<PAGE>
                             UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.  20549

                              FORM 10-K

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES 
     EXCHANGE ACT OF 1934

                 For The Year Ended December 31, 1997

                                    OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
     SECURITIES EXCHANGE ACT OF 1934

            For the transition period from N/A to N/A
                                           ---    ---

                      Commission File No. 814-55

TECHNOLOGY FUNDING VENTURE PARTNERS IV, AN AGGRESSIVE GROWTH FUND, L.P.
-----------------------------------------------------------------------
         (Exact name of Registrant as specified in its charter)

          DELAWARE                            94-3054600
-------------------------------    ----------------------------------
(State or other jurisdiction of   (I.R.S. Employer Identification No.)
incorporation or organization)

2000 Alameda de las Pulgas, Suite 250
San Mateo, California                                          94403
---------------------------------------                     --------
(Address of principal executive offices)                   (Zip Code)

                              (650) 345-2200
             --------------------------------------------------
            (Registrant's telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  Limited   
  Partnership Units

Indicate by check mark whether the Registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange 
Act of 1934 during the preceding 12 months (or for such shorter period 
that the Registrant was required to file such reports), and (2) has 
been subject to such filing requirements for the past 90 days.
                                                        Yes  X  No   
                                                            ---    ---
Indicate by check mark if disclosure of delinquent filers pursuant to 
Item 405 of Regulation S-K is not contained herein, and will not be 
contained, to the best of registrant's knowledge, in definitive proxy 
or information statements incorporated by reference in Part III of this 
Form 10-K or any amendment to this Form 10-K.               [   ]
No active market for the units of limited partnership interests 
("Units") exists, and therefore the market value of such Units cannot 
be determined.
Documents incorporated by reference:  Portions of the Prospectus dated 
February 24, 1989, forming a part of Registration Statement No. 33-
19201, filed pursuant to Rule 424(c) of the General Rules and 
Regulations under the Securities Act of 1933, as modified by Post-
Effective Amendment No. 1 dated April 23, 1990, are incorporated by 
reference in Parts I and III hereof.  Portions of the Prospectus of 
Technology Funding Venture Capital Fund VI, LLC, as revised January 22, 
1998, forming a part of the December 5, 1997, Pre-Effective Amendment 
No. 1 to the Form N-2 Registration Statement No. 333-23913 dated July 
11, 1997, are incorporated by reference in Part III hereof.

<PAGE>
                                   PART I

Item 1.  BUSINESS
------   --------

Technology Funding Venture Partners IV, An Aggressive Growth 
Fund, L.P. (the "Partnership") is a limited partnership 
organized under the laws of the State of Delaware on December 
4, 1986, and was inactive until it commenced the sale of Units 
on January 10, 1989.  The purpose of the Partnership is to make 
venture capital investments in new and developing companies, as 
described in the "Introductory Statement" and "Business of the 
Partnership" sections of the Prospectus dated February 24, 
1989.  The Partnership has elected to be a business development 
company under the Investment Company Act of 1940, as amended 
(the "Act"), and operates as a nondiversified investment 
company as that term is defined in the Act.  Additional 
characteristics of the Partnership's business are discussed in 
the "Risk Factors" and "Conflicts of Interest" sections of the 
Prospectus, which sections are also incorporated herein by 
reference.  The Partnership's term was extended for a two-year 
period to December 31, 1999 pursuant to unanimous approval by 
the Management Committee on December 5, 1997.  The 
Partnership's Amended and Restated Limited Partnership 
Agreement ("Partnership Agreement") provides that the 
Partnership may be further continued, subject to the right of 
the Management Committee, for an additional two-year period.

Item 2.  PROPERTIES
------   ----------

The Registrant has no material physical properties.

Item 3.  LEGAL PROCEEDINGS  
------   -----------------

There are no material pending legal proceedings to which the 
Registrant is party or of which any of its property is the 
subject, other than ordinary routine litigation incidental to 
the business of the Partnership.

Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
------   ---------------------------------------------------

The Annual Meeting of the Limited Partners of the Partnership 
was held on December 5, 1997.  At that meeting, proxies 
submitted by Limited Partners documented that the Limited 
Partners elected three individual general partners (231,043 
Units voting for, 6,587 Units voting against or abstaining), 
elected the two Managing General Partners (231,798 Units voting 
for, 5,832 voting against or abstaining), and ratified the 
selection of KPMG Peat Marwick LLP as independent certified 
accountants (224,228 Units voting for, 1,593 Units voting 
against, and 11,809 Units abstaining.) 


                                  PART II

Item 5.  MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER
------   -------------------------------------------------------------
         MATTERS
         -------

        (a) There is no established public trading market for the 
            Units.

        (b) At December 31, 1997, there were 7,847 record holders of 
            Units.

        (c) The Registrant, being a partnership, does not pay 
            dividends.  Cash distributions, however, may be made to
            the partners in the Partnership pursuant to the  
            Registrant's Partnership Agreement.



Item 6.  SELECTED FINANCIAL DATA
------   -----------------------
<TABLE>
<CAPTION>
	For the Years Ended and As of December 31, 
	---------------------------------------------------------
	1997	1996	1995	1994	1993
	------	------	------	------	------
<S>                          <C>             <C>        <C>          <C>         <C>
Total income	$   148,931	99,272	130,779	296,948	678,321
Net operating loss	(1,320,606)	(1,423,434)	(2,106,285)	(1,314,484)	(1,514,788)
Net realized gain (loss) from
 venture capital limited
 partnership investments	524,939	255,239	--	--	(15,402)
Net realized gain (loss)
  from sales of equity
  investments	7,699,981	989,034	(80,764)	--	25,856,978
Recoveries from investments
  previously written off	--	--	145,248	--	--
Realized losses from
  investment write-downs	(3,768,897)	(1,078,341)	(2,532,447)	(843,311)	(1,377,494)
Net realized income (loss)	3,135,417	(1,257,502)	(4,574,248)	(2,157,795)	20,949,294
Change in net unrealized 
 fair value:
  Equity investments	(15,263,861)	(773,777)	4,065,995	(2,854,255)	(9,857,060)
  Notes receivable	--	--	49,000	5,000	94,000
Net (loss) income	(12,128,444)	(2,031,279)	(459,253)	(5,007,050)	11,186,234
Net realized income (loss)
  per Unit	7	(2)	(9)	(4)	42
Total assets	23,069,679	37,025,188	43,065,771	40,606,795	43,520,755
Distributions declared	4,000,000	316,227	--	--	24,514,748
Distributions declared
 per Unit (1)	9	--	--	--	56

(1) Calculation is based on distributions declared to Limited Partners divided by the 
    weighted average number of Units outstanding during the year.

Refer to the financial statement notes entitled "Summary of Significant Accounting Policies" 
and "Allocation of Profits and Losses" for a description of the method of calculation of net 
realized income (loss) per Unit.

</TABLE>


Item 7.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL 
------   -------------------------------------------------
         CONDITION AND RESULTS OF OPERATIONS
         -----------------------------------

Liquidity and Capital Resources
-------------------------------

In 1997, net cash used by operating activities totaled 
$1,339,726.  The Partnership paid management fees of 
$286,714 to the Managing General Partners and reimbursed 
related parties for operating expenses of $781,165 in 
1997.  In addition, $46,042 was paid to the Individual 
General Partners as compensation for their services.  
Other operating expenses and interest on borrowings of 
$324,637 and $43,317, were paid, respectively.  Interest 
income of $142,149 was received.

In 1997, the Partnership funded equity investments of 
$3,308,010 mostly to portfolio companies in the 
medical/biotechnology, computer systems and software and 
communications industries and issued $150,500 in secured 
notes receivable to a portfolio company in the computer 
systems and software industry.  Repayments of secured 
notes receivable provided cash of $164,463.  Proceeds 
from sales of equity investments were $13,828,070 and the 
Partnership received $42,873 in cash distributions from 
venture capital limited partnership investments.

In October 1997, the Managing General Partners declared a 
partner distribution of $4,000,000; distributions of 
$455,429 were paid prior to December 31, 1997 and the 
balance of $3,544,571 was paid in February, 1998. The 
Partnership repaid a $1,363,332 promissory note in 
February, 1997.

Cash and cash equivalents at December 31, 1997, were 
$8,821,077.  As of December 31, 1997, the Partnership was 
committed to fund $101,150 in additional investments. 
Future proceeds from investment sales and interest income 
on short-term investments are expected to be adequate to 
fund Partnership operations through the next twelve 
months.

