----

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

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

| MARYLAND                                 | 27-3008946         |
|------------------------------------------|--------------------|
| (State or Other Jurisdiction of          | (I.R.S. Employer   |
| Incorporation or Organization)           | Identification No) |
|                                     |               |
| 150 Almaden Boulevard, Suite 1250        |               |
| San Jose, California                     | 95113              |
| (Address of Principal Executive Offices) | (Zip Code)         |

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

| Class                                    | Outstanding at July 31, 2014 |
|------------------------------------------|------------------------------|
| Common Stock, $0.001 par value per share | 9,072,032                    |

----

----

| PART I.  FINANCIAL INFORMATION | 2        |
|------------------------------------------|----------|
|                                     | Item 1.  | Financial Statements | 2 |
|                                     |     | Statements of Assets and Liabilities as of June 30, 2014 (Unaudited) and December 31, 2013 | 3 |
|                                     |     | Statements of Operations (Unaudited) for the Three Months Ended June 30, 2014, and June 30, 2013 and for the Six Months Ended June 30, 2014, and June 30, 2013 | 4 |
|                                     |     | Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2014 and the Six Months Ended June 30, 2013 | 5 |
|                                     |     | Statements of Changes in Net Assets for the Six Months Ended June 30, 2014 (Unaudited) and the Year Ended December 31, 2013 | 6 |
|                                     |     | Selected Per Share Data and Ratios for the Six Months Ended June 30, 2014 (Unaudited), for the Year Ended December 31, 2013, for the Year Ended December 31, 2012, and for the Period April 18, 2011 (Commencement of Operations) Through December 31, 2011 | 7 |
|                                     |     | Schedule of Investments (Unaudited) as of June 30, 2014 | 8 |
|                                     |     | Notes To Financial Statements (Unaudited) | 12 |
|                                     | Item 2.  | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 24 |
|                                     | Item 3.  | Quantitative and Qualitative Disclosures About Market Risk | 31 |
|                                     | Item 4.  | Controls and Procedures | 33 |
|                                     |     |   |   |
| PART II.  OTHER INFORMATION    | 34       |
|                                     |     |   |   |
|                                     | Item 1.  | Legal Proceedings | 35 |
|                                     | Item 1A. | Risk Factors | 35 |
|                                     | Item 2.  | Unregistered Sales of Equity Securities and Use of Proceeds | 35 |
|                                     | Item 3.  | Defaults Upon Senior Securities | 35 |
|                                     | Item 4.  | Mine Safety Disclosures | 35 |
|                                     | Item 5.  | Other Information | 35 |
|                                     | Item 6.  | Exhibits | 36 |
|                                     |     |   |   |
| SIGNATURES                               | 37       |

----

----

----

|                                                                                                                                   |   | AS OFJUNE 30, 2014 (UNAUDITED) |        |   | AS OFDECEMBER 31,2013 |   |
|----------------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------------|-------------|--------|-----------------------|--------|
| ASSETS                                                                                                                                 |   |                                |        |   |                  |   |
| Investment securities:                                                                                                                 |   |                                |        |   |                  |   |
|     Unaffiliated investments at acquisition cost                                                                   |   | $                                   | 113,248,724 |   |                  | $      | 84,275,180 |   |
|     Affiliated investments at acquisition cost                                                                     |   |                                | 11,999,999  |   |                  |   | 10,999,999 |   |
|     Controlled investments at acquisition cost                                                                     |   |                                | 54,402,577  |   |                  |   | 47,402,530 |   |
|          Total acquisition cost                                                           |   | $                                   | 179,651,300 |   |                  | $      | 142,677,709 |   |
|     Unaffiliated investments at market value                                                                       |   | $                                   | 156,820,594 |   |                  | $      | 129,786,732 |   |
|     Affiliated investments at market value                                                                         |   |                                | 7,217,934   |   |                  |   | 9,467,499 |   |
|     Controlled investments at market value                                                                         |   |                                | 47,381,332  |   |                  |   | 42,621,599 |   |
|         Total market value * (Note 6)                                                          |   |                                | 211,419,860 |   |                  |   | 181,875,830 |   |
| Cash**                                                                                                                                 |   |                                | 42,060,712  |   |                  |   | 83,179,168 |   |
| Receivable from interest                                                                                                               |   |                                | 2,440,105   |   |                  |   | 1,853,119 |   |
| Other assets                                                                                                                           |   |                                | 185,059     |   |                  |   | 31,938 |   |
|     Total Assets                                                                                                   |   |                                | 256,105,736 |   |                  |   | 266,940,055 |   |
| LIABILITIES                                                                                                                            |   |                                |        |   |                  |   |   |   |
| Written options, at value (proceeds $264,754, $0, respectively)***                                                                     |   |                                | 240,000     |   |                  |   | — |   |
| Incentive fees payable (Note 4)                                                                                                        |   |                                | 6,878,260   |   |                  |   | 8,311,199 |   |
| Payable to affiliates (Note 4)                                                                                                         |   |                                | 1,278,346   |   |                  |   | 1,272,031 |   |
| Consulting fee payable                                                                                                                 |   |                                | 23,500      |   |                  |   | 18,000 |   |
| Accrued expenses and other payables                                                                                                    |   |                                | 18,172      |   |                  |   | 434,410 |   |
|     Total Liabilities                                                                                              |   |                                | 8,438,278   |   |                  |   | 10,035,640 |   |
| NET ASSETS                                                                                                                             |   | $                                   | 247,667,458 |   |                  | $      | 256,904,415 |   |
| Net Assets consist of:                                                                                                                 |   |                                |        |   |                  |   |   |   |
|     Common Stock, par value $0.001 per share 100,000,000 shares authorized                                         |   | $                                   | 9,072       |   |                  | $      | 9,072 |   |
|     Paid-in-capital                                                                                                |   |                                | 217,798,652 |   |                  |   | 217,798,652 |   |
|     Accumulated net investment loss                                                                                |   |                                | (1,832,282  | )      |                  |   | — |   |
|     Accumulated net realized losses from security transactions, written options, and warrants transactions    |   |                                | (101,298    | )      |                  |   | (101,430 | ) |
|     Net unrealized appreciation on investments, other assets, warrants transactions, purchased and written options |   |                                | 31,793,314  |   |                  |   | 39,198,121 |   |
| NET ASSETS                                                                                                                             |   | $                                   | 247,667,458 |   |                  | $      | 256,904,415 |   |
| Shares of Common Stock outstanding                                                                                                     |   |                                | 9,072,032   |   |                  |   | 9,072,032 |   |
| Net asset value per share (Note 2)                                                                                                     |   | $                                   | 27.30       |   |                  | $      | 28.32 |   |

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

| ** | Cash composed primarily of the Fidelity Institutional Money Market Treasury Portfolio which invests primarily in U.S. Treasury securities. The yield as of 06/30/14 was 0.01%. Please see https://fundresearch.fidelity.com/mutual-fundssummary/316175504 for additional information. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| *** | Primary risk exposure is equity contracts. |
|-----|--------------------------------------------|

