1)(2)(7) Convertible Note (1)(2)(7) Matures July 2019 Interest Rate 6% Preferred Stock - Series A *(1)(2)(7)                                                                                                                                                                                                                                                                                                                       |   |                 | 750,000   1,500,000 22,500,000                                                                                 |   |       |          | 15,000   1,500,000 2,250,000                                                                                  |         |   |   | 675   1,500,000 295,650 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                 |                                                                                                                     |   |       |          |                                                                                                                    |         |   |   | 1,796,325 |   |
| WRIGHTSPEED, INC. (7.7%) Automotive                          | Preferred Stock - Series C *(1)(3)(4)(5)(7) Preferred Stock - Series D *(1)(3)(7) Preferred Stock - Series E *(1)(3)(7) Preferred Stock - Series F *(1)(3)(7) Preferred Stock Warrants - Series F *(1)(3)(7)                                                                                                                                                                                                                                      |   |                 | 2,267,659 1,100,978 450,814 90,707 18,141                                                                                |   |       |          | 6,864,023 3,375,887 1,658,996 499,9950                                                                                  |         |   |   | 5,705,203 3,163,550 1,351,630 471,459 28,532 |   |
|                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                 |                                                                                                                     |   |       |          |                                                                                                                    |         |   |   | 10,720,374 |   |
| INVESTMENT COMPANY (3.7%)                                    | Fidelity Investments Money Market Treasury Portfolio - Class I (6)                                                                                                                                                                                                                                                                                                                                                                                |   |                 | 5,116,099                                                                                                                |   |       |          | 5,116,099                                                                                                               |         |   |   | 5,116,099 |   |

----

|                                               |   | MARKET VALUE |        |
|----------------------------------------------------|--------|--------------|-------------|
| TOTAL INVESTMENTS (Cost $174,323,764)—99.6%  |   | $            | 138,728,628 |   |
| OTHER ASSETS IN EXCESS OF LIABILITIES — 0.4% |   |         | 556,559     |   |
| NET ASSETS — 100.0%                          |   | $            | 139,285,187 |   |

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

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

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

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

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

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

| (6) | The Fidelity Investments Money Market Portfolio invests primarily in U.S. Treasury securities. |
|-----|------------------------------------------------------------------------------------------------|

| (7) | Fair value level 3 security. |
|-----|------------------------------|

----

----

----

|                                  | Purchased Options(Notional Value) | Warrants (Notional Value) | Written Options(Notional Value) |
|---------------------------------------|-----------------------------------|---------------------------|---------------------------------|
| Firsthand Technology Value Fund, Inc. | $—                          | $6,146,612                | $—                        |

----

|  | (1) | each quarter the valuation process begins with each portfolio company or investment being initially valued by the Valuation Committee of the Advisor (as defined below) (the “Adviser Valuation Committee”) or the independent valuation firm; |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (2) | the Valuation Committee of the Board on a quarterly basis reviews the preliminary valuation of the Adviser Valuation Committee and that of the independent valuation firms and makes the fair value determination, in good faith, based on the valuation recommendations of the Adviser Valuation Committee and the independent valuation firms; and |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (3) | at each quarterly Board meeting, the Board considers the valuations recommended by the Adviser Valuation Committee and the independent valuation firms that were previously submitted to the Valuation Committee of the Board and ratifies the fair value determinations made by the Valuation Committee of the Board. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

----

|  | - | Market Approach (M): The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. For example, the market approach often uses market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range each appropriate multiple falls requires the use of judgment in considering factors specific to the measurement (qualitative and quantitative). |
|--|---|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | - | Income Approach (I): The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Those valuation techniques include present value techniques 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 SIGNIFICANTOBSERVABLE INPUTS |   |    | LEVEL 3 SIGNIFICANTUNOBSERVABLE INPUTS |   |
|-------------------------|--------|-----------------------|------------|--------|--------------------------------------------|--------|---------|----------------------------------------|--------|
| Assets                  |   |                  |       |   |                                       |   |    |                                   |   |
| Common Stocks           |   |                  |       |   |                                       |   |    |                                   |   |
| Advanced Materials      |   | $                     | —    |   |                                       | $      | — |                                   |   | $ | 912,000 |   |
| Consumer Electronics    |   |                  | —    |   |                                       |   | — |                                   |   |   | 5,640,425 |   |
| Equipment Leasing       |   |                  | —    |   |                                       |   | — |                                   |   |   | 44,420 |   |
| Intellectual Property   |   |                  | —    |   |                                       |   | — |                                   |   |   | 13,275 |   |
| Networking              |   |                  | 10,294,295 |   |                                       |   | — |                                   |   |   | — |   |
| Renewable Energy        |   |                  | 2,912,751  |   |                                       |   | — |                                   |   |   | — |   |
| Semiconductors          |   |                  | 1,848,000  |   |                                       |   | — |                                   |   |   | — |   |
| Semiconductor Equipment |   |                  | —    |   |                                       |   | — |                                   |   |   | 20,862 |   |
| Software                |   |                  | —    |   |                                       |   | — |                                   |   |   | 299,160 |   |
| Total Common Stocks     |   |                  | 15,055,046 |   |                                       |   | — |                                   |   |   | 6,930,142 |   |
| Preferred Stocks        |   |
| Advanced Materials      |   |                  | —    |   |                                       |   | — |                                   |   |   | 9,870,526 |   |
| Aerospace               |   |                  | —    |   |                                       |   | — |                                   |   |   | 607,749 |   |
| Automotive              |   |                  | —    |   |                                       |   | — |                                   |   |   | 10,691,842 |   |
| Cloud Computing         |   |                  | —    |   |                                       |   | — |                                   |   |   | 8,537,430 |   |
| Consumer Electronics    |   |                  | —    |   |                                       |   | — |                                   |   |   | 1,273,930 |   |
| Equipment Leasing       |   |                  | —    |   |                                       |   | — |                                   |   |   | 3,975,600 |   |
| Intellectual Property   |   |                  | —    |   |                                       |   | — |                                   |   |   | 5,366,157 |   |
| Medical Devices         |   |                  | —    |   |                                       |   | — |                                   |   |   | 11,679,756 |   |
| Mobile Computing        |   |                  | —    |   |                                       |   | — |                                   |   |   | 5,850,813 |   |
| Semiconductor Equipment |   |                  | —    |   |                                       |   | — |                                   |   |   | 30,086,598 |   |
| Total Preferred Stocks  |   |                  | —    |   |                                       |   | — |                                   |   |   | 87,940,401 |   |
| Asset Derivatives *     |   |
| Equity Contracts        |   |                  | —    |   |                                       |   | — |                                   |   |   | 9,143,778 |   |
| Total Asset Derivatives |   |                  | —    |   |                                       |   | — |                                   |   |   | 9,143,778 |   |
| Convertible Notes       |   |
| Advanced Materials      |   |                  | —    |   |                                       |   | — |                                   |   |   | 1,850,000 |   |
| Aerospace               |   |                  | —    |   |                                       |   | — |                                   |   |   | — |   |
| Consumer Electronics    |   |                  | —    |   |                                       |   | — |                                   |   |   | 2,143,162 |   |
| Medical Devices         |   |                  | —    |   |                                       |   | — |                                   |   |   | 9,500,000 |   |
| Semiconductor Equipment |   |                  | —    |   |                                       |   | — |                                   |   |   | 1,000,000 |   |
| Water Purification      |   |                  | —    |   |                                       |   | — |                                   |   |   | 50,000 |   |
| Total Convertible Notes |   |                  | —    |   |                                       |   | — |                                   |   |   | 14,543,162 |   |
| Mutual Funds            |   |                  | 5,116,099  |   |                                       |   | — |                                   |   |   | — |   |
| Total                   |   | $                     | 20,171,145 |   |                                       | $      | — |                                   |   | $ | 118,557,483 |   |