Results of Operations
---------------------

1997 compared to 1996
---------------------

Net loss was $12,128,444 in 1997 compared to $2,031,279 
in 1996.  The increase in net loss was substantially due 
to a $14,490,084 decrease in the change in net unrealized 
fair value of equity investments and a $2,690,556 
increase in realized losses from investment write-downs.  
These decreases were partially offset by a $6,710,947 
increase in net realized gain from sales of equity 
investments and a $269,700 increase in net realized gains 
from venture capital limited partnership investments.

During 1997, the $15,263,861 decrease in fair value of 
equity investments included a $6,536,993 decrease 
attributable to sales of equity investments, a $6,800,875 
decrease attributable to a decline in the publicly-traded 
market price of Thermatrix, Inc., a portfolio company in 
the environmental industry, and a $1,608,431 decrease 
attributable to investment write-downs.  During 1996, the 
decrease in fair value of $773,777 was primarily 
attributable to the sales of Shaman Pharmaceuticals, 
Inc., common stock as the gain was realized.  This 
decrease was partially offset by an increase in portfolio 
companies in the environmental industries.

In 1997, the $7,699,981 realized gain from sales of 
equity investments was primarily attributable to the sale 
and liquidation of investments in Shaman Pharmaceuticals, 
Inc., Systemix, Inc., UTStarcom, Inc., Multiport Inc. and 
Quintar Corporation.  In 1996, net realized gain from 
sales of equity investments of $989,034 was mainly due to 
the sale of Shaman Pharmaceuticals, Inc., partially 
offset by losses from Cardiometrics, Inc., Pinterra 
Corporation and Graham-Field Health Products, Inc.

During 1997 and 1996, the Partnership recorded realized 
losses from investment write-downs of $3,768,897 and 
$1,078,341, respectively, primarily attributable to 
equity investments in portfolio companies in the computer 
systems and software and communications industries.

Total operating expenses were $1,126,595 and $1,065,940 
in 1997 and 1996, respectively.  The increase was 
primarily due to higher investment operations and 
administrative and investor services expenses as a result 
of increased overall portfolio activities, partially 
offset by lower interest expense.  Included in 1997 
operating expenses are the costs of the Partnership's 
relocation of its administrative and investor service 
operations to Santa Fe, New Mexico.

Given the inherent risk associated with the business of 
the Partnership, the future performance of the portfolio 
company investments may significantly impact future 
operations.

1996 compared to 1995
---------------------

Net loss was $2,031,279 in 1996 compared to $459,253 in 
1995.  The increase in net loss was substantially due to 
a $4,839,772 decrease in the change in net unrealized 
fair value of equity investments.  The increase was 
partially offset by a $1,454,106 decrease in realized 
losses from investment write-downs, a $1,069,798 increase 
in net realized gain from sales of equity investments, 
and a $693,702 decrease in total operating expenses.

During 1996, the decrease in fair value of $773,777 was 
primarily attributable to the sale of Shaman 
Pharmaceuticals, Inc., common stock as the gain was 
realized.  This decrease was partially offset by an 
increase in portfolio companies in the environmental 
industry.  In 1995, the increase in fair value of 
$4,065,995 was primarily attributable to increases in 
portfolio companies in the pharmaceuticals, computer 
systems and software and communications industries, 
partially offset by decreases in the medical/biotechnology 
industry.

During 1996, the Partnership recorded realized losses 
from investment write-downs of $1,078,341 mainly 
attributable to equity investments in a portfolio company 
in the computer systems and software industry.  During 
1995, realized losses from investment write-downs of 
$2,532,447 were mainly attributable to equity investments 
in portfolio companies in the microelectronics, 
retail/consumer products and communications industries.

In 1996, net realized gain from sales of equity 
investments of $989,034 was mainly due to the sale of 
Shaman Pharmaceuticals, Inc., partially offset by losses 
from Cardiometrics, Inc., Pinterra Corporation and 
Graham-Field Health Products, Inc.  During 1995, the net 
realized loss of $80,764 was mainly due to AG Associates, 
Inc.

Total operating expenses were $1,065,940 and $1,759,642 
in 1996 and 1995, respectively.  As discussed in Note 2 
to the financial statements, the 1995 total operating 
expenses included additional administrative and investor 
services expense of $812,580.  If this amount had been 
recorded in prior years, total operating expenses would 
have been $1,018,228 in 1995, compared to $1,065,940 in 
1996.  The slight increase was primarily due to higher 
investment operations and computer services expenses from 
increased overall portfolio activities, partially offset 
by lower interest expense.

The Year 2000
-------------

The Managing General Partner is currently reviewing the 
Partnership's information systems in anticipation of the 
potential computer software problems associated with the 
Year 2000.  The Year 2000 issue exists because many 
computer software programs use only two digits to 
identify a year in the date field and were developed 
without considering the impact of the upcoming change in 
the century.  The Managing General Partner currently 
expects to complete the necessary critical software 
conversion modifications in 1999, and does not anticipate 
any material adverse impact on the financial position or 
results of operations of the Partnership, as a result of 
the Year 2000 issue.

Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
------   -------------------------------------------

The financial statements of the Registrant are set forth 
in Item 14.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON 
------   ------------------------------------------------
         ACCOUNTING AND FINANCIAL DISCLOSURE
         -----------------------------------

None
PART III

Item 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
-------  --------------------------------------------------

As a partnership, the Registrant has no directors or 
executive officers.  The Management Committee is 
responsible for the management and administration of the 
Partnership.  The members of the Management Committee 
consist of the three Individual General Partners and a 
representative from each of Technology Funding Ltd., a 
California limited partnership ("TFL"), and its wholly-
owned subsidiary, Technology Funding Inc., a California 
corporation ("TFI").  TFL and TFI are the Managing 
General Partners.  Information concerning the ownership 
of TFL and the business experience of the key officers of 
TFI and the partners of TFL is incorporated by reference 
from the sections entitled "Management of the Partnership 
- The General Partners" and "Management of the 
Partnership - Key Personnel of the Managing General 
Partners" in the Prospectus.  Changes in this information 
that have occurred since the date of the Prospectus are 
included in the Technology Funding Venture Capital Fund 
VI, LLC, Prospectus, revised January 22, 1998, forming a 
part of the December 5, 1997, Pre-Effective Amendment No. 
1 to the Form N-2 Registration Statement No. 333-23913 
dated July 11, 1997, which are incorporated herein by 
reference.

Item 11. EXECUTIVE COMPENSATION
-------  ----------------------

As a partnership, the Registrant has no officers or 
directors.  In 1997, the Partnership incurred $296,900 in 
management fees.  The fees are designed to compensate the 
Managing General Partners for General Partner Overhead 
incurred in performing management duties for the 
Partnership through December 31, 1997.  General Partner 
Overhead (as defined in the Partnership Agreement) 
includes the General Partners' share of rent and 
utilities, and certain salaries and benefits paid by the 
Managing General Partners in performing their obligations 
to the Partnership.  As compensation for their services, 
the Individual General Partners each receive $10,000 
annually, plus $1,000 for each attended meeting of the 
management committee and related expenses.  In 1997, 
$46,042 of such fees were paid.

Item 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND 
-------  ---------------------------------------------------
MANAGEMENT
----------

Not applicable.  No Limited Partner beneficially holds 
more than 5% of the aggregate number of Units held by all 
Limited Partners, and neither the Managing General 
Partners nor any of their officers, directors or partners 
own any Units.  The three Individual General Partners 
each own 20 Units; on March 20, 1998, one of the three 
Individual General Partners resigned his position and his 
Units will be transferred to his successor.  The 
Management Committee controls the affairs of the 
Partnership pursuant to the Partnership Agreement.

Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-------  ----------------------------------------------

The Registrant, or its investee companies, have engaged 
in no transactions with the Managing General Partners or 
their officers and partners other than as described 
above, in the notes to the financial statements, or in 
the Partnership Agreement.

PART IV

Item 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON
-------  -------------------------------------------------------
         FORM 8-K
         --------

        (a)  List of Documents filed as part of this Annual Report 
on Form 10-K

             (1)  Financial Statements - the following financial 
statements are filed as a part of this Report:

                  Independent Auditors' Report
                  Balance Sheets as of December 31, 1997
                    and 1996
                  Statements of Operations for the years
                    ended December 31, 1997, 1996 and 1995
                  Statements of Partners' Capital for the years
                    ended December 31, 1997, 1996 and 1995
                  Statements of Cash Flows for the years
                    ended December 31, 1997, 1996 and 1995
                  Notes to Financial Statements

(2)  Financial Statement Schedules

All schedules have been omitted because they 
are not applicable or the required information 
is included in the financial statements or the 
notes thereto.

             (3)  Exhibits

Registrant's Amended and Restated Limited 
Partnership Agreement (incorporated by 
reference to Exhibit A to Registrant's 
Prospectus dated February 24, 1989, included in 
Registration Statement No. 33-19201 filed 
pursuant to Rule 424(b) of the General Rules 
and Regulations under the Securities Act of 
1933).