----

|                                                                                   |   | FOR THE THREE MONTHS ENDED |       |   | FOR THE SIX MONTHS ENDED |   |
|----------------------------------------------------------------------------------------|--------|----------------------------|------------|--------|--------------------------|--------|
|                                                                                   |   | JUNE 30, 2014              |       |   | JUNE 30, 2013            |   |   | JUNE 30, 2014 |   |   | JUNE 30, 2013 |   |
| INVESTMENT INCOME                                                                      |   |                       |       |   |                     |   |   |   |   |   |   |   |
| Unaffiliated interest                                                                  |   | $                          | 1,388      |   |                     | $      | 3,304 |   |   | $ | 3,572 |   |   | $ | 6,700 |   |
| Affiliated/controlled interest                                                         |   |                       | 466,433    |   |                     |   | 274,382 |   |   |   | 842,206 |   |   |   | 537,086 |   |
| Royalty income                                                                         |   |                       | 36,617     |   |                     |   | 18,866 |   |   |   | 71,869 |   |   |   | 18,866 |   |
|     TOTAL INVESTMENT INCOME                                        |   |                       | 504,438    |   |                     |   | 296,552 |   |   |   | 917,647 |   |   |   | 562,652 |   |
| EXPENSES                                                                               |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Investment advisory fees (Note 4)                                                      |   |                       | 1,278,346  |   |                     |   | 1,031,777 |   |   |   | 2,570,335 |   |   |   | 2,010,923 |   |
| Administration fees                                                                    |   |                       | 37,219     |   |                     |   | 30,986 |   |   |   | 70,245 |   |   |   | 61,192 |   |
| Custody fees                                                                           |   |                       | 4,740      |   |                     |   | 4,382 |   |   |   | 8,672 |   |   |   | 8,070 |   |
| Transfer agent fees                                                                    |   |                       | 9,007      |   |                     |   | 7,178 |   |   |   | 17,552 |   |   |   | 13,842 |   |
| Registration and filing fees                                                           |   |                       | 5,773      |   |                     |   | 4,488 |   |   |   | 11,483 |   |   |   | 8,926 |   |
| Professional fees                                                                      |   |                       | 95,987     |   |                     |   | 119,175 |   |   |   | 496,226 |   |   |   | 190,339 |   |
| Printing fees                                                                          |   |                       | 58,074     |   |                     |   | 35,426 |   |   |   | 102,875 |   |   |   | 54,536 |   |
| Trustees fees                                                                          |   |                       | 15,000     |   |                     |   | 30,000 |   |   |   | 30,000 |   |   |   | 45,000 |   |
| Settlement fees                                                                        |   |                       | 838,000    |   |                     |   | – |   |   |   | 838,000 |   |   |   | – |   |
| Other fees                                                                             |   |                       | 20,076     |   |                     |   | 22,653 |   |   |   | 37,480 |   |   |   | 45,857 |   |
|     TOTAL GROSS EXPENSES                                           |   |                       | 2,362,222  |   |                     |   | 1,286,065 |   |   |   | 4,182,868 |   |   |   | 2,438,685 |   |
| Incentive fee adjustments (Note 4)                                                     |   |                       | 242,048    |   |                     |   | – |   |   |   | (1,432,939 | ) |   |   | – |   |
|     TOTAL NET EXPENSES                                             |   |                       | 2,604,270  |   |                     |   | 1,286,065 |   |   |   | 2,749,929 |   |   |   | 2,438,685 |   |
| NET INVESTMENT LOSS                                                                    |   |                       | (2,099,832 | )      |                     |   | (989,513 | ) |   |   | (1,832,282 | ) |   |   | (1,876,033 | ) |
| Net Realized and Unrealized Gains (Losses) on Investments:                             |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Net realized gains (losses) from security transactions                                 |   |                       |       |   |                     |   |   |   |   |   |   |   |   |   |   |   |
| Non-affiliated and other assets                                                        |   |                       | –    |   |                     |   | 692 |   |   |   | 132 |   |   |   | (39,503 | ) |
| Net realized gains from written option transactions (1)                                |   |                       | –    |   |                     |   | 386,962 |   |   |   | – |   |   |   | 1,604,593 |   |
| Net change in unrealized appreciation on other assets                             |   |                       | –    |   |                     |   | – |   |   |   | – |   |   |   | 27,370 |   |
| Net change in unrealized appreciation (depreciation) on investments               |   |                       | (2,810,222 | )      |                     |   | 13,744,886 |   |   |   | (8,330,700 | ) |   |   | 16,519,914 |   |
| Net change in unrealized appreciation (depreciation) on warrants transactions (1) |   |                       | 346,405    |   |                     |   | 51,613 |   |   |   | (2,423,314 | ) |   |   | 36,498 |   |
| Net change in unrealized appreciation on purchased options (1)                         |   |                       | 3,324,453  |   |                     |   | – |   |   |   | 3,324,453 |   |   |   | – |   |
| Net change in unrealized appreciation (depreciation) on written options (1)            |   |                       | 24,754     |   |                     |   | (23,829 | ) |   |   | 24,754 |   |   |   | (23,829 | ) |
| Net Realized and Unrealized Gains (Losses) on Investments                              |   |                       | 885,390    |   |                     |   | 14,160,324 |   |   |   | (7,404,675 | ) |   |   | 18,125,043 |   |
| Net Increase (Decrease) In Net Assets Resulting From Operations                   |   | $                          | (1,214,442 | )      |                     | $      | 13,170,811 |   |   | $ | (9,236,957 | ) |   | $ | 16,249,010 |   |
| Net Increase (Decrease) In Net Assets Per Share Resulting From Operations (2)     |   | $                          | (0.13      | )      |                     | $      | 1.54 |   |   | $ | (1.02 | ) |   | $ | 1.90 |   |

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

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

----

|                                                                                                                                    |   | FOR THE SIXMONTHS ENDEDJUNE 30, 2014 |        |   | FOR THE SIXMONTHS ENDEDJUNE 30, 2013 |   |
|-----------------------------------------------------------------------------------------------------------------------------------------|--------|--------------------------------------|-------------|--------|--------------------------------------|--------|
| CASH FLOWS FROM OPERATING ACTIVITIES                                                                                                    |   |                                 |        |   |                                 |   |
| Net increase (decrease) in Net Assets resulting from operations                                                                         |   | $                                    | (9,236,957  | )      |                                 | $      | 16,249,010 |   |
|                                                                                                                                    |   |                                 |        |   |                                 |   |   |   |
| Adjustments to reconcile net decrease in Net Assets derived from operations to net cash provided by operating activities:          |   |                                 |        |   |                                 |   |   |   |
| Purchases of investments                                                                                                                |   |                                 | (35,180,659 | )      |                                 |   | (9,912,491 | ) |
| Investment in written options                                                                                                           |   |                                 | 264,754     |   |                                 |   | 2,154,484 |   |
| Investment in purchased options                                                                                                         |   |                                 | (1,792,932  | )      |                                 |   | — |   |
| Proceeds from litigation claim                                                                                                          |   |                                 | 132         |   |                                 |   | 878 |   |
| Decrease in receivable from investments sold                                                                                            |   |                                 | —     |   |                                 |   | 1 |   |
| Increase in dividends, interest, and reclaims receivable                                                                                |   |                                 | (586,986    | )      |                                 |   | (387,086 | ) |
| (Increase) decrease in other assets                                                                                                     |   |                                 | (153,121    | )      |                                 |   | 14,432 |   |
| Increase in payable to affiliates                                                                                                       |   |                                 | 6,315       |   |                                 |   | 40,809 |   |
| Increase (decrease) in incentive fees payable                                                                                           |   |                                 | (1,432,939  | )      |                                 |   | — |   |
| Decrease in offering costs payable                                                                                                      |   |                                 | —     |   |                                 |   | (5,090 | ) |
| Decrease in accrued expenses and other payables                                                                                         |   |                                 | (410,738    | )      |                                 |   | (88,023 | ) |
| Net realized gain from investments                                                                                                      |   |                                 | (132        | )      |                                 |   | 39,503 |   |
| Net realized loss from written options                                                                                                  |   |                                 | —     |   |                                 |   | (1,604,593 | ) |
| Net unrealized appreciation (depreciation) from investments and other assets, warrants transactions, purchased and written options |   |                                 | 7,404,807   |   |                                 |   | (16,559,953 | ) |
| Net cash used in operating activities                                                                                                   |   |                                 | (41,118,456 | )      |                                 |   | (10,058,119 | ) |
|                                                                                                                                    |   |                                 |        |   |                                 |   |   |   |
| Net decrease in cash                                                                                                                    |   |                                 | (41,118,456 | )      |                                 |   | (10,058,119 | ) |
| Cash - beginning of period                                                                                                              |   |                                 | 83,179,168  |   |                                 |   | 136,827,597 |   |
| Cash - end of period                                                                                                                    |   | $                                    | 42,060,712  |   |                                 | $      | 126,769,478 |   |

