U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period of September 30, 2018 or

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

Commission File Number 333-168195

FIRSTHAND TECHNOLOGY VALUE FUND, INC.

(Exact Name of Registrant as Specified in Charter)

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

Registrant's Telephone Number, Including Area Code: (408) 886-7096

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of "large accelerated filer," "accelerated filer," and "smaller reporting company" in
Rule 12b-2 of the Exchange Act. (Check one):

[ ]

Large Accelerated Filer

[X]

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

(Do not check if smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [X] No

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest
practicable date.

Class				Outstanding at October 31, 2018
Common Stock, $0.001 par value per share					7,178,770

	AS OF SEPTEMBER 30, 2018 (UNAUDITED)			AS OF DECEMBER 31, 2017
ASSETS
Investment securities:
Unaffiliated investments at acquisition cost	$	5,970,448		$	33,014,039
Affiliated investments at acquisition cost		30,902,277			24,035,159
Controlled investments at acquisition cost		123,316,667			117,890,661
Total acquisition cost	$	160,189,392		$	174,939,859
Unaffiliated investments at market value	$	23,115,200		$	40,191,055
Affiliated investments at market value		25,187,934			24,656,252
Controlled investments at market value		194,741,059			109,992,218
Total market value * (Note 6)		243,044,193			174,839,525
Cash		19,726			110,077
Receivable for securities sold		211,168			—
Receivable from dividends and interest		3,626,549			1,794,003
Other assets		12,864			27,985
Total Assets		246,914,500			176,771,590
LIABILITIES
Incentive fees payable (Note 4)		16,499,806			1,691,040
Payable to affiliates (Note 4)		1,152,048			879,085
Payable for capital shares redeemed		132,128			—
Deferred tax liability		16,648,916			—
Consulting fee payable		20,250			21,000
Accrued expenses and other payables		127,622			186,876
Total Liabilities		34,580,770			2,778,001
NET ASSETS	$	212,333,730		$	173,993,589
Net Assets consist of:
Common Stock, par value $0.001 per share 100,000,000 shares authorized	$	7,276		$	7,302
Paid-in-capital		180,352,337			180,772,769
Accumulated net investment loss		(17,553,634	)		(1,691,040	)
Accumulated net realized losses from security transactions		(13,547,952	)		(4,995,108	)
Net unrealized appreciation (depreciation) on investments, foreign currency and warrants transactions		63,075,703			(100,334	)
NET ASSETS	$	212,333,730		$	173,993,589
Shares of Common Stock outstanding		7,302,146			7,302,146
Shares of Treasury Stock outstanding		(26,110	)		—
Total Shares of Common Stock outstanding		7,276,036			7,302,146
Net asset value per share (Note 2)	$	29.18		$	23.83

* Includes warrants whose primary exposure is equity risk.

	FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	SEPTEMBER 30, 2018			SEPTEMBER 30, 2017			SEPTEMBER 30, 2018			SEPTEMBER 30, 2017
INVESTMENT INCOME
Affiliated/Controlled loan origination income	$	—		$	—		$	21,000		$	—
Unaffiliated interest		793			5,820			4,901			35,085
Affiliated/Controlled interest		974,557			427,547			2,328,359			1,008,376
TOTAL INVESTMENT INCOME		975,350			433,367			2,354,260			1,043,461
EXPENSES
Investment advisory fees (Note 4)		1,124,398			707,865			2,972,059			2,175,267
Administration fees		58,652			48,398			168,831			142,049
Custody fees		8,171			7,587			27,482			18,209
Transfer agent fees		7,058			9,114			23,817			23,815
Registration and filing fees		7,713			5,823			22,887			17,278
Professional fees		94,916			128,954			288,557			374,257
Printing fees		16,008			38,260			46,420			68,176
Trustees fees		50,000			25,000			150,000			75,000
Compliance fees		30,634			27,900			88,223			80,509
Settlement fees		—			50,000			—			50,000
Miscellaneous fees		22,653			28,021			68,020			75,257
TOTAL GROSS EXPENSES		1,420,203			1,076,922			3,856,296			3,099,817
Incentive fee adjustments (Note 4)		9,633,974			—			14,808,766			—
TOTAL NET EXPENSES		11,054,177			1,076,922			18,665,062			3,099,817
NET INVESTMENT LOSS, BEFORE TAXES		(10,078,827	)		(643,555	)		(16,310,802	)		(2,056,356	)
Deferred tax benefit/(expense)		(1,411,413	)		—			448,208			—
Net investment loss, net of deferred taxes		(11,490,240	)		(643,555	)		(15,862,594	)		(2,056,356	)

	FOR THE THREE MONTHS ENDED						FOR THE NINE MONTHS ENDED
	SEPTEMBER 30, 2018			SEPTEMBER 30, 2017			SEPTEMBER 30, 2018			SEPTEMBER 30, 2017
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gains (losses) from security transactions on:
Affiliated/Controlled	$	(11,335,187	)	$	—		$	(11,373,458	)	$	—
Non-affiliated/controlled and other assets		(772,541	)		207,196			138,640			767,988
Deferred tax benefit		2,942,451			—			2,681,974			—
Net realized gains, net of deferred taxes		(9,165,277	)		207,196			(8,552,844	)		767,988
Net change in unrealized appreciation (depreciation) on:
Non-affiliated investments		9,064,505			2,897,235			9,967,736			5,128,989
Affiliated/controlled investments and foreign currency		44,955,098			(5,844,537	)		70,897,750			(17,191,561	)
Affiliated/controlled warrants investments (1)		6,439,956			2,923,747			2,089,649			3,723,736
Deferred tax expense		(13,096,357	)		—			(19,779,098	)		—
Net change in unrealized appreciation (depreciation), net of deferred taxes		47,363,202			(23,555	)		63,176,037			(8,338,836	)
Net Realized and Unrealized Gains (Losses) on Investments, Net of Deferred Taxes		38,197,925			183,641			54,623,193			(7,570,848	)
Net Increase (Decrease) In Net Assets Resulting From Operations, Net of Deferred Taxes	$	26,707,685		$	(459,914	)	$	38,760,599		$	(9,627,204	)
Net Increase/(Decrease) In Net Assets Per Share Resulting From Operations (2)	$	3.67		$	(0.07	)	$	5.32		$	(1.30	)

(1) Primary exposure is equity risk.