         (b)  Reports on Form 8-K

              No reports on Form 8-K were filed by the Registrant 
during the year ended December 31, 1997.

         (c)  Financial Data Schedule for the year ended and as of 
December 31, 1997 (Exhibit 27).
<PAGE>



                     INDEPENDENT AUDITORS' REPORT
                     ----------------------------

The Partners
Technology Funding Venture Partners IV, An Aggressive Growth Fund, 
L.P.:

We have audited the accompanying balance sheets of Technology 
Funding Venture Partners IV, An Aggressive Growth Fund, L.P. (a 
Delaware limited partnership) as of December 31, 1997 and 1996, 
and the related statements of operations, partners' capital, and 
cash flows for each of the years in the three-year period ended 
December 31, 1997.  These financial statements are the 
responsibility of the Partnership's management.  Our 
responsibility is to express an opinion on these financial 
statements based on our audits.

We conducted our audits in accordance with generally accepted 
auditing standards.  Those standards require that we plan and 
perform the audit to obtain reasonable assurance about whether the 
financial statements are free of material misstatement.  An audit 
includes examining, on a test basis, evidence supporting the 
amounts and disclosures in the financial statements.  Our 
procedures included confirmation of certain securities and loans 
owned, by correspondence with the individual investee and 
borrowing companies, and a physical examination of those 
securities held by a safeguarding agent as of December 31, 1997 
and 1996.  An audit also includes assessing the accounting 
principles used and significant estimates made by management, as 
well as evaluating the overall financial statement presentation.  
We believe that our audits provide a reasonable basis for our 
opinion.

In our opinion, the financial statements referred to above present 
fairly, in all material respects, the financial position of 
Technology Funding Venture Partners IV, An Aggressive Growth Fund, 
L.P. as of December 31, 1997 and 1996, and the results of its 
operations and its cash flows for each of the years in the three-
year period ended December 31, 1997, in conformity with generally 
accepted accounting principles.



Albuquerque, New Mexico                /S/KPMG Peat Marwick LLP
March 25, 1998


<PAGE>

BALANCE SHEETS
--------------
<TABLE>
<CAPTION>
	December 31,
	----------------------
	1997	1996
	--------	--------
<S>                                      <C>          <C>
ASSETS

Investments:
  Equity investments (cost basis of 
   $12,492,981 and $18,522,217 for
   1997 and 1996, respectively)	$14,234,001	35,527,098
  Secured notes receivable, net 
    (cost basis of $4,501 and 
    $29,137 for 1997 and 1996,
    respectively)	4,501	29,137
	----------	----------

       Total investments	14,238,502	35,556,235

Cash and cash equivalents	8,821,077	1,402,668

Other assets	10,100	66,285
	----------	----------

       Total assets	$23,069,679	37,025,188
	==========	==========

LIABILITIES AND PARTNERS' CAPITAL

Accounts payable and accrued expenses	$    47,799	38,429

Due to related parties	119,285	90,890

Distributions payable
 to Limited Partners	3,544,571	--

Promissory note	--	1,363,332

Interest payable	--	28,350

Other liabilities	3,736	21,455
	----------	----------

    Total liabilities	3,715,391	1,542,456


Commitments, contingencies and
 subsequent events 
(Notes 1, 2, 4, 10 and 11)

Partners' capital:
  Limited Partners
   (Units outstanding of 400,000
    for both 1997 and 1996)	16,288,081	17,224,580
  Managing General Partners	1,325,187	1,253,271
  Net unrealized fair value 
    increase from cost of equity 
    investments	1,741,020	17,004,881
	----------	----------

    Total partners' capital	19,354,288	35,482,732
	----------	----------

      Total liabilities and
        partners' capital	$ 23,069,679	37,025,188
	==========	==========

</TABLE>
See accompanying notes to financial statements.

<PAGE>

STATEMENTS OF OPERATIONS
------------------------
<TABLE>
<CAPTION>

	For the Years Ended December 31,
	------------------------------------
	1997	1996	1995
	-------	-------	-------
<S>                       <C>           <C>           <C>

Income:
  Secured notes receivable 
   interest	$    27,713	90,508	117,677
  Short-term investment
   interest	121,218	2,999	11,935
  Other income	--	5,765	1,167
	----------	---------	---------

     Total income	148,931	99,272	130,779

Costs and expenses:
  Management fees	296,900	409,036	429,523
  Individual General 
   Partners' compensation	46,042	47,730	47,899
  Operating expenses:
    Investment operations	335,178	254,854	132,665
    Administrative and 
     investor services	565,290	383,059	1,106,796
    Computer services	126,586	128,227	88,742
    Professional fees	84,574	85,787	84,105
    Interest expense	14,967	214,013	347,334
	----------	---------	---------

      Total operating 
       expenses	1,126,595	1,065,940	1,759,642
	----------	---------	---------

  Total costs and expenses	1,469,537	1,522,706	2,237,064
	----------	---------	---------

Net operating loss	(1,320,606)	(1,423,434)	(2,106,285)

  Net realized gain
   from venture 
   capital limited
   partnership investments	524,939	255,239	--
  Net realized gain (loss)
   from sales of equity
   investments	7,699,981	989,034	(80,764)
  Recoveries from 
   investments previously 
   written off	--	--	145,248
  Realized losses from 
   investment write-downs	(3,768,897)	(1,078,341)	(2,532,447)
	----------	---------	---------

Net realized gain (loss)	3,135,417	(1,257,502)	(4,574,248)

Change in net unrealized
 fair value:
  Equity investments	(15,263,861)	(773,777)	4,065,995
  Secured notes receivable	--	--	49,000
	----------	---------	---------

Net loss	$(12,128,444)	(2,031,279)	(459,253)
	==========	=========	=========

Net realized gain (loss)
  per Unit	$          7	(2)	(9)
	==========	=========	=========
</TABLE>
See accompanying notes to financial statements.


<PAGE>

STATEMENTS OF PARTNERS' CAPITAL
-------------------------------

<TABLE>
<CAPTION>

For the years ended December 31, 1997, 1996 and 1995:

                                                   Net Unrealized Fair Value
                                                 Increase (Decrease) From Cost
                                                 -----------------------------
                                        Managing
                            Limited      General     Equity        Notes 
                            Partners    Partners   Investments   Receivable   Total
                            --------    --------   -----------   ----------   -----

<S>                      <C>           <C>          <C>           <C>      <C>
Partners' capital, 
 December 31, 1994        $21,841,484    2,784,344  13,712,663    (49,000)  38,289,491

Net realized loss          (3,659,398)    (914,850)         --         --   (4,574,248)

Change in net unrealized
 fair value:
  Equity investments               --           --   4,065,995         --    4,065,995
  Secured notes receivable         --           --          --     49,000       49,000
                           ----------    ---------  ----------    -------   ----------

Partners' capital, 
 December 31, 1995         18,182,086    1,869,494  17,778,658         --   37,830,238

Net realized loss            (957,506)    (299,996)         --         --   (1,257,502)

Distributions                      --     (316,227)         --         --     (316,227)

Change in net unrealized
 fair value of
 equity investments                --           --    (773,777)        --     (773,777)
                           ----------    ---------  ----------    -------   ----------

Partners' capital, 
 December 31, 1996         17,224,580    1,253,271  17,004,881         --   35,482,732

Net realized gain           2,608,072      527,345          --         --    3,135,417

Distributions              (3,544,571)    (455,429)         --         --   (4,000,000)

Change in net unrealized
 fair value of
 equity investments                --           -- (15,263,861)        --  (15,263,861)
                           ----------    ---------  ----------    -------   ----------

Partners' capital, 
 December 31, 1997        $16,288,081    1,325,187   1,741,020         --   19,354,288
                           ==========    =========  ==========    =======   ==========

See accompanying notes to financial statements.