----

|                                                                                                                                                       |   | FOR THE SIX MONTHS ENDED JUNE 30, 2014(UNAUDITED) |        |   | FOR THEYEAR ENDEDDECEMBER 31, 2013 |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------------------|-------------|--------|------------------------------------|--------|
| FROM OPERATIONS:                                                                                                                                           |   |                                              |        |   |                               |   |
|     Net investment loss                                                                                                                |   | $                                                 | (1,832,282  | )      |                               | $      | (12,852,796 | ) |
|     Net realized gains from security transactions, written options, and warrants                                                       |   |                                              | 132         |   |                               |   | 2,960,546 |   |
|     Net change in unrealized appreciation (depreciation) on investments, other assets, written and purchased options and warrants |   |                                              | (7,404,807  | )      |                               |   | 60,254,035 |   |
|     Net increase (decrease) in net assets from operations                                                                              |   |                                              | (9,236,957  | )      |                               |   | 50,361,785 |   |
|                                                                                                                                                       |   |                                              |        |   |                               |   |   |   |
| FROM DISTRIBUTIONS                                                                                                                                         |   |                                              |        |   |                               |   |   |   |
|     From realized gains on investments                                                                                                 |   |                                              | —     |   |                               |   | (2,878,338 | ) |
| TOTAL DISTRIBUTIONS                                                                                                                                        |   |                                              | —     |   |                               |   | (2,878,338 | ) |
| FROM CAPITAL SHARE TRANSACTIONS                                                                                                                            |   |                                              |        |   |                               |   |   |   |
|     Issuance of common stock (1)                                                                                                       |   |                                              | —     |   |                               |   | 13,499,939 |   |
|     Net increase in net assets from capital share transactions                                                                         |   |                                              | —     |   |                               |   | 13,499,939 |   |
| TOTAL INCREASE (DECREASE) IN NET ASSETS                                                                                                                    |   |                                              | (9,236,957  | )      |                               |   | 60,983,386 |   |
| NET ASSETS:                                                                                                                                                |   |                                              |        |   |                               |   |   |   |
|     Beginning of period                                                                                                                |   |                                              | 256,904,415 |   |                               |   | 195,921,029 |   |
|     End of period                                                                                                                      |   | $                                                 | 247,667,458 |   |                               | $      | 256,904,415 |   |
|     Accumulated Net Investment Loss                                                                                                    |   | $                                                 | (1,832,282  | )      |                               | $      | — |   |
|                                                                                                                                                       |   |                                              |        |   |                               |   |   |   |
| COMMON STOCK ACTIVITY:                                                                                                                                     |   |                                              |        |   |                               |   |   |   |
|     Shares issued                                                                                                                      |   |                                              | —     |   |                               |   | 515,552 |   |
|     Net increase in shares outstanding                                                                                                 |   |                                              | —     |   |                               |   | 515,552 |   |
|     Shares outstanding, beginning of period                                                                                            |   |                                              | 9,072,032   |   |                               |   | 8,556,480 |   |
|     Shares outstanding, end of period                                                                                                  |   |                                              | 9,072,032   |   |                               |   | 9,072,032 |   |

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

----

|                                                                         |   | FOR THE SIXMONTHS ENDEDJUNE 30, 2014(UNAUDITED) |    |    | FOR THEYEAR ENDEDDECEMBER 31,2013 |   |   | FOR THEYEAR ENDEDDECEMBER 31, 2012 |   |   | FOR THE PERIOD ENDEDDECEMBER 31, 2011(1) |   |
|------------------------------------------------------------------------------|--------|-------------------------------------------------|---------|---------|-----------------------------------|--------|--------|------------------------------------|--------|--------|------------------------------------------|--------|
| Net asset value at beginning of period                                       |   | $                                               | 28.32   |    |                              | $      | 22.90  |                               |   | $      | 23.92                                    |   |   | $ | 27.01 |   |
| Income from investment operations:                                           |   |                                            |    |    |                              |   |   |                               |   |   |                                     |   |   |   |   |   |
| Net investment loss                                                          |   |                                            | (0.20   | )       |                              |   | (1.42  | )                                  |   |   | (0.39                                    | )      |   |   | (0.41 | ) |
| Net realized and unrealized gains (losses) on investments               |   |                                            | (0.82   | )       |                              |   | 7.16   |                               |   |   | (1.01                                    | )      |   |   | (2.68 | ) |
| Total from investment operations                                             |   |                                            | (1.02   | )       |                              |   | 5.74   |                               |   |   | (1.40                                    | )      |   |   | (3.09 | ) |
| Distributions from:                                                          |   |                                            |    |    |                              |   |   |                               |   |   |                                     |   |   |   |   |   |
| Realized capital gains                                                       |   |                                            | — |    |                              |   | (0.32  | )                                  |   |   | —                                  |   |   |   | — |   |
| Premiums from shares sold in offerings                                       |   |                                            | — |    |                              |   | 0.00   | (2)                                |   |   | 0.38                                     |   |   |   | — |   |
| Net asset value at end of period                                             |   | $                                               | 27.30   |    |                              | $      | 28.32  |                               |   | $      | 22.90                                    |   |   | $ | 23.92 |   |
|                                                                         |   |                                            |    |    |                              |   |   |                               |   |   |                                     |   |   |   |   |   |
| Market value at end of period                                                |   | $                                               | 21.25   |    |                              | $      | 23.17  |                               |   | $      | 17.44                                    |   |   | $ | 14.33 |   |
|                                                                         |   |                                            |    |    |                              |   |   |                               |   |   |                                     |   |   |   |   |   |
| Total return                                                                 |   |                                            |    |    |                              |   |   |                               |   |   |                                     |   |   |   |   |   |
| Based on Net Asset Value                                                     |   |                                            | (3.60   | )%(A)   |                              |   | 25.30  | %                                  |   |   | (4.26                                    | )%     |   |   | (11.44 | )%(A) |
| Based on Market Value                                                        |   |                                            | (8.29   | )%(A)   |                              |   | 34.61  | %                                  |   |   | 21.70                                    | %      |   |   | (46.95 | )%(A) |
| Net assets at end of period (millions)                                       |   | $                                               | 247.7   |    |                              | $      | 256.9  |                               |   | $      | 195.9                                    |   |   | $ | 83.6 |   |
| Ratio of total expenses to average net assets                                |   |                                            | 2.21    | %(B)(3) |                              |   | 6.52   | %(3)                               |   |   | 2.56                                     | %      |   |   | 2.76 | %(B) |
| Ratio of total expenses to average net assets, excluding incentive fees |   |                                            | 3.37    | %(B)    |                              |   | 2.67   | %                                  |   |   | 2.56                                     | %      |   |   | 2.76 | %(B) |
| Ratio of net investment loss to average net assets                      |   |                                            | (1.47   | )%(B)   |                              |   | (5.96  | )%                                 |   |   | (2.12                                    | )%     |   |   | (2.28 | )%(B) |
| Portfolio turnover rate                                                      |   |                                            | 0       | %(A)    |                              |   | 17     | %                                  |   |   | 10                                       | %      |   |   | 18 | %(A) |