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

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018			FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net increase (decrease) in Net Assets resulting from operations	$	26,707,685		$	(459,914	)	$	38,760,599		$	(9,627,204	)
Adjustments to reconcile net increase (decrease) in Net Assets derived from operations to net cash provided by (used in) operating activities
Purchases of investments		(19,231,350	)		(7,569,639	)		(48,038,121	)		(16,078,804	)
Proceeds from disposition of investments		24,584,064			736,376			66,288,520			19,655,068
Net purchases/sales from short-term investments		(4,310,960	)		1,000,834			(14,734,750	)		(2,344,891	)
(Increase) decrease in dividends, interest, and reclaims receivable		(832,454	)		(290,646	)		(1,832,546	)		(639,414	)
(Increase) decrease in receivable in investment sold		391,165			—			(211,168	)		—
Increase (decrease) in payable for investment purchased		—			(90,066	)		—			(395,532	)
Increase (decrease) in payable to affiliates		140,940			9,517			272,963			(37,428	)
Increase (decrease) in incentive fees payable		9,633,974			—			14,808,766			—
(Increase) decrease in other assets		15,408			13,695			15,121			17,539
(Decrease) increase in accrued expenses and other payables		(23,624	)		12,039			(60,004	)		(54,429	)
Increase (decrease) in deferred tax expense		11,565,319			—			16,648,916			—
Net realized (gain) loss from investments		12,107,728			(207,196	)		11,234,818			(767,988	)
Net unrealized appreciation (depreciation) from investments, other assets, and warrants transactions		(60,459,559	)		23,555			(82,955,135	)		8,338,836
Net cash (used in) operating activities		288,336			(6,821,445	)		197,979			(1,934,247	)
CASH FLOWS FROM FINANCING ACTIVITIES
Cost of shares repurchased		(288,330	)		—			(288,330	)		—
Net cash (used in) financing activities		(288,330	)		—			(288,330	)		—
Net increase (decrease) in cash		6			(6,821,445	)		(90,351	)		(1,934,247	)
Cash – beginning of period		19,720			6,821,445			110,077			1,934,247
Cash – end of period	$	19,726		$	—		$	19,726		$	—

	FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018			FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018			FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017
FROM OPERATIONS:
Net investment loss, net of deferred taxes	$	(11,490,240	)	$	(643,555	)	$	(15,862,594	)	$	(2,056,356	)
Net realized gain (loss) from security transactions and warrants transactions, net of deferred taxes		(9,165,277	)		207,196			(8,552,844	)		767,988
Net change in unrealized appreciation (depreciation) on investments and warrants transactions, net of deferred taxes		47,363,202			(23,555	)		63,176,037			(8,338,836	)
Net increase (decrease) in net assets from operations		26,707,685			(459,914	)		38,760,599			(9,627,204	)
FROM CAPITAL SHARE TRANSACTIONS:
Value for shares repurchased		(420,458	)		—			(420,458	)		—
Net decrease in net assets from capital share transactions		(420,458	)		—			(420,458	)		—
TOTAL INCREASE/(DECREASE) IN NET ASSETS		26,287,227			(459,914	)		38,340,141			(9,627,204	)
NET ASSETS:
Beginning of period		186,046,503			139,745,101			173,993,589			148,912,391
End of period	$	212,333,730		$	139,285,187		$	212,333,730		$	139,285,187
Accumulated Net Investment Loss	$	(17,553,634	)	$	(2,056,356	)	$	(17,553,634	)	$	(2,056,356	)
COMMON STOCK ACTIVITY:
Shares repurchased		(26,110	)		—			(26,110	)		—
Net decrease in shares outstanding		(26,110	)		—			(26,110	)		—
Shares outstanding, beginning of period		7,302,146			7,430,697			7,302,146			7,430,697
Shares outstanding, end of period		7,276,036			7,430,697			7,276,036			7,430,697

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018* (UNAUDITED)			FOR THE YEAR ENDED DECEMBER 31, 2017*			FOR THE YEAR ENDED DECEMBER 31, 2016*			FOR THE YEAR ENDED DECEMBER 31, 2015*			FOR THE YEAR ENDED DECEMBER 31, 2014			FOR THE YEAR ENDED DECEMBER 31, 2013
Net asset value at beginning of period	$	23.83		$	20.04		$	22.79		$	24.49		$	28.32		$	22.90
Income from investment operations:
Net investment loss, before deferred taxes		(2.23	) ⁽¹⁾		(0.62	)		(0.52	)		(0.06	) ⁽¹⁾		(1.26	)		(1.42	)
Deferred tax benefit		0.06			—			—			—			—			—
Net investment loss		(2.17	)		(0.62	)		(0.52	)		(0.06	)		(1.26	)		(1.42	)
Net realized and unrealized gains (losses) on investments, before deferred taxes		9.85			4.21			(2.76	)		(1.78	)		3.04			7.16
Deferred tax expense		(2.36	)		—			—			—			—			—
Net realized and unrealized gains (losses) on investments		7.49			4.21			(2.76	)		(1.78	)		3.04			7.16
Total from investment operations		5.32			3.59			(3.28	)		(1.84	)		1.78			5.74
Distributions from:
Realized capital gains		—			—			—			—			(5.86	)		(0.32	)
Premiums from shares sold in offerings		—			—			—			—			—			—	⁽²⁾
Anti-dilutive effect from capital share transactions		0.03			0.20			0.53			0.14			0.25			—
Net asset value at end of period	$	29.18		$	23.83		$	20.04		$	22.79		$	24.49		$	28.32
Market value at end of period	$	16.94		$	8.96		$	7.67		$	8.17		$	18.65		$	23.17
Total return
Based on Net Asset Value		22.45	% ^(A)		18.91	%		(12.07	)%		(6.94	)%		12.54	%		25.30	%
Based on Market Value		89.06	% ^(A)		16.82	%		(6.12	)%		(56.19	)%		4.76	%		34.61	%
Net assets at end of period (millions)	$	212.3		$	174.0		$	148.9		$	175.6		$	209.7		$	256.9

	FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018* (UNAUDITED)			FOR THE YEAR ENDED DECEMBER 31, 2017*			FOR THE YEAR ENDED DECEMBER 31, 2016*			FOR THE YEAR ENDED DECEMBER 31, 2015*			FOR THE YEAR ENDED DECEMBER 31, 2014			FOR THE YEAR ENDED DECEMBER 31, 2013
Ratio of total expenses to average net assets:
Before tax benefit		13.39	% ^(B)(3)		4.13	% ⁽³⁾		2.90	%		1.36	% ⁽³⁾		5.29	% ⁽³⁾		6.52	% ⁽³⁾
Deferred tax expense ⁽⁴⁾⁽⁵⁾		11.95	% ^(B)		—			—			—			—			—
Total expenses		25.34	% ^(B)(3)		4.13	%		2.90	%		1.36	%		5.29	%		6.52	%
Total expenses, excluding incentive fees		14.71	% ^(B)		2.98	%		2.90	%		2.68	%		3.12	%		2.67	%
Ratio of net investment loss to average net assets:
Before tax benefit		(11.70	)% ^(B)(3)		(3.07	)%		(2.36	)%		(0.24	)%		(4.31	)%		(5.96	)%
Deferred tax benefit ⁽⁵⁾⁽⁶⁾		0.32	% ^(B)		—			—			—			—			—
Net investment loss		(11.38	)% ^(B)		(3.07	)%		(2.36	)%		(0.24	)%		(4.31	)%		(5.96	)%
Portfolio turnover rate		18	% ^(A)		22	%		49	%		22	%		95	%		17	%

* Consolidated

(1) Calculated using average shares outstanding.

(2) Less than $0.005 per share.

(3) Amount includes the incentive fee. For the period ended September 30, 2018, the year ended December 31, 2017, the year ended December 31, 2015, the year ended December 31, 2014 and the year December 31, 2013, the ratio of the incentive fee to average net assets was 10.63%, 1.15%, (1.32)%, 2.17% and 3.85%, respectively.

(4) Deferred tax expense estimate is derived from net investment income (loss), and realized and unrealized gains (losses).

(5) The deferred tax expense and tax benefit are allocated based on average net assets.

(6) Deferred tax benefit estimate for the ratio calculation is derived from net investment income (loss) only.

(A) Not Annualized.

(B) Annualized.

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	INVESTMENT TYPE	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
EQX CAPITAL, INC (1.5%)	Common Stock *(1)(2)(4)	6/10/2016		100,000	$	20,000	$	24,610
Equipment Leasing	Preferred Stock - Series A *(1)(2)(4)	6/10/2016		4,000,000		4,000,000		3,196,000
								3,220,610
HERA SYSTEMS, INC. (3.2%)	Convertible Promissory Note
Aerospace	Matures January 2019 Interest Rate 10% (1)(2)(4)	5/31/2018		500,000		500,000		500,000
	Convertible Promissory Note Matures January 2019 Interest Rate 10% (1)(2)(4)	1/19/2018		500,000		500,000		500,000
	Preferred Stock - Series A *(1)(2)(4)	9/18/2015		3,642,324		2,000,000		213,440
	Preferred Stock - Series B *(1)(2)(4)	08/07/17 - 9/4/18		5,539,203		5,087,102		1,231,365
	Preferred Stock Warrants - Series B *(1)(2)(4)	8/7/2017		6,214,922		0		1,380,956
	Preferred Stock Warrants - Series B *(1)(2)(4)	9/28/2017		700,000		0		155,540
	Preferred Stock Warrants - Series B *(1)(2)(4)	7/9/18 - 9/4/18		12,250,000		0		2,721,950
								6,703,251
INTRAOP MEDICAL CORP. (14.3%)	Convertible Note
Medical Devices	Matures June 2020 Interest Rate 15% (1)(2)(4)	5/31/2017		1,000,000		1,000,000		1,000,000
	Convertible Note Matures June 2020 Interest Rate 15% (1)(2)(4)	9/28/2017		1,500,000		1,500,000		1,500,000
	Convertible Note Matures June 2020 Interest Rate 15% (1)(2)(4)	7/13/2017		1,000,000		1,000,000		1,000,000
	Convertible Note Matures June 2020 Interest Rate 15% (1)(2)(4)	7/8/2014		2,000,000		2,000,000		2,000,000
	Convertible Note Matures June 2020 Interest Rate 15% (1)(2)(4)	3/21/2018		1,000,000		1,000,000		1,000,000
	Convertible Note Matures June 2020 Interest Rate 15% (1)(2)(4)	9/14/2018		1,500,000		1,500,000		1,500,000
	Preferred Stock - Series C *(1)(2)(4)	7/12/2013		26,856,187		26,299,938		17,446,316
	Term Note Matures February 2020 Interest Rate 8% (1)(2)(4)	2/10/2017		2,000,000		2,000,000		2,000,000

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	INVESTMENT TYPE	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
INTRAOP MEDICAL CORP. (continued)	Term Note Matures February 2020 Interest Rate 8% (1)(2)(4)	2/28/2014		3,000,000	$	3,000,000	$	3,000,000
								30,446,316
NUTANIX, INC. (1.2%)	Common Stock *	05/15/15 - 08/23/16		60,772		736,593		2,596,180
Networking
LYNCEAN TECHNOLOGIES, INC. (0.5%)	Preferred Stock - Series B *(1)(4)	7/3/2018		869,792		1,000,000		1,000,000
Semiconductor Equipment
PHUNWARE, INC. (5.1%)	Preferred Stock - Series E *(1)(3)(7)	3/14/2014		3,257,328		9,999,997		10,761,886
Mobile Computing
PIVOTAL SYSTEMS CORP. (45.8%)	Common Stock *(1)(2)(4)	11/28/12 - 09/02/16		53,758,441		19,446,197		97,266,662
Semiconductor Equipment
QMAT, INC. (7.0%)	Preferred Stock - Series A *(1)(2)(4)	12/14/12 - 04/28/16		16,000,240		9,680,305		7,102,027
Advanced Materials	Preferred Stock - Series B *(1)(2)(4)	9/28/16 - 11/7/16		2,000,000		2,000,000		1,701,600
	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	2/22/2018		3,482,208		3,482,208		3,482,208
	Preferred Stock Warrants - Series C *(1)(2)(4)	2/22/2018		3,482,208		0		149,038
	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	3/13/2018		350,000		350,000		350,000
	Preferred Stock Warrants - Series C *(1)(2)(4)	3/13/2018		350,000		0		14,980
	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	7/27/2018		100,000		100,000		100,000
	Preferred Stock Warrants - Series C *(1)(2)(4)	7/27/2018		100,000		0		4,280
	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	8/14/2018		100,000		100,000		100,000
	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	8/30/2018		200,000		200,000		200,000

