ࡱ>   l \pThe Free Software Foundation B=PF0*8X@"1 Helvetica1Courier1 Courier New1 Courier New1 Helvetica$#,##0_);($#,##0)$#,##0_);[Red]($#,##0)$#,##0.00_);($#,##0.00)$#,##0.00_);[Red]($#,##0.00)-**_($* #,##0_);_($* (#,##0);_($* "-"_);_(@_)*)'_(* #,##0_);_(* (#,##0);_(* "-"_);_(@_)5,2_($* #,##0.00_);_($* (#,##0.00);_($* "-"??_);_(@_)2+/_(* #,##0.00_);_(* (#,##0.00);_(* "-"??_);_(@_)2$#,##0.00;[Red]$#,##0.003$#,##0.00;[Red]($#,##0.00)4$#,##0;[Red]($#,##00)50.00%;[Red](0.00%)6 0%;[Red](0%)7#,##0.00;[Red](#,##0.00)8#,##0;[Red](#,##0)                + ) , *   Ј ~~ ؈ ~~#؈ ~~ ؈ ~~4#܈ ~~3#܈ ~~8#܈ ~~7#܈ ~~9#܈ ~~83ffff̙̙3f3fff3f3f33333f33&CALCULATION OF REGISTRATION FEE1TABLE OF CONTENTSWFEES AND EXPENSESopStatement of Operations&SELECTED QUARTERLY FINANCIAL DA&SELECTED QUARTERLY FINANCIA (1)&SELECTED QUARTERLY FINANCIA (2)&We borrow money which magnifies&)PRICE RANGE OF COMMON STOCK AND&'UIssuer Purchases of Equity Secu& zRATIO OF EARNINGS TO FIXED CHAR&hPortfolio composition and inves&!Portfolio composition and i (1)&Portfolio composition and i (2)$ Debt investment asset quality&"-Consolidated results of operati&FConsolidated results of ope (1)PeCurrent borrowings&XContractual obligations and off&ܡQuantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1) PORTFOLIO COMPANIESr_PORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2) PORTFOLIO COMPANIES (3)4MPORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)lPORTFOLIO COMPANIES (6)" Directors&%Executive officers who are not ;Compensation of directors&TCONTROL PERSONS AND PRINCIPAL S&pCONTROL PERSONS AND PRINCIP (1)$^DESCRIPTION OF OUR SECURITIES&lStatements of Changes in Net As&Horizon Technology Finance Corp&Horizon Technology Finance (1)&Horizon Technology Finance (2)&>>Horizon Technology Finance (3)&iHorizon Technology Finance (4)&^Horizon Technology Finance (5)&5Horizon Technology Finance (6)&VHorizon Technology Finance (7)&iHorizon Technology Finance (8)&gHorizon Technology Finance (9)&0Horizon Technology Finance (10)&Horizon Technology Finance (11)&Horizon Technology Finance (12)&& Horizon Technology Finance (13)d Note 4 Investments< Note 4 Investments (1)& Note 5 Transactions with affili"y Note 6 Fair value continued& Note 6 Fair value continued (1)& Note 6 Fair value continued (2)&z1 Note 6 Fair value continued (3)&ZI Note 6 Fair value continued (4)&i Note 6 Fair value continued (5) Note 7 Borrowings& Note 8 Financial instruments wi? Note 10 Distributions& Note 10 Distributions continued#1 Note 11 Financial highlights&B Horizon Technology Finance (14)&oi Horizon Technology Finance (15)&< Horizon Technology Finance (16)& Horizon Technology Finance (17)&b Horizon Technology Finance (18)&b Horizon Technology Finance (19)&l Horizon Technology Finance (20)&O Horizon Technology Finance (21)&^ Horizon Technology Finance (22)& Horizon Technology Finance (23)& Horizon Technology Finance (24)&AHorizon Technology Finance (25)&ZHorizon Technology Finance (26)&iHorizon Technology Finance (27)&g>Horizon Technology Finance (28)]Note 4 Investments (2)# xNote 4 Investments continued&Note 5 Transactions with af (1)&Note 6 Fair value continued (6)&5Note 6 Fair value continued (7)&k Note 6 Fair value continued (8)&K!Note 6 Fair value continued (9)"+9Note 6 Fair value cont (10)"[Note 6 Fair value cont (11)|Note 7 Borrowings (1)"Note 7 Borrowings continued _Note 8 Federal income tax$LNote 8 Federal income tax (1)$Note 8 Federal income tax (2)&Note 9 Financial instruments wil-Note 11 Distributions&lNote 10 Concentrations of credi#cNote 13 Financial highlights&Note 14 Selected quarterly fina&Note 14 Selected quarterly (1)&Statements of Changes in Ne (1)&Statements of Changes in Ne (2)&5JStatements of Changes in Ne (3)&biStatements of Changes in Ne (4)&0Statements of Changes in Ne (5)&ؒStatement of Financial Conditio/TABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3)A Exhibit l l  1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??lTABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } U5}  $ } } $ }       'Horizon Technology Finance Corp N-2 06/18/2018H@CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933   , $Title of Securities Being Registered  Amount Being Registered 0 (Proposed Maximum Offering Price Per Unit 5 -Proposed Maximum Aggregate Offering Price ?1? & Amount of Registration Fee ?7?4 ,Common Stock, $0.001 par value per share ?2?                 Preferred Stock ?2?                 Subscription Rights ?3?                 Debt Securities ?4?                 Warrants ?5?      Total ~  ʚ;  ?6? = ף0-@ ?7?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. XL@4=vj^6=PF0*8X> @J      l  >K]V  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEEFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } :} $ } U} $ >     'Horizon Technology Finance Corp N-2 06/18/2018TABLE OF CONTENTS   Page About this Prospectus   ii  Prospectus Summary  ~    Offerings  ~ "  Fees and Expenses  ~ 2 1)Selected Consolidated Financial and Other~ > Data)!Selected Quarterly Financial Data~ B Risk Factors~ F1)Cautionary Note Regarding Forward-Looking~  StatementsUse of Proceeds~ 5-Price Range of Common Stock and Distributions~ *"Ratio of Earnings to Fixed Charges~ ,$Management?s Discussion and Analysis~ 80of Financial Condition and Results of OperationsSenior Securities~ *Business~ 2Portfolio Companies~ ^ Management~ ~6.Certain Relationships and Related Transactions~  Our Advisor~ 0(Investment Management and Administration~ D> l{oc?t-wgWA)<] !"#$%&'()*+,-./0123456789:;<=  Agreements2!*Control Persons and Principal Stockholders!!~ !!(" Determination of Net Asset Value""~ """#Dividend Reinvestment Plan##~ ##%$Description of Our Securities$$~ $$/%'Description of Common Stock That We May%%~ %% &Issue.'&Description of Preferred Stock That We''~ ''( May Issue/)'Description of Subscription Rights That))~ ))* We May Issue.+&Description of Debt Securities That We++~ ++, May Issue1-)Description of Warrants That We May Issue--~ -.-. Regulation..~ .6.1/)Brokerage Allocations and Other Practices//~ /J/0Plan of Distribution00~ 0N071/Material U.S. Federal Income Tax Considerations11~ 1Z122*Custodian, Transfer Agent, Dividend Paying22~ 2~23Agent and Registrar4 Legal Matters44~ 4~405(Independent Registered Public Accounting55~ 5~5 6Firm+7#Where You Can Find More Information77~ 7728*Index to Consolidated Financial Statements88 8F-189:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@\ D$q %v$O0oe=PF0*8X> @"==<<;;  l   o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 7} $ }  }       'Horizon Technology Finance Corp N-2 06/18/2018FEES AND EXPENSES(  Stockholder Transaction Expenses     / 'Sales Load (as a percentage of offering    % ?1? price)6 .Offering Expenses (as a percentage of offering    % ?2?price)'Dividend Reinvestment Plan Fees None ?3?.&Total Stockholder Transaction Expenses %+#(as a percentage of offering price)/'Annual Expenses (as a Percentage of Net0(Assets Attributable to Common Stock) ?4?Base Management FeeHzG @ % ?5?2*Incentive Fee Payable Under the Investment@ % ?6?Management Agreement+#Interest Payments on Borrowed Funds ףp= @ % ?7?1)Other Expenses (estimated for the currentףp= @ % ?8? fiscal year))!Total Annual Expenses (estimated)33333(@ % ?5? ?9?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D! l{oc?o]zQft=PF0*8X> @ l  B̿  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSES!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 8} $ }  } $} $ } U} $} $ } } $} $ }  } $} $ }  } $} $ }  } $} $ }  } $ B     'Horizon Technology Finance Corp N-2 06/18/2018Statement of Operations      As of and for the 2 *As of and for the years ended December 31,   three months ended    March 31,- %(In thousands, except per share data) ~  ~  ~  ~  ~ ~ ~ z ~ v% Statement of Operations Data:                            Total investment income~ p~ l ~  ƒ  ~ b~ ~ Z~  Base management fee~ j~ :  ~  *;  ~ I~ .J~ H~ S'Performance based incentive fee~ ~   ~    ~ :!~ 6~ !~ 3All other expenses~  $~ >"  ~  }  ~ ~~ ~ *~ V-%Base management and performance based ? ?  ~     ?~ ~ ~ incentive fees waived/'Net investment income before excise tax~ *2~ 4  ~    ~  ~ ~ ~ )!Provision (credit) for excise tax ? ?  ~  f  ~  ?~ ~ Net investment income~ *2~ 4  ~  &  ~ . ~ ~ v~ ^( Net realized loss on investments~ ~ V  ~    ~ ~ :~ "~ 2*Net unrealized (depreciation) appreciation~ ~   ~     ~ !~ Z~ ~ on investments7/Net increase (decrease) in net assets resulting~ (~ 9  ~  ޕ  ~ >~ B~ ~ 6from operations/'Dollar amount of distributions declared~ 6~ 5 ~    ~ ~ ~ ~ Per Share Data:     Dlui]2oc60(voQ7F !"#$%&'()*+,-./0123456789:;<=>? Net asset value  L'@   Q8(@   q= ףp'@   Gz.(@   33333+@   Q,@   HzG,@ !Net investment income!!!Q?!!!!(\?!! ! ! Q?! ! !!Gz?!!!!?!!!!(\?!!!!Gz?!(" Net realized loss on investments"""{Gz""""Gz"" " " q= ףp" " ""q= ףp""""333333ÿ""""Gz׿""""(\"/#'Net change in unrealized (depreciation)###{Gz#### ףp= ?## # # ?# # ##ףp= ####{Gz####Q?####q= ףpͿ##$appreciation on investments7%/Net increase (decrease) in net assets resulting%%%q= ףp?%%%%{Gz?%% % % (\?% % %%Qۿ%%%%(\?%%%%?%%%%Gz?%&from operations(' Per share distributions declared'''333333?''''333333?'' ' ' 333333?' ' ''\(\?'''Gz?'''Gz?'''Gz?'0((Statement of Assets and Liabilities Data((((((((( ( ( ( ( ((((((((((((((()at Period End:"*Investments, at fair value*~ * **~ *J ** ~ * N * * ~ *N **~ *nF**~ * **~ * *+ Other assets++~ +U+++~ + ++ + ~ + >+ + +~ ++++~ ++++~ +9+++~ +V+, Total assets,,~ ,D,,,~ , ,, , ~ , J, , ,~ ,R,,,~ ,B.,,,~ , ,,,~ ,,- Borrowings--~ ----~ -2:-- - ~ - - - -~ ----~ -j ---~ -f---~ -w-.Total liabilities..~ ....~ .Z.. . ~ .  . . .~ .r...~ .&n...~ .N...~ .z./Total net assets/~ /1//~ /// ~ / >/ / ~ /~//~ / //~ /"p//~ /nJ/0 Other data:000000000 0 0 0 0 000000000000000152-Weighted annualized yield on income producing222,@ 2%222/@ 2%2 2 2 333333.@ 2 %2 22-@ 2%222ffffff,@ 2%222.@ 2%222,@ 2%3investments at fair 4value25*Weighted annualized yield on all portfolio555333333*@ 5%555-@ 5%5 5 ~ 5 : 5 %5 55,@ 5%555ffffff+@ 5%555-@ 5%555333333,@ 5%!6investments at fair value/7'Number of portfolio companies at period777777777 7 7 7 7 77777777777 8end:9Debt investments99~ 9999~ 999 9 ~ 9 9 9 9~ 9999~ 9999~ 9999~ 99:Warrants investments::~ ::::~ ::: : ~ : ": : :~ :::::~ :N:::~ :.:::~ :&:;Equity investments;;~ ;;;;~ ;;; ; ~ ; ; ; ;~ ;;;;~ ;;;;~ ;;;;~ ;;<Other investments<<~ <<<<~ <<< < ~ < < < <~ < <<<~ <<<<~ <<<<~ <<=>$?____________________________D"l$~X*"\=,yTw}@A1@)Created by Morningstar Document Research.0A(http://documentresearch.morningstar.com/=PF0*8X> @4AA@@??////// ////////****** ********''''''                   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $4} $      'Horizon Technology Finance Corp N-2 06/18/20185-SELECTED QUARTERLY FINANCIAL DATA (Unaudited)  ~    Q1  0 ((Dollar amounts in thousands, except per    share data) Total investment income ~ p Net investment income~ *2( Net realized and unrealized loss~ 0(Net increase in net asset resulting from~ ( operations+#Net investment income per share ?1?Q?0(Net increase in net assets per share ?1?q= ףp?3+Net asset value per share at the end of theL'@ quarter ?2?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8k_SG#\z S=PF0*8X> @r      l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $4} $      'Horizon Technology Finance Corp N-2 06/18/20185-SELECTED QUARTERLY FINANCIAL DATA (Unaudited)     ~    Q4  Q3  Q2  Q1  0 ((Dollar amounts in thousands, except per    share data) Total investment income ~ N`  ~ i  ~ [  ~ l Net investment income~ .%~ V; ~   +  ~ 4/'Net realized and unrealized gain (loss)~ ~  ~  n  ~ z0(Net increase in net asset resulting from~ '~ V* ~  v   ~ 9 operations+#Net investment income per share ?1?zG?Q?  Q?  (\?0(Net increase in net assets per share ?1?zG?Q?  Q?  {Gz?3+Net asset value per share at period end ?2?q= ףp'@Q'@  = ףp'@  Q8(@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 k_SGA R=PF0*8X> @2&                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 7} $      'Horizon Technology Finance Corp N-2 06/18/20185-SELECTED QUARTERLY FINANCIAL DATA (Unaudited)     ~    Q4  Q3  Q2  Q1  0 ((Dollar amounts in thousands, except per    share data) Total investment income ~ .m  ~ v  ~   ~ F Net investment income~ ;~ ^D ~  F  ~ D( Net realized and unrealized loss~ 2~ zc ~  J  ~ "6.Net (decrease) increase in net asset resulting~ ~ ֧ ~    ~ from operations+#Net investment income per share ?1?Q?RQ?  (\?  RQ?1)Net (decrease) increase in net assets per\(\߿  {Gz  Q? share ?1?3+Net asset value per share at period end ?2?Gz.(@zG(@   ףp=*@  = ףp=+@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/: k_SGA R=PF0*8X> @2&                l  (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 2} $ } } $} $ } } $} $ } } $} $ }  } $} $ }  } $      'Horizon Technology Finance Corp N-2 06/18/2018kcWe borrow money, which magnifies the potential for gain or loss on amounts invested and may increas     # Assumed Return on Portfolio   (Net of Expenses)   -10%  -5%  0%  5%  10%2 *Corresponding return to common stockholder   -21.42 %   -12.69 %   -3.95 %   Q@ %   Q+@ %2 *assuming actual asset coverage as of March 31, 2018 ?1?2*Corresponding return to common stockholder-41.53 %-26.34 %   -11.15  % Q@ %Q83@ %( assuming 150% asset coverage ?2?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.5)N? |pH=PF0*8X> @R        l  #QS  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } I"} $ } $} $ } $} $} $ } U} $} $ } } #$ #$$$$$$$$$$ $ $ $ $ $$$$$$$$$$$$$$$$$$$'Horizon Technology Finance Corp N-2 06/18/20185-PRICE RANGE OF COMMON STOCK AND DISTRIBUTIONS        Closing Sales Price  Premium/  Premium/   Distributions                Discount of   Discount of   Declared Per                High Sales   Low Sales   Share ?3?               Price to  Price to Period  NAV ?1?  High  Low  NAV ?2?  NAV ?2?$Year ended December 31, 2018      !"#Second Quarter ?4? *Gz.%@  q= ף#@   * *333333? ?5? First QuarterL'@zGa'@  Gz$@   ? %~  %333333?$Year ended December 31, 2017     Fourth Quarterq= ףp'@'@  %@  ~  %~  %333333? Third QuarterQ'@Qk'@  Gz.$@  ~  %~  %333333?Second Quarter= ףp'@q= ףp'@ ~  .  ~  %~  %333333? First QuarterQ8(@ףp= W'@  (\$@  ~  %~  %333333?$Year ended December 31, 2016     Fourth QuarterGz.(@{Gz+@  )\#@  ~ : %~  %333333? Third QuarterzG(@Q+@  \((@  ~ . % ? %Gz?Second Quarter ףp=*@ffffff(@  (\u&@  ~  %~  %Gz? First Quarter= ףp=+@ ףp= (@  ףp= "@  ~  %~  %Gz?D8lk_SGoe?xQ ` $!$"$$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @;""!!                            l  "uwNx  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 1} $ }  }  $ }  } $ "     'Horizon Technology Finance Corp N-2 06/18/2018-%Issuer Purchases of Equity Securities    Period  Total   Average Price   Total Number   Approximate    Number of  Paid per Share   of Shares  Dollar Value of   Shares       Purchased as  Shares that May    Purchased      Part of Publicly  Yet Be            Announced  Purchased Under  Plans or  the Plans or  Programs Programs1)(In thousands, except share and per share data)1)October 1, 2015 through December 31, 2015~ (\'@  ~    ~ 9.&January 1, 2016 through March 31, 2016 ? $?    ?  ~ 9+#April 1, 2016 through June 30, 2016 ? $?    ?  ~ 9/'July 1, 2016 through September 30, 2016~ Gz'@  ~    ~ z91)October 1, 2016 through December 31, 2016~ (\B%@  ~    ~ 1.&January 1, 2017 through March 31, 2017 ? $?    ?  ~ 1+#April 1, 2017 through June 30, 2017 ? $?    ?  ~ 1/'July 1, 2017 through September 30, 2017~ \q= ף#@  ~  \  ~ 01)October 1, 2017 through December 31, 2017 ? $?    ?  ~ 0.&January 1, 2018 through March 31, 2018 ? $?    ?  ~ 0 Total~ 8 q= ףp&@  ~  8   $____________________________Dlsg[OHeU9Ri3' !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @r.!!               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } y#} $ } U} $ } U}  $ } U} $ } U} $ } U} $ } U} $      'Horizon Technology Finance Corp N-2 06/18/2018*"RATIO OF EARNINGS TO FIXED CHARGES       For the Three ' For the Year Ended December 31,    Months Ended    March 31,  ~  ~  ~  ~ ~ ~ z ~ v% Earnings to Fixed Charges ?1?   ffffff@    333333@    ?    @    ffffff@    ? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Ihvj^RNI=PF0*8X> @j           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0} $ } $} $ }  }  $ } } $} $ } $} $ }  } $ }  } $} $ } $} $ }  } "$ } ## } $$$ %%%%%%%%%% % % % % %%%%%%%%%%'Horizon Technology Finance Corp N-2 06/18/20185-Portfolio composition and investment activity   !"   March 31, 2018  December 31, 2017  December 31, 2016   Number of Investments  Fair % Percentage of Total Portfolio  Number of Investments  Fair % Percentage of Total Portfolio  Number of Investments  Fair !% "Percentage of Total Portfolio       Value          Value          Value   (Dollars in thousands)  Term loans  ~   ~ *     fffffV@ %  ~   ~ Fp     33333V@ %  ~   ~ *]   ! "~ # $%Warrants~ ~ b   @  ~ "~  ~ ~ :~ jc !"#ffffff @$Other investments~ ~ Rx    @  ~ ~ Rx @~  ~ b  !"#333333?$Equity~ ~ .   ?  ~ ~ ffffff?~ ~ ^  !"#?$ Total~    ~    % ~ N ~  %~ N  !"~ # $%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2k_SGcY /Ddx=PF0*8X> @$$$    $           "$   $ l  !D  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 2} $ }  } $ }  }  $ } } $ !                                 'Horizon Technology Finance Corp N-2 06/18/20185-Portfolio composition and investment activity      For the Three  For the Year Ended    Months Ended   December 31,    March 31,  ~  ~  ~    (In thousands)Beginning portfolio~ N ~ N  ~  nF New debt investments~ ~   ~  J ( Less refinanced debt investments~ F~ 2    ?  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 ~  j  333333 @ ? ?Medical Device~ fEL3@  ~  65  333331@~ .~  Technology     Communications~ 1333333$@  ~  v1  333333#@~ 2?Consumer-Related~ b;~    ~    333333@~ ^B333333&@Internet and Media~ v[~ R  ~  _  3@~ {@ Materials~  ffffff@  ~    ffffff@~ J333333@ Networking ? ?    ?   ?~ 3?Power Management~ ?  ~  J  333333?~ "333333?Semiconductors~ 4333333?  ~  F4  ?~ u~ Software~ 7L;@  ~  K  :@~ A33333<@ Cleantech     Energy Efficiency ? ?    ?   ?~ Z~ Dlk_SG'=bc)j8Wi4 !"#$%&'()*+ Waste Recycling   ?    ?    ?    ?   ~ 2]     @ +!#Healthcare Information and Services!!!!!!!!! ! ! ! ! !!!!!!!!!!!"# Diagnostics## #?### #?## #  # ?# # # #?###~ #?####@# $Other$$~ $b$$$$@$$ $  $ ?$ $ $ $?$$$~ $*Z$$$$@$%Software%% %?%%% %?%% % ~ % % % %%@%%%~ %%%%%333333@% &Total&~ &* &&&~ & &%& ~ & Fp & & &~ & &%&~ &*] &&&~ & &%'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/# j^vj^6=PF0*8X> @++**))&&&& &&                   l  +  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } m} $ } } $ }  }  $ } } $} $ } } $ }  } $ } U} $} $ } } $ }  } "$ } ## } $$$ %%%%%%%%%% % % % % %%%%%%%%%%%'Horizon Technology Finance Corp N-2 06/18/2018%Debt investment asset quality   !"   March 31, 2018  December 31, 2017  December 31, 2016   Number of Investments & Debt Investments at Fair Value & Percentage of Debt Investments  Number of Investments & Debt Investments at Fair Value % Percentage of Debt Investment  Number of Investments & Debt Investments at Fair Value !& "Percentage of Debt Investments   (Dollars in thousands)  Credit Rating                                 ! " # $ ~ ~ ~ I   %@  % ~ ~ 6$ffffff"@ %~ ~ f !"~ #B $%~ ~ ^~ .   ~  :  ~ f~  fffffU@~ r~ V !"#fffffQ@$~  ~ ~ ^N   333333&@  ~ ~ Xffffff@~ ~  !"#@$~  ? ?    ?  ~ ~ R-ffffff?~ ~  !"#@$ Total~ ~ *   ~    % ~ ~ Fp ~  %~ ~ *]  !"~ # $%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4q{ocWs S{ =PF0*8X> @$$$ $        "$   $ l  E  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 2} $ }  } $ }  } $                             'Horizon Technology Finance Corp N-2 06/18/2018]UConsolidated results of operations for the three months ended March 31, 2018 and 2017  , $For the Three Months Ended March 31,  ~  ~    (In thousands) Total investment income ~ p  ~ l  Total expenses  ~ =   ~ .8 Net investment income~ *2~ 4( Net realized loss on investments~ ~ V2*Net unrealized (depreciation) appreciation~ ~ on investments1)Net increase in net assets resulting from~ (~ 9 operations/'Average debt investments, at fair value~ 0 ~ * &Average borrowings outstanding~ >~ @$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:C7+[)<'s]=PF0*8X> @z       l  1d  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operatiCurrent borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 8} $ }  } $ }  }  $ } } $                                 'Horizon Technology Finance Corp N-2 06/18/2018_WConsolidated results of operations for the years ended December 31, 2017, 2016 and 2015    ~  ~  ~ ~   (In thousands) Total investment income ~ ƒ  ~ b  ~   Total expenses  ~ z   ~    ~  2 *Management and performance based incentive  ~     ?   ~   fees waived Net expenses~ >~   ~  j  /'Net investment income before excise tax~ ~    ~   )!Provision (credit) for excise tax~ f~     ? Net investment income~ &~ .   ~   ( Net realized loss on investments~ ~   ~  : 2*Net unrealized appreciation (depreciation)~  ~ !  ~  Z on investments7/Net increase (decrease) in net assets resulting~ ޕ~ > ~  B from operations/'Average debt investments, at fair value~ j ~ &  ~  "k  &Average borrowings outstanding~ ~ nG ~  ^ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B XA5)o=-h&d~ui]5=PF0*8X> @           l  φ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $ }  } $ }  } "$ } ## } $$$ %%%%%%%%%% % % % % %%%%%%%%%%%'Horizon Technology Finance Corp N-2 06/18/2018Current borrowings   !"   March 31, 2018  December 31, 2017  December 31, 2016   Total Commitment  Balance Outstanding  Unused Commitment  Total Commitment  Balance Outstanding  Unused Commitment  Total Commitment  Balance Outstanding ! "Unused Commitment   (In thousands)  Key Facility ~ b  ~ B  ~ "B  ~ b  ~ B  ~ "B  ~ b  ~ b  !~ " $  2022 Notes  ~ G   ~ G    ?   ~ G   ~ G    ?    ?    ?  ! " #? $ 2019 Notes ? ?    ?   ? ? ?~ ~  !" #?$( Total before debt issuance costs~ ^~ >  ~  "B  ~ ^~ >~ "B~ ~  !"~ #$4,Unamortized debt issuance costs attributable ?~     ?   ?~  ? ?~  !" #?$to term borrowings%Total borrowings outstanding,~ ^~  ~  "B  ~ ^~ ~ "B~ ~  !~ "$ net$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4znb~zH6HT6t=PF0*8X> @"$$$ "#        "# $        "$   $ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ }  } $ }  }  $ } } $ } $} $ } $} $      'Horizon Technology Finance Corp N-2 06/18/2018B:Contractual obligations and off-balance sheet arrangements      Payments due by period   Total   Less than   1 ? 3 Years   3 ? 