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

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

| (3) | Amount includes the incentive fee. For the six months ended June 30, 2014 and the year ended December 31, 2013, the ratio of the incentive fee to average net assets was (1.16)% and 3.85%, respectively. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

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

----

| PORTFOLIO COMPANY(% OF NET ASSETS) | INDUSTRY                | TYPE OF INVESTMENT                                                                  |   | SHARES/ PAR VALUE ($) |                    |   | VALUE  |   |
|------------------------------------|-------------------------|-------------------------------------------------------------------------------------|--------|-----------------------|-------------------------|--------|--------|--------|
| ALIPHCOM, INC. (4.4%)              | Consumer Electronics    | Common Stock* (1)                                                                   |   |                  | 2,128,005               |   |   | $      | 10,881,710 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| FACEBOOK (16.3%)                   | Social Networking       | Common Stock, Class A *(2)                                                          |   |                  | 600,000                 |   |   |   | 40,374,000 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| GILT GROUPE (0.6%)                 | Internet                | Common Stock* (1)                                                                   |   |                  | 198,841                 |   |   |   | 1,507,437 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| HIGHTAIL (4.0%)                    | Cloud Computing         | Preferred Stock - Series E (1)                                                      |   |                  | 2,268,602               |   |   |   | 9,999,998 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| INNOVION CORP. (0.1%)              | Services                | Preferred Stock - Series A-1 *(1)                                                   |   |                  | 324,948                 |   |   |   | 320,520 |   |
|                               |                    | Preferred Stock - Series A-2 *(1)                                                   |   |                  | 168,804                 |   |   |   | 4,359 |   |
|                               |                    | Common Stock *(1)                                                                   |   |                  | 1                       |   |   |   | 1 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   | 324,880 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| INTEVAC, INC. (1.8%)               | Other Electronics       | Common Stock *                                                                      |   |                  | 545,156                 |   |   |   | 4,366,700 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| INTRAOP MEDICAL CORP. (8.5%)  | Medical Devices         | Term Note (1)(3)    Matures February 2016 Interest Rate 8% |   |                  | 3,000,000               |   |   |   | 3,000,000 |   |
|                               |                    | Preferred Stock - Series A-1* (1)(3)                                                |   |                  | 6,800,000               |   |   |   | 6,049,565 |   |
|                               |                    | Preferred Stock - Series A-2 (1)(3)                                                 |   |                  | 13,500,000              |   |   |   | 12,010,167 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   | 21,059,732 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| MATTSON TECHNOLOGY, INC. (2.9%)    | Semiconductor Equipment | Common Stock                                                                        |   |                  | 3,280,000               |   |   |   | 7,183,200 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| PHUNWARE, INC. (4.0%)              | Mobile Computing        | Preferred Stock - Series E (1)                                                      |   |                  | 3,257,328               |   |   |   | 9,999,997 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| PIVOTAL SYSTEMS (4.9%)             | Semiconductor Equipment | Preferred Stock - Series A *(1)(3)                                                  |   |                  | 11,914,217              |   |   |   | 6,000,000 |   |
|                               |                    | Preferred Stock - Series B *(1)(3)                                                  |   |                  | 7,942,811               |   |   |   | 4,000,000 |   |
|                               |                    | Convertible Note *(1)(3) Matures March 2016 Interest Rate 10%             |   |                  |     2,000,000 |   |   |   |     2,000,000 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   | 12,000,000 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   |   |   |
| QMAT, INC. (3.5%)                  | Advanced Materials      | Preferred Stock Warrants - Series A *(1)(3)                                         |   |                  | 2,000,000               |   |   |   | 526,052 |   |
|                               |                    | Preferred Stock - Series A *(1)(3)                                                  |   |                  | 8,571,600               |   |   |   | 8,045,548 |   |
|                               |                    |                                                                                |   |                  |                    |   |   |   | 8,571,600 |   |

----

| PORTFOLIO COMPANY(% OF NET ASSETS) | INDUSTRY               | TYPE OF INVESTMENT                                              |   | SHARES/PAR VALUE ($) |      |   | VALUE  |   |
|------------------------------------|------------------------|-----------------------------------------------------------------|--------|----------------------|-----------|--------|--------|--------|
| SILICON GENESIS                    | Intellectual Property  | Preferred Stock -Series 1-C *(1)(3)                             |   |                 | 82,914    |   |   | $      | 0 |   |
| CORPORATION (2.3%)                 |                   | Preferred Stock -Series 1-D *(1)(3)                             |   |                 | 850,830   |   |   |   | 0 |   |
|                               |                   | Preferred Stock -Series 1-E *(1)(3)                             |   |                 | 5,704,480 |   |   |   | 0 |   |
|                               |                   | Preferred Stock -Series 1-F *(1)(3)                             |   |                 | 912,453   |   |   |   | 0 |   |
|                               |                   | Common Stock *(1)(3)                                            |   |                 | 921,892   |   |   |   | 0 |   |
|                               |                   | Preferred Stock Warrants - Series 1-E *(1)(3)                   |   |                 | 1,257,859 |   |   |   | 0 |   |
|                               |                   | Common Stock Warrants *(1)(3)                                   |   |                 | 37,982    |   |   |   | 0 |   |
|                               |                   | Common Stock Warrants *(1)(3)                                   |   |                 | 5,000,000 |   |   |   | 0 |   |
|                               |                   | Common Stock Warrants *(1)(3)                                   |   |                 | 3,000,000 |   |   |   | 0 |   |
|                               |                   | Convertible Note (1)(3) Matures December 2014 Interest Rate 20% |   |                 | 500,000   |   |   |   | 500,000 |   |
|                               |                   | Convertible Note (1)(3) Matures December 2014 Interest Rate 20% |   |                 | 1,000,000 |   |   |   | 1,000,000 |   |
|                               |                   | Convertible Note (1)(3) Matures December 2014 Interest Rate 20% |   |                 | 1,250,000 |   |   |   | 1,250,000 |   |
|                               |                   | Term Note (1)(3) Matures December 2016 Interest Rate 10%        |   |                 | 3,000,000 |   |   |   | 3,000,000 |   |
|                               |                   |                                                            |   |                 |      |   |   |   | 5,750,000 |   |
|                               |                   |                                                            |   |                 |      |   |   |   |   |   |
| SKYLINE SOLAR (0.0%)               | Renewable Energy       | Preferred Stock - Series C *(1)                                 |   |                 | 793,651   |   |   |   | 0 |   |
|                               |                   |                                                            |   |                 |      |   |   |   |   |   |
| SUNRUN, INC. (2.8%)                | Renewable Energy       | Common Stock *(1)                                               |   |                 | 674,820   |   |   |   | 6,985,169 |   |
|                               |                   |                                                            |   |                 |      |   |   |   |   |   |
| TAPAD, INC. (1.3%)                 | Advertising Technology | Preferred Stock - Series B-1 *(1)                               |   |                 | 280,048   |   |   |   | 3,093,611 |   |
|                               |                   | Preferred Stock - Series B-2 *(1)                               |   |                 | 10,327    |   |   |   | 150,003 |   |
|                               |                   |                                                            |   |                 |      |   |   |   | 3,243,614 |   |
|                               |                   |                                                            |   |                 |      |   |   |   |   |   |
| TELEPATHY, INC. (0.1%)             | Consumer Electronics   | Preferred Stock - Series A* (1)(4)                              |   |                 | 5,000,000 |   |   |   | 217,935 |   |
|                               |                   |                                                            |   |                 |      |   |   |   |   |   |
| TURN, INC. (6.1%)                  | Advertising Technology | Preferred Stock - Series E (1)                                  |   |                 | 1,798,562 |   |   |   | 15,000,007 |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS)                | INDUSTRY           | TYPE OF INVESTMENT                                                       |   | SHARES/PAR VALUE ($) |      |   | VALUE  |   |
|----------------------------------------------------|--------------------|--------------------------------------------------------------------------|--------|----------------------|-----------|--------|--------|--------|
| TWITTER, INC. (18.7%)                              | Social Networking  | Purchased Call Options, Expiring July 19, 2014, Strike Price $37.00      |   |                 | 4,000     |   |   | $      | 1,620,000 |   |
|                                               |               | Purchased Call Options, Expiring July 19, 2014, Strike Price $39.00      |   |                 | 6,000     |   |   |   | 1,500,000 |   |
|                                               |               | Purchased Call Options, Expiring July 19, 2014, Strike Price $40.00      |   |                 | 643       |   |   |   | 125,385 |   |
|                                               |               | Purchased Call Options, Expiring July 25, 2014, Strike Price $40.50      |   |                 | 400       |   |   |   | 92,000 |   |
|                                               |               | Purchased Call Options, Expiring September 20, 2014, Strike Price $40.00 |   |                 | 4,000     |   |   |   | 1,780,000 |   |
|                                               |               | Common Stock                                                             |   |                 | 1,006,200 |   |   |   | 41,224,014 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   | 46,341,399 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   |   |   |
| UCT COATINGS (0.3%)                                | Advanced Materials | Common Stock *(1)                                                        |   |                 | 1,500,000 |   |   |   | 611,885 |   |
|                                               |               | Common Stock Warrants *(1)                                               |   |                 | 136,986   |   |   |   | 480 |   |
|                                               |               | Common Stock Warrants *(1)                                               |   |                 | 2,283     |   |   |   | 3 |   |
|                                               |               | Common Stock Warrants *(1)                                               |   |                 | 33,001    |   |   |   | 115 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   | 612,483 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   |   |   |
| WRIGHTSPEED, INC. (2.8%)                           | Automotive         | Convertible Note (1)(4) Matures July 2014 Interest Rate 10%    |   |                 | 1,000,000 |   |   |   | 1,000,000 |   |
|                                               |               | Preferred Stock - Series C *(1)(4)                                       |   |                 | 2,267,659 |   |   |   | 5,999,999 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   | 6,999,999 |   |
| TOTAL INVESTMENTS                                  |               |                                                                     |   |                 |      |   |   |   |   |   |
|   (Cost $179,651,300)                    |               |                                                                     |   |                 |      |   |   |   |   |   |
|   —85.4%                           |               |                                                                     |   |                 |      |   |   | $      | 211,419,860 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   |   |   |
| OTHER ASSETS IN EXCESSOF LIABILITIES — 14.6% |               |                                                                     |   |                 |      |   |   |   | 36,247,598 |   |
|                                               |               |                                                                     |   |                 |      |   |   |   |   |   |
| NET ASSETS — 100.0%                          |               |                                                                     |   |                 |      |   |   | $      | 247,667,458 |   |