</TABLE>


PAGE>
STATEMENTS OF CASH FLOWS
------------------------

<TABLE>
<CAPTION>
	For The Years Ended December 31,
	------------------------------------
	1997	1996	1995
	----------	----------	----------
<S>                        <C>           <C>          <C>
Cash flows from operating
 activities:
  Interest received	$    142,149	69,250	97,362
  Cash paid to vendors	(324,637)	(206,686)	(210,162)
  Cash paid to related 
   parties	(1,113,921)	(1,887,068)	(963,722)
  Interest paid on short-
   term borrowings	(43,317)	(214,872)	(318,125)
  Reimbursement of 
   collection expenses 
   received from portfolio
   companies	--	--	89,715
	----------	---------	---------
    Net cash used by 
     operating activities	(1,339,726)	(2,239,376)	(1,304,932)
	----------	---------	---------
Cash flows from investing
 activities:
  Secured notes receivable
   issued	(150,500)	(640,000)	(62,500)
  Purchase of equity 
   investments	(3,308,010)	(2,523,718)	(1,331,665)
  Repayment of secured
   notes receivable	164,463	35,186	290,269
  Repayment of convertible
   notes receivable	--	1,194,450	193,500
  Recoveries from 
   investments previously
   written off	--	--	100,000
  Proceeds from sales of
    equity investments	13,828,070	8,064,148	1,272,527
  Distributions from 
   venture capital limited
   partnership investments	42,873	139,624	372,522
	----------	---------	---------
    Net cash provided
     by investing 
     activities	10,576,896	6,269,690	834,653
	----------	---------	---------
Cash flows from financing
 activities:
  Distributions to partners	(455,429)	--	--
 (Repayments of) proceeds
   from short-term
   borrowings, net	(1,363,332)	(2,902,626)	734,758
	----------	---------	---------

STATEMENTS OF CASH FLOWS (continued)
-----------------------------------

</TABLE>
<TABLE>
<CAPTION>
	For the Years Ended December 31,
	------------------------------------
	1997	1996	1995
	---------	---------	---------
<S>                        <C>          <C>          <C>
Net cash (used) provided 
   by financing activities	(1,818,761)	(2,902,626)	734,758
	----------	---------	---------
Net increase in cash and
 cash equivalents	7,418,409	1,127,688	264,479

Cash and cash equivalents 
 at beginning of year	1,402,668	274,980	10,501
	----------	---------	---------
Cash and cash equivalents 
 at end of year	$  8,821,077	1,402,668	274,980
	==========	=========	=========
Reconciliation of net 
 loss to net cash used by
 operating activities:

Net loss	$(12,128,444)	(2,031,279)	(459,253)
Adjustments to reconcile 
 net loss to net cash 
 used by operating activities:
  Net realized gain
   from venture capital
   limited partnership 
   investments	(524,939)	(255,239)	--
  Net realized (gain) loss 
   from sales of equity 
   investments	(7,699,981)	(989,034)	80,764
  Realized losses from 
   investment write-downs	3,768,897	1,078,341	2,532,447
  Recoveries from
   investments previously
   written off	--	--	(145,248)
  Change in net unrealized 
   fair value:
     Equity investments	15,263,861	773,777	(4,065,995)
     Secured notes 
      receivable	--	--	(49,000)
  Other, net	--	--	(1,292)

Changes in:
  Accrued interest on 
   notes receivable	(6,782)	(30,022)	(32,125)
  Accounts payable and 
   accrued expenses	9,370	14,686	(1,986)
  Due to/from related 
   parties	28,395	(765,843)	827,098
  Other, net	(50,103)	(34,763)	9,658
	----------	---------	---------

STATEMENTS OF CASH FLOWS (continued)
-----------------------------------

</TABLE>
<TABLE>
<CAPTION>
	For the Years Ended December 31,
	------------------------------------
	1997	1996	1995
	---------	---------	---------
<S>                        <C>          <C>          <C>
Net cash used by 
 operating activities	$(1,339,726)	(2,239,376)	(1,304,932)
	=========	=========	=========

Non-cash investing
 activities:

Purchase of equity
 investments financed
 by a promissory note	$        --	--	1,363,332
	=========	=========	=========

Reclassification of 
 secured notes to equity
 investments (subordinated
 notes receivable)	$        --	640,000	--
	=========	==========	==========

Non-cash financing
 activities:
  Distributions payable
  to Limited Partners	$ 3,544,571	--	--
	=========	==========	==========

Stock distributions to
 General Partners (see
 Note 2)	$        --	316,227	--
	=========	==========	==========

</TABLE>
See accompanying notes to financial statements.

<PAGE>

NOTES TO FINANCIAL STATEMENTS
-----------------------------

1.  Summary of Significant Accounting Policies
    ------------------------------------------

Organization
------------

Technology Funding Venture Partners IV, An Aggressive Growth 
Fund, L.P. (the "Partnership") is a limited partnership organized 
under the laws of the State of Delaware on December 4, 1986.  The 
purpose of the Partnership is to make venture capital investments 
in new and developing companies.  The Partnership elected to be a 
business development company under the Investment Company Act of 
1940, as amended (the "Act"), and operates as a nondiversified 
investment company as that term is defined in the Act.  The 
Managing General Partners are Technology Funding Ltd. ("TFL") and 
Technology Funding Inc. ("TFI"), a wholly-owned subsidiary of 
TFL.  There are generally three Individual General Partners; 
effective March 20, 1998, an Individual General partner resigned, 
and a successor is to be appointed.

The Partnership's registration statement was declared effective 
by the Securities and Exchange Commission on November 14, 1988, 
and the Partnership commenced selling units of limited 
partnership interests ("Units") on January 10, 1989.

On February 16, 1989, the minimum number of Units required to 
commence Partnership operations (15,000) were sold.  The offering 
terminated with 400,000 Units sold on September 14, 1990.  The 
Partnership's term was extended for a two-year period to December 
31, 1999 pursuant to unanimous approval by the Management 
Committee on December 5, 1997.  The Partnership Agreement 
provides that the Partnership may be further extended for an 
additional two-year period from such date if the Management 
Committee so determines or unless sooner dissolved.

Preparation of Financial Statements and Use of Estimates
--------------------------------------------------------

The preparation of financial statements in conformity with 
generally accepted accounting principles requires management to 
make estimates and assumptions that affect the amounts reported 
in the financial statements and accompanying notes. Actual 
results could differ from those estimates.  Estimates are used 
when accounting for investments, change in unrealized fair value 
of investments, liabilities and contingencies.  Because of the 
inherent uncertainty of valuation, the estimated fair value of 
investments may differ significantly from the values that would 
have been used had a ready market for investments existed, and 
the differences could be material.  

Investments
-----------

    Equity Investments
    ------------------

The Partnership's method of accounting for investments, in 
accordance with generally accepted accounting principles, is the 
fair value basis used for investment companies.  The fair value 
of Partnership equity investments is their initial cost basis 
with changes as noted below:

The fair value for publicly-traded equity investments (marketable 
equity securities) is based upon the five-day-average closing 
sales price or bid/ask price that is available on a national 
securities exchange or over-the-counter market.  Certain 
publicly-traded equity investments may not be marketable due to 
selling restrictions and for those securities, an illiquidity 
discount of up to 33% is applied when determining the fair value; 
the actual discount percentage is based on the type and length of 
the restrictions.  Investments valued under this method were 
$2,414,032 and $11,161,489 at December 31, 1997 and 1996, 
respectively.

All investments which are not publicly traded are valued at fair 
market value as determined by the Managing General Partners in 
the absence of readily ascertainable market values. Equity 
investments valued under this method were $11,819,969 and 
$24,365,609 at December 31, 1997 and 1996, respectively.  
Generally, investments in privately held companies are valued at 
original cost unless there is clear evidence of a change in fair 
value, such as a recent round of third-party financings or events 
that, in the opinion of the Managing General Partners, indicate a 
change in value. 

Convertible and subordinated notes receivable are stated at cost 
plus accrued interest, which is equivalent to fair value, and are 
included in equity investments as repayment of these notes 
generally occurs through conversion into equity investments.

Venture capital limited partnership investments are initially 
recorded at cost and are valued based on the fair value of the 
underlying investments.  Limited partnership distributions that 
are a return of capital reduce the cost basis of the 
Partnership's investment.  Distributions from limited partnership 
cumulative earnings are reflected as realized gains by the 
Partnership.

Where, in the opinion of the Managing General Partner, events 
indicate that the fair value of equity and venture capital 
investments and convertible and subordinated notes receivable may 
not be recoverable, a write down to estimated fair value is 
recorded.  Temporary changes in fair value result in increases or 
decreases to the unrealized fair value of equity investments. 
Adjustments to fair value basis are reflected as "Change in net 
unrealized fair value of equity investments."  In the case of an 
other than temporary decline in value below cost basis, an 
appropriate reduction in the cost basis is recognized as a 
realized loss with the fair value being adjusted to match the new 
cost basis. Cost basis adjustments are reflected as "Realized 
losses from investment write-downs" or "Net realized loss from 
venture capital limited partnership investments" on the 
Statements of Operations. 

Sales of equity investments are recorded on the trade date.  The 
basis on which cost is determined in computing realized gains or 
losses is specific identification.

    Secured Notes Receivable, Net
    -----------------------------

The secured notes receivable portfolio includes accrued interest 
less the discount related to warrants and the allowance for loan 
losses.  The portfolio approximates fair value through inclusion 
of an allowance for loan losses.  Allowance for loan losses is 
reviewed quarterly by the Managing General Partners and is 
adjusted to a level deemed adequate to cover possible losses 
inherent in notes and unfunded commitments.  Secured notes 
receivable are placed on nonaccrual status when, in the opinion 
of the Managing General Partners, the future collectibility of 
interest or principal is in doubt.