5 Years  After       1 year          5 years   (In thousands)  Borrowings ~ >   $?  ~ Z  ~    $? Unfunded commitments~ _~   ~  ]   ? ? Total~ 1~  ~  +  ~  $?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.D^RF:| =PF0*8X> @              l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and offSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $}  $                         'Horizon Technology Finance Corp N-2 06/18/2018B:Quantitative and qualitative disclosures about market risk   Change in basis points  Interest Income  Interest Expense   Change in           Net Assets ?1?   (In thousands) Up 300 basis points ~ bZ  ~   ~ >  Up 200 basis points ~ <  ~ b  ~ 6* Up 100 basis points~ ~ 2  ~   Down 300 basis points~ ~  ~   Down 200 basis points~ ~  ~   Down 100 basis points~ ~  ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2Q^RF:TnJ$ =PF0*8X> @              l  0Y_  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ } $} $ } $}  $ } $} $ } } $ 0     'Horizon Technology Finance Corp N-2 06/18/2018SENIOR SECURITIES    Class and Year - %Total Amount Outstanding Exclusive of # Asset Coverage per Unit ?2? . &Involuntary Liquidation Preference per ) !Average Market Value per Unit ?4?   Treasury Securities ?1?      Unit ?3?  (  (in thousands, except unit data) Credit facilities                 2018 (as of March 31) ~ B  ~ =    ?    N/A ~ ~ B~ >    ?   N/A~ ~ b~ V:    ?   N/A~ ~~ &~ B?    ?   N/A~ z~ B~ W    ?   N/A~ v~ B~ j    ?   N/A~ r~ Rk~ FA    ?   N/A~ n~ ~ /    ?   N/A~ j~ V~ ^&    ?   N/A 2022 Notes     2018 (as of March 31)~ G~ `    ?  \(9@~ ~ G~ Z`    ?  )\9@ 2019 Notes     2018 (as of March 31) ? ?    ?   ?~  ? ?    ?   ?~ ~ ~ ^o    ?  Qk9@~ ~~ ~ Z    ?  (\B9@DYl{ock'Jy?G*THc !"#$%&'()*+,-./~ z ~   ~ .h    ?   p= ף9@ ~ !v!~ !!!~ !Bz!! !  ! ?! ! !333339@!~ "r"~ """~ "n"" "  " ?" " "zGa9@"#2013-1 Securitization######### # # # # ###$%2018 (as of March 31)%% %?%%% %?%% %  % ?% % % %N/A%~ &&& &?&&& &?&& &  & ?& & & &N/A&~ ''' '?''' '?'' '  ' ?' ' ' 'N/A'~ (~(~ (J((~ ('(( (  ( ?( ( ( (N/A(~ )z)~ )]))~ )X)) )  ) ?) ) ) )N/A)~ *v*~ ***~ *2** *  * ?* * * *N/A*+,$-____________________________1.)Created by Morningstar Document Research.0/(http://documentresearch.morningstar.com/$ ,K 9e+=PF0*8X> @7//..--****))))((((""""""!!!!!!           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESPORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } U}  $ } $} $ } } $      'Horizon Technology Finance Corp N-2 06/18/2018SENIOR SECURITIES    Class and Year - %Total Amount Outstanding Exclusive of # Asset Coverage per Unit ?2? . &Involuntary Liquidation Preference per ) !Average Market Value per Unit ?4?   Treasury Securities ?1?      Unit ?3?  (  (in thousands, except unit data) Total senior securities                 2018 (as of March 31)~ >~ %    ?   N/A~ ~ >~ %    ?   N/A~ ~ ~ J&    ?   N/A~ ~~ j ~ >%    ?   N/A~ z~ f~ *    ?   N/A~ v~ w~      ?   N/A~ r~ n~ )    ?   N/A~ n~ ~ /    ?   N/A~ j~ V~ ^&    ?   N/A$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<b {ock'D8g-o5wk_7=PF0*8X> @      l  _U-uGs^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $4} $ } } $ } a/}  $ } } $ }  } $ }  } $ _     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)      ! Non-Affiliate Investments                    &Non-Affiliate Debt Investments     -%Non-Affiliate Debt Investments ? Life     Science*"Palatin Technologies, Inc. ?2? ?5? Biotechnology.&Term Loan (10.17% cash (Libor + 8.50%; ~  r  ~ 6~ 64-B Cedar Brook Drive,$Floor 9.00%), 5.00% ETP, Due 1/1/19)Cranbury, NJ 08512.&Term Loan (10.17% cash (Libor + 8.50%;  ~  )  ~ N)~ N),$Floor 9.00%), 5.00% ETP, Due 8/1/19)%vTv Therapeutics Inc. ?2? ?5? Biotechnology/'Term Loan (11.67% cash (Libor + 10.00%;  ~  a  ~ `~ j`$4170 Mendenhall Oaks Parkway-%Floor 10.50%), 6.00% ETP, Due 5/1/20)High Point, NC 27265/'Term Loan (11.67% cash (Libor + 10.00%;  ~  :  ~ 9~ 9.&Floor 10.50%), 6.00% ETP, Due 10/1/20)0(Titan Pharmaceuticals, Inc. ?2? ?5? 400 Drug Delivery.&Term Loan (10.18% cash (Libor + 8.40%;  ~    ~ ~ DlymaYQF:F# !"#$%&'()*+,-./0123456789:;<=>?) !Oyster Point Boulevard, Suite 505      , $Floor 9.50%), 5.00% ETP, Due 6/1/21)%!South San Francisco, CA 94080!!!!!!!"Aerin Medical, Inc. ?2?"""Medical Device"""-"%Term Loan (9.12% cash (Libor + 7.45%;"" " ~ " >" " "~ "<"""~ "<"#232 E. Caribbean Drive######,#$Floor 8.75%), 4.00% ETP, Due 1/1/22)$Sunnyvale, CA 94089$$$$$$$%%%%%%%-%%Term Loan (9.12% cash (Libor + 7.45%;%% % ~ % .% % %~ %6.%%%~ %6.%&&&&&&&,&$Floor 8.75%), 4.00% ETP, Due 1/1/22)''''''''(((((((-(%Term Loan (9.12% cash (Libor + 7.45%;(( ( ~ ( .( ( (~ (6.(((~ (6.())))))),)$Floor 8.75%), 4.00% ETP, Due 1/1/22)********(+ Conventus Orthopaedics, Inc. ?2?+++Medical Device+++-+%Term Loan (9.67% cash (Libor + 8.00%;++ + ~ + >+ + +~ +z=+++~ +z=++,#10200 73 rd Avenue North, Suite 122,,,,,,,,$Floor 9.25%), 6.00% ETP, Due 6/1/21)-Maple Grove, MN 55369-------.......-.%Term Loan (9.67% cash (Libor + 8.00%;.. . ~ . >. . .~ .z=...~ .z=.///////,/$Floor 9.25%), 6.00% ETP, Due 6/1/21)000000001111111-1%Term Loan (9.67% cash (Libor + 8.00%;11 1 ~ 1 >1 1 1~ 1z=111~ 1z=12222222,2$Floor 9.25%), 6.00% ETP, Due 6/1/21)33333333%4Lantos Technologies, Inc. ?2?444Medical Device444.4&Term Loan (10.21% cash (Libor + 8.43%;44 4 ~ 4 >4 4 4~ 45444~ 4545155A New Boston Street555555-5%Floor 10.00%), 6.00% ETP, Due 9/1/21)6Woburn, MA 018016666666%7Mederi Therapeutics, Inc. ?2?777Medical Device777/7'Term Loan (13.31% cash (Libor + 11.82%;77 7 ~ 7 7 7 7~ 7777~ 77)8!800 Connecticut Street, Ste. 1E01888888.8&Floor 12.00%), 6.00% ETP, Due 12/1/17)9Norwalk, CT 068549999999:::::::/:'Term Loan (13.31% cash (Libor + 11.82%;:: : ~ : : : :~ ::::~ ::;;;;;;;.;&Floor 12.00%), 6.00% ETP, Due 12/1/17)<<<<<<<<#=NinePoint Medical, Inc. ?2?===Medical Device===.=&Term Loan (10.42% cash (Libor + 8.75%;== = ~ = )= = =~ =j)===~ =j)='>One Kendall Square, Suite B7501>>>>>>,>$Floor 9.25%), 4.50% ETP, Due 3/1/19)?Cambridge, MA 02139???????Dl[^zSosSH6o@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^@@@@@@@.@&Term Loan (10.42% cash (Libor + 8.75%;@@ @ ~ @ @ @ @~ @@@@~ @@AAAAAAA,A$Floor 9.25%), 4.50% ETP, Due 3/1/19)BBBBBBBBCVERO Biotech LLC ?2?CCCMedical DeviceCCC-C%Term Loan (9.67% cash (Libor + 8.00%;CC C ~ C >C C C~ C:=CCC~ C:=CD2941 Oxbow CircleDDDDDD,D$Floor 9.25%), 5.00% ETP, Due 1/1/22)ECocoa, FL 32926EEEEEEEFFFFFFF-F%Term Loan (9.67% cash (Libor + 8.00%;FF F ~ F >F F F~ F=FFF~ F=FGGGGGGG,G$Floor 9.25%), 5.00% ETP, Due 1/1/22)HHHHHHHH3I+Total Non-Affiliate Debt Investments ? LifeIIIIIIIII I I I I I~ I7III~ I6IJScience3K+Non-Affiliate Debt Investments ? TechnologyKKKKKKKKK K K K K KKKKKKKL!MIntelepeer Holdings, Inc.MMMCommunicationsMMM.M&Term Loan (11.62% cash (Libor + 9.95%;MM M ~ M >M M M~ M<MMM~ M<M!N155 Bovet Road, Suite 405NNNNNN-N%Floor 11.25%), 2.50% ETP, Due 7/1/21)OSan Mateo, CA 94402OOOOOOOPPPPPPP.P&Term Loan (11.62% cash (Libor + 9.95%;PP P ~ P >P P P~ Pr=PPP~ Pr=PQQQQQQQ-Q%Floor 11.25%), 2.50% ETP, Due 7/1/21)RRRRRRRRSSSSSSS.S&Term Loan (11.62% cash (Libor + 9.95%;SS S ~ S >S S S~ Sr=SSS~ Sr=STTTTTTT-T%Floor 11.25%), 2.50% ETP, Due 7/1/21)UUUUUUUUVPebblePost, Inc. ?2?VVVCommunicationsVVV.V&Term Loan (10.93% cash (Libor + 9.26%;VV V ~ V >V V V~ V<VVV~ V<V$W36 Cooper Square, 4 th FloorWWWWWW-W%Floor 10.25%), 4.00% ETP, Due 7/1/21)XNew York, NY 10003XXXXXXXYYYYYYY.Y&Term Loan (10.93% cash (Libor + 9.26%;YY Y ~ Y >Y Y Y~ Y=YYY~ Y=YZZZZZZZ-Z%Floor 10.25%), 4.00% ETP, Due 7/1/21)[[[[[[[[$\____________________________1])Created by Morningstar Document Research.0^(http://documentresearch.morningstar.com/BXTq^7+>gT,G=PF0*8X> @z^^]]\\         l  jA"  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } 1}  $ } } $ }  } $ }  } $ j     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)       SavingStar, Inc. ?2?  % Consumer-related Technologies   / 'Term Loan (12.07% cash (Libor + 10.40%;   ~ N    ~    ~  '400 Totten Pond Road, Suite 300-%Floor 10.90%), 4.25% ETP, Due 6/1/20)Waltham, MA 02451/'Term Loan (12.07% cash (Libor + 10.40%;  ~    ~ ~ .&Floor 10.90%), 3.80% ETP, Due 11/1/20)IgnitionOne, Inc. ?2?Internet and Media/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,!1675 Broadway, 7 th Floor-%Floor 10.23%), 2.00% ETP, Due 4/1/22)New York, NY 10019/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)!Jump Ramp Games, Inc. ?2?Internet and Media/'Term Loan (11.40% cash (Libor + 9.73%),  ~  >  ~ =~ =DlymaYg1!seW !"#$%&'()*+,-./0123456789:;<=>?) !307 West 38 th Street, Suite 1101       3.00% ETP, Due 4/1/21)!New York , NY 10018!!!!!!!"Kixeye, Inc. ?2?"""Internet and Media"""."&Term Loan (11.27% cash (Libor + 9.60%;"" " ~ " ." " "~ ".-"""~ ".-"$#333 Bush Street, 19 th Floor######-#%Floor 10.75%), 2.00% ETP, Due 5/1/21)$San Francisco, CA 94104$$$$$$$%%%%%%%.%&Term Loan (11.27% cash (Libor + 9.60%;%% % ~ % .% % %~ %.%%%~ %.%&&&&&&&-&%Floor 10.75%), 2.00% ETP, Due 5/1/21)''''''''(MediaBrix, Inc. ?2?(((Internet and Media(((/('Term Loan (12.67% cash (Libor + 11.00%;(( ( ~ ( N9( ( (~ (8(((~ (8())!145 West 30 th Street, 5 th Floor))))))-)%Floor 11.50%), 3.00% ETP, Due 1/1/20)*New York, NY 10001*******&+Rocket Lawyer Incorporated ?2?+++Internet and Media+++.+&Term Loan (11.07% cash (Libor + 9.40%;++ + ~ + >+ + +~ +=+++~ +=+%,182 Howard Street, Suite #830,,,,,,-,%Floor 10.50%), 3.00% ETP, Due 7/1/21)-San Francisco, CA 94105-------.........&Term Loan (11.07% cash (Libor + 9.40%;.. . ~ . >. . .~ .=...~ .=.///////-/%Floor 10.50%), 3.00% ETP, Due 7/1/21)000000001111111.1&Term Loan (11.07% cash (Libor + 9.40%;11 1 ~ 1 B1 1 1~ 1111~ 112222222.2&Floor 10.50%), 3.00% ETP, Due 11/1/21)333333334Zinio Holdings, LLC ?2?444Internet and Media444/4'Term Loan (12.92% cash (Libor + 11.25%;44 4 ~ 4 >4 4 4~ 42>444~ 42>4&5575 Lexington Avenue, Floor 17555555-5%Floor 11.75%), 6.00% ETP, Due 2/1/20)6New York, NY 100226666666'7The NanoSteel Company, Inc. ?2?777 Materials777.7&Term Loan (11.17% cash (Libor + 9.50%;77 7 ~ 7 vE7 7 7~ 7nD777~ 7nD7$8272 West Exchange, Suite 300888888-8%Floor 10.00%), 7.20% ETP, Due 1/1/20)9Providence, RI 029039999999:::::::.:&Term Loan (11.17% cash (Libor + 9.50%;:: : ~ : ": : :~ ::":::~ ::":;;;;;;;-;%Floor 10.00%), 6.45% ETP, Due 1/1/20)<<<<<<<<=======.=&Term Loan (11.17% cash (Libor + 9.50%;== = ~ = %= = =~ =f%===~ =f%=>>>>>>>->%Floor 10.00%), 5.85% ETP, Due 3/1/20)????????Dli l9!'{C.=@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_%@Powerhouse Dynamics, Inc. ?2?@@@Power Management@@@/@'Term Loan (12.37% cash (Libor + 10.70%;@@ @ ~ @ j@ @ @~ @@@@~ @@A 3 Bridge St.AAAAAA-A%Floor 11.20%), 3.32% ETP, Due 9/1/19)BNewton, MA 02458BBBBBBBC Luxtera, Inc.CCCSemiconductorsCCC/C'Term Loan (11.25% cash (Prime + 6.75%),CC C ~ C BC C C~ CCCC~ CCD2320 Camino Vida RubleDDDDDDD Due 3/28/20)ECarlsbad, CA 92011EEEEEEEFFFFFFF/F'Term Loan (11.25% cash (Prime + 6.75%),FF F ~ F rF F F~ FFFF~ FFGGGGGGGG Due 3/28/20)HHHHHHHH#IBridge2 Solutions, LLC. ?2?IIISoftwareIII.I&Term Loan (10.92% cash (Libor + 9.25%;II I ~ I "NI I I~ IJIII~ IJI(J 5900 Windward Parkway, Suite 450JJJJJJ.J&Floor 10.50%), 2.00% ETP, Due 11/1/21)KAlpharetta, GA 30005KKKKKKKLLLLLLL.L&Term Loan (10.92% cash (Libor + 9.25%;LL L ~ L "NL L L~ LJLLL~ LJLMMMMMMM.M&Floor 10.50%), 2.00% ETP, Due 11/1/21)NNNNNNNN$OEducation Elements, Inc. ?2?OOOSoftwareOOO/O'Term Loan (11.67% cash (Libor + 10.00%;OO O ~ O b O O O~ OB OOO~ OB OP999 Skyway RoadPPPPPP-P%Floor 10.50%), 4.00% ETP, Due 1/1/19)QSan Carlos, CA 94070QQQQQQQRRRRRRR/R'Term Loan (11.67% cash (Libor + 10.00%;RR R ~ R  R R R~ RV RRR~ RV RSSSSSSS-S%Floor 10.50%), 4.00% ETP, Due 8/1/19)TTTTTTTTUMetricly, Inc.UUUSoftwareUUU/U'Term Loan (13.92% cash (Libor + 12.25%;UU U ~ U zU U U~ UzUUU~ UzU"V12700 Sunrise Valley DriveVVVVVV-V%Floor 12.50%), 3.33% ETP, Due 9/1/18)WReston, VA 20191WWWWWWWXShopKeep.com, Inc. ?2?XXXSoftwareXXX.X&Term Loan (11.62% cash (Libor + 9.95%;XX X ~ X YX X X~ XWXXX~ XWX!Y450-460 Park Avenue SouthYYYYYY.Y&Floor 10.45%), 4.08% ETP, Due 10/1/20)ZNew York, NY 10016ZZZZZZZ[[[[[[[.[&Term Loan (11.62% cash (Libor + 9.95%;[[ [ ~ [ >[ [ [~ [j=[[[~ [j=[\\\\\\\-\%Floor 10.45%), 3.55% ETP, Due 2/1/21)]]]]]]]]^ SIGNiX, Inc.^^^Software^^^/^'Term Loan (12.67% cash (Libor + 11.00%;^^ ^ ~ ^ "!^ ^ ^~ ^^^^~ ^^_1203 Carter Street______-_%Floor 11.50%), 5.33% ETP, Due 2/1/20)D`leqH|1i (gXsT`abcdefghi`Chattanooga, TN 37402```````%aSilkRoad Technology, Inc. ?2?aaaSoftwareaaa/a'Term Loan (12.02% cash (Libor + 10.35%;aa a ~ a zia a a~ a"haaa~ a"ha)b!100 South Wacker Drive, Suite 425bbbbbb1b)Floor 10.85%; Ceiling 12.85%), 5.00% ETP,cChicago, IL 60606ccccccc Due 6/1/20)dWeblinc Corporation ?2?dddSoftwareddd/d'Term Loan (11.92% cash (Libor + 10.25%;dd d ~ d .d d d~ d*.ddd~ d*.de22 South 3 rd Streeteeeeee-e%Floor 11.25%), 3.00% ETP, Due 3/1/21)fPhiladelphia, PA 19106fffffff$g____________________________1h)Created by Morningstar Document Research.0i(http://documentresearch.morningstar.com/=6=PF0*8X> @b iihhgg        l  ]>(   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } I;} $ } } $ } 0.}  $ } } $ }  } $ }  } $ ]     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)        xAd, Inc. ?2?   Software   . &Term Loan (10.37% cash (Libor + 8.70%;   ~ "N   ~ L   ~ L +#One World Trade Center, 60 th Floor.&Floor 10.00%), 4.75% ETP, Due 11/1/21)New York, NY 10007.&Term Loan (10.37% cash (Libor + 8.70%;  ~  "N  ~ L~ L.&Floor 10.00%), 4.75% ETP, Due 11/1/21).&Term Loan (10.37% cash (Libor + 8.70%;  ~  .  ~ -~ -.&Floor 10.00%), 4.75% ETP, Due 11/1/21).&Term Loan (10.37% cash (Libor + 8.70%;  ~  B  ~ ~ .&Floor 10.00%), 4.75% ETP, Due 11/1/21)91Total Non-Affiliate Debt Investments ? Technology     ~ .x~ q3+Non-Affiliate Debt Investments ? Healthcare     +#information and services ? 9.1% ?8?%HealthEdge Software, Inc. ?2?Software-%Term Loan (9.92% cash (Libor + 8.25%;  ~  "N  ~ K~ K30 Corporate Drive,$Floor 9.25%), 3.00% ETP, Due 7/1/22)Burlington, MA 01803-%Term Loan (9.92% cash (Libor + 8.25%;  ~  :  ~ 9~ 9DlymaYqc}L% !"#$%&'()*+,-./0123456789:;<=>?       , $Floor 9.25%), 3.00% ETP, Due 1/1/23)!!!!!!!!"""""""-"%Term Loan (9.99% cash (Libor + 8.25%;"" " ~ " :" " "~ "9"""~ "9"#######,#$Floor 9.25%), 3.00% ETP, Due 4/1/23)$$$$$$$$9%1Total Non-Affiliate Debt Investments ? Healthcare%%%%%%%%% % % % % %~ %b%%%~ %b% &information and services,'$Total Non-Affiliate Debt Investments''''''''' ' ' ' ' '~ 'o '''~ 'g ')(!Non-Affiliate Warrant Investments((((((((( ( ( ( ( ((((((()-*%Non-Affiliate Warrants ? Life Science********* * * * * *******+,ACT Biotech Corporation,,, Biotechnology,,,(, 604,038 Preferred Stock Warrants,, , , , , ,~ ,,,, ,?,- NGN Capital).!369 Lexington Avenue, 17 th Floor/New York, NY 10017(0 Alpine Immune Sciences, Inc. ?5?000 Biotechnology000#04,634 Common Stock Warrants00 0 0 0 0 0~ 0000 0?0'13122 Sterling Circle, Suite 2002Boulder, CO 80301(3 Argos Therapeutics, Inc. ?2? ?5?333 Biotechnology333#33,656 Common Stock Warrants33 3 3 3 3 3~ 3333 3?344233 Technology Drive5Durham, NC 277046Celsion Corporation ?5?666 Biotechnology666!6408 Common Stock Warrants66 6 6 6 6 6~ 6>666 6?6"7997 Lenox Drive, Suite 1008Lawrenceville, NJ 08648.9&Rocket Pharmaceuticals Corporation ?5?999 Biotechnology999#91,763 Common Stock Warrants99 9 9 9 9 9~ 9F999 9?9&:131 Hartwell Avenue, Suite 105;Lexington, MA 02421*<"Palatin Technologies, Inc. ?2? ?5?<<< Biotechnology<<<%<608,058 Common Stock Warrants<< < < < < <~ <<<<~ <<=4-B Cedar Brook Drive>Cranbury, NJ 08512&?Revance Therapeutics, Inc. ?5???? Biotechnology???$?34,113 Common Stock Warrants?? ? ? ? ? ?~ ????~ ??Dl|q{oNBV+N(o#@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\@7555 Gateway Blvd.ANewark, CA 94560BSample6, Inc. ?2?BBB BiotechnologyBBB(B 661,956 Preferred Stock WarrantsBB B B B B B~ BBBB~ BfB&C840 Memorial Drive, 4 th FloorDCambridge, MA 02139"EStrongbridge U.S. Inc. ?5?EEE BiotechnologyEEE%E160,714 Common Stock WarrantsEE E E E E E~ E"EEE~ EE'F900 Northbrook Drive, Suite 200GTrevose, PA 19053)H!Sunesis Pharmaceuticals, Inc. ?5?HHH BiotechnologyHHH#H2,050 Common Stock WarrantsHH H H H H H~ HHHH H?H)I!395 Oyster Point Blvd., Suite 400%JSouth San Francisco, CA 94080%KvTv Therapeutics Inc. ?2? ?5?KKK BiotechnologyKKK$K95,293 Common Stock WarrantsKK K K K K K~ KKKK~ K2K$L4170 Mendenhall Oaks ParkwayMHigh Point, NC 27265+N#Titan Pharmaceuticals, Inc. ?2? ?5?NNN Drug DeliveryNNN%N320,612 Common Stock WarrantsNN N N N N N~ N~NNN~ NNN-O%400 Oyster Point Boulevard, Suite 505%PSouth San Francisco, CA 94080QAccuVein Inc. ?2?QQQMedical DeviceQQQ*Q"1,174,881 Preferred Stock WarrantsQQ Q Q Q Q Q~ QbQQQ~ QrQR40 Goose Hill Road$SCold Spring Harbor, NY 11724TAerin Medical, Inc. ?2?TTTMedical DeviceTTT*T"1,818,182 Preferred Stock WarrantsTT T T T T T~ T TTT~ TTU232 E. Caribbean DriveVSunnyvale, CA 94089(W Conventus Orthopaedics, Inc. ?2?WWWMedical DeviceWWW(W 720,000 Preferred Stock WarrantsWW W W W W W~ W~WWW~ WW+X#10200 73 rd Avenue North, Suite 122YMaple Grove, MN 55369$Z____________________________1[)Created by Morningstar Document Research.0\(http://documentresearch.morningstar.com/>0^?k>: YT3 =PF0*8X> @b \\[[ZZ        l  V->@_L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } +} $ } y#} $ } m)} $ } U} $ } U} $ V     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)      % Lantos Technologies, Inc. ?2?   Medical Device   ' 1,715,926 Common Stock Warrants       ~    ~ v 155A New Boston StreetWoburn, MA 01801%Mederi Therapeutics, Inc. ?2?Medical Device( 248,736 Preferred Stock Warrants     ~ j ?*"800 Connecticut Street, Suite 1E01Norwalk, CT 06854Mitralign, Inc. ?2?Medical Device$64,190 Common Stock Warrants     ~ ~ 3 Highwood DriveBoston, MA 01876#NinePoint Medical, Inc. ?2?Medical Device'29,102 Preferred Stock Warrants     ~ ~  &One Kendall Square, Ste. B7501Cambridge, MA 02139OraMetrix, Inc. ?2?Medical Device( 812,348 Preferred Stock Warrants     ~ : ?,$2350 Campbell Creek Blvd., Suite 400Richardson, TX 75082%ReShape Lifesciences Inc. ?5?Medical Device!134 Common Stock Warrants     ~ n ?2800 Patton RoadSaint Paul, MN 55113 Tryton Medical, Inc. ?2?Medical Device( 122,362 Preferred Stock Warrants     ~ >~ 6DlymaYw-m%lL  !"#$%&'()*+,-./0123456789:;<=>?(  1000 Park Forty Plaza, Suite 325!Durham, NC 27713"VERO Biotech LLC ?2?"""Medical Device"""%"800,000 Common Stock Warrants"" " " " " "~ """"~ ""#2941 Oxbow Circle$Cocoa, FL 32929% ViOptix, Inc.%%%Medical Device%%%(% 375,763 Preferred Stock Warrants%% % % % % %~ %6%%% %?%!&47224 Mission Falls Court'Fremont, CA 94539+(#Total Non-Affiliate Warrants ? Life((((((((( ( ( ( ( (~ (j(((~ (%()Science+*#Non-Affiliate Warrants ? Technology********* * * * * *******+,Ekahau, Inc. ?2?,,,Communications,,,(, 978,261 Preferred Stock Warrants,, , , , , ,~ ,,,,~ ,b,!-1851 Alexander Bell Drive.Reston, VA 20191!/Intelepeer Holdings, Inc.///Communications///*/"2,256,549 Preferred Stock Warrants// / / / / /~ /V///~ //!0155 Bovet Road, Suite 4051San Mateo, CA 944022PebblePost, Inc. ?2?222Communications222(2 598,850 Preferred Stock Warrants22 2 2 2 2 2~ 2r222~ 2~2$336 Cooper Square, 4 th Floor4New York, NY 100035Additech, Inc. ?2?55%5Consumer-related Technologies555(5 150,000 Preferred Stock Warrants55 5 5 5 5 5~ 5555~ 55610925 Kinghurst7Houston, TX 770998Gwynnie Bee, Inc. ?2?88%8Consumer-related Technologies888(8 268,591 Preferred Stock Warrants88 8 8 8 8 8~ 8888~ 8 8943-01 22 nd Street":Long Island City, NY 11101;Le Tote, Inc. ?2?;;%;Consumer-related Technologies;;;(; 202,974 Preferred Stock Warrants;; ; ; ; ; ;~ ;;;;~ ;;$<3130 20 th Street, Suite 225=San Francisco, CA 94110'>Rhapsody International Inc. ?2?>>%>Consumer-related Technologies>>>%>852,273 Common Stock Warrants>> > > > > >~ >>>> >?>#?701 5 th Avenue, Suite 3100Dly\Apd&wXfIe=@ABCDEFGHIJKLMNOPQRSTU@Seattle, WA 98104ASavingStar, Inc. ?2?AA%AConsumer-related TechnologiesAAA(A 850,439 Preferred Stock WarrantsAA A A A A A~ AAAA~ AA(B 400 Totten Pond Road., Suite 300CWaltham, MA 08457DIgnitionOne, Inc. ?2?DDDInternet and MediaDDD(D 262,910 Preferred Stock WarrantsDD D D D D D~ D~ DDD~ Db D!E1675 Broadway, 7 th FloorFNew York, NY 10019!GJump Ramp Games, Inc. ?2?GGGInternet and MediaGGG(G 159,766 Preferred Stock WarrantsGG G G G G G~ GGGG~ GG)H!307 West 38 th Street, Suite 1101INew York, NY 10018JKixeye, Inc. ?2?JJJInternet and MediaJJJ(J 791,251 Preferred Stock WarrantsJJ J J J J J~ J.JJJ~ J6J$K333 Bush Street, 19 th FloorLSan Francisco, CA 94104&MRocket Lawyer Incorporated ?2?MMMInternet and MediaMMM(M 261,721 Preferred Stock WarrantsMM M M M M M~ MrMMM~ M~M%N182 Howard Street, Suite #830OSan Francisco, CA 94105'PThe NanoSteel Company, Inc. ?2?PPP MaterialsPPP(P 379,360 Preferred Stock WarrantsPP P P P P P~ PPPP~ P"P$Q272 West Exchange, Suite 300RProvidence, RI 02903$S____________________________1T)Created by Morningstar Document Research.0U(http://documentresearch.morningstar.com/0 fItG)L#pH=PF0*8X> @b UUTTSS        l  S&n#ۉ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 1} $ } } $ } m)} $ } $} $ } $} $ S     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)      % Powerhouse Dynamics, Inc. ?2?   Power Management   (  348,838 Preferred Stock Warrants       ~    ~  3 Bridge StreetNewton, MA 02458&Avalanche Technology, Inc. ?2?Semiconductors( 202,602 Preferred Stock Warrants     ~ ~ *"43871 Fremont Boulevard, Suite 101Fremont, CA 94538eASIC Corporation ?2?Semiconductors'40,445 Preferred Stock Warrants     ~ f~ v'2585 Augustine Drive, Suite 100Santa Clara, CA 95054Kaminario, Inc.Semiconductors*"1,087,203 Preferred Stock Warrants     ~ ~ %275 Grove Street, Suite 2-400Newton, MA 02466Luxtera, Inc. ?2?Semiconductors*"3,546,553 Preferred Stock Warrants     ~ V~ 2320 Camino Vida RubleCarlsbad, CA 92011Soraa, Inc. ?2?Semiconductors( 203,616 Preferred Stock Warrants     ~ B~ 6500 Kaiser DriveFremont, CA 94555Bolt Solutions Inc. ?2?Software( 202,892 Preferred Stock Warrants     ~ ~ DlymaY{/wVoQ !"#$%&'()*+,-./0123456789:;<=>?" 90 Park Avenue, Suite 1720!New York, NY 10016#"Bridge2 Solutions, Inc. ?2?"""Software"""%"125,458 Common Stock Warrants"" " " " " "~ """"~ " "(# 5900 Windward Parkway, Suite 450$Alpharetta, GA 30005%Clarabridge, Inc.%%%Software%%%'%53,486 Preferred Stock Warrants%% % % % % %~ %:%%%~ %%,&$11400 Commerce Park Drive, Suite 500'Reston, VA 20191$(Education Elements, Inc. ?2?(((Software((((( 238,121 Preferred Stock Warrants(( ( ( ( ( (~ (r(((~ (v()999 Skyway Road*San Carlos, CA 94070"+Lotame Solutions, Inc. ?2?+++Software+++(+ 288,115 Preferred Stock Warrants++ + + + + +~ +Z+++~ +r+&,8850 Stanford Blvd, Suite 2000-Columbus, MD 21045.Metricly, Inc....Software...$.41,569 Common Stock Warrants.. . . . . .~ .... .?."