----

| PORTFOLIO COMPANY (% OF NET ASSETS)                                  | INDUSTRY          | TYPE OF INVESTMENT                                                |   | CONTRACTS |   |   | VALUE  |   |
|----------------------------------------------------------------------|-------------------|-------------------------------------------------------------------|--------|-----------|--------|--------|--------|--------|
| WRITTEN OPTIONS —(0.1)% ($240,000)                             |              |                                                              |   |      |   |   |   |   |   |   |
|                                                                 |              |                                                              |   |      |   |   |   |   |   |   |
| FACEBOOK, INC. (0.1%)                                                | Social Networking | Written Call Options, Expiring July 25, 2014, Strike Price $72.00 |   |      | (2,000 | )      |   | $      | (240,000 | ) |
|                                                                 |              |                                                              |   |      |   |   |   |   |   |   |
| Total WRITTEN OPTIONS (proceeds ($264,754)) — (0.1)% |              |                                                              |   |      |   |   |   | $      | (240,000 | ) |

| * | 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) | Security held in connection with open written call options. |
|-----|-------------------------------------------------------------|

| (3) | Controlled investments. |
|-----|-------------------------|

| (4) | Affiliated issuer. |
|-----|--------------------|

----

----

----

|                                   |   | CONTRACTS |    |   | PREMIUMS RECEIVED |   |
|----------------------------------------|--------|-----------|---------|--------|-------------------|--------|
| Options outstanding, beginning of year |   |      | — |   |              | $      | — |   |
| Options written during period          |   |      | 2,000   |   |              | $      | 264,754 |   |
| Options outstanding, end of period     |   |      | 2,000   |   |              | $      | 264,754 |   |

|                                  | PURCHASEDOPTIONS(CONTRACTS) | WARRANTS (SHARES) | WRITTEN OPTIONS (CONTRACTS) |
|---------------------------------------|-----------------------------|-------------------|-----------------------------|
| Firsthand Technology Value Fund, Inc. | 5,014                       | 14,645,046        | 667                         |

----

|   | (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 SIGNIFICANT OBSERVABLE INPUTS |   |      | LEVEL 3 SIGNIFICANTUNOBSERVABLE INPUTS |   |
|-----------------------------------------------------------|--------|-----------------------|------------|--------|---------------------------------------------|--------|-----------|----------------------------------------|--------|
| ASSETS  Common Stocks                           |   |                  |       |   |                                        |   |      |                                   |   |
|      Advanced Materials          |   | $                     | —    |   |                                        | $      | —   |                                   |   | $ | 611,885 |   |
|      Consumer Electronics        |   |                  | —    |   |                                        |   | —   |                                   |   |   | 10,881,710 |   |
|      Internet                    |   |                  | —    |   |                                        |   | —   |                                   |   |   | 1,507,437 |   |
|      Other Electronics           |   |                  | 4,366,700  |   |                                        |   | —   |                                   |   |   | — |   |
|      Renewable Energy            |   |                  | —    |   |                                        |   | —   |                                   |   |   | 6,985,169 |   |
|      Semiconductor Equipment     |   |                  | 7,183,200  |   |                                        |   | —   |                                   |   |   | — |   |
|      Services                    |   |                  | —    |   |                                        |   | —   |                                   |   |   | 1 |   |
|      Social Networking           |   |                  | 81,598,014 |   |                                        |   | —   |                                   |   |   | — |   |
|      Total Common Stocks         |   |                  | 93,147,914 |   |                                        |   | —   |                                   |   |   | 19,986,202 |   |
|   Preferred Stocks                              |   |                  |       |   |                                        |   |      |                                   |   |   |   |   |
|      Advanced Materials          |   |                  | —    |   |                                        |   | —   |                                   |   |   | 8,045,548 |   |
|      Advertising Technology      |   |                  | —    |   |                                        |   | —   |                                   |   |   | 18,243,621 |   |
|      Automotive                  |   |                  | —    |   |                                        |   | —   |                                   |   |   | 5,999,999 |   |
|      Cloud Computing             |   |                  | —    |   |                                        |   |      |                                   |   |   | 9,999,998 |   |
|      Consumer Electronics        |   |                  | —    |   |                                        |   | —   |                                   |   |   | 217,935 |   |
|      Medical Devices             |   |                  | —    |   |                                        |   | —   |                                   |   |   | 18,059,732 |   |
|      Mobile Computing            |   |                  | —    |   |                                        |   | —   |                                   |   |   | 9,999,997 |   |
|      Semiconductor Equipment     |   |                  | —    |   |                                        |   | —   |                                   |   |   | 10,000,000 |   |
|      Services                    |   |                  | —    |   |                                        |   | —   |                                   |   |   | 324,879 |   |
|      Total Preferred Stocks      |   |                  | —    |   |                                        |   | —   |                                   |   |   | 80,891,709 |   |
|   Asset Derivatives *                           |   |                  |       |   |                                        |   |      |                                   |   |   |   |   |
|      Equity Contracts            |   |                  | —    |   |                                        |   | 5,117,385 |                                   |   |   | 526,650 |   |
|      Total Asset Derivatives     |   |                  | —    |   |                                        |   | 5,117,385 |                                   |   |   | 526,650 |   |
|   Convertible Notes                             |   |                  |       |   |                                        |   |      |                                   |   |   |   |   |
|      Automotive                  |   |                  | —    |   |                                        |   | —   |                                   |   |   | 1,000,000 |   |
|      Intellectual Property       |   |                  | —    |   |                                        |   | —   |                                   |   |   | 5,750,000 |   |
|      Medical Devices             |   |                  | —    |   |                                        |   | —   |                                   |   |   | 3,000,000 |   |
|      Semiconductor Equipment     |   |                  | —    |   |                                        |   | —   |                                   |   |   | 2,000,000 |   |
|      Total Convertible Notes     |   |                  | —    |   |                                        |   | —   |                                   |   |   | 11,750,000 |   |
| LIABILITIES                                               |   |                  |       |   |                                        |   |      |                                   |   |   |   |   |
|   Liability Derivatives *                       |   |                  | —    |   |                                        |   |      |                                   |   |   |   |   |
|      Equity Contracts            |   |                  | —    |   |                                        |   | (240,000  | )                                      |   |   | — |   |
|      Total Liability Derivatives |   |                  | —    |   |                                        |   | (240,000  | )                                      |   |   | — |   |
| Total                                                     |   | $                     | 93,147,914 |   |                                        | $      | 4,877,385 |                                   |   | $ | 113,154,561 |   |