In conjunction with the notes issued to portfolio companies, the 
Partnership has received warrants to purchase certain shares of 
capital stock of the borrowing companies.  The cost basis of the 
warrants and the resulting discount has been estimated by the 
Managing General Partners to be 1% of the principal balance of 
the original notes made to the borrowing companies.  The discount 
is amortized to interest income on a straight-line basis over the 
term of the loan.  Warrants received in conjunction with 
convertible notes are not assigned any additional costs.  These 
warrants are included in the equity investment portfolio.

Cash and Cash Equivalents
-------------------------

Cash and cash equivalents are principally comprised of cash 
invested in demand accounts and money market instruments and are 
stated at cost plus accrued interest.  The Partnership considers 
all money market and short-term investments with an original 
maturity of three months or less to be cash equivalents.

Net Realized Income (Loss) Per Unit
-----------------------------------

Net realized income (loss) per Unit is calculated by dividing the 
number of Units outstanding (400,000) as of December 31, 1997, 
1996 and 1995 into the total net realized income (loss) allocated 
to the Limited Partners.  The Managing General Partners 
contributed an amount equal to 0.1% of total Limited Partner 
capital contributions and did not receive any Partnership Units.

Provision for Income Taxes
--------------------------

No provision for income taxes has been made by the Partnership as 
the Partnership is not directly subject to taxation.  The 
partners are to report their respective shares of Partnership 
income or loss on their individual tax returns.

Since the accompanying financial statements are prepared using 
generally accepted accounting principles which may not equate to 
tax accounting, the Partnership's total tax basis in investments 
was higher than the reported total cost basis of $12,497,482 by 
$2,913,005 as of December 31, 1997.


2.  Related Party Transactions
    --------------------------

Related party costs are included in costs and expenses shown on 
the Statements of Operations.  Related party costs in 1997, 1996 
and 1995 were as follows:
<TABLE>
<CAPTION>
	For the Years Ended December 31,
	--------------------------------------
	1997	1996	1995
	--------	--------	--------

<S>                        <C>            <C>            <C>
Management fees	$296,900	409,036	429,523
Individual General
 Partners' compensation	46,042	47,730	47,899
Reimbursable operating
 expenses:
  Investment operations	316,342	238,851	117,397
  Administrative and
   investor services	367,404	297,381	1,017,544
  Computer services	115,628	128,227	88,742

</TABLE>

Effective February 1994, management fees are equal to one quarter 
of one percent of the fair value of Partnership assets for each 
quarter.  Management fees compensate the Managing General 
Partners solely for General Partner Overhead (as defined in the 
Partnership Agreement) incurred in supervising the operation and 
management of the Partnership and the Partnership's investments.  
Management fees due to the Managing General Partners were $40,613 
and $30,427 at December 31, 1997 and 1996, respectively.

As compensation for their services, each of the Individual 
General Partners receives $10,000 annually, plus $1,000 for each 
attended meeting of the Management Committee and related 
expenses.  The three Individual General Partners each own 20 
Units; on March 20, 1998, one of the three Individual General 
Partners resigned his position and his Units will be transferred 
to his successor.

The Partnership reimburses the Managing General Partners for 
operating expenses incurred in connection with the business of 
the Partnership.  Reimbursable operating expenses include 
expenses (other than Organizational and Offering expenses and 
General Partner Overhead) such as investment operations, 
administrative and investor services and computer services.  At 
December 31, 1997, there was $78,672 of such reimbursable 
expenses due to related parties compared to $60,463 due to 
related parties at December 31, 1996.  During late 1995, 
operating cost allocations to the Partnership were reevaluated.  
The Managing General Partners determined that they had not fully 
recovered allocable overhead as permitted by the Partnership 
Agreement.  As a result, the Partnership was charged additional 
administrative and investor services costs of $812,580, which was 
not previously recognized by the Partnership; this charge 
consisted of $71,166 and $741,414 related to 1995 and prior 
years, respectively.  If this charge had been recorded in prior 
years, total operating expenses would have been $1,018,228 for 
1995.  

In September of 1996, the Partnership made a tax distribution of 
57,917 Thermatrix, Inc., common shares to the General Partners 
(based on estimated annual taxable income); the shares had a fair 
value of $316,227 resulting in a realized gain of $12,163 being 
recognized by the Partnership.

Effective November 1, 1997, TFL assigned its California office 
lease to Technology Funding Property Management LLC (TFPM), an 
entity that is affiliated to the Managing General Partner.  Under 
the terms of a rent agreement, TFPM charges the Partnership for 
its share of office rent and related overhead costs.  These 
amounts are included in administrative and investor service 
costs.

Under the terms of a computer service agreement, Technology 
Administrative Management, a division of TFL, charges the 
Partnership for its share of computer support costs.  These 
amounts are included in computer services expenses.

Officers of the Managing General Partners occasionally receive 
stock options as compensation for serving on the Boards of 
Directors of portfolio companies.  It is the Managing General 
Partners' policy that all such compensation be transferred to the 
investing partnerships.  If the options are non-transferable, 
they are not recorded as an asset of the Partnership.  Any profit 
from the exercise of such options will be transferred if and when 
the options are exercised and the underlying stock is sold by the 
officers.  At December 31, 1997, the Partnership had an indirect 
interest in non-transferable Physiometrix, Inc., options at an 
exercise price higher than the current market value.

See Note 4 to the financial statements regarding transactions 
between the Partnership and Multiport, Inc., a wholly owned 
corporation of the Partnership.

3.  Allocation of Profits and Losses
    --------------------------------

Net realized profit and loss of the Partnership are allocated 
based on the beginning of year partners' capital balances as 
follows:

(a)   Profits:

(i)  First, to those partners with deficit capital   
account balances until such deficits have been 
eliminated; then

(ii) Second, to the partners as necessary to offset the 
net loss and sales commissions previously 
allocated under (b)(ii) below; then

(iii)75% to the Limited Partners as a group in 
proportion to the number of Units held, 5% to the 
Limited Partners in proportion to the Unit Months 
of each Limited Partner, and 20% to the Managing 
General Partners.  Unit months are the number of 
half months a Unit would be outstanding if held 
from the date the original holder of such Unit was 
deemed admitted into the Partnership until the 
termination of the offering of Units.

(b)   Losses:

(i)  First, to the partners as necessary to offset the 
net profit previously allocated to the partners 
under (a)(iii) above; then

(ii) 99% to the Limited Partners and 1% to the Managing 
General Partners.

Losses allocable to Limited Partners in excess of their capital 
account balances will be allocated to the Managing General 
Partners, with net profit thereafter otherwise allocable to those 
Limited Partners being allocated to the Managing General Partners 
to the extent of such losses.

Losses from unaffiliated venture capital limited partnership 
investments are allocated pursuant to section (b) above.  Gains 
are allocated first to offset previously allocated losses 
pursuant to (b)(i) above, and then 99% to the Limited Partners 
and 1% to the Managing General Partners.



4.  Equity Investments
    ------------------

At December 31, 1997, and December 31, 1996, equity investments consisted of:

<TABLE>
<CAPTION>
                                        Original     December 31, 1997      December 31, 1996
                                        Principal    -----------------      -----------------
                            Investment  Amount or    Cost       Fair        Cost        Fair
Industry/Company  Position     Date      Shares      Basis      Value       Basis       Value
----------------  --------     ----      ------      -----      -----       -----       -----
<S>                <C>          <C>   <C>        <C>         <C>        <C>        <C>
Communications
--------------
NetChannel, Inc.   Series B
                   Preferred
                   shares       10/96    284,044   $ 148,499    149,999    148,499    148,499
NetChannel, Inc.   Series B
                   Preferred
                   share warrant
                   at $1.10;
                   exercised
                   01/97        10/96    136,363          --         --      1,500      1,500
NetChannel, Inc.   Series B
                   Preferred
                   shares       01/97    284,044      68,863    149,999         --         --
NetChannel, Inc.   Series B
                   Preferred
                   shares       03/97    340,852      82,636    179,999         --         --
NetChannel, Inc.   Convertible
                   note (1)     05/97    $67,671      70,132     70,132         --         --
NetChannel, Inc.   Series B
                   Preferred
                   shares       05/97    191,817      84,400    101,296         --         --
NetChannel, Inc.   Convertible
                   note (1)     09/97    $56,250      57,632     57,632         --         --
NetChannel, Inc.   Convertible
                   note (1)     09/97    $56,250      57,545     57,545         --         --


