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Consolidated Schedule of Investments

9 Months Ended

Sep. 30, 2025

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments

SEPTEMBER 30, 2025 (UNAUDITED)

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE			SHARES/PAR VALUE ($)		COST BASIS		VALUE
EQX CAPITAL, INC.
(7.8%) Equipment Leasing	Common Stock ^*(1)(2)(4)							6/10/2016		100,000	$	20,000	$	0
	Preferred Stock - Series A ^*(1)(2)(4)					6/10/2016	-	11/7/2016		1,930,000		1,930,000		23,173
														23,173

INTRAOP MEDICAL CORP.
(1.1%) Medical Devices	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			10/11/2019		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			10/22/2021		1,000,000		1,000,000		116
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			10/29/2019		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			10/6/2021		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			11/12/2021		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			11/29/2021		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			12/31/2018		10,961,129		10,961,129		1,270
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			2/27/2020		1,000,000		1,000,000		116
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			2/28/2022		200,000		200,000		23
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			3/25/2020		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%			3/30/2022		150,000		150,000		17

See accompanying notes to financial statements

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
INTRAOP MEDICAL CORP. (continued)
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	5/8/2020		400,000	$	400,000	$	46
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	4/20/2021		1,000,000		1,000,000		116
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	4/6/2022		350,000		350,000		41
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2021		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2022		700,000		700,000		81
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	7/12/2019		1,300,000		1,300,000		151
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	7/16/2021		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	7/30/2020		500,000		500,000		58
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	8/28/2020		750,000		750,000		87
	Convertible Note^(1)(2)(4)(6)	12/31/2025		15	%	9/22/2021		500,000		500,000		58
	Preferred Stock - Series C ^*(1)(2)(4)					7/12/2013		26,856,187		26,299,939		0
	Term Note Matures^(1)(2)(4)(6)	12/31/2025		8	%	2/10/2017		2,000,000		2,000,000		232
	Term Note Matures^(1)(2)(4)(6)	12/31/2025		8	%	2/28/2014		3,000,000		3,000,000		348
												3,224

See accompanying notes to financial statements

PORTFOLIO
COMPANY
(% OF NET
ASSETS)
AND INDUSTRY

TYPE OF
INVESTMENT

ACQUISITION
DATE

SHARES/PAR
VALUE ($)

COST BASIS

VALUE

LYNCEAN TECHNOLOGIES, INC.
(0.0%)
Semiconductor Equipment

Preferred Stock - Series B ^*(1)(4)

7/3/2018

869,792

1,000,000

REVASUM, INC.
(0.0%)
Semiconductor Equipment

CDIs ^*(1)(2)(4)

11/14/2016 - 10/3/2022

39,774,889

9,268,218

UCT COATINGS, INC.
(57.8%)
Advanced Materials

Common Stock ^*(1)(3)(4)

4/18/2011

1,500,000

662,235

171,528

WRIGHTSPEED, INC.

(0.0%)
Automotive

Common Stock ^*(1)(2)(4)

6/7/2019

69,102

7,460,851

Preferred Stock - Series AA ^*(1)(2)(4)

6/7/2019 - 7/20/2020

60,733,693

17,355,887

INVESTMENT COMPANY
(19.9%)

Fidelity Investments Money Market Treasury Portfolio - Class I ⁽⁵⁾

Various

59,009

59,009

TOTAL INVESTMENTS
(Cost $91,867,268)
— 86.6%

256,934

OTHER ASSETS IN EXCESS OF LIABILITIES — 13.4%

39,613

NET ASSETS — 100.0%

296,547

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI:	CHESS Depositary Interests.

*	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). At September 30, 2025, we held $197,925 (or 66.7% of net assets) in restricted securities (see Note 2).
(2)	Controlled investments.
(3)	Affiliated issuer.
(4)	Fair Value Level 3 security (66.7% of net assets).
(5)	The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.
(6)	Security whose interest accrues until maturity however, based on September 30, 2025 valuation no such interest accrued during period ended September 30, 2025.

See accompanying notes to financial statements

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE		SHARES/PAR VALUE ($)		COST BASIS		VALUE
EQX CAPITAL, INC.
(2.8%) Equipment Leasing	Common Stock ^*(1)(2)(4)						6/10/2016		100,000	$	20,000	$	0
	Preferred Stock - Series A ^*(1)(2)(4)						6/10/2016 - 11/7/2016		1,930,000		1,930,000		29,466
													29,466

INTRAOP MEDICAL CORP.
(2.4%) Medical Devices	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		10/11/2019		500,000		500,000		454
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		10/22/2021		1,000,000		1,000,000		909
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		10/29/2019		500,000		500,000		454
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		10/6/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		11/12/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		11/29/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		12/31/2018		10,961,129		10,961,129		9,966
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		2/27/2020		1,000,000		1,000,000		909
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		2/28/2022		200,000		200,000		182
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		3/25/2020		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%		3/30/2022		150,000		150,000		136