| * | Asset derivatives include warrants and purchased options, and liability derivatives include written options. |
|---|--------------------------------------------------------------------------------------------------------------|

----

| INVESTMENTS AT FAIR VALUE USING SIGNIFICANT UNOBSERVABLE INPUTS (LEVEL 3) |   | BALANCEAS OF12/31/13 |        |   | NETPURCHASES |   |       | NETSALES |   |   | NETREALIZED GAINS (LOSSES) |   |   | NET UNREALIZED APPRECIATION(DEPRECIATION)(1) |    |   | TRANSFERS IN (OUT) OFLEVEL 3 |   |        | BALANCEAS OF6/30/14 |   |
|---------------------------------------------------------------------------|--------|----------------------|-------------|--------|--------------|--------|------------|----------|--------|--------|----------------------------|--------|--------|----------------------------------------------|---------|--------|------------------------------|--------|-------------|---------------------|--------|
| Common Stocks                                                             |   |                 |        |   |         |   |       |     |   |   |                       |   |   |                                         |    |   |                         |   |        |                |   |
|   Advanced Materials                                            |   | $                    | 733,500     |   |         | $      | —    |     |   | $      | —                    |   |   | $                                            | — |   |                         | $      | (121,615    | )                   |   | $ | — |   |   | $ | 611,885 |   |
|   Consumer Electronics                                     |   |                 | 10,270,178  |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | 611,532     |                |   |   | — |   |   |   | 10,881,710 |   |
|   Internet                                                      |   |                 | 1,794,520   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | (287,083    | )                   |   |   | — |   |   |   | 1,507,437 |   |
|   Renewable Energy                                              |   |                 | 6,026,750   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | 958,419     |                |   |   | — |   |   |   | 6,985,169 |   |
|   Services                                                      |   |                 | 1           |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 1 |   |
|   Social Networking                                             |   |                 | 54,437,936  |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | (13,213,922 | )                   |   |   | (41,224,014 | ) |   |   | — |   |
| Preferred Stocks                                                          |   |                 |        |   |         |   |       |     |   |   |                       |   |   |                                         |    |   |                         |   |        |                |   |   |   |   |   |   |   |   |
|   Advanced Materials                                            |   |                 | 8,023,459   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | 22,089      |                |   |   | — |   |   |   | 8,045,548 |   |
|   Advertising Technology                                   |   |                 | 17,999,993  |   |         |   | 150,003    |     |   |   | —                    |   |   |                                         | — |   |                         |   | 93,625      |                |   |   | — |   |   |   | 18,243,621 |   |
|   Automotive                                                    |   |                 | 5,999,999   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 5,999,999 |   |
|   Cloud Computing                                               |   |                 | —     |   |         |   | 9,999,998  |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 9,999,998 |   |
|   Consumer Electronics                                     |   |                 | 3,467,500   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | (3,249,565  | )                   |   |   | — |   |   |   | 217,935 |   |
|   Medical Devices                                               |   |                 | 20,300,000  |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | (2,240,268  | )                   |   |   | — |   |   |   | 18,059,732 |   |
|   Mobile Computing                                              |   |                 | —     |   |         |   | 9,999,997  |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 9,999,997 |   |
|   Semiconductor Equipment                                  |   |                 | 3,600,143   |   |         |   | 4,000,048  |     |   |   | —                    |   |   |                                         | — |   |                         |   | 2,399,809   |                |   |   | — |   |   |   | 10,000,000 |   |
|   Services                                                      |   |                 | 491,698     |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | (166,819    | )                   |   |   | — |   |   |   | 324,879 |   |
| Asset Derivatives                                                         |   |                 |        |   |         |   |       |     |   |   |                       |   |   |                                         |    |   |                         |   |        |                |   |   |   |   |   |   |   |   |
|      Equity Contracts                            |   |                 | 2,949,964   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | (2,423,314  | )                   |   |   | — |   |   |   | 526,650 |   |
| Convertible Bonds                                                         |   |                 |        |   |         |   |       |     |   |   |                       |   |   |                                         |    |   |                         |   |        |                |   |   |   |   |   |   |   |   |
|    Automotive                                              |   |                 | —     |   |         |   | 1,000,000  |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 1,000,000 |   |
|    Intellectual Property                              |   |                 | 5,750,000   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 5,750,000 |   |
|    Medical Devices                                         |   |                 | —     |   |         |   | 3,000,000  |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 3,000,000 |   |
|    Semiconductor Equipment                            |   |                 | 2,000,000   |   |         |   | —    |     |   |   | —                    |   |   |                                         | — |   |                         |   | —     |                |   |   | — |   |   |   | 2,000,000 |   |
| Total                                                                     |   | $                    | 143,845,641 |   |         | $      | 28,150,046 |     |   | $      | —                    |   |   | $                                            | — |   |                         | $      | (17,617,112 | )                   |   | $ | (41,224,014 | ) |   | $ | 113,154,561 |   |

| (1) | The net change in unrealized depreciation from Level 3 instruments held as of June 30, 2014 was $2,003,331. |
|-----|-------------------------------------------------------------------------------------------------------------|

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|                                                       | FAIR VALUEAT 6/30/14 | VALUATION TECHNIQUES                                                      | UNOBSERVABLE INPUTS                                                        | RANGE(WEIGHTED AVG.)                     |
|------------------------------------------------------------|----------------------|---------------------------------------------------------------------------|----------------------------------------------------------------------------|------------------------------------------|
| Direct venture capital investments: Services               | $0.3M                | Probability Weighted  Expected Return                           | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 46.52% - 55.98%0.88%0.0% - 27.9%         |
| Direct venture capital investments: Intellectual Property  | $5.8M                | Market Comparable  Companies                                    | Revenue MultipleVolatilityRisk-Free RateDiscount for Lack of Marketability | 1.1x - 3.2x58.65%1.62%0.0% - 34.3%       |
| Direct venture capital investments: Automotive             | $7.0M                | Prior TransactionAnalysis                                                 | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 76.59%0.88%0.0%                          |
| Direct venture capital investments: Consumer Electronics   | $11.1M               | Prior Transaction AnalysisProbability Weighted  Expected Return | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 46.35% - 57.09%0.47% - 0.88%0.0% - 23.4% |
| Direct venture capital investments: Internet               | $1.5M                | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 50.76%0.11%0.0% - 15.7%                  |
| Direct venture capital investments: Advanced Materials     | $9.2M                | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 53.02% - 54.88%1.62%0.0% - 32.4%         |
| Direct venture capitalinvestments: Semiconductor Equipment | $12.0M               | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 45.58%0.88%0.0%                          |
| Direct venture capital investments: AdvertisingTechnology  | $18.2M               | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 44.96% - 47.37%0.11% - 0.47%0.0%         |
| Direct venture capital investments: Renewable Energy       | $7.0M                | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 123.22%0.47%45.2%                        |
| Direct venture capital investments: Medical Devices        | $21.1M               | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 47.87%1.25%0%                            |
| Direct venture capital investments: Cloud Computing        | $10.0M               | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 39.92%0.47%0.0%                          |
| Direct venture capital investments: Mobile Computing       | $10.0M               | Prior Transaction Analysis                                                | VolatilityRisk-Free RateDiscount for Lack of Marketability                 | 78.07%0.47%0.0%                          |