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	INVESTMENT TYPE	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
QMAT, INC. (continued)	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	5/11/2018		1,000,000	$	1,000,000	$	1,000,000
	Preferred Stock Warrants - Series C *(1)(2)(4)	5/11/2018		1,000,000		0		42,800
	Preferred Stock Warrants - Series A *(1)(2)(4)	12/14/2012		2,000,000		0		239,600
	Convertible Note Matures December 2018 Interest Rate 8% (1)(2)(4)	9/13/2018		300,000		300,000		300,000
								14,786,533
QUICKLOGIC CORP. (0.6%)	Common Stock *	12/27/16 - 11/09/17		1,200,000		1,859,835		1,200,000
Semiconductors
REVASUM, INC. (16.7%)	Common Stock *(1)(2)(4)	11/14/2016		10,000		1,000		83,624
Semiconductor	Preferred Stock - Series Seed *(1)(2)(4)	11/14/2016		2,200,000		7,275,070		22,855,800
Equipment	Preferred Stock - Series A *(1)(2)(4)	3/1/2017		441,998		1,999,997		4,828,563
	Preferred Stock - Series B *(1)(2)(4)	10/27/17 - 12/20/17		313,719		2,550,033		3,819,968
	Common Stock Warrants *(1)(2)(4)	7/31/2018		650,000		500,000		1,948,375
	Convertible Note Matures July 2019 Interest Rate 5% (1)(2)(4)	8/24/2018		1,846,397		1,846,397		1,846,397
								35,382,727
ROKU, INC. (8.6%)	Common Stock *	05/26/15 - 08/06/15		250,000		2,312,500		18,257,500
Consumer Electronics
SILICON GENESIS CORP. (1.9%)	Preferred Stock - Series 1-E *(1)(2)(4)	4/18/2011		5,704,480		2,372,403		1,468,333
	Preferred Stock - Series 1-C *(1)(2)(4)	4/18/2011		82,914		109,518		37,975
Intellectual Property	Preferred Stock - Series 1-D *(1)(2)(4)	4/18/2011		850,830		431,901		103,631
	Common Stock *(1)(2)(4)	4/18/2011		921,892		169,045		7,375
	Common Stock Warrants *(1)(2)(4)	4/18/2011		37,982		6,678		144
	Preferred Stock - Series 1-F *(1)(2)(4)	4/18/2011		912,453		456,389		321,275
	Common Stock Warrants *(1)(2)(4)	10/13/2011		5,000,000		0		4,000
	Common Stock Warrants *(1)(2)(4)	2/6/2012		3,000,000		0		2,400
	Preferred Stock - Series 1-G *(1)(2)(4)	3/10/2016		48,370,793		3,880,592		1,841,815
	Preferred Stock - Series 1-H *(1)(2)(4)	3/10/2016		837,942		936,895		164,069
								3,951,017
SVXR, INC. (1.9%)	Preferred Stock - Series A *(1)(3)(4)	1/11/17 - 8/29/18		8,219,454		4,082,192		4,059,095
Semiconductor Equipment

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	INVESTMENT TYPE	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
TELEPATHY INVESTORS, INC. (1.0%) Consumer Electronics	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	6/21/2016		150,000	$	150,000	$	34,249
	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	9/7/2018		200,000		200,000		45,666
	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	4/20/2016		500,000		500,000		114,165
	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	6/23/2015		2,000,000		2,000,000		456,660
	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	5/3/2017		300,000		300,000		68,499
	Preferred Stock - Series A *(1)(2)(4)	7/29/2014		15,238,000		3,999,999		1,283,040
	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	1/29/2016		300,000		300,000		68,499
	Convertible Note Matures January 2019 Interest Rate 10% (1)(2)(4)	12/13/2016		500,000		500,000		114,165
								2,184,943
UCT COATINGS, INC. (0.4%)	Common Stock *(1)(3)(4)	4/18/2011		1,500,000		662,235		961,200
Advanced Materials
VUFINE, INC. (0.4%) Consumer Electronics	Convertible Note Matures July 2019 Interest Rate 6% (1)(2)(4)	7/10/2017		1,500,000		1,500,000		479,400
	Convertible Note Matures July 2019 Interest Rate 12% (1)(2)(4)	9/13/2018		100,000		100,000		31,960
	Convertible Note Matures October 2019 Interest Rate 12% (1)(2)(4)	10/16/2017		250,000		250,000		79,900
	Convertible Note Matures July 2019 Interest Rate 12% (1)(2)(4)	1/31/2018		350,000		350,000		111,860

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	INVESTMENT TYPE	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
VUFINE, INC. (continued)	Convertible Note Matures July 2019 Interest Rate 12% (1)(2)(4)	6/19/2018		300,000	$	300,000	$	95,880
	Common Stock *(1)(2)(4)	2/26/2015		750,000		15,000		0
	Preferred Stock - Series A *(1)(2)(4)	03/04/15 - 02/18/16		22,500,000		2,250,000		0
								799,000
WRIGHTSPEED, INC. (4.4%) Automotive	Convertible Note Matures December 2018 Interest Rate 12% (1)(3)(4)	5/1/2018		3,700,000		3,700,000		197,765
	Convertible Note Matures December 2018 Interest Rate 12% (1)(3)(4)	6/21/2018		2,000,000		2,000,000		106,900
	Convertible Note Matures December 2018 Interest Rate 12% (1)(3)(4)	8/10/2018		3,000,000		3,000,000		160,350
	Preferred Stock - Series C *(1)(3)(4)	4/11/2013		2,267,659		1,922,975		495,937
	Preferred Stock - Series D *(1)(3)(4)	12/15/2014		1,100,978		3,375,887		311,467
	Preferred Stock - Series E *(1)(3)(4)	7/10/2015		450,814		1,658,996		137,047
	Preferred Stock - Series F *(1)(3)(4)	8/31/2017		90,707		499,995		41,444
	Preferred Stock Warrants - Series F *(1)(3)(4)	4/9/2018		13,606		0		23
	Preferred Stock Warrants - Series F *(1)(3)(4)	4/26/2018		6,803		0		12
	Preferred Stock Warrants - Series F *(1)(3)(4)	8/10/2018		6,000,000		0		2,736,000
	Preferred Stock Warrants - Series F *(1)(3)(4)	5/1/2018		7,400,000		0		3,374,400
	Preferred Stock Warrants - Series F *(1)(3)(4)	6/21/2018		4,000,000		0		1,824,000
	Preferred Stock Warrants - Series F *(1)(3)(4)	8/10/2018		6,000,000		0		7,020
	Preferred Stock Warrants - Series F *(1)(3)(4)	5/1/2018		7,400,000		0		8,658
	Preferred Stock Warrants - Series F *(1)(3)(4)	6/21/2018		4,000,000		0		4,680
	Preferred Stock Warrants - Series F *(1)(3)(4)	8/31/2017		18,141		0		31
	Preferred Stock Warrants - Series F *(1)(3)(4)	2/7/2018		11,338		0		19
								9,405,753