NetChannel, Inc.   Series X
                   Preferred
                   warrant E 
                   exercise price
                   TBD,                 Aggregate
                   expiration           Purchase price
                   TBD          09/97    $14,063           0          0         --         --
NetChannel, Inc.   Series X
                   Preferred
                   warrant E 
                   exercise price
                   TBD,                 Aggregate
                   expiration           Purchase price 
                   TBD          09/97    $14,063           0          0         --         --
UT Starcom, Inc.   Common
                   share 
                   warrant
                   at $0.6875;
                   expiring
                   05/99        03/95    145,456          --         --          0    900,736
UT Starcom, Inc.   Series A
                   Preferred
                   shares       03/95    187,500          --         --    375,000  1,290,000
VOIS, Inc.         Common
                   shares       08/96    300,000           0          0          0     30,000
VOIS, Inc.         Series A
                   Preferred
                   shares       08/96    100,000           0          0    100,000    100,000
VOIS, Inc.         Series A
                   Preferred
                   shares       09/96    150,000           0          0    150,000    150,000
VOIS, Inc.         Series A
                   Preferred
                   shares       02/97     62,500           0          0         --         --
VOIS, Inc.         Series B
                   Preferred 
                   shares       05/97    120,000           0          0         --         --
Wire Networks,     Series A
 Inc.              Preferred
                   shares       02/96      6,098       8,232     18,538      8,232      8,232

Wire Networks,     Series B
 Inc.              Preferred
                   shares       02/96      7,452      16,767     22,654     16,767     16,767
Wire Networks,     Convertible
 Inc.              note (1)     11/96   $101,973          --         --    102,908    102,908
Wire Networks,     Series C
 Inc.              Preferred
                   shares       07/97     35,295     107,298    107,298         --         --

Computer Equipment, Systems and Software
----------------------------------------
Adept Technology,  Common
 Inc.              shares       10/97     14,328     227,464    134,397         --         --
Ascent Logic       Common
 Corporation       share
                   warrant
                   at $.94;
                   exercised
                   03/97        03/92     31,915          --         --      2,500          0
Ascent Logic       Series C
 Corporation       Preferred
                   shares       10/92    106,383      99,000     37,234     99,000     37,234
Ascent Logic       Common
 Corporation       shares       03/97     36,443      23,795     12,755         --         --
Multiport, Inc.    Series A
                   Preferred    05/93-
                   shares       08/93  2,440,000          --         --    797,400  1,828,383
Quintar            Series A
 Corporation       Convertible
                   Preferred
                   shares       11/89  1,200,000          --         --  1,200,000  1,800,000
Quintar            Common
 Corporation       share
                   warrant
                   at $1.00;
                   expiring
                   10/98        10/93    145,000          --         --          0     72,500
Quintar            Series A
 Corporation       Preferred
                   shares       05/95    384,178          --         --    576,267    576,267
Reflection         Series F
 Technology, Inc.  Preferred
                   shares       01/94     28,572           0          0     50,001     58,573
Reflection         Common
 Technology, Inc.  shares       05/94     19,567           0          0     22,502     40,112
Reflection         Series D
 Technology, Inc.  Preferred
                   shares       11/94    869,565           0          0  1,000,000  1,782,608
Reflection         Series G
 Technology, Inc.  Preferred
                   shares       11/94    172,877           0          0    312,500    377,788
Reflection         Series D
 Technology, Inc.  Preferred
                   shares       11/94    163,043           0          0    187,498    334,238
Reflection         Common
 Technology, Inc.  share    
                   warrant
                   at $.50;
                   expiring
                   04/01        04/96    359,750           0          0          0    557,613
Reflection         Series J
 Technology, Inc.  Preferred
                   shares       04/96    547,918           0          0  1,123,232  1,123,232
Reflection         Convertible  01/97 -
 Technology, Inc.  notes (1)    07/97   $448,333           0          0         --         --
Splash Technology  Common
 Holdings, Inc.    shares       11/97      5,000     198,812    106,250         --         --
Splash Technology  Sales
 Holdings, Inc.    proceeds (2) 05/97   $375,000           0    300,000         --         --

Environmental
-------------
Naiad Technologies,Series A
 Inc.              Preferred
                   shares       12/95     50,000      25,000    162,500     25,000    100,000
Naiad Technologies,Series B 
 Inc.              Preferred
                   shares       11/96     62,602     125,204    203,457    125,204    125,204
Naiad Technologies,Series C
 Inc.              Preferred
                   shares       11/97     49,230     159,998    159,998         --         --
SunPower           Series A
 Corporation       Preferred  
                   shares       09/90    210,000     210,000    682,500    210,000    682,500
SunPower           Series B
 Corporation       Redeemable
                   Preferred
                   shares       06/91    420,000     457,800  1,365,000    457,800  1,365,000
SunPower           Series B1
 Corporation       Preferred
                   shares       06/93    270,000     337,500    877,500    337,500    877,500
SunPower           Series C
 Corporation       Preferred
                   shares       06/93     32,468      50,001    105,521     50,001    105,521
SunPower           Series D
 Corporation       Preferred
                   shares       11/94     81,169     123,750    263,799    123,750    263,799
Thermatrix, Inc.   Common
                   shares       06/96  1,105,847   3,095,533  1,341,494  3,095,533  8,142,369
Velocity, Inc.     Subordinated
                   Notes (1)    08/97    $10,050           0          0         --         --

Information Technology
----------------------
WorldRes, Inc.     Series B
                   Preferred
                   shares       01/97     66,568     225,000    246,302         --         --
WorldRes, Inc.     Series X
                   warrant at
                   price TBD,
                   expiring               Aggregate
                   10/02        10/97     $8,438           8          0         --         --
WorldRes, Inc.     Series C
                   Preferred
                   shares       12/97     62,077     229,685    229,685         --         --
WorldRes, Inc.     Interest     10/97       $851         851        851         --         --

Medical/Biotechnology
---------------------
ADESSO Specialty   Series D
 Services          Preferred
 Organization, Inc.shares       12/97    119,047     999,995    999,995         --         --
Biex, Inc.         Series A
                   Preferred
                   shares       07/93    128,205      83,333    320,513     83,333    192,308
Biex, Inc.         Series B
                   Preferred
                   shares       10/94     63,907      63,907    159,768     63,907     95,861
Biex, Inc.         Series B
                   Preferred
                   share
                   warrant
                   at $1.00;
                   expiring
                   10/99        10/94     23,540           8     35,310          8     11,770
Biex, Inc.         Series C
                   Preferred
                   shares       06/95     83,334      83,334    208,335     83,334    125,001
Biex, Inc.         Series C
                   Preferred
                   shares       12/95     83,333      83,333    208,333     83,333    125,000
Biex, Inc.         Series C
                   Preferred
                   shares       04/96     83,333      83,333    208,333     83,333    125,000
Biex, Inc.         Series D
                   Preferred
                   shares       08/96    111,115     166,673    277,788    166,673    166,673
Biex, Inc.         Series D
                   Preferred
                   shares       03/97     44,446      66,669    111,115         --         --
Biex, Inc.         Series E
                   Preferred
                   shares       08/97     13,333      33,334     33,332         --         --
CV Therapeutics,   Common       03/94 &
 Inc.              shares       03/96     37,693     685,320    342,252    685,320    179,015
Endocare, Inc.     Common
                   shares       08/96        250         750        895        750        603
Endocare, Inc.     Common
                   share
                   warrant 
                   at $3.00
                   expiring
                   08/01        08/96      3,750           0      1,631          0      1,508
Endocare, Inc.     Convertible
                   note (1)     08/96    $18,750          --         --     19,817     19,817
Endocare, Inc.     Common
                   shares       01/97      1,750       6,125      6,265         --         --
Endocare, Inc.     Common
                   shares       01/97      8,300      20,750     28,142         --         --
Endocardial        Common
 Solutions         shares       09/97      5,714      80,710     57,140         --         --
Inhale Therapeutic Common
 Systems, Inc.     shares       12/95      4,125      46,922    106,631     46,922     61,826
Inhale Therapeutic Common
 Systems, Inc.     shares       03/96      6,270     105,023    162,080    105,023     93,975
Inhale Therapeutic Common
 Systems, Inc.     shares       01/97     10,470     202,856    270,650         --         --
Inhale Therapeutic Common
 Systems, Inc.     shares       03/97      8,087     162,751    209,049         --         --
Intella            Common
 Interventional    shares
 Systems, Inc.                  02/93      8,715         436     13,944        436     13,944
Intella            Series A
 Interventional    Preferred
 Systems, Inc.     shares       02/93      4,358       2,179      6,973      2,179      6,973
Molecular          Common
 Geriatrics        shares
 Corporation                    09/93     23,585     125,000     47,170    125,000     47,170
Neurex Corporation Common
                   shares       09/96      3,379      70,959     45,448     70,959     53,304
Penederm, Inc.     Common
                   shares       02/97      2,784      48,024     27,422         --         --
Pharmos            Common       04/95 &
 Corporation       shares       11/95     60,331      45,248    121,266     45,248     85,791
Physiometrix,      Common
 Inc.              shares       04/96    270,791     490,025    490,792    490,025  1,069,624
RedCell, Inc.      Series B
                   Preferred
                   shares       12/94    132,979     125,000          0    125,000    125,000