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| PURCHASES AND SALES                                         |   |   |       |
|-------------------------------------------------------------|--------|--------|------------|
| Purchases of investment securities                          |   | $      | 35,180,659 |   |
| Proceeds from sales and maturities of investment securities |   | $      | —    |   |

|                                             |   | SHARES/PAR ACTIVITY |   |   |             |   |   |                      |   |   |               |
|--------------------------------------------------|--------|---------------------|--------|--------|------------------|--------|--------|---------------------------|--------|--------|--------------------|
| AFFILIATE/CONTROLLED INVESTMENT*                 |   | BALANCE AT 12/31/13 |   |   | PURCHASES/MERGER |   |   | SALES/MATURITY/EXPIRATION |   |   | BALANCE AT 6/30/14 |   | REALIZED GAIN (LOSS) |   | INTEREST |   | VALUE6/30/14 |   | ACQUISITION COST |   |
| IntraOp Medical Corp. Term Note*            |   | —             |   |   | 3,000,000        |   |   | —                   |   |   |  3,000,000    |   | $ | — |   | $ | 80,877 |   | $ | 3,000,000 |   | $ | 3,000,000 |   |
| IntraOp Medical Corp. Series A-1 Preferred* |   | 6,800,000           |   |   | —          |   |   | —                   |   |   |  6,800,000    |   |   | — |   |   | — |   |   | 6,049,565 |   |   | 6,800,000 |   |
| IntraOp Medical Corp. Series A-2 Preferred* |   | 13,500,000          |   |   | —          |   |   | —                   |   |   | 13,500,000         |   |   | — |   |   | — |   |   | 12,010,167 |   |   | 13,499,939 |   |
| Pivotal Systems, Series A*                       |   | 7,148,814           |   |   | 4,765,403        |   |   | —                   |   |   | 11,914,217         |   |   | — |   |   | — |   |   | 6,000,000 |   |   | 6,000,048 |   |
| Pivotal Systems, Series B*                       |   | —             |   |   | 7,942,811        |   |   | —                   |   |   | 7,942,811          |   |   | — |   |   | — |   |   | 4,000,000 |   |   | 4,000,000 |   |
| Pivotal Systems, Series A Warrants*         |   | 1,588,468           |   |   | —          |   |   | 1,588,468                 |   |   | —            |   |   | — |   |   | — |   |   | — |   |   | — |   |
| Pivotal Systems, Series A Warrants*         |   | 3,176,935           |   |   | —          |   |   | 3,176,935                 |   |   | —            |   |   | — |   |   | — |   |   | — |   |   | — |   |

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|                                            |   | SHARES/PAR ACTIVITY |   |   |             |   |   |                      |   |   |               |   |                 |    |     |
|-------------------------------------------------|--------|---------------------|--------|--------|------------------|--------|--------|---------------------------|--------|--------|--------------------|--------|----------------------|---------|----------|
| AFFILIATE/CONTROLLED INVESTMENT*                |   | BALANCE AT 12/31/13 |   |   | PURCHASES/MERGER |   |   | SALES/MATURITY/EXPIRATION |   |   | BALANCE AT 6/30/14 |   | REALIZED GAIN (LOSS) |    | INTEREST |   | VALUE6/30/14 |   | ACQUISITION COST |   |
| Pivotal Systems, Convertible Note*         |   | 2,000,000           |   |   | —          |   |   | —                   |   |   | 2,000,000          |   |                 | — |     | $ | 98,452 |   | $ | 2,000,000 |   | $ | 2,000,000 |   |
| QMAT, Preferred Stock Series A*            |   | 8,571,600           |   |   | —          |   |   | —                   |   |   | 8,571,600          |   |                 | — |     |   | — |   |   | 8,045,548 |   |   | 8,571,600 |   |
| QMAT, Series A Warrant*                         |   | 2,000,000           |   |   | —          |   |   | —                   |   |   | 2,000,000          |   |                 | — |     |   | — |   |   | 526,052 |   |   | — |   |
| Silicon Genesis Corp., Common*             |   | 921,892             |   |   | —          |   |   | —                   |   |   | 921,892            |   |                 | — |     |   | — |   |   | — |   |   | 169,045 |   |
| Silicon Genesis Corp., Convertible Note*   |   | 1,250,000           |   |   | —          |   |   | —                   |   |   | 1,250,000          |   |                 | — |     |   | 242,926 |   |   | 1,250,000 |   |   |  1,610,753 |   |
| Silicon Genesis Corp., Convertible Note*   |   | 500,000             |   |   | —          |   |   | —                   |   |   | 500,000            |   |                 | — |     |   | 80,600 |   |   | 500,000 |   |   | 500,000 |   |
| Silicon Genesis Corp., Convertible Note*   |   | 1,000,000           |   |   | —          |   |   | —                   |   |   | 1,000,000          |   |                 | — |     |   | 156,675 |   |   | 1,000,000 |   |   | 1,000,000 |   |
| Silicon Genesis Corp., Common Warrant*     |   | 37,982              |   |   | —          |   |   | —                   |   |   | 37,982             |   |                 | — |     |   | — |   |   | — |   |   | 6,678 |   |
| Silicon Genesis Corp., Common Warrant*     |   | 5,000,000           |   |   | —          |   |   | —                   |   |   | 5,000,000          |   |                 | — |     |   | — |   |   | — |   |   | — |   |
| Silicon Genesis Corp., Common Warrant*     |   | 3,000,000           |   |   | —          |   |   | —                   |   |   | 3,000,000          |   |                 | — |     |   | — |   |   | — |   |   | — |   |
| Silicon Genesis Corp., Series 1-C*         |   | 82,914              |   |   | —          |   |   | —                   |   |   | 82,914             |   |                 | — |     |   | — |   |   | — |   |   | 109,518 |   |
| Silicon Genesis Corp., Series 1-D*         |   | 850,830             |   |   | —          |   |   | —                   |   |   | 850,830            |   |                 | — |     |   | — |   |   | — |   |   | 431,901 |   |
| Silicon Genesis Corp., Series 1-E*         |   | 5,704,480           |   |   | —          |   |   | —                   |   |   | 5,704,480          |   |                 | — |     |   | — |   |   | — |   |   | 2,946,535 |   |
| Silicon Genesis Corp., Series 1-E Warrant* |   | 1,257,859           |   |   | —          |   |   | —                   |   |   | 1,257,859          |   |                 | — |     |   | — |   |   | — |   |   | 173,500 |   |
| Silicon Genesis Corp., Series 1-F*         |   | 912,453             |   |   | —          |   |   | —                   |   |   | 912,453            |   |                 | — |     |   | — |   |   | — |   |   | 583,060 |   |
| Silicon Genesis Corp., Term Note*          |   | 3,000,000           |   |   | —          |   |   | —                   |   |   | 3,000,000          |   | $                    | — |     |   | 167,068 |   |   | 3,000,000 |   |   | 3,000,000 |   |
| Telepathy, Inc., Series A Preferred        |   | 5,000,000           |   |   | —          |   |   | —                   |   |   | 5,000,000          |   |                 | — |     |   | — |   |   | 217,935 |   |   | 5,000,000 |   |