See accompanying notes to financial statements

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
INTRAOP MEDICAL CORP. (continued)
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	3/8/2020		400,000	$	400,000	$	364
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	4/20/2021		1,000,000		1,000,000		909
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	4/6/2022		350,000		350,000		318
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	6/10/2022		700,000		700,000		636
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/12/2019		1,300,000		1,300,000		1,182
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/16/2021		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	7/31/2020		500,000		500,000		455
	Convertible Note ^(1)(2)(4)(6)	12/31/2025				8/28/2020		750,000		750,000		682
	Convertible Note ^(1)(2)(4)(6)	12/31/2025		15	%	9/22/2021		500,000		500,000		455
	Preferred Stock - Series C ^*(1)(2)(4)					7/12/2013		26,856,187		26,299,939		0
	Term Note ^(1)(2)(4)(6)	12/31/2025		8	%	2/10/2017		2,000,000		2,000,000		1,818
	Term Note ^(1)(2)(4)(6)	12/31/2025		8	%	2/28/2014		3,000,000		3,000,000		2,728
												25,287

See accompanying notes to financial statements

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
LYNCEAN TECHNOLOGIES, INC. (0.0%) Semiconductor Equipment	Preferred Stock - Series B ^*(1)(4)					7/3/2018		869,792	$	1,000,000	$	0

REVASUM, INC. (0.0%) Semiconductor Equipment	CDIs ^*(2)(4)					11/14/2016 - 10/3/2022		39,774,889		9,268,218		0

UCT COATINGS, INC. (24.5%) Advanced Materials	Common Stock ^*(1)(3)(4)					4/18/2011		1,500,000		662,235		260,497

WRIGHTSPEED, INC.
(0.0%) Automotive	Common Stock ^*(1)(2)(4)					6/7/2019		69,102		7,460,851		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	1/10/2023		100,000		100,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	10/20/2021		1,000,000		1,000,000		0
	Convertible Note^(1)(2)(4)(6)	6/30/2025		12	%	10/21/2022		135,000		135,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	10/23/2020		1,050,000		1,050,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	10/5/2021		700,000		700,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	11/11/2020		400,000		400,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	11/14/2022		165,000		165,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	11/23/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	11/24/2020		375,000		375,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/23/2020		2,000,000		2,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/11/2020		400,000		400,000		0

See accompanying notes to financial statements

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2024

PORTFOLIO COMPANY (% OF NET ASSETS) AND INDUSTRY	TYPE OF INVESTMENT	MATURITY DATE	INTEREST RATE			ACQUISITION DATE	SHARES/PAR VALUE ($)		COST BASIS		VALUE
WRIGHTSPEED, INC. (continued)

	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/28/2021		1,000,000	$	1,000,000	$	0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	12/9/2022		125,000		125,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	2/23/2021		1,400,000		1,400,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	2/23/2022		200,000		200,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	3/11/2022		185,000		185,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	4/12/2021		1,200,000		1,200,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	4/14/2022		65,000		65,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	5/10/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	5/18/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	5/26/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	6/10/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	6/22/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	6/28/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	6/7/2019		4,929,015		4,929,015		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	7/13/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	7/26/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	7/28/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	8/12/2020		750,000		750,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	8/12/2022		250,000		250,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	8/19/2021		1,000,000		1,000,000		0
	Convertible Note ^(1)(2)(4)(6)	6/30/2025		12	%	9/10/2022		900,000		900,000		0

See accompanying notes to financial statements

Firsthand Technology Value Fund, Inc.

Consolidated Schedule of Investments - continued

DECEMBER 31, 2024

PORTFOLIO
COMPANY
(% OF NET
ASSETS)
AND INDUSTRY

TYPE OF
INVESTMENT

MATURITY DATE

INTEREST

RATE

ACQUISITION
DATE

SHARES/PAR
VALUE ($)

COST BASIS

VALUE

WRIGHTSPEED, INC. (continued)

Convertible Note ^(1)(2)(4)(6)

6/30/2025

9/22/2021

300,000

Preferred Stock - Series AA ^*(1)(2)(4)

6/7/2019 - 7/20/2020

60,733,693

17,355,887

INVESTMENT COMPANY
(70.3%)

Fidelity Investments Money Market Treasury Portfolio - Class I ⁽⁵⁾

Various

745,224

745,224

TOTAL INVESTMENTS
(Cost $116,682,498)
— 100.0%

1,060,474

OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%

205

NET ASSETS — 100.0%

1,060,679

All investments except the Fidelity Investments Money Market Portfolio are considered qualifying investments.

CDI:

CHESS Depositary Interests.

*	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). At December 31, 2024, we held $315,250 (or 29.7% of net assets) in restricted securities (see Note 2).
(2)	Controlled investments.
(3)	Affiliated issuer.
(4)	Fair Value Level 3 security (29.7% of net assets).
(5)	The Fidelity Investments Money Market Treasury Portfolio invests primarily in U.S. Treasury securities.
(6)	Security whose interest accrues until maturity however, based on December 31, 2024 valuation no such interest accrued during period ended December 31, 2024.

See accompanying notes to financial statements