RedCell, Inc.      Series C
                   Preferred
                   share
                   warrant at 
                   an exercise 
                   price to be           $13,495
                   determined;           aggregate  
                   expiring              purchase
                   07/01        07/96    price             0          0          0          0
RedCell, Inc.      Convertible
                   note (1)     07/96    $89,966      95,170     95,170     93,369     93,369
SyStemix, Inc.     Common       1991-
                   shares       1992     115,173          --         --    771,504  1,761,801
SyStemix, Inc.     Common 
                   shares       09/96        660          --         --     10,352     10,096
SyStemix, Inc.     Common
                   shares       10/96      6,665          --         --    106,779    101,955
Microelectronics
----------------
Euphonix, Inc.     Common
                   shares       02/96      3,300          --         --     37,125     13,375
KOR Electronics    Series C
                   Convertible
                   Preferred
                   shares       11/89    177,778           0          0          0          0
KOR Electronics    Series D
                   Preferred
                   shares       02/91  1,285,714           0          0          0          0
KOR Electronics    Common
                   shares       01/94    670,036           0          0          0          0
KOR Electronics    Series E
                   Preferred
                   shares       01/94  1,130,390   1,130,390    847,793  1,130,390    847,793
KOR Electronics    Series E
                   Preferred
                   share
                   warrant 
                   at $1.00;
                   expiring
                   01/98        01/94     55,000           0          0          0          0

KOR Electronics    Common share
                   warrant at
                   $.35;
                   expiring
                   08/99        08/94    257,143           0          0          0          0
KOR Electronics    Series D
                   Preferred
                   shares       07/95    977,142           0          0          0          0

Pharmaceuticals
---------------
Shaman             Common
 Pharmaceuticals   shares
 Inc.                           01/93    409,167          --         --    751,401  2,434,544
Shaman             Common
 Pharmaceuticals   shares
 Inc.                           02/95    135,000          --         --  1,363,332  2,027,956

Retail/Consumer Products
------------------------
Yes! Entertainment Common
 Corporation       shares       06/95     66,666     199,998    110,399    199,998    335,647

Venture Capital Limited Partnership Investments
-----------------------------------------------
El Dorado          Ltd.
 Ventures III      Partnership
                   interests  various   $250,000     212,460    331,186    187,460    240,661
Medical Science    Ltd.
 Partners          Partnership
                   interests  various   $500,000     366,266    542,834    366,266    640,593
Newtek Ventures II Ltd.
                   Partnership
                   interests  various   $803,764     274,178    472,201    483,924    657,123
Onset Enterprises  Ltd.
 Associates        Partnership
                   interests  various   $455,000           0     89,614          0    491,182




Utah Ventures      Ltd.
                   Partnership
                   interests  various   $250,000      41,117     99,897     41,123    271,757
                                                  ---------- ---------- ---------- ----------

Total equity investments                         $12,492,981 14,234,001 18,522,217 35,527,098
                                                  ========== ========== ========== ==========

--  No investment held at end of period.
 0  Investment active with a carrying value or fair value of zero.
(1) Convertible and subordinated notes include accrued interest.
    Interest rates on such notes range from 8% to 16%.
(2) Sales proceeds represent funds escrowed upon partnership's sale of Quintar Corporation to 
	Splash Technology Holdings, Inc.  Release of funds is contingent upon certain events and is 
	not expected prior to August, 1998.
</TABLE>

Marketable Equity Securities
----------------------------

At December 31, 1997, and 1996, marketable equity securities had 
aggregate costs of $3,157,615 and $5,552,176, respectively, and 
aggregate market values of $2,414,032 and $11,161,489, respectively.  
The net unrealized loss and gain at December 31, 1997 and 1996 
included gross gains of $350,879 and $6,140,674, respectively.

Adesso Specialty Services Organization, Inc.
--------------------------------------------

In December 1997, the Partnership purchased 119,047 Series D Preferred 
shares for $999,995.

Biex, Inc.
----------

In March of 1997, the Partnership made an additional investment in the 
company by purchasing 44,446 Series D Preferred shares for $66,669.

In August of 1997, the Partnership purchased 13,333 Series E Preferred 
shares for $33,334.  The pricing of this round, in which third parties 
participated, indicated a fair value increase of $621,211 for the 
Partnership's existing investment.

Multiport, Inc.
---------------

On December 31, 1997, Multiport, Inc., which was wholly owned by the 
Partnership, ceased operations, began the process of final liquidation 
and distributed $1,929,078 in cash to the Partnership.  This resulted 
in a realized gain of $1,131,678.

Naiad Technologies, Inc.
------------------------

In November of 1997, the Partnership made an additional investment in 
the company by purchasing 49,230 Series C Preferred shares for 
$159,998.  The pricing of this round, in which third parties 
participated, indicated an increase in fair value of $140,753 for the 
Partnership's existing investment.

NetChannel, Inc.
----------------

In January of 1997, the Partnership cash exercised its Series B 
Preferred share warrant for $149,999 and received 136,363 Series B 
Preferred shares.  In March of 1997, the Partnership issued a $150,000 
convertible note receivable to the company.  The Partnership also 
received an additional 163,635 Series B Preferred shares as a result 
of an adjustment to the warrant exercise price.

In May of 1997, the company effected a 1-to-2.083 stock split.  As a 
result, the Partnership received an additional 472,579 Series B 
Preferred shares.  The Partnership also purchased 191,817 Series B 
Preferred shares by converting $82,329 of the notes receivable 
discussed above including accrued interest of $2,071 for a total cost 
of $84,400.  The remaining note principal of $67,671 was reissued as a 
new note.

In September of 1997 the Partnership funded bridge notes amounting to 
$112,908 which includes $408 of accrued interest.

The Partnership is entitled to receive warrants to purchase 25% of the 
number of shares issued upon conversion at an exercise price equal to 
the conversion price.  At December 31, 1997, the Partnership recorded 
an increase in fair value of $196,895 for the above transactions.

Quintar Corporation
-------------------

In May of 1997, Splash Technology Holdings, Inc., acquired Quintar 
Corporation.  The Partnership received total proceeds of $2,147,372 
for its preferred share and warrant investments and realized a gain of 
$371,105.  The Partnership expects to receive additional escrowed 
proceeds of approximately $300,000 in 1998.

RedCell, Inc.
-------------

During 1997, the company had a new round of financing in which the 
Partnership did not participate.  The pricing of this round indicated 
a decrease in fair value of $125,000 for the Partnership's existing 
investment.

Reflection Technology, Inc.
---------------------------

In December 1997, the Partnership wrote off the fair value and cost 
basis of its investment and realized a loss of $3,146,347 based on the 
opinion of the Managing General Partner that the operating status of 
the company indicated a permanent decline in value.

Shaman Pharmaceuticals, Inc.
----------------------------

During the first half of 1997, the Partnership sold its entire 
investment in the company for total proceeds of $3,702,853 and 
realized a gain of $1,588,120. 

Splash Technology Holdings, Inc.
--------------------------------

In November 1997, the Partnership purchased 5,000 common shares on the 
open market for $198,812.  At December 31, 1997, the Partnership 
recorded a $92,562 decrease in fair value based on the publicly-traded 
market price of the shares.





SyStemix Inc.
-------------

In January of 1997, the Partnership sold its entire investment in the 
company for total proceeds of $2,356,657 and realized a gain of 
$1,468,022.

Thermatrix, Inc.
----------------

At December 31, 1997, the Partnership recorded a $6,800,875 decrease 
in the fair value of its investment in the company based on the 
publicly traded market price of the company's common shares.

Subsequent to year end, the fair value of the Partnership's investment 
increased by $1,151,147 as a result of an increase in the publicly 
traded market price at March 23, 1998.

UT Starcom, Inc.
----------------

In October 1997, the Partnership exercised its common shares warrant 
for $100,001 and received 145,456 common shares.  The Partnership then 
sold its entire investment in the company for total proceeds of 
$3,625,891 and realized a gain of $3,150,890.

VOIS, Inc.
----------

In February of 1997, the Partnership made an additional investment in 
the company by purchasing 62,500 Series A Preferred shares for 
$62,500.  Then in May of 1997, the Partnership purchased 120,000 
Series B Preferred shares for $300,000.