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

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCE AS OF 12/31/16 |       |   | NET PURCHASES/ CONVERSION |   |      | NET SALES/ CONVERSION |   |   | NET REALIZED GAINS / (LOSSES) |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION)(1) |      |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |        | BALANCE AS OF 9/30/17 |   |
|---------------------------------------------------------------------------|--------|------------------------|------------|--------|---------------------------|--------|-----------|-----------------------|--------|--------|-------------------------------|--------|--------|-----------------------------------------------|-----------|--------|-------------------------------|--------|-------------|-----------------------|--------|
| Common Stocks                                                             |   |                   |       |   |                      |   |      |                  |   |   |                          |   |   |                                          |      |   |                          |   |        |                  |   |
| Advanced Materials                                                        |   | $                      | 394,200    |   |                      | $      | —   |                  |   | $      | —                       |   |   | $                                             | —   |   |                          | $      | 517,800     |                  |   | $ | — |   |   | $ | 912,000 |   |
| Consumer Electronics                                                      |   |                   | 3,037,441  |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | 2,602,984   |                  |   |   | — |   |   |   | 5,640,425 |   |
| Equipment Leasing                                                         |   |                   | 44,430     |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (10         | )                     |   |   | — |   |   |   | 44,420 |   |
| Intellectual Property                                                     |   |                   | 14,750     |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (1,475      | )                     |   |   | — |   |   |   | 13,275 |   |
| Networking                                                                |   |                   | 10,990,390 |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (696,095    | )                     |   |   | (10,294,295 | ) |   |   | — |   |
| Semiconductor Equipment                                                   |   |                   | 7,524      |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | 13,338      |                  |   |   | — |   |   |   | 20,862 |   |
| Software                                                                  |   |                   | 245,466    |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | 53,694      |                  |   |   | — |   |   |   | 299,160 |   |
| Preferred Stocks                                                          |   |
| Advanced Materials                                                        |   |                   | 12,724,961 |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (2,854,435  | )                     |   |   | — |   |   |   | 9,870,526 |   |
| Advertising Technology                                                    |   |                   | 9,757,918  |   |                      |   | —   |                  |   |   | (12,355,330                   | )      |   |                                          | 1,015,419 |   |                          |   | 1,581,993   |                  |   |   | — |   |   |   | — |   |
| Aerospace                                                                 |   |                   | 445,456    |   |                      |   | 1,587,103 |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (1,424,810  | )                     |   |   | — |   |   |   | 607,749 |   |
| Automotive                                                                |   |                   | 10,410,045 |   |                      |   | 1,029,175 |                  |   |   | (529,180                      | )      |   |                                          | —   |   |                          |   | (218,198    | )                     |   |   | — |   |   |   | 10,691,842 |   |
| Cloud Computing                                                           |   |                   | 8,550,361  |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (12,931     | )                     |   |   | — |   |   |   | 8,537,430 |   |
| Consumer Electronics                                                      |   |                   | 3,752,749  |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (2,478,819  | )                     |   |   | — |   |   |   | 1,273,930 |   |
| Equipment Leasing                                                         |   |                   | 3,975,600  |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | —     |                  |   |   | — |   |   |   | 3,975,600 |   |
| Intellectual Property                                                     |   |                   | 6,137,917  |   |                      |   | —   |                  |   |   | (755,172                      | )      |   |                                          | —   |   |                          |   | (16,588     | )                     |   |   | — |   |   |   | 5,366,157 |   |
| Medical Devices                                                           |   |                   | 24,511,642 |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (12,831,886 | )                     |   |   | — |   |   |   | 11,679,756 |   |
| Mobile Computing                                                          |   |                   | 7,365,796  |   |                      |   | —   |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | (1,514,983  | )                     |   |   | — |   |   |   | 5,850,813 |   |
| Semiconductor Equipment                                                   |   |                   | 21,883,997 |   |                      |   | 2,999,997 |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | 5,202,604   |                  |   |   | — |   |   |   | 30,086,598 |   |

