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&wCALCULATION OF REGISTRATION FEEo5TABLE OF CONTENTSZ\FEES AND EXPENSES|wStatement of Operations&SELECTED QUARTERLY FINANCIAL DA&DSELECTED QUARTERLY FINANCIA (1)&SELECTED QUARTERLY FINANCIA (2)&n We borrow money which magnifies&;PRICE RANGE OF COMMON STOCK AND&iIssuer Purchases of Equity Secu&NRATIO OF EARNINGS TO FIXED CHAR&]Portfolio composition and inves&#Portfolio composition and i (1)&Portfolio composition and i (2)$,Debt investment asset quality&>RHorizon Secured Loan Fund I LLC&iHorizon Secured Loan Fund I (1)&ߋHorizon Secured Loan Fund I (2)&̣Horizon Secured Loan Fund I (3)&Horizon Secured Loan Fund I (4)&Comparison of the three months &MComparison of the six months en& Consolidated results of operatiD.Current borrowings&SContractual obligations and off&nQuantitative and qualitative diSENIOR SECURITIESSENIOR SECURITIES (1)=PORTFOLIO COMPANIESG(PORTFOLIO COMPANIES (1)~PORTFOLIO COMPANIES (2)cPORTFOLIO COMPANIES (3) PORTFOLIO COMPANIES (4)KPORTFOLIO COMPANIES (5)PORTFOLIO COMPANIES (6) Directors&gExecutive officers who are not Compensation of directors& CONTROL PERSONS AND PRINCIPAL S&=CONTROL PERSONS AND PRINCIP (1)$/XDESCRIPTION OF OUR SECURITIES&qStatements of Changes in Net As&Horizon Technology Finance Corp&Horizon Technology Finance (1)&Horizon Technology Finance (2)&N&Horizon Technology Finance (3)&UHorizon Technology Finance (4)&wHorizon Technology Finance (5)&jHorizon Technology Finance (6)&RHorizon Technology Finance (7)&MHorizon Technology Finance (8)&Horizon Technology Finance (9)&fG Horizon Technology Finance (10)& Horizon Technology Finance (11)& Horizon Technology Finance (12)&>D Horizon Technology Finance (13)L Note 4 Investments Note 4 Investments (1)# Note 4 Investments continued#N Note 4 Investments conti (1)#f Note 4 Investments conti (2)#X Note 4 Investments conti (3)"i7 Statement of Operations (1)&O Note 5 Transactions with affili&p Note 5 Transactions with af (1)&C Note 5 Transactions with af (2)"ݭ Note 6 Fair value continued& Note 6 Fair value continued (1)&J Note 6 Fair value continued (2)&u Note 6 Fair value continued (3)&2 Note 6 Fair value continued (4)&LU Note 6 Fair value continued (5)&w Note 6 Fair value continued (6)&k Note 6 Fair value continued (7) Note 7 Borrowings&- Note 8 Financial instruments wi Note 10 Distributions&; Note 10 Distributions continued&_ Note 10 Distributions conti (1)#Sx Note 11 Financial highlights& Horizon Technology Finance (14)& Horizon Technology Finance (15)&,Horizon Technology Finance (16)&J@Horizon Technology Finance (17)&{Horizon Technology Finance (18)&Horizon Technology Finance (19)&0Horizon Technology Finance (20)&sHorizon Technology Finance (21)&Horizon Technology Finance (22)& Horizon Technology Finance (23)&=`Horizon Technology Finance (24)&^Horizon Technology Finance (25)&\Horizon Technology Finance (26)& bHorizon Technology Finance (27)&ӶHorizon Technology Finance (28)Note 4 Investments (2)#Note 4 Investments conti (4)&!!Note 5 Transactions with af (3)&=Note 6 Fair value continued (8)&*fNote 6 Fair value continued (9)"Note 6 Fair value cont (10)"Note 6 Fair value cont (11)"GNote 6 Fair value cont (12)"Note 6 Fair value cont (13)jNote 7 Borrowings (1)"1'Note 7 Borrowings continued OXNote 8 Federal income tax$rNote 8 Federal income tax (1)$Note 8 Federal income tax (2)&Note 9 Financial instruments wi0Note 11 Distributions&{Note 10 Concentrations of credi#Note 13 Financial highlights&jZNote 14 Selected quarterly fina&wNote 14 Selected quarterly (1)&Statements of Changes in Ne (1)&Statements of Changes in Ne (2)&7Statements of Changes in Ne (3)&\Statements of Changes in Ne (4)&%Statements of Changes in Ne (5) l  4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??wTABLE 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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5}  $ } } $ } I      'Horizon Technology Finance Corp N-2/A 08/10/2018H@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, $0.001 par value per share ?2?                 Preferred Stock ?2?                 Subscription Rights ?3?                 Debt Securities ?4?                 Warrants ?5?      Total ~  ʚ;  ?6? = ף0-@?7? ?8?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. VJ>2;pdX0=PF0*8X> @J      l  >Q[  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } :} $ } U} $ >     'Horizon Technology Finance Corp N-2/A 08/10/2018TABLE 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~ ,$Management?s Discussion and Analysis~ 80of Financial Condition and Results of OperationsSenior Securities~ :Business~ BPortfolio Companies~ n Management~ 6.Certain Relationships and Related Transactions~  Our Advisor~ 0(Investment Management and Administration~ D@ lyma=r+ueU?':[ !"#$%&'()*+,-./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..~ .F.1/)Brokerage Allocations and Other Practices//~ /Z/0Plan of Distribution00~ 0^071/Material U.S. Federal Income Tax Considerations11~ 1j122*Custodian, Transfer Agent, Dividend Paying22~ 223Agent and Registrar4 Legal Matters44~ 4405(Independent Registered Public Accounting55~ 55 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   v  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 7} $ }  }       'Horizon Technology Finance Corp N-2/A 08/10/2018FEES 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 FeeQ @ % ?5?2*Incentive Fee Payable Under the Investment(\@ % ?6?Management Agreement+#Interest Payments on Borrowed Fundsףp= @ % ?7?1)Other Expenses (estimated for the currentQ@ % ?8? fiscal year))!Total Annual Expenses (estimated)Q*@ % ?5? ?9?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D# lyma=m[xOdr=PF0*8X> @ l  B  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 8} $ }  } $} $ }  } $} $ } } $} $ }  } $} $ }  } $} $ }  } $} $ }  } $}  $ B!!!!!!!!!! ! ! ! ! !!!!!!!!!!!!!!!!!!!'Horizon Technology Finance Corp N-2/A 08/10/2018Statement of Operations       As of and for 2 *As of and for the years ended December 31,   the six months   ended June 30,- %(In thousands, except per share data) ~  ~  ~  ~  ~ ~ ~ z ~ v% Statement of Operations Data:                            Total investment income~ b~  ~  ƒ  ~ b~ ~ Z~  Base management fee~ j"~   ~  *;  ~ I~ .J~ H~ S'Performance based incentive fee~ ~    ~    ~ :!~ 6~ !~ 3All other expenses~  E~ >  ~  }  ~ ~~ ~ *~ V-%Base management and performance based~  ?  ~     ?~ ~ ~ incentive fees waived/'Net investment income before excise tax~ e~ _  ~    ~  ~ ~ ~ )!Provision (credit) for excise tax ? ?  ~  f  ~  ?~ ~ Net investment income~ e~ _  ~  &  ~ . ~ ~ v~ ^( Net realized loss on investments~ J~ JY  ~    ~ ~ :~ "~ 2*Net unrealized (depreciation) appreciation~ ~   ~     ~ !~ Z~ ~ on investments7/Net increase (decrease) in net assets resulting~ vV~ D  ~  ޕ  ~ >~ B~ ~ 6from operations/'Dollar amount of distributions declared~ l~ k ~    ~ ~ ~ ~ Per Share Data:     Dlsg[4pd71(voQ7F !!!"!#!$!%!&!'!(!)!*!+!,!-!.!/!0!1!2!3!4!5!6!7!8!9!:!;!<!=!>!?! Net asset value  333333'@   = ףp'@   q= ףp'@   Gz.(@   33333+@   Q,@   HzG,@ !Net investment income!!!Q?!!!!(\?!! ! ! Q?! ! !!Gz?!!!!?!!!!(\?!!!!Gz?!(" Net realized loss on investments"""Q""""(\"" " " q= ףp" " ""q= ףp""""333333ÿ""""Gz׿""""(\"/#'Net change in unrealized (depreciation)#######(\?## # # ?# # ##ףp= ####{Gz####Q?####q= ףpͿ##$appreciation on investments7%/Net increase (decrease) in net assets resulting%%%Q?%%%%RQ?%% % % (\?% % %%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*~ * **~ *2 ** ~ * N * * ~ *N **~ *nF**~ * **~ * *+ Other assets++~ +n+++~ +++ + ~ + >+ + +~ ++++~ ++++~ +9+++~ +V+, Total assets,,~ ,,,,~ , ,, , ~ , J, , ,~ ,R,,,~ ,B.,,,~ , ,,,~ ,,- Borrowings--~ -Z\---~ -.f-- - ~ - - - -~ ----~ -j ---~ -f---~ -w-.Total liabilities..~ .ί...~ ... . ~ .  . . .~ .r...~ .&n...~ .N...~ .z./Total net assets/~ /.*//~ /X// ~ / >/ / ~ /~//~ / //~ /"p//~ /nJ/0 Other data:000000000 0 0 0 0 0000000000000000000 152-Weighted annualized yield on income producing222-@ 2%222333333.@ 2%2 2 2 333333.@ 2 %2 22-@ 2%222ffffff,@ 2%222.@ 2%222,@ 2%!3investments at fair value24*Weighted annualized yield on all portfolio444+@ 4%444333333,@ 4%4 4 ~ 4 : 4 %4 44,@ 4%444ffffff+@ 4%444-@ 4%444333333,@ 4%35+investments at fair value (excluding equity6interest in HSLFI)/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*,T"(ߡ@!A!1@)Created by Morningstar Document Research.0A(http://documentresearch.morningstar.com/=PF0*8X> @4AA @@ ?? ////// ////////****** ********''''''                   l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $                            'Horizon Technology Finance Corp N-2/A 08/10/20185-SELECTED QUARTERLY FINANCIAL DATA (Unaudited)  ~    Q2  Q1  % (Dollar amounts in thousands,   except per share data) Total investment income ~ Fr  ~ p Net investment income~ j3~ *2( Net realized and unrealized loss~ b~ 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 period end ?2?333333'@L'@$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8 i]QE b(LT>3h=PF0*8X> @        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $      'Horizon Technology Finance Corp N-2/A 08/10/20185-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 i]QE? P=PF0*8X> @2&                l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 7} $      'Horizon Technology Finance Corp N-2/A 08/10/20185-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/: i]QE? P=PF0*8X> @2&                l  E:  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 2} $ }  } $} $ }  } $} $ } } $} $ }  } $} $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018kcWe 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   Q6 %   + %   Q %   RQ@ %   L+@ %1 )assuming actual asset coverage as of June 30, 2018 ?1?2*Corresponding return to common stockholderQD %ףp= : %   fffff&  %  @ %2@ %( assuming 150% asset coverage ?2?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.3'L<znF=PF0*8X> @R        l  $4fig  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I"} $ } $} $ } $} $} $ } U} $} $ } } #$ $$$$$$$$$$$ $ $ $ $ $$$$$$$$$$$$$$$$$$$'Horizon Technology Finance Corp N-2/A 08/10/20185-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?$Year ended December 31, 2018      !"#Third Quarter ?4? *Hz&@  (\$@   * *333333? ?5?Second Quarter333333'@Gz.%@  q= ף#@  ~  %~  %333333? ?6? First QuarterL'@zGa'@  Gz$@   ? %~  %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?DXli]QEmd9pL%[ $!$"$#$ $!____________________________1")Created by Morningstar Document Research.0#(http://documentresearch.morningstar.com/ <=PF0*8X> @?##""!!                            l  #j  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 1} $ }  }  $ }  } $ #     'Horizon Technology Finance Corp N-2/A 08/10/2018-%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+#April 1, 2018 through June 30, 2018 ? $?    ?  ~ 0 Total~ 8 q= ףp&@  ~  8   DDlqeYMFcS7Pg#T !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @0""!!               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } y#} $ } U} $ } U}  $ } U} $ } U} $ } U} $ } U} $      'Horizon Technology Finance Corp N-2/A 08/10/2018*"RATIO OF EARNINGS TO FIXED CHARGES       For the Six ' For the Year Ended December 31,    Months Ended   June 30,  ~  ~  ~  ~ ~ ~ z ~ v% Earnings to Fixed Charges ?1?   333333@    333333@    ?    @    ffffff@    ? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*Hhth\PNJ=PF0*8X> @j           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ } $} $ }  }  $ } } $} $ } $} $ }  } $ }  } $} $ } $} $ }  } "$ } ## } $$$ %%%%%%%%%% % % % % %%%%%%%%%%%%'Horizon Technology Finance Corp N-2/A 08/10/20185-Portfolio composition and investment activity   !"    June 30, 2018  December 31, 2017  December 31, 2016    Number of  Fair   Percentage   Number of  Fair   Percentage   Number of  Fair ! " Percentage    Investments  Value  of Total   Investments  Value  of Total   Investments  Value ! "of Total            Portfolio           Portfolio         ! " Portfolio   (Dollars in thousands) Term loans~ ~ k    33333sV@  % ~ ~ Fp 33333V@ %~ ~ *]  !"~ # $%Warrants~ ~   ~    ~ "~  ~ ~ :~ jc !"#ffffff @$Other investments~ ~ Rx   333333 @  ~ ~ Rx @~  ~ b  !"#333333?$Equity~ "~ !  ~    ~ ~ ffffff?~ ~ ^  !"#?$ Equity interest in HSLFI~ ~ ?   ?   ? ? ? !" #?$ Total~    ~    % ~ N ~  %~ N  !"~ # $%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6i]QEa'<`~=PF0*8X> @"$$$ $  "$        "$        "$   $ l  "  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 8} $ }  } $ }  }  $ } } $ "                                 'Horizon Technology Finance Corp N-2/A 08/10/20185-Portfolio composition and investment activity      For the Six  For the Year Ended    Months Ended   December 31,   June 30,  ~  ~  ~    (In thousands)Beginning portfolio~ N ~ N  ~  nF New debt investments~ 6y~   ~  J ( Less refinanced debt investments~ F~ 2    ?  Net new debt investments~ zR~ F  ~  J 7/Investment in controlled affiliated investments~ ? ?    ? )!Principal received on investments~ %~ #  ~   Early pay-offs~ n~ n  ~  + )!Accretion of debt investment fees~ ~ f  ~  j  New debt investment fees~ n~ ^  ~  v  New equity~  ?  ~  R Sale of investments~ ~ B  ~   ( Net realized loss on investments~ J~   ~  ‡ 2*Net unrealized (depreciation) appreciation~ ~    ~  N> on investmentsEnding portfolio~  ~ N  ~  N  $____________________________DKli]QEDE8 `ui ! 1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!            l  ,r!*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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)Debt investment asset quality!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } *} $ }  } $ }  } $} $ } } $ } U} $} $ }  } $ }  } $ ,     'Horizon Technology Finance Corp N-2/A 08/10/20185-Portfolio composition and investment activity       June 30, 2018  December 31, 2017  December 31, 2016   Debt   Percentage of  Debt Investments   Percentage  Debt Investments   Percentage    Investments  Total Portfolio   at Fair Value  of Total   at Fair Value  of Total    at Fair Value           Portfolio       Portfolio   (Dollars in thousands) Life Science      Biotechnology~ )@ % ~    @ %~ z5@ % Drug Delivery~ ffffff?  ~  j  333333 @ ? ?Medical Device~ f3333330@  ~  65  333331@~ .~  Technology     Communications~ ~p333333'@  ~  v1  333333#@~ 2?Consumer-Related~ 8?  ~    333333@~ ^B333333&@Internet and Media~ T2@  ~  _  3@~ {@ Materials~ v@  ~    ffffff@~ J333333@ Networking ? ?    ?   ?~ 3?Power Management~ V ?  ~  J  333333?~ "333333?Semiconductors~ 4333333?  ~  F4  ?~ u~ Software~ ~333337@  ~  K  :@~ A33333<@ Cleantech     Energy Efficiency ? ?    ?   ?~ Z~ Dli]QE&Eeb(i3N`+ !"