/12700 Sunrise Valley Drive0Reston, VA 201911Riv Data Corp. ?2?111Software111(1 321,428 Preferred Stock Warrants11 1 1 1 1 1~ 12111~ 11#2735 State Street, Suite 6003Santa Barbara, CA 931014ShopKeep.com, Inc. ?2?444Software444(4 193,962 Preferred Stock Warrants44 4 4 4 4 4~ 4444~ 44!5450-460 Park Avenue South6New York, NY 100167 SIGNiX, Inc.777Software777(7 133,560 Preferred Stock Warrants77 7 7 7 7 7~ 7777~ 7781203 Carter St.9Chattanooga, TN 37402: Skyword, Inc.:::Software:::(: 301,056 Preferred Stock Warrants:: : : : : :~ ::::~ ::;38 Chauncy Street<Boston, MA 02111=SpringCM, Inc. ?2?===Software===*="2,385,686 Preferred Stock Warrants== = = = = =~ ====~ ="=%>180 North LaSalle, 6 th Floor?Chicago, IL 60601Dl|P0hM-rL0nI+iM@ABCDEFGHIJKLMNOPQR@ ASys-Tech Solutions, Inc.AAASoftwareAAA(A 375,000 Preferred Stock WarrantsAA A A A A A~ AAAA~ AAB2540 U.S. Highway 130CCranbury, NJ 08512DVisage Mobile, Inc.DDDSoftwareDDD*D"1,692,047 Preferred Stock WarrantsDD D D D D D~ DNDDD~ D D.E&100 Larkspur Landing Circle, Suite 114FSan Francisco, CA 94111GWeblinc Corporation ?2?GGGSoftwareGGG(G 195,122 Preferred Stock WarrantsGG G G G G G~ GGGG~ GGH22 South 3 rd StreetIPhiladelphia, PA 19106J xAd, Inc. ?2?JJJSoftwareJJJ*J"4,343,350 Preferred Stock WarrantsJJ J J J J J~ JJJJ~ JJ+K#One World Trade Center, 60 th FloorLNew York, NY 100071M)Total Non-Affiliate Warrants ? TechnologyMMMMMMMMM M M M M M~ Mv<MMM~ MZ_MNO$P____________________________1Q)Created by Morningstar Document Research.0R(http://documentresearch.morningstar.com/*p hu8b+u=PF0*8X> @b RRQQPP        l  W  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 8} $ } y#} $ } m)} $ } $} $ } U} $ W     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)      * "Non-Affiliate Warrants ? Cleantech                    Renmatix, Inc.Alternative Energy'53,022 Preferred Stock Warrants     ~  ?600 Allendale Road!King of Prussia, PA 19406Tigo Energy, Inc. ?2?Energy Efficiency( 804,604 Preferred Stock Warrants     ~ ~ 420 Blossom Hill RoadLos Gatos, CA 950320(Total Non-Affiliate Warrants ? Cleantech     ~ ~ 7/Non-Affiliate Warrants ? Healthcare information      and services!LifePrint Group, Inc. ?2? Diagnostics'49,000 Preferred Stock Warrants     ~ v~  175 Varick StreetNew York, NY 10014ProterixBio, Inc. ?2? Diagnostics#3,156 Common Stock Warrants     ~  ?75 Sidney StreetCambridge, MA 02139Singulex, Inc.Other Healthcare( 294,231 Preferred Stock Warrants     ~ ~ DZlymaYyT{c  !"#$%&'()*+,-./0123456789:;<=>?' 1650 Harbor Bay Pkwy, Suite 200!Alameda, CA 94502$"Verity Solutions Group, Inc."""Other Healthcare"""(" 300,360 Preferred Stock Warrants"" " " " " "~ """"~ ""%#11335 NE 122nd Way, Suite 200$Kirkland, WA 98034#%Watermark Medical, Inc. ?2?%%%Other Healthcare%%%'%27,373 Preferred Stock Warrants%% % % % % %~ %*%%%~ %%(& 1641 Worthington Road, Suite 320!'West Palm Beach, FL 33409%(HealthEdge Software, Inc. ?2?(((Software((((( 158,063 Preferred Stock Warrants(( ( ( ( ( (~ ((((~ (()30 Corporate Drive*Burlington, MA 01803)+!Medsphere Systems Corporation ?2?+++Software+++*+"7,097,792 Preferred Stock Warrants++ + + + + +~ ++++~ +R+$,1903 Wright Place, Suite 120-Carlsbad, CA 92008$.Recondo Technology, Inc. ?2?...Software...(. 556,796 Preferred Stock Warrants.. . . . . .~ .~...~ .N.//'6312 South Fiddlers Green Circle, Suite0600 East#1Greenwood Village, CO 8011112)Total Non-Affiliate Warrants ? Healthcare222222222 2 2 2 2 2~ 2.222~ 2V 2 3information and services$4Total Non-Affiliate Warrants444444444 4 4 4 4 4~ 4a444~ 4b45'6Non-Affiliate Other Investments666666666 6 6 6 6 66666667$8Espero Pharmaceuticals, Inc.888 Biotechnology8888Royalty Agreement88 8 8 8 8 8~ 8R888~ 8rI8&914286-19 Beach Boulevard, #270:Jacksonville, FL 32250; ZetrOZ, Inc.;;;Medical Device;;;;Royalty Agreement;; ; ; ; ; ;~ ;;;;~ ; ;<56 Quarry Road=Trumbull, CT 06611>?Vette Technology, LLC??? Data Storage???'?Royalty Agreement Due 4/18/2019?? ? ? ? ? ?~ ?A???~ ??DllC%E'v2w[O4(w]?@ABCDEFGHIJKLMNOPQRSTUV'@14 Manchester Square, Suite 210APortsmouth, NH 03801#BTriple Double Holdings, LLCBBBSoftwareBBBBLicense AgreementBB B B B B B~ Bb"BBB~ Bb"BC75 Gerber Road EastDSouth Windsor, CT 06074-E%Total Non-Affiliate Other InvestmentsEEEEEEEEE E E E E E~ EEEE~ ERxEFNon-Affiliate EquityFFFFFFFFF F F F F FFFFFFFGHInsmed Incorporated ?5?HHH BiotechnologyHHHH33,208 Common StockHH H H H H H~ HHHH~ H HI4851 Lake Brook DriveJGlen Allen, VA 23058&KRevance Therapeutics, Inc. ?5?KKK BiotechnologyKKKK5,125 Common StockKK K K K K K~ K&KKK~ KzKL7555 Gateway Blvd.MNewark, CA 94560)N!Sunesis Pharmaceuticals, Inc. ?5?NNN BiotechnologyNNNN13,082 Common StockNN N N N N N~ NNNNN~ NN(O 395 Oyster Point Blvd, Suite 400%PSouth San Francisco, CA 94080QSnagAJob.com, Inc.QQ%QConsumer-related TechnologiesQQQQ82,974 Common StockQQ Q Q Q Q Q~ Q&QQQ~ QNQR4851 Lake Brook DriveSGlen Allen, VA 23060$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2g b? I+y7=PF0*8X> @b VVUUTT        l  C+  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 6} $ } y } $ } 2}  $ } U} $ } $} $ } $} $ C     'Horizon Technology Finance Corp N-2 06/18/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?   Principal  Cost of  Fair! Portfolio Company ?1? ?3?          Amount  Investments ?6?   Value ?11?     (Dollars in thousands)       TruSignal, Inc.   Software    32,637 Common Stock       ~    ~  25 6 th Avenue NorthSaint Cloud, MN 56303"Total Non-Affiliate Equity     ~ ~ 0(Total Non-Affiliate Portfolio Investment     ~ J ~ " AssetsAffiliate Investments     /'Affiliate Debt Investments ? Technology     Decisyon, Inc. 1266Software1)Term Loan (13.978% cash (Libor + 12.308%; ~    ~ ~ East Main Street FloorStamford, CT 06902'12.50%), 8.00% ETP, Due 4/1/20)  ~     ~ . ~  Term Loan (13.978% cash(Libor + 12.308%; Floor'12.50%), 8.00% ETP, Due 4/1/20)     ,$Term Loan (12.02% cash, Due 4/15/19)  ~    ~ ~ D-lymaYzjXG; uBk !"#$%&'()*+,-./0123456789:;<=>?        !!!!!!!,!$Term Loan (12.03% cash, Due 4/15/19)!! ! ~ ! ! ! !~ !!!!~ !!""""""""#######,#$Term Loan (12.24% cash, Due 4/15/19)## # ~ #  # # #~ # ###~ #F #$$$$$$$$"%StereoVision Imaging, Inc.%%%Software%%%2%*Term Loan (8.61% PIK (Libor + 7.03%; Floor%% % ~ % 2% % %~ %+%%%~ %*%&Gateway Metro Center&&&&&&+&#8.50%), 8.50% ETP, Due 9/1/21) ?10?0'(3452 East Foothill Boulevard, Suite 1125'''''''(Pasadena, CA 91107)5*-Total Affiliate Debt Investments ? Technology********* * * * * *~ *6c***~ *^_*'+Affiliate Warrants ? Technology+++++++++ + + + + +++++++,-Decisyon, Inc.---Software---$-82,967 Common Stock Warrants-- - - - - -~ ---- -?-.1266 East Main Street/Stamford, CT 06902-0%Total Affiliate Warrants ? Technology000000000 0 0 0 0 0~ 0000 0?0%1Affiliate Equity ? Technology111111111 1 1 1 1 111111123Decisyon, Inc.333Software333345,365,936 Common Stock33 3 3 3 3 3~ 3333~ 3.341266 East Main Street5Stamford, CT 06902"6StereoVision Imaging, Inc.666Software66661,943,572 Common Stock66 6 6 6 6 6~ 6^ 666~ 6^ 67Gateway Metro Center08(3452 East Foothill Boulevard, Suite 11259Pasadena, CA 91107+:#Total Affiliate Equity ? Technology::::::::: : : : : :~ :B:::~ : :,;$Total Affiliate Portfolio Investment;;;;;;;;; ; ; ; ; ~ ;.s;;~ ;l;<Assets)=!Total Portfolio Investment Assets========= = = = = ~ =v ==~ = =>?DlzF' xW9L,@AB$@____________________________1A)Created by Morningstar Document Research.0B(http://documentresearch.morningstar.com/ (=PF0*8X> @BBAA@@====;;;;         l  "#$  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6)!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } %} $ } a/} $ } 7} $ } 0 "     'Horizon Technology Finance Corp N-2 06/18/2018 Directors! Name, Address and Age ?1?  Position(s) Held  Term of Office and  Other Public Company   with the Company ?2?  Length of Service  Directorships Held by       Director During the Past       Five Years ?3? Interested Directors'Robert D. Pomeroy, Jr. (67) ?4?/'Chief Executive Officer and Chairman of1)Class III Director since March 2010; Term None. the Board expires 2019"Gerald A. Michaud (65) ?4?President and Director0(Class I Director since March 2014; Class None./'II Director from March 2010 until March2014; Term Expires 2020Independent Directors!James J. Bottiglieri (62)Director6.Class I Director since July 2010; Term Expires0(Director of Compass Diversified Holdings~ "Inc. (?CODI?) (NYSE: CODI)Edmund V. Mahoney (67)Director/'Class II Director since July 2010; Term None. Expires 2021 Elaine A. Sarsynski (63)Director/'Class II Director since June 2012; Term*"Director of AXA, a soci?t? anonyme Expires 2021,$(a public company under French law).Joseph J. Savage (66)Director1)Class III Director since March 2016; Term None. Expires 2019$____________________________D lwktz$"lK?tfa> !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!  l  L;  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) DirectorsCompensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ } } $ } 2} $ } a      'Horizon Technology Finance Corp N-2 06/18/20180(Executive officers who are not directors Name  Age  Position  Length of Service Daniel R. Trolio ~  . &Senior Vice President, Chief Financial  Since January 2017     Officer and Treasurer John C. Bombara ~  / 'Senior Vice President, General Counsel,  Since Inception    . &Chief Compliance Officer and SecretaryDaniel S. Devorsetz~ 2*Senior Vice President and Chief InvestmentSince InceptionOfficer$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/,z|pdXL=PF0*8X> @ l  S  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not !CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $} $ } } $ } } $                              'Horizon Technology Finance Corp N-2 06/18/2018!Compensation of directors Name  Fees  Total    Earned or   Paid in    Cash ?1? ?2? Interested Directors        Robert D. Pomeroy, Jr. None NoneGerald A. Michaud None NoneIndependent DirectorsJames J. Bottiglieri~ R(~ R(Edmund V. Mahoney~ R(~ R(Elaine A. Sarsynski~ ~ Joseph J. Savage~ =~ =$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<[sg[~N82&Q~rf>=PF0*8X> @      l  Kp  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0} $ }  } $ } U} $                                'Horizon Technology Finance Corp N-2 06/18/20182*CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS Name of Beneficial Owner ! Shares Beneficially Owned . &Percentage of Common Stock Outstanding Principal Stockholders         (  Compass Horizon Partners, LP ?1?  ~ v     @ %(  Directors and executive Officers        "Robert D. Pomeroy, Jr. ?2?~ V *%Gerald A. Michaud ?2?~ M *% James J. Bottiglieri ?2?~  *%Edmund V. Mahoney ?2?~ vY *%Elaine A. Sarsynski ?2?~ "N *%Joseph J. Savage ?2?~ ! *%Daniel R. Trolio ?2? ? *%John C. Bombara ?2?~ w *%Daniel S. Devorsetz ?2?~ O *%0(All officers and directors as a group (9~  333333? %persons)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@ DnbVJ{X6) o[O'=PF0*8X> @*   l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL SDESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $} $ } }       'Horizon Technology Finance Corp N-2 06/18/20182*CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS Name  Dollar Range of Equity   Securities in the   Company ?1? ?2? Independent Directors     James J. Bottiglieri?50,001 ? ?100,000Edmund V. Mahoney?50,001 ? ?100,000Elaine A. Sarsynski?10,001 ? ?50,000Joseph J. Savage?50,001 ? ?100,000Interested DirectorsRobert D. Pomeroy, Jr.?500,001 ? ?1,000,000Gerald A. Michaud?500,001 ? ?1,000,000&Portfolio Management EmployeesDaniel R. Trolio NoneDaniel S. Devorsetz?50,001 ? ?100,000 Gary P. Moro None ?3?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D lnbVJ&/#bTH%h =PF0*8X> @2    l  Š  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ } } $ }  }  $ } } $                     'Horizon Technology Finance Corp N-2 06/18/2018%DESCRIPTION OF OUR SECURITIES   Title of Class  Amount Authorized , $Amount Held by Us or for Our Account . &Amount Outstanding Exclusive of Amount          % Held by Us or for Our Account  Common Stock  ~    ~ 8    ~ v  Preferred Stock  ~  =    ?    ?   2022 Notes  ~ b?[    ?   ~ b?[ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*h{ocWFH]=PF0*8X> @:     l  :  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 7} $ } } $ :     'Horizon Technology Finance Corp N-2 06/18/2018+#Statements of Changes in Net Assets   Page0 (UNAUDITED CONSOLIDATED INTERIM FINANCIAL      STATEMENTS- %Consolidated Statements of Assets and   F-2 5 -Liabilities as of March 31, 2018 and December31, 2017 (unaudited)-%Consolidated Statements of Operations F-31)for the three months ended March 31, 2018and 2017 (unaudited)-%Consolidated Statements of Changes in F-43+Net Assets for the three months ended March%31, 2018 and 2017 (unaudited)-%Consolidated Statements of Cash Flows F-51)for the three months ended March 31, 2018and 2017 (unaudited)-%Consolidated Schedules of Investments F-62*as of March 31, 2018 and December 31, 2017 (unaudited)6.Notes to the Consolidated Financial Statements F-18 (unaudited)$AUDITED FINANCIAL STATEMENTS/'Management?s Report on Internal Control F-38Dlui]Q-'j5zQ4yb  !"#$%&'()*+,-./0123456789 over Financial Reporting/!'Report of Independent Registered Public!! !F-39!"Accounting Firm/#'Report of Independent Registered Public## #F-40#0$(Accounting Firm on Internal Control over%Financial Reporting-&%Consolidated Statements of Assets and&& &F-42&/''Liabilities as of December 31, 2017 and~ (-)%Consolidated Statements of Operations)) )F-43)3*+for the Years Ended December 31, 2017, 2016+and 2015-,%Consolidated Statements of Changes in,, ,F-44,/-'Net Assets for the Years Ended December.31, 2017, 2016 and 2015-/%Consolidated Statements of Cash Flows// /F-45/30+for the Years Ended December 31, 2017, 20161and 2015-2%Consolidated Schedules of Investments22 2F-462(3 as of December 31, 2017 and 201664.Notes to the Consolidated Financial Statements44 4F-58456$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8uZ;^J*zN=PF0*8X> @"998877  l  ;]  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } y<} $ }  } $ }  } $ ;                                 'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries    March 31,   December 31,  ~  ~  Assets         / 'Non-affiliate investments at fair value ~ "   ~ W  5-(cost of $205,970 and $219,303, respectively)1)Affiliate investments at fair value (cost~ l~ 61)of $7,371 and $3,774, respectively) (Note~ 0(Total investments at fair value (cost of~  ~ N ,$$213,341 and $223,077, respectively)(Note 4) Cash~ ~  gInterest receivable~ B~ J> Other assets~ ~  Total assets~ D~ J LiabilitiesBorrowings (Note 7)~ ~ Distributions payable~ 6~ 6,$Base management fee payable (Note 3)~ ~ &Incentive fee payable (Note 3)~ ~ vOther accrued expenses~ >~  D laUI=ps:l^4(8 ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 :  Total liabilities  ~    ~   .!&Commitments and Contingencies (Note 8)!!!!!!!!"# Net assets########$4%,Preferred stock, par value $0.001 per share,%% %?%%% %?%0&(1,000,000 shares authorized, zero shares3'+issued and outstanding as of March 31, 2018(and December 31, 20171))Common stock, par value $0.001 per share,))~ )2)))~ )2)1*)100,000,000 shares authorized, 11,691,4163++and 11,687,871 shares issued and 11,523,951/,'and 11,520,406 shares outstanding as of:-2March 31, 2018 and December 31, 2017, respectively(. Paid-in capital in excess of par..~ . ...~ . .1/)Distributions in excess of net investment//~ /~///~ /Z/0income21*Net unrealized depreciation on investments11~ 1111~ 11(2 Net realized loss on investments22~ 2r222~ 2jt23Total net assets33~ 31333~ 3>3(4 Total liabilities and net assets4~ 4D44~ 4J4(5 Net asset value per common share55L'@555q= ףp'@567$8____________________________19)Created by Morningstar Document Research.0:(http://documentresearch.morningstar.com/: k_Z9k43^f=PF0*8X> @::998855554444       l  :  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 7} $ } } $ } } $ :                                 'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries  , $For the Three Months Ended March 31,  ~  ~  Investment income         & Interest income on investments        4,Interest income on non-affiliate investments~ zg~ b0(Interest income on affiliate investments~  ?,$Total interest income on investments~ i~ b Fee income.&Prepayment fee income on non-affiliate~ v~ 2 investments/'Fee income on non-affiliate investments~ &~ ~Total investment income~ p~ lExpensesInterest expense~ 2~ $Base management fee (Note 3)~ j~ :-%Performance based incentive fee (Note~ ~ ~ #Administrative fee (Note 3)~ ~  Professional fees~ ~ D] laUI=yfZ?5)|^^=/ ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 " General and administrative  ~    ~  !Total expenses!!~ !=!!!~ !.8!"Net investment income""~ "*2"""~ "4"/#'Net realized and unrealized (loss) gain########$on investments6%.Net realized loss on non-affiliate investments%%~ %%%%~ %V%(& Net realized loss on investments&&~ &&&&~ &V&2'*Net unrealized (depreciation) appreciation''~ ''''~ ''$(on non-affiliate investments0)(Net unrealized depreciation on affiliate))~ ) ))) )?)* investments2+*Net unrealized (depreciation) appreciation++~ ++++~ ++,on investments/-'Net realized and unrealized (loss) gain--~ ----~ -z-.on investments1/)Net increase in net assets resulting from/~ /(//~ /9/0 operations.1&Net investment income per common share11Q?111(\?132+Net increase in net assets per common share22q= ףp?222{Gz?2(3 Distributions declared per share33333333?333333333?3+4#Weighted average shares outstanding44~ 4A444~ 4V456$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8 vs(?(tB,=PF0*8X> @998877333322221111////    l  !;<  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 1} $ } } $ } $}  $ } $} $ }  } $ }  } $ }  } $ }  } /$ !0000000000 0 0 0 0 0000000000000000000'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries                      Common Stock  Paid-In   Distributions  Net Unrealized   Net Realized   Total Net            Capital in   in Excess of  Depreciation on  Loss on  Assets            Excess of  Net Investment   Investments   Investments   Shares  Amount  Par  Income$Balance at December 31, 2016~ b~ 2     ~ ~  ~ !#$~ %'(~ )+,~ -~/1)Net increase in net assets resulting from ? ?    ?  ~ 4~ ~ V~ 9 operations/'Issuance of common stock under dividend~ VJ ?  ~     ? ? ?~ reinvestment planDistributions declared ? ?    ?  ~  ? ?~ !Balance at March 31, 2017~ Ծ~ 2 ~  B   ~ n~ }~ ~ $Balance at December 31, 2017~ Z&~ 2 ~     ~ Z~ ~ jt~ >1)Net increase in net assets resulting from ? ?    ?  ~ *2~ ~ ~ ( operations/'Issuance of common stock under dividend~ f7 ?  ~     ? ? ?~ reinvestment planDistributions declared ? ?    ?  ~  ? ?~ !Balance at March 31, 2018~ ]~ 2 ~     ~ ~~ ~ r~ 1$____________________________1)Created by Morningstar Document Research.DlaUI=fDy>pZ5 00 (http://documentresearch.morningstar.com/H=PF0*8X> @r.    !"%&)*-.                l  >Zsh  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } I;} $ } U} $ } U} $ >                                 'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries  " For the Three Months Ended    March 31,  ~  ~ - %Cash flows from operating activities:         1)Net increase in net assets resulting from~ (~ 9 operations-%Adjustments to reconcile net increase/'in net assets resulting from operations5-to net cash provided by operating activities:+#Amortization of debt issuance costs~ Z~ ( Net realized loss on investments~ V~ v2*Net unrealized depreciation (appreciation)~ *~ Ron investmentsPurchase of investments~ :z~ k2*Principal payments received on investments~ ~ ^i)!Proceeds from sale of investments~ n*~ **"Changes in assets and liabilities:'Decrease in interest receivable~ ~ 3+(Increase) decrease in end-of-term payments~ :~ ~#Decrease in unearned income~ Z~ V+#(Increase) decrease in other assets~ ~ D laUI=V8"^%hN-s ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = * "Increase in other accrued expenses  ~    ~  .!&Increase (decrease) in base management!!~ !!!!~ !!" fee payable)#!Increase in incentive fee payable##~ ####~ ##1$)Net cash provided by operating activities$$~ $V$$$~ $&7$-%%Cash flows from financing activities:%%%%%%%%&#'Advances on credit facility'' '?'''~ 'b'$(Repayment of credit facility(( (?(((~ (by()Distributions paid))~ ))))~ ))-*%Net cash used in financing activities**~ ****~ *.*+Net increase in cash++~ ++++~ +e+ ,Cash:,,,,,,,,-.Beginning of period..~ . g...~ .>D./ End of period/~ ///~ //901Supplemental disclosure of cash flow information:0000000012Cash paid for interest2~ 222~ 2253-Supplemental non-cash investing and financing333333334 activities:15)Warrant investments received and recorded5~ 555~ 5 56as unearned income7Distributions payable7~ 7677~ 757'8End-of-term payments receivable8~ 8188~ 8b:89:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@f Dn0pcJJH<5[=PF0*8X> @==<<;;8888777755552222////     l  LM  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } *} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?13?. &Non-Affiliate Investments ? 152.5% ?8?                 3+Non-Affiliate Debt Investments ? 139.1% ?8?     -%Non-Affiliate Debt Investments ? Life     Science ? 39.2% ?8?*"Palatin Technologies, Inc. ?2? ?5? Biotechnology4,Term Loan (10.17% cash (Libor + 8.50%; Floor ~  r  ~ 6~ 6&9.00%), 5.00% ETP, Due 1/1/19)4,Term Loan (10.17% cash (Libor + 8.50%; Floor  ~  )  ~ N)~ N)&9.00%), 5.00% ETP, Due 8/1/19)%vTv Therapeutics Inc. ?2? ?5? Biotechnology/'Term Loan (11.67% cash (Libor + 10.00%;  ~  a  ~ `~ j`-%Floor 10.50%), 6.00% ETP, Due 5/1/20)/'Term Loan (11.67% cash (Libor + 10.00%;  ~  :  ~ 9~ 9.&Floor 10.50%), 6.00% ETP, Due 10/1/20)+#Titan Pharmaceuticals, Inc. ?2? ?5? Drug Delivery4,Term Loan (10.18% cash (Libor + 8.40%; Floor  ~    ~ ~ &9.50%), 5.00% ETP, Due 6/1/21)Aerin Medical, Inc. ?2?Medical Device3+Term Loan (9.12% cash (Libor + 7.45%; Floor  ~  >  ~ <~ <&8.75%), 4.00% ETP, Due 1/1/22)3+Term Loan (9.12% cash (Libor + 7.45%; Floor  ~  .  ~ 6.~ 6.&8.75%), 4.00% ETP, Due 1/1/22)DlaUI=5w\ [w) !"#$%&'()*+,-./0123456789:;<=>?       3 +Term Loan (9.12% cash (Libor + 7.45%; Floor   ~ .   ~ 6.   ~ 6. !!!!!!!&!8.75%), 4.00% ETP, Due 1/1/22)(" Conventus Orthopaedics, Inc. ?2?"""Medical Device"""3"+Term Loan (9.67% cash (Libor + 8.00%; Floor"" " ~ " >" " "~ "z="""~ "z="#######&#9.25%), 6.00% ETP, Due 6/1/21)$$$$$$$3$+Term Loan (9.67% cash (Libor + 8.00%; Floor$$ $ ~ $ >$ $ $~ $z=$$$~ $z=$%%%%%%%&%9.25%), 6.00% ETP, Due 6/1/21)&&&&&&&3&+Term Loan (9.67% cash (Libor + 8.00%; Floor&& & ~ & >& & &~ &z=&&&~ &z=&'''''''&'9.25%), 6.00% ETP, Due 6/1/21)%(Lantos Technologies, Inc. ?2?