PORTFOLIO
COMPANY
(% OF NET
ASSETS)
AND INDUSTRY

TYPE OF
INVESTMENT

ACQUISITION
DATE

SHARES/PAR
VALUE ($)

COST BASIS

VALUE

UCT COATINGS, INC.
((32.3%))
Advanced Materials

Common Stock ^*(1)(3)(4)

4/18/2011

1,500,000

662,235

143,560

WRIGHTSPEED, INC.

(0.0%)
Automotive

Common Stock ^*(1)(2)(4)

6/7/2019

69,102

7,460,850

0

Preferred Stock ^*(1)(2)(4)

7/20/2020

60,733,693

17,355,887

0

0

INVESTMENT COMPANY
((0.5%))

Fidelity Investments Money Market Treasury Portfolio - Class I 3.55% ⁽⁵⁾⁽⁷⁾

Various

2,116

2,116

2,116

TOTAL INVESTMENTS
(Cost $89,860,375)
— (33.0%)

146,430

OTHER LIABILITIES IN EXCESS OF OTHER ASSETS — 133.0%

(590,487

NET ASSETS — 100.0%

(444,057

*

Non-income producing security.

(1)

Restricted security. Fair Value is determined in good faith by Firsthand Capital Management, Inc. ("FCM" or the "Advisor") as the valuation designee under Rule 2a-5 under the 1940 Act, subject to oversight by the Board (see Note 3). At March 31, 2026, we held $144,314 (or (32.5)% of net assets) in restricted securities (see Note 2).

(2)

Controlled investments.

(3)

Affiliated issuer.

(4)

Fair Value Level 3 security (-32.5% 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 March 31, 2026 valuation no such interest accrued during period ended March 31, 2026.

(7)

The rate shown is the 7 day annualized yield at March 31, 2026.

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.

((0.6%))
Medical Devices

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

15

%

10/11/2019

500,000

$

500,000

$

27

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

15

%

10/22/2021

1,000,000

1,000,000

55

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

15

%

10/29/2019

500,000

500,000

28

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

15

%

10/6/2021

500,000

500,000

27

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

15

%

11/12/2021

500,000

500,000

27

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

15

%

11/29/2021

500,000

500,000

27

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

15

%

12/31/2018

10,961,129

10,961,129

600

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

15

%

2/27/2020

1,000,000

1,000,000

55

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

15

%

2/28/2022

200,000

200,000

11

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

15

%

3/25/2020

500,000

500,000

28

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

15

%

3/30/2022

150,000

150,000

8

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

15

%

3/8/2020

400,000

400,000

22

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

15

%

4/20/2021

1,000,000

1,000,000

55

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

15

%

4/6/2022

350,000

350,000

19

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)

15

%

6/10/2021

500,000

$

500,000

$

28

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

15

%

6/10/2022

700,000

700,000

38

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

15

%

7/12/2019

1,300,000

1,300,000

71

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

15

%

7/16/2021

500,000

500,000

27

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

15

%

7/31/2020

500,000

500,000

28

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

15

%

8/28/2020

750,000

750,000

41

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

15

%

9/22/2021

500,000

500,000

27

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

7/12/2013

26,856,187

26,299,939

0

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

8

%

2/10/2017

2,000,000

2,000,000

110

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

8

%

2/28/2014

3,000,000

3,000,000

164

1,523

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)

10/3/2022

39,774,889

9,268,218

0

PORTFOLIO
COMPANY
(% OF NET
ASSETS)
AND INDUSTRY

TYPE OF
INVESTMENT

ACQUISITION
DATE

SHARES/PAR
VALUE ($)

COST BASIS

VALUE

UCT COATINGS, INC.
((71.3%))
Advanced Materials

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

4/18/2011

1,500,000

$

662,235

$

167,642

WRIGHTSPEED, INC.

(0.0%)
Automotive

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

6/7/2019

69,102

7,460,851

0

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

 7/20/2020

60,733,693

17,355,887

0

0

INVESTMENT COMPANY
((23.9%))

Fidelity Investments Money Market Treasury Portfolio - Class I 3.66%⁽⁵⁾⁽⁷⁾

Various

56,271

56,271

56,271

TOTAL INVESTMENTS
(Cost $89,914,530)
— (95.8%)

225,436

OTHER LIABILITIES IN EXCESS OF OTHER ASSETS — 195.8%

(460,564

)

NET ASSETS — 100.0%

$

(235,128

)

CDI:

CHESS Depositary Interests.

*

Non-income producing security.

(1)

Restricted security. Fair Value is determined in good faith by Firsthand Capital Management, Inc. ("FCM" or the "Advisor") as the valuation designee under Rule 2a-5 under the 1940 Act, subject to oversight by the Board (see Note 3). At December 31, 2025, we held $169,165 or (71.9)% of net assets) in restricted securities (see Note 2).

(2)

Controlled investments.

(3)

Affiliated issuer.

(4)

Fair Value Level 3 security (-71.9% 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, 2025 valuation no such interest accrued during period ended December 31, 2025.

(7)

The rate shown is the 7 day annualized yield at December 31, 2025