#$%&'()*+ Waste Recycling   ?    ?    ?    ?   ~ 2]     @ +!#Healthcare Information and Services!!!!!!!!! ! ! ! ! !!!!!!!!!!!"# Diagnostics## #?### #?## #  # ?# # # #?###~ #?####@# $Other$$ $?$$$ $?$$ $  $ ?$ $ $ $?$$$~ $*Z$$$$@$%Software%%~ % %%%% @%% % ~ % % % %%@%%%~ %%%%%333333@% &Total&~ &k &&&~ & &%& ~ & Fp & & &~ & &%&~ &*] &&&~ & &%'($)____________________________1*)Created by Morningstar Document Research.0+(http://documentresearch.morningstar.com/# j^vj^6=PF0*8X> @++**))&&&& &&                   l  P  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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)!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } m} $ } } $ }  }  $ } U} $} $ } } $ }  } $ } U} $} $ } } $ }  } "$ } ## } $$$ %%%%%%%%%% % % % % %%%%%%%%%%%%%'Horizon Technology Finance Corp N-2/A 08/10/2018%Debt investment asset quality   !"    June 30, 2018  December 31, 2017  December 31, 2016    Number of  Debt   Percentage  Number of Investments & Debt Investments at Fair Value % Percentage of Debt Investment  Number of Investments & Debt Investments at Fair Value !& "Percentage of Debt Investments    Investments   Investments  of Debt        at Fair Value   Investments   (Dollars in thousands) Credit Rating      !"#$~ ~ ~ 3   ffffff#@  % ~ ~ 6$ffffff"@ %~ ~ f !"~ #B $%~ ~ f~ &    lT@  ~ f~  fffffU@~ r~ V !"#fffffQ@$~  ~ ~    333333!@  ~ ~ Xffffff@~ ~  !"#@$~  ? ?    ?  ~ ~ R-ffffff?~ ~  !"#@$ Total~ ~ k   ~    % ~ ~ Fp ~  %~ ~ *]  !"~ # $%$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/8YymaUqR]#ZN XL@=PF0*8X> @$$$ $           "$   $ l  8i  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018'Horizon Secured Loan Fund I LLC   For the period    June 1, 2018   through    June 30, 2018' Total investments at fair value ~ & 3+Dollar-weighted annualized yield on average~ . %debt investments ?1?2*Number of portfolio companies in the HSLFI~ ,$Largest portfolio company investment~ & at fair value$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2wk_S/q .=PF0*8X> @J       l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $ } y } $ } U} $ }  } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018'Horizon Secured Loan Fund I LLC    Portfolio Company ?1?  Sector ' Type of Investment ?2? ?3? ?4?   Principal  Cost of  Fair           Amount  Investments ?5?   Value ?6?         (In thousands)  % Debt Investments ? Technology                     "New Signature US, Inc. ?7?SoftwareTerm Loan (10.59% cash ~    ~ B~~ B~(Libor + 8.50%; Floor10.50%), 3.50% ETP, Due 7/1/21)+#Total Debt Investments ? Technology     ~ B~~ B~( Warrant Investments ? Technology     &BSI Platform Holdings, LLC ?7?Software412,500 Preferred Stock     ~ ~ Warrants.&Total Warrant Investments ? Technology     ~ ~ )!Total Portfolio Investment Assets     ~ &~ &$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B Xwk_S+t^v , { =PF0*8X> @         l  ߢ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $                        'Horizon Technology Finance Corp N-2/A 08/10/2018'Horizon Secured Loan Fund I LLC    June 30, 2018    Principal   Fair Value of   Balance  Unfunded        Commitment        Liability(In thousands)New Signature US, Inc.~ .~ z Total~ .~ z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0wk_SI\yQ=PF0*8X> @z        l  F  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5} $ } $} $      'Horizon Technology Finance Corp N-2/A 08/10/2018'Horizon Secured Loan Fund I LLC   June 30,  ~    (In thousands)4 ,Selected Statement of Assets and Liabilities      Information0(Total investments at fair value (cost of~ &~ &!Cash and cash equivalents~  Other assets~  Total assets~ Other liabilities~ Total liabilities~ Members? equity~ ~-%Total liabilities and members? equity~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<*wk_S/C,m#So=PF0*8X> @R     l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 6} $      'Horizon Technology Finance Corp N-2/A 08/10/2018'Horizon Secured Loan Fund I LLC   For the period    June 1, 2018   through    June 30, 2018   (In thousands)5-Selected Statements of Operations Information&Interest income on investments~ Total expenses~ Z1)Net decrease in net assets resulting from~  operations$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4wk_S/q?z:=PF0*8X> @Z       l  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 2} $ }  } $ }  } $                               'Horizon Technology Finance Corp N-2/A 08/10/2018C;Comparison of the three months ended June 30, 2018 and 2017   For the Three Months   Ended June 30,  ~  ~    (In thousands) Total investment income ~ Fr  ~ [ Total expenses~ ZA~ 0.&Performance based incentive fee waived~  ? Net expenses~ >~ 0Net investment income~ j3~  +/'Net realized (loss) gain on investments~ ~ 2*Net unrealized depreciation on investments~ ~ 1)Net increase in net assets resulting from~ -~ v  operations/'Average debt investments, at fair value~ V ~  &Average borrowings outstanding~ i~ vz$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/> 0[OC7Q2!kU=PF0*8X> @        l     dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 2} $ }  } $ }  } $                                'Horizon Technology Finance Corp N-2/A 08/10/2018A9Comparison of the six months ended June 30, 2018 and 2017   For the Six Months Ended   June 30,  ~  ~    (In thousands) Total investment income ~ b  ~  Total expenses~ N~ i.&Performance based incentive fee waived~  ? Net expenses~ |~ iNet investment income~ e~ _( Net realized loss on investments~ J~ JY2*Net unrealized (depreciation) appreciation~ ~ on investments1)Net increase in net assets resulting from~ vV~ D operations/'Average debt investments, at fair value~  ~ c &Average borrowings outstanding~ ~ J\$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/@1 D]QE9U#6%v\F=PF0*8X> @        l  %-  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months enCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 8} $ }  } $ }  }  $ } } $                                 'Horizon Technology Finance Corp N-2/A 08/10/2018_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 X?3'm;+f$b|sg[3=PF0*8X> @           l  wQ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operati!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $ }  } $ }  } "$ } ## } $$$ %%%%%%%%%% % % % % %%%%%%%%%%%'Horizon Technology Finance Corp N-2/A 08/10/2018Current borrowings   !"    June 30, 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  !~ " $  2022 Notes  ~ G   ~ G    ?   ~ G   ~ G    ?    ?    ?  ! " #? $ 2019 Notes ? ?    ?   ? ? ?~ ~  !" #?$( Total before debt issuance costs~ ~b~ ~n  ~    ~ ^~ >~ "B~ ~  !"~ #$4,Unamortized debt issuance costs attributable ?~     ?   ?~  ? ?~  !" #?$to term borrowings%Total borrowings outstanding,~ ~b~ Z\ ~    ~ ^~ ~ "B~ ~  !~ "$ net$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4xl`|yG5GS5s=PF0*8X> @"$$$ "#        "# $        "$   $ l  l  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ }  } $ }  }  $ } } $ } $} $ } $} $      'Horizon Technology Finance Corp N-2/A 08/10/2018B:Contractual obligations and off-balance sheet arrangements      Payments due by period   Total   Less than  1 ? 3  3 ? 5  After       1 year  Years  Years  5 years   (In thousands)  Borrowings ~ ~n   $?  ~ >  ~ B   $? Unfunded commitments~ ;~   ~  ]   ? ? Total~ ~  ~    ~ B $?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/.\PD8z& 9-!=PF0*8X> @               l  h  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $}  $                         'Horizon Technology Finance Corp N-2/A 08/10/2018B:Quantitative and qualitative disclosures about market risk   Change in basis points  Interest  Interest   Change in   Income  Expense  Net Assets ?1?   (In thousands) Up 300 basis points ~ r\  ~ R   ~ "<  Up 200 basis points ~ b<  ~   ~ & Up 100 basis points~ V~   ~   Down 300 basis points~ N~  ~   Down 200 basis points~ N~  ~   Down 100 basis points~  ~ > ~   $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2!\PD8a/ zTH<=PF0*8X> @                l  0٭޷  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ } $} $ } $}  $ } $} $ } } $ 0     'Horizon Technology Finance Corp N-2/A 08/10/2018SENIOR 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 June 30) ~ &  ~ 6    ?    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 June 30)~ G~ c    ?  zG9@~ ~ G~ Z`    ?  )\9@ 2019 Notes     2018 (as of June 30) ? ?    ?   ?~  ? ?    ?   ?~ ~ ~ ^o    ?  Qk9@~ ~~ ~ Z    ?  (\B9@DXlymai%Hx>F*THd !"#$%&'()*+,-./~ z ~   ~ .h    ?   p= ף9@ ~ !v!~ !!!~ !Bz!! !  ! ?! ! !333339@!~ "r"~ """~ "n"" "  " ?" " "zGa9@"#2013-1 Securitization######### # # # # ###$%2018 (as of June 30)%% %?%%% %?%% %  % ?% % % %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:f, =PF0*8X> @7//..--****))))((((""""""!!!!!!           l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U}  $ } $} $ } } $      'Horizon Technology Finance Corp N-2/A 08/10/2018SENIOR 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 June 30)~ ~n~ v#    ?   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/<c ymai%B6f,n4vj^6=PF0*8X> @      l  M>'  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $ } } $ } U5}  $ } } $ }  } $ }  } $ M     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3?! Non-Affiliate Investments                     &Non-Affiliate Debt Investments     -%Non-Affiliate Debt Investments ? Life     Science#Celsion Corporation ?2? ?5? Biotechnology3+Term Loan (9.72% cash (Libor + 7.63?; Floor ~  '  ~ *&~ *&"997 Lenox Drive, Suite 100&9.63??, 4.00% ETP, Due 7/1/22?Lawrenceville, NJ 086483+Term Loan (9.72? cash (Libor + 7.63?; Floor  ~  '  ~ *&~ *&&9.63??, 4.00% ETP, Due 7/1/22?3+Term Loan (9.72? cash (Libor + 7.63?; Floor  ~  '  ~ *&~ *&&9.63??, 4.00? ETP, Due 7/1/22?3+Term Loan (9.72? cash (Libor + 7.63?; Floor  ~  '  ~ *&~ *&&9.63??, 4.00? ETP, Due 7/1/22?*"Palatin Technologies, Inc. ?2? ?5? Biotechnology4,Term Loan (10.50? cash (Libor + 8.50?; Floor  ~    ~ z~ z4-B Cedar Brook Drive&9.00??, 5.00? ETP, Due 1/1/19?Cranbury, NJ 085124,Term Loan (10.50? cash (Libor + 8.50?; Floor  ~    ~ ~ &9.00??, 3.44? ETP, Due 1/1/19?4,Term Loan (10.50? cash (Libor + 8.50?; Floor  ~  !  ~ !~ !&9.00??, 5.00? ETP, Due 8/1/19?Dlwk_Wa<'6 ^2 !"#$%&'()*+,-./0123456789:;<=>?       4 ,Term Loan (10.50? cash (Libor + 8.50?; Floor   ~ !   ~ !   ~ ! !!!!!!!&!9.00??, 3.27? ETP, Due 8/1/19?%"vTv Therapeutics Inc. ?2? ?5?""" Biotechnology"""/"'Term Loan (12.00? cash (Libor + 10.00?;"" " ~ " Y" " "~ "X"""~ "X"$#4170 Mendenhall Oaks Parkway######-#%Floor 10.50??, 6.00? ETP, Due 5/1/20?$High Point, NC 27265$$$$$$/$'Term Loan (12.00? cash (Libor + 10.00?;$$ $ ~ $ :$ $ $~ $9$$$~ $9$%%%%%%%.%&Floor 10.50??, 6.00? ETP, Due 10/1/20?+&#Titan Pharmaceuticals, Inc. ?2? ?5?&&& Drug Delivery&&&4&,Term Loan (10.40? cash (Libor + 8.40?; Floor&& & ~ & & & &~ &&&&~ &&-'%400 Oyster Point Boulevard, Suite 505''''''&'9.50??, 5.00? ETP, Due 6/1/21?%(South San Francisco, CA 94080)Aerin Medical, Inc. ?2?)))Medical Device)))3)+Term Loan (9.45? cash (Libor + 7.45?; Floor)) ) ~ ) >) ) )~ )<)))~ )<)*232 E. Caribbean Drive******&*8.75??, 4.00? ETP, Due 1/1/22?+Sunnyvale, CA 94089++++++3++Term Loan (9.45? cash (Libor + 7.45?; Floor++ + ~ + .+ + +~ +B.+++~ +B.+,,,,,,,&,8.75??, 4.00? ETP, Due 1/1/22?-------3-+Term Loan (9.45? cash (Libor + 7.45?; Floor-- - ~ - .- - -~ -B.---~ -B.-.......&.8.75??, 4.00? ETP, Due 1/1/22?(/ Conventus Orthopaedics, Inc. ?2?///Medical Device///4/,Term Loan (10.00? cash (Libor + 8.00?; Floor// / ~ / >/ / /~ /=///~ /=/+0#10200 73 rd Avenue North, Suite 122000000&09.25??, 6.00? ETP, Due 6/1/21?1Maple Grove, MN 5536911111141,Term Loan (10.00? cash (Libor + 8.00?; Floor11 1 ~ 1 >1 1 1~ 1=111~ 1=12222222&29.25??, 6.00? ETP, Due 6/1/21?333333343,Term Loan (10.00? cash (Libor + 8.00?; Floor33 3 ~ 3 >3 3 3~ 3=333~ 3=34444444&49.25??, 6.00? ETP, Due 6/1/21?%5Lantos Technologies, Inc. ?2?555Medical Device55545,Term Loan (10.43? cash (Libor + 8.43?; Floor55 5 ~ 5 >5 5 5~ 5f6555~ 5f656155A New Boston Street666666'610.00??, 6.00? ETP, Due 9/1/21?7Woburn, MA 018018VERO Biotech LLC ?2?888Medical Device88848,Term Loan (10.00? cash (Libor + 8.00?; Floor88 8 ~ 8 >8 8 8~ 8=888~ 8=892941 Oxbow Circle999999&99.25??, 5.00? ETP, Due 1/1/22?:Cocoa, FL 32926::::::4:,Term Loan (10.00? cash (Libor + 8.00?; Floor:: : ~ : >: : :~ :=:::~ :=:;;;;;;;&;9.25??, 5.00? ETP, Due 1/1/22?3<+Total Non-Affiliate Debt Investments ? Life<<<<<<<<< < < < < <~ <^<<<~ < <=Science3>+Non-Affiliate Debt Investments ? Technology>>>>>>>>> > > > > >>>>>>>?DlT`#?s!M$'f8a`@ABCDEFGHIJKL@Audacy Corporation ?2?@@@Communications@@@3@+Term Loan (9.90? cash (Libor + 7.90?; Floor@@ @ ~ @ >@ @ @~ @b=@@@~ @b=@$A340 S. Lemon Ave. Suite 8787AAAAAA&A9.50??, 5.00? ETP, Due 7/1/22?BWalnut, CA 91789%CIntelepeer Holdings, Inc. ?2?CCCCommunicationsCCC4C,Term Loan (11.95? cash (Libor + 9.95?; FloorCC C ~ C >C C C~ C<CCC~ C<C!D177 Bovet Road, Suite 400DDDDDD'D11.25??, 2.50? ETP, Due 7/1/21?ESan Mateo, CA 94402EEEEEE4E,Term Loan (11.95? cash (Libor + 9.95?; FloorEE E ~ E >E E E~ E=EEE~ E=EFFFFFFF'F11.25??, 2.50? ETP, Due 7/1/21?GGGGGGG4G,Term Loan (11.95? cash (Libor + 9.95?; FloorGG G ~ G >G G G~ G=GGG~ G=GHHHHHHH'H11.25??, 2.50? ETP, Due 7/1/21?I$J____________________________1K)Created by Morningstar Document Research.0L(http://documentresearch.morningstar.com/ Hg=PF0*8X> @Z LLKKJJ      l  T7Qsn!~  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } <(} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ T     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3? PebblePost, Inc. ?2?   Communications   4 ,Term Loan (11.26? cash (Libor + 9.26?; Floor   ~ >   ~ =   ~ = $ 36 Cooper Square, 4 th Floor      ' 10.25??, 4.00? ETP, Due 7/1/21?New York, NY 100034,Term Loan (11.26? cash (Libor + 9.26?; Floor  ~  >  ~ =~ ='10.25??, 4.00? ETP, Due 7/1/21?SavingStar, Inc. ?2?%Consumer-related Technologies/'Term Loan (12.40? cash (Libor + 10.40?;  ~    ~ ~ ( 400 Totten Pond Road., Suite 300-%Floor 10.90??, 4.25? ETP, Due 6/1/20?Waltham, MA 02451/'Term Loan (12.40? cash (Libor + 10.40?;  ~    ~ ~ .&Floor 10.90??, 3.80? ETP, Due 11/1/20?IgnitionOne, Inc. ?2?Internet and Media/'Term Loan (12.23? cash (Libor + 10.23?;  ~  .  ~ ,~ ,!1675 Broadway, 7 th Floor-%Floor 10.23??, 2.00? ETP, Due 4/1/22?New York, NY 10019/'Term Loan (12.23? cash (Libor + 10.23?;  ~  .  ~ ,~ ,-%Floor 10.23??, 2.00? ETP, Due 4/1/22?/'Term Loan (12.23? cash (Libor + 10.23?;  ~  .  ~ ,~ ,-%Floor 10.23??, 2.00? ETP, Due 4/1/22?/'Term Loan (12.23? cash (Libor + 10.23?;  ~  .  ~ ,~ ,-%Floor 10.23??, 2.00? ETP, Due 4/1/22?!Jump Ramp Games, Inc. ?2?Internet and Media/'Term Loan (11.73? cash (Libor + 9.73??,  ~  >  ~ =~ =)!307 West 38 th Street, Suite 11013.00? ETP, Due 4/1/21?New York, NY 10018Kixeye, Inc. ?2?Internet and Media4,Term Loan (11.60? cash (Libor + 9.60?; Floor  ~  &,  ~ *~ *Dlwk_Wa?$ 333 Bush Street, 19 th Floor      ' 10.75??, 2.00% ETP, Due 5/1/21?!San Francisco, CA 94104!!!!!!4!,Term Loan (11.60? cash (Libor + 9.60?; Floor!! ! ~ ! &,! ! !~ !j+!!!~ !j+!"""""""'"10.75??, 2.00? ETP, Due 5/1/21?&#Rocket Lawyer Incorporated ?2?###Internet and Media###4#,Term Loan (11.40? cash (Libor + 9.40?; Floor## # ~ # ># # #~ #=###~ #=#%$182 Howard Street, Suite ?830$$$$$$'$10.50??, 3.00? ETP, Due 7/1/21?%San Francisco, CA 94105%%%%%%4%,Term Loan (11.40? cash (Libor + 9.40?; Floor%% % ~ % >% % %~ %=%%%~ %=%&&&&&&&'&10.50??, 3.00? ETP, Due 7/1/21?'''''''4',Term Loan (11.40? cash (Libor + 9.40?; Floor'' ' ~ ' B' ' '~ ''''~ ''((((((((( 10.50??, 3.00? ETP, Due 11/1/21? )Verve Wireless, Inc. ?2?)))Internet and Media)))4),Term Loan (10.80? cash (Libor + 8.80?; Floor)) ) ~ ) B8) ) )~ )5)))~ )5)'*5600 Avenida Encinas, Suite 120******'*10.80??, 3.33? ETP, Due 9/1/21?+Carlsbad, CA 92008,Zinio Holdings, LLC ?2?,,,Internet and Media,,,/,'Term Loan (13.25? cash (Libor + 11.25?;,, , ~ , >, , ,~ ,>>,,,~ ,>>,&-575 Lexington Avenue, Floor 17--------%Floor 11.75??, 6.00? ETP, Due 2/1/20?.New York, NY 10022'/The NanoSteel Company, Inc. ?2?/// Materials///4/,Term Loan (11.50? cash (Libor + 9.50?; Floor// / ~ / 6B/ / /~ /@///~ /@/$0272 West Exchange, Suite 300000000'010.00??, 7.20? ETP, Due 5/1/20?1Providence, RI 0290311111141,Term Loan (11.50? cash (Libor + 9.50?; Floor11 1 ~ 1 !1 1 1~ 1 111~ 1 12222222'210.00??, 6.45? ETP, Due 5/1/20?333333343,Term Loan (11.50? cash (Libor + 9.50?; Floor33 3 ~ 3 ^$3 3 3~ 3#333~ 3#34444444'410.00??, 5.85? ETP, Due 7/1/20?%5Powerhouse Dynamics, Inc. ?2?555Power Management555/5'Term Loan (12.70? cash (Libor + 10.70?;55 5 ~ 5  5 5 5~ 5V 555~ 5V 56 3 Bridge St.666666-6%Floor 11.20??, 3.32? ETP, Due 9/1/19?7Newton, MA 024588 Luxtera, Inc.888Semiconductors888/8'Term Loan (11.75? cash (Prime + 6.75??,88 8 ~ 8 B8 8 8~ 8888~ 8892320 Camino Vida Ruble9999999 Due 3/28/20?:Carlsbad, CA 92011::::::/:'Term Loan (11.75? cash (Prime + 6.75??,:: : ~ : r: : :~ ::::~ ::;;;;;;;; Due 3/28/20?#<Bridge2 Solutions, LLC. ?2?<<<Software<<<4<,Term Loan (11.25? cash (Libor + 9.25?; Floor<< < ~ < "N< < <~ <K<<<~ <K<(= 5900 Windward Parkway, Suite 450======(= 10.50??, 2.00? ETP, Due 11/1/21?>Alpharetta, GA 30005>>>>>>4>,Term Loan (11.25? cash (Libor + 9.25?; Floor>> > ~ > "N> > >~ >J>>>~ >J>???????(? 10.50??, 2.00? ETP, Due 11/1/21?Dle Cb5?!,\.Yh?N@ABCDEFGHIJKLMNOPQRS$@Education Elements, Inc. ?2?@@@Software@@@/@'Term Loan (12.00? cash (Libor + 10.00?;@@ @ ~ @ B@ @ @~ @.@@@~ @.@A999 Skyway RoadAAAAAA-A%Floor 10.50??, 4.00? ETP, Due 1/1/19?BSan Carlos, CA 94070BBBBBB/B'Term Loan (12.00? cash (Libor + 10.00?;BB B ~ B * B B B~ B BBB~ B BCCCCCCC-C%Floor 10.50??, 4.00? ETP, Due 8/1/19?DMetricly, Inc.DDDSoftwareDDD/D'Term Loan (14.25? cash (Libor + 12.25?;DD D ~ D bD D D~ DbDDD~ DbD"E12700 Sunrise Valley DriveEEEEEE-E%Floor 12.50??, 3.33? ETP, Due 9/1/18?Feeston, VA 20191'GNew Signature US, Inc. ?2? ?12?GGGSoftwareGGG4G,Term Loan (10.59? cash (Libor + 8.50?; FloorGG G ~ G *G G G~ G*GGG~ G*G#H901 K Street, NW, Suite 450HHHHHH'H10.50??, 3.50? ETP, Due 7/1/22?IWashington, DC 20001JShopKeep.com, Inc. ?2?JJJSoftwareJJJ4J,Term Loan (11.95? cash (Libor + 9.95?; FloorJJ J ~ J bTJ J J~ JSJJJ~ JSJ!K450-460 Park Avenue SouthKKKKKK(K 10.45??, 4.08? ETP, Due 10/1/20?LNew York, NY 10016LLLLLL4L,Term Loan (11.95? cash (Libor + 9.95?; FloorLL L ~ L b;L L L~ Lb:LLL~ Lb:LMMMMMMM'M10.45??, 3.55? ETP, Due 2/1/21?N SIGNiX, Inc.NNNSoftwareNNN/N'Term Loan (13.00? cash (Libor + 11.00?;NN N ~ N  N N N~ NfNNN~ NNO1203 Carter StreetOOOOOO-O%Floor 11.50??, 6.17? ETP, Due 2/1/20?PChattanooga, TN 37402$Q____________________________1R)Created by Morningstar Document Research.0S(http://documentresearch.morningstar.com/,f|]ctTo/s=PF0*8X> @BSSRRQQ     l  VҦq  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!Consolidated results of operatiCurrent 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I;} $ } } $ } U5}  $ } } $ }  } $ }  } $ V     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3? Weblinc Corporation ?2?   Software   / 'Term Loan (12.25? cash (Libor + 10.25?;   ~ .   ~ :.   ~   22 South 3 rd Street      - %Floor 11.25??, 3.00? ETP, Due 3/1/21?Philadelphia, PA 19106 xAd, Inc. ?2?Software4,Term Loan (10.70? cash (Libor + 8.70?; Floor  ~  "N  ~ L~ L+#One World Trade Center, 60 th Floor( 10.00??, 4.75? ETP, Due 11/1/21?New York, NY 100074,Term Loan (10.70? cash (Libor + 8.70?; Floor  ~  "N  ~ L~ L( 10.00??, 4.75? ETP, Due 11/1/21?4,Term Loan (10.70? cash (Libor + 8.70?; Floor  ~  .  ~ .~ .( 10.00??, 4.75? ETP, Due 11/1/21?4,Term Loan (10.70? cash (Libor + 8.70?; Floor  ~  B  ~ ~ ( 10.00??, 4.75? ETP, Due 11/1/21?91Total Non-Affiliate Debt Investments ? Technology     ~ BW~ Q3+Non-Affiliate Debt Investments ? Healthcare      information and servicesCatasys, Inc. ?2? ?5?Software3+Term Loan (9.80? cash (Libor + 7.75?; Floor  ~  '  ~ &~ &( 11601 Wilshire Blvd., Suite 1100&9.75??, 6.00? ETP, Due 3/1/22?Los Angeles, CA 900253+Term Loan (9.80? cash (Libor + 7.75?; Floor  ~  '  ~ &~ &&9.75??, 6.00? ETP, Due 3/1/22?%HealthEdge Software, Inc. ?2?Software4,Term Loan (10.25? cash (Libor + 8.25?; Floor  ~  "N  ~ L~ L30 Corporate Drive&9.25??, 3.00? ETP, Due 7/1/22?D lwk_Wa<[9Se7C !"#$%&'()*+,-./0123456789:;<=>? Burlington, MA 01803      4 ,Term Loan (10.25? cash (Libor + 8.25?; Floor   ~ :   ~ 9   ~ 9 !!!!!!!&!9.25??, 3.00? ETP, Due 1/1/23?"""""""4",Term Loan (10.25? cash (Libor + 8.25?; Floor"" " ~ " :" " "~ "9"""~ "9"#######&#9.25??, 3.00? ETP, Due 4/1/23?9$1Total Non-Affiliate Debt Investments ? Healthcare$$$$$ $ $ $ $ $~ $ $$$~ $ $ %information and services,&$Total Non-Affiliate Debt Investments&&&&&&&&& & & & & &~ &~ &&&~ & &)'!Non-Affiliate Warrant Investments''''''''' ' ' ' ' '''''''(-)%Non-Affiliate Warrants ? Life Science))))))))) ) ) ) ) )))))))*+ACT Biotech Corporation+++ Biotechnology+++(+ 431,201 Preferred Stock Warrants++ + + + + +~ +f+++ +?+, NGN Capital)-!369 Lexington Avenue, 17 th Floor.New York, NY 10017(/ Alpine Immune Sciences, Inc. ?5?/// Biotechnology///#/4,634 Common Stock Warrants// / / / / /~ //// /?/'03122 Sterling Circle, Suite 2001Boulder, CO 80301(2 Argos Therapeutics, Inc. ?2? ?5?222 Biotechnology222#23,656 Common Stock Warrants22 2 2 2 2 2~ 2222 2?234233 Technology Drive4Durham, NC 27704#5Celsion Corporation ?2? ?5?555 Biotechnology555%5190,522 Common Stock Warrants55 5 5 5 5 5~ 5F555~ 55"6997 Lenox Drive, Suite 1007Lawrenceville, NJ 08648.8&Rocket Pharmaceuticals Corporation ?5?888 Biotechnology888#81,763 Common Stock Warrants88 8 8 8 8 8~ 8F888 8?8&9131 Hartwell Avenue, Suite 105:Lexington, MA 02421*;"Palatin Technologies, Inc. ?2? ?5?;;; Biotechnology;;;%;608,058 Common Stock Warrants;; ; ; ; ; ;~ ;;;;~ ;";<4-B Cedar Brook Drive=Cranbury, NJ 08512&>Revance Therapeutics, Inc. ?5?>>> Biotechnology>>>$>34,113 Common Stock Warrants>> > > > > >~ >>>>~ >>?7555 Gateway Blvd.DWl@oK."nP zY=b8@ABCDEFGHIJKLMNOPQRSTU@Newark, CA 94560ASample6, Inc. ?2?AAA BiotechnologyAAA(A 661,956 Preferred Stock WarrantsAA A A A A A~ AAAA~ AjA&B840 Memorial Drive, 4 th FloorCCambridge, MA 02139&DStrongbridge U.S. Inc. ?2? ?5?DDD BiotechnologyDDD%D160,714 Common Stock WarrantsDD D D D D D~ D"DDD~ Df D'E900 Northbrook Drive, Suite 200FTrevose, PA 19053)G!Sunesis Pharmaceuticals, Inc. ?5?GGG BiotechnologyGGG#G2,050 Common Stock WarrantsGG G G G G G~ GGGG G?G)H!395 Oyster Point Blvd., Suite 400%ISouth San Francisco, CA 94080%JvTv Therapeutics Inc. ?2? ?5?JJJ BiotechnologyJJJ$J95,293 Common Stock WarrantsJJ J J J J J~ JJJJ J?J$K4170 Mendenhall Oaks ParkwayLHigh Point, NC 27265+M#Titan Pharmaceuticals, Inc. ?2? ?5?MMM Drug DeliveryMMM%M320,612 Common Stock WarrantsMM M M M M M~ M~MMM~ MZM-N%400 Oyster Point Boulevard, Suite 505%OSouth San Francisco, CA 94080PAccuVein Inc. ?2?PPPMedical DevicePPP*P"1,174,881 Preferred Stock WarrantsPP P P P P P~ PbPPP~ PrPQ40 Goose Hill Road$RCold Spring Harbor, NY 11724$S____________________________1T)Created by Morningstar Document Research.0U(http://documentresearch.morningstar.com/0 |]X/U$tL=PF0*8X> @b UUTTSS%%$$     l  T c   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $ } y#} $ } m)} $ } $} $ } $} $ T     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3? Aerin Medical, Inc. ?2?   Medical Device   * "1,818,182 Preferred Stock Warrants       ~     ~   232 E. Caribbean DriveSunnyvale, CA 94089( Conventus Orthopaedics, Inc. ?2?Medical Device( 720,000 Preferred Stock Warrants     ~ ~~ +#10200 73 rd Avenue North, Suite 122Maple Grove, MN 55369%Lantos Technologies, Inc. ?2?Medical Device'1,715,926 Common Stock Warrants     ~ ~ v155A New Boston StreetWoburn, MA 01801Mitralign, 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 02139%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     ~ >~ 6( 1000 Park Forty Plaza, Suite 325Dlwk_Wa? Durham, NC 27713!VERO Biotech LLC ?2?!!!Medical Device!!!!!800 Common Stock Warrants!! ! ! ! ! !~ !!!!~ !!"2941 Oxbow Circle#Cocoa, FL 32926$ ViOptix, Inc.$$$Medical Device$$$($ 375,763 Preferred Stock Warrants$$ $ $ $ $ $~ $6$$$ $?$!%47224 Mission Falls Court&Fremont, CA 945393'+Total Non-Affiliate Warrants ? Life Science''''''''' ' ' ' ' '~ 'F'''~ ''+(#Non-Affiliate Warrants ? Technology((((((((( ( ( ( ( ((((((()*Audacy Corporation ?2?***Communications***(* 176,134 Preferred Stock Warrants** * * * * *~ ****~ **%+340 S. Lemon Ave., Suite 8787,Walnut, CA 91789-Ekahau, Inc. ?2?---Communications---(- 978,261 Preferred Stock Warrants-- - - - - -~ ----~ -b-!.1851 Alexander Bell Drive/Reston, VA 20191%0Intelepeer Holdings, Inc. ?2?000Communications000*0"2,256,549 Preferred Stock Warrants00 0 0 0 0 0~ 0V000~ 00!1177 Bovet Road, Suite 4002San Mateo, CA 944023PebblePost, Inc. ?2?333Communications333(3 598,850 Preferred Stock Warrants33 3 3 3 3 3~ 3r333~ 33$436 Cooper Square, 4 th Floor5New York, NY 100036Additech, Inc. ?2?66%6Consumer-related Technologies666(6 150,000 Preferred Stock Warrants66 6 6 6 6 6~ 6666~ 66710925 Kinghurst8Houston, TX 770999Gwynnie Bee, Inc. ?2?99%9Consumer-related Technologies999(9 268,591 Preferred Stock Warrants99 9 9 9 9 9~ 9999~ 9 9:43-01 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?? ? ? ? ? ?~ ???? ???Dlq7[2J%~/a@ABCDEFGHIJKLMNOPQRS#@701 5 th Avenue, Suite 3100ASeattle, WA 98104BSavingStar, Inc. ?2?BB%BConsumer-related TechnologiesBBB(B 850,439 Preferred Stock WarrantsBB B B B B B~ BBBB B?B(C 400 Totten Pond Road., Suite 300DWaltham, MA 08457EIgnitionOne, Inc. ?2?EEEInternet and MediaEEE(E 262,910 Preferred Stock WarrantsEE E E E E E~ E~ EEE~ Ef E!F1675 Broadway, 7 th FloorGNew York, NY 10019!HJump Ramp Games, Inc. ?2?HHHInternet and MediaHHH(H 159,766 Preferred Stock WarrantsHH H H H H H~ HHHH~ HH)I!307 West 38 th Street, Suite 1101JNew York, NY 10018KKixeye, Inc. ?2?KKKInternet and MediaKKK(K 791,251 Preferred Stock WarrantsKK K K K K K~ K.KKK~ K:K$L333 Bush Street, 19 th FloorMSan Francisco, CA 94104&NRocket Lawyer Incorporated ?2?NNNInternet and MediaNNN(N 261,721 Preferred Stock WarrantsNN N N N N N~ NrNNN~ N2N%O182 Howard Street, Suite ?830PSan Francisco, CA 94105$Q____________________________1R)Created by Morningstar Document Research.0S(http://documentresearch.morningstar.com/,G |l@#N!v&=PF0*8X> @BSSRRQQ     l  WW,?'K  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 1} $ } a} $ } m)} $ } U} $ } U} $ W     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3? Verve Wireless, Inc. ?2?   Internet and Media   % 112,805 Common Stock Warrants       ~    ~  ' 5600 Avenida Encinas, Suite 120Carlsbad, CA 92008'The NanoSteel Company, Inc. ?2? Materials( 379,360 Preferred Stock Warrants     ~ ~ .$272 West Exchange, Suite 300Providence, RI 02903%Powerhouse Dynamics, Inc. ?2?Power Management( 348,838 Preferred Stock Warrants     ~ ~ Z3 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*"4,800,000 Preferred Stock Warrants     ~ ~ %275 Grove Street, Suite 2-400Newton, MA 02466Luxtera, Inc. ?2?Semiconductors*"3,546,553 Preferred Stock Warrants     ~ V~ 2320 Camino Vida RubleDlwk_Wa? Carlsbad, CA 92011!Soraa, Inc. ?2?!!!Semiconductors!!!(! 203,616 Preferred Stock Warrants!! ! ! ! ! !~ !B!!!~ ! !"6500 Kaiser Drive#Fremont, CA 94555$Bolt Solutions Inc. ?2?$$$Software$$$($ 202,892 Preferred Stock Warrants$$ $ $ $ $ $~ $$$$~ $$"%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+*#BSI Platform Holdings, LLC ?2? ?12?***Software***(* 137,500 Preferred Stock Warrants** * * * * *~ *N***~ *N*#+901 K Street, NW, Suite 450,Washington, DC 20001-Clarabridge, Inc.---Software---'-53,486 Preferred Stock Warrants-- - - - - -~ -:---~ --,.$11400 Commerce Park Drive, Suite 500/Reston, VA 20191$0Education Elements, Inc. ?2?000Software000(0 238,121 Preferred Stock Warrants00 0 0 0 0 0~ 0r000~ 0v01999 Skyway Road2San Carlos, CA 94070"3Lotame Solutions, Inc. ?2?333Software333(3 288,115 Preferred Stock Warrants33 3 3 3 3 3~ 3Z333~ 3z3&48850 Stanford Blvd, Suite 20005Columbus, MD 210456Metricly, Inc.666Software666$641,569 Common Stock Warrants66 6 6 6 6 6~ 6666 6?6"712700 Sunrise Valley Drive8Reston, VA 201919Riv Data Corp. ?2?999Software999(9 321,428 Preferred Stock Warrants99 9 9 9 9 9~ 92999~ 99#:735 State Street, Suite 600;Santa Barbara, CA 93101<ShopKeep.com, Inc. ?2?<<<Software<<<(< 193,962 Preferred Stock Warrants<< < < < < <~ <<<<~ <<!=450-460 Park Avenue South>New York, NY 10016? SIGNiX, Inc.???Software???(? 133,560 Preferred Stock Warrants?? ? ? ? ? ?~ ????~ ??Dlk,|\bF[= iF@ABCDEFGHIJKLMNOPQRSTUV@1203 Carter St.AChattanooga, TN 37402B Skyword, Inc.BBBSoftwareBBB(B 301,056 Preferred Stock WarrantsBB B B B B B~ BBBB~ BBC38 Chauncy StreetDBoston, MA 02111ESpringCM, Inc. ?2?EEESoftwareEEE*E"2,385,686 Preferred Stock WarrantsEE E E E E E~ EEEE~ E*E%F180 North LaSalle, 6 th FloorGChicago, IL 60601$HSys-Tech Solutions, Inc. ?2?HHHSoftwareHHH(H 375,000 Preferred Stock WarrantsHH H H H H H~ HHHH~ HBHI2540 U.S. Highway 130JCranbury, NJ 08512KWeblinc Corporation ?2?KKKSoftwareKKK(K 195,122 Preferred Stock WarrantsKK K K K K K~ KKKK K?KL22 South 3 rd StreetMPhiladelphia, PA 19106N xAd, Inc. ?2?NNNSoftwareNNN*N"4,343,350 Preferred Stock WarrantsNN N N N N N~ NNNN~ NN+O#One World Trade Center, 60 th FloorPNew York, NY 100071Q)Total Non-Affiliate Warrants ? TechnologyQQQQQQQQQ Q Q Q Q Q~ Q>QQQ~ QcQRS$T____________________________1U)Created by Morningstar Document Research.0V(http://documentresearch.morningstar.com/2Q rVoQkM$ =PF0*8X> @BVVUUTT     l  Umg  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 0} $ } y#} $ } m)} $ } $} $ } U} $ U     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3?