(((Medical Device(((4(,Term Loan (10.21% cash (Libor + 8.43%; Floor(( ( ~ ( >( ( (~ (5(((~ (5()))))))')10.00%), 6.00% ETP, Due 9/1/21)%*Mederi Therapeutics, Inc. ?2?***Medical Device***/*'Term Loan (13.31% cash (Libor + 11.82%;** * ~ * * * *~ ****~ **+++++++.+&Floor 12.00%), 6.00% ETP, Due 12/1/17),,,,,,,/,'Term Loan (13.31% cash (Libor + 11.82%;,, , ~ , , , ,~ ,,,,~ ,,-------.-&Floor 12.00%), 6.00% ETP, Due 12/1/17)#.NinePoint Medical, Inc. ?2?...Medical Device...4.,Term Loan (10.42% cash (Libor + 8.75%; Floor.. . ~ . ). . .~ .j)...~ .j).///////&/9.25%), 4.50% ETP, Due 3/1/19)000000040,Term Loan (10.42% cash (Libor + 8.75%; Floor00 0 ~ 0 0 0 0~ 0000~ 001111111&19.25%), 4.50% ETP, Due 3/1/19)2VERO Biotech LLC ?2?222Medical Device22232+Term Loan (9.67% cash (Libor + 8.00%; Floor22 2 ~ 2 >2 2 2~ 2:=222~ 2:=23333333&39.25%), 5.00% ETP, Due 1/1/22)444444434+Term Loan (9.67% cash (Libor + 8.00%; Floor44 4 ~ 4 >4 4 4~ 4=444~ 4=45555555&59.25%), 5.00% ETP, Due 1/1/22)36+Total Non-Affiliate Debt Investments ? Life6 6 6 6 6 6~ 67666~ 6667Science?87Non-Affiliate Debt Investments ? Technology ? 90.8% ?8?89!:Intelepeer Holdings, Inc.:::Communications:::4:,Term Loan (11.62% cash (Libor + 9.95%; Floor:: : ~ : >: : :~ :<:::~ :<:;;;;;;;';11.25%), 2.50% ETP, Due 7/1/21)<<<<<<<4<,Term Loan (11.62% cash (Libor + 9.95%; Floor<< < ~ < >< < <~ <r=<<<~ <r=<======='=11.25%), 2.50% ETP, Due 7/1/21)>>>>>>>4>,Term Loan (11.62% cash (Libor + 9.95%; Floor>> > ~ > >> > >~ >r=>>>~ >r=>???????'?11.25%), 2.50% ETP, Due 7/1/21)DlU|O&NtKnDwJ>@ABCDEFGHIJK@PebblePost, Inc. ?2?@@@Communications@@@4@,Term Loan (10.93% cash (Libor + 9.26%; Floor@@ @ ~ @ >@ @ @~ @<@@@~ @<@AAAAAAA'A10.25%), 4.00% ETP, Due 7/1/21)BBBBBBB4B,Term Loan (10.93% cash (Libor + 9.26%; FloorBB B ~ B >B B B~ B=BBB~ B=BCCCCCCC'C10.25%), 4.00% ETP, Due 7/1/21)DSavingStar, Inc. ?2?DD%DConsumer-related TechnologiesDDD/D'Term Loan (12.07% cash (Libor + 10.40%;DD D ~ D N D D D~ DDDD~ DDEEEEEEE-E%Floor 10.90%), 4.25% ETP, Due 6/1/20)FFFFFFF/F'Term Loan (12.07% cash (Libor + 10.40%;FF F ~ F F F F~ FFFF~ FFGGGGGGG.G&Floor 10.90%), 3.80% ETP, Due 11/1/20)HHHHHHHH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/1*|n=PF0*8X> @KKJJII887766          l  I~z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } %} $ } a} $ } U5}  $ } } $ }  } $ }  } $ I     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?13? IgnitionOne, Inc. ?2?   Internet and Media   / 'Term Loan (11.90% cash (Libor + 10.23%;   ~ .   ~ j,   ~ j,        - %Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.90% cash (Libor + 10.23%;  ~  .  ~ j,~ j,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)!Jump Ramp Games, Inc. ?2?Internet and Media/'Term Loan (11.40% cash (Libor + 9.73%),  ~  >  ~ =~ =3.00% ETP, Due 4/1/21)Kixeye, Inc. ?2?Internet and Media4,Term Loan (11.27% cash (Libor + 9.60%; Floor  ~  .  ~ .-~ .-'10.75%), 2.00% ETP, Due 5/1/21)4,Term Loan (11.27% cash (Libor + 9.60%; Floor  ~  .  ~ .~ .'10.75%), 2.00% ETP, Due 5/1/21)MediaBrix, Inc. ?2?Internet and Media/'Term Loan (12.67% cash (Libor + 11.00%;  ~  N9  ~ 8~ 8-%Floor 11.50%), 3.00% ETP, Due 1/1/20)&Rocket Lawyer Incorporated ?2?Internet and Media4,Term Loan (11.07% cash (Libor + 9.40%; Floor  ~  >  ~ =~ ='10.50%), 3.00% ETP, Due 7/1/21)4,Term Loan (11.07% cash (Libor + 9.40%; Floor  ~  >  ~ =~ ='10.50%), 3.00% ETP, Due 7/1/21)DblaUI=5wPoFm({-J !"#$%&'()*+,-./0123456789:;<=>?       4 ,Term Loan (11.07% cash (Libor + 9.40%; Floor   ~ B   ~    ~  !!!!!!!(! 10.50%), 3.00% ETP, Due 11/1/21)"Zinio Holdings, LLC ?2?"""Internet and Media"""/"'Term Loan (12.92% cash (Libor + 11.25%;"" " ~ " >" " "~ "2>"""~ "2>"#######-#%Floor 11.75%), 6.00% ETP, Due 2/1/20)'$The NanoSteel Company, Inc. ?2?$$$ Materials$$$4$,Term Loan (11.17% cash (Libor + 9.50%; Floor$$ $ ~ $ vE$ $ $~ $nD$$$~ $nD$%%%%%%%'%10.00%), 7.20% ETP, Due 1/1/20)&&&&&&&4&,Term Loan (11.17% cash (Libor + 9.50%; Floor&& & ~ & "& & &~ &:"&&&~ &:"&'''''''''10.00%), 6.45% ETP, Due 1/1/20)(((((((4(,Term Loan (11.17% cash (Libor + 9.50%; Floor(( ( ~ ( %( ( (~ (f%(((~ (f%()))))))')10.00%), 5.85% ETP, Due 3/1/20)%*Powerhouse Dynamics, Inc. ?2?***Power Management***/*'Term Loan (12.37% cash (Libor + 10.70%;** * ~ * j* * *~ ****~ **+++++++-+%Floor 11.20%), 3.32% ETP, Due 9/1/19), Luxtera, Inc.,,,Semiconductors,,,/,'Term Loan (11.25% cash (Prime + 6.75%),,, , ~ , B, , ,~ ,,,,~ ,,-------- Due 3/28/20)......./.'Term Loan (11.25% cash (Prime + 6.75%),.. . ~ . r. . .~ ....~ ..//////// Due 3/28/20)"0Bridge2 Solutions, LLC ?2?000Software00040,Term Loan (10.92% cash (Libor + 9.25%; Floor00 0 ~ 0 "N0 0 0~ 0J000~ 0J01111111(1 10.50%), 2.00% ETP, Due 11/1/21)222222242,Term Loan (10.92% cash (Libor + 9.25%; Floor22 2 ~ 2 "N2 2 2~ 2J222~ 2J23333333(3 10.50%), 2.00% ETP, Due 11/1/21)$4Education Elements, Inc. ?2?444Software444/4'Term Loan (11.67% cash (Libor + 10.00%;44 4 ~ 4 b 4 4 4~ 4B 444~ 4B 45555555-5%Floor 10.50%), 4.00% ETP, Due 1/1/19)6666666/6'Term Loan (11.67% cash (Libor + 10.00%;66 6 ~ 6  6 6 6~ 6V 666~ 6V 67777777-7%Floor 10.50%), 4.00% ETP, Due 8/1/19)8Metricly, Inc.888Software888/8'Term Loan (13.92% cash (Libor + 12.25%;88 8 ~ 8 z8 8 8~ 8z888~ 8z89999999-9%Floor 12.50%), 3.33% ETP, Due 9/1/18):ShopKeep.com, Inc. ?2?:::Software:::4:,Term Loan (11.62% cash (Libor + 9.95%; Floor:: : ~ : Y: : :~ :W:::~ :W:;;;;;;;(; 10.45%), 4.08% ETP, Due 10/1/20)<<<<<<<4<,Term Loan (11.62% cash (Libor + 9.95%; Floor<< < ~ < >< < <~ <j=<<<~ <j=<======='=10.45%), 3.55% ETP, Due 2/1/21)> SIGNiX, Inc.>>>Software>>>/>'Term Loan (12.67% cash (Libor + 11.00%;>> > ~ > "!> > >~ >>>>~ >>???????-?%Floor 11.50%), 5.33% ETP, Due 2/1/20)DQlR{%xLq-,\.a.jp@ABCDEFGH%@SilkRoad Technology, Inc. ?2?@@@Software@@@/@'Term Loan (12.02% cash (Libor + 10.35%;@@ @ ~ @ zi@ @ @~ @"h@@@~ @"h@AAAAAAA1A)Floor 10.85%; Ceiling 12.85%), 5.00% ETP,BBBBBBBB Due 6/1/20)CWeblinc Corporation ?2?CCCSoftwareCCC/C'Term Loan (11.92% cash (Libor + 10.25%;CC C ~ C .C C C~ C*.CCC~ C*.CDDDDDDD-D%Floor 11.25%), 3.00% ETP, Due 3/1/21)EEEEEEEE$F____________________________1G)Created by Morningstar Document Research.0H(http://documentresearch.morningstar.com/)vi=PF0*8X> @b HHGGFF        l  J)'WMU  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0.} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ J     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?13?  xAd, Inc. ?2?   Software   4 ,Term Loan (10.37% cash (Libor + 8.70%; Floor   ~ "N   ~ L   ~ L        (  10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.37% cash (Libor + 8.70%; Floor  ~  "N  ~ L~ L( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.37% cash (Libor + 8.70%; Floor  ~  .  ~ -~ -( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.37% cash (Libor + 8.70%; Floor  ~  B  ~ ~ ( 10.00%), 4.75% ETP, Due 11/1/21)91Total Non-Affiliate Debt Investments ? Technology     ~ .x~ q3+Non-Affiliate Debt Investments ? Healthcare+#information and services ? 9.1% ?8?%HealthEdge Software, Inc. ?2?Software3+Term Loan (9.92% cash (Libor + 8.25%; Floor  ~  "N  ~ K~ K&9.25%), 3.00% ETP, Due 7/1/22)3+Term Loan (9.92% cash (Libor + 8.25%; Floor  ~  :  ~ 9~ 9&9.25%), 3.00% ETP, Due 1/1/23)3+Term Loan (9.99% cash (Libor + 8.25%; Floor  ~  :  ~ 9~ 9&9.25%), 3.00% ETP, Due 4/1/23)91Total Non-Affiliate Debt Investments ? Healthcare     ~ b~ b information and services,$Total Non-Affiliate Debt Investments     ~ o ~ g DlaUI=5w]/S>j !"#$%&'()*+,-./0123456789:;<=>?4 ,Non-Affiliate Warrant Investments ? 6.9% ?8?                !8"0Non-Affiliate Warrants ? Life Science ? 1.8% ?8?" " " " " """""""#$ACT Biotech Corporation$$$ Biotechnology$$$($ 604,038 Preferred Stock Warrants$$ $ $ $ $ $~ $$$$ $?$(% Alpine Immune Sciences, Inc. ?5?%%% Biotechnology%%%#%4,634 Common Stock Warrants%% % % % % %~ %%%% %?%(& Argos Therapeutics, Inc. ?2? ?5?&&& Biotechnology&&&#&3,656 Common Stock Warrants&& & & & & &~ &&&& &?&'Celsion Corporation ?5?''' Biotechnology'''!'408 Common Stock Warrants'' ' ' ' ' '~ '>''' '?'.(&Rocket Pharmaceuticals Corporation ?5?((( Biotechnology(((#(1,763 Common Stock Warrants(( ( ( ( ( (~ (F((( (?(*)"Palatin Technologies, Inc. ?2? ?5?))) Biotechnology)))%)608,058 Common Stock Warrants)) ) ) ) ) )~ ))))~ ))&*Revance Therapeutics, Inc. ?5?*** Biotechnology***$*34,113 Common Stock Warrants** * * * * *~ ****~ **+Sample6, Inc. ?2?+++ Biotechnology+++(+ 661,956 Preferred Stock Warrants++ + + + + +~ ++++~ +f+",Strongbridge U.S. Inc. ?5?,,, Biotechnology,,,%,160,714 Common Stock Warrants,, , , , , ,~ ,",,,~ ,,)-!Sunesis Pharmaceuticals, Inc. ?5?--- Biotechnology---#-2,050 Common Stock Warrants-- - - - - -~ ---- -?-%.vTv Therapeutics Inc. ?2? ?5?... Biotechnology...$.95,293 Common Stock Warrants.. . . . . .~ ....~ .2.+/#Titan Pharmaceuticals, Inc. ?2? ?5?/// Drug Delivery///%/320,612 Common Stock Warrants// / / / / /~ /~///~ /N/0AccuVein Inc. ?2?000Medical Device000*0"1,174,881 Preferred Stock Warrants00 0 0 0 0 0~ 0b000~ 0r01Aerin Medical, Inc. ?2?111Medical Device111*1"1,818,182 Preferred Stock Warrants11 1 1 1 1 1~ 1 111~ 11(2 Conventus Orthopaedics, Inc. ?2?222Medical Device222(2 720,000 Preferred Stock Warrants22 2 2 2 2 2~ 2~222~ 22%3Lantos Technologies, Inc. ?2?333Medical Device333'31,715,926 Common Stock Warrants33 3 3 3 3 3~ 3333~ 3v3%4Mederi Therapeutics, Inc. ?2?444Medical Device444(4 248,736 Preferred Stock Warrants44 4 4 4 4 4~ 4j444 4?45Mitralign, Inc. ?2?555Medical Device555$564,190 Common Stock Warrants55 5 5 5 5 5~ 5555~ 55#6NinePoint Medical, Inc. ?2?666Medical Device666'629,102 Preferred Stock Warrants66 6 6 6 6 6~ 6666~ 6 67OraMetrix, Inc. ?2?777Medical Device777(7 812,348 Preferred Stock Warrants77 7 7 7 7 7~ 7:777 7?7%8ReShape Lifesciences Inc. ?5?888Medical Device888!8134 Common Stock Warrants88 8 8 8 8 8~ 8n888 8?8 9Tryton Medical, Inc. ?2?999Medical Device999(9 122,362 Preferred Stock Warrants99 9 9 9 9 9~ 9>999~ 969:VERO Biotech LLC ?2?:::Medical Device:::%:800,000 Common Stock Warrants:: : : : : :~ ::::~ ::; ViOptix, Inc.;;;Medical Device;;;(; 375,763 Preferred Stock Warrants;; ; ; ; ; ;~ ;6;;; ;?;3<+Total Non-Affiliate Warrants ? Life Science< < < < < <~ <j<<<~ <%<6=.Non-Affiliate Warrants ? Technology ? 4.5% ?8?===== = = = = =======>?Ekahau, Inc. ?2????Communications???(? 978,261 Preferred Stock Warrants?? ? ? ? ? ?~ ????~ ?b?D%l0$S~7m'Rp3h"@ABCDEFGHI!@Intelepeer Holdings, Inc.@@@Communications@@@*@"2,256,549 Preferred Stock Warrants@@ @ @ @ @ @~ @V@@@~ @@APebblePost, Inc. ?2?AAACommunicationsAAA(A 598,850 Preferred Stock WarrantsAA A A A A A~ ArAAA~ A~ABAdditech, Inc. ?2?BB%BConsumer-related TechnologiesBBB(B 150,000 Preferred Stock WarrantsBB B B B B B~ BBBB~ BBCGwynnie Bee, Inc. ?2?CC%CConsumer-related TechnologiesCCC(C 268,591 Preferred Stock WarrantsCC C C C C C~ CCCC~ C CDLe Tote, Inc. ?2?DD%DConsumer-related TechnologiesDDD(D 202,974 Preferred Stock WarrantsDD D D D D D~ DDDD~ DDEF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/u&znF=PF0*8X> @IIHHGG==<<""         l  Gхb  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } m)} $ } U} $ } U} $ G     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?13?' Rhapsody International Inc. ?2?  % Consumer-related Technologies   % 852,273 Common Stock Warrants       ~     ?  SavingStar, Inc. ?2?  % Consumer-related Technologies   (  850,439 Preferred Stock Warrants       ~    ~  IgnitionOne, Inc. ?2?Internet and Media( 262,910 Preferred Stock Warrants     ~ ~ ~ b !Jump Ramp Games, Inc. ?2?Internet and Media( 159,766 Preferred Stock Warrants     ~ ~ Kixeye, Inc. ?2?Internet and Media( 791,251 Preferred Stock Warrants     ~ .~ 6&Rocket Lawyer Incorporated ?2?Internet and Media( 261,721 Preferred Stock Warrants     ~ r~ ~'The NanoSteel Company, Inc. ?2? Materials( 379,360 Preferred Stock Warrants     ~ ~ "%Powerhouse Dynamics, Inc. ?2?Power Management( 348,838 Preferred Stock Warrants     ~ ~ &Avalanche Technology, Inc. ?2?Semiconductors( 202,602 Preferred Stock Warrants     ~ ~ eASIC Corporation ?2?Semiconductors'40,445 Preferred Stock Warrants     ~ f~ vKaminario, Inc.Semiconductors*"1,087,203 Preferred Stock Warrants     ~ ~ Luxtera, Inc. ?2?Semiconductors*"3,546,553 Preferred Stock Warrants     ~ V~ Soraa, Inc. ?2?Semiconductors( 203,616 Preferred Stock Warrants     ~ B~ Bolt Solutions Inc. ?2?Software( 202,892 Preferred Stock Warrants     ~ ~ #Bridge2 Solutions, Inc. ?2?Software%125,458 Common Stock Warrants     ~ ~  Clarabridge, Inc.Software'53,486 Preferred Stock Warrants     ~ :~ $Education Elements, Inc. ?2?Software( 238,121 Preferred Stock Warrants     ~ r~ v"Lotame Solutions, Inc. ?2?Software( 288,115 Preferred Stock Warrants     ~ Z~ rMetricly, Inc.Software$41,569 Common Stock Warrants     ~  ?Riv Data Corp. ?2?Software( 321,428 Preferred Stock Warrants     ~ 2~ D5laUI=5wHe#>q0t< !"#$%&'()*+,-./0123456789:;<=>? ShopKeep.com, Inc. ?2?   Software   (  193,962 Preferred Stock Warrants       ~    ~  ! SIGNiX, Inc.!!!Software!!!(! 133,560 Preferred Stock Warrants!! ! ! ! ! !~ !!!!~ !!" Skyword, Inc."""Software"""(" 301,056 Preferred Stock Warrants"" " " " " "~ """"~ ""#SpringCM, Inc. ?2?###Software###*#"2,385,686 Preferred Stock Warrants## # # # # #~ ####~ #"# $Sys-Tech Solutions, Inc.$$$Software$$$($ 375,000 Preferred Stock Warrants$$ $ $ $ $ $~ $$$$~ $$%Visage Mobile, Inc.%%%Software%%%*%"1,692,047 Preferred Stock Warrants%% % % % % %~ %N%%%~ % %&Weblinc Corporation ?2?&&&Software&&&(& 195,122 Preferred Stock Warrants&& & & & & &~ &&&&~ &&' xAd, Inc. ?2?'''Software'''*'"4,343,350 Preferred Stock Warrants'' ' ' ' ' '~ ''''~ ''1()Total Non-Affiliate Warrants ? Technology( ( ( ( ( (~ (v<(((~ (Z_(5)-Non-Affiliate Warrants ? Cleantech ? 0.1% ?8?))))) ) ) ) ) )))))))*+Renmatix, Inc.+++Alternative Energy+++'+53,022 Preferred Stock Warrants++ + + + + +~ ++++ +?+,Tigo Energy, Inc. ?2?,,,Energy Efficiency,,,(, 804,604 Preferred Stock Warrants,, , , , , ,~ ,,,,~ ,,0-(Total Non-Affiliate Warrants ? Cleantech- - - - - -~ ----~ --7./Non-Affiliate Warrants ? Healthcare information. . . . . ......./and services ? 0.5% ?8?!0LifePrint Group, Inc. ?2?000 Diagnostics000'049,000 Preferred Stock Warrants00 0 0 0 0 0~ 0v000~ 0 01ProterixBio, Inc. ?2?111 Diagnostics111#13,156 Common Stock Warrants11 1 1 1 1 1~ 1111 1?12Singulex, Inc.222Other Healthcare222(2 294,231 Preferred Stock Warrants22 2 2 2 2 2~ 2222~ 22$3Verity Solutions Group, Inc.333Other Healthcare333(3 300,360 Preferred Stock Warrants33 3 3 3 3 3~ 3333~ 33#4Watermark Medical, Inc. ?2?444Other Healthcare444'427,373 Preferred Stock Warrants44 4 4 4 4 4~ 4*444~ 44%5HealthEdge Software, Inc. ?2?555Software555(5 158,063 Preferred Stock Warrants55 5 5 5 5 5~ 5555~ 55)6!Medsphere Systems Corporation ?2?666Software666*6"7,097,792 Preferred Stock Warrants66 6 6 6 6 6~ 6666~ 6R6$7Recondo Technology, Inc. ?2?777Software777(7 556,796 Preferred Stock Warrants77 7 7 7 7 7~ 7~777~ 7N718)Total Non-Affiliate Warrants ? Healthcare8 8 8 8 8 8~ 8.888~ 8V 8 9information and services$:Total Non-Affiliate Warrants: : : : : :~ :a:::~ :b:2;*Non-Affiliate Other Investments ? 5.7% ?8?;;;;; ; ; ; ; ;;;;;;;<$=Espero Pharmaceuticals, Inc.=== Biotechnology====Royalty Agreement== = = = = =~ =R===~ =rI=> ZetrOZ, Inc.>>>Medical Device>>>>Royalty Agreement>> > > > > >~ >>>>~ > >?Vette Technology, LLC??? Data Storage???'?Royalty Agreement Due 4/18/2019?? ? ? ? ? ?~ ?A???~ ??D"lYa*ah\E"gA4T^R@ABCDEF#@Triple Double Holdings, LLC@@@Software@@@@License Agreement@@ @ @ @ @ @~ @b"@@@~ @b"@-A%Total Non-Affiliate Other InvestmentsA A A A A A~ AAAA~ ARxABC$D____________________________1E)Created by Morningstar Document Research.0F(http://documentresearch.morningstar.com/.x=PF0*8X> @FFEEDDAA;;::9988//..--))((        l  88  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } 2}  $ } U} $ } U} $ } U} $ 8     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?13?' Non-Affiliate Equity ? 0.8% ?8?                     Insmed Incorporated ?5? Biotechnology33,208 Common Stock     ~ ~  &Revance Therapeutics, Inc. ?5? Biotechnology5,125 Common Stock     ~ &~ z)!Sunesis Pharmaceuticals, Inc. ?5? Biotechnology13,082 Common Stock     ~ N~ SnagAJob.com, Inc.%Consumer-related Technologies82,974 Common Stock     ~ &~ NTruSignal, Inc.Software32,637 Common Stock     ~ ~ "Total Non-Affiliate Equity     ~ ~ 0(Total Non-Affiliate Portfolio Investment     ~ J ~ " Assets( Affiliate Investments ? 5.3% ?8?     :2Affiliate Debt Investments ? Technology ? 4.6% ?8?     Decisyon, Inc.Software1)Term Loan (13.978% cash (Libor + 12.308%; ~    ~ ~ -%Floor 12.50%), 8.00% ETP, Due 4/1/20)1)Term Loan (13.978% cash (Libor + 12.308%;  ~     ~ . ~  -%Floor 12.50%), 8.00% ETP, Due 4/1/20),$Term Loan (12.02% cash, Due 4/15/19)  ~    ~ ~ DlaUI=5wyBXX !"#$%&'()*+,-./01234567       , $Term Loan (12.03% cash, Due 4/15/19)   ~    ~    ~  !!!!!!!!""""""","$Term Loan (12.24% cash, Due 4/15/19)"" " ~ "  " " "~ " """~ "F "########"$StereoVision Imaging, Inc.$$$Software$$$2$*Term Loan (8.61% PIK (Libor + 7.03%; Floor$$ $ ~ $ 2$ $ $~ $+$$$~ $*$%%%%%%%+%#8.50%), 8.50% ETP, Due 9/1/21) ?12?5&-Total Affiliate Debt Investments ? Technology& & & & & &~ &6c&&&~ &^_&2'*Affiliate Warrants ? Technology ? 0.0% ?8?' ' ' ' ' '''''''()Decisyon, Inc.)))Software)))$)82,967 Common Stock Warrants)) ) ) ) ) )~ )))) )?)-*%Total Affiliate Warrants ? Technology* * * * * *~ **** *?*0+(Affiliate Equity ? Technology ? 0.7% ?8?+ + + + + +++++++,-Decisyon, Inc.---Software----45,365,936 Common Stock-- - - - - -~ ----~ -.-".StereoVision Imaging, Inc....Software....1,943,572 Common Stock.. . . . . .~ .^ ...~ .^ .+/#Total Affiliate Equity ? Technology/ / / / / /~ /B///~ / /,0$Total Affiliate Portfolio Investment0 0 0 0 0 ~ 0.s00~ 0l01Assets62.Total Portfolio Investment Assets ? 157.8% ?8?2 2 2 2 2 ~ 2v 22~ 2 234$5____________________________16)Created by Morningstar Document Research.07(http://documentresearch.morningstar.com/4fzT#VSZ# =PF0*8X> @ !77665522222211000000//++**''&&         l  NZ$/  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } *} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ N     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of  Principal Amount  Cost of Investments ?6?  Fair Value ?14?      $ Investment ?4? ?7? ?9? ?10?. &Non-Affiliate Investments ? 161.8% ?8?  3+Non-Affiliate Debt Investments ? 148.4% ?8?-%Non-Affiliate Debt Investments ? LifeScience ? 43.0% ?8?*"Palatin Technologies, Inc. ?2? ?5? Biotechnology3+Term Loan (9.87% cash (Libor + 8.50%; Floor ~  B  ~ ~ &9.00%), 5.00% ETP, Due 1/1/19)3+Term Loan (9.87% cash (Libor + 8.50%; Floor  ~  ~1  ~ 1~ 1&9.00%), 5.00% ETP, Due 8/1/19)%vTv Therapeutics Inc. ?2? ?5? Biotechnology/'Term Loan (11.37% cash (Libor + 10.00%;  ~  a  ~ `~ `-%Floor 10.50%), 6.00% ETP, Due 5/1/20)/'Term Loan (11.37% cash (Libor + 10.00%;  ~  :  ~ 9~ 9.&Floor 10.50%), 6.00% ETP, Due 10/1/20)+#Titan Pharmaceuticals, Inc. ?2? ?5? Drug Delivery3+Term Loan (9.77% cash (Libor + 8.40%; Floor  ~  6  ~ "5~ "5&9.50%), 5.00% ETP, Due 6/1/21)3+Term Loan (9.77% cash (Libor + 8.40%; Floor  ~  6  ~ 5~ 5&9.50%), 5.00% ETP, Due 6/1/21)Aerin Medical, Inc. ?2?Medical Device3+Term Loan (8.85% cash (Libor + 7.45%; Floor  ~  >  ~ <~ <&8.75%), 4.00% ETP, Due 1/1/22)DlaUI=5UXL: <- !"#$%&'()*+,-./0123456789:;<=>?       3 +Term Loan (8.85% cash (Libor + 7.45%; Floor   ~ .   ~ *.   ~ *. !!!!!!!&!8.75%), 4.00% ETP, Due 1/1/22)"""""""3"+Term Loan (8.85% cash (Libor + 7.45%; Floor"" " ~ " ." " "~ "*."""~ "*."#######&#8.75%), 4.00% ETP, Due 1/1/22)($ Conventus Orthopaedics, Inc. ?2?$$$Medical Device$$$3$+Term Loan (9.49% cash (Libor + 8.00%; Floor$$ $ ~ $ >$ $ $~ $b=$$$~ $b=$%%%%%%%&%9.25%), 6.00% ETP, Due 6/1/21)&&&&&&&3&+Term Loan (9.49% cash (Libor + 8.00%; Floor&& & ~ & >& & &~ &b=&&&~ &b=&'''''''&'9.25%), 6.00% ETP, Due 6/1/21)(((((((3(+Term Loan (9.49% cash (Libor + 8.00%; Floor(( ( ~ ( >( ( (~ (b=(((~ (b=()))))))&)9.25%), 6.00% ETP, Due 6/1/21)%*Lantos Technologies, Inc. ?2?***Medical Device***4*,Term Loan (11.87% PIK (Libor + 10.50%; Floor** * ~ * &* * *~ *&***~ *&*+++++++,+$11.50%), 8.91% ETP, Due 5/1/19) ?13?%,Mederi Therapeutics, Inc. ?2?,,,Medical Device,,,/,'Term Loan (13.01% cash (Libor + 11.82%;,, , ~ , , , ,~ ,,,,~ ,,-------.-&Floor 12.00%), 6.00% ETP, Due 12/1/17)......./.'Term Loan (13.01% cash (Libor + 11.82%;.. . ~ . . . .~ ....~ ..///////./&Floor 12.00%), 6.00% ETP, Due 12/1/17)#0NinePoint Medical, Inc. ?2?000Medical Device00040,Term Loan (10.12% cash (Libor + 8.75%; Floor00 0 ~ 0 )0 0 0~ 0V)000~ 0V)01111111&19.25%), 4.50% ETP, Due 3/1/19)222222242,Term Loan (10.12% cash (Libor + 8.75%; Floor22 2 ~ 2 2 2 2~ 2222~ 223333333&39.25%), 4.50% ETP, Due 3/1/19)4VERO Biotech LLC ?2?444Medical Device44434+Term Loan (9.33% cash (Libor + 8.00%; Floor44 4 ~ 4 >4 4 4~ 4*=444~ 4*=45555555&59.25%), 5.00% ETP, Due 1/1/22)666666636+Term Loan (9.33% cash (Libor + 8.00%; Floor66 6 ~ 6 >6 6 6~ 6z=666~ 6z=67777777&79.25%), 5.00% ETP, Due 1/1/22)38+Total Non-Affiliate Debt Investments ? Life8 8 8 8 8 8~ 8ڊ888~ 889Science?:7Non-Affiliate Debt Investments ? Technology ? 99.1% ?8?:;!<Intelepeer Holdings, Inc.<<<Communications<<<4<,Term Loan (11.39% cash (Libor + 9.95%; Floor<< < ~ < >< < <~ <<<<<~ <<<======='=11.25%), 2.50% ETP, Due 7/1/21)>>>>>>>4>,Term Loan (11.39% cash (Libor + 9.95%; Floor>> > ~ > >> > >~ >^=>>>~ >^=>???????'?11.25%), 2.50% ETP, Due 7/1/21)DlU(O&{"J@EQ>@ABCDEFGHIJKLM@@@@@@@4@,Term Loan (11.39% cash (Libor + 9.95%; Floor@@ @ ~ @ >@ @ @~ @^=@@@~ @^=@AAAAAAA'A11.25%), 2.50% ETP, Due 7/1/21)BPebblePost, Inc. ?2?BBBCommunicationsBBB4B,Term Loan (10.63% cash (Libor + 9.26%; FloorBB B ~ B >B B B~ B<BBB~ B<BCCCCCCC'C10.25%), 4.00% ETP, Due 7/1/21)DDDDDDD4D,Term Loan (10.63% cash (Libor + 9.26%; FloorDD D ~ D >D D D~ Dv=DDD~ Dv=DEEEEEEE'E10.25%), 4.00% ETP, Due 7/1/21)FLe Tote, Inc. ?2?FF%FConsumer-related TechnologiesFFF4F,Term Loan (11.02% cash (Libor + 9.65%; FloorFF F ~ F >F F F~ F=FFF~ F=FGGGGGGG'G10.15%), 5.00% ETP, Due 3/1/20)HHHHHHH4H,Term Loan (11.02% cash (Libor + 9.65%; FloorHH H ~ H .H H H~ Hf.HHH~ Hf.HIIIIIII'I10.15%), 5.00% ETP, Due 3/1/20)JJJJJJJJ$K____________________________1L)Created by Morningstar Document Research.0M(http://documentresearch.morningstar.com/ SV{O=PF0*8X> @MMLLKK::9988        l  KY`w7  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } +} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ K     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector , $Type of Investment ?4? ?7? ?9? ?10?  Principal Amount  Cost of Investments ?6?  Fair Value ?14? SavingStar, Inc. ?2?  % Consumer-related Technologies   / 'Term Loan (11.77% cash (Libor + 10.40%;   ~ !   ~ r!   ~ r!        - %Floor 10.90%), 4.25% ETP, Due 6/1/20)       / 'Term Loan (11.77% cash (Libor + 10.40%;   ~    ~    ~  .&Floor 10.90%), 3.80% ETP, Due 11/1/20)IgnitionOne, Inc. ?2?Internet and Media/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)!Jump Ramp Games, Inc. ?2?Internet and Media/'Term Loan (11.10% cash (Libor + 9.73%),  ~  >  ~ =~ =3.00% ETP, Due 4/1/21)Kixeye, Inc. ?2?Internet and Media4,Term Loan (10.97% cash (Libor + 9.60%; Floor  ~  .  ~ R-~ R-'10.75%), 2.00% ETP, Due 9/1/21)4,Term Loan (10.97% cash (Libor + 9.60%; Floor  ~  .  ~ .~ .'10.75%), 2.00% ETP, Due 9/1/21)MediaBrix, Inc. ?2?Internet and Media/'Term Loan (12.37% cash (Libor + 11.00%;  ~  >  ~ &>~ &>-%Floor 11.50%), 3.00% ETP, Due 1/1/20)&Rocket Lawyer Incorporated ?2?Internet and Media4,Term Loan (10.77% cash (Libor + 9.40%; Floor  ~  >  ~ v=~ v=D,laUI=58Y0Z'yPw27 !"#$%&'()*+,-./0123456789:;<=>?       ' 10.50%), 3.00% ETP, Due 7/1/21)!!!!!!!4!,Term Loan (10.77% cash (Libor + 9.40%; Floor!! ! ~ ! >! ! !~ !v=!!!~ !v=!"""""""'"10.50%), 3.00% ETP, Due 7/1/21)#######4#,Term Loan (10.77% cash (Libor + 9.40%; Floor## # ~ # B# # #~ ####~ ##$$$$$$$($ 10.50%), 3.00% ETP, Due 11/1/21)%Zinio Holdings, LLC ?2?%%%Internet and Media%%%/%'Term Loan (12.62% cash (Libor + 11.25%;%% % ~ % >% % %~ %*>%%%~ %*>%&&&&&&&-&%Floor 11.75%), 6.00% ETP, Due 2/1/20)''The NanoSteel Company, Inc. ?2?''' Materials'''4',Term Loan (10.87% cash (Libor + 9.50%; Floor'' ' ~ ' H' ' '~ 'G'''~ 'G'((((((('(10.00%), 7.20% ETP, Due 1/1/20))))))))4),Term Loan (10.87% cash (Libor + 9.50%; Floor)) ) ~ ) ^$) ) )~ )#)))~ )#)*******'*10.00%), 6.45% ETP, Due 1/1/20)+++++++4+,Term Loan (10.87% cash (Libor + 9.50%; Floor++ + ~ + '+ + +~ +f&+++~ +f&+,,,,,,,',10.00%), 5.85% ETP, Due 3/1/20)%-Powerhouse Dynamics, Inc. ?2?---Power Management---/-'Term Loan (12.07% cash (Libor + 10.70%;-- - ~ - - - -~ -J---~ -J-.......-.%Floor 11.20%), 3.00% ETP, Due 3/1/19)/ Luxtera, Inc.///Semiconductors/////'Term Loan (11.25% cash (Prime + 6.75%),// / ~ / B/ / /~ ////~ //00000000 Due 3/28/20)1111111/1'Term Loan (11.25% cash (Prime + 6.75%),11 1 ~ 1 r1 1 1~ 1111~ 1122222222 Due 3/28/20)"3Bridge2 Solutions, LLC ?2?333Software33343,Term Loan (10.62% cash (Libor + 9.25%; Floor33 3 ~ 3 "N3 3 3~ 3J333~ 3J34444444(4 10.50%), 2.00% ETP, Due 11/1/21)555555545,Term Loan (10.62% cash (Libor + 9.25%; Floor55 5 ~ 5 "N5 5 5~ 5J555~ 5J56666666(6 10.50%), 2.00% ETP, Due 11/1/21),7$Digital Signal Corporation ?11? ?12?777Software777/7'Term Loan (11.62% cash (Libor + 10.25%;77 7 ~ 7 *7 7 7~ 7777~ 778888888-8%Floor 10.43%), 5.00% ETP, Due 7/1/19)9999999/9'Term Loan (11.62% cash (Libor + 10.25%;99 9 ~ 9 *9 9 9~ 9999~ 99:::::::-:%Floor 10.43%), 5.00% ETP, Due 7/1/19);;;;;;;-;%Term Loan (10.00% cash, Due 12/31/17);; ; ~ ; ; ; ;~ ;;;;~ ;;<<<<<<<<$=Education Elements, Inc. ?2?===Software===/='Term Loan (11.37% cash (Libor + 10.00%;== = ~ =  = = =~ =V ===~ =V =>>>>>>>->%Floor 10.50%), 4.00% ETP, Due 1/1/19)???????/?'Term Loan (11.37% cash (Libor + 10.00%;?? ? ~ ? ? ? ?~ ????~ ??DlS&OzL El0-s&@ABCDEFGHIJ@@@@@@@-@%Floor 10.50%), 4.00% ETP, Due 8/1/19)AMetricly, Inc.AAASoftwareAAA/A'Term Loan (13.62% cash (Libor + 12.25%;AA A ~ A A A A~ AAAA~ AABBBBBBB-B%Floor 12.50%), 3.33% ETP, Due 9/1/18)CShopKeep.com, Inc. ?2?CCCSoftwareCCC4C,Term Loan (11.32% cash (Libor + 9.95%; FloorCC C ~ C ]C C C~ C&\CCC~ C&\CDDDDDDD(D 10.45%), 4.08% ETP, Due 10/1/20)EEEEEEE4E,Term Loan (11.32% cash (Libor + 9.95%; FloorEE E ~ E >E E E~ ER=EEE~ ER=EFFFFFFF'F10.45%), 3.55% ETP, Due 2/1/21)GGGGGGGG$H____________________________1I)Created by Morningstar Document Research.0J(http://documentresearch.morningstar.com/{=PF0*8X> @BJJIIHH     l  G!I  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0.} $ } } $ } U5}  $ } } $ }  } $ }  } $ G     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector , $Type of Investment ?4? ?7? ?9? ?10?  Principal Amount  Cost of Investments ?6?  Fair Value ?14?  SIGNiX, Inc.   Software   / 'Term Loan (12.37% cash (Libor + 11.00%;   ~ "   ~ f    ~ *        - %Floor 11.50%), 5.33% ETP, Due 2/1/20)% SilkRoad Technology, Inc. ?2?   Software   / 'Term Loan (11.72% cash (Libor + 10.35%;   ~ bm   ~ k   ~ k 1)Floor 10.85%; Ceiling 12.85%), 5.00% ETP, Due 6/1/20)Weblinc Corporation ?2?Software/'Term Loan (11.62% cash (Libor + 10.25%;  ~  .  ~ -~ --%Floor 11.25%), 3.00% ETP, Due 3/1/21) xAd, Inc. ?2?Software4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  "N  ~ ~L~ ~L( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  "N  ~ ~L~ ~L( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  .  ~ -~ -( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  B  ~ ~ ( 10.00%), 4.75% ETP, Due 11/1/21)91Total Non-Affiliate Debt Investments ? Technology     ~ /~ ,3+Non-Affiliate Debt Investments ? Healthcare+#information and services ? 6.3% ?8?%HealthEdge Software, Inc. ?2?Software3+Term Loan (9.62% cash (Libor + 8.25%; Floor  ~  "N  ~ NK~ NK&9.25%), 3.00% ETP, Due 7/1/22)3+Term Loan (9.68% cash (Libor + 8.25%; Floor  ~  :  ~ 9~ 9D&laUI=58v(4g$vHW !"#$%&'()*+,-./0123456789:;<=>?       & 9.25%), 3.00% ETP, Due 1/1/23)9!1Total Non-Affiliate Debt Investments ? Healthcare! ! ! ! ! !~ !!!!~ !! "information and services,#$Total Non-Affiliate Debt Investments# # # # # #~ #? ###~ #; #4$,Non-Affiliate Warrant Investments ? 6.7% ?8?$ $ $ $ $ $$$$$$$%8&0Non-Affiliate Warrants ? Life Science ? 1.6% ?8?& & & & & &&&&&&&'(ACT Biotech Corporation((( Biotechnology((((( 604,038 Preferred Stock Warrants(( ( ( ( ( (~ (((( (?(() Alpine Immune Sciences, Inc. ?5?))) Biotechnology)))#)4,634 Common Stock Warrants)) ) ) ) ) )~ )))) )?)(* Argos Therapeutics, Inc. ?2? ?5?*** Biotechnology***$*73,112 Common Stock Warrants** * * * * *~ **** *?*+Celsion Corporation ?5?+++ Biotechnology+++!+408 Common Stock Warrants++ + + + + +~ +>+++ +?+.,&Rocket Pharmaceuticals Corporation ?5?,,, Biotechnology,,,#,7,051 Common Stock Warrants,, , , , , ,~ ,F,,, ,?,*-"Palatin Technologies, Inc. ?2? ?5?--- Biotechnology---%-608,058 Common Stock Warrants-- - - - - -~ ----~ -J-&.Revance Therapeutics, Inc. ?5?... Biotechnology...$.34,113 Common Stock Warrants.. . . . . .~ ....~ .f ./Sample6, Inc. ?2?/// Biotechnology///(/ 661,956 Preferred Stock Warrants// / / / / /~ ////~ /f/"0Strongbridge U.S. Inc. ?5?000 Biotechnology000%0160,714 Common Stock Warrants00 0 0 0 0 0~ 0"000~ 0j 0)1!Sunesis Pharmaceuticals, Inc. ?5?111 Biotechnology111#12,050 Common Stock Warrants11 1 1 1 1 1~ 1111 1?1%2vTv Therapeutics Inc. ?2? ?5?222 Biotechnology222$295,293 Common Stock Warrants22 2 2 2 2 2~ 2222~ 2J2+3#Titan Pharmaceuticals, Inc. ?2? ?5?333 Drug Delivery333%3280,612 Common Stock Warrants33 3 3 3 3 3~ 3b333~ 3z34AccuVein Inc. ?2?444Medical Device444'475,769 Preferred Stock Warrants44 4 4 4 4 4~ 4b444~ 4n45Aerin Medical, Inc. ?2?555Medical Device555*5"1,818,182 Preferred Stock Warrants55 5 5 5 5 5~ 5 555~ 5 5(6 Conventus Orthopaedics, Inc. ?2?666Medical Device666(6 720,000 Preferred Stock Warrants66 6 6 6 6 6~ 6~666~ 6~67IntegenX, Inc. ?2?777Medical Device777(7 170,646 Preferred Stock Warrants77 7 7 7 7 7~ 7777~ 77%8Lantos Technologies, Inc. ?2?888Medical Device888%8471,979 Common Stock Warrants88 8 8 8 8 8~ 8888~ 8F8%9Mederi Therapeutics, Inc. ?2?999Medical Device999(9 248,736 Preferred Stock Warrants99 9 9 9 9 9~ 9j999 9?9:Mitralign, Inc. ?2?:::Medical Device:::$:64,190 Common Stock Warrants:: : : : : :~ ::::~ ::#;NinePoint Medical, Inc. ?2?;;;Medical Device;;;';29,102 Preferred Stock Warrants;; ; ; ; ; ;~ ;;;;~ ; ;<OraMetrix, Inc. ?2?<<<Medical Device<<<(< 812,348 Preferred Stock Warrants<< < < < < <~ <:<<< <?<%=ReShape Lifesciences Inc. ?5?===Medical Device===!=134 Common Stock Warrants== = = = = =~ =n=== =?= >Tryton Medical, Inc. ?2?>>>Medical Device>>>(> 122,362 Preferred Stock Warrants>> > > > > >~ >>>>>~ >2>?VERO Biotech LLC ?2????Medical Device???%?800,000 Common Stock Warrants?? ? ? ? ? ?~ ????~ ??D$l)Kv/eMw-h%@ABCDEF@ ViOptix, Inc.@@@Medical Device@@@(@ 375,763 Preferred Stock Warrants@@ @ @ @ @ @~ @6@@@ @?@3A+Total Non-Affiliate Warrants ? Life ScienceA A A A A A~ AAAA~ A!ABC$D____________________________1E)Created by Morningstar Document Research.0F(http://documentresearch.morningstar.com/:x=PF0*8X> @FFEEDDAA&&$$##""!!     l  E?$ &  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } m)} $ } $} $ } $} $ E     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector , $Type of Investment ?4? ?7? ?9? ?10?  Principal Amount  Cost of Investments ?6?  Fair Value ?14?6 .Non-Affiliate Warrants ? Technology ? 4.6% ?8?              Ekahau, Inc. ?2?   Communications   (  978,261 Preferred Stock Warrants       ~    ~ Z !Intelepeer Holdings, Inc.Communications*"2,256,549 Preferred Stock Warrants     ~ V~ PebblePost, Inc. ?2?Communications( 598,850 Preferred Stock Warrants     ~ r~ rAdditech, Inc. ?2?%Consumer-related Technologies( 150,000 Preferred Stock Warrants     ~ ~ ~Gwynnie Bee, Inc. ?2?%Consumer-related Technologies( 268,591 Preferred Stock Warrants     ~ ~  Le Tote, Inc. ?2?%Consumer-related Technologies( 202,974 Preferred Stock Warrants     ~ ~ 'Rhapsody International Inc. ?2?%Consumer-related Technologies%852,273 Common Stock Warrants     ~  ?SavingStar, Inc. ?2?%Consumer-related Technologies( 850,439 Preferred Stock Warrants     ~ ~ IgnitionOne, Inc. ?2?Internet and Media( 262,910 Preferred Stock Warrants     ~  ~ r !Jump Ramp Games, Inc. ?2?Internet and Media( 159,766 Preferred Stock Warrants     ~ ~~ ~Kixeye, Inc. ?2?Internet and Media( 791,251 Preferred Stock Warrants     ~ .~ *&Rocket Lawyer Incorporated ?2?Internet and Media( 261,721 Preferred Stock Warrants     ~ n~ n'The NanoSteel Company, Inc. ?2? Materials( 379,360 Preferred Stock Warrants     ~ ~ 'Nanocomp Technologies, Inc. ?2? Networking*"1,440,489 Preferred Stock Warrants     ~  ?%Powerhouse Dynamics, Inc. ?2?Power Management( 290,698 Preferred Stock Warrants     ~ r~ j&Avalanche Technology, Inc. ?2?Semiconductors( 202,602 Preferred Stock Warrants     ~ ~ eASIC Corporation ?2?Semiconductors'40,445 Preferred Stock Warrants     ~ f~ rKaminario, Inc.Semiconductors*"1,087,203 Preferred Stock Warrants     ~ ~ Luxtera, Inc. ?2?Semiconductors*"3,546,553 Preferred Stock Warrants     ~ V~ DlaUI=58nb$JRo-Kp !"#$%&'()*+,-./0123456789:;<=>? Soraa, Inc. ?2?   Semiconductors   (  203,616 Preferred Stock Warrants       ~ B   ~  !Bolt Solutions Inc. ?2?!!!Software!!!(! 202,892 Preferred Stock Warrants!! ! ! ! ! !~ !!!!~ !!#"Bridge2 Solutions, Inc. ?2?"""Software"""%"125,458 Common Stock Warrants"" " " " " "~ """"~ " "#Clarabridge, Inc.###Software###'#53,486 Preferred Stock Warrants## # # # # #~ #:###~ #J#"$Digital Signal Corporation$$$Software$$$%$125,116 Common Stock Warrants$$ $ $ $ $ $~ $$$$ $?$$%Education Elements, Inc. ?2?%%%Software%%%(% 238,121 Preferred Stock Warrants%% % % % % %~ %r%%%~ %r%"&Lotame Solutions, Inc. ?2?&&&Software&&&(& 288,115 Preferred Stock Warrants&& & & & & &~ &Z&&&~ &f&'Metricly, Inc.'''Software'''$'41,569 Common Stock Warrants'' ' ' ' ' '~ '''' '?'(Riv Data Corp. ?2?(((Software((((( 321,428 Preferred Stock Warrants(( ( ( ( ( (~ (2(((~ (()ShopKeep.com, Inc. ?2?)))Software)))() 193,962 Preferred Stock Warrants)) ) ) ) ) )~ ))))~ )*)* SIGNiX, Inc.***Software***(* 133,560 Preferred Stock Warrants** * * * * *~ ****~ **+ Skyword, Inc.+++Software+++(+ 301,056 Preferred Stock Warrants++ + + + + +~ ++++~ ++,SpringCM, Inc. ?2?,,,Software,,,*,"2,385,686 Preferred Stock Warrants,, , , , , ,~ ,,,,~ ,, -Sys-Tech Solutions, Inc.---Software---(- 375,000 Preferred Stock Warrants-- - - - - -~ ----~ -B-.Visage Mobile, Inc....Software...*."1,692,047 Preferred Stock Warrants.. . . . . .~ .N...~ . ./Weblinc Corporation ?2?///Software///(/ 195,122 Preferred Stock Warrants// / / / / /~ ////~ //0 xAd, Inc. ?2?000Software000*0"4,343,350 Preferred Stock Warrants00 0 0 0 0 0~ 0000~ 0011)Total Non-Affiliate Warrants ? Technology1 1 1 1 1 1~ 1=111~ 1j`152-Non-Affiliate Warrants ? Cleantech ? 0.1% ?8?2 2 2 2 2 222222234Renmatix, Inc.444Alternative Energy444'453,022 Preferred Stock Warrants44 4 4 4 4 4~ 4444 4?45Tigo Energy, Inc. ?2?555Energy Efficiency555(5 804,604 Preferred Stock Warrants55 5 5 5 5 5~ 5555~ 5506(Total Non-Affiliate Warrants ? Cleantech6 6 6 6 6 6~ 6666~ 6677/Non-Affiliate Warrants ? Healthcare information7 7 7 7 7 77777778and services ? 0.4% ?8?!9LifePrint Group, Inc. ?2?999 Diagnostics999'949,000 Preferred Stock Warrants99 9 9 9 9 9~ 9v999~ 9 9:ProterixBio, Inc. ?2?::: Diagnostics:::#:3,156 Common Stock Warrants:: : : : : :~ :::: :?:;Singulex, Inc.;;;Other Healthcare;;;(; 294,231 Preferred Stock Warrants;; ; ; ; ; ;~ ;;;;~ ;;$<Verity Solutions Group, Inc.<<<Other Healthcare<<<(< 300,360 Preferred Stock Warrants<< < < < < <~ <<<<~ <<#=Watermark Medical, Inc. ?2?===Other Healthcare==='=27,373 Preferred Stock Warrants== = = = = =~ =*===~ ==%>HealthEdge Software, Inc. ?2?>>>Software>>>(> 110,644 Preferred Stock Warrants>> > > > > >~ >>>>~ >>)?!Medsphere Systems Corporation ?2????Software???*?"7,097,792 Preferred Stock Warrants?? ? ? ? ? ?~ ????~ ?B?D2&lD Hk6}>>ui+R/t(@ABCD@A$B____________________________1C)Created by Morningstar Document Research.0D(http://documentresearch.morningstar.com/ P=PF0*8X> @rDDCCBB8877662211      l  ?[N c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } 1}  $ } U} $ } $} $ } U} $ ?     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector , $Type of Investment ?4? ?7? ?9? ?10?  Principal Amount  Cost of Investments ?6?  Fair Value ?14?$ Recondo Technology, Inc. ?2?   Software   (  556,796 Preferred Stock Warrants       ~ ~   ~ > 1 )Total Non-Affiliate Warrants ? Healthcare      ~    ~    information and services$Total Non-Affiliate Warrants     ~ _~  2*Non-Affiliate Other Investments ? 5.7% ?8?     $Espero Pharmaceuticals, Inc. BiotechnologyRoyalty Agreement     ~ R~ rI ZetrOZ, Inc.Medical DeviceRoyalty Agreement     ~ ~  Vette Technology, LLC Data Storage'Royalty Agreement Due 4/18/2019     ~  B~ #Triple Double Holdings, LLCSoftwareLicense Agreement     ~ b"~ b"-%Total Non-Affiliate Other Investments     ~ ~ Rx'Non-Affiliate Equity ? 1.0% ?8?     Insmed Incorporated ?5? Biotechnology33,208 Common Stock     ~ ~ .&Revance Therapeutics, Inc. ?5? Biotechnology5,125 Common Stock     ~ &~ )!Sunesis Pharmaceuticals, Inc. ?5? Biotechnology13,082 Common Stock     ~ N~ SnagAJob.com, Inc.%Consumer-related Technologies82,974 Common Stock     ~ &~ NTruSignal, Inc.Software32,637 Common Stock     ~ ~ "Total Non-Affiliate Equity     ~ ~ 0(Total Non-Affiliate Portfolio Investment     ~ b ~ W AssetsDilaUI=58+Ky?}@ !"#$%&'()*+,-./0123456789:;<=>(  Affiliate Investments ? 2.6% ?8?            !:"2Affiliate Debt Investments ? Technology ? 2.5% ?8?" " " " " """""""#$Decisyon, Inc.$$$Software$$$1$)Term Loan (13.678% cash (Libor + 12.308%;$$ ~ $ $ $ ~ $$$~ $$%%%%%%%-%%Floor 12.50%), 8.00% ETP, Due 1/1/20)&&&&&&&1&)Term Loan (13.678% cash (Libor + 12.308%;&& & ~ &  & & &~ & &&&~ &~ &'''''''-'%Floor 12.50%), 8.00% ETP, Due 1/1/20)(((((((0((Term Loan (12.02% PIK, Due 4/15/19) ?13?(( ( ~ ( ( ( (~ ((((~ (())))))))*******0*(Term Loan (12.03% PIK, Due 4/15/19) ?13?** * ~ * * * *~ ****~ **++++++++,,,,,,,0,(Term Loan (12.24% PIK, Due 4/15/19) ?13?,, , ~ ,  , , ,~ , ,,,~ ,* ,--------5.-Total Affiliate Debt Investments ? Technology. . . . . .~ .^7...~ .4.2/*Affiliate Warrants ? Technology ? 0.0% ?8?/ / / / / ///////01Decisyon, Inc.111Software111$182,967 Common Stock Warrants11 1 1 1 1 1~ 1111 1?1-2%Total Affiliate Warrants ? Technology2 2 2 2 2 2~ 2222 2?203(Affiliate Equity ? Technology ? 0.1% ?8?3 3 3 3 3 333333345Decisyon, Inc.555Software555545,365,936 Common Stock55 5 5 5 5 5~ 5555~ 55+6#Total Affiliate Equity ? Technology6 6 6 6 6 6~ 6666~ 66,7$Total Affiliate Portfolio Investment7 7 7 7 7 ~ 7:77~ 7678Assets69.Total Portfolio Investment Assets ? 164.4% ?8?9 9 9 9 9 ~ 9 99~ 9N 9:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/BoXD8j^A Xn n\f=PF0*8X> @#>>==<<99999988777777663322//..$$ $$$$""        l  3~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0} $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp N-2 06/18/2018Note 4. Investments      March 31, 2018  December 31, 2017   Cost   Fair Value  Cost   Fair Value   (In thousands)  Investments                  Debt~ J ~ *  ~  .w   ~ Fp Warrants~ bb~ b  ~  `  ~   Other~ ~ Rx  ~    ~ RxEquity~ 2~ .  ~     ~ Total investments~ v ~   ~     ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4x yma Uy=PF0*8X> @         l  +  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 Investments!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } *} $ }  } $ }  }  $ } } $ }  } $ +     'Horizon Technology Finance Corp N-2 06/18/2018Note 4. Investments      March 31, 2018  December 31, 2017   Cost   Fair Value  Cost   Fair Value   (In thousands)  Life Science                  Biotechnology~ <~ O ~  L  ~ b Drug Delivery~ V~ &  ~  l  ~ 2kMedical Device~ Y~ X  ~  G  ~ F Technology     Communications~ 6~ r5  ~  5  ~ 4Consumer-Related~ B~ O  ~  ~  ~ j Data Storage~ A~   ~   B  ~ Internet and Media~ i~  i  ~  bm  ~ Nm Materials~ ~ *  ~    ~  Networking ? ?  ~      ?Power Management~ ~ ~  ~    ~ Semiconductors~ <~ B  ~  ;  ~ BSoftware~ ~ r  ~  R  ~  Cleantech     Alternative Energy~  ?  ~     ?Energy Efficiency~ ~   ~    ~ DjlymaKj=b~ !"#$%&'()*+ #Healthcare Information and Services                !" Diagnostics""~ "N"""~ " "" " ~ " N" " "~ " " #Other##~ #j###~ ### # ~ # j# # #~ ##$Software$$~ $$$$~ $ $$ $ ~ $ &$ $ $~ $6$%Total investments%~ %v %%~ % %% ~ %  % % ~ %N %&'$(____________________________1))Created by Morningstar Document Research.0*(http://documentresearch.morningstar.com/&Mq|=PF0*8X> @**))((%%%%%% %%        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)Note 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } a} $ } $} $ }  }  $ } $} $ } $} $ } $} $ }  } $ }  } $ } $} "$ } ##$} $$$ %%%%%%%%%% % % % % %%%%%%%'Horizon Technology Finance Corp N-2 06/18/20186.Note 5. Transactions with affiliated companies   !"  ) !Three months ended March 31, 2018 Portfolio Company ' Fair value at December 31, 2017   Purchases  Sales (  Transfers in/(out) at fair value  Discount accretion " Net unrealized gain/(loss) $ Fair value at March 31, 2018  Net realized gain/(loss) ! "Interest income   (In thousands) Decisyon, Inc. ~ 6   $?   $?   $?  ~   ~   ~ z6   $?  !~ " $ StereoVision, Inc.   ?   ~ 8    ?    ?    ?   ~ Z   ~ n6    ?  ! " #? $Total Affiliates~ 6~ 8   $?   $?~ ~  ~ l $? !~ "$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/, |j^RFbl:~rf>=PF0*8X> @ $$$ "#        "# $        "$ $ l  "B   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affili!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ } U} $ } a/}  $ } $4} $ } } $ } I } $ "     'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)    March 31, 2018 Investment Type   Fair Value * "Valuation Techniques/Methodologies  Unobservable Input  Range  Weighted                   Average/ '(Dollars in thousands, except per share data)Debt investments~  -%Discounted Expected Future Cash Flows  ! Hypothetical Market Yield   10? ? 25? 13?     ~ jLiquidation Scenario   Probability Weighting   100? 100?Warrant investments~ t%Black-Scholes Valuation Model  3 +Price Per Share Average Industry Volatility  ?0.00 ? ?22.38 ?3.63      20? 20?        Marketability Discount   20? 20?        Estimated Time to Exit   1 to 5 years3 years~  Expected Settlement   Price Per Share  ?0.001?0.001Other investments~ Rx/'Multiple Probability Weighted Cash Flow  + #Discount Rate Probability Weighting   18? ? 25? 19? Model      0? ? 100? 36?     Equity investments~ zLast Equity Financing   Price Per Share   ?0.00 ? ?1.26 ?0.46!Total Level 3 investments~ z      $____________________________Dlxl`T]n ^]m' !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @r!!          l  $   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ }  } $ } a/}  $ } $4} $ } } $ } I } $ $     'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)    December 31, 2017 Investment Type   Fair Value * "Valuation Techniques/Methodologies  Unobservable Input  Range  Weighted                   Average/ '(Dollars in thousands, except per share data)Debt investments~ B -%Discounted Expected Future Cash Flows  ! Hypothetical Market Yield   10? ? 25? 13?~ R-Liquidation Scenario  , $Discount Rate Marketability Discount   18? 18?   Uncertainty Discount   20? 20?      20? 20?     Warrant investments~ .s%Black-Scholes Valuation Model  3 +Price Per Share Average Industry Volatility  ?0.00 ? ?22.38 ?3.69      20? 20?        Marketability Discount   20? 20?        Estimated Time to Exit   1 to 5 years3 years~  Expected Proceeds   Price Per Share  ?0.001?0.001Other investments~ Rx/'Multiple Probability Weighted Cash Flow  + #Discount Rate Probability Weighting   18? ? 25? 19? Model      0? ? 100? 36?     Equity investments~ Last Equity Financing   Price Per Share   ?0.00 ? ?1.26 ?0.54!Total Level 3 investments~ _      Dlxl`TZ. / !"# $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/ <=PF0*8X> @r##""!!         l  ?0  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $      'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)      March 31, 2018   Total  Level 1  Level 2  Level 3   (In thousands) Debt investments ~ *    $?   $?  ~ *   Warrant investments ~ b   $?  ~   ~ t Other investments~ Rx $?   $?  ~ RxEquity investments~ .~    $?  ~ z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.%xl`T0J(=PF0*8X> @              l  H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $      'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)      December 31, 2017   Total  Level 1  Level 2  Level 3   (In thousands) Debt investments ~ Fp    $?   $?  ~ Fp   Warrant investments ~     $?  ~   ~ 6s Other investments~ Rx $?   $?  ~ RxEquity investments~ ~    $?  ~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.(xl`T-G% =PF0*8X> @              l  h  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $4} $ }  } $ } U}  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)     ) !Three Months Ended March 31, 2018   Debt Investments  Warrant Investments  Equity Investments  Other Investments  Total   (In thousands)+ #Level 3 assets, beginning of period ~ Fp   ~ 6s  ~   ~ Rx  ~ _   Purchase of investments  ~ ʅ    ?    ?    ?   ~ ʅ 3+Warrants and equity received and classified ?~   ~  ^    ?~  as Level 32*Principal payments received on investments~  ?    ?  ~ ~ 2 )!Proceeds from sale of investments~  ?    ?   ?~ ( Net realized loss on investments~ ~     ?   ?~ .&Unrealized (depreciation) appreciation~ ~   ~  :  ~ b~ included in earnings Other~ n ?    ?   ?~ n%Level 3 assets, end of period~ * ~ t ~  z  ~ Rx~ z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<Lxl`TT>|tuM=PF0*8X> @            l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $4} $ }  } $ } U}  $ } $} $ } U} $ }  } $      'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)     ) !Three Months Ended March 31, 2017   Debt Investments  Warrant Investments  Equity Investments  Other Investments  Total   (In thousands)+ #Level 3 assets, beginning of period ~ *]   ~ [  ~ 2  ~ b   ~ >   Purchase of investments  ~     ?    ?    ?   ~  3+Warrants and equity received and classified ?~ b     ?   ?~ b  as Level 32*Principal payments received on investments~  ?    ?  ~ ~ )!Proceeds from sale of investments ?~     ?   ?~ /'Net realized (loss) gain on investments~ S~ 2     ?   ?~ `.&Unrealized appreciation (depreciation)~ ~     ?  ~ V~ included in earnings/'Transfer from debt to other investments~ 2 ?    ?  ~ R ? Other~  ?    ?   ?~ %Level 3 assets, end of period~ " ~ a ~  2  ~ 2\~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0xl`TU?wME^RF=PF0*8X> @            l  a  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $      'Horizon Technology Finance Corp N-2 06/18/2018Note 7. Borrowings      March 31, 2018  December 31, 2017   Total Commitment  Balance Outstanding  Unused Commitment  Total Commitment  Balance Outstanding  Unused Commitment   (In thousands)  Key Facility ~ b  ~ B  ~ "B  ~ b  ~ B  ~ "B   2022 Notes  ~ G   ~ G    ?   ~ G   ~ G    ? ( Total before debt issuance costs~ ^~ >  ~  "B  ~ ^~ >~ "B4,Unamortized debt issuance costs attributable ?~     ?   ?~  ?to term borrowings)!Total borrowings outstanding, net~ ^~  ~  "B  ~ ^~ ~ "B$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2c znbkg59A#=PF0*8X> @               l  H  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 BorrowingsNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ }  } $ } $} $                             'Horizon Technology Finance Corp N-2 06/18/2018OGNote 8. Financial instruments with off-balance-sheet risk - (continued)   March 31, 2018    Principal   Fair Value of   Balance  Unfunded        Commitment        Liability(In thousands)Aerin Medical, Inc.~ "N~ VERO Biotech LLC~ B~ R!HealthEdge Software, Inc.~ 2u~ .!Intelepeer Holdings, Inc.~ .~ PebblePost, Inc.~ >~ "StereoVision Imaging, Inc.~  ? Total~ _~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:QE9-m"g5J8/=PF0*8X> @z        l  6 r  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wi!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y } $ } y }  $ } } $ }  } $ }  } $ } $} $ 6     'Horizon Technology Finance Corp N-2 06/18/2018Note 10. Distributions     Date Declared   Record Date   Payment Date  Amount Per Share  Cash Distribution  DRIP Shares Issued  DRIP                        Share Value  1 )(In thousands, except share and per share   data)) !Three Months Ended March 31, 2018                        3/1/185/17/186/15/18  ?   $? ? $?3/1/184/19/185/15/18   ?   ? ? ?3/1/183/19/184/17/18   ?  ~ ~ ~ 6  333333?  ~ ~ ~ 6$Year Ended December 31, 2017     10/27/172/21/183/15/18  ?  ~ ~ f~ :10/27/171/22/182/15/18   ?  ~ ~ ~ 610/27/1712/20/171/17/18   ?  ~ ~ ~~ 67/28/1711/20/1712/15/17   ?  ~ ~ .~ 67/28/1710/19/1711/15/17   ?  ~ ~ ~ 67/28/179/20/1710/16/17   ?  ~ ~ ~ :4/27/178/18/179/15/17   ?  ~ ~ ~ 64/27/177/20/178/15/17   ?  ~ ~ ~ 24/27/176/20/177/14/17   ?  ~ ~ 2~ 63/3/175/19/176/15/17   ?  ~ ~ ~ :3/3/174/21/175/16/17   ?  ~ ~ ~ >Dlvj^_6m! ATl !"#$%&'()*+,-./012345 3/3/17   3/20/17    4/18/17    ?   ~    ~    ~ J !!!!!!!!!! ! 333333?! ! ~ !j!!!~ !!!~ !!$"Year Ended December 31, 2016""""""""" " " " " """""""""""#$10/28/16$$$2/22/17$$$$3/15/17$$ $ ?$ $ ~ $$$$~ $$$~ $B$%10/28/16%%%1/19/17%%%%2/15/17%% % % ?% % %~ %%%%~ %%%%~ %F%&10/28/16&&&12/20/16&&&&1/13/17&& & & ?& & &~ &&&&~ &:&&&~ &B&'7/29/16'''11/18/16''''12/15/16'' ' ' q= ףp?' ' '~ 'r'''~ ''''~ 'N'(7/29/16(((10/20/16((((11/15/16(( ( ( q= ףp?( ( (~ (r(((~ ((((~ (V()7/29/16)))9/20/16))))10/17/16)) ) ) q= ףp?) ) )~ )f)))~ ))))~ )Z)*4/28/16***8/19/16****9/15/16** * * q= ףp?* * *~ *n***~ ****~ *V*+4/28/16+++7/20/16++++8/15/16++ + + q= ףp?+ + +~ +Z+++~ ++++~ +f+,4/28/16,,,6/20/16,,,,7/15/16,, , , q= ףp?, , ,~ ,f,,,~ ,,,,~ ,^,-3/3/16---5/19/16----6/15/16-- - - q= ףp?- - -~ -f---~ ----~ -^-.3/3/16...4/20/16....5/16/16.. . . q= ףp?. . .~ ....~ .;...~ ../3/3/16///3/18/16////4/15/16// / / q= ףp?/ / /~ /j///~ ////~ /V/0000000000 0 \(\?0 0 ~ 0v000~ 0~c00~ 02012$3____________________________14)Created by Morningstar Document Research.05(http://documentresearch.morningstar.com/0XL"6Lfz=PF0*8X> @55443300 0000$$ $$$$!! !!!!            l  |  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 DistributionsNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ } } $ } a}  $                    'Horizon Technology Finance Corp N-2 06/18/2018,$Note 10. Distributions - (continued)   Ex-Dividend Date   Record Date   Payment Date  Distributions Declared August 16, 2018   August 17, 2018    September 14, 2018   ?   July 18, 2018    July 19, 2018    August 15, 2018   ?   June 18, 2018    June 19, 2018     July 17, 2018   ?  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/(Tth\Pk)=PF0*8X> @J      l  .: @  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } $4} $ } } } $ } }  .                                 'Horizon Technology Finance Corp N-2 06/18/2018%Note 11. Financial highlights  $ Three Months Ended March 31,  ~  ~   1 )(In thousands, except share and per share   data) Per share data:        .&Net asset value at beginning of periodq= ףp'@Gz.(@Net investment incomeQ?(\?$Realized loss on investments{GzGz.&Unrealized (depreciation) appreciation{Gz ףp= ?on investments1)Net increase in net assets resulting fromq= ףp?{Gz? operations"Distributions declared ?1?333333ӿ333333ӿ"From net investment income333333ӿ333333ӿ-%From net realized gain on investments ? ?Return of capital ? ?( Net asset value at end of periodL'@Q8(@3+Per share market value, beginning of periodq= ףp&@(\%@-%Per share market value, end of periodHz$@(\B&@0(Total return based on a market value ?2? %!@ %+#Shares outstanding at end of period~ ]~ Ծ%Ratios to average net assets:D| l{ocWN%Y?dRG  ! " # $ % & ' ( ) * + , -  '!Expenses without incentive fees!!!ffffff$@ !% ?3?!!!333333"@ !% ?3?"Incentive fees"""? "% ?3?"""333333? "% ?3?# Net expenses###'@ #% ?3?###$@ #% ?3?1$)Net investment income with incentive fees$$$9.5% (3)$$$$ffffff#@ $% ?3?+%#Net assets at the end of the period%~ %1%%~ %%&Average net asset value&~ &28&&~ &Ҁ&'Average debt per share''(\ @'''zG@' (Portfolio turnover ratio(((333333@ (%(((,@ (%)*$+____________________________1,)Created by Morningstar Document Research.0-(http://documentresearch.morningstar.com/ &S5-[=PF0*8X> @--,,++''''&&&&%%%%      l  :] rh  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 6} $ }  } $ }  } $ :                                 'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries    December 31,  ~  ~  Assets         / 'Non-affiliate investments at fair value ~ W   ~ N  5-(cost of $219,303 and $211,627, respectively)(Note 4)1)Affiliate investments at fair value (cost~ 6 ?of $3,774) (Note 5)0(Total investments at fair value (cost of~ N ~ N ,$$223,077 and $211,627, respectively) Cash~  g~ >DInterest receivable~ J>~ R^ Other assets~ ~ z  Total assets~ J~ R LiabilitiesBorrowings (Note 7)~ ~ Distributions payable~ 6~ 5,$Base management fee payable (Note 3)~ ~ F&Incentive fee payable (Note 3)~ v ?Other accrued expenses~  ~  Total liabilities~  ~ rD* laUI=[GTUzn~] ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 - %Commitments and Contingencies (Note 8        !and 9)" Net assets""""""""#4$,Preferred stock, par value $0.001 per share,$$ $?$$$ $?$0%(1,000,000 shares authorized, zero shares1&)issued and outstanding as of December 31,' 2017 and 20161()Common stock, par value $0.001 per share,((~ (2(((~ (2(1))100,000,000 shares authorized, 11,687,8713*+and 11,671,966 shares issued and 11,520,406/+'and 11,510,424 shares outstanding as of0,(December 31, 2017 and 2016, respectively(- Paid-in capital in excess of par--~ - ---~ -~ -1.)Distributions in excess of net investment..~ .Z...~ ../income20*Net unrealized depreciation on investments00~ 0000~ 00(1 Net realized loss on investments11~ 1jt111~ 112Total net assets22~ 2>222~ 2~2(3 Total liabilities and net assets3~ 3J33~ 3R3(4 Net asset value per common share44q= ףp'@444Gz.(@456$7____________________________18)Created by Morningstar Document Research.09(http://documentresearch.morningstar.com/8; o]A &S*~nvj^6=PF0*8X> @99887744443333      l  ?d   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 8} $ } } $ }  }  $ } } $ ?                                 'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries     Year Ended December 31,  ~  ~  ~ ~ Investment income             4 ,Interest income on non-affiliate investments ~ o  ~   ~  0(Interest income on affiliate investments~  ?    ? ,$Total interest income on investments~ Ns~   ~    Fee income    .&Prepayment fee income on non-affiliate~ b~ j   ~  &  investments/'Fee income on non-affiliate investments~ ~ f   ~  N +#Fee income on affiliate investments~ > ?    ? Total investment income~ ƒ~ b  ~   Expenses    Interest expense~ P~ [  ~  Y $Base management fee (Note 3)~ *;~ I  ~  .J -%Performance based incentive fee (Note~ ~ :!  ~  6 ~ #Administrative fee (Note 3)~  ~    ~   Professional fees~ V~ :  ~  r "General and administrative~  ~    ~   DlaUI=T)c F+m ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = >  Total expenses  ~ z   ~    ~  2!*Management and performance based incentive!!~ !!!! !?!! ! ~ ! ! "fees waived (Note 3)# Net expenses##~ #>###~ ### # ~ # j # /$'Net investment income before excise tax$$~ $$$$~ $ $$ $ ~ $ $ /%'Provision (credit) for excise tax (Note%%~ %f%%%~ %%% %  % ?% ~ &"'Net investment income''~ '&'''~ '. '' ' ~ ' ' 7(/Net realized and unrealized loss on investments((((((((( ( ( ( )6*.Net realized loss on non-affiliate investments**~ ****~ *** * ~ * :* (+ Net realized loss on investments++~ ++++~ +++ + ~ + :+ 2,*Net unrealized appreciation (depreciation),,~ ,*!,,,~ ,!,, , ~ , Z, $-on non-affiliate investments0.(Net unrealized depreciation on affiliate..~ .... .?.. .  . ?. / investments20*Net unrealized appreciation (depreciation)00~ 0 000~ 0!00 0 ~ 0 Z0 1on investments72/Net realized and unrealized loss on investments22~ 2222~ 222 2 ~ 2 2 73/Net increase (decrease) in net assets resulting3~ 3ޕ33~ 3>33 ~ 3 B3 4from operations.5&Net investment income per common share55Q?555Gz?55 5 ?5 16)Net increase (decrease) in net assets per66(\?666Qۿ66 6 (\?6 7 common share(8 Distributions declared per share88333333?888\(\?88 8 Gz?8 +9#Weighted average shares outstanding99~ 9999~ 9r99 9 ~ 9 m9 :;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/BYXPe&a,<%Y?nC+|=PF0*8X> @>> == << 888888 666666 555555 333333      l  38   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 6} $ } y} $ } }  $ } } $ }  } $ }  } $ }  } $ }  } /$ 30000000000 0 0 0 0 0000000000000000000'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries                      Common Stock  Paid-In   Accumulated  Net Unrealized  Net   Total Net            Capital in   Undistributed  Depreciation on  Realized  Assets            Excess of  (Distributions   Investments  Loss on           Par   in Excess of)       Investments     Net InvestmentSharesAmount     Income$Balance at December 31, 2014~ rK~ *     ~ y  ! $(1,102 )#$~ %'(~ )Q+,~ -"p/1)Issuance of common stock, net of offering~ z~    ~  "   ? ? ?~ * costs1)Net increase in net assets resulting from ? ?    ?  ~ ~ Z~ :~ B%operations, net of excise tax/'Issuance of common stock under dividend~ ? ?  ~     ? ? ?~ reinvestment plan"Repurchase of common stock~ j ?  ~  ~   ? ? ?~ ~Distributions declared ? ?    ?  ~ >  ? ?~ > 5-Reclassification of permanent tax differences ? ?  ~    ~   ?~ : ?(Note 2)$Balance at December 31, 2015~  ~ 2  ~     ~ ~ V~ 9~  1)Net decrease in net assets resulting from ? ?    ?  ~ . ~ !~ ~ >%operations, net of excise tax/'Issuance of common stock under dividend~ 2m ?  ~  F   ? ? ?~ Freinvestment planDlaUI=3tCpuH 0!0"0#0$0%0&0'0(0)0*0+0,0-0.0/0001020" Repurchase of common stock  ~     ?   ~     ?    ?    ?   ~  !Distributions declared!! !?!!! !?!! !  ! ?! ! !~ !V!!! !?!!! !?!!!~ !V!5"-Reclassification of permanent tax differences"" "?""" "?"" " ~ " ^" " "~ """" "?""" "?""" "?"#(Note 2)$$Balance at December 31, 2016$$~ $b$$$~ $2$$ $ ~ $ ~ $ $ $~ $$$$~ $$$$~ $$$$~ $~$1%)Net increase in net assets resulting from%% %?%%% %?%% %  % ?% % %~ %&%%%~ % %%%~ %%%%~ %ޕ%%&operations, net of excise tax/''Issuance of common stock under dividend''~ '''' '?'' ' ~ ' ' ' ' '?''' '?''' '?'''~ ''(reinvestment plan")Repurchase of common stock))~ )v))) )?)) ) ~ ) ) ) ) )?))) )?))) )?)))~ ))*Distributions declared** *?*** *?** *  * ?* * *~ *(*** *?*** *?***~ *(*5+-Reclassification of permanent tax differences++ +?+++ +?++ + ~ + + + +~ +f+++ +?+++ +?+++ +?+,(Note 2)$-Balance at December 31, 2017--~ -Z&--~ -2-- ~ -  - - ~ -Z--~ ---~ -jt--~ ->-./$0____________________________11)Created by Morningstar Document Research.02(http://documentresearch.morningstar.com/*hs_I v{W=PF0*8X> @*%221100---- --------!"%&)*-.               l  K  ;  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } I;} $ } I} $ } U}  $ } I} $ K                                 'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries     Year Ended December 31,  ~  ~  ~ ~- %Cash flows from operating activities:             7 /Net increase (decrease) in net assets resulting ~ ޕ  ~ >  ~ B from operations-%Adjustments to reconcile net increase    /'(decrease) in net assets resulting from1)operations to net cash (used in) provided by operating activities:+#Amortization of debt issuance costs~ n ~   ~  > ( Net realized loss on investments~ K~ y  ~   2*Net unrealized (appreciation) depreciation~ .~ r  ~   on investmentsPurchase of investments~ ~ X  ~  y 2*Principal payments received on investments~ U~ z  ~  B )!Proceeds from sale of investments~ ~ b  ~   *"Changes in assets and liabilities:    .&Net decrease (increase) in investments ?~ v  ~   in money market funds.&Net decrease in restricted investments ?~   ~  ^ in money market fundsD]laUI=TrL,  ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? 2 *(Increase) decrease in interest receivable  ~    ~ N   ~  3!+Decrease (increase) in end-of-term payments!!~ !v!!!~ !!! ! ~ ! ! #"Decrease in unearned income""~ "B"""~ """ " ~ " "  #Decrease in other assets##~ #### #?## # ~ #  # *$"Decrease in other accrued expenses$$~ $.$$$~ $$$ $ ~ $ $ .%&Increase (decrease) in base management%%~ %%%%~ %B%% % ~ % v% & fee payable4',Increase (decrease) in incentive fee payable''~ 'v'''~ ''' ' ~ ' ' 0((Net cash (used in) provided by operating((~ ((((~ (Z1(( ( ~ ( z( ) activities-*%Cash flows from financing activities:********* * * * +,,$Proceeds from issuance of 2022 Notes,,~ ,G,,, ,?,, ,  , ?, -Repayment of 2019 Notes--~ -b--- -?-- -  - ?- /.'Proceeds from issuance of common stock,.. .?... .?.. . ~ . *. /net of offering costs'0Repayment of Asset-Backed Notes00 0?000~ 000 0 ~ 0 ƅ0 #1Advances on credit facility11~ 1111~ 1B11 1 ~ 1 B1 $2Repayment of credit facility22~ 2b222~ 222 2  2 ?2 3Distributions paid33~ 3*333~ 3^ 33 3 ~ 3 b3 "4Repurchase of common stock44~ 4444~ 444 4 ~ 4 ~4 5Debt issuance costs55~ 5555~ 555 5 ~ 5 r5 06(Net cash (used in) provided by financing66~ 6 666~ 6r66 6 ~ 6 z6 7 activities'8Net (decrease) increase in cash88~ 8"888~ 888 8 ~ 8 8  9Cash:999999999 9 9 9 :;Beginning of period;;~ ;>D;;;~ ;vD;; ; ~ ; ; < End of period<~ < g<<~ <>D<< ~ < vD< 9=1Supplemental disclosure of cash flow information:========= = = = >?Cash paid for interest?~ ?D??~ ?R?? ~ ? I? Djl4g-eNXp6G1p@ A B C D E F G H I J 5@-Supplemental non-cash investing and financing@@@@@@@@@ @ @ @ A activities:1B)Warrant investments received and recordedB~ B~&BB~ BBB ~ B  B Cas unearned incomeDDistributions payableD~ D6DD~ D5DD ~ D 2>D 'EEnd of term payments receivableE~ E-EE~ EJOEE ~ E zOE FG$H____________________________1I)Created by Morningstar Document Research.0J(http://documentresearch.morningstar.com/Z7 y[+=PF0*8X> @JJ II HH EEEEEE DDDDDD BBBBBB ?????? <<<<<<      l  N9 pV ra  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } *} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ N     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?14?. &Non-Affiliate Investments ? 161.8% ?8?                 3+Non-Affiliate Debt Investments ? 148.4% ?8?     -%Non-Affiliate Debt Investments ? Life     Science ? 43.0% ?8?*"Palatin Technologies, Inc. ?2? ?5? Biotechnology3+Term Loan (9.87% cash (Libor + 8.50%; Floor ~  B  ~ ~ &9.00%), 5.00% ETP, Due 1/1/19)3+Term Loan (9.87% cash (Libor + 8.50%; Floor  ~  ~1  ~ 1~ 1&9.00%), 5.00% ETP, Due 8/1/19)%vTv Therapeutics Inc. ?2? ?5? Biotechnology/'Term Loan (11.37% cash (Libor + 10.00%;  ~  a  ~ `~ `-%Floor 10.50%), 6.00% ETP, Due 5/1/20)/'Term Loan (11.37% cash (Libor + 10.00%;  ~  :  ~ 9~ 9.&Floor 10.50%), 6.00% ETP, Due 10/1/20)+#Titan Pharmaceuticals, Inc. ?2? ?5? Drug Delivery3+Term Loan (9.77% cash (Libor + 8.40%; Floor  ~  6  ~ "5~ "5&9.50%), 5.00% ETP, Due 6/1/21)3+Term Loan (9.77% cash (Libor + 8.40%; Floor  ~  6  ~ 5~ 5&9.50%), 5.00% ETP, Due 6/1/21)Aerin Medical, Inc. ?2?Medical Device3+Term Loan (8.85% cash (Libor + 7.45%; Floor  ~  >  ~ <~ <&8.75%), 4.00% ETP, Due 1/1/22)DlaUI=5w ^ ]zQ !"#$%&'()*+,-./0123456789:;<=>?       3 +Term Loan (8.85% cash (Libor + 7.45%; Floor   ~ .   ~ *.   ~ *. !!!!!!!&!8.75%), 4.00% ETP, Due 1/1/22)"""""""3"+Term Loan (8.85% cash (Libor + 7.45%; Floor"" " ~ " ." " "~ "*."""~ "*."#######&#8.75%), 4.00% ETP, Due 1/1/22)($ Conventus Orthopaedics, Inc. ?2?$$$Medical Device$$$3$+Term Loan (9.49% cash (Libor + 8.00%; Floor$$ $ ~ $ >$ $ $~ $b=$$$~ $b=$%%%%%%%&%9.25%), 6.00% ETP, Due 6/1/21)&&&&&&&3&+Term Loan (9.49% cash (Libor + 8.00%; Floor&& & ~ & >& & &~ &b=&&&~ &b=&'''''''&'9.25%), 6.00% ETP, Due 6/1/21)(((((((3(+Term Loan (9.49% cash (Libor + 8.00%; Floor(( ( ~ ( >( ( (~ (b=(((~ (b=()))))))&)9.25%), 6.00% ETP, Due 6/1/21)%*Lantos Technologies, Inc. ?2?***Medical Device***4*,Term Loan (11.87% PIK (Libor + 10.50%; Floor** * ~ * &* * *~ *&***~ *&*+++++++,+$11.50%), 8.91% ETP, Due 5/1/19) ?13?%,Mederi Therapeutics, Inc. ?2?,,,Medical Device,,,/,'Term Loan (13.01% cash (Libor + 11.82%;,, , ~ , , , ,~ ,,,,~ ,,-------.-&Floor 12.00%), 6.00% ETP, Due 12/1/17)......./.'Term Loan (13.01% cash (Libor + 11.82%;.. . ~ . . . .~ ....~ ..///////./&Floor 12.00%), 6.00% ETP, Due 12/1/17)#0NinePoint Medical, Inc. ?2?000Medical Device00040,Term Loan (10.12% cash (Libor + 8.75%; Floor00 0 ~ 0 )0 0 0~ 0V)000~ 0V)01111111&19.25%), 4.50% ETP, Due 3/1/19)222222242,Term Loan (10.12% cash (Libor + 8.75%; Floor22 2 ~ 2 2 2 2~ 2222~ 223333333&39.25%), 4.50% ETP, Due 3/1/19)4VERO Biotech LLC ?2?444Medical Device44434+Term Loan (9.33% cash (Libor + 8.00%; Floor44 4 ~ 4 >4 4 4~ 4*=444~ 4*=45555555&59.25%), 5.00% ETP, Due 1/1/22)666666636+Term Loan (9.33% cash (Libor + 8.00%; Floor66 6 ~ 6 >6 6 6~ 6z=666~ 6z=67777777&79.25%), 5.00% ETP, Due 1/1/22)38+Total Non-Affiliate Debt Investments ? Life8 8 8 8 8 8~ 8ڊ888~ 889Science?:7Non-Affiliate Debt Investments ? Technology ? 99.1% ?8?: : : : : :::::::;!<Intelepeer Holdings, Inc.<<<Communications<<<4<,Term Loan (11.39% cash (Libor + 9.95%; Floor<< < ~ < >< < <~ <<<<<~ <<<======='=11.25%), 2.50% ETP, Due 7/1/21)>>>>>>>4>,Term Loan (11.39% cash (Libor + 9.95%; Floor>> > ~ > >> > >~ >^=>>>~ >^=>???????'?11.25%), 2.50% ETP, Due 7/1/21)DlU(O&{"J@EQ>k_ @ABCDEFGHIJKLM@@@@@@@4@,Term Loan (11.39% cash (Libor + 9.95%; Floor@@ @ ~ @ >@ @ @~ @^=@@@~ @^=@AAAAAAA'A11.25%), 2.50% ETP, Due 7/1/21)BPebblePost, Inc. ?2?BBBCommunicationsBBB4B,Term Loan (10.63% cash (Libor + 9.26%; FloorBB B ~ B >B B B~ B<BBB~ B<BCCCCCCC'C10.25%), 4.00% ETP, Due 7/1/21)DDDDDDD4D,Term Loan (10.63% cash (Libor + 9.26%; FloorDD D ~ D >D D D~ Dv=DDD~ Dv=DEEEEEEE'E10.25%), 4.00% ETP, Due 7/1/21)FLe Tote, Inc. ?2?FF%FConsumer-related TechnologiesFFF4F,Term Loan (11.02% cash (Libor + 9.65%; FloorFF F ~ F >F F F~ F=FFF~ F=FGGGGGGG'G10.15%), 5.00% ETP, Due 3/1/20)HHHHHHH4H,Term Loan (11.02% cash (Libor + 9.65%; FloorHH H ~ H .H H H~ Hf.HHH~ Hf.HIIIIIII'I10.15%), 5.00% ETP, Due 3/1/20)JJJJJJJJ$K____________________________1L)Created by Morningstar Document Research.0M(http://documentresearch.morningstar.com/ SV{O=PF0*8X> @MMLLKK::9988          l  L  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } +} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?14? SavingStar, Inc. ?2?  % Consumer-related Technologies   / 'Term Loan (11.77% cash (Libor + 10.40%;   ~ !   ~ r!   ~ r!        - %Floor 10.90%), 4.25% ETP, Due 6/1/20)/'Term Loan (11.77% cash (Libor + 10.40%;  ~    ~ ~ .&Floor 10.90%), 3.80% ETP, Due 11/1/20)IgnitionOne, Inc. ?2?Internet and Media/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (11.60% cash (Libor + 10.23%;  ~  .  ~ B,~ B,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)!Jump Ramp Games, Inc. ?2?Internet and Media/'Term Loan (11.10% cash (Libor + 9.73%),  ~  >  ~ =~ =3.00% ETP, Due 4/1/21)Kixeye, Inc. ?2?Internet and Media4,Term Loan (10.97% cash (Libor + 9.60%; Floor  ~  .  ~ R-~ R-'10.75%), 2.00% ETP, Due 9/1/21)4,Term Loan (10.97% cash (Libor + 9.60%; Floor  ~  .  ~ .~ .'10.75%), 2.00% ETP, Due 9/1/21)MediaBrix, Inc. ?2?Internet and Media/'Term Loan (12.37% cash (Libor + 11.00%;  ~  >  ~ &>~ &>-%Floor 11.50%), 3.00% ETP, Due 1/1/20)DflaUI=5wF=f3il !"#$%&'()*+,-./0123456789:;<=>?& Rocket Lawyer Incorporated ?2?   Internet and Media   4 ,Term Loan (10.77% cash (Libor + 9.40%; Floor   ~ >   ~ v=   ~ v= !!!!!!!'!10.50%), 3.00% ETP, Due 7/1/21)"""""""4",Term Loan (10.77% cash (Libor + 9.40%; Floor"" " ~ " >" " "~ "v="""~ "v="#######'#10.50%), 3.00% ETP, Due 7/1/21)$$$$$$$4$,Term Loan (10.77% cash (Libor + 9.40%; Floor$$ $ ~ $ B$ $ $~ $$$$~ $$%%%%%%%(% 10.50%), 3.00% ETP, Due 11/1/21)&Zinio Holdings, LLC ?2?&&&Internet and Media&&&/&'Term Loan (12.62% cash (Libor + 11.25%;&& & ~ & >& & &~ &*>&&&~ &*>&'''''''-'%Floor 11.75%), 6.00% ETP, Due 2/1/20)'(The NanoSteel Company, Inc. ?2?((( Materials(((4(,Term Loan (10.87% cash (Libor + 9.50%; Floor(( ( ~ ( H( ( (~ (G(((~ (G()))))))')10.00%), 7.20% ETP, Due 1/1/20)*******4*,Term Loan (10.87% cash (Libor + 9.50%; Floor** * ~ * ^$* * *~ *#***~ *#*+++++++'+10.00%), 6.45% ETP, Due 1/1/20),,,,,,,4,,Term Loan (10.87% cash (Libor + 9.50%; Floor,, , ~ , ', , ,~ ,f&,,,~ ,f&,-------'-10.00%), 5.85% ETP, Due 3/1/20)%.Powerhouse Dynamics, Inc. ?2?...Power Management.../.'Term Loan (12.07% cash (Libor + 10.70%;.. . ~ . . . .