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCE AS OF 12/31/16 |        |   | NET PURCHASES/ CONVERSION |   |       | NET SALES/ CONVERSION |   |   | NET REALIZED GAINS / (LOSSES) |   |   | NET UNREALIZED APPRECIATION (DEPRECIATION)(1) |      |   | TRANSFERS IN (OUT) OF LEVEL 3 |   |       | BALANCE AS OF 9/30/17 |   |
|---------------------------------------------------------------------------|--------|------------------------|-------------|--------|---------------------------|--------|------------|-----------------------|--------|--------|-------------------------------|--------|--------|-----------------------------------------------|-----------|--------|-------------------------------|--------|------------|-----------------------|--------|
| Asset Derivatives                                                         |   |                   |        |   |                      |   |       |                  |   |   |                          |   |   |                                          |      |   |                          |   |       |                  |   |
| Equity Contracts                                                          |   | $                      | 5,420,042   |   |                      | $      | —    |                  |   | $      | —                       |   |   | $                                             | —   |   |                          | $      | 3,723,736  |                  |   | $ | — |   |   | $ | 9,143,778 |   |
| Convertible Notes                                                         |   |                   |        |   |                      |   |       |                  |   |   |                          |   |   |                                          |      |   |                          |   |       |                  |   |   |   |   |   |   |   |   |
| Advanced Materials                                                        |   |                   | —     |   |                      |   | 1,850,000  |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | —    |                  |   |   | — |   |   |   | 1,850,000 |   |
| Advertising Technology                                                    |   |                   | 559,360     |   |                      |   | —    |                  |   |   | (1,118,720                    | )      |   |                                          | 559,360   |   |                          |   | —    |                  |   |   | — |   |   |   | — |   |
| Aerospace                                                                 |   |                   | 71,208      |   |                      |   | 405,000    |                  |   |   | (476,208                      | )      |   |                                          | —   |   |                          |   | —    |                  |   |   | — |   |   |   | — |   |
| Consumer Electronics                                                      |   |                   | 2,913,612   |   |                      |   | 4,300,000  |                  |   |   | (3,500,000                    | )      |   |                                          | —   |   |                          |   | (1,570,450 | )                     |   |   | — |   |   |   | 2,143,162 |   |
| Medical Devices                                                           |   |                   | 4,000,000   |   |                      |   | 5,500,000  |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | —    |                  |   |   | — |   |   |   | 9,500,000 |   |
| Semiconductor Equipment                                                   |   |                   | —     |   |                      |   | 1,000,000  |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | —    |                  |   |   | — |   |   |   | 1,000,000 |   |
| Water Purification                                                        |   |                   | 50,000      |   |                      |   | —    |                  |   |   | —                       |   |   |                                          | —   |   |                          |   | —    |                  |   |   | — |   |   |   | 50,000 |   |
| Total                                                                     |   | $                      | 137,264,865 |   |                      | $      | 18,671,275 |                  |   | $      | (18,734,610                   | )      |   | $                                             | 1,574,779 |   |                          | $      | (9,924,531 | )                     |   | $ | (10,294,295 | ) |   | $ | 118,557,483 |   |

| (1) | The net change in unrealized depreciation from Level 3 instruments held as of September 30, 2017 was $11,701,087. |
|-----|-------------------------------------------------------------------------------------------------------------------|

|                                | FAIR VALUE AT 9/30/17 | VALUATION TECHNIQUES                      | UNOBSERVABLE INPUTS                | RANGE(WEIGHTED AVG.) |
|-------------------------------------|-----------------------|-------------------------------------------|------------------------------------|----------------------|
| Direct venture capital investments: | $12.9M                | Market Comparable Companies               | EBITDA Multiple                    | 8.8x - 10.5x (10.1x) |
| Advanced Materials                  |                  | Prior Transaction Analysis                | Years to Maturity                  | 5 years (5 years)    |
|                                |                  | Probability-Weighted Expected Return | Volatility                         | 50.0% (50%)          |
|                                |                  | Option Pricing Model                      | Risk-Free Rate                     | 1.92% (1.92%)        |
|                                |                  |                                           | Going Concern Probability          | 75% - 100% (77%)     |
|                                |                  |                                      | Discount for Lack of Marketability | 22.7% (22.7%)        |
| Direct venture capital investments: | $2.1M                 | Prior Transaction                         | Years to Maturity                  | 5 years (5 years)    |
| Aerospace                           |                  | Analysis                                  | Volatility                         | 60.0% (60.0%)        |
|                                |                  | Option Pricing Model                      | Risk-Free Rate                     | 1.92% (1.92%)        |
| Direct venture capital investments: | $10.7M                | Prior Transaction Analysis                | Years to Maturity                  | 3 years (3 years)    |
| Automotive                          |                  | Option Pricing Model                      | Volatility                         | 55.0% (55.0%)        |
|                                     |                  |                                           | Risk-Free Rate                     | 1.62% (1.62%)        |