* "Non-Affiliate Warrants ? Cleantech                     Renmatix, Inc. ?2?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     ~ ~ '1650 Harbor Bay Pkwy, Suite 200Alameda, CA 94502Dlwk_Wa<G&~D(  !"#$%&'()*+,-./0123456789:;<=>?$ Verity Solutions Group, Inc.   Other Healthcare   (  300,360 Preferred Stock Warrants       ~    ~  &!11335 NE 122 nd 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)) ) ) ) ) )~ ))))~ )Z)$*1903 Wright Place, Suite 120+Carlsbad, CA 92008$,Recondo Technology, Inc. ?2?,,,Software,,,(, 556,796 Preferred Stock Warrants,, , , , , ,~ ,~,,,~ ,R,/-'6312 South Fiddlers Green Circle, Suite,.$600 East Greenwood Village, CO 801111/)Total Non-Affiliate Warrants ? Healthcare/ / / / / /~ /.///~ /: / 0information and services$1Total Non-Affiliate Warrants111111111 1 1 1 1 1~ 1c111~ 11'2Non-Affiliate Other Investments222222222 2 2 2 2 22222223$4Espero Pharmaceuticals, Inc.444 Biotechnology4444Royalty Agreement44 4 4 4 4 4~ 4R444~ 4rI4&514286-19 Beach Boulevard, ?2706Jacksonville, FL 322507 ZetrOZ, Inc.777Medical Device7777Royalty Agreement77 7 7 7 7 7~ 76777~ 7 7856 Quarry Road9Trumbull, CT 06611:Vette Technology, LLC::: Data Storage:::':Royalty Agreement Due 4/18/2019:: : : : : :~ :zA:::~ ::';14 Manchester Square, Suite 210<Portsmouth, NH 03801#=Triple Double Holdings, LLC===Software====License Agreement== = = = = =~ =b"===~ =b"=>75 Gerber Road East?South Windsor, CT 06074Dll"nNyFM) `5r>@ABCDEFGHIJKLMNOPQRST-@%Total Non-Affiliate Other Investments@@@@@@@@@ @ @ @ @ @~ @޹@@@~ @Rx@ANon-Affiliate EquityAAAAAAAAA A A A A AAAAAAABCInsmed Incorporated ?5?CCC BiotechnologyCCCC33,208 Common StockCC C C C C C~ CCCC~ CF CD4851 Lake Brook DriveEGlen Allen, VA 23058&FRevance Therapeutics, Inc. ?5?FFF BiotechnologyFFFF5,125 Common StockFF F F F F F~ F&FFF~ F6FG7555 Gateway Blvd.HNewark, CA 94560)I!Sunesis Pharmaceuticals, Inc. ?5?III BiotechnologyIIII13,082 Common StockII I I I I I~ INIII~ IrI(J 395 Oyster Point Blvd, Suite 400%KSouth San Francisco, CA 94080LSnagAJob.com, Inc.LL%LConsumer-related TechnologiesLLLL82,974 Common StockLL L L L L L~ L&LLL~ LNLM4851 Lake Brook DriveNGlen Allen, VA 23060 OVerve Wireless, Inc. ?2?OOOInternet and MediaOOOO100,598 Preferred StockOO O O O O O~ OOOO~ OO'P5600 Avenida Encinas, Suite 120QCarlsbad, CA 92008$R____________________________1S)Created by Morningstar Document Research.0T(http://documentresearch.morningstar.com/. gG c:vK-=PF0*8X> @b TTSSRR00//     l  G4  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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) 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } aH} $ } } $ } 2}  $ } U} $ } $} $ } $} $ G     'Horizon Technology Finance Corp N-2/A 08/10/2018PORTFOLIO COMPANIES               Name and Address of  Sector + #Type of Investment ?4? ?7? ?8? ?9?  Principal Amount  Cost of Investments ?6?  Fair Value ?11?! Portfolio Company ?1? ?3? TruSignal, Inc.   Software    32,637 Common Stock       ~    ~   25 6 th Avenue NorthSaint Cloud, MN 56303"Total Non-Affiliate Equity     ~ v ~ ^0(Total Non-Affiliate Portfolio Investment     ~ 4 ~  Assets,$Non-controlled Affiliate Investments     >6Non-controlled Affiliate Debt Investments ? Technology     Decisyon, Inc. 1266SoftwareTerm Loan (14.308? cash ~    ~ ~ East Main Street( (Libor + 12.308?; Floor 12.50??,Stamford, CT 069028.00? ETP, Due 12/1/20?Term Loan (14.308? cash  ~     ~ F ~  ( (Libor + 12.308?; Floor 12.50??,8.00? ETP, Due 12/1/20?-%Term Loan (12.02? cash, Due 12/31/19?  ~    ~ ~ -%Term Loan (12.03? cash, Due 12/31/19?  ~    ~ ~ -%Term Loan (12.24? cash, Due 12/31/19?  ~     ~  ~  -%Term Loan (13.08? cash, Due 12/31/19?  ~    ~ ~ rDlwk_Wa<ui{bIR+ !"#$%&'()*+,-./0123456789:;<=>?" StereoVision Imaging, Inc.   Software   2 *Term Loan (9.03? PIK (Libor + 7.03?; Floor   ~ 2   ~ +   ~ Z+ !Gateway Metro Center!!!!!!+!#8.50??, 8.50? ETP, Due 9/1/21? ?10?0"(3452 East Foothill Boulevard, Suite 1125#Pasadena, CA 91107D$<Total Non-controlled Affiliate Debt Investments ? Technology$$$$$$$$$ $ $ $ $ $~ $g$$$~ $zd$6%.Non-controlled Affiliate Warrants ? Technology%%%%%%%%% % % % % %%%%%%%&'Decisyon, Inc.'''Software'''$'82,967 Common Stock Warrants'' ' ' ' ' '~ '''' '?'(1266 East Main Street)Stamford, CT 06902<*4Total Non-controlled Affiliate Warrants ? Technology********* * * * * *~ **** *?*4+,Non-controlled Affiliate Equity ? Technology+++++++++ + + + + +++++++,-Decisyon, Inc.---Software----45,365,936 Common Stock-- - - - - -~ ----~ -.-.1266 East Main Street/Stamford, CT 06902"0StereoVision Imaging, Inc.000Software00001,943,572 Common Stock00 0 0 0 0 0~ 0^ 000~ 0^ 01Gateway Metro Center02(3452 East Foothill Boulevard, Suite 11253Pasadena, CA 91107-4%Total Non-controlled Affiliate Equity444444444 4 4 4 4 4~ 4B444~ 4 405(Total Non-controlled Affiliate Portfolio5 5 5 5 5 ~ 5w55~ 5r56Investment Assets(7 Controlled Affiliate Investments777777777 7 7 7 7 77777778/9'Controlled Affiliate Equity ? Financial999999999 9 9 9 9 9999999:,;$Horizon Secured Loan Fund I LLC ?13?;;;Investment funds;;;;;; ; ; ; ; ~ ;?;;~ ;?;<312 Farmington Avenue=Farmington, CT 06032)>!Total Controlled Affiliate Equity>>>>>>>>> > > > > >~ >?>>>~ >?>,?$Total Controlled Affiliate Portfolio? ? ? ? ? ~ ????~ ???DlcW&S2jEx\P-!@ABCDEF@Investment Assets)A!Total Portfolio Investment AssetsAAAAAAAAA A A A A ~ A: AA~ A ABC$D____________________________1E)Created by Morningstar Document Research.0F(http://documentresearch.morningstar.com/[x=PF0*8X> @FFEEDDAAAA@@??????;;;;66555555      l  ")  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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)!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } %} $ } a/} $ } 7} $ } 0 "     'Horizon Technology Finance Corp N-2/A 08/10/2018 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 luirx" jI=rd_< !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @!!  l  c  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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) 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ } } $ } 2} $ } a      'Horizon Technology Finance Corp N-2/A 08/10/20180(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/,||nbVJ}=PF0*8X> @ l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 !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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $ } } $ } } $                              'Horizon Technology Finance Corp N-2/A 08/10/2018!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~ =~ =$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<]}qeY|L60$O|pd<=PF0*8X> @      l  m<  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 0} $ }  } $ } U} $                             'Horizon Technology Finance Corp N-2/A 08/10/20182*CONTROL PERSONS AND PRINCIPAL STOCKHOLDERS Name of Beneficial Owner ! Shares Beneficially Owned . &Percentage of Common Stock Outstanding(  Directors and executive Officers         " Robert D. Pomeroy, Jr. ?1?  ~ >    *%  Gerald A. Michaud ?1?  ~ rR    *%  James J. Bottiglieri ?1?~ z *%Edmund V. Mahoney ?1?~ vY *%Elaine A. Sarsynski ?1?~ "N *%Joseph J. Savage ?1?~ ! *%Daniel R. Trolio ?1? ? *%John C. Bombara ?1?~ y *%Daniel S. Devorsetz ?1?~ 6Q *%0(All officers and directors as a group (9~ 4 333333? %persons)$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:= l`TH yWJ>7-|pH=PF0*8X> @*   l   vW  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $ } }       'Horizon Technology Finance Corp N-2/A 08/10/20182*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?$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/D ll`TH$~-!`RF}#f =PF0*8X> @2    l  Qp  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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)!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ } a} $ }  }  $ } } $                     'Horizon Technology Finance Corp N-2/A 08/10/2018%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   100,000,000 shares   ~ 8    ~ f  Preferred Stock   1,000,000 shares    ?    ?   2022 Notes ~ b0    ?  ~ b0 $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hymaUD(}U=PF0*8X> @J       l  :G`  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 7} $ } } $ :     'Horizon Technology Finance Corp N-2/A 08/10/2018+#Statements of Changes in Net Assets   Page0 (UNAUDITED CONSOLIDATED INTERIM FINANCIAL      STATEMENTS- %Consolidated Statements of Assets and   F-2 4 ,Liabilities as of June 30, 2018 and December31, 2017 (unaudited)-%Consolidated Statements of Operations F-33+for the three and six months ended June 30,!2018 and 2017 (unaudited)-%Consolidated Statements of Changes in F-40(Net Assets for the six months ended June%30, 2018 and 2017 (unaudited)-%Consolidated Statements of Cash Flows F-52*for the six months ended June 30, 2018 and2017 (unaudited)-%Consolidated Schedules of Investments F-111)as of June 30, 2018 and December 31, 2017 (unaudited)6.Notes to the Consolidated Financial Statements F-18 (unaudited)$AUDITED FINANCIAL STATEMENTS/'Management?s Report on Internal Control F-42Dlsg[O+%i2 uL1w` !"#$%&'()*+,-./0123456789 over Financial Reporting/!'Report of Independent Registered Public!! !F-43!"Accounting Firm/#'Report of Independent Registered Public## #F-44#0$(Accounting Firm on Internal Control over%Financial Reporting-&%Consolidated Statements of Assets and&& &F-46&/''Liabilities as of December 31, 2017 and~ (-)%Consolidated Statements of Operations)) )F-47)3*+for the Years Ended December 31, 2017, 2016+and 2015-,%Consolidated Statements of Changes in,, ,F-48,/-'Net Assets for the Years Ended December.31, 2017, 2016 and 2015-/%Consolidated Statements of Cash Flows// /F-49/30+for the Years Ended December 31, 2017, 20161and 2015-2%Consolidated Schedules of Investments22 2F-502(3 as of December 31, 2017 and 201664.Notes to the Consolidated Financial Statements44 4F-62456$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/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I;} $ }  } $ }  } $ >                                 'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries   June 30,   December 31,  ~  ~  Assets         / 'Non-affiliate investments at fair value ~    ~ W  5-(cost of $216,364 and $219,303, respectively),$Non-controlled affiliate investments~ r~ 61)at fair value (cost of $7,677 and $3,774,respectively) (Note 5)0(Controlled affiliate investments at fair~ ? ?3+value (cost of $4,069 and $0, respectively)(Note 5)0(Total investments at fair value (cost of~  ~ N ,$$228,110 and $223,077, respectively)(Note 4) Cash~ b~  gInterest receivable~ V?~ J> Other assets~ ~  Total assets~ ~ J LiabilitiesBorrowings (Note 7)~ Z\~ Distributions payable~  6~ 6D: l_SG;or9pNlB6 ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = , $Base management fee payable (Note 3)  ~    ~  &!Incentive fee payable (Note 3)!!~ ! !!!~ !v!"Other accrued expenses""~ " """~ " "#Total liabilities##~ #ί###~ # #.$&Commitments and Contingencies (Note 8)$$$$$$$$%& Net assets&&&&&&&&'4(,Preferred stock, par value $0.001 per share,(( (?((( (?(0)(1,000,000 shares authorized, zero shares2**issued and outstanding as of June 30, 2018+and December 31, 20171,)Common stock, par value $0.001 per share,,,~ ,2,,,~ ,2,1-)100,000,000 shares authorized, 11,695,2293.+and 11,687,871 shares issued and 11,527,764//'and 11,520,406 shares outstanding as of901June 30, 2018 and December 31, 2017, respectively(1 Paid-in capital in excess of par11~ 1" 111~ 1 112)Distributions in excess of net investment22~ 2222~ 2Z23income24*Net unrealized depreciation on investments44~ 4V444~ 44(5 Net realized loss on investments55~ 5o555~ 5jt56Total net assets66~ 6.*666~ 6>6(7 Total liabilities and net assets7~ 777~ 7J7(8 Net asset value per common share88333333'@888q= ףp'@89:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@ DlXE9ZH8@4(=PF0*8X> @==<<;;88887777       l  ?f  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 8} $ } } $ } }  $ } } $ }  } $ ?     'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries      For the Three Months  For the Six Months   Ended June 30,  Ended June 30,  ~  ~  ~  ~  Investment income                 &Interest income on investments     4,Interest income on non-affiliate investments~ Nh~ T ~    ~ ƶ3+Interest income on non-controlled affiliate~  ?  ~  B   ? investments,$Total interest income on investments~ fk~ T  ~    ~ ƶ Fee income     .&Prepayment fee income on non-affiliate~ ~   ~    ~ R  investments/'Fee income on non-affiliate investments~ &~   ~    ~ Total investment income~ Fr~ [  ~  b  ~ Expenses     Interest expense~ ~   ~  -  ~ %$Base management fee (Note 3)~ ~    ~  j"  ~ -%Performance based incentive fee (Note~ Z~ V  ~    ~  ~ D.l_SG;m 9-IY !"#$%&'()*+,-./0123456789:;<=># Administrative fee (Note 3)  ~    ~    ~    ~  !Professional fees!!~ !!!!~ !!! ! ~ !  ! ! !~ ! !""General and administrative""~ """"~ """ " ~ " " " "~ "j"#Total expenses##~ #ZA###~ #0## # ~ # N# # #~ #i#.$&Performance based incentive fee waived$$~ $$$$ $?$$ $ ~ $ $ $ $ $?$%(Note 3)& Net expenses&&~ &>&&&~ &0&& & ~ & |& & &~ &i&'Net investment income''~ 'j3'''~ ' +'' ' ~ ' e' ' '~ '_'7(/Net realized and unrealized loss on investments((((((((( ( ( ( ( ((()1*)Net realized (loss) gain on non-affiliate**~ ****~ *** * ~ * J* * *~ *JY*+ investments/,'Net realized (loss) gain on investments,,~ ,,,,~ ,,, , ~ , J, , ,~ ,JY,2-*Net unrealized (depreciation) appreciation--~ -v---~ --- - ~ - B- - -~ --$.on non-affiliate investments2/*Net unrealized appreciation (depreciation)//~ /R/// /?// / ~ / ^/ / / /?//0'on non-controlled affiliate investments21*Net unrealized (depreciation) appreciation11~ 1111~ 111 1 ~ 1 1 1 1~ 112on investments73/Net realized and unrealized loss on investments33~ 3b333~ 3n33 3 ~ 3 3 3 3~ 3314)Net increase in net assets resulting from4~ 4-44~ 4v 44 ~ 4 vV4 4 ~ 4D45 operations.6&Net investment income per common share66(\?666Q?66 6 Q?6 6 6(\?637+Net increase in net assets per common share77?777Q?77 7 Q?7 7 7RQ?7(8 Distributions declared per share88333333?888333333?88 8 333333?8 8 8333333?8+9#Weighted average shares outstanding99~ 9{999~ 9^99 9 ~ 9 ^9 9 9~ 9 Ӿ9:;$<____________________________1=)Created by Morningstar Document Research.0>(http://documentresearch.morningstar.com/B{X,>\dPplqsKO4DeZ=PF0*8X> @>>==<<888888 88777777 77666666 66444444 44         l  "#y$  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 1} $ } } $ } $}  $ } $} $ }  } $ }  } $ }  } $ }  } /$ "0000000000 0 0 0 0 0000000000000000000'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries                      Common Stock  Paid-In   Distributions  Net  Net  Total Net Assets            Capital in   in Excess of   Unrealized  Realized            Excess of  Net   Depreciation  Loss on           Par   Investment  on   InvestmentsSharesAmount     Income Investments$Balance at December 31, 2016~ b~ 2     ~ ~  ~ !