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
ALIPHCOM, INC. (0.0%)	Common Stock *(1)(7)	8/20/2013		2,128,005	$	10,108,024	$	0
Consumer Electronics
EQX CAPITAL, INC. (2.3%)	Common Stock *(1)(2)(7)	6/10/2016		100,000		20,000		44,810
	Preferred Stock - Series A *(1)(2)(7)	6/10/2016		4,000,000		4,000,000		3,975,200
Equipment Leasing
								4,020,010
HERA SYSTEMS, INC. (1.2%)	Preferred Stock - Series A *(1)(2)(7)	9/18/2015		3,642,324		2,000,000		154,799
	Preferred Stock - Series B *(1)(2)(7)	08/07/17 - 09/28/17		2,039,203		1,587,102		453,315
Aerospace	Preferred Stock Warrants - Series B *(1)(2)(7)	8/7/2017		6,214,922		0		1,380,956
	Preferred Stock Warrants - Series B *(1)(2)(7)	9/28/2017		700,000		0		155,540
								2,144,610
HIGHTAIL, INC. (4.9%)	Preferred Stock - Series E *(1)(4)(7)	3/27/2014		2,268,602		9,620,188		8,561,704
Cloud Computing
INTRAOP MEDICAL CORP. (12.1%) Medical Devices	Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15%	5/31/2017		1,000,000		1,000,000		1,000,000
	Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15%	9/28/2017		1,500,000		1,500,000		1,500,000
	Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15%	7/13/2017		1,000,000		1,000,000		1,000,000
	Convertible Note (1)(2)(7) Matures June 2020 Interest Rate 15%	7/8/2014		1,000,000		1,000,000		1,000,000
	Preferred Stock - Series C *(1)(2)(7)	7/12/2013		26,856,187		26,299,938		11,479,677
	Term Note (1)(2) Matures February 2020 Interest Rate 8%	2/10/2017		2,000,000		2,000,000		2,000,000
	Term Note (1)(2)(7) Matures February 2020 Interest Rate 8%	2/28/2014		3,000,000		3,000,000		3,000,000
								20,979,677

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
NUTANIX, INC. (9.3%)	Common Stock *	05/15/15 - 08/23/16		458,772	$	7,358,112	$	16,185,476
Networking
PHUNWARE, INC. (6.9%)	Preferred Stock - Series E *(1)(3)(7)	3/14/2014		3,257,328		9,999,997		12,018,563
Mobile Computing
PIVOTAL SYSTEMS CORP. (19.9%)	Common Stock Warrants - Class B *(1)(2)(7)	2/12/2016		18,180,475		0		8,741,172
Semiconductor Equipment	Preferred Stock Warrants - Series D *(1)(2)(7)	9/2/2016		4,158,654		0		618,392
	Preferred Stock - Series A *(1)(2)(7)	11/28/12 - 04/30/14		11,914,217		6,000,048		8,453,614
	Preferred Stock - Series B *(1)(2)(7)	4/30/2014		13,065,236		6,321,482		9,270,308
	Preferred Stock - Series C *(1)(2)(7)	12/31/2014		2,291,260		2,657,862		2,560,254
	Preferred Stock - Series D *(1)(2)(7)	9/2/2016		6,237,978		3,975,801		5,009,720
								34,653,460
QMAT, INC. (13.4%)	Preferred Stock - Series A *(1)(2)(7)	12/14/12 - 04/28/16		16,000,240		16,000,240		17,394,341
Advanced Materials	Preferred Stock - Series B *(1)(2) (7)	09/28/16 - 11/07/16		2,000,000		2,000,000		2,132,600
	Preferred Stock Warrants - Series A *(1)(2)	12/14/2012		2,000,000		0		1,086,600
	Convertible Note Matures March 2019 Interest Rate 8% (1)(2)(7)	12/29/17		2,745,485		2,745,485		2,745,485
								23,359,026
QUICKLOGIC CORP. (1.2%)	Common Stock *	12/27/16 - 11/09/17		1,200,000		1,859,835		2,088,000
Semiconductors
REVASUM, INC. (8.5%) Semiconductor	Preferred Stock - Series B (1)(2)(7)(8)	10/27/17 - 12/20/17		313,719		2,550,033		2,550,033
Equipment	Common Stock *(1)(2)(7)	11/14/2016		10,000		1,000		29,908
	Preferred Stock - Series A *(1)(2)(7)	3/1/2017		441,998		1,999,997		2,256,355
	Term Note (1)(2)(7) Matures February 2020 Interest Rate 5%	3/1/2017		1,000,000		1,000,000		1,000,000
	Preferred Stock - Series Seed *(1)(2)(7)	11/14/2016		2,200,000		7,284,145		8,966,760
								14,803,056

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
ROKU, INC. (6.7%)	Common Stock *(1)(7)	05/26/15 - 08/06/15		250,000	$	2,312,500	$	11,650,500
Consumer Electronics
RORUS, INC. (0.0%) Water Purification	Convertible Note (1)(7) Matures June 2021 Interest Rate 2%	10/4/2016		50,000		50,000		0
SILICON GENESIS CORP. (3.5%)	Common Stock *(1)(2)(7)	4/18/2011		921,892		169,045		16,871
	Common Stock Warrants *(1)(2)(7)	4/18/2011		5,000,000		0		11,000
Intellectual Property	Common Stock Warrants *(1)(2)(7)	10/13/2011		37,982		6,678		357
	Common Stock Warrants *(1)(2)(7)	2/6/2012		3,000,000		0		6,600
	Preferred Stock - Series 1-C *(1)(2)(7)	4/18/2011		82,914		109,518		74,258
	Preferred Stock - Series 1-D *(1)(2)(7)	4/18/2011		850,830		431,901		205,646
	Preferred Stock - Series 1-E *(1)(2)(7)	4/18/2011		5,704,480		2,459,808		2,063,310
	Preferred Stock - Series 1-F *(1)(2)(7)	4/18/2011		912,453		475,674		456,318
	Preferred Stock - Series 1-G *(1)(2)(5)(7)	3/10/2016		48,370,793		4,583,405		3,023,658
	Preferred Stock - Series 1-H *(1)(2)(7)	3/10/2016		837,942		946,502		236,551
								6,094,569
SVXR, INC. (1.2%)	Preferred Stock - Series A *(1)(3)(7)	01/11/2017		2,013,491		1,000,000		1,000,000
Semiconductor Equipment	Convertible Note (1)(2)(7) Matures December 2018 Interest Rate 10% (1)(2)(7)	12/21/2017		1,000,000		1,000,000		1,000,000
								2,000,000