~ .J...~ .J.///////-/%Floor 11.20%), 3.00% ETP, Due 3/1/19)0 Luxtera, Inc.000Semiconductors000/0'Term Loan (11.25% cash (Prime + 6.75%),00 0 ~ 0 B0 0 0~ 0000~ 0011111111 Due 3/28/20)2222222/2'Term Loan (11.25% cash (Prime + 6.75%),22 2 ~ 2 r2 2 2~ 2222~ 2233333333 Due 3/28/20)"4Bridge2 Solutions, LLC ?2?444Software44444,Term Loan (10.62% cash (Libor + 9.25%; Floor44 4 ~ 4 "N4 4 4~ 4J444~ 4J45555555(5 10.50%), 2.00% ETP, Due 11/1/21)666666646,Term Loan (10.62% cash (Libor + 9.25%; Floor66 6 ~ 6 "N6 6 6~ 6J666~ 6J67777777(7 10.50%), 2.00% ETP, Due 11/1/21),8$Digital Signal Corporation ?11? ?12?888Software888/8'Term Loan (11.62% cash (Libor + 10.25%;88 8 ~ 8 *8 8 8~ 8888~ 889999999-9%Floor 10.43%), 5.00% ETP, Due 7/1/19):::::::/:'Term Loan (11.62% cash (Libor + 10.25%;:: : ~ : *: : :~ ::::~ ::;;;;;;;-;%Floor 10.43%), 5.00% ETP, Due 7/1/19)<<<<<<<-<%Term Loan (10.00% cash, Due 12/31/17)<< < ~ < < < <~ <<<<~ <<========$>Education Elements, Inc. ?2?>>>Software>>>/>'Term Loan (11.37% cash (Libor + 10.00%;>> > ~ >  > > >~ >V >>>~ >V >???????-?%Floor 10.50%), 4.00% ETP, Due 1/1/19)D=l#vHvoAl7R$J!u@ABCDEFGHIJK@@@@@@@/@'Term Loan (11.37% cash (Libor + 10.00%;@@ @ ~ @ @ @ @~ @@@@~ @@AAAAAAA-A%Floor 10.50%), 4.00% ETP, Due 8/1/19)BMetricly, Inc.BBBSoftwareBBB/B'Term Loan (13.62% cash (Libor + 12.25%;BB B ~ B B B B~ BBBB~ BBCCCCCCC-C%Floor 12.50%), 3.33% ETP, Due 9/1/18)DShopKeep.com, Inc. ?2?DDDSoftwareDDD4D,Term Loan (11.32% cash (Libor + 9.95%; FloorDD D ~ D ]D D D~ D&\DDD~ D&\DEEEEEEE(E 10.45%), 4.08% ETP, Due 10/1/20)FFFFFFF4F,Term Loan (11.32% cash (Libor + 9.95%; FloorFF F ~ F >F F F~ FR=FFF~ FR=FGGGGGGG'G10.45%), 3.55% ETP, Due 2/1/21)HHHHHHHH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/RB=PF0*8X> @b KKJJII        l  L >  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0.} $ } } $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?14?  SIGNiX, Inc.   Software   / 'Term Loan (12.37% cash (Libor + 11.00%;   ~ "   ~ f    ~ *        - %Floor 11.50%), 5.33% ETP, Due 2/1/20)%SilkRoad Technology, Inc. ?2?Software/'Term Loan (11.72% cash (Libor + 10.35%;  ~  bm  ~ k~ k1)Floor 10.85%; Ceiling 12.85%), 5.00% ETP, Due 6/1/20)Weblinc Corporation ?2?Software/'Term Loan (11.62% cash (Libor + 10.25%;  ~  .  ~ -~ --%Floor 11.25%), 3.00% ETP, Due 3/1/21) xAd, Inc. ?2?Software4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  "N  ~ ~L~ ~L( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  "N  ~ ~L~ ~L( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  .  ~ -~ -( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.07% cash (Libor + 8.70%; Floor  ~  B  ~ ~ ( 10.00%), 4.75% ETP, Due 11/1/21)91Total Non-Affiliate Debt Investments ? Technology     ~ /~ ,3+Non-Affiliate Debt Investments ? Healthcare     +#information and services ? 6.3% ?8?%HealthEdge Software, Inc. ?2?Software3+Term Loan (9.62% cash (Libor + 8.25%; Floor  ~  "N  ~ NK~ NK&9.25%), 3.00% ETP, Due 7/1/22)DlaUI=5wcT ^01j; !"#$%&'()*+,-./0123456789:;<=>?       3 +Term Loan (9.68% cash (Libor + 8.25%; Floor   ~ :   ~ 9   ~ 9 !!!!!!!&!9.25%), 3.00% ETP, Due 1/1/23)9"1Total Non-Affiliate Debt Investments ? Healthcare" " " " " "~ """"~ "" #information and services,$$Total Non-Affiliate Debt Investments$ $ $ $ $ $~ $? $$$~ $; $4%,Non-Affiliate Warrant Investments ? 6.7% ?8?% % % % % %%%%%%%&8'0Non-Affiliate Warrants ? Life Science ? 1.6% ?8?' ' ' ' ' '''''''()ACT Biotech Corporation))) Biotechnology)))() 604,038 Preferred Stock Warrants)) ) ) ) ) )~ )))) )?)(* Alpine Immune Sciences, Inc. ?5?*** Biotechnology***#*4,634 Common Stock Warrants** * * * * *~ **** *?*(+ Argos Therapeutics, Inc. ?2? ?5?+++ Biotechnology+++$+73,112 Common Stock Warrants++ + + + + +~ ++++ +?+,Celsion Corporation ?5?,,, Biotechnology,,,!,408 Common Stock Warrants,, , , , , ,~ ,>,,, ,?,.-&Rocket Pharmaceuticals Corporation ?5?--- Biotechnology---#-7,051 Common Stock Warrants-- - - - - -~ -F--- -?-*."Palatin Technologies, Inc. ?2? ?5?... Biotechnology...%.608,058 Common Stock Warrants.. . . . . .~ ....~ .J.&/Revance Therapeutics, Inc. ?5?/// Biotechnology///$/34,113 Common Stock Warrants// / / / / /~ ////~ /f /0Sample6, Inc. ?2?000 Biotechnology000(0 661,956 Preferred Stock Warrants00 0 0 0 0 0~ 0000~ 0f0"1Strongbridge U.S. Inc. ?5?111 Biotechnology111%1160,714 Common Stock Warrants11 1 1 1 1 1~ 1"111~ 1j 1)2!Sunesis Pharmaceuticals, Inc. ?5?222 Biotechnology222#22,050 Common Stock Warrants22 2 2 2 2 2~ 2222 2?2%3vTv Therapeutics Inc. ?2? ?5?333 Biotechnology333$395,293 Common Stock Warrants33 3 3 3 3 3~ 3333~ 3J3+4#Titan Pharmaceuticals, Inc. ?2? ?5?444 Drug Delivery444%4280,612 Common Stock Warrants44 4 4 4 4 4~ 4b444~ 4z45AccuVein Inc. ?2?555Medical Device555'575,769 Preferred Stock Warrants55 5 5 5 5 5~ 5b555~ 5n56Aerin Medical, Inc. ?2?666Medical Device666*6"1,818,182 Preferred Stock Warrants66 6 6 6 6 6~ 6 666~ 6 6(7 Conventus Orthopaedics, Inc. ?2?777Medical Device777(7 720,000 Preferred Stock Warrants77 7 7 7 7 7~ 7~777~ 7~78IntegenX, Inc. ?2?888Medical Device888(8 170,646 Preferred Stock Warrants88 8 8 8 8 8~ 8888~ 88%9Lantos Technologies, Inc. ?2?999Medical Device999%9471,979 Common Stock Warrants99 9 9 9 9 9~ 9999~ 9F9%:Mederi Therapeutics, Inc. ?2?:::Medical Device:::(: 248,736 Preferred Stock Warrants:: : : : : :~ :j::: :?:;Mitralign, Inc. ?2?;;;Medical Device;;;$;64,190 Common Stock Warrants;; ; ; ; ; ;~ ;;;;~ ;;#<NinePoint Medical, Inc. ?2?<<<Medical Device<<<'<29,102 Preferred Stock Warrants<< < < < < <~ <<<<~ < <=OraMetrix, Inc. ?2?===Medical Device===(= 812,348 Preferred Stock Warrants== = = = = =~ =:=== =?=%>ReShape Lifesciences Inc. ?5?>>>Medical Device>>>!>134 Common Stock Warrants>> > > > > >~ >n>>> >?> ?Tryton Medical, Inc. ?2????Medical Device???(? 122,362 Preferred Stock Warrants?? ? ? ? ? ?~ ?>???~ ?2?D$lU`fI8g J{;@ABCDEFGHIJK@VERO Biotech LLC ?2?@@@Medical Device@@@%@800,000 Common Stock Warrants@@ @ @ @ @ @~ @@@@~ @@A ViOptix, Inc.AAAMedical DeviceAAA(A 375,763 Preferred Stock WarrantsAA A A A A A~ A6AAA A?A3B+Total Non-Affiliate Warrants ? Life ScienceB B B B B B~ BBBB~ B!B6C.Non-Affiliate Warrants ? Technology ? 4.6% ?8?C C C C C CCCCCCCDEEkahau, Inc. ?2?EEECommunicationsEEE(E 978,261 Preferred Stock WarrantsEE E E E E E~ EEEE~ EZE!FIntelepeer Holdings, Inc.FFFCommunicationsFFF*F"2,256,549 Preferred Stock WarrantsFF F F F F F~ FVFFF~ FFGH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/:_SG=PF0*8X> @KKJJIICCBB''%%$$##""        l  F6 [ ]  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } m)} $ } $} $ } $} $ F     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?14? PebblePost, Inc. ?2?   Communications   (  598,850 Preferred Stock Warrants       ~ r   ~ r  Additech, Inc. ?2?  % Consumer-related Technologies   (  150,000 Preferred Stock Warrants       ~    ~ ~ Gwynnie Bee, Inc. ?2?%Consumer-related Technologies( 268,591 Preferred Stock Warrants     ~ ~  Le Tote, Inc. ?2?%Consumer-related Technologies( 202,974 Preferred Stock Warrants     ~ ~ 'Rhapsody International Inc. ?2?%Consumer-related Technologies%852,273 Common Stock Warrants     ~  ?SavingStar, Inc. ?2?%Consumer-related Technologies( 850,439 Preferred Stock Warrants     ~ ~ IgnitionOne, Inc. ?2?Internet and Media( 262,910 Preferred Stock Warrants     ~  ~ r !Jump Ramp Games, Inc. ?2?Internet and Media( 159,766 Preferred Stock Warrants     ~ ~~ ~Kixeye, Inc. ?2?Internet and Media( 791,251 Preferred Stock Warrants     ~ .~ *&Rocket Lawyer Incorporated ?2?Internet and Media( 261,721 Preferred Stock Warrants     ~ n~ n'The NanoSteel Company, Inc. ?2? Materials( 379,360 Preferred Stock Warrants     ~ ~ 'Nanocomp Technologies, Inc. ?2? Networking*"1,440,489 Preferred Stock Warrants     ~  ?%Powerhouse Dynamics, Inc. ?2?Power Management( 290,698 Preferred Stock Warrants     ~ r~ j&Avalanche Technology, Inc. ?2?Semiconductors( 202,602 Preferred Stock Warrants     ~ ~ eASIC Corporation ?2?Semiconductors'40,445 Preferred Stock Warrants     ~ f~ rKaminario, Inc.Semiconductors*"1,087,203 Preferred Stock Warrants     ~ ~ Luxtera, Inc. ?2?Semiconductors*"3,546,553 Preferred Stock Warrants     ~ V~ Soraa, Inc. ?2?Semiconductors( 203,616 Preferred Stock Warrants     ~ B~ Bolt Solutions Inc. ?2?Software( 202,892 Preferred Stock Warrants     ~ ~ #Bridge2 Solutions, Inc. ?2?Software%125,458 Common Stock Warrants     ~ ~  DlaUI=5w^o4Zw5x !"#$%&'()*+,-./0123456789:;<=>? Clarabridge, Inc.   Software   ' 53,486 Preferred Stock Warrants       ~ :   ~ J "!Digital Signal Corporation!!!Software!!!%!125,116 Common Stock Warrants!! ! ! ! ! !~ !!!! !?!$"Education Elements, Inc. ?2?"""Software"""(" 238,121 Preferred Stock Warrants"" " " " " "~ "r"""~ "r""#Lotame Solutions, Inc. ?2?###Software###(# 288,115 Preferred Stock Warrants## # # # # #~ #Z###~ #f#$Metricly, Inc.$$$Software$$$$$41,569 Common Stock Warrants$$ $ $ $ $ $~ $$$$ $?$%Riv Data Corp. ?2?%%%Software%%%(% 321,428 Preferred Stock Warrants%% % % % % %~ %2%%%~ %%&ShopKeep.com, Inc. ?2?&&&Software&&&(& 193,962 Preferred Stock Warrants&& & & & & &~ &&&&~ &*&' SIGNiX, Inc.'''Software'''(' 133,560 Preferred Stock Warrants'' ' ' ' ' '~ ''''~ ''( Skyword, Inc.(((Software((((( 301,056 Preferred Stock Warrants(( ( ( ( ( (~ ((((~ (()SpringCM, Inc. ?2?)))Software)))*)"2,385,686 Preferred Stock Warrants)) ) ) ) ) )~ ))))~ )) *Sys-Tech Solutions, Inc.***Software***(* 375,000 Preferred Stock Warrants** * * * * *~ ****~ *B*+Visage Mobile, Inc.+++Software+++*+"1,692,047 Preferred Stock Warrants++ + + + + +~ +N+++~ + +,Weblinc Corporation ?2?,,,Software,,,(, 195,122 Preferred Stock Warrants,, , , , , ,~ ,,,,~ ,,- xAd, Inc. ?2?---Software---*-"4,343,350 Preferred Stock Warrants-- - - - - -~ ----~ --1.)Total Non-Affiliate Warrants ? Technology. . . . . .~ .=...~ .j`.5/-Non-Affiliate Warrants ? Cleantech ? 0.1% ?8?/ / / / / ///////01Renmatix, Inc.111Alternative Energy111'153,022 Preferred Stock Warrants11 1 1 1 1 1~ 1111 1?12Tigo Energy, Inc. ?2?222Energy Efficiency222(2 804,604 Preferred Stock Warrants22 2 2 2 2 2~ 2222~ 2203(Total Non-Affiliate Warrants ? Cleantech3 3 3 3 3 3~ 3333~ 3374/Non-Affiliate Warrants ? Healthcare information4 4 4 4 4 44444445and services ? 0.4% ?8?!6LifePrint Group, Inc. ?2?666 Diagnostics666'649,000 Preferred Stock Warrants66 6 6 6 6 6~ 6v666~ 6 67ProterixBio, Inc. ?2?777 Diagnostics777#73,156 Common Stock Warrants77 7 7 7 7 7~ 7777 7?78Singulex, Inc.888Other Healthcare888(8 294,231 Preferred Stock Warrants88 8 8 8 8 8~ 8888~ 88$9Verity Solutions Group, Inc.999Other Healthcare999(9 300,360 Preferred Stock Warrants99 9 9 9 9 9~ 9999~ 99#:Watermark Medical, Inc. ?2?:::Other Healthcare:::':27,373 Preferred Stock Warrants:: : : : : :~ :*:::~ ::%;HealthEdge Software, Inc. ?2?;;;Software;;;(; 110,644 Preferred Stock Warrants;; ; ; ; ; ;~ ;;;;~ ;;)<!Medsphere Systems Corporation ?2?<<<Software<<<*<"7,097,792 Preferred Stock Warrants<< < < < < <~ <<<<~ <B<$=Recondo Technology, Inc. ?2?===Software===(= 556,796 Preferred Stock Warrants== = = = = =~ =~===~ =>=1>)Total Non-Affiliate Warrants ? Healthcare> > > > > >~ >>>>~ > > ?information and servicesD$lF['v91%n0U @ABCDE$@Total Non-Affiliate Warrants@ @ @ @ @ @~ @_@@@~ @ @AB$C____________________________1D)Created by Morningstar Document Research.0E(http://documentresearch.morningstar.com/dD8,=PF0*8X> @EEDDCC@@??>>554433//..        l  =   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } 1}  $ } U} $ }  } $ }  } $ =     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?   Value ?14?2 *Non-Affiliate Other Investments ? 5.7% ?8?             $Espero Pharmaceuticals, Inc. BiotechnologyRoyalty Agreement     ~ R~ rI ZetrOZ, Inc.Medical DeviceRoyalty Agreement     ~ ~  Vette Technology, LLC Data Storage'Royalty Agreement Due 4/18/2019     ~  B~ #Triple Double Holdings, LLCSoftwareLicense Agreement     ~ b"~ b"-%Total Non-Affiliate Other Investments     ~ ~ Rx'Non-Affiliate Equity ? 1.0% ?8?     Insmed Incorporated ?5? Biotechnology33,208 Common Stock     ~ ~ .&Revance Therapeutics, Inc. ?5? Biotechnology5,125 Common Stock     ~ &~ )!Sunesis Pharmaceuticals, Inc. ?5? Biotechnology13,082 Common Stock     ~ N~ SnagAJob.com, Inc.%Consumer-related Technologies82,974 Common Stock     ~ &~ NTruSignal, Inc.Software32,637 Common Stock     ~ ~ "Total Non-Affiliate Equity     ~ ~ 0(Total Non-Affiliate Portfolio Investment     ~ b ~ W Assets( Affiliate Investments ? 2.6% ?8?     :2Affiliate Debt Investments ? Technology ? 2.5% ?8?     D laUI=5wi)0 T.~lP !"#$%&'()*+,-./0123456789:;< !Decisyon, Inc.!!!Software!!!1!)Term Loan (13.678% cash (Libor + 12.308%;!! ~ ! ! ! ~ !!!~ !!"""""""-"%Floor 12.50%), 8.00% ETP, Due 1/1/20)#######1#)Term Loan (13.678% cash (Libor + 12.308%;## # ~ #  # # #~ # ###~ #~ #$$$$$$$-$%Floor 12.50%), 8.00% ETP, Due 1/1/20)%%%%%%%0%(Term Loan (12.02% PIK, Due 4/15/19) ?13?%% % ~ % % % %~ %%%%~ %%&&&&&&&&'''''''0'(Term Loan (12.03% PIK, Due 4/15/19) ?13?'' ' ~ ' ' ' '~ ''''~ ''(((((((()))))))0)(Term Loan (12.24% PIK, Due 4/15/19) ?13?)) ) ~ )  ) ) )~ ) )))~ )* )********5+-Total Affiliate Debt Investments ? Technology+ + + + + +~ +^7+++~ +4+,,,,,,,,,, , , , , ,,,,,,,2-*Affiliate Warrants ? Technology ? 0.0% ?8?- - - - - -------./Decisyon, Inc.///Software///$/82,967 Common Stock Warrants// / / / / /~ //// /?/-0%Total Affiliate Warrants ? Technology0 0 0 0 0 0~ 0000 0?001(Affiliate Equity ? Technology ? 0.1% ?8?1 1 1 1 1 111111123Decisyon, Inc.333Software333345,365,936 Common Stock33 3 3 3 3 3~ 3333~ 33+4#Total Affiliate Equity ? Technology4 4 4 4 4 4~ 4444~ 44,5$Total Affiliate Portfolio Investment5 5 5 5 5 ~ 5:55~ 5656Assets67.Total Portfolio Investment Assets ? 164.4% ?8?7 7 7 7 7 ~ 7 77~ 7N 789$:____________________________1;)Created by Morningstar Document Research.0<(http://documentresearch.morningstar.com/>0R'xd7;ui8tw@4(=PF0*8X> @#<<;;::77777766555555441100--++!! !!!!         l  W  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } +} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ W     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries               Portfolio Company ?1?  Sector  Type of   Principal  Cost of  Fair Value ?14?      ) !Investment ?3? ?4? ?7? ?9? ?10?  Amount   Investments% Debt Investments ? 133.8% ?8?             3+Debt Investments ? Life Science ? 38.5% ?8?     ( Argos Therapeutics, Inc. ?2? ?5? Biotechnology3+Term Loan (9.38% cash (Libor + 8.75%; Floor ~  ^D  ~ C~ C.&9.25%; Ceiling 10.75%), 5.00% ETP, Due10/1/18)3+Term Loan (9.38% cash (Libor + 8.75%; Floor  ~  "N  ~ M~ M.&9.25%; Ceiling 10.75%), 5.00% ETP, Due3/1/19),$New Haven Pharmaceuticals, Inc. ?11? Biotechnology/'Term Loan (11.63% cash (Libor + 11.00%;  ~     ~ ~ . .&Floor 11.50%), 11.42% ETP, Due 3/1/19)/'Term Loan (11.63% cash (Libor + 11.00%;  ~    ~ ~ f.&Floor 11.50%), 11.42% ETP, Due 3/1/19)/'Term Loan (10.63% cash (Libor + 10.00%;  ~    ~ ~ -%Floor 10.50%), 6.10% ETP, Due 3/1/19)4,Term Loan (10.13% cash (Libor + 9.50%; Floor  ~  `  ~ _~ 0'10.00%), 4.00% ETP, Due 4/1/19)4,Term Loan (10.13% cash (Libor + 9.50%; Floor  ~  F   ~ F ~ 10.00%), Due 1/31/17)D)laUI=5p."fKU,y !"#$%&'()*+,-./0123456789:;<=>?* "Palatin Technologies, Inc. ?2? ?5?    Biotechnology   3 +Term Loan (9.13% cash (Libor + 8.50%; Floor   ~ >   ~ =   ~ = !!!!!!!&!9.00%), 5.00% ETP, Due 1/1/19)"""""""3"+Term Loan (9.13% cash (Libor + 8.50%; Floor"" " ~ " "N" " "~ "nM"""~ "nM"#######&#9.00%), 5.00% ETP, Due 8/1/19)$Sample6, Inc. ?2?$$$ Biotechnology$$$3$+Term Loan (9.63% cash (Libor + 9.00%; Floor$$ $ ~ $ 2$ $ $~ $&$$$~ $&$%%%%%%%.%&9.50%; Ceiling 11.00%), 4.00% ETP, Due&&&&&&&&4/1/18)'''''''3'+Term Loan (9.63% cash (Libor + 9.00%; Floor'' ' ~ ' > ' ' '~ '2 '''~ '2 '(((((((.(&9.50%; Ceiling 11.00%), 4.00% ETP, Due))))))))4/1/18)*******3*+Term Loan (9.63% cash (Libor + 9.00%; Floor** * ~ *  * * *~ *f ***~ *f *+++++++.+&9.50%; Ceiling 11.00%), 4.00% ETP, Due,,,,,,,,4/1/18)"-Strongbridge U.S. Inc. ?5?--- Biotechnology---4-,Term Loan (8.84% cash (Libor + 10.00%; Floor-- - ~ - 2u- - -~ -r---~ -r-.......(. 10.50%), 8.00% ETP, Due 12/1/20)%/vTv Therapeutics Inc. ?2? ?5?/// Biotechnology///4/,Term Loan (10.63% cash (Libor + 8.22%; Floor// / ~ / a/ / /~ /j_///~ /j_/0000000&08.75%), 6.00% ETP, Due 5/1/20)%1Lantos Technologies, Inc. ?2?111Medical Device111/1'Term Loan (11.50% cash (Libor + 10.50%;11 1 ~ 1 &1 1 1~ 1^&111~ 1B$12222222-2%Floor 11.50%), 5.00% ETP, Due 2/1/18)%3Mederi Therapeutics, Inc. ?2?333Medical Device333/3'Term Loan (12.27% cash (Libor + 11.82%;33 3 ~ 3 "3 3 3~ 3333~ 334444444-4%Floor 12.00%), 4.00% ETP, Due 7/1/17)5555555/5'Term Loan (12.27% cash (Libor + 11.82%;55 5 ~ 5 "5 5 5~ 5555~ 556666666-6%Floor 12.00%), 4.00% ETP, Due 7/1/17)#7NinePoint Medical, Inc. ?2?777Medical Device77737+Term Loan (9.38% cash (Libor + 8.75%; Floor77 7 ~ 7 RF7 7 7~ 7E777~ 7E78888888&89.25%), 4.50% ETP, Due 3/1/19)999999939+Term Loan (9.38% cash (Libor + 8.75%; Floor99 9 ~ 9 *#9 9 9~ 9"999~ 9"9:::::::&:9.25%), 4.50% ETP, Due 3/1/19) ;Tryton Medical, Inc. ?2?;;;Medical Device;;;/;'Term Loan (10.66% cash (Prime + 7.16%),;; ; ~ ; ; ; ;~ ;v;;;~ ;v;<<<<<<<<2.50% ETP, Due 3/1/17)-=%Total Debt Investments ? Life Science= = = = = =~ ====~ =E=1>)Debt Investments ? Technology ? 75.4% ?8?> > > > > >>>>>>>?DVl&{0C)v:d706@ABCDEFGHIJKLMNOPQRSTUV@Ekahau, Inc. ?2?@@@Communications@@@%@Term Loan (11.75% cash, 2.50%@@ @ ~ @ @ @ @~ @@@@~ @@AAAAAAAAETP, Due 2/1/17)BBBBBBBBCCCCCCC%CTerm Loan (11.75% cash, 2.50%CC C ~ C NC C C~ CNCCC~ CNCDDDDDDDDETP, Due 2/1/17)EEEEEEEEFGwynnie Bee, Inc. ?2?FF%FConsumer-related TechnologiesFFF/F'Term Loan (11.13% cash (Libor + 10.50%;FF F ~ F n F F F~ FF FFF~ FF FGGGGGGG1G)Floor 11.00%; Ceiling 12.50%), 2.00% ETP,HHHHHHHH Due 11/1/17)IIIIIII/I'Term Loan (11.13% cash (Libor + 10.50%;II I ~ I I I I~ IIII~ IIJJJJJJJ1J)Floor 11.00%; Ceiling 12.50%), 2.00% ETP,KKKKKKKK Due 2/1/18)LLLLLLL/L'Term Loan (11.13% cash (Libor + 10.50%;LL L ~ L L L L~ LLLL~ LLMMMMMMM1M)Floor 11.00%; Ceiling 12.50%), 2.00% ETP,NNNNNNNN Due 4/1/18)OLe Tote, Inc. ?2?OO%OConsumer-related TechnologiesOOO4O,Term Loan (10.28% cash (Libor + 9.65%; FloorOO O ~ O >O O O~ O=OOO~ O=OPPPPPPP'P10.15%), 5.00% ETP, Due 3/1/20)QQQQQQQ4Q,Term Loan (10.28% cash (Libor + 9.65%; FloorQQ Q ~ Q .Q Q Q~ Q..QQQ~ Q..QRRRRRRR'R10.15%), 5.00% ETP, Due 3/1/20)SSSSSSSS$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2Sd nzqj=PF0*8X> @VVUUTT>>==         l  T$ 1H@  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } +} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ T     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries               Portfolio Company ?1?  Sector  Type of   Principal  Cost of  Fair Value ?14?      ) !Investment ?3? ?4? ?7? ?9? ?10?  Amount   Investments(  Rhapsody International, Inc. ?2?  % Consumer-related Technologies   / 'Term Loan (11.13% cash (Libor + 10.50%;   ~ 2u   ~ r   ~ r        . &Floor 11.00%), 3.00% ETP, Due 10/1/19)SavingStar, Inc. ?2?%Consumer-related Technologies/'Term Loan (11.03% cash (Libor + 10.40%;  ~  R-  ~ ,~ ,-%Floor 10.90%), 3.00% ETP, Due 6/1/19)/'Term Loan (11.03% cash (Libor + 10.40%;  ~  B  ~ ~ -%Floor 10.90%), 3.00% ETP, Due 3/1/20)MediaBrix, Inc. ?2?Internet and Media/'Term Loan (11.63% cash (Libor + 11.00%;  ~  >  ~ =~ =-%Floor 11.50%), 3.00% ETP, Due 1/1/20)Zinio Holdings, LLC ?2?Internet and Media/'Term Loan (11.88% cash (Libor + 11.25%;  ~  >  ~ =~ =-%Floor 11.75%), 4.00% ETP, Due 2/1/20)'The NanoSteel Company, Inc. ?2? Materials4,Term Loan (10.13% cash (Libor + 9.50%; Floor  ~  "N  ~ 2M~ 2M'10.00%), 5.00% ETP, Due 7/1/19)4,Term Loan (10.13% cash (Libor + 9.50%; Floor  ~  '  ~ &~ &'10.00%), 5.00% ETP, Due 7/1/19)4,Term Loan (10.13% cash (Libor + 9.50%; Floor  ~  '  ~ &~ &'10.00%), 5.00% ETP, Due 1/1/20)'Nanocomp Technologies, Inc. ?2? Networking%Term Loan (11.50% cash, 3.00%  ~    ~ ~ ETP, Due 11/1/17)/'Term Loan (11.63% cash (Libor + 11.00%;  ~  .  ~ -~ -DZlaUI=5pTtAnAh  !"#$%&'()*+,-./0123456789:;<=>?       - %Floor 11.50%), 3.00% ETP, Due 4/1/20)%!Powerhouse Dynamics, Inc. ?2?!!!Power Management!!!/!'Term Loan (11.33% cash (Libor + 10.70%;!! ! ~ ! *#! ! !~ !"!!!~ !"!"""""""-"%Floor 11.20%), 3.00% ETP, Due 3/1/19)&#Avalanche Technology, Inc. ?2?###Semiconductors###4#,Term Loan (10.00% cash (Libor + 9.25%; Floor## # ~ # # # #~ ####~ ##$$$$$$$/$'10.00%; Ceiling 11.75%), 2.40% ETP, Due%%%%%%%%4/1/17)&&&&&&&4&,Term Loan (10.00% cash (Libor + 9.25%; Floor&& & ~ & & & &~ &&&&~ &&'''''''/''10.00%; Ceiling 11.75%), 2.40% ETP, Due((((((((10/1/18))))))))4),Term Loan (10.00% cash (Libor + 9.25%; Floor)) ) ~ ) 2) ) )~ ))))~ ))*******/*'10.00%; Ceiling 11.75%), 2.00% ETP, Due++++++++2/1/19),Luxtera, Inc. ?2?,,,Semiconductors,,,4,,Term Loan (10.38% cash (Libor + 9.75%; Floor,, , ~ ,  , , ,~ ,~ ,,,~ ,~ ,-------0-(10.25%; Ceiling 12.25%), 13.00% ETP, Due........7/1/17)///////4/,Term Loan (10.38% cash (Libor + 9.75%; Floor// / ~ / ^/ / /~ /V///~ /V/000000000(10.25%; Ceiling 12.25%), 13.00% ETP, Due111111117/1/17)222222232+Term Loan (9.13% cash (Libor + 8.50%; Floor22 2 ~ 2 n 2 2 2~ 2^ 222~ 2^ 23333333'39.00%), 4.50% ETP, Due 12/1/18)444444434+Term Loan (9.13% cash (Libor + 8.50%; Floor44 4 ~ 4 n 4 4 4~ 4^ 444~ 4^ 45555555'59.00%), 4.50% ETP, Due 12/1/18)666666636+Term Loan (9.63% cash (Libor + 9.00%; Floor66 6 ~ 6 B6 6 6~ 6666~ 667777777'79.50%), 4.50% ETP, Due 11/1/19)+8#Xtera Communications, Inc. ?5? ?11?888Semiconductors888&8Term Loan (12.50% cash, 22.92%88 8 ~ 8 /8 8 8~ 8/888 8?899999999ETP, Due 11/1/16)::::::::;;;;;;;&;Term Loan (12.50% cash, 22.92%;; ; ~ ; ; ; ;~ ;;;; ;?;<<<<<<<<ETP, Due 11/1/16)========>Bridge2 Solutions, Inc.>>>Software>>>/>'Term Loan (11.63% cash (Libor + 11.00%;>> > ~ > >> > >~ >">>>>~ >">>???????1?)Floor 11.50%; Ceiling 14.50%), 2.00% ETP,Dl{%FX*; J-nAr@ABCDEFGHIJKLMNOPQRS@@@@@@@@ Due 7/1/19)AAAAAAA/A'Term Loan (11.63% cash (Libor + 11.00%;AA A ~ A A A A~ AAAA~ AABBBBBBB1B)Floor 11.50%; Ceiling 14.50%), 2.00% ETP,CCCCCCCC Due 1/1/20)DControlScan, Inc. ?2?DDDSoftwareDDD0D(Term Loan (10.88% cash (Libor + 10.25%),DD D ~ D RFD D D~ DDDDD~ DDDEEEEEEEE3.00% ETP, Due 7/1/20)FDecisyon, Inc.FFFSoftwareFFF0F(Term Loan (12.94% cash (Libor + 12.308%;FF F ~ F F F F~ FFFF~ FFGGGGGGG-G%Floor 12.50%), 6.50% ETP, Due 6/1/18)HHHHHHH0H(Term Loan (12.94% cash (Libor + 12.308%;HH H ~ H  H H H~ H. HHH~ H& HIIIIIII-I%Floor 12.50%), 6.50% ETP, Due 6/1/18),J$Digital Signal Corporation ?11? ?13?JJJSoftwareJJJ/J'Term Loan (10.88% cash (Libor + 10.25%;JJ J ~ J J J J~ JzJJJ~ JJKKKKKKK-K%Floor 10.43%), 5.00% ETP, Due 7/1/19)LLLLLLL/L'Term Loan (10.88% cash (Libor + 10.25%;LL L ~ L L L L~ LzLLL~ LLMMMMMMM-M%Floor 10.43%), 5.00% ETP, Due 7/1/19)NNNNNNN,N$Term Loan (10.00% cash, Due 6/30/17)NN N ~ N  N N N~ N NNN~ NBNOOOOOOOOP$Q____________________________1R)Created by Morningstar Document Research.0S(http://documentresearch.morningstar.com/,|lx1{GmD9-=PF0*8X> @Z SSRRQQ       l  TRhi  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } m)} $ } 0} $ } U5}  $ } } $ }  } $ }  } $ T     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries               Portfolio Company ?1?  