#$~ %'(~ )+,~ -~/1)Net increase in net assets resulting from ? ?    ?  ~ _~ ~ JY~ D operations/'Issuance of common stock under dividend~ ҈ ?  ~     ? ? ?~ reinvestment planDistributions declared ? ?    ?  ~  ? ?~  Balance at June 30, 2017~ 2~ 2 ~     ~ v~ ~[~ ~ X$Balance at December 31, 2017~ Z&~ 2 ~     ~ Z~ ~ jt~ >1)Net increase in net assets resulting from ? ?    ?  ~ e~ ~ J~ vV operations/'Issuance of common stock under dividend~ r ?  ~  >   ? ? ?~ >reinvestment planDistributions declared ? ?    ?  ~  ? ?~  Balance at June 30, 2018~ R~ 2 ~  "   ~ ~ V~ o~ .*$____________________________Dl_SG; " @1!!    !"%&)*-.               l  BDST  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I;} $ } U} $ } U} $ B                                 'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries   For the Six Months   Ended June 30,  ~  ~ - %Cash flows from operating activities:         1)Net increase in net assets resulting from~ vV~ D operations-%Adjustments to reconcile net increase/'in net assets resulting from operations5-to net cash provided by operating activities:+#Amortization of debt issuance costs~ v~ ( Net realized loss on investments~ ~ 2*Net unrealized depreciation (appreciation)~ f ~ jton investmentsPurchase of investments~ ~ *2*Principal payments received on investments~ ~ 6.Investment in controlled affiliate investments~ n ?)!Proceeds from sale of investments~ /~ 3+Equity received in settlement of fee income~ ~ ?*"Changes in assets and liabilities:'Decrease in interest receivable~ R~ 3+(Increase) decrease in end-of-term payments~ ~ D l_SG;W9#_&iO.f ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = > ? # Decrease in unearned income  ~ V   ~ " +!#(Increase) decrease in other assets!!~ !z!!!~ !!5"-Increase (decrease) in other accrued expenses""~ """"~ ":".#&Increase (decrease) in base management##~ #"###~ ##$ fee payable)%!Increase in incentive fee payable%%~ %j%%%~ %V%1&)Net cash provided by operating activities&&~ &r&&&~ &V&-'%Cash flows from financing activities:''''''''(#)Advances on credit facility))~ )8)))~ )b)$*Repayment of credit facility**~ *c***~ **+Distributions paid++~ +6+++~ ++,Debt issuance costs,,~ ,v,,, ,?,0-(Net cash provided by (used in) financing--~ -(---~ -$-. activities'/Net increase (decrease) in cash//~ /ZB///~ /{/ 0Cash:0000000012Beginning of period22~ 2 g222~ 2>D23 End of period3~ 3b33~ 3ƿ3941Supplemental disclosure of cash flow information:4444444456Cash paid for interest6~ 6(66~ 6R#657-Supplemental non-cash investing and financing777777778 activities:19)Warrant investments received and recorded9~ 999~ 99:as unearned income;Distributions payable;~ ; 6;;~ ;6;'<End-of-term payments receivable<~ <>2<<~ <9<=>$?____________________________DluEnF8yywkdMA@ A 1@)Created by Morningstar Document Research.0A(http://documentresearch.morningstar.com/=PF0*8X> @AA@@??<<<<;;;;999966663333     l  Vz!Z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 0.} $ } } $ } U5}  $ } } $ }  } $ }  } $ V     'Horizon Technology Finance Corp N-2/A 08/10/2018?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 ?12?. &Non-Affiliate Investments ? 160.8% ?8?                     3+Non-Affiliate Debt Investments ? 147.2% ?8?     -%Non-Affiliate Debt Investments ? Life     Science ? 44.8% ?8?#Celsion Corporation ?2? ?5? Biotechnology-%Term Loan (9.72% cash (Libor + 7.63%; ~  '  ~ *&~ *&,$Floor 9.63%), 4.00% ETP, Due 7/1/22)-%Term Loan (9.72% cash (Libor + 7.63%;  ~  '  ~ *&~ *&,$Floor 9.63%), 4.00% ETP, Due 7/1/22)-%Term Loan (9.72% cash (Libor + 7.63%;  ~  '  ~ *&~ *&,$Floor 9.63%), 4.00% ETP, Due 7/1/22)-%Term Loan (9.72% cash (Libor + 7.63%;  ~  '  ~ *&~ *&,$Floor 9.63%), 4.00% ETP, Due 7/1/22)*"Palatin Technologies, Inc. ?2? ?5? Biotechnology4,Term Loan (10.50% cash (Libor + 8.50%; Floor  ~    ~ z~ z&9.00%), 5.00% ETP, Due 1/1/19)D.l_SG;3u|pym|]2N'C8- !"#$%&'()*+,-./0123456789:;<=>?       4 ,Term Loan (10.50% cash (Libor + 8.50%; Floor   ~    ~    ~  !!!!!!!&!9.00%), 3.44% ETP, Due 1/1/19)"""""""4",Term Loan (10.50% cash (Libor + 8.50%; Floor"" " ~ " !" " "~ "!"""~ "!"#######&#9.00%), 5.00% ETP, Due 8/1/19)$$$$$$$4$,Term Loan (10.50% cash (Libor + 8.50%; Floor$$ $ ~ $ !$ $ $~ $!$$$~ $!$%%%%%%%&%9.00%), 3.27% ETP, Due 8/1/19)%&vTv Therapeutics Inc. ?2? ?5?&&& Biotechnology&&&/&'Term Loan (12.00% cash (Libor + 10.00%;&& & ~ & Y& & &~ &X&&&~ &X&'''''''-'%Floor 10.50%), 6.00% ETP, Due 5/1/20)(((((((/('Term Loan (12.00% cash (Libor + 10.00%;(( ( ~ ( :( ( (~ (9(((~ (9())))))).)&Floor 10.50%), 6.00% ETP, Due 10/1/20)+*#Titan Pharmaceuticals, Inc. ?2? ?5?*** Drug Delivery***4*,Term Loan (10.40% cash (Libor + 8.40%; Floor** * ~ * * * *~ ****~ **+++++++&+9.50%), 5.00% ETP, Due 6/1/21),Aerin Medical, Inc. ?2?,,,Medical Device,,,-,%Term Loan (9.45% cash (Libor + 7.45%;,, , ~ , >, , ,~ ,<,,,~ ,<,-------,-$Floor 8.75%), 4.00% ETP, Due 1/1/22)........///////-/%Term Loan (9.45% cash (Libor + 7.45%;// / ~ / ./ / /~ /B.///~ /B./0000000,0$Floor 8.75%), 4.00% ETP, Due 1/1/22)111111112222222-2%Term Loan (9.45% cash (Libor + 7.45%;22 2 ~ 2 .2 2 2~ 2B.222~ 2B.23333333,3$Floor 8.75%), 4.00% ETP, Due 1/1/22)44444444(5 Conventus Orthopaedics, Inc. ?2?555Medical Device55545,Term Loan (10.00% cash (Libor + 8.00%; Floor55 5 ~ 5 >5 5 5~ 5=555~ 5=56666666&69.25%), 6.00% ETP, Due 6/1/21)777777747,Term Loan (10.00% cash (Libor + 8.00%; Floor77 7 ~ 7 >7 7 7~ 7=777~ 7=78888888&89.25%), 6.00% ETP, Due 6/1/21)999999949,Term Loan (10.00% cash (Libor + 8.00%; Floor99 9 ~ 9 >9 9 9~ 9=999~ 9=9:::::::&:9.25%), 6.00% ETP, Due 6/1/21)%;Lantos Technologies, Inc. ?2?;;;Medical Device;;;4;,Term Loan (10.43% cash (Libor + 8.43%; Floor;; ; ~ ; >; ; ;~ ;f6;;;~ ;f6;<<<<<<<'<10.00%), 6.00% ETP, Due 9/1/21)=VERO Biotech LLC ?2?===Medical Device===4=,Term Loan (10.00% cash (Libor + 8.00%; Floor== = ~ = >= = =~ =====~ ===>>>>>>>&>9.25%), 5.00% ETP, Due 1/1/22)???????4?,Term Loan (10.00% cash (Libor + 8.00%; Floor?? ? ~ ? >? ? ?~ ?=???~ ?=?D3lT&z$uMiB^7SyK!I@ABCDEFGHIJKLMNOPQRSTU@@@@@@@&@9.25%), 5.00% ETP, Due 1/1/22)3A+Total Non-Affiliate Debt Investments ? LifeA A A A A A~ A^AAA~ A ABScience?C7Non-Affiliate Debt Investments ? Technology ? 89.7% ?8?CCCCC C C C C CCCCCCCDEAudacy Corporation ?2?EEECommunicationsEEE-E%Term Loan (9.90% cash (Libor + 7.90%;EE E ~ E >E E E~ Eb=EEE~ Eb=EFFFFFFF,F$Floor 9.50%), 5.00% ETP, Due 7/1/22)GGGGGGGG%HIntelepeer Holdings, Inc. ?2?HHHCommunicationsHHH4H,Term Loan (11.95% cash (Libor + 9.95%; FloorHH H ~ H >H H H~ H<HHH~ H<HIIIIIII'I11.25%), 2.50% ETP, Due 7/1/21)JJJJJJJ4J,Term Loan (11.95% cash (Libor + 9.95%; FloorJJ J ~ J >J J J~ J=JJJ~ J=JKKKKKKK'K11.25%), 2.50% ETP, Due 7/1/21)LLLLLLL4L,Term Loan (11.95% cash (Libor + 9.95%; FloorLL L ~ L >L L L~ L=LLL~ L=LMMMMMMM'M11.25%), 2.50% ETP, Due 7/1/21)NPebblePost, Inc. ?2?NNNCommunicationsNNN4N,Term Loan (11.26% cash (Libor + 9.26%; FloorNN N ~ N >N N N~ N=NNN~ N=NOOOOOOO'O10.25%), 4.00% ETP, Due 7/1/21)PPPPPPP4P,Term Loan (11.26% cash (Libor + 9.26%; FloorPP P ~ P >P P P~ P=PPP~ P=PQQQQQQQ'Q10.25%), 4.00% ETP, Due 7/1/21)RRRRRRRR$S____________________________1T)Created by Morningstar Document Research.0U(http://documentresearch.morningstar.com/0Jf `4e7X0=PF0*8X> @UUTTSSCCBBAA         l  Lx  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } %} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2/A 08/10/2018?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 ?12? SavingStar, Inc. ?2?  % Consumer-related Technologies   / 'Term Loan (12.40% cash (Libor + 10.40%;   ~    ~    ~         - %Floor 10.90%), 4.25% ETP, Due 6/1/20)/'Term Loan (12.40% cash (Libor + 10.40%;  ~    ~ ~ .&Floor 10.90%), 3.80% ETP, Due 11/1/20)IgnitionOne, Inc. ?2?Internet and Media/'Term Loan (12.23% cash (Libor + 10.23%;  ~  .  ~ ,~ ,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (12.23% cash (Libor + 10.23%;  ~  .  ~ ,~ ,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (12.23% cash (Libor + 10.23%;  ~  .  ~ ,~ ,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)/'Term Loan (12.23% cash (Libor + 10.23%;  ~  .  ~ ,~ ,-%Floor 10.23%), 2.00% ETP, Due 4/1/22)!Jump Ramp Games, Inc. ?2?Internet and Media/'Term Loan (11.73% cash (Libor + 9.73%),  ~  >  ~ =~ =3.00% ETP, Due 4/1/21)Kixeye, Inc. ?2?Internet and Media4,Term Loan (11.60% cash (Libor + 9.60%; Floor  ~  &,  ~ *~ *'10.75%), 2.00% ETP, Due 5/1/21)4,Term Loan (11.60% cash (Libor + 9.60%; Floor  ~  &,  ~ j+~ j+'10.75%), 2.00% ETP, Due 5/1/21)&Rocket Lawyer Incorporated ?2?Internet and Media4,Term Loan (11.40% cash (Libor + 9.40%; Floor  ~  >  ~ =~ ='10.50%), 3.00% ETP, Due 7/1/21)Drl_SG;3uD;d1gj !"#$%&'()*+,-./0123456789:;<=>?       4 ,Term Loan (11.40% cash (Libor + 9.40%; Floor   ~ >   ~ =   ~ = !!!!!!!'!10.50%), 3.00% ETP, Due 7/1/21)"""""""4",Term Loan (11.40% cash (Libor + 9.40%; Floor"" " ~ " B" " "~ """"~ ""#######(# 10.50%), 3.00% ETP, Due 11/1/21) $Verve Wireless, Inc. ?2?$$$Internet and Media$$$4$,Term Loan (10.80% cash (Libor + 8.80%; Floor$$ $ ~ $ B8$ $ $~ $5$$$~ $5$%%%%%%%'%10.80%), 3.33% ETP, Due 9/1/21)&Zinio Holdings, LLC ?2?&&&Internet and Media&&&/&'Term Loan (13.25% cash (Libor + 11.25%;&& & ~ & >& & &~ &>>&&&~ &>>&'''''''-'%Floor 11.75%), 6.00% ETP, Due 2/1/20)'(The NanoSteel Company, Inc. ?2?((( Materials(((4(,Term Loan (11.50% cash (Libor + 9.50%; Floor(( ( ~ ( 6B( ( (~ (@(((~ (@()))))))')10.00%), 7.20% ETP, Due 5/1/20)*******4*,Term Loan (11.50% cash (Libor + 9.50%; Floor** * ~ * !* * *~ * ***~ * *+++++++'+10.00%), 6.45% ETP, Due 5/1/20),,,,,,,4,,Term Loan (11.50% cash (Libor + 9.50%; Floor,, , ~ , ^$, , ,~ ,#,,,~ ,#,-------'-10.00%), 5.85% ETP, Due 7/1/20)%.Powerhouse Dynamics, Inc. ?2?...Power Management.../.'Term Loan (12.70% cash (Libor + 10.70%;.. . ~ .  . . .~ .V ...~ .V .///////-/%Floor 11.20%), 3.32% ETP, Due 9/1/19)0 Luxtera, Inc.000Semiconductors000/0'Term Loan (11.75% cash (Prime + 6.75%),00 0 ~ 0 B0 0 0~ 0000~ 0011111111 Due 3/28/20)2222222/2'Term Loan (11.75% cash (Prime + 6.75%),22 2 ~ 2 r2 2 2~ 2222~ 2233333333 Due 3/28/20)#4Bridge2 Solutions, LLC. ?2?444Software44444,Term Loan (11.25% cash (Libor + 9.25%; Floor44 4 ~ 4 "N4 4 4~ 4K444~ 4K45555555(5 10.50%), 2.00% ETP, Due 11/1/21)666666646,Term Loan (11.25% cash (Libor + 9.25%; Floor66 6 ~ 6 "N6 6 6~ 6J666~ 6J67777777(7 10.50%), 2.00% ETP, Due 11/1/21)$8Education Elements, Inc. ?2?888Software888/8'Term Loan (12.00% cash (Libor + 10.00%;88 8 ~ 8 B8 8 8~ 8.888~ 8.89999999-9%Floor 10.50%), 4.00% ETP, Due 1/1/19):::::::/:'Term Loan (12.00% cash (Libor + 10.00%;:: : ~ : * : : :~ : :::~ : :;;;;;;;-;%Floor 10.50%), 4.00% ETP, Due 8/1/19)<Metricly, Inc.<<<Software<<</<'Term Loan (14.25% cash (Libor + 12.25%;<< < ~ < b< < <~ <b<<<~ <b<=======-=%Floor 12.50%), 3.33% ETP, Due 9/1/18)'>New Signature US, Inc. ?2? ?13?>>>Software>>>4>,Term Loan (10.59% cash (Libor + 8.50%; Floor>> > ~ > *> > >~ >*>>>~ >*>???????'?10.50%), 3.50% ETP, Due 7/1/22)DolS%M|"uGr=W)W.j@ABCDEFGHIJK@ShopKeep.com, Inc. ?2?@@@Software@@@4@,Term Loan (11.95% cash (Libor + 9.95%; Floor@@ @ ~ @ bT@ @ @~ @S@@@~ @S@AAAAAAA(A 10.45%), 4.08% ETP, Due 10/1/20)BBBBBBB4B,Term Loan (11.95% cash (Libor + 9.95%; FloorBB B ~ B b;B B B~ Bb:BBB~ Bb:BCCCCCCC'C10.45%), 3.55% ETP, Due 2/1/21)D SIGNiX, Inc.DDDSoftwareDDD/D'Term Loan (13.00% cash (Libor + 11.00%;DD D ~ D  D D D~ DfDDD~ DDEEEEEEE-E%Floor 11.50%), 6.17% ETP, Due 2/1/20)FWeblinc Corporation ?2?FFFSoftwareFFF/F'Term Loan (12.25% cash (Libor + 10.25%;FF F ~ F .F F F~ F:.FFF~ F:.FGGGGGGG-G%Floor 11.25%), 3.00% ETP, Due 3/1/21)HHHHHHHH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/4J}p=PF0*8X> @b KKJJII        l  M"GQ  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 0.} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ M     'Horizon Technology Finance Corp N-2/A 08/10/2018?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 ?12?  xAd, Inc. ?2?   Software   4 ,Term Loan (10.70% cash (Libor + 8.70%; Floor   ~ "N   ~ L   ~ L        (  10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.70% cash (Libor + 8.70%; Floor  ~  "N  ~ L~ L( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.70% cash (Libor + 8.70%; Floor  ~  .  ~ .~ .( 10.00%), 4.75% ETP, Due 11/1/21)4,Term Loan (10.70% cash (Libor + 8.70%; Floor  ~  B  ~ ~ ( 10.00%), 4.75% ETP, Due 11/1/21)91Total Non-Affiliate Debt Investments ? Technology     ~ BW~ Q3+Non-Affiliate Debt Investments ? Healthcare     ,$information and services ? 12.7% ?8?Catasys, Inc. ?2? ?5?Software-%Term Loan (9.80% cash (Libor + 7.75%;  ~  '  ~ &~ &,$Floor 9.75%), 6.00% ETP, Due 3/1/22)-%Term Loan (9.80% cash (Libor + 7.75%;  ~  '  ~ &~ &,$Floor 9.75%), 6.00% ETP, Due 3/1/22)%HealthEdge Software, Inc. ?2?Software4,Term Loan (10.25% cash (Libor + 8.25%; Floor  ~  "N  ~ L~ L&9.25%), 3.00% ETP, Due 7/1/22)4,Term Loan (10.25% cash (Libor + 8.25%; Floor  ~  :  ~ 9~ 9Dl_SG;3u[-Q9 A6 !"#$%&'()*+,-./0123456789:;<=>?       & 9.25%), 3.00% ETP, Due 1/1/23)!!!!!!!4!,Term Loan (10.25% cash (Libor + 8.25%; Floor!! ! ~ ! :! ! !~ !9!!!~ !9!"""""""&"9.25%), 3.00% ETP, Due 4/1/23)9#1Total Non-Affiliate Debt Investments ? Healthcare# # # # # #~ # ###~ # # $information and services,%$Total Non-Affiliate Debt Investments% % % % % %~ %~ %%%~ % %4&,Non-Affiliate Warrant Investments ? 6.8% ?8?&&&&& & & & & &&&&&&&'8(0Non-Affiliate Warrants ? Life Science ? 1.4% ?8?((((( ( ( ( ( ((((((()*ACT Biotech Corporation*** Biotechnology***(* 431,201 Preferred Stock Warrants** * * * * *~ *f*** *?*(+ Alpine Immune Sciences, Inc. ?5?+++ Biotechnology+++#+4,634 Common Stock Warrants++ + + + + +~ ++++ +?+(, Argos Therapeutics, Inc. ?2? ?5?,,, Biotechnology,,,#,3,656 Common Stock Warrants,, , , , , ,~ ,,,, ,?,#-Celsion Corporation ?2? ?5?--- Biotechnology---%-190,522 Common Stock Warrants-- - - - - -~ -F---~ --..&Rocket Pharmaceuticals Corporation ?5?... Biotechnology...#.1,763 Common Stock Warrants.. . . . . .~ .F... .?.*/"Palatin Technologies, Inc. ?2? ?5?