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
TELEPATHY INVESTORS, INC. (0.9%) Consumer Electronics	Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10%	1/29/2016		300,000	$	300,000	$	45,321
	Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10%	4/20/2016		500,000		500,000		75,535
	Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10%	6/21/2016		150,000		150,000		22,661
	Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10%	12/13/2016		500,000		500,000		75,535
	Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10%	6/23/2015		2,000,000		2,000,000		302,140
	Convertible Note (1)(2)(7) Matures January 2018 Interest Rate 10%	5/3/2017		300,000		300,000		45,321
	Preferred Stock - Series A *(1)(2)(7)	7/29/2014		15,238,000		3,999,999		937,137
								1,503,650
UCT COATINGS, INC. (0.5%)	Common Stock *(1)(3)(7)	4/18/2011		1,500,000		662,235		922,050
	Common Stock Warrants *(1)(3)(7)	4/18/2011		2,283		67		4
Advanced Materials								922,054
VUFINE, INC. (0.8%)	Common Stock *(1)(2)(7)	2/26/2015		750,000		15,000		0
Consumer Electronics	Convertible Note (1)(2)(7) Matures July 2019 Interest Rate 6%	7/10/2017		1,500,000		1,500,000		1,229,280
	Preferred Stock - Series A *(1)(2)(7)	03/04/15 - 02/18/16		22,500,000		2,250,000		0
	Convertible Note (1)(2)(7) Matures October 2019 Interest Rate 12%	10/16/2017		250,000		250,000		204,880
								1,434,160
WRIGHTSPEED, INC. (6.2%)	Preferred Stock - Series C *(1)(3)(4)(7)	4/11/2013		2,267,659		6,837,983		5,704,296
	Preferred Stock - Series D *(1)(3)(7)	12/15/2014		1,100,978		3,375,887		3,161,018
Automotive	Preferred Stock - Series E *(1)(3)(7)	7/10/2015		450,814		1,658,996		1,350,323
	Preferred Stock - Series F *(1)(3)(7)	8/31/2017		90,707		499,995		471,295
	Preferred Stock Warrants - Series F *(1)(3)(7)	8/31/2017		18,141		0		28,703
								10,715,635

PORTFOLIO
COMPANY
(% OF NET
ASSETS)
AND INDUSTRY

TYPE OF INVESTMENT

ACQUISITION
DATE

SHARES/PAR
VALUE ($)

COST BASIS

VALUE

INVESTMENT
COMPANY (1.0%)

Fidelity Investments Money Market
Treasury Portfolio - Class I (6)

Various

1,705,375

1,705,375

TOTAL
INVESTMENTS
(Cost
$174,939,859)
— 100.5%

174,839,525

OTHER ASSETS IN
EXCESS OF
LIABILITIES
— 0.5%

(845,936

)

NET ASSETS —
100.0%

173,993,589

* Non-income producing security.

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

(2) Controlled investments.

(3) Affiliated issuer.

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

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

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

(7) Fair value level 3 security.

NOTE 1. THE COMPANY

Firsthand Technology Value Fund, Inc. (the "Company," "us," "our," and "we"), is a Maryland corporation and an externally managed, non-diversified, closed-end management investment company that has elected to be treated as a business development company ("BDC") under the Investment Company Act of 1940, as amended (the "1940 Act"). The Company acquired its initial portfolio of securities through the reorganization of Firsthand Technology Value Fund, a series of Firsthand Funds, into the Company. The reorganization was completed on April 15, 2011. The Company commenced operations on April 18, 2011. Under normal circumstances, the Company will invest at least 80% of its assets for investment purposes in technology companies, which are considered to be those companies that derive at least 50% of their revenues from products and/or services within the information technology sector or the "cleantech" sector. Information technology companies include, but are not limited to, those focused on computer hardware, software, telecommunications, networking, Internet, and consumer electronics. While there is no standard definition of cleantech, it is generally regarded as including goods and services designed to harness renewable energy and materials, eliminate emissions and waste, and reduce the use of natural resources. In addition, under normal circumstances we will invest at least 70% of our assets in privately held companies and in public companies with market capitalizations less than $250 million. Our portfolio is primarily composed of equity and equity derivative securities of technology and cleantech companies (as defined above). These investments generally range between $1 million and $10 million each, although the investment size will vary proportionately with the size of the Company's capital base. The Company's shares are listed on the NASDAQ Global Market under the symbol "SVVC."

The Company is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946.

CONSOLIDATION OF SUBSIDIARIES. On May 8, 2015, the Board of Directors of the Company approved the formation of a fully owned and controlled subsidiary (as defined by the 1940 Act) of the Company named Firsthand Venture Investors ("FVI"), a California general partnership formed on March 30, 2015. After the closing of business on June 30, 2015, the Company contributed substantially all of its assets to FVI in return for a controlling general partner ownership interest in FVI. The transaction was completed July 1, 2015. Under this new structure, we will have all or substantially all of our investment activities conducted through our fully owned subsidiary, FVI.

On June 10, 2016, the Board of Directors of the Company approved the formation of a fully owned and controlled subsidiary (as defined by the 1940 Act) of FVI named Firsthand Holdings, Ltd. ("FHL"), a Cayman Islands corporation formed on May 4, 2016. Under this structure, we may from time to time transfer investments in the Company held in the Company or FVI to FHL in return for ownership interests in FHL. The net assets of FHL at September 30, 2018, were $0 or 0.0% of the Company's consolidated net assets. On September 27, 2016, the Board of Directors of the Company approved the formation of a fully owned and controlled subsidiary (as defined by the 1940 Act) of FVI named Firsthand Development, Ltd ("FDL"), a Cayman Islands corporation formed on September 22, 2016. Under this structure, we may from time to time transfer investments in the Company held in the Company or FVI to FDL in return for ownership interests in FDL. The net assets of FDL at September 30, 2018, were $0 or 0.0% of the Company's consolidated net assets. On November 10, 2017, the Board of Directors of the Company approved the formation of a fully owned and controlled subsidary (as defined by the 1940 Act) of FVI named Firsthand Investments, Ltd. ("FIL"), a Cayman Islands corporation formed on November 15, 2017. The net assets of FIL at September 30, 2018, were $0 or 0.0% of the Company's consolidated net assets. The financial statements of the Company, FVI, FHL, FDL, and FIL are presented in the report on a consolidated basis.