In December 1997, the Partnership wrote off the fair value and cost 
basis of its investment and realized a loss of $612,500 based on the 
opinion of the Managing General Partner that the operating status of 
the company indicated a permanent decline in value.

Wire Networks, Inc.
-------------------

In July of 1997, the Partnership converted its $101,973 note 
receivable, including accrued interest of $5,325, into 35,295 Series C 
Preferred shares, at a total cost of $107,298.  At December 31, 1997, 
the Partnership recorded an increase in fair value of $16,193.

WorldRes, Inc.
--------------

In January of 1997, the Partnership invested in the company by 
purchasing 66,568 Series B Preferred shares for $225,000.

In October 1997, the Partnership issued $42,188 in convertible notes 
receivable to the company and purchased Series X Preferred shares 
warrants with an aggregate exercise price of $8,438 for $8.  In 
December 1997, the Partnership converted the October 1997 note into 
11,402 Series C Preferred shares and purchased 50,675 additional 
Series C Preferred shares for $187,497.  At December 31, 1997, the 
Partnership recorded an increase in fair value of $21,294 for the 
above transactions.

Venture Capital Limited Partnership Investments
-----------------------------------------------

The Partnership made an additional investment of $55,000 in venture 
capital limited partnerships during the year ended December 31, 1997.  
The Partnership recorded a fair value decrease of $580,832 as a result 
of stock distributions from venture capital limited partnership 
investments and a net decrease in fair value of the underlying 
investments.

During 1997, the Partnership received common stock distributions of 
Adept Technology, Inc., Inhale Therapeutics Systems, Inc., Penederm, 
Inc., and Endocardial Solutions with fair values of $227,464, 
$365,607, $48,024 and $80,710 respectively.  The Partnership also 
received cash distributions from El Dorado Ventures III , Utah 
Ventures and Network Ventures II totaling $42,873 during 1997.  
Distributions totaling $524,939 were recorded as realized gains from 
venture capital limited partnership investments and distributions 
totaling $239,747 were recorded as returns of capital.

Other Equity Investments
------------------------

Other significant changes reflected above relate to market value 
fluctuations or the elimination of a discount relating to selling 
restrictions for publicly-traded portfolio companies.  Portions of the 
Partnership's Endocare, Inc., Physiometrix, Inc., and Thermatrix, Inc. 
shares are restricted.

5.  Change in Net Unrealized Fair Value of Equity Investments
    ---------------------------------------------------------

In accordance with the accounting policy as stated in Note 1, the 
Statements of Operations include a line item entitled "Change in net 
unrealized fair value of equity investments."  The table below 
discloses details of the changes:

<TABLE>
<CAPTION>
	For the Years Ended December 31,
	----------------------------------
	1997	1996	1995
	---------	---------	---------
<S>                        <C>           <C>          <C>
(Decrease) increase in 
 fair value from cost of 
 marketable equity 
 securities	$   (743,583)	5,609,313	5,167,115

Increase in fair value
 from cost of non-
 marketable equity
 securities	2,484,603	11,395,568	12,611,543
	----------	----------	----------
Net unrealized fair
   value increase from 
   cost at end of year	1,741,020	17,004,881	17,778,658

Net unrealized fair
   value increase
   from cost at
   beginning of year	17,004,881	17,778,658	13,712,663
	----------	----------	----------
Change in net unrealized
 fair value of equity
 investments	$(15,263,861)	(773,777)	4,065,995
	==========	==========	==========

</TABLE>

6.  Secured Notes Receivable, Net
    -----------------------------

Activity from January 1 through December 31 consisted of:
<TABLE>
<CAPTION>
	1997	1996
	--------	--------
<S>                                          <C>         <C>
Balance, beginning of year	$ 29,137	67,826

Secured notes receivable issued	150,500	640,000

Conversion of secured notes to
 equity investments	--	(640,000)

Repayments of secured notes 
 receivable	(164,463)	(35,186)

Decrease in accrued interest	(10,673)	(3,503)
	-------	-------

Balance, end of year	$  4,501	29,137
	=======	=======
</TABLE>

The interest rate on secured notes receivable at December 31, 1997, 
was 12.5%.

7.  Cash and Cash Equivalents
    -------------------------

Cash and cash equivalents at December 31, 1997 and 1996, consisted of:

<TABLE>
<CAPTION>

                                            1997           1996
                                            ----           ----

<S>                                      <C>               <C>

Demand accounts                         $5,543,116          1,713
Money-market and brokerage accounts      3,277,961      1,400,955
                                         ---------      ---------
  Total                                 $8,821,077      1,402,668
                                         =========      =========

</TABLE>

8.  Short-Term Borrowings
    ---------------------

In 1996, the Partnership had borrowing accounts with two financial 
institutions.  At December 31, 1997, these credit facilities were 
unused.  In 1996, the combined weighted-average interest rates for the 
two accounts was 7.12%.  Interest expense of $341 and $90,768 was 
recorded in 1997 and 1996, respectively.

9.   Promissory notes
     ----------------

In February 1997, the Partnership repaid a promissory note issued in 
1995 totaling $1,363,332 to an unaffiliated third party.  Interest 
expense of $14,626 and $123,245 was recorded in 1997 and 1996, 
respectively.

10.   Distributions Payable to Limited Partners
     -----------------------------------------

In October 1997, the Managing General Partners declared distributions 
($9 per unit) for Unit holders as of September 30, 1997, based upon 
Partnership performance during 1997.  Distributions of $455,429 were 
paid prior to December 31, 1997 and the balance of $3,544,571 was paid 
in February 1998.  Unnegotiated distribution checks, if any after a 
reasonable amount of time, are recorded as other liabilities.

11.  Commitments and Contingencies
     -----------------------------

The Partnership is a party to financial instruments with off-balance-
sheet risk in the normal course of its business.  Generally, these 
instruments are commitments for future equity fundings, venture 
capital limited partnership investments, equipment financing 
commitments, or accounts receivable lines of credit that are 
outstanding but not currently fully utilized.  As they do not 
represent current outstanding balances, these unfunded commitments are 
properly not recognized in the financial statements.  At December 31, 
1997, unfunded investment commitments to venture capital limited 
partnerships totaled $101,150.

The Partnership uses the same credit policies in making these 
commitments and conditional obligations as it does for on-balance-
sheet instruments.  Commitments to extend financing are agreements to 
lend to a company as long as there are no violations of any conditions 
established in the contract.  The credit lines generally have fixed 
termination dates or other termination clauses.  Since many of the 
commitments are expected to expire without being fully drawn upon, the 
total commitment amounts do not necessarily represent future cash 
requirements. 

In September 1995, the Partnership jointly guaranteed with two 
affiliated partnerships a $2,000,000 line of credit between a 
financial institution and a portfolio company in the computer systems 
and software industry of which the Partnership's share was $500,000.  
In October 1996, the $2,000,000 guarantee mentioned above was reduced 
to $1,000,000 as Multiport, Inc., which was wholly owned by the 
Partnership, and an affiliated partnership assumed $1,000,000 of the 
financial institution's line of credit.  The Partnership remained a 
joint guarantor of the remaining $1,000,000. In November 1997, the 
portfolio company failed to repay the line of credit and an affiliated 
partnership repaid the entire obligation at no cost to the 
Partnership.

<PAGE>



                              SIGNATURES
                              ----------

Pursuant to the requirements of Section 13 or 15(d) of the Securities 
Exchange Act of 1934, the Registrant has duly caused this Report to be 
signed on its behalf by the undersigned, thereunto duly authorized.

                         TECHNOLOGY FUNDING VENTURE PARTNERS IV,
                         AN AGGRESSIVE GROWTH FUND, L.P.

                         By:  TECHNOLOGY FUNDING INC.
                              Managing General Partner





Date:  March 25, 1998    By:       /s/Michael Brenner
                              ----------------------------------
                                Michael Brenner
 	Controller

Pursuant to the requirements of the Securities Exchange Act of 1934, 
this Report has been signed below by the following persons on behalf 
of the Registrant and in the capacities and on the dates indicated:

          Signature           Capacity                 Date
          ---------           --------                 ----

   /s/Charles R. Kokesh       President, Chief         March 25, 1998
------------------------      Executive Officer,
Charles R. Kokesh             Chief Financial Officer,
                              and Chairman of
                              Technology Funding Inc.
                              and Managing General
                              Partner of Technology
                              Funding Ltd.

   /s/Gregory T. George       Group Vice President     March 25, 1998
--------------------------    of Technology Funding
Gregory T. George             Inc. and a General
                              Partner of Technology
                              Funding Ltd.

The above represents the Board of Directors of Technology Funding Inc. 
and the General Partners of Technology Funding Ltd.