Did the fund distribute any dividends or make any redemptions during the quarter, and how might that affect liquidity?

Dividends / redemptions: The press release on Firsthand Technology Value Fund’s Q2 results only provides the NAV ($0.11 per share) and a performance summary. It does not mention any cash dividend distribution or any redemption activity during the quarter. In the absence of an explicit announcement, we can safely assume that the Fund neither paid a dividend nor processed shareholder redemptions in the June‑30, 2025 reporting period.

Liquidity impact:

- No dividend payout means the fund’s cash balance was not drained by a distribution, leaving the balance sheet unchanged and preserving the modest cash reserve that the fund typically relies on to meet operating expenses and limited investor withdrawals.

- No redemptions suggest that the fund’s outstanding share count remained stable, which is especially important for a venture‑capital‑style vehicle that already trades at a very low NAV and has a thinly‑filled order book. The lack of redemption pressure therefore does not exacerbate the already‑limited free‑float, and the market’s ability to absorb modest trade‑size orders should remain roughly the same as before the quarter.

Trading implication: With the capital structure unchanged, the primary drivers of short‑term price movement will continue to be fundamental news (e.g., new portfolio investments, valuation updates) and technical dynamics such as low‑volume, high‑volatility price swings. Until the fund announces a dividend or a redemption program, traders should treat liquidity as constrained but stable, focusing on price‑action signals and any forthcoming portfolio disclosures rather than expecting a liquidity shock from cash outflows.