----

| continued                                    | FAIR VALUE AT 9/30/17 | VALUATION TECHNIQUES                 | UNOBSERVABLE INPUTS                                  | RANGE(WEIGHTED AVG.)          |
|----------------------------------------------|-----------------------|--------------------------------------|------------------------------------------------------|-------------------------------|
| Direct venture capital investments:          | $8.5M                 | Market Comparable Companies          | Revenue Multiple                                     | 1.6x - 2.0x (1.7x)            |
| Cloud Computing                              |                  | Option Pricing Model                 | Years to Maturity                                    | 2 years (2 years)             |
|                                         |                  |                                 | Volatility                                           | 40.0% (40.0%)                 |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.47% (1.47%)                 |
| Direct venture capital investments:          | $9.1M                 | Market Comparable Companies          | Revenue Multiple                                     | 1.1x - 2.1x (1.6x)            |
| Consumer Electronics                         |                  | Prior Transaction Analysis           | Going Concern Probability                            | 30% - 100% (87%)              |
|                                         |                  | Probability-Weighted Expected Return | Probability of Proceeds Available to Preferred Stock | 10% (10%)                     |
|                                         |                  | Invested Capital(Cost)               | Years to Maturity                                    | 1 year - 5 years (3.1 years)  |
|                                         |                  | Option Pricing Model                 | Volatility                                           | 50.0% - 70.0% (64.7%)         |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.31% - 1.92% (1.63%)         |
|                                         |                  |                                 | Discount for Lack of Marketability                   | 15.0% - 25.8% (15.0%)         |
| Direct venture capital investments:          | $4.0M                 | Prior Transaction Analysis           | Years to Maturity                                    | 5 years (5 years)             |
| Equipment Leasing                            |                  | Option Pricing Model                 | Volatility                                           | 50.00% (50.0%)                |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.92% (1.92%)                 |
| Direct venture capital investments:          | $5.4M                 | Prior Transaction Analysis           | Years to Maturity                                    | 5 years (5 years)             |
| Intellectual Property                        |                  | Option Pricing Model                 | Volatility                                           | 55% (55%)                     |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.92% (1.92%)                 |
|                                         |                  |                                 | Discount for Lack of Marketability                   | 24.3% (24.3%)                 |
|                                         |                  |                                 | Adjustment for Market Movement                       | (29.3%) (-29.3%)              |
| Direct venture capital investments:          | $21.2M                | Market Comparable Companies          | Revenue Multiple                                     | 2.9x - 3.1x (3.0x)            |
| Medical Devices                              |                  | Option Pricing Model                 | Years to Maturity                                    | 4 years (4 years)             |
|                                         |                  |                                 | Volatility                                           | 50.0% (50.0%)                 |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.77% (1.77%)                 |
| Direct venture capital investments:          | $5.9M                 | Market Comparable Companies          | Revenue Multiple                                     | 1.3x - 2.0x (1.7x)            |
| Mobile Computing                             |                  | Prior Transaction Analysis           | Years to Maturity                                    | 2 years (2 years)             |
|                                         |                  | Option Pricing Model                 | Volatility                                           | 60.0% (60.0%)                 |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.47% (1.47%)                 |
| Direct venture capital investments:          | $38.4M                | Market Comparable Companies          | Revenue Multiple                                     | 1.2x - 3.2x (2.6x)            |
| Semiconductor Equipment                      |                  | Prior Transaction Analysis           | Years to Maturity                                    | 2 years - 5 years (2.7 years) |
|                                         |                  | Option Pricing Model                 | Volatility                                           | 40.0% - 60.0% (51.7%)         |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.47% - 1.92% (1.57%)         |
|                                         |                  |                                 | Discount for Lack of Marketability                   | 0.0% - 15.5% (2.9%)           |
| Direct venture capital investments: Software | $0.3M                 | Prior Transaction Analysis           | Discount for Lack of Marketability                   | 10.0% (10.0%)                 |
| Direct venture capital investments:          | $0.1M                 | Prior Transaction Analysis           | Years to Maturity                                    | 5 years (5 years)             |
| Water Purification                           |                  | Option Pricing Model                 | Volatility                                           | 40.0% (40.0%)                 |
|                                         |                  |                                 | Risk-Free Rate                                       | 1.92% (1.92%)                 |

----

| Gross unrealized appreciation        |   | $      | 23,926,315  |   |
|--------------------------------------|--------|--------|-------------|--------|
| Gross unrealized depreciation        |   |   | (59,521,451 | )      |
| Net unrealized depreciation          |   | $      | (35,595,136 | )      |
| Federal income tax cost, investments |   | $      | 174,323,764 |   |
| PURCHASES AND SALES                                         |   |   |       |
|-------------------------------------------------------------|--------|--------|------------|
| Purchases of investment securities                          |   | $      | 16,078,804 |   |
| Proceeds from sales and maturities of investment securities |   | $      | 19,655,068 |   |

----

| AFFILIATE/ CONTROLLED INVESTMENTS*        |   | VALUE AT 12/31/16 |       |   | PURCHASES/ MERGER |   |      | INTEREST |   |   | SALES/MATURITY/  EXPIRATION |   |   | REALIZED GAIN (LOSS) |    |   | CHANGE IN APPRECIATION/ DEPRECIATION |   |    | VALUE 9/30/17 |   |   | SHARES HELD AT 9/30/17 |   |
|-------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|-----------|----------|--------|--------|-----------------------------|--------|--------|----------------------|---------|--------|--------------------------------------|--------|---------|---------------|--------|--------|------------------------|--------|
| EQX, Inc. Common Stock*                   |   | $                 | 44,430     |   |              | $      | —   |     |   | $      | —                     |   |   | $                    | — |   |                                 | $      | — |          |   | $      | (10                    | )      |   | $ | 44,420 |   |   |   | 100,000 |   |
| EQX, Inc. Preferred Stock - Series A*     |   |              | 3,975,600  |   |              |   | —   |     |   |   | —                     |   |   |                 | — |   |                                 |   | — |          |   |   | —                |   |   |   | 3,975,600 |   |   |   | 4,000,000 |   |
| Hera Systems, Inc. Term Note*             |   |              | 41,208     |   |              |   | —   |     |   |   | 70                          |   |   |                 | 41,208  |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Series A Preferred*    |   |              | 445,456    |   |              |   | —   |     |   |   | —                     |   |   |                 | — |   |                                 |   | — |          |   |   | (291,022               | )      |   |   | 154,434 |   |   |   | 3,642,324 |   |
| Hera Systems, Inc. Term Note*             |   |              | —    |   |              |   | 20,000    |     |   |   | 332                         |   |   |                 | 20,000  |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Convertible Note*      |   |              | —    |   |              |   | 200,000   |     |   |   | 10,000                      |   |   |                 | 200,000 |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Convertible Note*      |   |              | 30,000     |   |              |   | —   |     |   |   | 1,836                       |   |   |                 | 30,000  |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Convertible Note*      |   |              | —    |   |              |   | 65,000    |     |   |   | 1,444                       |   |   |                 | 65,000  |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Convertible Note*      |   |              | —    |   |              |   | 70,000    |     |   |   | 1,295                       |   |   |                 | 70,000  |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Term Note*             |   |              | —    |   |              |   | 50,000    |     |   |   | 1,514                       |   |   |                 | 50,000  |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Hera Systems, Inc. Series B Preferred*    |   |              | —    |   |              |   | 1,587,102 |     |   |   | —                     |   |   |                 | — |   |                                 |   | — |          |   |   | (1,133,787             | )      |   |   | 453,315 |   |   |   | 2,039,203 |   |
| Hera Systems, Inc. Series B Warrants*     |   |              | —    |   |              |   | —   |     |   |   | —                     |   |   |                 | — |   |                                 |   | — |          |   |   | 155,540                |   |   |   | 155,540 |   |   |   | 700,000 |   |
| Hera Systems, Inc. Series B Warrants*     |   |              | —    |   |              |   | —   |     |   |   | —                     |   |   |                 | — |   |                                 |   | — |          |   |   | 1,380,956              |   |   |   | 1,380,956 |   |   |   | 6,214,922 |   |
| IntraOp Medical Corp. Series C Preferred* |   |              | 24,511,642 |   |              |   | —   |     |   |   | —                     |   |   |                 | — |   |                                 |   | — |          |   |   | (12,831,886            | )      |   |   | 11,679,756 |   |   |   | 26,856,187 |   |
| IntraOp Medical Corp. Convertible Note*   |   |              | 1,000,000  |   |              |   | —   |     |   |   | 156,197                     |   |   |                 | — |   |                                 |   | — |          |   |   | —                |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |

----

| AFFILIATE/ CONTROLLED INVESTMENTS*                 |   | VALUE AT 12/31/16 |       |   | PURCHASES/ MERGER |   |      | INTEREST |   |   | SALES/MATURITY/EXPIRATION |   |   | REALIZEDGAIN (LOSS) |    |   | CHANGE IN APPRECIATION/DEPRECIATION |   |    | VALUE 9/30/17 |   |   | SHARES HELD AT 9/30/17 |   |
|----------------------------------------------------|--------|-------------------|------------|--------|-------------------|--------|-----------|----------|--------|--------|---------------------------|--------|--------|---------------------|---------|--------|-------------------------------------|--------|---------|---------------|--------|--------|------------------------|--------|
| IntraOp Medical Corp. Convertible Note*            |   | $                 | —    |   |              | $      | 1,000,000 |     |   | $      | 50,548                    |   |   | $                   | — |   |                                | $      | — |          |   | $      | —                |   |   | $ | 1,000,000 |   |   |   | 1,000,000 |   |
| IntraOp Medical Corp. Convertible Note*            |   |              | —    |   |              |   | 1,500,000 |     |   |   | 1,849                     |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 1,500,000 |   |   |   | 1,500,000 |   |
| IntraOp Medical Corp. Convertible Note*            |   |              | —    |   |              |   | 1,000,000 |     |   |   | 32,877                    |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| IntraOp Medical Corp. Term Note*                   |   |              | 3,000,000  |   |              |   | —   |     |   |   | 179,507                   |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 3,000,000 |   |   |   | 3,000,000 |   |
| IntraOp Medical Corp. Term Note*                   |   |              | —    |   |              |   | 2,000,000 |     |   |   | 102,137                   |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 2,000,000 |   |   |   | 2,000,000 |   |
| Phunware, Inc., Preferred Stock Series E           |   |              | 7,365,796  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | (1,514,983             | )      |   |   | 5,850,813 |   |   |   | 3,257,328 |   |
| Pivotal Systems, Series A Preferred*               |   |              | 6,370,532  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | 1,010,325              |   |   |   | 7,380,857 |   |   |   | 11,914,217 |   |
| Pivotal Systems, Series B Preferred*               |   |              | 6,985,982  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | 1,107,932              |   |   |   | 8,093,914 |   |   |   | 13,065,236 |   |
| Pivotal Systems, Series C Preferred*               |   |              | 2,273,159  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | 152,598                |   |   |   | 2,425,757 |   |   |   | 2,291,260 |   |
| Pivotal Systems, Series D Preferred*               |   |              | 4,060,924  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | 465,353                |   |   |   | 4,526,277 |   |   |   | 6,237,978 |   |
| Pivotal Systems, Series D Warrants*                |   |              | 284,036    |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | 121,017                |   |   |   | 405,053 |   |   |   | 4,158,654 |   |
| Pivotal Systems, Common Stocks Warrants - Class B* |   |              | 4,743,286  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | 2,120,934              |   |   |   | 6,864,220 |   |   |   | 18,180,475 |   |
| QMAT, Preferred Stock Series A*                    |   |              | 10,724,961 |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | (2,347,235             | )      |   |   | 8,377,726 |   |   |   | 16,000,240 |   |
| QMAT, Preferred Stock Series B*                    |   |              | 2,000,000  |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | (507,200               | )      |   |   | 1,492,800 |   |   |   | 2,000,000 |   |
| QMAT, Series A Warrant*                            |   |              | 376,400    |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                |   | — |          |   |   | (80,000                | )      |   |   | 296,400 |   |   |   | 2,000,000 |   |
| QMAT, Convertible Note*                            |   |              | —    |   |              |   | 1,000,000 |     |   |   | 44,055                    |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| QMAT, Convertible Note*                            |   |              | —    |   |              |   | 200,000   |     |   |   | 132                       |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 200,000 |   |   |   | 200,000 |   |
| QMAT, Convertible Note*                            |   |              | —    |   |              |   | 100,000   |     |   |   | 1,468                     |   |   |                | — |   |                                |   | — |          |   |   | —                |   |   |   | 100,000 |   |   |   | 100,000 |   |