Sector  Type of   Principal  Cost of  Fair Value ?14?      ) !Investment ?3? ?4? ?7? ?9? ?10?  Amount   Investments$ Education Elements, Inc. ?2?   Software   / 'Term Loan (10.63% cash (Libor + 10.00%;   ~    ~    ~         - %Floor 10.50%), 4.00% ETP, Due 1/1/19)/'Term Loan (10.63% cash (Libor + 10.00%;  ~  r  ~ ~ -%Floor 10.50%), 4.00% ETP, Due 8/1/19)Netuitive, Inc.Software/'Term Loan (12.88% cash (Libor + 12.25%;  ~  6  ~ 2~ 2-%Floor 12.50%), 3.33% ETP, Due 9/1/17)$ScoreBig, Inc. ?2? ?11? ?12?Software/'Term Loan (10.63% cash (Libor + 10.00%;  ~  .5  ~ 4~ -%Floor 10.50%), 4.00% ETP, Due 4/1/19)/'Term Loan (10.63% cash (Libor + 10.00%;  ~  .5  ~ 4~ -%Floor 10.50%), 4.00% ETP, Due 4/1/19)/'Term Loan (10.63% cash (Libor + 10.00%;  ~  B  ~ z~  -%Floor 10.50%), 4.00% ETP, Due 3/1/20)/'Term Loan (10.63% cash (Libor + 10.00%;  ~  .  ~ .~ v/'Floor 10.50%), 4.00% ETP, Due 10/31/16)/'Term Loan (10.63% cash (Libor + 10.00%;  ~    ~ ~ R/'Floor 10.50%), 4.00% ETP, Due 11/11/19)ShopKeep.com, Inc. ?2?Software4,Term Loan (10.47% cash (Libor + 9.95%; Floor  ~  ]  ~ Z~ Z'10.45%), 3.00% ETP, Due 4/1/20) SIGNiX, Inc.Software/'Term Loan (11.63% cash (Libor + 11.00%;  ~  *#  ~ 2!~ r#Floor 11.50%), Due 10/1/18)DlaUI=5pm:u(zGn !"#$%&'()*+,-./0123456789:;<=>?% SilkRoad Technology, Inc. ?2?   Software   / 'Term Loan (10.98% cash (Libor + 10.35%;   ~ 2u   ~ ~t   ~ ~t !!!!!!!1!)Floor 10.85%; Ceiling 12.85%), 3.00% ETP,"""""""" Due 6/1/19)# Skyword, Inc.###Software###/#'Term Loan (11.58% cash (Libor + 10.95%;## # ~ # ># # #~ #=###~ #z<#$$$$$$$-$%Floor 11.45%), 3.00% ETP, Due 8/1/19)%%Social Intelligence Corp. ?2?%%%Software%%%/%'Term Loan (11.13% cash (Libor + 10.50%;%% % ~ % % % %~ %%%%~ %%&&&&&&&1&)Floor 11.00%; Ceiling 13.00%), 3.50% ETP,'''''''' Due 12/1/17)$(Sys-Tech Solutions, Inc. ?2?(((Software(((/('Term Loan (11.78% cash (Libor + 11.15%;(( ( ~ ( .( ( (~ (.(((~ (.()))))))1))Floor 11.65%; Ceiling 12.65%), 4.50% ETP,******** Due 3/1/18)+++++++/+'Term Loan (11.78% cash (Libor + 11.15%;++ + ~ + F,+ + +~ +++++~ +++,,,,,,,1,)Floor 11.65%; Ceiling 12.65%), 9.00% ETP,-------- Due 5/1/18) .VBrick Systems, Inc. ?2?...Software.../.'Term Loan (11.63% cash (Libor + 11.00%;.. . ~ .  . . .~ . ...~ . .///////1/)Floor 11.50%; Ceiling 13.50%), 5.00% ETP,00000000 Due 7/1/17)1Vidsys, Inc. ?2?111Software111&1Term Loan (13.00% cash, 12.58%11 1 ~ 1 (1 1 1~ 1(111~ 1(122222222ETP, Due 12/1/17)33333333 4xTech Holdings, Inc. ?2?444Software444/4'Term Loan (11.13% cash (Libor + 10.50%;44 4 ~ 4 r4 4 4~ 4444~ 445555555-5%Floor 11.00%), 3.00% ETP, Due 4/1/19)6666666/6'Term Loan (11.13% cash (Libor + 10.50%;66 6 ~ 6 B6 6 6~ 6666~ 667777777-7%Floor 11.00%), 3.00% ETP, Due 3/1/20)+8#Total Debt Investments ? Technology8 8 8 8 8 8~ 8888~ 8Vg8/9'Debt Investments ? Cleantech ? 5.7% ?8?9 9 9 9 9 9999999:;Rypos, Inc. ?2?;;;Energy Efficiency;;;/;'Term Loan (11.93% cash (Libor + 11.55%;;; ; ~ ; ; ; ;~ ;;;;~ ;;<<<<<<<-<%Floor 11.80%), 4.25% ETP, Due 6/1/17)=======/='Term Loan (11.93% cash (Libor + 11.55%;== = ~ =  = = =~ = ===~ = =>>>>>>>->%Floor 11.80%), 4.25% ETP, Due 1/1/18)%?Lehigh Technologies, Inc. ?2????Waste Recycling???/?'Term Loan (10.35% cash (Libor + 9.72%),?? ? ~ ? .? ? ?~ ?.???~ ?.?DKl)$kwNZtF8@ABCDEFGHIJKLMNOPQRS@@@@@@@@6.75% ETP, Due 8/1/19)AAAAAAA/A'Term Loan (10.35% cash (Libor + 9.72%),AA A ~ A .A A A~ A.AAA~ A.ABBBBBBBB6.75% ETP, Due 8/1/19)*C"Total Debt Investments ? CleantechC C C C C C~ C{CCC~ C{C1D)Debt Investments ? Healthcare informationD D D D D DDDDDDD Eand services ? 14.2% ?8?*F"Interleukin Genetics, Inc. ?2? ?5?FFF DiagnosticsFFF/F'Term Loan (11.13% cash (Libor + 10.50%;FF F ~ F BF F F~ F?FFF~ F?FGGGGGGG.G&Floor 11.00%), 6.50% ETP, Due 10/1/18)#HWatermark Medical, Inc. ?2?HHHOther HealthcareHHH4H,Term Loan (10.13% cash (Libor + 9.50%; FloorHH H ~ H v$H H H~ Hj$HHH~ Hj$HIIIIIII/I'10.00%; Ceiling 11.00%); 4.00% ETP, DueJJJJJJJJ4/1/18)KKKKKKK4K,Term Loan (10.13% cash (Libor + 9.50%; FloorKK K ~ K v$K K K~ Kj$KKK~ Kj$KLLLLLLL/L'10.00%; Ceiling 11.00%); 4.00% ETP, DueMMMMMMMM4/1/18)NNNNNNN4N,Term Loan (10.13% cash (Libor + 9.50%; FloorNN N ~ N ^N N N~ NZNNN~ NZNOOOOOOO/O'10.00%; Ceiling 11.00%); 4.00% ETP, DuePPPPPPPP4/1/18)$Q____________________________1R)Created by Morningstar Document Research.0S(http://documentresearch.morningstar.com/,<|a)d@d hL=PF0*8X> @SSRRQQEEDDCC9988       l  I~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0.} $ } y#} $ } $4}  $ } } $ }  } $ }  } $ I     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries               Portfolio Company ?1?  Sector  Type of   Principal  Cost of  Fair Value ?14?      ) !Investment ?3? ?4? ?7? ?9? ?10?  Amount   Investments MedAvante, Inc. ?2?   Software   3 +Term Loan (9.88% cash (Libor + 9.25%; Floor   ~ .   ~ r.   ~ r.        & 9.75%), 4.00% ETP, Due 1/1/19)3+Term Loan (9.88% cash (Libor + 9.25%; Floor  ~  .  ~ r.~ r.&9.75%), 4.00% ETP, Due 1/1/19)3+Term Loan (9.88% cash (Libor + 9.25%; Floor  ~  >  ~ =~ =&9.75%), 4.00% ETP, Due 7/1/19)7/Total Debt Investments ? Healthcare information     ~ 4~ 4 and servicesTotal Debt Investments     ~ H ~ *] &Warrant Investments ? 4.6% ?8?     *"Warrants ? Life Science ? 0.5% ?8?     ACT Biotech Corporation Biotechnology*"1,521,820 Preferred Stock Warrants     ~ N ?( Argos Therapeutics, Inc. ?2? ?5? Biotechnology$33,112 Common Stock Warrants     ~ ~  Celsion Corporation ?5? Biotechnology#5,708 Common Stock Warrants     ~ > ?.&Inotek Pharmaceuticals Corporation ?5? Biotechnology$28,204 Common Stock Warrants     ~ F~ V'New Haven Pharmaceuticals, Inc. Biotechnology( 103,982 Preferred Stock Warrants     ~ b ?&Nivalis Therapeutics, Inc. ?5? Biotechnology$18,534 Common Stock Warrants     ~  ?( Ocera Therapeutics, Inc. ?2? ?5? Biotechnology#6,491 Common Stock Warrants     ~  ?DlaUI=5prIG;}q,V  !"#$%&'()*+,-./0123456789:;<=>?* "Palatin Technologies, Inc. ?2? ?5?    Biotechnology   % 608,058 Common Stock Warrants       ~    ~  &!Revance Therapeutics, Inc. ?5?!!! Biotechnology!!!$!34,377 Common Stock Warrants!! ! ! ! ! !~ !!!!~ !!"Sample6, Inc. ?2?""" Biotechnology"""(" 494,988 Preferred Stock Warrants"" " " " " "~ """"~ "B""#Strongbridge U.S. Inc. ?5?### Biotechnology###%#160,714 Common Stock Warrants## # # # # #~ #"###~ #"#%$vTv Therapeutics Inc. ?2? ?5?$$$ Biotechnology$$$$$76,290 Common Stock Warrants$$ $ $ $ $ $~ $^$$$~ $^$)%!Sunesis Pharmaceuticals, Inc. ?5?%%% Biotechnology%%%#%2,050 Common Stock Warrants%% % % % % %~ %%%% %?%&AccuVein Inc. ?2?&&&Medical Device&&&'&75,769 Preferred Stock Warrants&& & & & & &~ &b&&&~ &n&'EnteroMedics, Inc. ?5?'''Medical Device'''!'134 Common Stock Warrants'' ' ' ' ' '~ 'n''' '?'(IntegenX, Inc. ?2?(((Medical Device((((( 170,646 Preferred Stock Warrants(( ( ( ( ( (~ ((((~ (~(%)Lantos Technologies, Inc. ?2?)))Medical Device)))+)#66,665,256 Preferred Stock Warrants)) ) ) ) ) )~ ))))~ ))%*Mederi Therapeutics, Inc. ?2?***Medical Device***(* 248,736 Preferred Stock Warrants** * * * * *~ *j***~ **+Mitralign, Inc. ?2?+++Medical Device+++(+ 641,909 Preferred Stock Warrants++ + + + + +~ ++++~ ++#,NinePoint Medical, Inc. ?2?,,,Medical Device,,,(, 566,038 Preferred Stock Warrants,, , , , , ,~ ,,,,~ ,,-OraMetrix, Inc. ?2?---Medical Device---(- 812,348 Preferred Stock Warrants-- - - - - -~ -:--- -?- .Tryton Medical, Inc. ?2?...Medical Device...(. 122,362 Preferred Stock Warrants.. . . . . .~ .>...~ .2./ ViOptix, Inc.///Medical Device///(/ 375,763 Preferred Stock Warrants// / / / / /~ /6/// /?/%0Total Warrants ? Life Science0 0 0 0 0 0~ 0&000~ 0 0(1 Warrants ? Technology ? 3.3% ?8?1 1 1 1 1 111111123Ekahau, Inc. ?2?333Communications333(3 978,261 Preferred Stock Warrants33 3 3 3 3 3~ 3333~ 3^34Additech, Inc. ?2?44%4Consumer-related Technologies444(4 150,000 Preferred Stock Warrants44 4 4 4 4 4~ 4444~ 4~45Gwynnie Bee, Inc. ?2?55%5Consumer-related Technologies555(5 268,591 Preferred Stock Warrants55 5 5 5 5 5~ 5555~ 5 56 If(we), Inc.66%6Consumer-related Technologies666(6 190,868 Preferred Stock Warrants66 6 6 6 6 6~ 6n666~ 667Le Tote, Inc. ?2?77%7Consumer-related Technologies777(7 202,974 Preferred Stock Warrants77 7 7 7 7 7~ 7777~ 7n7'8Rhapsody International Inc. ?2?88%8Consumer-related Technologies888%8852,273 Common Stock Warrants88 8 8 8 8 8~ 8888~ 8Z89SavingStar, Inc. ?2?99%9Consumer-related Technologies999'998,860 Preferred Stock Warrants99 9 9 9 9 9~ 9999~ 99: XIOtech, Inc.::: Data Storage:::*:"2,217,979 Preferred Stock Warrants:: : : : : :~ :Z::: :?:';The NanoSteel Company, Inc. ?2?;;; Materials;;;(; 299,211 Preferred Stock Warrants;; ; ; ; ; ;~ ;r;;;~ ;r;<IntelePeer, Inc.<<< Networking<<<%<141,549 Common Stock Warrants<< < < < < <~ <<<<~ <~<'=Nanocomp Technologies, Inc. ?2?=== Networking===(= 707,387 Preferred Stock Warrants== = = = = =~ ====~ ="=>Aquion Energy, Inc.>>>Power Management>>>(> 115,051 Preferred Stock Warrants>> > > > > >~ >>>>~ >">%?Powerhouse Dynamics, Inc. ?2????Power Management???(? 290,698 Preferred Stock Warrants?? ? ? ? ? ?~ ?r???~ ?j?D(lm/]U @G;\lߚc@ABCDEFGH&@Avalanche Technology, Inc. ?2?@@@Semiconductors@@@(@ 202,602 Preferred Stock Warrants@@ @ @ @ @ @~ @@@@~ @@AeASIC Corporation ?2?AAASemiconductorsAAA'A40,445 Preferred Stock WarrantsAA A A A A A~ AfAAA~ ArA'BInVisage Technologies, Inc. ?2?BBBSemiconductorsBBB(B 395,009 Preferred Stock WarrantsBB B B B B B~ BBBB~ BBCKaminario, Inc.CCCSemiconductorsCCC*C"1,087,203 Preferred Stock WarrantsCC C C C C C~ CCCC~ CCDE$F____________________________1G)Created by Morningstar Document Research.0H(http://documentresearch.morningstar.com/wr%=PF0*8X> @HHGGFF1100       l  DA<v=  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } m)} $ } a} $ } m)} $ } $} $ } U} $ D     'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries               Portfolio Company ?1?  Sector  Type of   Principal  Cost of  Fair Value ?14?      ) !Investment ?3? ?4? ?7? ?9? ?10?  Amount   Investments Luxtera, Inc. ?2?   Semiconductors   * "2,508,671 Preferred Stock Warrants       ~    ~   Soraa, Inc. ?2?   Semiconductors   (  203,616 Preferred Stock Warrants       ~ B   ~  &Xtera Communications, Inc. ?5?Semiconductors$37,831 Common Stock Warrants     ~ : ?Bolt Solutions Inc. ?2?Software( 202,892 Preferred Stock Warrants     ~ ~ Bridge2 Solutions, Inc.Software$75,458 Common Stock Warrants     ~ J~ VClarabridge, Inc.Software'53,486 Preferred Stock Warrants     ~ :~ FControlScan, Inc. ?2?Software*"2,295,918 Preferred Stock Warrants     ~ N~ zDecisyon, Inc.Software$82,967 Common Stock Warrants     ~  ?"Digital Signal CorporationSoftware%125,116 Common Stock Warrants     ~  ?$Education Elements, Inc. ?2?Software( 238,122 Preferred Stock Warrants     ~ r~ r"Lotame Solutions, Inc. ?2?Software( 288,115 Preferred Stock Warrants     ~ Z~ RNetuitive, Inc.Software$41,569 Common Stock Warrants     ~  ?Riv Data Corp. ?2?Software( 237,361 Preferred Stock Warrants     ~ 2~ 2ScoreBig, Inc. ?2?Software( 879,014 Preferred Stock Warrants     ~ b ?ShopKeep.com, Inc. ?2?Software( 165,779 Preferred Stock Warrants     ~ ~  SIGNiX, Inc.Software'89,767 Preferred Stock Warrants     ~ ~  Skyword, Inc.Software( 301,056 Preferred Stock Warrants     ~ ~ SpringCM, Inc. ?2?Software*"2,385,686 Preferred Stock Warrants     ~ ~  Sys-Tech Solutions, Inc.Software( 375,000 Preferred Stock Warrants     ~ ~  Vidsys, Inc.Software'85,399 Preferred Stock Warrants     ~ ^~ 2DklaUI=5py<{CQj, !"#$%&'()*+,-./0123456789:;<=>? Visage Mobile, Inc.   Software   * "1,692,047 Preferred Stock Warrants       ~ N    ?  !xTech Holdings, Inc. ?2?!!!Software!!!(! 158,730 Preferred Stock Warrants!! ! ! ! ! !~ !!!!~ !!#"Total Warrants ? Technology" " " " " "~ "%"""~ "G"'#Warrants ? Cleantech ? 0.1% ?8?######### # # # # #######$Renmatix, Inc.$$$Alternative Energy$$$'$53,022 Preferred Stock Warrants$$ $ $ $ $ $~ $$$$ $?$%Semprius, Inc.%%%Alternative Energy%%%(% 519,981 Preferred Stock Warrants%% % % % % %~ %f%%% %?%&Rypos, Inc. ?2?&&&Energy Efficiency&&&&&5,627 Preferred Stock Warrants&& & & & & &~ &&&&~ &f&'Tigo Energy, Inc. ?2?'''Energy Efficiency'''(' 804,604 Preferred Stock Warrants'' ' ' ' ' '~ ''''~ ''%(Lehigh Technologies, Inc. ?2?(((Waste Recycling((((( 272,727 Preferred Stock Warrants(( ( ( ( ( (~ ((((~ ((")Total Warrants ? Cleantech) ) ) ) ) )~ ):)))~ ))-*%Warrants ? Healthcare information and* * * * * *******+services ? 0.7% ?8?,Accumetrics, Inc.,,, Diagnostics,,,(, 100,928 Preferred Stock Warrants,, , , , , ,~ ,,,,~ ,,#-Candescent Health, Inc. ?2?--- Diagnostics---(- 519,991 Preferred Stock Warrants-- - - - - -~ ---- -?-*."Interleukin Genetics, Inc. ?2? ?5?... Diagnostics...'.7,662,100 Common Stock Warrants.. . . . . .~ ....~ .:.!/LifePrint Group, Inc. ?2?/// Diagnostics///'/49,000 Preferred Stock Warrants// / / / / /~ /v///~ / /0ProterixBio, Inc. ?2?000 Diagnostics000#03,156 Common Stock Warrants00 0 0 0 0 0~ 0000 0?01Singulex, Inc.111Other Healthcare111(1 294,231 Preferred Stock Warrants11 1 1 1 1 1~ 1111~ 11$2Verity Solutions Group, Inc.222Other Healthcare222(2 300,360 Preferred Stock Warrants22 2 2 2 2 2~ 2222~ 22#3Watermark Medical, Inc. ?2?333Other Healthcare333'327,373 Preferred Stock Warrants33 3 3 3 3 3~ 3*333~ 3234MedAvante, Inc. ?2?444Software444(4 114,285 Preferred Stock Warrants44 4 4 4 4 4~ 4 444~ 4>4)5!Medsphere Systems Corporation ?2?555Software555*5"7,097,791 Preferred Stock Warrants55 5 5 5 5 5~ 5555~ 565$6Recondo Technology, Inc. ?2?666Software666(6 556,796 Preferred Stock Warrants66 6 6 6 6 6~ 6~666~ 626/7'Total Warrants ? Healthcare information7 7 7 7 7 7~ 7^777~ 7V78 and services9Total Warrants9 9 9 9 9 9~ 9RP999~ 9jc9$:Other Investments ? 0.4% ?8?: : : : : :::::::;< ZetrOZ, Inc.<<<Medical Device<<<<Royalty Agreement<< < < < < <~ <<<<~ <<=Vette Technology, LLC=== Data Storage==='=Royalty Agreement Due 4/18/2019== = = = = =~ =zC===~ ==>Total Other Investments> > > > > >~ >.I>>>~ >b >?D "lp1aF}?n#Rc#@ABC@$A____________________________1B)Created by Morningstar Document Research.0C(http://documentresearch.morningstar.com/ <=PF0*8X> @CCBBAA>>::998877++**))""       l  \  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } <(} $ } y#} $ } $} $ } U} $ } U} $      'Horizon Technology Finance Corp N-2 06/18/2018?7Horizon Technology Finance Corporation and Subsidiaries               Portfolio Company ?1?  Sector  Type of   Principal  Cost of  Fair Value ?14?      ) !Investment ?3? ?4? ?7? ?9? ?10?  Amount   Investments Equity ? 0.6% ?8?             Insmed Incorporated ?5? Biotechnology33,208 Common Stock     ~ ~ &Revance Therapeutics, Inc. ?5? Biotechnology4,861 Common Stock     ~ &~ )!Sunesis Pharmaceuticals, Inc. ?5? Biotechnology78,493 Common Stock     ~ N~ SnagAJob.com, Inc.%Consumer-related Technologies82,974 Common Stock     ~ &~ NDecisyon, Inc.Software4,200,934 Common Stock     ~ ~  Total Equity     ~ 2 ~ ^ 6.Total Portfolio Investment Assets ? 139.4% ?8?     ~  ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/85aUI=5p L 2|pd<=PF0*8X> @        l  w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } 0} $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp N-2 06/18/2018Note 4. Investments      December 31, 2017  December 31, 2016   Cost   Fair Value  Cost   Fair Value   (In thousands)  Investments                  Debt~ .w ~ Fp  ~  H   ~ *] Warrants~ `~    ~  RP  ~ jc Other~ ~ Rx  ~  .I  ~ b Equity~  ~   ~  2   ~ ^ Total investments~  ~ N  ~     ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4{ ymaRv=PF0*8X> @         l  ,  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } *} $ }  } $ }  }  $ } } $ }  } $ ,     'Horizon Technology Finance Corp N-2 06/18/2018)!Note 4. Investments - (continued)      December 31, 2017  December 31, 2016   Cost   Fair Value  Cost   Fair Value   (In thousands)  Life Science                  Biotechnology~ L~ b ~    ~  Drug Delivery~ l~ 2k    ?   ?Medical Device~ G~ F  ~  R  ~  Technology     Communications~ 5~ 4  ~    ~ Consumer-Related~ ~~ j  ~  H  ~ Y Data Storage~  B~   ~  C  ~ Internet and Media~ bm~ Nm  ~  {  ~ { Materials~ ~   ~    ~  Networking~   ?  ~  R5  ~ F5Power Management~ ~   ~  >#  ~ :$Semiconductors~ ;~ B  ~    ~ ށSoftware~ R~   ~    ~  a Cleantech     Alternative Energy~  ?  ~  v   ?Energy Efficiency~ ~   ~     ~  D{lwk_S:[y .Qm !"#$%&'()*+ Waste Recycling   ?    ?   ~ ]   ~ ] +!#Healthcare Information and Services!!!!!!!!! ! ! ! ! !!!"# Diagnostics##~ #N###~ # ## # ~ # FK# # #~ #D# $Other$$~ $j$$$~ $$$ $ ~ $ ]$ $ $~ $\$%Software%%~ %&%%%~ %6%% % ~ % % % %~ %F%&Total investments&~ & &&~ &N && ~ &  & & ~ &N &'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/0$El=PF0*8X> @++**))&&&&&& &&        l  &  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } a} $$ %%%%%%%%%% % % % % %%%%%%%'Horizon Technology Finance Corp N-2 06/18/20186.Note 5. Transactions with affiliated companies   !"      $ Year ended December 31, 2017 Portfolio Company " Fair value at December 31,   Purchases  Sales " Transfers in at fair value  Discount  Net unrealized loss " Fair value at December 31,  Net realized gain (loss) ! "Interest income  ~                accretion     ~    (In thousands) Decisyon, Inc. ?1?  $?  ~     $?  ~  +  ~ B  ~   ~ 6   $?  !~ " $Total Affiliates $?~     $?  ~  +~ B~ ~ 6 $? !~ "$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/, |j^RFb_> &=PF0*8X> @#$$$ "#        "# $           "$  l   <  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (7)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ }  } $ } -}  $ } !} $ } } $ } I } $      'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)     December 31, 2017 Investment Type  Fair * "Valuation Techniques/Methodologies  Unobservable Input  Range  Weighted Average   Value/ '(Dollars in thousands, except per share data)Debt investments~ B -%Discounted Expected Future Cash Flows  ! Hypothetical Market Yield   10? ? 25? 13?~ R-Liquidation Scenario    Discount Rate   18? 18?   Marketability Discount   20? 20?   Uncertainty Discount   20? 20?Warrant investments~ .s%Black-Scholes Valuation Model   Price Per Share  ?0.00 ? ?22.38 ?3.69  # Average Industry Volatility   20? 20?   Marketability Discount   20? 20?   Estimated Time to Exit   1 to 5 years3 years~  Expected Proceeds   Price Per Share  ?0.001?0.001Other investments~ Rx*"Multiple Probability Weighted Cash    Discount Rate   18? ? 25? 19? Flow Model   Probability Weighting   0? ? 100? 36?Equity investments~ Last Equity Financing   Price Per Share   ?0.00 ? ?1.26 ?0.54!Total Level 3 investments~ _      $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/Dplxl`T;[2}eO{1 y=PF0*8X> @r         l  v  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??l!CALCULATION OF REGISTRATION FEETABLE OF CONTENTSFEES AND EXPENSESStatement of Operations!SELECTED QUARTERLY FINANCIAL DA!SELECTED QUARTERLY FINANCIA (1)!SELECTED QUARTERLY FINANCIA (2)!We borrow money which magnifies!PRICE RANGE OF COMMON STOCK AND!Issuer Purchases of Equity Secu!RATIO OF EARNINGS TO FIXED CHAR!Portfolio composition and inves!Portfolio composition and i (1)!Portfolio composition and i (2)Debt investment asset quality!Consolidated results of operati!Consolidated results of ope (1)Current borrowings!Contractual obligations and off!Quantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)PORTFOLIO COMPANIESPORTFOLIO COMPANIES (1)PORTFOLIO COMPANIES (2)PORTFOLIO COMPANIES (3)PORTFOLIO COMPANIES (4)PORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors!Executive officers who are not Compensation of directors!CONTROL PERSONS AND PRINCIPAL S!CONTROL PERSONS AND PRINCIP (1)DESCRIPTION OF OUR SECURITIES!Statements of Changes in Net As!Horizon Technology Finance Corp!Horizon Technology Finance (1)!Horizon Technology Finance (2)!Horizon Technology Finance (3)!Horizon Technology Finance (4)!Horizon Technology Finance (5)!Horizon Technology Finance (6)!Horizon Technology Finance (7)!Horizon Technology Finance (8)!Horizon Technology Finance (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)!Note 5 Transactions with affiliNote 6 Fair value continued!Note 6 Fair value continued (1)!Note 6 Fair value continued (2)!Note 6 Fair value continued (3)!Note 6 Fair value continued (4)!Note 6 Fair value continued (5)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continuedNote 11 Financial highlights!Horizon Technology Finance (14)!Horizon Technology Finance (15)!Horizon Technology Finance (16)!Horizon Technology Finance (17)!Horizon Technology Finance (18)!Horizon Technology Finance (19)!Horizon Technology Finance (20)!Horizon Technology Finance (21)!Horizon Technology Finance (22)!Horizon Technology Finance (23)!Horizon Technology Finance (24)!Horizon Technology Finance (25)!Horizon Technology Finance (26)!Horizon Technology Finance (27)!Horizon Technology Finance (28)Note 4 Investments (2)Note 4 Investments continued!Note 5 Transactions with af (1)!Note 6 Fair value continued (6)!Note 6 Fair value continued (8)!Note 6 Fair value continued (9)Note 6 Fair value cont (10)Note 6 Fair value cont (11)Note 7 Borrowings (1)Note 7 Borrowings continuedNote 8 Federal income taxNote 8 Federal income tax (1)Note 8 Federal income tax (2)!Note 9 Financial instruments wiNote 11 Distributions!Note 10 Concentrations of crediNote 13 Financial highlights!Note 14 Selected quarterly fina!Note 14 Selected quarterly (1)!Statements of Changes in Ne (1)!Statements of Changes in Ne (2)!Statements of Changes in Ne (3)!Statements of Changes in Ne (4)!Statements of Changes in Ne (5)!Statement of Financial ConditioTABLE OF CONTENTS (1)TABLE OF CONTENTS (2)TABLE OF CONTENTS (3) Exhibit lU } } $ }  } $ } -}  $ } !} $ } } $ } I } $      'Horizon Technology Finance Corp N-2 06/18/2018( Note 6. Fair value - (continued)     December 31, 2016 Investment Type  Fair * "Valuation Techniques/Methodologies  Unobservable Input  Range  Weighted Average   Value/ '(Dollars in thousands, except per share data)Debt investments~ z -%Discounted Expected Future Cash Flows  ! Hypothetical Market Yield   11? ? 25? 13?~ Liquidation Scenario   Probability Weighting   25? ? 100? 40?Warrant investments~ X%Black-Scholes Valuation Model   Pr