FHL, FDL, and FIL are all treated as controlled foreign corporations under the Internal Revenue Code and are not expected to be subject to U.S. federal income tax. FVI is treated as a U.S. shareholder of each of FHL, FDL, and FIL. As a result, FVI is required to include in gross income for U.S. federal tax purposes all of FHL, FDL, and FIL's income, whether or not such income is distributed by FHL, FDL, or FIL. If a net loss is realized by FHL, FDL, or FIL, such loss is not generally available to offset the income earned by FVI.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed in the preparation of the Company's financial statements included in this report:

USE OF ESTIMATES. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

PORTFOLIO INVESTMENT VALUATIONS. Investments are stated at "value" as defined in the 1940 Act and in the applicable regulations of the Securities and Exchange Commission and in accordance with GAAP. Value, as defined in Section 2(a)(41) of the 1940 Act, is (i) the market value of those securities for which a market quotation is readily available and (ii) the fair value as determined in good faith by, or under the direction of, the board of directors for all other securities and assets. On September 30, 2018, our financial statements include venture capital investments valued at approximately $123,662,331. The fair values of our venture capital investments were determined in good faith by, or under the direction of, the Board. Upon sale of these investments, the values that are ultimately realized may be different from what is presently estimated. The difference could be material. Also see note 6 regarding the fair value of the company's investments.

CASH AND CASH EQUIVALENTS. The Company considers liquid assets deposited with a bank, investments in money market funds, and certain short-term debt instruments with maturities of three months or less to be cash equivalents. These investments represent amounts held with financial institutions that are readily accessible to pay our expenses or purchase investments. Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

RESTRICTED SECURITIES. At September 30, 2018, and December 31, 2017, we held $220,928,993 and $154,860,674, in restricted securities, respectively.

INCOME RECOGNITION. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Other non-cash dividends are recognized as investment income at the fair value of the property received. When debt securities are determined to be non-income producing, the Company ceases accruing interest and writes off any previously accrued interest. These write-offs are recorded as a reduction to interest income.

SHARE VALUATION. The net asset value ("NAV") per share of the Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent.

REALIZED GAIN OR LOSS AND UNREALIZED APPRECIATION OR DEPRECIATION OF PORTFOLIO INVESTMENTS. A realized gain or loss is recognized when an investment is disposed of and is computed as the difference between the Company's cost basis in the investment at the disposition date and the net proceeds received from such disposition. Realized gains and losses are calculated on a specific identification basis. Unrealized appreciation or depreciation is computed as the difference between the fair value of the investment and the cost basis of such investment.

INCOME TAXES. Beginning on June 30, 2018, we were no longer able to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). This change in tax status resulted from the increase in the value of a single holding, Pivotal Systems Corp., which meant that we were no longer able to satisfy the diversification requirements for qualification as a RIC. As a result of this change, we will be taxed as a corporation for our fiscal year ended December 31, 2018, and will continue to be taxed in that manner for future fiscal years, paying federal and applicable

state corporate taxes on our taxable income, unless and until we are able to once again qualify as a RIC, based on changes in the composition of our portfolio.

Consequently, at the close of each fiscal quarter beginning with the quarter ended June 30, 2018, we will record a deferred tax liability for any net realized gains and net ordinary income for the year-to-date period plus net unrealized gains as of the end of the quarter.

FOREIGN CURRENCY TRANSLATION. The accounting records of the Company are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation.

SECURITIES TRANSACTIONS. Securities transactions are accounted for on the date of the transaction for the purchase or sale of the securities entered into by the Company (i.e., trade date).

CONCENTRATION OF CREDIT RISK. The Company places its cash and cash equivalents with financial institutions and, at times, cash held in checking accounts may exceed the Federal Deposit Insurance Corporation insured limit.

OPTIONS. The Company is subject to equity price risk in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in the value of equities. The Company may purchase put and call options to attempt to provide protection against adverse price effects from anticipated changes in prevailing prices of securities or stock indices. The Company may also write put and call options. When the Company writes an option, an amount equal to the premium received by the Company is recorded as a liability and is subsequently adjusted to the current fair value of the option written.

Premiums received from writing options that expire unexercised are treated by the Company on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Company has realized a gain or loss. The Company as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.

The Company had no option transactions for the nine months ended September 30, 2018.

The average volume of the Company's derivatives during the nine months ended September 30, 2018, is as follows:

				Purchased Options (Contracts)				Warrants (Notional Value)				Written Options (Contracts)
Firsthand Technology Value Fund, Inc.				$	—			$	9,674,124			$	—

NOTE 3. BUSINESS RISKS AND UNCERTAINTIES

We plan to invest a substantial portion of our assets in privately-held companies, the securities of which are inherently illiquid. We also seek to invest in small publicly-traded companies that we believe have exceptional growth potential and to make opportunistic investments in publicly-traded companies, both large and small. In the case of investments in small publicly-traded companies, although these companies are publicly traded, their stock may not trade at high volumes, and prices can be volatile, which may restrict our ability to sell our positions. These privately held and publicly traded businesses tend to lack management depth, have limited or no history of operations and typically have not attained profitability. Because of the speculative nature of our investments and the lack of public markets for privately held investments, there is greater risk of loss than is the case with traditional investment securities.

We do not choose investments based on a strategy of diversification. We also do not rebalance the portfolio should one of our portfolio companies increase in value substantially relative to the rest of the portfolio. Therefore, the value of our portfolio may be more vulnerable to events affecting a single sector, industry or portfolio company and, therefore, may be subject to greater volatility than a company that follows a diversification strategy.

Because there is typically no public or readily-ascertainable market for our interests in the small privately-held companies in which we invest, the valuation of those securities is determined in good faith by the Valuation Committee, comprised of all members of the Board who are not "interested persons" of the Company, as such term is defined in Section 2(a)(19) of the 1940 Act, in accordance with our Valuation Procedures and is subject to significant estimates and judgments. The determined value of the securities in our portfolio may differ significantly from the values that would be placed on these securities if a ready market for the securities existed. Any changes in valuation are recorded in our Statement of Operations as "Net increase (decrease) in unrealized appreciation on investments." Changes in valuation of any of our investments in privately-held companies from one period to another may be volatile.

The Board may, from time to time, engage an independent valuation firm to provide it with valuation assistance with respect to certain of our portfolio investments. The Company intends to continue to engage an independent valuation firm to provide us with assistance regarding our determination of the fair value of select portfolio investments each quarter unless directed by the Board to cancel such valuation services. The scope of the services rendered by an independent valuation firm is at the discretion of the Board. The Board is ultimately and solely responsible for determining the fair value of the Company's investments in good faith.