----

| AFFILIATE/ CONTROLLED INVESTMENTS*           |   | VALUE AT 12/31/16 |      |   | PURCHASES/ MERGER |   |      | INTEREST |   |   | SALES/MATURITY/EXPIRATION |   |   | REALIZEDGAIN (LOSS) |    |   | CHANGE IN APPRECIATION/ DEPRECIATION |   |    | VALUE 9/30/17 |   |   | SHARES HELD AT 9/30/17 |   |
|----------------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|-----------|----------|--------|--------|---------------------------|--------|--------|---------------------|---------|--------|-------------------------------------------|--------|---------|---------------|--------|--------|------------------------|--------|
| QMAT, Convertible Note*                      |   | $                 | —   |   |              | $      | 100,000   |     |   | $      | 1,271                     |   |   | $                   | — |   |                                      | $      | — |          |   | $      | —                |   |   | $ | 100,000 |   |   |   | 100,000 |   |
| QMAT, Convertible Note*                      |   |              | —   |   |              |   | 100,000   |     |   |   | 1,140                     |   |   |                | — |   |                                      |   | — |          |   |   | —                |   |   |   | 100,000 |   |   |   | 100,000 |   |
| QMAT, Convertible Note*                      |   |              | —   |   |              |   | 350,000   |     |   |   | 2,378                     |   |   |                | — |   |                                      |   | — |          |   |   | —                |   |   |   | 350,000 |   |   |   | 350,000 |   |
| Revasum, Term Note*                          |   |              | —   |   |              |   | 1,000,000 |     |   |   | 29,167                    |   |   |                | — |   |                                      |   | — |          |   |   | —                |   |   |   | 1,000,000 |   |   |   | 1,000,000 |   |
| Revasum, Common Stock*                       |   |              | 7,524     |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | 13,338                 |   |   |   | 20,862 |   |   |   | 10,000 |   |
| Revasum, Preferred Stock Series Seed*        |   |              | 2,193,400 |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | 2,588,520              |   |   |   | 4,781,920 |   |   |   | 2,200,000 |   |
| Revasum, Preferred Stock Series A*           |   |              | —   |   |              |   | 1,999,997 |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (122,124               | )      |   |   | 1,877,873 |   |   |   | 441,998 |   |
| Silicon Genesis Corp., Common *              |   |              | 14,750    |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (1,475                 | )      |   |   | 13,275 |   |   |   | 921,892 |   |
| Silicon Genesis Corp., Common Warrants*      |   |              | 319       |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (46                    | )      |   |   | 273 |   |   |   | 37,982 |   |
| Silicon Genesis Corp., Common Warrants*      |   |              | 10,000    |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (2,000                 | )      |   |   | 8,000 |   |   |   | 5,000,000 |   |
| Silicon Genesis Corp., Common Warrants*      |   |              | 6,000     |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (1,200                 | )      |   |   | 4,800 |   |   |   | 3,000,000 |   |
| Silicon Genesis Corp., Series 1-C Preferred* |   |              | 70,444    |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (8,209                 | )      |   |   | 62,235 |   |   |   | 82,914 |   |
| Silicon Genesis Corp., Series 1-D Preferred* |   |              | 195,606   |   |              |   | —   |     |   |   | —                   |   |   |                | — |   |                                      |   | — |          |   |   | (24,334                | )      |   |   | 171,272 |   |   |   | 850,830 |   |
| Silicon Genesis Corp., Series 1-E Preferred* |   |              | 2,134,616 |   |              |   | —   |     |   |   | —                   |   |   |                | 332,133 |   |                                      |   | — |          |   |   | 68,016                 |   |   |   | 1,870,499 |   |   |   | 5,704,480 |   |
| Silicon Genesis Corp., Series 1-F Preferred* |   |              | 464,165   |   |              |   | —   |     |   |   | —                   |   |   |                | 73,276  |   |                                      |   | — |          |   |   | 26,558                 |   |   |   | 417,447 |   |   |   | 912,453 |   |
| Silicon Genesis Corp., Series 1-G Preferred* |   |              | 3,032,848 |   |              |   | —   |     |   |   | —                   |   |   |                | 313,257 |   |                                      |   | — |          |   |   | (90,154                | )      |   |   | 2,629,437 |   |   |   | 48,370,793 |   |

----

| **AFFILIATE/ CONTROLLED****INVESTMENTS***     |   | VALUE AT 12/31/16 |      |   | PURCHASES/ MERGER |   |      | INTEREST |   |   | SALES/MATURITY/EXPIRATION |   |   | REALIZEDGAIN (LOSS) |      |   | CHANGE IN APPRECIATION/ DEPRECIATION |   |    | VALUE 9/30/17 |   |   | SHARES HELD AT 9/30/17 |   |
|-----------------------------------------------|--------|-------------------|-----------|--------|-------------------|--------|-----------|----------|--------|--------|---------------------------|--------|--------|---------------------|-----------|--------|-------------------------------------------|--------|---------|---------------|--------|--------|------------------------|--------|
| Silicon Genesis Corp., Series 1-H Preferred*  |   | $                 | 240,238   |   |              | $      | —   |     |   | $      | —                   |   |   | $                   | 36,506    |   |                                      | $      | — |          |   | $      | 11,535                 |   |   | $ | 215,267 |   |   |   | 837,942 |   |
| SVXR, Inc., Series A Preferred                |   |              | —   |   |              |   | 1,000,000 |     |   |   | 172                       |   |   |                | —   |   |                                      |   | — |          |   |   | —                |   |   |   | 1,000,000 |   |   |   | 2,013,491 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | 1,109,340 |   |              |   | —   |     |   |   | 18,333                    |   |   |                | 2,000,000 |   |                                      |   | — |          |   |   | 890,660                |   |   |   | — |   |   |   | — |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | —   |   |              |   | 2,000,000 |     |   |   | 152,887                   |   |   |                | —   |   |                                      |   | — |          |   |   | (1,656,980             | )      |   |   | 343,020 |   |   |   | 2,000,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | 83,201    |   |              |   | —   |     |   |   | 11,638                    |   |   |                | —   |   |                                      |   | — |          |   |   | (57,475                | )      |   |   | 25,726 |   |   |   | 150,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | 277,335   |   |              |   | —   |     |   |   | 39,644                    |   |   |                | —   |   |                                      |   | — |          |   |   | (191,580               | )      |   |   | 85,755 |   |   |   | 500,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | 166,401   |   |              |   | —   |     |   |   | 24,458                    |   |   |                | —   |   |                                      |   | — |          |   |   | (114,948               | )      |   |   | 51,453 |   |   |   | 300,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | —   |   |              |   | 300,000   |     |   |   | 12,583                    |   |   |                | —   |   |                                      |   | — |          |   |   | (248,547               | )      |   |   | 51,453 |   |   |   | 300,000 |   |
| Telepathy Investors, Inc. Convertible Note*   |   |              | 277,335   |   |              |   | —   |     |   |   | 37,397                    |   |   |                | —   |   |                                      |   | — |          |   |   | (191,580               | )      |   |   | 85,755 |   |   |   | 500,000 |   |
| Telepathy Investors, Inc. Series A Preferred* |   |              | 2,096,749 |   |              |   | —   |     |   |   | —                   |   |   |                | —   |   |                                      |   | — |          |   |   | (1,118,469             | )      |   |   | 978,280 |   |   |   | 15,238,000 |   |
| UCT Coatings, Inc. Common Stock               |   |              | 394,200   |   |              |   | —   |     |   |   | —                   |   |   |                | —   |   |                                      |   | — |          |   |   | 517,800                |   |   |   | 912,000 |   |   |   | 1,500,000 |   |
| UCT Coatings, Inc. Common Stock Warrants      |   |              | 1         |   |              |   | —   |     |   |   | —                   |   |   |                | —   |   |                                      |   | — |          |   |   | 3                      |   |   |   | 4 |   |   |   | 2,283 |   |
| Vufine, Inc., Series A Preferred*             |   |              | 1,656,000 |   |              |   | —   |     |   |   | —                   |   |   |                | —   |   |                                      |   | — |          |   |   | (1,360,350             | )      |   |   | 295,650 |   |   |   | 22,500,000 |   |
| Vufine, Inc., Convertible Note*               |   |              | —   |   |              |   | 500,000   |     |   |   | 12,411                    |   |   |                | 500,000   |   |                                      |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Vufine, Inc., Common Stock*                   |   |              | 14,325    |   |              |   | —   |     |   |   | —                   |   |   |                | —   |   |                                      |   | — |          |   |   | (13,650                | )      |   |   | 675 |   |   |   | 750,000 |   |