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|                                             |   | SHARES/PAR ACTIVITY |   |   |             |   |   |                      |   |   |               |   |                 |    |     |
|--------------------------------------------------|--------|---------------------|--------|--------|------------------|--------|--------|---------------------------|--------|--------|--------------------|--------|----------------------|---------|----------|
| AFFILIATE/CONTROLLED INVESTMENT*                 |   | BALANCE AT 12/31/13 |   |   | PURCHASES/MERGER |   |   | SALES/MATURITY/EXPIRATION |   |   | BALANCE AT 6/30/14 |   | REALIZED GAIN (LOSS) |    | INTEREST |   | VALUE6/30/14 |   | ACQUISITION COST |   |
| Wrightspeed, Inc. Convertible Note          |   | —             |   |   | 1,000,000        |   |   | —                   |   |   | 1,000,000          |   |                 | — |     | $ | 15,608 |   | $ | 1,000,000 |   | $ | 1,000,000 |   |
| Wrightspeed, Inc. Series C Preferred        |   | 2,267,659           |   |   | —          |   |   | —                   |   |   | 2,267,659          |   |                 | — |     |   | — |   |   | 5,999,999 |   |   | 5,999,999 |   |
| Total Affiliates and Controlled Investments |   |                |   |   |             |   |   |                      |   |   |               |   |                 |    |     |   |   |   | $ | 54,599,266 |   | $ | 66,402,576 |   |
| Total Affiliates                                 |   |                |   |   |             |   |   |                      |   |   |               |   |                 |    |     |   |   |   | $ | 7,217,934 |   | $ | 11,999,999 |   |
| Total Controlled Investments                |   |                |   |   |             |   |   |                      |   |   |               |   |                 |    |     |   |   |   | $ | 47,381,332 |   | $ | 54,402,577 |   |

| * | 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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|                                  |          |   |              |
|---------------------------------------|---------------|--------|-------------------|
|                                  | June 30, 2014 |   | December 31, 2013 |
| Social Networking                     | 35.0%         |   |              | 34.0% |   |
| Medical Devices                       | 8.5%          |   |              | 7.9% |   |
| Semiconductor Equipment               | 7.8%          |   |              | 3.6% |   |
| Advertising Technology                | 7.4%          |   |              | 7.0% |   |
| Consumer Electronics                  | 4.5%          |   |              | 5.4% |   |
| Cloud Computing                       | 4.0%          |   |              | 0.0% |   |
| Mobile Computing                      | 4.0%          |   |              | 0.0% |   |
| Advanced Materials                    | 3.8%          |   |              | 3.6% |   |
| Automotive                            | 2.8%          |   |              | 2.3% |   |
| Renewable Energy                      | 2.8%          |   |              | 2.3% |   |
| Intellectual Property                 | 2.3%          |   |              | 2.2% |   |
| Other Electronics                     | 1.8%          |   |              | 1.6% |   |
| Internet                              | 0.6%          |   |              | 0.7% |   |
| Services                              | 0.1%          |   |              | 0.2% |   |
| Other Assets in Excess of Liabilities | 14.6%         |   |              | 29.2% |   |
| Net Assets                            | 100.0%        |   |              | 100.0% |   |

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|                                                 |   | Three Months Ended June 30, 2014 |     |
|------------------------------------------------------|--------|----------------------------------|----------|
| Realized gains                                       |   | $                                | -— |   |
| Net change in unrealized appreciation on investments |   | 885,390                          |     |
| Net realized and unrealized gains on investments     |   | $                                | 885,390  |   |

|                                                   |   | As of June 30, 2014 |        |
|--------------------------------------------------------|--------|---------------------|-------------|
| Gross unrealized appreciation on portfolio investments |   | $                   | 50,972,251  |   |
| Gross unrealized depreciation on portfolio investments |   |                | (19,203,691 | ) |
| Net unrealized appreciation on portfolio investments   |   | $                   | 31,768,560  |   |

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|                                                 |   | Three Months EndedJune 30, 2013 |       |
|------------------------------------------------------|--------|---------------------------------|------------|
| Realized gains                                       |   | $                               | 387,654    |   |
| Net change in unrealized depreciation on investments |   |                            | 13,772,670 |   |
| Net realized and unrealized gain on investments      |   | $                               | 14,160,324 |   |

|                                                   |   | As of June 30, 2013 |        |
|--------------------------------------------------------|--------|---------------------|-------------|
| Gross unrealized appreciation on portfolio investments |   | $                   | 15,872,720  |   |
| Gross unrealized depreciation on portfolio investments |   |                | (20,344,852 | ) |
| Net unrealized depreciation on portfolio investments   |   | $                   | (4,472,132  | ) |

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|                                                 |   | Six Months Ended June 30, 2014 |       |
|------------------------------------------------------|--------|--------------------------------|------------|
| Realized gains                                       |   | $                              | 132        |   |
| Net change in unrealized appreciation on investments |   |                           | (7,404,807 | ) |
| Net realized and unrealized losses on investments    |   | $                              | (7,404,675 | ) |

|                                                   | As of June 30, 2014 |   |
|--------------------------------------------------------|---------------------|--------|
| Gross unrealized appreciation on portfolio investments |                | $      | 50,972,251 |   |
| Gross unrealized depreciation on portfolio investments |                |   | (19,203,691 | ) |
| Net unrealized appreciation on portfolio investments   |                | $      | 31,768,560 |   |

|                                                 |   | Six Months EndedJune 30, 2013 |       |
|------------------------------------------------------|--------|-------------------------------|------------|
| Realized gains                                       |   | $                             | 1,565,090  |   |
| Net change in unrealized depreciation on investments |   |                          | 16,559,953 |   |
| Net realized and unrealized gain on investments      |   | $                             | 18,125,043 |   |

|                                                   | As of June 30, 2013 |   |
|--------------------------------------------------------|---------------------|--------|
| Gross unrealized appreciation on portfolio investments |                | $      | 15,872,720 |   |
| Gross unrealized depreciation on portfolio investments |                |   | (20,344,852 | ) |
| Net unrealized depreciation on portfolio investments   |                | $      | (4,472,132 | ) |

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| (a) Evaluation of Disclosure Controls and Procedures | As of the end of the period covered by this Quarterly Report on Form 10-Q, our management, with the participation of our Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).  Based upon this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective and provided reasonable assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. |
|------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) Changes in Internal Control Over Financial Reporting | There have been no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) under the Exchange Act, that occurred during the fiscal quarter ended June 30, 2014, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. |
|----------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| EXHIBIT NUMBER | DESCRIPTION |
|----------------|-------------|

| 31.1 | Chief Executive Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31.2 | Chief Financial Officer Certification Pursuant to Rule 13a-14 of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 32. | Chief Executive Officer and Chief Financial Officer Certification Pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|                 | FIRSTHAND TECHNOLOGY VALUE FUND, INC. |
|----------------------|---------------------------------------|
| Dated: August 7 2014 |                                  |   |
|                 | By:                                   | /s/ Kevin Landis |
|                 |                                  | Kevin Landis |
|                 |                                  | Chief Executive Officer |
| Dated: August 7 2014 |                                  |   |
|                 | By:                                   | /s/ Omar Billawala |
|                 |                                  | 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 |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|