With respect to investments for which market quotations are not readily available or when such market quotations are deemed not to represent fair value, the Board has approved a multi-step valuation process to be followed each quarter, as described below:

(1) each quarter the valuation process begins with each portfolio company or investment being initially valued by the Adviser Valuation Committee or the independent valuation firm;

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

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

NOTE 4. INVESTMENT MANAGEMENT FEE

The Company has entered into an investment management agreement (the "Investment Management Agreement") with Firsthand Capital Management, Inc., which was previously known as SiVest Group, Inc. ("FCM" or the "Adviser"), pursuant to which the Company will pay FCM a fee for providing investment management services consisting of two components—a base management fee and an incentive fee.

The base management fee will be calculated at an annual rate of 2.00% of our gross assets. For services rendered under the Investment Management Agreement, the base management fee will be payable quarterly in arrears. The base management fee will be calculated based on the average of (1) the value of our gross assets at the end of the current calendar quarter and (2) the value of the Company's gross assets at the end of the preceding calendar quarter; and will be appropriately adjusted for any

share issuances or repurchases during the current calendar quarter. Base management fees for any partial month or quarter will be pro-rated.

The incentive fee is determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Management Agreement, as of the termination date), commencing on April 15, 2011, and equals 20% of the Company's realized capital gains, if any, on a cumulative basis from inception through the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid incentive fees, provided that the incentive fee determined as of December 31, 2018, will be calculated for a period of shorter than twelve calendar months to take into account any realized gains computed net of all realized capital losses and unrealized capital depreciation from inception. As of September 30, 2018, there was an incentive fee payable for $16,499,806. As of December 31, 2017, there was an incentive fee payable for $1,691,040.

NOTE 5. DEBT

The Company currently has no plan to use leverage and does not have any significant outstanding debt obligations (other than normal operating expense accruals).

NOTE 6. FAIR VALUE

Securities traded on stock exchanges, or quoted by NASDAQ, are valued according to the NASDAQ Stock Market, Inc. ("NASDAQ") official closing price, if applicable, or at their last reported sale price as of the close of trading on the New York Stock Exchange ("NYSE") (normally 4:00 P.M. Eastern Time). If a security is not traded that day, the security will be valued at its most recent bid price.

Securities traded in the over-the-counter market, but not quoted by NASDAQ, are valued at the last sale price (or, if the last sale price is not readily available, at the most recent closing bid price as quoted by brokers that make markets in the securities) at the close of trading on the NYSE.

Securities traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market.

Securities and other assets that do not have market quotations readily available are valued at their fair value as determined in good faith by the Board of Directors of the Company (the "Board") in accordance with the Valuation Procedures adopted by the Valuation Committee, a committee of the Board.

In pricing illiquid, privately placed securities, the Board of Directors is responsible for (1) determining overall valuation guidelines and (2) ensuring that the investments of the Company are valued within the prescribed guidelines.

The Valuation Committee, comprised of all of the independent Board members, is responsible for determining the valuation of the Company's assets within the guidelines established by the Board of Directors. The Valuation Committee receives information and recommendations from the Adviser and an independent valuation firm.

The values assigned to these investments are based on available information and do not necessarily represent amounts that might ultimately be realized when that investment is sold, as such amounts depend on future circumstances and cannot reasonably be determined until the individual investments are actually liquidated or become readily marketable.

APPROACHES TO DETERMINING FAIR VALUE. GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). In effect, GAAP applies fair value terminology to all valuations whereas the 1940 Act applies market value terminology to readily marketable assets and fair value terminology to other assets.

The main approaches to measuring fair value utilized are the market approach, the income approach, and the asset-based approach. The choice of which approach to use in a particular situation depends on the specific facts and circumstances associated with the company, as well as the purpose for which the valuation analysis is being conducted. Firsthand and the independent valuation firm rely primarily on the market approach. We also considered the income and asset-based approaches in our analysis because certain of the portfolio companies do not have substantial operating earnings relative to the value of their underlying assets.

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

- Income Approach (I): The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present value amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. Those valuation techniques include present value techniques; option-pricing models, such as the Black-Scholes-Merton formula (a closed-form model) and a binomial model (a lattice model), which incorporate present value techniques; and the multi-period excess earnings method, which is used to measure the fair value of certain assets.

- Asset-Based Approach (A): The asset-based approach examines the value of a company's assets net of its liabilities to derive a value for the equity holders.

FAIR VALUE MEASUREMENT. In accordance with the guidance from the Financial Accounting Standards Board on fair value measurements and disclosures under GAAP, the Company discloses the fair value of its investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements).

The guidance establishes three levels of the fair value hierarchy as follows:

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.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets,

PART I. FINANCIAL INFORMATION		2
Item 1.	Financial Statements	2
	Consolidated Statements of Assets and Liabilities as of September 30, 2018 (Unaudited) and December 31, 2017	3
	Consolidated Statements of Operations (Unaudited) for the Three Months Ended September 30, 2018, and September 30, 2017, and for the Nine Months Ended September 30, 2018, and September 30, 2017	4
	Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended September 30, 2018, the Three Months Ended September 30, 2017, the Nine Months Ended September 30, 2018, and the Nine Months Ended September 30, 2017	6
	Consolidated Statements of Changes in Net Assets (Unaudited) for the Three Months Ended September 30, 2018, and September 30, 2017, and for the Nine Months Ended September 30, 2018, and September 30, 2017	7
	Selected Per Share Data and Ratios for the Nine Months Ended September 30, 2018 (Unaudited) (Consolidated), for the Year Ended December 31, 2017 (Consolidated), for the Year Ended December 31, 2016 (Consolidated), for the Year Ended December 31, 2015 (Consolidated), for the Year Ended December 31, 2014, and for the Year Ended December 31, 2013	8
	Consolidated Schedule of Investments as of September 30, 2018 (Unaudited) and for the Year Ended December 31, 2017	10
	Consolidated Notes To Financial Statements (Unaudited)	21
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	42
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	50
Item 4.	Controls and Procedures	51
PART II. OTHER INFORMATION		52
Item 1.	Legal Proceedings	53
Item 1A.	Risk Factors	53
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3.	Defaults Upon Senior Securities	53
Item 4.	Mine Safety Disclosures	53
Item 5.	Other Information	53
Item 6.	Exhibits	53
SIGNATURES		54