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| AFFILIATE/ CONTROLLED INVESTMENTS*          |   | VALUE AT 12/31/16 |        |   | PURCHASES/ MERGER |   |      | INTEREST |   |   | SALES/ MATURITY/ EXPIRATION |   |   | REALIZED GAIN (LOSS) |      |   | CHANGE IN APPRECIATION/ DEPRECIATION |   |    | VALUE 9/30/17 |   |   | SHARES HELD AT 9/30/17 |   |
|---------------------------------------------|--------|-------------------|-------------|--------|-------------------|--------|-----------|----------|--------|--------|-----------------------------|--------|--------|----------------------|-----------|--------|--------------------------------------|--------|---------|---------------|--------|--------|------------------------|--------|
| Vufine, Inc., Convertible Note*             |   | $                 | 1,000,000   |   |              | $      | —   |     |   | $      | 33,370                      |   |   | $                    | 1,000,000 |   |                                 | $      | — |          |   | $      | —                |   |   | $ | — |   |   |   | — |   |
| Vufine, Inc., Convertible Note*             |   |              | —     |   |              |   | 1,500,000 |     |   |   | 40,932                      |   |   |                 | —   |   |                                 |   | — |          |   |   | —                |   |   |   | 1,500,000 |   |   |   | 1,500,000 |   |
| Wrightspeed, Inc., Convertible Note         |   |              | —     |   |              |   | 200,000   |     |   |   | 5,334                       |   |   |                 | 200,000   |   |                                 |   | — |          |   |   | —                |   |   |   | — |   |   |   | — |   |
| Wrightspeed, Inc., Series C Preferred Stock |   |              | 5,811,783   |   |              |   | 529,180   |     |   |   | —                     |   |   |                 | 529,180   |   |                                 |   | — |          |   |   | (106,580               | )      |   |   | 5,705,203 |   |   |   | 2,267,659 |   |
| Wrightspeed, Inc., Series D Preferred Stock |   |              | 3,221,792   |   |              |   | —   |     |   |   | —                     |   |   |                 | —   |   |                                 |   | — |          |   |   | (58,242                | )      |   |   | 3,163,550 |   |   |   | 1,100,978 |   |
| Wrightspeed, Inc., Series E Preferred Stock |   |              | 1,376,470   |   |              |   | —   |     |   |   | —                     |   |   |                 | —   |   |                                 |   | — |          |   |   | (24,840                | )      |   |   | 1,351,630 |   |   |   | 450,814 |   |
| Wrightspeed, Inc., Series F Preferred Stock |   |              | —     |   |              |   | 499,995   |     |   |   | —                     |   |   |                 | —   |   |                                 |   | — |          |   |   | (28,536                | )      |   |   | 471,459 |   |   |   | 90,707 |   |
| Wrightspeed, Inc. Series F Warrants         |   |              | —     |   |              |   | —   |     |   |   | —                     |   |   |                 | —   |   |                                 |   | — |          |   |   | 28,532                 |   |   |   | 28,532 |   |   |   | 18,141 |   |
| Total Affiliates and Controlled Investments |   | $                 | 104,088,254 |   |              |   |      |     |   | $      | 1,008,376                   |   |   |                 |      |   |                                 |   |    |          |   | $      | (13,467,825            | )      |   | $ | 104,031,143 |   |   |   |   |   |
| Total Affiliates                            |   | $                 | 18,170,042  |   |              |   |      |     |   | $      | 5,506                       |   |   |                 |      |   |                                 |   |    |          |   | $      | (1,186,846             | )      |   | $ | 18,483,191 |   |   |   |   |   |
| Total Controlled Investments                |   | $                 | 85,918,212  |   |              |   |      |     |   | $      | 1,002,870                   |   |   |                 |      |   |                                 |   |    |          |   | $      | (12,280,979            | )      |   | $ | 85,547,952  |  |   |   |   |   |