/// Biotechnology///%/608,058 Common Stock Warrants// / / / / /~ ////~ /"/&0Revance Therapeutics, Inc. ?5?000 Biotechnology000$034,113 Common Stock Warrants00 0 0 0 0 0~ 0000~ 001Sample6, Inc. ?2?111 Biotechnology111(1 661,956 Preferred Stock Warrants11 1 1 1 1 1~ 1111~ 1j1&2Strongbridge U.S. Inc. ?2? ?5?222 Biotechnology222%2160,714 Common Stock Warrants22 2 2 2 2 2~ 2"222~ 2f 2)3!Sunesis Pharmaceuticals, Inc. ?5?333 Biotechnology333#32,050 Common Stock Warrants33 3 3 3 3 3~ 3333 3?3%4vTv Therapeutics Inc. ?2? ?5?444 Biotechnology444$495,293 Common Stock Warrants44 4 4 4 4 4~ 4444 4?4+5#Titan Pharmaceuticals, Inc. ?2? ?5?555 Drug Delivery555%5320,612 Common Stock Warrants55 5 5 5 5 5~ 5~555~ 5Z56AccuVein Inc. ?2?666Medical Device666*6"1,174,881 Preferred Stock Warrants66 6 6 6 6 6~ 6b666~ 6r67Aerin Medical, Inc. ?2?777Medical Device777*7"1,818,182 Preferred Stock Warrants77 7 7 7 7 7~ 7 777~ 77(8 Conventus Orthopaedics, Inc. ?2?888Medical Device888(8 720,000 Preferred Stock Warrants88 8 8 8 8 8~ 8~888~ 88%9Lantos Technologies, Inc. ?2?999Medical Device999'91,715,926 Common Stock Warrants99 9 9 9 9 9~ 9999~ 9v9:Mitralign, Inc. ?2?:::Medical Device:::$:64,190 Common Stock Warrants:: : : : : :~ ::::~ ::#;NinePoint Medical, Inc. ?2?;;;Medical Device;;;';29,102 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== = = = = =~ =>===~ =6=>VERO Biotech LLC ?2?>>>Medical Device>>>!>800 Common Stock Warrants>> > > > > >~ >>>>~ >>? ViOptix, Inc.???Medical Device???(? 375,763 Preferred Stock Warrants?? ? ? ? ? ?~ ?6??? ???Dg$lT%@bMz3^@ABCDEFGHIJKL3@+Total Non-Affiliate Warrants ? Life Science@ @ @ @ @ @~ @F@@@~ @@6A.Non-Affiliate Warrants ? Technology ? 4.8% ?8?AAAAA A A A A AAAAAAABCAudacy Corporation ?2?CCCCommunicationsCCC(C 176,134 Preferred Stock WarrantsCC C C C C C~ CCCC~ CCDEkahau, Inc. ?2?DDDCommunicationsDDD(D 978,261 Preferred Stock WarrantsDD D D D D D~ DDDD~ DbD%EIntelepeer Holdings, Inc. ?2?EEECommunicationsEEE*E"2,256,549 Preferred Stock WarrantsEE E E E E E~ EVEEE~ EEFPebblePost, Inc. ?2?FFFCommunicationsFFF(F 598,850 Preferred Stock WarrantsFF F F F F F~ FrFFF~ FFGAdditech, Inc. ?2?GG%GConsumer-related TechnologiesGGG(G 150,000 Preferred Stock WarrantsGG G G G G G~ GGGG~ GGHI$J____________________________1K)Created by Morningstar Document Research.0L(http://documentresearch.morningstar.com/ 5;/`=PF0*8X> @LLKKJJAA@@((&&%%$$##        l  CI^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } *} $ } y#} $ } m)} $ } $} $ } U} $ C     'Horizon Technology Finance Corp N-2/A 08/10/2018?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 ?12? 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     ~ ~ ~ f !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     ~ r~ 2 Verve Wireless, Inc. ?2?Internet and Media%112,805 Common Stock Warrants     ~ ~ 'The NanoSteel Company, Inc. ?2? Materials( 379,360 Preferred Stock Warrants     ~ ~ .%Powerhouse Dynamics, Inc. ?2?Power Management( 348,838 Preferred Stock Warrants     ~ ~ Z&Avalanche Technology, Inc. ?2?Semiconductors( 202,602 Preferred Stock Warrants     ~ ~ eASIC Corporation ?2?Semiconductors'40,445 Preferred Stock Warrants     ~ f~ vKaminario, Inc.Semiconductors*"4,800,000 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     ~ ~  +#BSI Platform Holdings, LLC ?2? ?13?Software( 137,500 Preferred Stock Warrants     ~ N~ NClarabridge, Inc.Software'53,486 Preferred Stock Warrants     ~ :~ Dwl_SG;3uLV2V H  !"#$%&'()*+,-./0123456789:;<=>?$ Education Elements, Inc. ?2?   Software   (  238,121 Preferred Stock Warrants       ~ r   ~ v "!Lotame Solutions, Inc. ?2?!!!Software!!!(! 288,115 Preferred Stock Warrants!! ! ! ! ! !~ !Z!!!~ !z!"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. ?2?(((Software((((( 375,000 Preferred Stock Warrants(( ( ( ( ( (~ ((((~ (B()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+ + + + + +~ +>+++~ +c+5,-Non-Affiliate Warrants ? Cleantech ? 0.1% ?8?,,,,, , , , , ,,,,,,,-.Renmatix, Inc. ?2?...Alternative Energy...'.53,022 Preferred Stock Warrants.. . . . . .~ .... .?./Tigo Energy, Inc. ?2?///Energy Efficiency///(/ 804,604 Preferred Stock Warrants// / / / / /~ ////~ //00(Total Non-Affiliate Warrants ? Cleantech0 0 0 0 0 0~ 0000~ 0071/Non-Affiliate Warrants ? Healthcare information1 1 1 1 1 11111112and services ? 0.5% ?8?!3LifePrint Group, Inc. ?2?333 Diagnostics333'349,000 Preferred Stock Warrants33 3 3 3 3 3~ 3v333~ 3 34ProterixBio, Inc. ?2?444 Diagnostics444#43,156 Common Stock Warrants44 4 4 4 4 4~ 4444 4?45Singulex, Inc.555Other Healthcare555(5 294,231 Preferred Stock Warrants55 5 5 5 5 5~ 5555~ 55$6Verity Solutions Group, Inc.666Other Healthcare666(6 300,360 Preferred Stock Warrants66 6 6 6 6 6~ 6666~ 66#7Watermark Medical, Inc. ?2?777Other Healthcare777'727,373 Preferred Stock Warrants77 7 7 7 7 7~ 7*777~ 77%8HealthEdge Software, Inc. ?2?888Software888(8 158,063 Preferred Stock Warrants88 8 8 8 8 8~ 8888~ 88)9!Medsphere Systems Corporation ?2?999Software999*9"7,097,792 Preferred Stock Warrants99 9 9 9 9 9~ 9999~ 9Z9$:Recondo Technology, Inc. ?2?:::Software:::(: 556,796 Preferred Stock Warrants:: : : : : :~ :~:::~ :R:1;)Total Non-Affiliate Warrants ? Healthcare; ; ; ; ; ;~ ;.;;;~ ;: ; <information and services$=Total Non-Affiliate Warrants= = = = = =~ =c===~ ==>?D!lzIh,scUg$`ByU@AB$@____________________________1A)Created by Morningstar Document Research.0B(http://documentresearch.morningstar.com/ (=PF0*8X> @BBAA@@==<<;;221100,,++        l  J  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (9)!Horizon Technology Finance (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } +} $ } y#} $ } 2}  $ } U} $ }  } $ }  } $ J     'Horizon Technology Finance Corp N-2/A 08/10/2018?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 ?12?2 *Non-Affiliate Other Investments ? 5.8% ?8?                 $Espero Pharmaceuticals, Inc. BiotechnologyRoyalty Agreement     ~ R~ rI ZetrOZ, Inc.Medical DeviceRoyalty Agreement     ~ 6~  Vette Technology, LLC Data Storage'Royalty Agreement Due 4/18/2019     ~ zA~ #Triple Double Holdings, LLCSoftwareLicense Agreement     ~ b"~ b"-%Total Non-Affiliate Other Investments     ~ ޹~ Rx'Non-Affiliate Equity ? 1.0% ?8?     Insmed Incorporated ?5? Biotechnology33,208 Common Stock     ~ ~ F &Revance Therapeutics, Inc. ?5? Biotechnology5,125 Common Stock     ~ &~ 6)!Sunesis Pharmaceuticals, Inc. ?5? Biotechnology13,082 Common Stock     ~ N~ rSnagAJob.com, Inc.%Consumer-related Technologies82,974 Common Stock     ~ &~ N Verve Wireless, Inc. ?2?Internet and Media100,598 Preferred Stock     ~ ~ TruSignal, Inc.Software32,637 Common Stock     ~ ~ "Total Non-Affiliate Equity     ~ v ~ ^0(Total Non-Affiliate Portfolio Investment     ~ 4 ~  Assets7/Non-controlled Affiliate Investments ? 5.5% ?8?     Dl_SG;3ub7c"u  !"#$%&'()*+,-./0123456789:;<=>?I ANon-controlled Affiliate Debt Investments ? Technology ? 4.8% ?8?            !"Decisyon, Inc."""Software"""1")Term Loan (14.308% cash (Libor + 12.308%;"" ~ " " " ~ """~ ""#######.#&Floor 12.50%), 8.00% ETP, Due 12/1/20)$$$$$$$1$)Term Loan (14.308% cash (Libor + 12.308%;$$ $ ~ $  $ $ $~ $F $$$~ $ $%%%%%%%.%&Floor 12.50%), 8.00% ETP, Due 12/1/20)&&&&&&&-&%Term Loan (12.02% cash, Due 12/31/19)&& & ~ & & & &~ &&&&~ &&''''''''(((((((-(%Term Loan (12.03% cash, Due 12/31/19)(( ( ~ ( ( ( (~ ((((~ (())))))))*******-*%Term Loan (12.24% cash, Due 12/31/19)** * ~ *  * * *~ * ***~ * *++++++++,,,,,,,-,%Term Loan (13.08% cash, Due 12/31/19),, , ~ , , , ,~ ,,,,~ ,r,--------".StereoVision Imaging, Inc....Software...2.*Term Loan (9.03% PIK (Libor + 7.03%; Floor.. . ~ . 2. . .~ .+...~ .Z+.///////+/#8.50%), 8.50% ETP, Due 9/1/21) ?11?D0<Total Non-controlled Affiliate Debt Investments ? Technology0 0 0 0 0 0~ 0g000~ 0zd0A19Non-controlled Affiliate Warrants ? Technology ? 0.0% ?8?11111 1 1 1 1 111111123Decisyon, Inc.333Software333$382,967 Common Stock Warrants33 3 3 3 3 3~ 3333 3?3<44Total Non-controlled Affiliate Warrants ? Technology4 4 4 4 4 4~ 4444 4?4?57Non-controlled Affiliate Equity ? Technology ? 0.7% ?8?55555 5 5 5 5 555555567Decisyon, Inc.777Software777745,365,936 Common Stock77 7 7 7 7 7~ 7777~ 7.7"8StereoVision Imaging, Inc.888Software88881,943,572 Common Stock88 8 8 8 8 8~ 8^ 888~ 8^ 8-9%Total Non-controlled Affiliate Equity9 9 9 9 9 9~ 9B999~ 9 90:(Total Non-controlled Affiliate Portfolio: : : : : ~ :w::~ :r:;Investment Assets3<+Controlled Affiliate Investments ? 3.0% ?8?<<<<< < < < < <<<<<<<=:>2Controlled Affiliate Equity ? Financial ? 3.0% ?8?>>>>> > > > > >>>>>>>?Dl#tI<.Yq@ABCDEFGHI,@$Horizon Secured Loan Fund I LLC ?14?@@@Investment funds@@@@@@ @ @ @ @ ~ @?@@~ @?@)A!Total Controlled Affiliate EquityA A A A A A~ A?AAA~ A?A,B$Total Controlled Affiliate PortfolioB B B B B ~ B?BB~ B?BCInvestment Assets6D.Total Portfolio Investment Assets ? 169.3% ?8?D D D D D ~ D: DD~ D DEF$G____________________________1H)Created by Morningstar Document Research.0I(http://documentresearch.morningstar.com/#wZd=PF0*8X> @j-IIHHGGDDDDDDCCBBBBBBAA@@@@>><<;;::::::9955441100"" """"          l  Z 2 AF  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (10)!Horizon Technology Finance (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } *} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ Z     'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair Value ?14?      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?. &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? Biotechnology-%Term Loan (9.87% cash (Libor + 8.50%; ~  B  ~ ~ ,$Floor 9.00%), 5.00% ETP, Due 1/1/19)-%Term Loan (9.87% cash (Libor + 8.50%;  ~  ~1  ~ 1~ 1,$Floor 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 Delivery-%Term Loan (9.77% cash (Libor + 8.40%;  ~  6  ~ "5~ "5,$Floor 9.50%), 5.00% ETP, Due 6/1/21)-%Term Loan (9.77% cash (Libor + 8.40%;  ~  6  ~ 5~ 5DVl_SG;3j S4~s;5 !"#$%&'()*+,-./0123456789:;<=>?       , $Floor 9.50%), 5.00% ETP, Due 6/1/21)!!!!!!!!"Aerin Medical, Inc. ?2?"""Medical Device"""-"%Term Loan (8.85% cash (Libor + 7.45%;"" " ~ " >" " "~ "<"""~ "<"#######,#$Floor 8.75%), 4.00% ETP, Due 1/1/22)$$$$$$$$%%%%%%%-%%Term Loan (8.85% cash (Libor + 7.45%;%% % ~ % .% % %~ %*.%%%~ %*.%&&&&&&&,&$Floor 8.75%), 4.00% ETP, Due 1/1/22)''''''''(((((((-(%Term Loan (8.85% cash (Libor + 7.45%;(( ( ~ ( .( ( (~ (*.(((~ (*.())))))),)$Floor 8.75%), 4.00% ETP, Due 1/1/22)********(+ Conventus Orthopaedics, Inc. ?2?+++Medical Device+++-+%Term Loan (9.49% cash (Libor + 8.00%;++ + ~ + >+ + +~ +b=+++~ +b=+,,,,,,,,,$Floor 9.25%), 6.00% ETP, Due 6/1/21)--------.......-.%Term Loan (9.49% cash (Libor + 8.00%;.. . ~ . >. . .~ .b=...~ .b=.///////,/$Floor 9.25%), 6.00% ETP, Due 6/1/21)000000001111111-1%Term Loan (9.49% cash (Libor + 8.00%;11 1 ~ 1 >1 1 1~ 1b=111~ 1b=12222222,2$Floor 9.25%), 6.00% ETP, Due 6/1/21)33333333%4Lantos Technologies, Inc. ?2?444Medical Device44444,Term Loan (11.87% PIK (Libor + 10.50%; Floor44 4 ~ 4 &4 4 4~ 4&444~ 4&45555555,5$11.50%), 8.91% ETP, Due 5/1/19) ?13?%6Mederi Therapeutics, Inc. ?2?666Medical Device666/6'Term Loan (13.01% cash (Libor + 11.82%;66 6 ~ 6 6 6 6~ 6666~ 667777777.7&Floor 12.00%), 6.00% ETP, Due 12/1/17)8888888/8'Term Loan (13.01% cash (Libor + 11.82%;88 8 ~ 8 8 8 8~ 8888~ 889999999.9&Floor 12.00%), 6.00% ETP, Due 12/1/17)#:NinePoint Medical, Inc. ?2?:::Medical Device:::4:,Term Loan (10.12% cash (Libor + 8.75%; Floor:: : ~ : ): : :~ :V):::~ :V):;;;;;;;&;9.25%), 4.50% ETP, Due 3/1/19)<<<<<<<4<,Term Loan (10.12% cash (Libor + 8.75%; Floor<< < ~ < < < <~ <<<<~ <<=======&=9.25%), 4.50% ETP, Due 3/1/19)>VERO Biotech LLC ?2?>>>Medical Device>>>->%Term Loan (9.33% cash (Libor + 8.00%;>> > ~ > >> > >~ >*=>>>~ >*=>???????,?$Floor 9.25%), 5.00% ETP, Due 1/1/22)Dl|LA6vk.V!L@ABCDEFGHIJKLMNOPQRSTUVWXY@@@@@@@@AAAAAAA-A%Term Loan (9.33% cash (Libor + 8.00%;AA A ~ A >A A A~ Az=AAA~ Az=ABBBBBBB,B$Floor 9.25%), 5.00% ETP, Due 1/1/22)CCCCCCCC3D+Total Non-Affiliate Debt Investments ? LifeD D D D D D~ DڊDDD~ DDEScience?F7Non-Affiliate Debt Investments ? Technology ? 99.1% ?8?F F F F F FFFFFFFG!HIntelepeer Holdings, Inc.HHHCommunicationsHHH4H,Term Loan (11.39% cash (Libor + 9.95%; FloorHH H ~ H >H H H~ H<HHH~ H<HIIIIIII'I11.25%), 2.50% ETP, Due 7/1/21)JJJJJJJ4J,Term Loan (11.39% cash (Libor + 9.95%; FloorJJ J ~ J >J J J~ J^=JJJ~ J^=JKKKKKKK'K11.25%), 2.50% ETP, Due 7/1/21)LLLLLLL4L,Term Loan (11.39% cash (Libor + 9.95%; FloorLL L ~ L >L L L~ L^=LLL~ L^=LMMMMMMM'M11.25%), 2.50% ETP, Due 7/1/21)NPebblePost, Inc. ?2?NNNCommunicationsNNN4N,Term Loan (10.63% cash (Libor + 9.26%; FloorNN N ~ N >N N N~ N<NNN~ N<NOOOOOOO'O10.25%), 4.00% ETP, Due 7/1/21)PPPPPPP4P,Term Loan (10.63% cash (Libor + 9.26%; FloorPP P ~ P >P P P~ Pv=PPP~ Pv=PQQQQQQQ'Q10.25%), 4.00% ETP, Due 7/1/21)RLe Tote, Inc. ?2?RR%RConsumer-related TechnologiesRRR4R,Term Loan (11.02% cash (Libor + 9.65%; FloorRR R ~ R >R R R~ R=RRR~ R=RSSSSSSS'S10.15%), 5.00% ETP, Due 3/1/20)TTTTTTT4T,Term Loan (11.02% cash (Libor + 9.65%; FloorTT T ~ T .T T T~ Tf.TTT~ Tf.TUUUUUUU'U10.15%), 5.00% ETP, Due 3/1/20)VVVVVVVV$W____________________________1X)Created by Morningstar Document Research.0Y(http://documentresearch.morningstar.com/8SyW)Z.S%F=PF0*8X> @YYXXWWFFEEDD         l  Lp  )  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (11)!Horizon Technology Finance (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } +} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair Value ?14?      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6? 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)DQl_SG;3j['R){H~. !"#$%&'()*+,-./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)<< < ~ < < < <~ <<<<~ <<========$>Education Elements, Inc. ?2?>>>Software>>>/>'Term Loan (11.37% cash (Libor + 10.00%;>> > ~ >  > > >~ >V >>>~ >V >???????-?%Floor 10.50%), 4.00% ETP, Due 1/1/19)D>l#vHvoAl7Q#I t@ABCDEFGHIJK@@@@@@@/@'Term Loan (11.37% cash (Libor + 10.00%;@@ @ ~ @ @ @ @~ @@@@~ @@AAAAAAA-A%Floor 10.50%), 4.00% ETP, Due 8/1/19)BMetricly, Inc.BBBSoftwareBBB/B'Term Loan (13.62% cash (Libor + 12.25%;BB B ~ B B B B~ BBBB~ BBCCCCCCC-C%Floor 12.50%), 3.33% ETP, Due 9/1/18)DShopKeep.com, Inc. ?2?DDDSoftwareDDD4D,Term Loan (11.32% cash (Libor + 9.95%; FloorDD D ~ D ]D D D~ D&\DDD~ D&\DEEEEEEE(E 10.45%), 4.08% ETP, Due 10/1/20)FFFFFFF4F,Term Loan (11.32% cash (Libor + 9.95%; FloorFF F ~ F >F F F~ FR=FFF~ FR=FGGGGGGG'G10.45%), 3.55% ETP, Due 2/1/21)HHHHHHHH$I____________________________1J)Created by Morningstar Document Research.0K(http://documentresearch.morningstar.com/RB=PF0*8X> @Z KKJJII       l  I   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (12)!Horizon Technology Finance (13)Note 4 InvestmentsNote 4 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 0.} $ } } $ } U5}  $ } } $ }  } $ }  } $ I     'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair Value ?14?      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?  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?Software-%Term Loan (9.62% cash (Libor + 8.25%;  ~  "N  ~ NK~ NK,$Floor 9.25%), 3.00% ETP, Due 7/1/22)Dl_SG;3jxi!sEFP !"