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

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| • | our future operating results; |
|---------|-------------------------------|

| • | our business prospects and the prospects of our prospective portfolio companies; |
|---------|----------------------------------------------------------------------------------|

| • | the impact of investments that we expect to make; |
|---------|---------------------------------------------------|

| • | the impact of a protracted decline in the liquidity of the credit markets on our business; |
|---------|--------------------------------------------------------------------------------------------|

| • | our informal relationships with third parties; |
|---------|------------------------------------------------|

| • | the expected market for venture capital investments and our addressable market; |
|---------|---------------------------------------------------------------------------------|

| • | the dependence of our future success on the general economy and its impact on the industries in which we invest; |
|---------|------------------------------------------------------------------------------------------------------------------|

| • | our ability to access the equity market; |
|---------|------------------------------------------|

| • | the ability of our portfolio companies to achieve their objectives; |
|---------|---------------------------------------------------------------------|

| • | our expected financings and investments; |
|---------|------------------------------------------|

| • | our regulatory structure and tax status; |
|---------|------------------------------------------|

| • | our ability to operate as a business development company and a regulated investment company; |
|---------|----------------------------------------------------------------------------------------------|

| • | the adequacy of our cash resources and working capital; |
|---------|---------------------------------------------------------|

| • | the timing of cash flows, if any, from the operation of our portfolio companies; |
|---------|----------------------------------------------------------------------------------|

| • | the timing, form, and amount of any dividend distributions; |
|---------|-------------------------------------------------------------|

| • | impact of fluctuation of interest rates on our business; |
|---------|----------------------------------------------------------|

| • | valuation of any investments in portfolio companies particularly those having no liquid trading market; and |
|---------|-------------------------------------------------------------------------------------------------------------|

| • | our ability to recover unrealized losses. |
|---------|-------------------------------------------|

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|                    |  September 30, 2017 |  December 31, 2016 |
|-------------------------|--------------------------|-------------------------|
| Semiconductor Equipment | 27.5%                    | 18.1%                   |
| Medical Devices         | 15.2%                    | 19.2%                   |
| Advanced Materials      | 9.3%                     | 9.1%                    |
| Automotive              | 7.7%                     | 7.0%                    |
| Networking              | 7.4%                     | 7.4%                    |
| Consumer Electronics    | 6.6%                     | 6.5%                    |
| Cloud Computing         | 6.1%                     | 5.7%                    |
| Mobile Computing        | 4.2%                     | 4.9%                    |
| Intellectual Property   | 3.9%                     | 4.1%                    |
| Equipment Leasing       | 2.9%                     | 2.7%                    |
| Renewable Energy        | 2.1%                     | 2.4%                    |
| Aerospace               | 1.5%                     | 0.4%                    |
| Semiconductor           | 1.3%                     | 0.3%                    |
| Software                | 0.2%                     | 0.2%                    |
| Water Purification      | 0.0%                     | 0.0%                    |
| Advertising Technology  | —                  | 6.9%                    |
| Other Electronics       | —                  | 0.9%                    |
| Computer Storage        | —                  | 0.1%                    |
| Money Market Fund       | 3.7%                     | 0.0%                    |

----

| continued                             | September 30,  2017 | December 31,  2016 |
|---------------------------------------|---------------------|--------------------|
| Exchange-Traded Funds                 | —             | 3.2%               |
| Other Assets in Excess of Liabilities | 0.4%                | 0.9%               |
| 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 Months EndedSeptember 30, 2017 |    |
|------------------------------------------------------------------------|--------|--------------------------------------|---------|
| Realized gains                                                         |   | $                                    | 207,196 |   |
| Net  change in  unrealized depreciation on  investments |   |                                 | (23,555 | ) |
| Net  realized and unrealized losses on  investments          |   | $                                    | 183,641 |   |
|                                                             |   | As ofSeptember 30, 2017 |        |
|------------------------------------------------------------------|--------|-------------------------|-------------|
| Gross unrealized appreciation on  portfolio investments     |   | $                       | 23,926,315  |   |
| Gross unrealized depreciation on  portfolio investments     |   |                    | (59,521,451 | ) |
| Net  unrealized depreciation on  portfolio investments |   | $                       | (35,595,136 | ) |

----

|                                                 |   | Three Months EndedSeptember 30,2016 |       |
|------------------------------------------------------|--------|-------------------------------------|------------|
| Realized losses                                      |   | $                                   | (9,307,595 | ) |
| Net change in unrealized depreciation on investments |   |                                | 725,166    |   |
| Net realized and unrealized losses on investments    |   | $                                   | (8,582,429 | ) |
|                                                   |   | As ofSeptember 30,2016 |        |
|--------------------------------------------------------|--------|------------------------|-------------|
| Gross unrealized appreciation on portfolio investments |   | $                      | 13,635,660  |   |
| Gross unrealized depreciation on portfolio investments |   |                   | (40,125,639 | ) |
| Net unrealized depreciation on portfolio investments   |   | $                      | (26,489,979 | ) |

----

|                                                 |   | Nine Months EndedSeptember 30,2017 |       |
|------------------------------------------------------|--------|------------------------------------|------------|
| Realized gains                                       |   | $                                  | 767,988    |   |
| Net change in unrealized depreciation on investments |   |                               | (8,338,836 | ) |
| Net realized and unrealized losses on investments    |   | $                                  | (7,570,848 | ) |
|                                                   |   | As ofSeptember 30, 2017 |        |
|--------------------------------------------------------|--------|-------------------------|-------------|
| Gross unrealized appreciation on portfolio investments |   | $                       | 23,926,315  |   |
| Gross unrealized depreciation on portfolio investments |   |                    | (59,521,451 | ) |
| Net unrealized depreciation on portfolio investments   |   | $                       | (35,595,136 | ) |
|                                                 |   | Nine Months EndedSeptember 30,2016 |        |
|------------------------------------------------------|--------|------------------------------------|-------------|
| Realized losses                                      |   | $                                  | (1,780,061  | ) |
| Net change in unrealized depreciation on investments |   |                               | (13,892,391 | ) |
| Net realized and unrealized losses on investments    |   | $                                  | (15,672,452 | ) |
|                                                   |   | As ofSeptember 30,2016 |        |
|--------------------------------------------------------|--------|------------------------|-------------|
| Gross unrealized appreciation on portfolio investments |   | $                      | 13,635,660  |   |
| Gross unrealized depreciation on portfolio investments |   |                   | (40,125,639 | ) |
| Net unrealized depreciation on portfolio investments   |   | $                      | (26,489,979 | ) |

----

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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 September 30, 2017, 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: November 9, 2017 | By:    |                                  |
|                    |   | Kevin Landis                          |
|                    |   | Chief Executive Officer               |

|                    |   |                         |
|-------------------------|--------|-------------------------|
| Dated: November 9, 2017 | By:    |                    |
|                    |   | Omar Billawala          |
|                    |   | Chief Financial Officer |

| 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 |