#$%&'()*+,-./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/&0Revance Therapeutics, Inc. ?5?000 Biotechnology000$034,113 Common Stock Warrants00 0 0 0 0 0~ 0000~ 0f 01Sample6, Inc. ?2?111 Biotechnology111(1 661,956 Preferred Stock Warrants11 1 1 1 1 1~ 1111~ 1f1"2Strongbridge U.S. Inc. ?5?222 Biotechnology222%2160,714 Common Stock Warrants22 2 2 2 2 2~ 2"222~ 2j 2)3!Sunesis Pharmaceuticals, Inc. ?5?333 Biotechnology333#32,050 Common Stock Warrants33 3 3 3 3 3~ 3333 3?3%4vTv Therapeutics Inc. ?2? ?5?444 Biotechnology444$495,293 Common Stock Warrants44 4 4 4 4 4~ 4444~ 4J4+5#Titan Pharmaceuticals, Inc. ?2? ?5?555 Drug Delivery555%5280,612 Common Stock Warrants55 5 5 5 5 5~ 5b555~ 5z56AccuVein Inc. ?2?666Medical Device666'675,769 Preferred Stock Warrants66 6 6 6 6 6~ 6b666~ 6n67Aerin Medical, Inc. ?2?777Medical Device777*7"1,818,182 Preferred Stock Warrants77 7 7 7 7 7~ 7 777~ 7 7(8 Conventus Orthopaedics, Inc. ?2?888Medical Device888(8 720,000 Preferred Stock Warrants88 8 8 8 8 8~ 8~888~ 8~89IntegenX, Inc. ?2?999Medical Device999(9 170,646 Preferred Stock Warrants99 9 9 9 9 9~ 9999~ 99%:Lantos Technologies, Inc. ?2?:::Medical Device:::%:471,979 Common Stock Warrants:: : : : : :~ ::::~ :F:%;Mederi Therapeutics, Inc. ?2?;;;Medical Device;;;(; 248,736 Preferred Stock Warrants;; ; ; ; ; ;~ ;j;;; ;?;<Mitralign, Inc. ?2?<<<Medical Device<<<$<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??? ???D#ls$@@@~ @2@AVERO Biotech LLC ?2?AAAMedical DeviceAAA%A800,000 Common Stock WarrantsAA A A A A A~ AAAA~ AAB ViOptix, Inc.BBBMedical DeviceBBB(B 375,763 Preferred Stock WarrantsBB B B B B B~ B6BBB B?B3C+Total Non-Affiliate Warrants ? Life ScienceC C C C C C~ CCCC~ C!CDE$F____________________________1G)Created by Morningstar Document Research.0H(http://documentresearch.morningstar.com/{Avj^6=PF0*8X> @HHGGFFCC((&&%%$$##       l  E B cC  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 (13)Note 4 InvestmentsNote 4 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } %} $ } y#} $ } m)} $ } $} $ } $} $ E     'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair Value ?14?      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?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     ~ ~ Dl_SG;3jXu'~7Z{/ !"#$%&'()*+,-./0123456789:;<=>? 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$$$'$53,486 Preferred Stock Warrants$$ $ $ $ $ $~ $:$$$~ $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///~ / /0Weblinc Corporation ?2?000Software000(0 195,122 Preferred Stock Warrants00 0 0 0 0 0~ 0000~ 001 xAd, Inc. ?2?111Software111*1"4,343,350 Preferred Stock Warrants11 1 1 1 1 1~ 1111~ 1112)Total Non-Affiliate Warrants ? Technology2 2 2 2 2 2~ 2=222~ 2j`253-Non-Affiliate Warrants ? Cleantech ? 0.1% ?8?3 3 3 3 3 333333345Renmatix, Inc.555Alternative Energy555'553,022 Preferred Stock Warrants55 5 5 5 5 5~ 5555 5?56Tigo Energy, Inc. ?2?666Energy Efficiency666(6 804,604 Preferred Stock Warrants66 6 6 6 6 6~ 6666~ 6607(Total Non-Affiliate Warrants ? Cleantech7 7 7 7 7 7~ 7777~ 7778/Non-Affiliate Warrants ? Healthcare information8 8 8 8 8 88888889and services ? 0.4% ?8?!:LifePrint Group, Inc. ?2?::: Diagnostics:::':49,000 Preferred Stock Warrants:: : : : : :~ :v:::~ : :;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?? ? ? ? ? ?~ ????~ ??D(&lCI^*y<4(q3@ABCD@A$B____________________________1C)Created by Morningstar Document Research.0D(http://documentresearch.morningstar.com/ P=PF0*8X> @DDCCBB9988773322        l  >Wn  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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)Note 4 InvestmentsNote 4 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } <(} $ } y#} $ } 1}  $ } U} $ } $} $ } U} $ >     'Horizon Technology Finance Corp N-2/A 08/10/2018?7Horizon Technology Finance Corporation and Subsidiaries              ! Portfolio Company ?1? ?3?  Sector  Type of   Principal  Cost of  Fair Value ?14?      $ Investment ?4? ?7? ?9? ?10?  Amount  Investments ?6?) !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 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     ~ ~ DEl_SG;3jj&]9}qF "a !"#$%&'()*+,-./0123456789:;<=0 (Total Non-Affiliate Portfolio Investment     ~ b   ~ W  !Assets(" Affiliate Investments ? 2.6% ?8?" " " " " """""""#:$2Affiliate Debt Investments ? Technology ? 2.5% ?8?$ $ $ $ $ $$$$$$$%&Decisyon, Inc.&&&Software&&&1&)Term Loan (13.678% cash (Libor + 12.308%;&& ~ & & & ~ &&&~ &&'''''''-'%Floor 12.50%), 8.00% ETP, Due 1/1/20?(((((((1()Term Loan (13.678% cash (Libor + 12.308%;(( ( ~ (  ( ( (~ ( (((~ (~ ()))))))-)%Floor 12.50%), 8.00% ETP, Due 1/1/20?*******0*(Term Loan (12.02% PIK, Due 4/15/19? ?13?** * ~ * * * *~ ****~ **+++++++0+(Term Loan (12.03% PIK, Due 4/15/19? ?13?++ + ~ + + + +~ ++++~ ++,,,,,,,0,(Term Loan (12.24% PIK, Due 4/15/19? ?13?,, , ~ ,  , , ,~ , ,,,~ ,* ,5--Total Affiliate Debt Investments ? Technology- - - - - -~ -^7---~ -4-2.*Affiliate Warrants ? Technology ? 0.0% ?8?. . . . . ......./0Decisyon, Inc.000Software000$082,967 Common Stock Warrants00 0 0 0 0 0~ 0000 0?0-1%Total Affiliate Warrants ? Technology1 1 1 1 1 1~ 1111 1?102(Affiliate Equity ? Technology ? 0.1% ?8?2 2 2 2 2 222222234Decisyon, Inc.444Software444445,365,936 Common Stock44 4 4 4 4 4~ 4444~ 445Total Affiliate Equity5 5 5 5 5 5~ 5555~ 55,6$Total Affiliate Portfolio Investment6 6 6 6 6 ~ 6:66~ 6667Assets68.Total Portfolio Investment Assets ? 164.4% ?8?8 8 8 8 8 ~ 8 88~ 8N 89:$;____________________________1<)Created by Morningstar Document Research.0=(http://documentresearch.morningstar.com/@DP>vJ 9-8th;=PF0*8X> @:'==<<;;88888877666666552211..--&& &&&&$$""!!          l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 Investments (1)Note 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018Note 4. Investments       June 30, 2018  December 31, 2017   Cost   Fair Value  Cost   Fair Value   (In thousands)  Investments                  Debt~ zt ~ k  ~  .w   ~ Fp Warrants~ d~   ~  `  ~   Other~ ޹~ Rx  ~    ~ RxEquity~ ~ !  ~     ~  Equity interest in HSLFI~ ?~ ?    ?   ?Total investments~ : ~   ~     ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/6w wk_Tx&=PF0*8X> @         l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } a} $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018Note 4. Investments       June 30, 2018  December 31, 2017   Cost   Fair Value  Cost   Fair Value   (In thousands)  Life Science                  Biotechnology~ ~  ~  L  ~ b Drug Delivery~ ~ ^  ~  l  ~ 2kMedical Device~ v~   ~  G  ~ F Technology     Communications~ Ju~ t  ~  5  ~ 4Consumer-Related~ ~?~ M  ~  ~  ~ j Data Storage~ zA~   ~   B  ~ Internet and Media~ f~ f  ~  bm  ~ Nm$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/< wk_Ji =PF0*8X> @r        l  #z  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } *} $ }  } $ }  }  $ } } $ }  } $ #     'Horizon Technology Finance Corp N-2/A 08/10/2018)!Note 4. Investments - (continued)       June 30, 2018  December 31, 2017   Cost   Fair Value  Cost   Fair Value   (In thousands)  Materials  ~ b   ~    ~    ~    Networking   ?    ?   ~      ? Power Management~  ~    ~    ~ Semiconductors~ F<~ D  ~  ;  ~ BSoftware~ ~F~ ~G  ~  R  ~  Cleantech     Alternative Energy~  ?  ~     ?Energy Efficiency~ ~   ~    ~ +#Healthcare Information and Services      Diagnostics~ N~    ~  N  ~   Other~ j~   ~  j  ~ Software~ Z~ b  ~  &  ~ 6Investment funds      HSLFI~ ?~ ?    ?   ?Total investments~ : ~   ~     ~ N Dlui]Q5Sw>bV !"$ ____________________________1!)Created by Morningstar Document Research.0"(http://documentresearch.morningstar.com/ (=PF0*8X> @r""!!         l  ?  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $ } y } $ } U5} $ }  } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018)!Note 4. Investments - (continued)    Portfolio Company ?1?  Sector ' Type of Investment ?2? ?3? ?4?   Principal  Cost of  Fair           Amount  Investments ?5?   Value ?6?         (In thousands)  % Debt Investments ? Technology                     "New Signature US, Inc. ?7?Software4,Term Loan (10.59% cash (Libor + 8.50%; Floor ~    ~ B~~ B~'10.50%), 3.50% ETP, Due 7/1/21)+#Total Debt Investments ? Technology     ~ B~~ B~( Warrant Investments ? Technology     &BSI Platform Holdings, LLC ?7?Software( 412,500 Preferred Stock Warrants     ~ ~ .&Total Warrant Investments ? Technology     ~ ~ )!Total Portfolio Investment Assets     ~ &~ &$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:> ui]Q)~rFH<0{oG=PF0*8X> @         l  k  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $                        'Horizon Technology Finance Corp N-2/A 08/10/2018)!Note 4. Investments - (continued)    June 30, 2018    Principal   Fair Value   Balance   of Unfunded        Commitment        Liability(In thousands)New Signature US, Inc.~ .~ z Total~ .~ z$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0ui]QGZwO=PF0*8X> @z        l  6  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5} $ } $} $      'Horizon Technology Finance Corp N-2/A 08/10/2018)!Note 4. Investments - (continued)    June 30, 2018   (In thousands)4 ,Selected Statement of Assets and Liabilities      Information0 (Total investments at fair value (cost of ~ & ~ &!Cash and cash equivalents~  Other assets~  Total assets~ Other liabilities~ Total liabilities~ Members? equity~ ~-%Total liabilities and members? equity~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/:ui]Q-bKBr%=PF0*8X> @J     l  HN  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5} $      'Horizon Technology Finance Corp N-2/A 08/10/2018Statement of Operations   For the period    June 1, 2018   through    June 30, 2018   (In thousands)4,Selected Statement of Operations Information&Interest income on investments~ Total expenses~ Z1)Net decrease in net assets resulting from~  operations$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4sg[7yGC=PF0*8X> @Z       l  n  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } %} $ } $} $ }  }  $ } $} $ } $} $ } $} $ } U} $ }  } $ } $} "$ } ##$} $$$ %%%%%%%%%% % % % % %%%%%%%%%'Horizon Technology Finance Corp N-2/A 08/10/20186.Note 5. Transactions with affiliated companies   !"      & Six months ended June 30, 2018     Portfolio Company   Fair value at   Purchases  Sales   Transfers  Discount  Net   Fair value at  Net ! "Interest    December 31,           in/(out) at   accretion   unrealized  June 30,  realized ! "income  ~            fair value       gain/(loss) ~    gain/(loss)   (In thousands)Decisyon, Inc.~ 6~    $?   $?~ 6~ ~ R: $? !~ "$StereoVision, Inc. ?~ 8    ?   ? ?~ ~ 7 ? !"~ #2$'Total Non-controlled Affiliates~ 6~ <   $?   $?~ 6~ ^~ r $? !~ "B$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0i h\PD`.Ty=PF0*8X> @b,$$$ "# "# $            "$        "$  l  p  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } %} $$ %%%%%%%%%% % % % % %%%%%%%%'Horizon Technology Finance Corp N-2/A 08/10/2018D<Note 5. Transactions with affiliated companies - (continued)   !"      $ Year ended December 31, 2017     ! " Portfolio Company   Fair value at   Purchases  Sales   Transfers  Discount  Net   Fair value at  Net ! "Interest    December 31,          in at   accretion   unrealized   December 31,  realized ! "income  ~            fair value      loss ~    gain (loss)   (In thousands)Decisyon, Inc. ?1? $?~     $?  ~  +~ B~ ~ 6 $? !~ "$'Total Non-controlled Affiliates $?~     $?  ~  +~ B~ ~ 6 $? !~ "$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. ZNB6R^ 5t=PF0*8X> @b,$$$ "# "# $            "$        "$  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } !} $$ %%%%%%%%%% % % % % %%%%%%%%'Horizon Technology Finance Corp N-2/A 08/10/2018D<Note 5. Transactions with affiliated companies - (continued)   !"      & Six months ended June 30, 2018     ! " Portfolio Company   Fair value at   Purchases  Sales   Transfers  Discount  Net   Fair value at  Net ! "Interest    December 31,           in/(out) at   accretion   unrealized  June 30,  realized ! "income  ~            fair value       gain/(loss) ~    gain/(loss)   (In thousands) HSLFI ?1? $?~ ?   $?   $? $? $?~ ? $? ! "$?$#Total Controlled Affiliates $?~ ?   $?   $? $? $?~ ? $? ! "$?$$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/. ZNB6R\3v=PF0*8X> @b,$$$ "# "# $            "$        "$  l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)!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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ }  } $ } a/}  $ } !} $ } } $ } I } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)     June 30, 2018  Investment Type  Fair * "Valuation Techniques/Methodologies  Unobservable Input  Range  Weighted Average   Value  (Dollars in thousands, except per share data)Debt investments~ k -%Discounted Expected Future Cash Flows  ! Hypothetical Market Yield   10? ? 25? 13?Warrant investments~ x%Black-Scholes Valuation Model   Price Per Share  ?0.00 ? ?500.00 ?7.19  # Average Industry Volatility   20? 20?   Marketability Discount   20? 20?   Estimated Time to Exit   1 to 5 years3 yearsOther investments~ Rx/'Multiple Probability Weighted Cash Flow    Discount Rate   18? ? 25? 19? Model   Probability Weighting   0? ? 100? 36?Equity investments~ Last Equity Financing   Price Per Share   ?0.00 ? ?2.24 ?0.79!Total Level 3 investments~ o      $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0vj^R=1Q(4F0=PF0*8X> @r        l  "  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)Note 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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ }  } $ } a/}  $ } $4} $ } } $ } I } $ "     'Horizon Technology Finance Corp N-2/A 08/10/2018( 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?  3 +Marketability Discount Uncertainty Discount   20? 20?      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 Flow    Discount Rate   18? ? 25? 19? Model   Probability Weighting   0? ? 100? 36?Equity investments~ Last Equity Financing   Price Per Share   ?0.00 ? ?1.26 ?0.54!Total Level 3 investments~ _      $____________________________D.lvj^RE9Y0<rH !1 )Created by Morningstar Document Research.0!(http://documentresearch.morningstar.com/=PF0*8X> @r!!         l  v  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)Note 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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I"} $ } U} $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)       June 30, 2018   Level 1  Level 2  Level 3  Total   (In thousands) Debt investments  $?   $?  ~ k   ~ k   Warrant investments   ?   ~    ~ x   ~  Other investments ? ?  ~  Rx  ~ RxEquity investments~  ?  ~    ~ !$Equity interest in HSLFI ?1? ? ?    ?  ~ ?Total investments~ ~  ~  o   ~  $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/2| vj^R/Ic=PF0*8X> @          l  1  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)Note 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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ }  } $ }  }  $ } } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)      December 31, 2017   Level 1  Level 2  Level 3  Total   (In thousands) Debt investments  $?   $?  ~ Fp   ~ Fp   Warrant investments   ?   ~    ~ 6s   ~   Other investments ? ?  ~  Rx  ~ RxEquity investments~  ?  ~    ~ Total investments~ ~  ~  _   ~ N $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/0vj^R+E_|=PF0*8X> @          l   T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 (5)!Note 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5} $ }  } $ } U}  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)     (  Three Months Ended June 30, 2018   Debt  Warrant  Equity  Other  Total    Investments   Investments   Investments   Investments   (In thousands)+ #Level 3 assets, beginning of period ~ *   ~ t  ~ z  ~ Rx  ~ z  Purchase of investments~  ?    ?   ?~ 3+Warrants and equity received and classified ?~   ~     ?~ 6 as Level 32*Principal payments received on investments~  ?    ?  ~ B~ )!Proceeds from sale of investments~ ~     ?   ?~ ( Net realized loss on investments ?~     ?   ?~ 4,Unrealized appreciation included in earnings~ ~     ?  ~ ~ ~ Other~ N ?    ?   ?~ N%Level 3 assets, end of period~ k ~ x ~    ~ Rx~ o $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<vj^RS!4_.&?3'=PF0*8X> @               l  ov  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $ }  } $ } U}  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)     (  Three Months Ended June 30, 2017   Debt Investments  Warrant Investments  Equity Investments  Other Investments  Total   (In thousands)+ #Level 3 assets, beginning of period ~ "   ~ a  ~ 2  ~ 2\  ~    Purchase of investments  ~ X    ?    ?    ?   ~ X 3+Warrants and equity received and classified ?~ N    ?   ?~ N as Level 32*Principal payments received on investments~  ?    ?  ~ "~ λ)!Proceeds from sale of investments ?~     ?   ?~ /'Net realized (loss) gain on investments~ ~ V    ?   ?~ &.&Unrealized (depreciation) appreciation~ .~ 2  ~    ~ ~ Nincluded in earnings Other~ & ?    ?   ?~ &%Level 3 assets, end of period~ ~ ~ n_ ~  B  ~ 2\~ Z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<Svj^RT>umznF=PF0*8X> @            l  (  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $ }  } $ } U}  $ } } $ }  } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)     & Six Months Ended June 30, 2018   Debt  Warrant  Equity  Other  Total    Investments   Investments   Investments   Investments   (In thousands)+ #Level 3 assets, beginning of period ~ Fp   ~ 6s  ~   ~ Rx  ~ _  Purchase of investments~ zR ?    ?   ?~ zR3+Warrants and equity received and classified ?~ r  ~     ?~ R as Level 32*Principal payments received on investments~ * ?    ?  ~ ~  )!Proceeds from sale of investments~ .~     ?   ?~ ( Net realized loss on investments~ ~     ?   ?~ J.&Unrealized (depreciation) appreciation~ ~   ~  :  ~ "~ included in earnings Other~  ?    ?   ?~ %Level 3 assets, end of period~ k ~ x ~    ~ Rx~ o $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/>0vj^RU#6`4 % =PF0*8X> @               l  q  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $4} $ }  } $ }  }  $ } U} $ } U} $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018( Note 6. Fair value - (continued)     & Six Months Ended June 30, 2017   Debt  Warrant  Equity  Other  Total    Investments   Investments   Investments   Investments   (In thousands)+ #Level 3 assets, beginning of period ~ *]   ~ [  ~ 2  ~ b   ~ >  Purchase of investments~  ?    ?   ?~ 3+Warrants and equity received and classified ?~     ?   ?~  as Level 32*Principal payments received on investments~ S ?    ?  ~ ~ rR)!Proceeds from sale of investments ?~     ?   ?~ /'Net realized (loss) gain on investments~ Q~     ?   ?~ *b.&Unrealized appreciation (depreciation)~ ~   ~    ~ 6~ zincluded in earnings/'Transfer from debt investments to other~ 2 ?    ?  ~ R ? investments Other~ " ?    ?   ?~ "%Level 3 assets, end of period~ ~ ~ n_ ~  B  ~ 2\~ Z $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/B6Xvj^RU#6[/=PF0*8X> @               l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } U5} $ }  } $ }  }  $ } } $ }  } $ }  } $ }  } $      'Horizon Technology Finance Corp N-2/A 08/10/2018Note 7. Borrowings       June 30, 2018  December 31, 2017   Total  Balance  Unused  Total  Balance  Unused    Commitment   Outstanding   Commitment   Commitment   Outstanding   Commitment   (In thousands)  Key Facility ~   ~ &  ~   ~ b  ~ B  ~ "B  2022 Notes~ G~ G    ?  ~ G~ G ?( Total before debt issuance costs~ ~b~ ~n  ~    ~ ^~ >~ "B4,Unamortized debt issuance costs attributable ?~     ?   ?~  ?to term borrowings)!Total borrowings outstanding, net~ ~b~ Z\ ~    ~ ^~ ~ "B$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/4 xl`jb {oc;=PF0*8X> @                    l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 BorrowingsNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } } $ }  } $ } $} $                              'Horizon Technology Finance Corp N-2/A 08/10/2018A9Note 8. Financial instruments with off-balance-sheet risk    June 30, 2018    Principal   Fair Value of   Balance  Unfunded        Commitment        Liability(In thousands)Aerin Medical, Inc.~ "N~  Catasys, Inc.~ '~ fDecisyon, Inc.~ " ?!HealthEdge Software, Inc.~ 2u~ .!Intelepeer Holdings, Inc.~ .~ New Signature US, Inc.~ ~ *"StereoVision Imaging, Inc.~  ? Total~ ;~ V$____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<z ]QE9z/tBZTE_SG=PF0*8X> @z        l    dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wi!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } $} $ } I } $ } I }  $ } } $ }  } $ }  } $ } $} $      'Horizon Technology Finance Corp N-2/A 08/10/2018Note 10. Distributions     Date Declared   Record Date  Payment  Amount  Cash  DRIP  DRIP       Date   Per Share   Distribution  Shares  Share                   Issued  Value      1 )(In thousands, except share and per share             data)&Six Months Ended June 30, 2018     4/27/188/17/189/14/18  ?   $? ? $?4/27/187/19/188/15/18   ?   ? ? ?4/27/186/19/187/17/18   ?  ~ ~ ~ 63/1/185/17/186/15/18   ?  ~ ~ ~ 63/1/184/19/185/15/18   ?  ~ ~ ~ 63/1/183/19/184/17/18   ?  ~ ~ ~ 6  333333?  ~ >G~ N~ $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/<th\x.I=PF0*8X> @                l  1L 0^  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I"} $ } y } $ } y }  $ } } $ }  } $ }  } $ } $} $ 1     'Horizon Technology Finance Corp N-2/A 08/10/2018,$Note 10. Distributions - (continued)     Date Declared   Record Date  Payment  Amount  Cash  DRIP  DRIP       Date   Per Share   Distribution  Shares  Share                   Issued  Value  1 )(In thousands, except share and per share   data)$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   ?  ~ ~ ~ >3/3/173/20/174/18/17   ?  ~ ~ ~ J  333333?  ~ j~ ~ $Year Ended December 31, 2016     10/28/162/22/173/15/17  ?  ~ ~ ~ BDTlrfZN H<u& @00//..++ ++++                 l  w  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } a} $ } a} $ } 0}  $                     'Horizon Technology Finance Corp N-2/A 08/10/2018,$Note 10. Distributions - (continued)   Ex-Dividend Date   Record Date   Payment Date   Distributions           Declared November 16, 2018   November 19, 2018    December 14, 2018   ?  October 17, 2018   October 18, 2018    November 15, 2018   ?  September 17, 2018   September 18, 2018    October 16, 2018   ? $____________________________1)Created by Morningstar Document Research.0(http://documentresearch.morningstar.com/*hrfZNrVtL=PF0*8X> @R      l  4e i  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)!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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 6} $ } } } $ } }  4                                 'Horizon Technology Finance Corp N-2/A 08/10/2018%Note 11. Financial highlights  ! Six Months Ended June 30,  ~  ~   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 investmentsQ(\.&Unrealized (depreciation) appreciation(\?on investments1)Net increase in net assets resulting fromQ?RQ? operations"Distributions declared ?1?333333333333"From net investment income333333333333-%From net realized gain on investments ? ?Return of capital ? ?( Net asset value at end of period333333'@= ףp'@3+Per share market value, beginning of periodq= ףp&@(\%@-%Per share market value, end of period)\($@)\&@0(Total return based on a market value ?2?333333 %$@ %+#Shares outstanding at end of period~ R~ 25-Ratios, net of waiver, to average net assets:D lymaUO&Z@eSH! ! " # $ % & ' ( ) * + , - . / 0 1 2 3  '!Expenses without incentive fees!!!#@ !% ?3?!!!!@ !% ?3?"Incentive fees""~ "  "% ?3?"""333333? "% ?3?# Net expenses###'@ #% ?3?###ffffff#@ #% ?3?1$)Net investment income with incentive fees$$$ffffff#@ $% ?3?$$$!@ $% ?3?.%&Ratios, without waiver, to average net%%%%%%%%&assets:+'#Expenses without incentive fees ?4?'''#@ '% ?3?'''!@ '% ?3?(Incentive fees ?4?(((ffffff@ (% ?3?(((333333? (% ?3?)Net expenses ?4?)))ffffff(@ )% ?3?)))ffffff#@ )% ?3?5*-Net investment income with incentive fees ?4?***"@ *% ?3?***!@ *% ?3?++#Net assets at the end of the period+~ +.*++~ +X+,Average net asset value,~ ,3,,~ ,s,-Average debt per share--Q@---@- .Portfolio turnover ratio...ffffff3@ .%...333333<@ .%/0$1____________________________12)Created by Morningstar Document Research.03(http://documentresearch.morningstar.com/, |S9Do}qe==PF0*8X> @332211----,,,,++++      l  :*  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 6} $ }  } $ }  } $ :                                 'Horizon Technology Finance Corp N-2/A 08/10/2018?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 ,$$223,077 and $211,627, respectively) Cash~  g~ >DInterest receivable~ J>~ R^ Other assets~ ~ z  Total assets~ J~ R LiabilitiesBorrowings (Note 7)~ ~ Distributions payable~ 6~ 5,$Base management fee payable (Note 3)~ ~ F&Incentive fee payable (Note 3)~ v ?Other accrued expenses~  ~  Total liabilities~  ~ rD, l_SG;YERSxl|[ ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 - %Commitments and Contingencies (Note 8        !and 9)" Net assets""""""""#4$,Preferred stock, par value $0.001 per share,$$ $?$$$ $?$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  ?T  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 8} $ } } $ }  }  $ } } $ ?                                 'Horizon Technology Finance Corp N-2/A 08/10/2018?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~  ~    ~   Dl_SG;R'aD)k ! " # $ % & ' ( ) * + , - . / 0 1 2 3 4 5 6 7 8 9 : ; < = >  Total expenses  ~ z   ~    ~  2!*Management and performance based incentive!!~ !!!! !?!! ! ~ ! ! 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'' ' ~ ' ' 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  3,>  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 6} $ } y} $ } }  $ } } $ }  } $ }  } $ }  } $ }  } /$ 30000000000 0 0 0 0 0000000000000000000'Horizon Technology Finance Corp N-2/A 08/10/2018?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 planDl_SG;1rAnsF 0!0"0#0$0%0&0'0(0)0*0+0,0-0.0/0001020" Repurchase of common stock  ~     ?   ~     ?    ?    ?   ~  !Distributions declared!! !?!!! !?!! !  ! ?! ! !~ !V!!! !?!!! !?!!!~ !V!5"-Reclassification of permanent tax differences"" "?""" 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'?'''~ ''(reinvestment plan")Repurchase of common stock))~ )v))) )?)) ) ~ ) ) ) ) )?))) )?))) )?)))~ ))*Distributions declared** *?*** *?** *  * ?* * *~ *(*** *?*** *?***~ *(*5+-Reclassification of permanent tax differences++ +?+++ +?++ + ~ + + + +~ +f+++ +?+++ +?+++ +?+,(Note 2)$-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  KA`uz  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } I;} $ } I} $ } U}  $ } I} $ K                                 'Horizon Technology Finance Corp N-2/A 08/10/2018?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_l_SG;RpJ~*  ! " # $ % & ' ( ) * + , - . / 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  N  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } *} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ N     'Horizon Technology Finance Corp N-2/A 08/10/2018?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)Dl_SG;3u\ [xO !"#$%&'()*+,-./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[o  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } +} $ } y#} $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2/A 08/10/2018?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)Dhl_SG;3uD;d1gj !"#$%&'()*+,-./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  LE5jr  dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } 0.} $ } } $ } U5}  $ } } $ }  } $ }  } $ L     'Horizon Technology Finance Corp N-2/A 08/10/2018?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)Dl_SG;3uaR \./h9 !"#$%&'()*+,-./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  F   dMbP?_*+%,&٭e2?'٭e2?(٭e2?)٭e2?",D/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } <(} $ } y#} $ } m)} $ } $} $ } $} $ F     'Horizon Technology Finance Corp N-2/A 08/10/2018?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     ~ ~  Dl_SG;3u\ m}2Xu3v !"#$%&'()*+,-./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/??w!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!Horizon Secured Loan Fund I LLC!Horizon Secured Loan Fund I (1)!Horizon Secured Loan Fund I (2)!Horizon Secured Loan Fund I (3)!Horizon Secured Loan Fund I (4)!Comparison of the three months !Comparison of the six months en!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 4 Investments continuedNote 4 Investments conti (1)Note 4 Investments conti (2)Note 4 Investments conti (3)Statement of Operations (1)!Note 5 Transactions with affili!Note 5 Transactions with af (1)!Note 5 Transactions with af (2)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 6 Fair value continued (6)!Note 6 Fair value continued (7)Note 7 Borrowings!Note 8 Financial instruments wiNote 10 Distributions!Note 10 Distributions continued!Note 10 Distributions conti (1)Note 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 conti (4)!Note 5 Transactions with af (3)!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 6 Fair value cont (12)Note 6 Fair value cont (13)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)U } <(} $ } y#} $ } 1}  $ } U} $ }  } $ }  } $ =     'Horizon Technology Finance Corp N-2/A 08/10/2018?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 l_SG;3ug'.R,|jN !"#$%&'()*+,-./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?''